Feasibility Report - Tartesso West CFD GO Bonds, Series 2026 (Final).pdf

FEASIBILITY REPORT 
 
 
 
 
 
 
 
FOR THE ISSUANCE OF 
 
NOT TO EXCEED 
 
$3,100,000 PRINCIPAL AMOUNT 
 
OF 
 
TARTESSO WEST 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 
 
Map of the District 
THREE 
 
Plan of Finance and Estimated Debt Service Schedule 
FOUR 
 
 
 
 
 
APPENDIX 
Legal Description of Tartesso West Community Facilities District 
 
(City of Buckeye, Arizona) 
A 
 
Detailed Costs and Maps of Public Infrastructure  
B

SECTION ONE 
 
INTRODUCTION; PURPOSE OF FEASIBILITY REPORT AND 
GENERAL DESCRIPTION OF DISTRICT

1-1 
INTRODUCTION 
This Feasibility Report (this “Report”) has been prepared for presentation to the Board of Directors of the Tartesso 
West 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 
$3,100,000, 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) a map showing, in 
general, the location of the Public Infrastructure and the area to be benefited by the Public Infrastructure [Section Three 
and Appendix B]; 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, municipal advisors, appraisers, counsel, engineers, District staff, City 
(as defined herein) staff, the Owner (as defined herein) and other experts have been consulted as deemed appropriate. 
GENERAL DESCRIPTION OF THE DISTRICT 
Formation of the District was approved by the Town of Buckeye, Arizona (the “Town”), on November 2, 2004, 
upon the petition by the then-owners of 100% of the property to be included within the proposed District (Stardust Tartesso 
W12, Inc., Stardust Structured Investments No. 4 L.L.C., Sun Valley Partners, L.L.C., BIF-Buckeye, L.L.C., Rex 
Maughan and Ruth Maughan (husband and wife) and Cherry Properties, L.L.C.) (collectively, the “Original Owners”), to 
the Mayor and the Council of the City of Buckeye, Arizona (the “City”, formerly known as the Town).  On September 1, 
2016, certain assets and rights of the Original Owners or their successors-in-interest were acquired by Buckeye Tartesso, 
LLC, an Arizona limited liability company and/or its affiliates (collectively, the “Owner”).  The Owner assumed all rights 
and obligations of the Original Owners under the terms of the Development, Financing Participation and 
Intergovernmental Agreement No. 1, Tartesso West Community Facilities District (Town of Buckeye, Arizona) dated 
November 2, 2004 (the “Development Agreement”), among the Original Owners and the City. 
The development encompasses approximately 5,554 acres that are being planned and developed as a mixed use, 
master-planned community called “Tartesso West” (the “Development”).  Approximately 5,396 acres of the Development 
are within the boundaries of the District and approximately 158 acres are excluded from the District.   
The Development is located north of McDowell Road, south of Glendale Avenue, east of the Hassayampa River 
and west of the Sun Valley Parkway.  Primary access to the Development is provided by Interstate 10 and the Sun Valley 
Parkway, which includes a major freeway interchange.  At buildout, single family residential and multi-family residential 
units are expected to represent approximately 3,635 acres and 136 acres, respectively, within the Development.  Non-
residential development will comprise approximately 1,625 acres, inclusive of an estimated 207 acres of various 
commercial uses and 1,418 acres of (i) rights-of-way and (ii) government services such as schools, wastewater treatment 
facility, public facilities and parks and open space.

1-2 
The following characterizes at buildout the approximate acreage expected within the District. 
Total District 
Approximate 
District Acres 
Single Family Residential 
3,635 
Multi-Family Residential 
136 
Commercial 
207 
Non-Residential (a) 
1,418 
Total 
5,396 
 
 
 
 
 
(a) 
Includes rights-of-way, schools, civic uses, wastewater treatment facility, public facilities and common area, and 
neighborhood park and open spaces. 
The District was created to assist with financing the acquisition of public infrastructure and public infrastructure 
purposes, including the Public Infrastructure, within the District.  See Section Two for a description of the Public 
Infrastructure to be financed with a portion of the proceeds of the Bonds.  A legal description of the District is included 
in APPENDIX A.  A Map of the District including the location, in general, of the Public Infrastructure, is included in 
Section Three and APPENDIX B.  The proposed acquisition of the Public Infrastructure (as defined in this Report) is 
consistent with the City’s and the District’s approved General Plan for the Development.

