Feasibility Report - Festival Ranch CFD GO Bonds, Series 2026 (Final).pdf
City of Buckeye — Joint Community Facilities Districts (2026-05-19)
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FEASIBILITY REPORT FOR THE ISSUANCE OF NOT TO EXCEED $8,000,000 PRINCIPAL AMOUNT OF FESTIVAL RANCH COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) GENERAL OBLIGATION BONDS, SERIES 2026 Public Hearing Date: May 19, 2026 TABLE OF CONTENTS SECTION Introduction; Purpose of Feasibility Report and General Description of District ONE Description and Cost of Public Infrastructure TWO Maps of the District THREE Plan of Finance and Estimated Debt Service Schedule FOUR APPENDIX Legal Description of Festival Ranch Community Facilities District (City of Buckeye, Arizona) A Description and Estimated Costs of Public Infrastructure B SECTION ONE INTRODUCTION; PURPOSE OF FEASIBILITY REPORT AND GENERAL DESCRIPTION OF DISTRICT ONE - 1 INTRODUCTION This Feasibility Report (this “Report”) has been prepared for presentation to the Board of Directors of Festival Ranch Community Facilities District (City of Buckeye, Arizona) (the “District”) in connection with the proposed issuance by the District of its General Obligation Bonds, Series 2026 (the “Bonds”), in an aggregate principal amount not to exceed $8,000,000. The Bonds will be issued pursuant to the Community Facilities District Act of 1988, Title 48, Chapter 4, Article 6, Arizona Revised Statutes (“A.R.S.”). PURPOSE OF FEASIBILITY REPORT This Report has been prepared for consideration of the feasibility and benefits of the Public Infrastructure and Public Infrastructure Purposes (each as defined in A.R.S. § 48-701) to be financed by the Bonds (together, the “Public Infrastructure”) and of the plan for financing such Public Infrastructure in accordance with the provisions of A.R.S. § 48-715. Pursuant to A.R.S. §48-715, this Report includes (i) a description of the Public Infrastructure to be acquired, an estimate of cost, and estimated schedule for completion of the Public Infrastructure [Section Two]; (ii) maps showing the location of the District, in general, the location of the Public Infrastructure and the area to be benefited by the Public Infrastructure [Section Three]; and (iii) a plan for financing the Public Infrastructure [Section Four]. This Report has been prepared for the consideration of the Board of Directors of the District only. It is not intended or anticipated that this Report will be relied upon by other persons, including, but not limited to, purchasers of the Bonds. This Report does not attempt to address the quality of the Bonds as investments or the likelihood of repayment of the Bonds, if any are issued. In preparing this Report, employees of Pulte Home Company, LLC (“Pulte”), the master developer of the property within the District, the underwriter, the municipal advisor, bond counsel, staff of the City of Buckeye, Arizona (the “City”) that provide services to the District, and other persons and experts have been consulted as deemed appropriate. GENERAL DESCRIPTION OF DISTRICT Formation of the District was approved by the City on April 19, 2005, on the request of all of the landowners within the District. The District consists of approximately 4,015 acres within the approximately 10,354 acre master-planned community called Festival Ranch (the “Project”). The Project is located along the Sun Valley Parkway generally between 259th Avenue and the 291st Avenue alignments. Single-family residential units are planned for approximately 3,190 acres within the Project. As of March 31, 2026, Pulte has closed 4,513 residential homes at Sun City Festival (age restricted) and 1,274 residential homes at Festival Foothills (non-age restricted), for a total of 5,787 residential homes. In addition to residential development, several community amenities have been constructed within the District, including a 24,000 square foot recreation center, a 27-hole golf course along with a 15,000 square foot golf clubhouse, a 30,000 square foot recreation center, an 8,000 square foot arts and crafts building, a softball complex, a pet park, a pickleball complex and a community park. The total District acreage can be categorized as follows: Use Category Approximate District Acres Residential 3,190 Golf Course 600 Other Non-Residential (a) 225 Total 4,015 (a) Includes roadways, commercial, school, municipal and miscellaneous land uses. The District was created to finance the construction or acquisition of Public