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An ordinance approving and authorizing the issuance and sale of the City of Mesquite Special Assessment Revenue Bonds, Series 2019 (Iron Horse Public Improvement District Project), approving and authorizing an Indenture of Trust, a Bond Purchase Agreement, Limited Offering Memorandum, Continuing Disclosure Agreement, and other agreements and documents in connection therewith, making findings with respect to the issuance of such bonds, and providing an effective date.
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On February 4, 2019, the City Council adopted Resolution No. 15-2019 creating the Iron Horse Public Improvement District (PID) to finance certain authorized public improvements that confer a special benefit to property located within the PID. The City will issue special assessment revenue bonds (PID bonds) to finance a portion of the authorized public improvements and will levy assessments based on lot type for residential property and square footage for commercial property in an amount sufficient to pay debt service on the PID bonds. The PID boundaries include 58.213 acres that will develop as mixed use residential and general retail.
Under terms of the Iron Horse Development Agreement, the maximum aggregate principal amount of PID bonds to be issued is $10.2 million. The Special Assessment Revenue Bond, Series 2019 has a par amount of $10,200,000 to construct, reimburse or acquire authorized public improvements that benefit properties located within the PID. Construction of $7,578,371 in authorized infrastructure and soft costs and $1,507,058 in private landscaping, trail, pond and boardwalk improvements are expected to begin immediately upon sale of the bonds and will be completed by the fall of 2022.
PID bonds will never constitute an indebtedness or general obligation of the City, but are special obligations of the City payable solely from the assessments on each property owner. Repayment of the bonds is contingent on the developer constructing authorized improvements, creating bu...
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