SECTION TWO 
 
DESCRIPTION AND COST OF  
PUBLIC INFRASTRUCTURE

2-1 
DESCRIPTION AND COST OF PUBLIC INFRASTRUCTURE 
The Public Infrastructure subject to this Report (i) has been publicly procured pursuant to State of Arizona (the 
“State”) law and District guidelines, (ii) will be financed by the Bonds and/or subsequent bond issues and other sources, 
if necessary, and (iii) consists of the following: 
 
Acquisition Project 
Description 
Total 
Estimated 
Cost 
Certified 
Engineer’s 
Costs 
To Be Paid By 
the Bonds* (a) 
Paid by Prior 
Bonds 
Eligible for 
Funding From 
Future Bonds* 
Acceptance 
Date (b) 
1 
Unit 1 Paving, 
Concrete and 
Concrete 
Structures 
$  8,535,868 
$  8,535,868 
$                  - 
$  8,297,500 
$     238,368 
09-04-07 
 
Projects for Tartesso Unit 1 consist of approximately 98,000 square yards of onsite paving and related curb and gutter; and 
approximately 79,000 square yards of offsite paving and related curb and gutter.  Projects include engineering, survey, permits 
and fees, and other related costs. 
2 
Unit 1 WSF/Well 
Site and Unit 2 
Well Site 
79,000 
79,000 
- 
79,000 
- 
10-16-07 
 
Projects consist of a Tartesso Unit 1 Well Site and a Tartesso Unit 2 Well Site.  Projects include engineering, survey, permits 
and fees, and other related costs. 
3 
Unit 1 Onsite 
Sewer, Onsite 
Water and Storm 
Drain 
2,978,483 
2,978,483 
- 
2,914,126 
64,357 
10-16-07 
 
Projects for Tartesso Unit 1 include installation of approximately 33,066 linear feet of onsite sewer lines; approximately 30,768 
linear feet of onsite water lines; and approximately 21,086 linear feet of offsite water and raw water lines. Projects include 
engineering, survey, permits and fees, testing and other related costs. 
4 
Unit 2A Paving, 
Concrete and 
Concrete 
Structures 
15,045,756 
15,045,756 
- 
12,691,640 
2,354,116 
08-07-12 
 
Projects for Tartesso Unit 2A consist of approximately 196,256 square yards of onsite paving and related curb and gutter; and 
approximately 102,860 square yards of offsite paving and related curb and gutter. Projects include engineering, survey, permits 
and fees, and other related costs. 
5 
Bruner Rd.,  
Thomas Rd and 
303rd Ave - Sewer, 
Water & Storm 
(Storm Drain 
Portion Only) 
108,568 
108,568 
- 
108,568 
- 
08-07-12 
 
Projects consist of approximately 6,560 linear feet of stormwater along Thomas Rd, approximately 2,640 linear feet of storm 
water improvements along Bruner Rd and an approximately 2,580 linear feet 12" water main offsite along 303rd Ave. 
6 
Unit 2A Onsite 
Sewer, Onsite 
Water & Storm 
Drain 
6,773,794 
6,773,794 
1,370,482 
3,399,373 
2,003,939 
08-07-12 
 
Projects for Tartesso Unit 2A include installation of approximately 55,443 linear feet of onsite sewer lines; approximately 
55,740 linear feet of onsite water lines; and approximately 1,356 linear feet of offsite water and raw water lines. Projects include 
engineering, survey, permits and fees, testing and other related costs. 
 
 
 
 
* Subject to change.

2-2 
 
Acquisition Project 
Description 
Total 
Estimated 
Cost 
Certified 
Engineer’s 
Costs 
To Be Paid By 
the Bonds* (a) 
Paid by Prior 
Bonds 
Eligible for 
Funding From 
Future Bonds* 
Acceptance 
Date (b) 
7 
Unit 2B Paving, 
Concrete and 
Concrete 
Structures 
$14,890,946 
$14,890,946 
$1,729,518 
$  1,987,150 
$11,174,278 
08-07-12 
 
Projects for Tartesso Unit 2B consist of approximately 192,035 square yards of onsite paving and related curb and gutter; and 
approximately 81,055 square yards of offsite paving and related curb and gutter. Projects include engineering, survey, permits 
and fees, and other related costs. 
8 
Unit 2B Onsite 
Sewer, Onsite 
Water & Storm 
Drain 
7,338,700 
7,338,700 
- 
- 
7,338,700 
08-07-12 
 