Infrastructure within the District. See Section Two for a description of the Public Infrastructure. A legal description of the District is included in Appendix A. Maps of the District and the Public Infrastructure being financed are included in Section Three. The acquisition of the Public Infrastructure as defined in this Report is consistent with and in furtherance of the approved General Plan of the property located within the District. SECTION TWO DESCRIPTION AND COST OF PUBLIC INFRASTRUCTURE TWO - 1 DESCRIPTION OF PUBLIC INFRASTRUCTURE The Public Infrastructure, which has been publicly procured and constructed pursuant to State of Arizona (the “State”) law and the acquisition of which is to be financed by the Bonds, consists of the following: Project Descriptions Total Estimated Costs* (a) Certified Engineer’s Costs* Paid by Prior Bonds* (b) To be Paid by the Bonds* (c) Eligible for Funding from Future Bonds* Completion Date (d) 20. Sun City Festival Water Well #4 $5,300,000 $5,300,000 $ - $4,470,246 $829,754 July* 2026 32. Sun City Festival Ranch Planning Area 2 Parcel L2 Concrete and Paving Improvements 529,754 529,754 - 529,754 - August 2023 42. Sun City Festival Water Plant #1 Booster Pump 4 3,000,000 3,000,000 - 3,000,000 - December 2023 Total $8,829,754 $8,829,754 $ - $8,000,000 $829,754 (a) Represents the total estimated costs, which may differ once the District Engineer certifies eligible construction costs. (b) Includes acquisition costs from the District’s prior general obligation bonds and/or special assessment revenue bonds. (c) Represents estimated costs to be paid by the Bonds, which may differ once the District certifies eligible construction costs. (d) Represents the date by which the Public Infrastructure was constructed, which may differ from the date that it was accepted as finally completed by the District/City. See Appendix B for descriptions for the above referenced Public Infrastructure. For additional information and descriptions of Public Infrastructure paid by prior bonds or Public Infrastructure eligible for funding from future bonds, see Appendix B. * Subject to change. SECTION THREE MAPS OF THE DISTRICT THREE - 1 Location of the District THREE - 2 The Public Infrastructure in Context of the District SECTION FOUR PLAN OF FINANCE AND ESTIMATED DEBT SERVICE SCHEDULE FOUR - 1 PLAN OF FINANCE Below is a financing plan that describes the process for financing a portion of the Public Infrastructure benefiting the property within the District. This Plan of Finance is subject to modification to accommodate market conditions at the time of the actual sale of the Bonds and to the extent necessary to comply with federal and State law. (i) Formation and Authorization: In response to a petition from the owners of 100% of the property within the District, the City Council formed the District on April 19, 2005. The District is authorized to issue not-to-exceed $175,000,000 in principal amount of general obligation bonds pursuant to an election held on May 25, 2005 (the “Election”). The remaining authorization from the Election prior to the issuance of the Bonds is $100,759,742. The District has previously issued, in the aggregate original principal amounts, the following series of general obligation bonds: $ 800,000 District General Obligation Bonds, Series 2006; 1,535,000 District General Obligation Bonds, Series 2007; 7,600,000 District General Obligation Bonds, Series 2009; 5,400,000 District General Obligation Bonds, Series 2012; 1,800,000 General Obligation Bonds, Series 2013; 5,410,000 General Obligation Bonds, Series 2016; 3,665,000 General Obligation Bonds, Series 2017; 2,940,000 General Obligation Refunding Bonds, Series 2017; 3,335,000 General Obligation Bonds, Series 2018; 5,715,000 General Obligation Bonds, Series 2019; 3,885,000 General Obligation Refunding Bonds, Series 2019; 5,315,000 General Obligation Bonds, Series 2020; 5,790,000 General Obligation Bonds, Series 2021; 6,075,000 General Obligation Bonds, Series 2022; 3,985,000 General Obligation Bonds, Series 2023; 10,075,000 General Obligation Bonds, Series 2024; 2,955,000 General Obligation Refunding Bonds, Series 2024; and 5,625,000 General Obligation Bonds, Series 2025. (ii) Proposed Debt Issuance: The estimated debt service schedule for the Bonds is included in this section. It is anticipated that the Bonds will be issued in the second half of 2026. The amount shown on the cover of this Report is a not to exceed amount and the actual aggregate