Estrella Mountain Ranch boards approve feasibility report and authorize up to $5.25 million in bonds

A joint meeting of the Estrella Mountain Ranch community facilities districts in Goodyear, Arizona, on April 27, 2026, approved a feasibility report and adopted resolutions authorizing the issuance of general obligation bonds not to exceed $5,250,000 to acquire completed public infrastructure in the district.

Michael Schumacher, interim finance director for the City of Goodyear, opened the required public hearing, saying, “Tonight we are conducting the required public hearing to review and discuss the feasibility report related to the proposed issuance of general obligation bonds for the Estrella Mountain Ranch Community Facilities District.” He told the board the issuance would remain within the district’s existing tax structure.

The feasibility report identifies three completed projects proposed for acquisition with bond proceeds: a traffic signal at Astrea Parkway and Hillside Drive South (construction cost about $1.3 million, completed December 2024); a traffic signal at Astrea Parkway and Hillside Drive North (about $885,000, completed January 2024); and the Cotton Lane Bridge (total reimbursable infrastructure cost about $8 million, of which roughly $5.24 million was previously reimbursed, leaving about $2.76 million eligible for acquisition under this issuance).

Schumacher summarized the financing plan as roughly $5 million in projected bond proceeds, a majority landowner contribution of about $186,000, and total available funding near $5.18 million. He said approximately $4.9 million would be used for project acquisition and the remainder to cover issuance premium and underwriting costs. Annual debt service will be funded from the district’s existing $1 debt service tax rate; if debt service exceeds revenue from that $1 rate, the developer will cover the difference under a standby contribution agreement.

Following the hearing, the board moved to adopt Resolution EMRCFDRES2026-173, which accepts and approves the feasibility report and declares preliminary intent to issue bonds not to exceed $5,250,000 under Arizona Revised Statutes Title 48, Chapter 4, Article 6. Councilmember Campbell moved the resolution and Councilmember Terry seconded; the motion carried unanimously.

The board then adopted Resolution EMR CFD RES 2026-174, which authorizes the issuance, sale and delivery of the bonds in an aggregate principal amount not to exceed $5,250,000, approves related documents (indenture of trust, bond purchase agreement, standby contribution agreement and disclosure undertakings), delegates authorities related to awarding the bonds, and authorizes an ad valorem tax levy to pay the bonds. Councilmember Terry moved the resolution and Councilmember Beckles seconded. A board member clarified that the authorization remains within the existing tax structure; the motion carried unanimously.

No members of the public addressed the board during the public hearing or the subsequent action items. With no further business, the joint meeting was adjourned and the board moved to its regular meeting.