Projects for Tartesso Unit 2B include installation of approximately 56,231 linear feet of onsite sewer lines; approximately 
62,533 linear feet of onsite water lines; and approximately 5,682 linear feet of offsite water and raw water lines. Projects include 
engineering, survey, permits and fees, testing and other related costs. 
9 
Bruner Rd/Thomas 
Rd Paving & 
Concrete 
(Permanent 
Improvements 
Only) 
728,235 
728,235 
- 
495,348 
232,887 
08-07-12 
 
Projects consist of approximately 14,412 square yards of Bruner Road ext. paving and related curb and gutter; and 
approximately 17,701 square yards of paving and related curb and gutter for Thomas Road ext. Tartesso Unit 2. Projects include 
engineering, survey, permits and fees, testing and other related costs. 
 
Totals 
$56,479,350 
$56,479,350 
$3,100,000 
$29,972,705 
$23,406,645 
 
 
 
 
 
 
(a) 
Includes amount(s) estimated to be paid by the Bonds.  See also APPENDIX B for additional detail on the Public 
Infrastructure estimated to be paid by the Bonds, including cost descriptions and map depictions. 
(b) 
Represents the date by which the City accepted the Public Infrastructure and may differ from the date the Original 
Owners constructed the Public Infrastructure. 
Proceeds of the Bonds are reasonably expected to be used to finance the acquisition of all or a portion of the Public 
Infrastructure upon acceptance by the District and the City of such Public Infrastructure pursuant to the terms of the 
Development Agreement, and the terms and provisions of all applicable laws, ordinances, codes and rules.  All interests 
in such Public Infrastructure financed by the District will be dedicated or otherwise transferred to the City after acceptance.  
Additional portions of public infrastructure, as contemplated by the District’s formational documents, may be constructed 
and will be subject to administrative approval by the District before such additional public infrastructure is eligible for 
funding from future bonds, if any.

SECTION THREE 
 
MAP OF THE DISTRICT

3-1 
The Public Infrastructure in Context of the District

SECTION FOUR 
 
PLAN OF FINANCE AND 
ESTIMATED DEBT SERVICE SCHEDULE

4-1 
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 by the Original Owners, the City Council formed the District on November 2, 
2004.  The Original Owners authorized, at an election held on December 14, 2004, general obligation 
bonded debt in an amount not-to-exceed $175,000,000 in aggregate principal amount (the “Election”).  
The remaining authorization from the Election prior to the closing of the Bonds is $144,369,000.  The 
District has previously issued, in the aggregate original principal amounts, the following series of 
general obligation bonds: 
$   110,000 District General Obligation Bonds, Series 2005; 
$8,750,000 District General Obligation Bonds, Series 2007; 
$6,430,000 District General Obligation Refunding Bonds, Series 2018; 
$7,310,000 General Obligation Bonds, Series 2021;  
$6,960,000 General Obligation Bonds, Series 2022; and 
$6,580,000 General Obligation Bonds, Series 2024. 
(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 23 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 the District may seek a rating from a rating agency. 
(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:  
SOURCES*: 
 
Principal Amount of Bonds  
$2,900,000.00 
Owner Cash Contribution 
181,800.00 
Total 
$3,081,800.00 
 
 
USES*: 
 
Cost of Public Infrastructure 
$2,876,284.56 
Estimated Costs of Issuance (a) 
181,800.00 
Bond Insurance Premium (b) 
23,715.44 
Total 
$3,081,800.00 
 
 
 
 
 
(a) 
The Owner will pay certain costs of issuance. 
(b) 
Estimated at 40 basis points of debt service. 
 
 
 
 
* Subject to change.

4-2 
ESTIMATED COSTS OF ISSUANCE* (a)  
Underwriter’s Discount 
$  34,800.00 
Underwriter’s Counsel 
30,000.00 
Bond Counsel 
41,250.00 
Municipal Advisor 
35,000.00 
Rating Agency 
17,500.00 
Registrar & Paying Agent 
600.00 
Official Statement Preparation & Printing 
20,000.00 
Miscellaneous 
2,650.00 
Total 
$181,800.00 
 
 
 
 
 