principal amount of the Bonds issued may be lower. It is currently estimated that the Bonds will have a final maturity of approximately 20 years and be structured such that, when combined with the debt service of the District’s outstanding general obligation bonds, it will result in approximately level aggregate annual debt service. See also the Estimated Debt Service Schedule in this section for additional details of the District’s outstanding general obligation bonds debt service and estimated aggregate debt service. The Bonds may be rated by a rating agency based on the potential purchase of a municipal bond insurance policy from a municipal bond insurance company and/or may seek a rating from a rating agency. As indicated in Estimated Debt Service Schedule herein, it is currently estimated that the Bonds will have a final maturity of approximately 20 years, with principal amortized such that when combined with the debt service on the previous issues referenced above, the result will be aggregate level debt service along with a targeted secondary tax rate of not to exceed $3.00 per $100 of net assessed limited property value (not including the tax of $0.30 per $100 of net assessed limited property value levied to pay a portion of operation and maintenance expenses of the District and of the public infrastructure financed by the District (the “Operation and Maintenance Tax”)). FOUR - 2 (iii) Estimated Sources and Uses of Funds: The proceeds of the Bonds will be applied by the District to finance all or a portion of the Public Infrastructure listed in Section Two of this Report. The estimated sources and uses of funds related to the sale of the Bonds are as follows: SOURCES*: Principal Amount of Bonds $7,110,000.00 Pulte Contribution (a) 228,320.00 Total $7,338,320.00 USES*: Cost of Public Infrastructure $7,059,884.80 Costs of Issuance (a) 228,320.00 Bond Insurance Premium (b) 50,115.20 Total $7,338,320.00 (a) All costs of issuance and underwriter fees will be paid by Pulte. (b) Estimated at 40 basis points of debt service. ESTIMATED COSTS OF ISSUANCE* (a) Underwriter’s Discount $ 85,320.00 Underwriter’s Counsel 25,000.00 Bond Counsel 43,000.00 Municipal Advisor 35,000.00 OS Preparation & Printing 17,500.00 Rating 20,000.00 Registrar & Paying Agent 600.00 Miscellaneous 1,900.00 Total $228,320.00 (a) To be paid by Pulte. Additional costs including, but not limited to, related appraisal and engineering fees are anticipated to be paid outside of bond proceeds. All costs of issuance are estimated. (iv) Disclosure of Taxes and Assessments. A.R.S. §§ 32-2181 et seq. requires the disclosure of all property taxes and assessments to be paid by a homeowner in the Arizona Department of Real Estate Subdivision Public Report (the “Public Report”). Each homebuyer must be supplied a Public Report and, prior to signing a sales contract, the homebuyer must acknowledge by signature that they have received a copy of the Public Report. In addition, Pulte will require the homebuyer to sign an additional form that highlights and discloses the additional assessment payments as a result of District financing. (v) Operation and Maintenance of the Public Infrastructure. All Public Infrastructure financed by the District will be dedicated to and accepted by the City. The obligations pertaining to the operation and maintenance of the Public Infrastructure have been negotiated between the City, the District and Pulte and are set forth in the various development agreements among the parties. The administrative costs of the District and those costs associated with the operation and maintenance of the Public Infrastructure that are not the obligation of the City will be provided by several sources of funds: the levy of a $0.30 per $100 of net assessed limited property valuation ad valorem tax in the District (the “O&M Tax”), Homeowner’s Association fees and contributions from Pulte, if any. * Preliminary, subject to change. FOUR - 3 Pursuant to the Development, Financing Participation and Intergovernmental Agreement No. 1 for Festival Ranch Community Facilities District (Buckeye, Arizona), dated April 21, 2005, as amended by the First Amendment to Development, Financing Participation and Intergovernmental Agreement No. 1 for Festival Ranch Community Facilities District (Buckeye, Arizona), dated February 18, 2025 (collectively, the “Development Agreement”), the applicable Homeowner’s Association (“HOA”) is responsible for the operation and maintenance costs of landscaping