Mar 24, 2025 Special City Council

SECOND MEETING OR YES. ALL RIGHT. I'LL LET. AT THIS TIME, WE'LL OPEN OUR SPECIAL MEETING

[CALL TO ORDER]

[00:00:09]

[1. CONSIDER SECOND READING AND TAKE APPROPRIATE ACTION ON AN ORDINANCE APPROVING AND AUTHORIZING THE 2025 ANNUAL SERVICE PLAN UPDATE FOR THE VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1 INCLUDING THE COLLECTION OF THE 2025 ANNUAL INSTALLMENTS AND RESOLVING OTHER MATTERS. ORDINANCE 2025- 03-15]

IF YOU'LL RECALL IN A PREVIOUS IN THE PREVIOUS MEETING, MARY PETTY, P3 WORKS DETAILED THE SERVICE PLAN THAT WAS RELATED TO VISTA, AND THIS WOULD JUST BE THE ITEM FOR THE SECOND READING, ALLOWING YOU TO TAKE ACTION ON APPROVING THAT PLAN BY ORDINANCE.

SO IT IS AN ACTION ITEM FOR YOU AND JORDAN SAWYER.

NORTON ROSE FULBRIGHT IS HERE. IF YOU HAVE ANY SPECIFIC QUESTIONS, HE'S ABLE TO HELP US ANSWER.

ANY QUESTIONS COUNCIL? LOOK FOR A MOTION. MR. MAYOR, I MOVE THAT WE APPROVE ORDINANCE 2025-3-15.

SECOND. SO WE HAVE A MOTION AND A SECOND. ANY FURTHER DISCUSSION? ALL THOSE IN FAVOR SAY AYE. AYE. OPPOSED, SAME SIGN.

ALL RIGHT. THAT ITEM PASSES. ITEM TWO, CONSIDER AND ACT UPON A RESOLUTION APPROVING AND AUTHORIZING THE MAYOR TO EXECUTE THE FIRST AMENDMENT OF VISTA PARK,

[2. CONSIDER AND ACT UPON A RESOLUTION APPROVING AND AUTHORIZING THE MAYOR TO EXECUTE THE FIRST AMENDMENT TO VISTA PARK PUBLIC IMPROVEMENT DISTRICT NO. 1 IMPROVEMENT AREA #1 REIMBURSEMENT AGREEMENT AND RESOLVING OTHER MATTERS. RESOLUTION R2025-03-10]

THIS IS RESOLUTION 2025-03-10. MAYOR AND COUNCIL I'LL ASK JORDAN SAWYER TO STEP UP FROM NORTON ROSE FULBRIGHT AND WALK YOU THROUGH THE INTENT OF THIS RESOLUTION.

JORDAN. YEP. THANK YOU, MAYOR, COUNCIL. SO, WHAT YOU JUST APPROVED IN THE PRECEDING ACTION WAS THE AMENDMENT OR WAS THE ANNUAL UPDATE TO THE SERVICE AND ASSESSMENT PLAN, AND THAT REFLECTED THE LEVY OF OR THE ANNUAL INSTALLMENTS THAT WE'RE GOING TO COLLECT ON THE ASSESSMENTS THAT WERE LEVIED BACK IN 2023 AS PART OF THAT UPDATE, AS MARY MENTIONED IN HER PART OF THE CALL. THERE WAS A MODIFICATION OF THE AMOUNT OF THE ASSESSMENTS THAT REDUCED IT, ABOUT A MILLION AND MILLION TWO AND THE REASON BEHIND THAT IS REALLY THE DEVELOPER THAT WAS CURRENTLY WORKING ON THE PROJECT IS IN THE PROCESS OF SELLING THAT OVER TO A NEW DEVELOPER, AND THAT NEW DEVELOPER HAD A LOWER ASSESSMENT THRESHOLD THAT THEY WANTED TO SELL THEIR HOMES.

SO, THIS IS REALLY, WE ARE REFLECTING. WE AS A CITY ARE REFLECTING A REDUCTION IN THAT AMOUNT THAT'S GOING TO BE PAID BACK TO THE DEVELOPER.

ULTIMATELY THE DEVELOPER IS JUST FORGOING THAT AMOUNT.

THIS WAS DONE AFTER WE GOT BONDHOLDER CONSENT.

SO, THESE ASSESSMENTS SECURED BOTH A SERIES OF BONDS THAT SOLD BACK IN 2023 AS WELL AS THIS REIMBURSEMENT AGREEMENT.

SO, WE GOT CONSENTS FROM ALL FOUR BONDHOLDERS BEFORE RELEASING THIS PORTION OF THE ASSESSMENT.

AND REALLY ALL THIS IS THE REIMBURSEMENT AGREEMENT IS REALLY JUST REFLECTING THAT NEW LOWER AMOUNT PAID BACK TO THE DEVELOPER.

ALL RIGHT. THANK YOU, JORDAN. ANY QUESTIONS? YES.

ANY QUESTIONS? ANY QUESTIONS. ALL RIGHT. IT APPEARS WE HAVE NO OTHER FURTHER QUESTIONS.

SO, AT THIS POINT WE'LL LOOK FOR A MOTION. MR. MAYOR, I MOVE TO APPROVE RESOLUTION 2025-310.

ALL RIGHT, SO WE HAVE A MOTION AND WE HAVE A SECOND.

ANY FURTHER DISCUSSION ON THAT MOTION? ALL RIGHT.

ALL THOSE IN FAVOR SAY AYE. AYE. OPPOSED, SAME SIGN.

ALL RIGHT, THAT ITEM PASSES, AND THAT GETS US TO THE END OF OUR MEETING.

AND WE WILL ADJOURN BY UNANIMOUS CONSENT AT 7:36.

* This transcript was compiled from uncorrected Closed Captioning.