(a) 
The Owner will pay certain costs of issuance. 
(iv) 
District Tax Levy, Tax Rate and Homeowner’s Property Tax Obligation. 
All Public Infrastructure that may be acquired by the District with any proceeds of the Bonds has been 
dedicated to and accepted by the City.  The costs associated with the operation and maintenance of the 
Public Infrastructure, as well as the administrative costs, of the District will be provided by a property 
tax levy of up to $0.30 per $100 of net assessed limited property value to provide for a portion of the 
administrative, operation and maintenance expenses of the District (the “O&M Tax”). 
In addition to the O&M Tax, the District will levy an ad valorem property tax to provide for debt service 
on bonds issued by the District, including the Bonds.  Beginning in Fiscal Year 2026/27, the District 
will cause to be levied an amount up to $1,975,000 annually for each year the Bonds are outstanding 
(the “Target Levy”).  This Target Levy includes approximately a $1,795,000 levy for debt service and 
a $180,000 levy for the O&M Tax.  In Fiscal Year 2026/27, the Target Levy would equate to a combined 
ad valorem tax rate of $3.30 per $100 of net assessed limited property value on all taxable property 
within the boundaries of the District.  Any general obligation bonds of the District, including the Bonds, 
are, by law, to be paid from a property tax that is unlimited as to rate or amount. 
At a $3.30 tax rate level, the District portion of a tax bill for a homeowner will be approximately†: $47 
per month or $560 annually.  A.R.S. §§ 32-2181 et seq. requires the disclosure of all property taxes to 
be paid by a homeowner in the Arizona Department of Real Estate Subdivision Public Report (the 
“Public Report”).  Prior to each initial home sale by a homebuilder, each homebuyer must be supplied 
the Public Report, and the homebuyer must acknowledge by signature that they have read and accepted 
the Public Report.  In addition, each homebuyer will receive a form detailing the existence of the 
District, the tax rate and its financial impact and receipt of this form will be acknowledged in writing 
by the homebuyer, and a signed copy will be kept on file with the District Clerk. 
(v) 
Other District Information. 
Shown in the following tables are the District’s overlapping general obligation bonded indebtedness 
including a breakdown of each overlapping jurisdiction’s applicable general obligation bonded 
indebtedness, the portion of such indebtedness applicable to the District, a comparison of net assessed 
limited property values and tax rates per $100 net assessed limited property value. 
 
 
 
 
* Subject to change. 
† The estimated tax liability is calculated from the February 2026 County Abstract of the Assessment Roll Owner  
Occupied Residential (“Class 3”) data using the following formula: 
(Net Assessed Limited Property Value ÷ Number of Lots) x (the District’s Secondary Tax Rate of $3.3000) ÷ 100

4-3 
OVERLAPPING GENERAL OBLIGATION BONDED INDEBTEDNESS 
 
Portion Applicable to The District (a) 
Overlapping Jurisdiction 
General 
Obligation 
Bonded Debt 
Outstanding (b) 
Approximate 
Percentage 
Net Debt 
Amount 
State of Arizona 
None 
0.062% 
None 
Maricopa County 
None 
0.094 
None 
Maricopa County Community College District 
$  26,675,000 
0.094 
$       25,196 
Maricopa County Special Health Care District 
512,560,000 
0.094 
484,139 
Western Maricopa Education Center District No. 402 
241,985,000 
0.242 
585,226 
Saddle Mountain Unified School District No. 90 
39,155,000 
6.500 
2,545,168 
City of Buckeye 
70,860,000 
5.504 
3,899,858 
The District (c) 
23,470,000 
100.000 
23,470,000 
Total Direct and Overlapping General Obligation Bonded Debt Outstanding (d) 
$31,009,586 
 
 
 
 
 
(a) 
Portion applicable to the District is computed on the ratio of the estimated net assessed limited property value as 
calculated for Fiscal Year 2025/26 for the overlapping jurisdiction to the amount of such valuation which lies 
within the District.  If the assessed value within the District increases at a faster rate than the overlapping 
jurisdictions, the amount of overlapping debt allocated for payment within the District will increase. 
(b)  
Includes total general obligation bonds outstanding less redemption funds on hand. Does not include authorized 
but unissued general obligation bonds of such jurisdictions which may be issued in the future.  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 assessed limited property value, of which 14 cents is 
currently 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. 
(c)  
Does not include the Bonds.  
(d) 
Totals may not add due to rounding. 
Source: The various entities.