for the roadways, trails, and open space within the District. Homeowners within Sun City Festival (age restricted) and Festival Foothills (non-age restricted) are required to participate in the HOA for each area. Monthly fees for the Sun City Festival HOA are anticipated to be approximately $176 per home. Monthly fees for the Festival Foothills HOA are anticipated to be approximately $99 per home. Pursuant to a development agreement among the Project property owners and the City, Pulte is required to provide a warranty for all infrastructure comprised of streets, parkways and alleys and all appurtenances thereto at its expense for a period of two years from the date the City accepts the infrastructure. Such warranty requires repair actions reasonably necessary to correct defects according to customary engineering industry standards for each item of the Public Infrastructure. (vi) Other District Information. Shown in the table below is the District’s overlapping general obligation bonded indebtedness including a breakdown of each overlapping jurisdiction’s applicable general obligation bonded indebtedness, net assessed limited property value and combined tax rate per $100 of net assessed limited property value. 2025/26 Net Assessed General Obligation Proportion Applicable to the District Total 2025/26 Tax Rates Par $100 Net Assessed Limited Overlapping Jurisdiction Limited Property Value Bonded Debt Outstanding (a) Approximate Percent Net Debt Amount Property Value State of Arizona $92,371,826,506 None 0.16% None None Maricopa County (b) 60,724,517,168 None 0.24 None $1.1591 Maricopa County Community College District 60,724,517,168 $ 26,675,000 0.24 $ 64,501 1.0828 Maricopa Special Health Care District 60,724,517,168 512,560,000 0.24 1,239,389 0.2914 West Maricopa Ed. Center District No. 402 23,716,679,850 241,985,000 0.62 1,498,171 0.1815 Wickenburg Unified School District No. 9 384,681,104 2,445,000 38.17 933,265 2.9996 City of Buckeye 1,042,176,827 70,860,000 14.09 9,983,588 2.2500 The District (c) 146,834,090 56,810,000 100.00 56,810,000 3.3030 Total Direct and Overlapping General Obligation Bonded Debt (d) $70,528,913 (a) Includes total stated principal amount of general obligation bonds outstanding. Does not include outstanding principal amount of certificates of participation, revenue obligations or loan obligations outstanding for the jurisdictions listed above. Does not include outstanding principal amounts of various Maricopa County (the “County”) and City improvement districts, as the obligations of these districts are presently being paid from special assessments against property within the various improvement districts. Does not include presently authorized but unissued general obligation bonds of such jurisdictions which may be issued in the future as indicated in the following table. Authorized but unissued amounts in the following table may be subject to additional reductions based on net premium amounts but such reductions are not reflected in the table. Additional bonds may also be authorized by voters within overlapping jurisdictions pursuant to future elections. Overlapping Jurisdiction General Obligation Bonds Authorized but Unissued City of Buckeye $206,882,826 Maricopa County Special Health Care District 898,000,000 Western Maricopa Education Center District No. 402 215,000,000 The District 100,759,742 FOUR - 4 Also does not include the obligation of the Central Arizona Water Conservation District (“CAWCD”) to the United States Department of the Interior (the “Department of the Interior”), for repayment of certain capital costs for construction of the Central Arizona Project (“CAP”), a major reclamation project that has been substantially completed by the Department of the Interior. The obligation is evidenced by a master contract between CAWCD and the Department of the Interior. In April 2003, the United States and CAWCD agreed to settle litigation over the amount of the construction cost repayment obligation, the amount of the respective obligations for payment of the operation, maintenance and replacement costs and the application of certain revenues and credits against such obligations and costs. Under the agreement, CAWCD’s obligation for substantially all of the CAP features that have been constructed so far will be set at $1.646 billion, which amount assumes (but does not mandate) that the United States will acquire a total of 667,724 acre feet of CAP water for federal purposes. The United States will complete