Title
A resolution approving the form and authorizing the distribution of a Preliminary Limited Offering Memorandum for the City of Mesquite, Texas, Special Assessment Revenue Bonds, Series 2023 (Heartland Town Center Public Improvement District Phase #2 Specific Improvements Project), and resolving other matters incident and related thereto.
Body
Under terms of the Heartland Town Center Developer Agreement, the City created the Heartland Town Center Public Improvement District (PID) on December 18, 2017, to finance certain authorized public improvements that confer a special benefit to property located within the PID. On September 4, 2018, the City issued upfront PID bonds in the amount of $5,410,000 for Phase #1 Specific Improvements and $1,835,000 for Phase #2 Major Improvements to reimburse the developer for costs of authorized public improvements within the PID.
On November 1, 2021, the City Council approved a reimbursement agreement for Phase #2 Specific Improvements so that City engineering could accept completed public improvements within Phase #2, and the City subsequently levied assessments for Phase #2 Specific Improvements on December 6, 2021.
The developer has completed all public improvements and has requested that the City issue the remaining PID bonds to reimburse the costs of a portion of the Phase #2 improvements and finance the associated bond revenue reserve and delinquency reserve accounts, capitalized interest on the bonds and cost of issuance.
A Preliminary Limited Offering Memorandum (PLOM) is a legal disclosure document used to market and advertise PID bonds to investors for their investment consideration and describes among other things, the development plan, bondholder risk and terms of the PID bonds. A PLOM allows investors to understand the security for the bonds, sources and uses of the bond funds, debt service requirements and assessment procedures. The City Council authorizes the use of a PLOM in the offering and sale of PID b...
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