4-4 
DIRECT AND OVERLAPPING NET ASSESSED 
LIMITED PROPERTY VALUE AND TOTAL TAX RATES 
Overlapping Jurisdiction 
2025/26 Net  
Assessed Limited 
Property Value 
2025/26 Total  
Tax Rate Per $100 of  
Net Assessed Limited 
Property Value (a)(b) 
State of Arizona 
$92,371,826,506 
None 
 
Maricopa County 
60,724,517,167 
$1.1591 
 
Maricopa County Community College District 
60,724,517,167 
1.0828 
 
Maricopa County Fire District Annual Levy 
60,724,517,167 
0.0076 
(c) 
Maricopa County Flood Control District 
60,724,517,167 
0.1428 
(d) 
Maricopa County Special Health Care District 
60,724,517,167 
0.2914 
 
Maricopa County Library District 
60,724,517,167 
0.0462 
 
Central Arizona Water Conservation District 
60,724,517,167 
0.1400 
(e) 
Western Maricopa Education Center District No. 402 
23,716,678,873 
0.1815 
 
Saddle Mountain Unified School District No. 90 
882,388,538 
3.5024 
 
City of Buckeye 
1,042,176,827 
2.2500 
 
The District 
57,357,342 
3.1635 
(f) 
 
 
 
 
 
(a) 
Represents the combined tax rate including the tax rate for debt service payments and the tax rate for all other 
purposes such as maintenance and operation and capital outlay. 
(b) 
All levies for library districts, hospital districts, fire districts, technology districts, water conservation districts and 
flood control districts are levied on the net full cash assessed value. 
(c) 
The County is mandated to levy a tax annually in support of fire districts in the County. 
(d) 
Does not include the personal property assessed valuation within the County. 
(e) 
Includes only the assessed valuation located within the County. 
(f) 
Includes the O&M Tax. 
Source:  Abstract by Tax Authority, the Assessor of the County, State and County Abstract of the Assessment Roll, Arizona 
Department of Revenue and Maricopa County 2025 Tax Levy, Maricopa County – Finance Department. 
The full cash, estimated net full cash value and the net assessed limited property value of taxable property within 
the boundaries of the District for the indicated fiscal years are shown in the table below: 
PROPERTY VALUATIONS 
Source: Abstract by Tax Authority, Maricopa County Assessor’s Office (August dated file for each corresponding year). 
Fiscal Year 
Full Cash Value 
Estimated Net  
Full Cash Value (a) 
Net Assessed Limited 
Property Value 
2026/27 (b) 
$1,182,157,857 
$1,140,488,936 
$59,842,294 
2025/26 
1,181,882,722 
1,144,613,439 
57,357,342 
2024/25 
1,285,062,924 
1,245,745,039 
54,790,386 
2023/24 
990,898,171 
974,762,161 
51,296,895 
2022/23 
703,743,580 
692,742,874 
44,925,462 
2021/22 
533,522,867 
522,104,414 
36,460,440 
 
 
 
 
 
(a) 
Estimated net full cash value is the total market value of the property, or Full Cash Value, within the District less 
the estimated value of exempt property with the District. 
(b) 
Fiscal Year 2026/27 values are subject to adjustment until approved by the Board of Supervisors of the County 
before or on August 17, 2026. 
Source: Abstract by Tax Authority, Maricopa County Assessor’s Office (August dated file for each corresponding year).

4-5 
ESTIMATED DEBT SERVICE SCHEDULE* 
Net Assessed 
Limited 
 Property 
Period 
Ending 
Outstanding Bonds  
 
The Bonds* 
Total Combined 
Debt Service 
Bond 
YoY Bond 
Tax Rate % 
Value (a) 
(July 15) 
Principal 
Interest 
 
Principal  
Interest (b) Requirements* (c) Tax Rate (d) 
Change 
$57,357,342 
2026 
$   705,000 
$937,404  
 
 
$  1,642,404 
$2.8635 
 
59,842,294 
2027 
725,000 
913,569  
$     45,000 
$103,111 
1,786,680 
3.0000 
4.77% 
59,842,294 
2028 
750,000 
889,163  
10,000 
142,750 
1,791,913 
3.0000 
0.00 
59,842,294 
2029 
775,000 
863,960  
10,000 
142,250 
1,791,210 
 