unfinished CAP construction work related to the water supply system and regulatory storage stages of CAP at no additional cost to CAWCD. Of the $1.646 billion repayment obligation, 73% will be interest bearing and the remaining 27% will be non-interest bearing. These percentages have been fixed for the entire 50-year repayment period, which commenced October 1, 1993. CAWCD is a multi-county water conservation district having boundaries coterminous with the exterior boundaries of Arizona’s Maricopa, Pima and Pinal Counties. It was formed for the express purpose of paying administrative costs and expenses of the CAP and to assist in the repayment to the United States of the CAP capital costs. Repayment will be made from a combination of power revenues, subcontract revenues (i.e., agreements with municipal, industrial and agricultural water users for delivery of CAP water) and a tax levy against all taxable property within CAWCD’s boundaries. As of the date of this Report, the tax levy is limited to 14 cents per $100 of net limited assessed property value, of which 14 cents is being levied. (See A.R.S. §§ 48-3715 and 48- 3715.02) There can be no assurance that such levy limit will not be increased or removed at any time during the life of the contract. Does not include the obligation of the Maricopa County Flood Control District (the “County Flood Control District”) to contribute $70 to $80 million to the CAP. The County Flood Control District’s sole source of revenue to pay the contribution will be ad valorem taxes on real property and improvements. (b) The County’s tax rate includes the $0.1400 tax rate of CAWCD, the $0.1428 tax rate of the Maricopa County Flood Control District, the $0.0462 tax rate of the Maricopa County Free Library District and the $0.0076 tax rate of the Maricopa County Fire District contribution. It should be noted that the County Flood Control District does not levy taxes on personal property. (c) Does not include the Bonds or special assessment revenue bonds outstanding. (d) Totals may not add due to rounding. Source: The various entities. FOUR - 5 ESTIMATED DEBT SERVICE SCHEDULE* Net Assessed Limited Property Period Ending Outstanding Bonds The Bonds Total Combined Debt Service Estimated Bond YoY Bond Tax Rate % Value (a) (July 15) Principal Interest Principal Interest (b) Requirements (c) Tax Rate (d) Change $146,834,090 2026 $ 2,115,000 $2,247,520 $ 4,362,520 $3.0030 156,797,222 2027 2,135,000 2,267,681 $252,800 4,655,481 3.0000 -0.10% 156,797,222 2028 2,030,000 2,177,431 $ 135,000 355,500 4,697,931 2.9962 -0.13% 156,797,222 2029 2,115,000 2,093,081 145,000 348,750 4,701,831 156,797,222 2030 2,200,000 2,004,981 155,000 341,500 4,701,481 156,797,222 2031 2,285,000 1,920,131 160,000 333,750 4,698,881 156,797,222 2032 2,375,000 1,832,481 165,000 325,750 4,698,231 156,797,222 2033 2,475,000 1,734,413 175,000 317,500 4,701,913 156,797,222 2034 2,580,000 1,626,563 185,000 308,750 4,700,313 156,797,222 2035 2,690,000 1,519,213 190,000 299,500 4,698,713 156,797,222 2036 2,800,000 1,407,363 205,000 290,000 4,702,363 156,797,222 2037 2,915,000 1,292,263 215,000 279,750 4,702,013 156,797,222 2038 3,050,000 1,157,638 225,000 269,000 4,701,638 156,797,222 2039 3,190,000 1,016,550 235,000 257,750 4,699,300 156,797,222 2040 3,300,000 906,113 250,000 246,000 4,702,113 156,797,222 2041 3,435,000 774,313 260,000 233,500 4,702,813 156,797,222 2042 3,525,000 680,113 275,000 220,500 4,700,613 156,797,222 2043 3,700,000 508,688 285,000 206,750 4,700,438 156,797,222 2044 3,870,000 336,525 300,000 192,500 4,699,025 156,797,222 2045 4,025,000 181,125 315,000 177,500 4,698,625 156,797,222 2046 3,235,000 161,750 3,396,750 Total $56,810,000 $7,110,000 $97,022,983 (a) Fiscal Year 2025/26 is actual and Fiscal Year 2026/27 is preliminary. Assumes 0.00% net assessed limited property value growth after Fiscal Year 2026/27. (b) Interest column reflects total interest payments for each period ending July 15; interest will be paid semi-annually on January 15 and July 15, commencing on January 15, 2027*. Interest is estimated at 5.00%. (c) Totals may not add due to rounding. (d) Fiscal Year 2025/26 is actual and Fiscal Years 2026/27 and 2027/28 are estimated. * Subject to change. APPENDIX A LEGAL DESCRIPTION OF FESTIVAL RANCH COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) 37 38 39 40 41 APPENDIX B DESCRIPTION AND ESTIMATED COSTS OF PUBLIC INFRASTRUCTURE Appendix B-1 Included in this appendix is a description of Public Infrastructure acquired and eligible to be acquired with proceeds of the District’s bonds. Project Descriptions Total Estimated Costs* Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 1. Festival Ranch Wastewater Infrastructure Trunk Sewer Lines - installation of approx. 