 
59,842,294 
2030 
805,000 
837,913  
10,000 
141,750 
1,794,663 
 
 
59,842,294 
2031 
830,000 
810,795  
10,000 
141,250 
1,792,045 
 
 
59,842,294 
2032 
860,000 
782,810  
10,000 
140,750 
1,793,560 
 
 
59,842,294 
2033 
885,000 
753,731  
15,000 
140,250 
1,793,981 
 
 
59,842,294 
2034 
925,000 
717,956  
10,000 
139,500 
1,792,456 
 
 
59,842,294 
2035 
960,000 
680,431  
15,000 
139,000 
1,794,431 
 
 
59,842,294 
2036 
1,000,000 
641,469  
15,000 
138,250 
1,794,719 
 
 
59,842,294 
2037 
1,040,000 
600,856  
15,000 
137,500 
1,793,356 
 
 
59,842,294 
2038 
1,085,000 
555,494  
15,000 
136,750 
1,792,244 
 
 
59,842,294 
2039 
1,135,000 
507,550  
15,000 
136,000 
1,793,550 
 
 
59,842,294 
2040 
1,185,000 
457,363  
15,000 
135,250 
1,792,613 
 
 
59,842,294 
2041 
1,235,000 
407,900  
15,000 
134,500 
1,792,400 
 
 
59,842,294 
2042 
1,285,000 
355,650  
20,000 
133,750 
1,794,400 
 
 
59,842,294 
2043 
1,340,000 
301,250  
20,000 
132,750 
1,794,000 
 
 
59,842,294 
2044 
1,395,000 
244,500  
20,000 
131,750 
1,791,250 
 
 
59,842,294 
2045 
1,455,000 
185,425  
20,000 
130,750 
1,791,175 
 
 
59,842,294 
2046 
1,515,000 
123,800  
25,000 
129,750 
1,793,550 
 
 
59,842,294 
2047 
1,580,000 
63,200  
20,000 
128,500 
1,791,700 
 
 
59,842,294 
2048 
 
  
1,245,000 
127,500 
1,372,500 
 
 
59,842,294 
2049 
 
  
1,305,000 
65,250 
1,370,250 
 
 
 
Total 
$23,470,000 
  
$2,900,000 
 
$42,031,050 
 
 
 
 
 
 
(a) 
Fiscal Year 2025/26 is actual, and Fiscal Year 2026/27 is preliminary.  Assumes 0.00% 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.

Reviewed
 and accepted by:
BUCKEYE
 TARTESSO,
 LLC, an Arizona
 limited
 liability
 company
By: Dolphin
 Land, LLC, a Califo
Its: Manager
ility company
By: Dolpli'
Its: M 
r
Califo
 
a Corporation
BY:
Nam 
: Kev
Its: CE
4-6

APPENDIX A 
 
LEGAL DESCRIPTION OF TARTESSO WEST 
COMMUNITY FACILITIES DISTRICT  
(CITY OF BUCKEYE, ARIZONA)

A-1

A-2

APPENDIX B 
 
DETAILED COSTS AND MAPS OF 
 PUBLIC INFRASTRUCTURE

B-1

B-2

B-3

B-4

B-5

B-6

B-7

B-8

B-9

B-10

B-11

B-12

Concrete--Contract Amounts 
'·--
i Construction, Inc. 
1919 
,23-7 
175,034.74 
Page2 of2 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
1972 
19644-10 
151,898.05 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
1989 
19702-l 1 
133,403.84 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2068 
19758-11 
141,795.48 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2149 
19840-12 
113,504.18 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2207 
86608-HBB 
99,286.07 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2252 
19918-16 
-
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2312 
86608-HB15 
31,523.02 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2352 
20005-17 
-
Concrete-Contract Amounts 
Wheeler Construction, Inc. 
2352 
86608-HB9 
135,407.41 
Concrete--Contract Amounts 
Wheeler Construction, Inc. 
2352 
19644-10 
10,840.48 
Concrete--CO #999 
'iVheeler Construction, Inc. 
2429 
-
Concrete--T&M Invoice 
Wheeler Construction, Inc. 
2422 
07-1499
3,701.62 
Concrete Structures 
1,771,864.921 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
1585 
1/9544 
79,665.93 
Concrete Structures-Contract Amounts 
CS Construction, Inc. 
1619 
2/9566 
169,531.40 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
1706 
3/9605 
265,751.10 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
1774 
4/0000 
235,738.95 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
1831 
5/9653 
125,773.72 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
1903 
6/971 I 
156,509.12 
Concrete Structures-Contract Amounts 
CS Construction, Inc. 
1961 
7/9736 
337,699.23 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
1991 
8/9776 
142,484.54 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
2150 
9/9884 
83,210.41 
Concrete Structures-.Contract Amounts 
CS Construction, Inc. 
2204 
Ret/9935 
83,127.46 
Concrete Structures--Contract Amounts 
CS Construction, Inc. 
2552 
ReU10191 
92,373.06 
TOTAL 
14,890,946.17 
B-13

B-14