11,121 linear feet of sewer lines including engineering, survey, permits and fees, and other labor, tools, and equipment. $3,220,619 $3,220,619 $3,220,619 $ - 2. Sun City Festival Phase I Roadways and Landscaping (Canyon Springs, Desert Oasis, Mountain Ridge & Sun Valley Parkway) - installation of approx. 4,874 linear feet of Arterial Roadway and ROW Landscaping and 5,942 of Collector Roadway and ROW Landscaping including concrete, paving, storm drainage, landscaping, engineering, survey, permits and fees, and other labor, tools, and equipment. 7,416,732 7,416,732 7,416,732 - 3. Sun City Festival Phase I Infrastructure Water (Parcel A1, B1, C1 & V1) - installation of approx. 25,600 linear feet of water lines including engineering, survey, permits and fees, and other labor, tools, and equipment. 1,841,756 1,841,756 1,841,756 - 4. Festival Ranch Water Reclamation Facility - installation of a 1 MG Water Reclamation Facility including engineering, survey, permits and fees, and other labor, tools, and equipment. 8,966,703 8,966,703 8,966,703 - 5. Sun City Festival Phase 1 Offsite Sewer (Alignment through Parcels D1, E1, S1 & T1) - installation of approximately 8,663 linear feet of sewer lines including engineering, survey, permits and fees, and other labor, tools, and equipment. 997,203 997,203 997,203 - 6. Sun City Festival Water Plant #1, Well #1, Well #2 - installation of 1.2 MG storage tank and booster pumps at Water Plant #1, and the drilling and equipping of Well #1 and Well #2 producing 6,150 GPM, including the eligible costs for engineering, survey, permit fees, and other required labor, tools, and equipment. 6,754,018 6,754,018 6,754,018 - * Total estimated costs throughout this table are subject to change. Appendix B-2 Project Descriptions Total Estimated Costs* Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 7. Festival Foothills Phase I Water Infrastructure Desert Vista Boulevard and Beardsley Parkway (East of CSB) - installation of approximately 5,400 linear feet of water lines including engineering, survey, permits and fees, and other labor, tools, and equipment. $418,657 $418,657 $418,657 $ - 8. Festival Foothills Phase I Roadways Desert Vista Blvd & Beardsley Parkway (East of the CSB) -installation of approximately 1,340 linear feet of Arterial Roadway and 4,050 linear feet of Collector Roadway including grading, concrete, paving, storm drainage, engineering, survey, permits and fees, and other labor, tools, and equipment. 2,383,180 2,383,180 2,383,180 - 9. Sun City Festival Phase II Infrastructure Water, Sewer (Phase 1), Storm Drain and reclaimed Waterline Phase I- installation of approximately 7,782 linear feet of waterlines, 1,596 linear feet of sewer, 15,892 linear feet of reclaimed waterline and 1,361 linear feet of storm drain for Mountain Ridge Boulevard, Desert Oasis Boulevard and Canyon Spring Boulevard including engineering, survey, permits and fees, and other labor, tools, and equipment. 2,325,837 2,325,837 2,325,837 - 10. Sun City Festival Phase II Concrete and Paving Infrastructure to serve Desert Oasis Boulevard and Mountain Ridge Boulevard to serve Parcels D 1-H 1 - installation of approximately 3,640 linear feet of arterial roadway and 2,100 of collector roadway including paving, engineering, survey, permits and fees, and other labor, tools, and equipment. 2,537,569 2,537,569 2,537,569 - 11. Sun City Festival Phase 2 Offsite Sewer – installation of approximately 6,082 linear feet of 15 inch sewer including engineering, survey, permits and fees, and other labor, tools, and equipment. 781,133 781,133 781,133 - 12. Desert Vista Boulevard Water Transmission Main – installation of approximately 3,083 linear feet of water transmission main including engineering, survey, permits and fees, and other labor, tools, and equipment. 845,216 845,216 845,216 - Appendix B-3 Project Descriptions Total Estimated Costs* Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 13. Sun City Festival Well # 3 – equipping of Well #3 including the eligible costs for engineering, survey, permit fees, and other required labor, tools, and equipment. $1,680,547 $1,680,547 $1,680,547 $ - 14. Sun City Festival Revised Abraham Lane Water Line (Portion within Parcel N1) – installation of approximately 2,898 linear feet of 12 inch water including the eligible costs for engineering, survey, permit fees, and other required labor, tools and equipment. 212,935 212,935 212,935 - 15. Sun City Festival Phase 2 Infrastructure Phase 3 Water Line and Desert Vista Boulevard Water Line - installation of approximately 4,048 linear feet 16 inch water and approximately 770 linear feet of 12 inch water including the eligible costs for engineering, survey, permit fees, and other required labor, tools and equipment. 402,514 402,514 402,514 - 16. Desert Vista Boulevard, Wagner Complex Drive and Phase II Infrastructure Phase 3 Roadway Concrete, Paving and Landscape Improvements – installation of approximately 4,209 linear feet of arterial roadway and 3,000 linear feet of collector roadway including concrete, paving and right of way landscaping including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 4,941,129 4,941,129 4,941,129 - 17. Sun City Festival – Phase 3 Offsite Sewer – installation of approximately 3,700 linear feet of 15” ES VCP truck sewer including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 678,358 678,358 678,358 - 18. City of Buckeye Firehouse # 705 – construction of fire station including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 3,351,485 3,351,485 3,351,485 - 19. Sun City Festival Water Plant #1 Expansion – installation of 1.2 MG storage tank and booster pumps at Water Plant #1, including the eligible costs for engineering, survey, permit fees, and other required labor, tools, and equipment. 2,654,932 2,654,932 2,654,932 - Appendix B-4 Project Descriptions Total Estimated Costs Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 20. Sun City Festival Water Well #4 –the drilling, installation and equipping of Well #4 producing an estimated 2,500 GPM, including the eligible costs for engineering, survey, permit fees, and other required labor, tools, and equipment. $5,300,000 $5,300,000 (a) $ - $5,300,000 (a)(b) 21. Festival Ranch Water Reclamation Facility Expansion - the installation of a 0.5 MGD Water Reclamation Facility Expansion, including the eligible costs for engineering, survey, permit fees, and other required labor, tools, and equipment. 31,000,000 [TBD] - [TBD] 22. Festival Ranch Arsenic Treatment Facility - the installation of a Water Treatment Facility, including the eligible costs for transmission mains, engineering, survey, permit fees, and other required labor, tools, and equipment. 14,000,000 [TBD] - [TBD] 23. Sun City Festival Ranch Planning Area 2 Canyon Springs Blvd and Parcel A2 Concrete and Paving Improvements – installation of approximately 4,400 linear feet of arterial roadway and parcel roadways including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 2,180,613 2,180,613 2,180,613 - 24. Sun City Festival Ranch Planning Area 2 Parcel D2 Concrete and Paving Improvements– installation of approximately 6,500 linear feet of roadway including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,316,658 1,316,658 1,316,658 - 25. Sun City Festival Ranch Planning Area 2 Parcel C2 Concrete and Paving Improvements – installation of approximately 5,400 linear feet of roadway including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,048,802 1,048,802 1,048,802 - (a) Subject to change, pending certification. (b) All or a portion of this project is anticipated to be financed by the Bonds. Appendix B-5 Project Descriptions Total Estimated Costs Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 26. Festival Ranch Sun City Festival - Parcel S1 16 inch Waterline – installation of approximately 1,600 linear feet of waterline including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. $300,728 $300,728 $300,728 $ - 27. Festival Ranch Sun City Festival - Parcel HH1-1 & HH1-2 Water Transmission Mains – installation of approximately 2,500 linear feet of water transmission main including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 214,263 214,263 214,263 - 28. Sun City Festival Ranch Planning Area 2 Parcel B2 Concrete and Paving Improvements – installation of approximately 4,600 linear feet of minor collector roadway and parcel roadways including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,271,807 1,271,807 1,271,807 - 29. Sun City Festival Ranch Planning Area 1 Parcel Q1 Phase 1 and Phase 2 Concrete and Paving Improvements– installation of approximately 8,400 linear feet of major collector and parcel roadways including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 2,212,211 2,212,211 2,212,211 - 30. Sun City Festival Ranch Planning Area 1 Parcel T1 Concrete and Paving Improvements – installation of approximately 5,900 linear feet of parcel roadway including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,367,402 1,367,402 1,367,402 - 31. Festival Ranch Sun City Festival - Parcel T1 16 inch Waterline – installation of approximately 2,700 linear feet of waterline including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 524,078 [TBD] - [TBD] Appendix B-6 Project Descriptions Total Estimated Costs Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 32. Sun City Festival Ranch Planning Area 2 Parcel L2 Concrete and Paving Improvements – installation of approximately 1,000 linear feet of parcel roadway including concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. $529,754 $529,754 (a) $ - $529,754 (a)(b) 33. Festival Ranch Groundwater Recharge Facility - the installation of a Groundwater Recharge Facility, including the eligible costs for pump station, transmission mains, engineering, survey, permit fees, and other required labor, tools, and equipment. 3,500,000 [TBD] - [TBD] 34. Sun City Festival Ranch Planning Area 2 Parcel E2 Infrastructure Sewer Improvements – installation of approximately 2,599 linear feet of sewer line including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 488,885 [TBD] - [TBD] 35. Sun City Festival Ranch Planning Area 2 Parcel F2 Concrete and Paving Improvements – installation of approximately 6,960 linear feet of arterial, collector and parcel roadway concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 3,256,663 3,256,663 3,256,663 - 36. Sun City Festival Ranch Planning Area 1 Parcel HH1-3 Infrastructure Water and Well Supply Line Improvements – installation of approximately 4,800 linear feet of water and well lines including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 424,000 [TBD] - [TBD] 37. Sun City Festival Ranch Planning Area 2 Parcel K2/N2 Concrete and Paving Improvements – installation parcel roadway concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,246,825 1,246,825 1,246,825 - (a) Subject to change, pending certification. (b) All or a portion of this project is anticipated to be financed by the Bonds. Appendix B-7 Project Descriptions Total Estimated Costs Certified Engineer’s Costs Paid by Prior Bonds Eligible for Funding from Future Bonds 38. Sun City Festival Ranch Planning Area 2 Parcel H2 Phase 1 and 2 Concrete and Paving Improvements – installation parcel roadway concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. $2,809,434 $2,809,434 $2,809,434 $ - 39. Sun City Festival Ranch Planning Area 2 Parcel G2/I2 Concrete and Paving Improvements – installation parcel roadway concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,686,178 1,686,178 1,686,178 - 40. Sun City Festival Ranch Planning Area 2 Parcel J2 Concrete and Paving Improvements – installation parcel roadway concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 736,639 736,639 736,639 - 41. Sun City Festival Ranch Parcel HH1-5 Concrete and Paving Improvements – installation parcel roadway concrete and paving including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,143,847 1,143,847 1,143,847 - 42. Festival Ranch Water Plant No. 1 Expansion Booster Pump # 4 - installation of additional Booster Pump including the eligible costs for design, engineering, survey, permits, fees, and other labor, tools and equipment. 3,000,000 3,000,000 (a) - 3,000,000 (a)(b) 43. Festival Ranch Sun City Festival – Planning Area 2 Kerry Lane and Offsite Water Line Waterline – installation of approximately 5,000 linear feet of waterline including the eligible costs for design, engineering, survey, permits and fees, and other labor, tools, and equipment. 1,072,792 [TBD] - [TBD] Total $133,042,102 $82,032,347 (a) $73,202,593 (a) Subject to change, pending certification. (b) All or a portion of this project is anticipated to be financed by the Bonds. The Public Infrastructure described above was completed from 2006 to the date of this Report. Proceeds of the Bonds will be used to finance the acquisition of a portion of the Public Infrastructure. Additional portions of Public Infrastructure have been completed but are awaiting administrative approval by the District before such Public Infrastructure is eligible for funding from future bonds. Additional Public Infrastructure as contemplated by the District’s formational documents will be constructed in the future.