Board of Directors of the Festival Ranch Community Facilities District (CFD) to take action on Resolution No. 06-26 approving the feasibility report relating to the acquisition and financing of certai

3.A
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/05/26
AGENDA ITEM: 3.A. FIN - Resolution
No. 06-26 - Festival Ranch Board of
Directors to Approve Feasibility Report to
Form a Special Assessment District No.
15
DATE PREPARED: 04/30/26
DISTRICT NO.: Fest
STAFF LIAISON: Larry Price, Special Districts Manager, lprice@buckeyeaz.gov,
(623) 349-6164
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: Consent Agenda
Items / New Business
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Board of Directors of the Festival Ranch Community Facilities District (CFD) to take action on Resolution
No. 06-26 approving the feasibility report relating to the acquisition and financing of certain
improvements benefitting the District; declaring its intention to acquire certain improvements described in
the feasibility report; forming Assessment District No. 15; determining that special assessment revenue
bonds will be issued to finance the costs and expenses thereof and declaring the improvements to be of
more than local or ordinary public benefit and that the costs of said improvements will be assessed upon
the Assessment District; providing that the proposed improvements will be performed and District special
assessment revenue bonds issued under the provisions of Title 48, Chapter 4, Article 6, Arizona Revised
Statutes, and all amendments thereto; and ratifying all prior acts including the execution and delivery of a
waiver and development agreement.
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
SUMMARY
PROJECT DESCRIPTION:
Board of Directors of Festival Ranch CFD to adopt resolution to approve feasibility report to make
improvements and form a special assessment district to issue special assessment revenue bonds whose
costs will be assessed upon the special district. The financing will allow for Pulte Home Company to be
reimbursed for a portion of the cost of the public infrastructure. Eventual homeowners will incur a special
assessment of $5,000 to pay for their respective share of the cost. This resolution will also ratify the
execution and delivery of a waiver and development agreement with Pulte Home Company and other
lienholders. 
BENEFITS:
This financing allows developer, Pulte Home Company, to be reimbursed for a portion of the cost of the
public infrastructure, while causing the eventual homeowner to be responsible for their respective share
of the cost in the form of a special assessment in the amount of $5,000. Resolution No. 06-26: (i)
confirms completion of the District's statutory obligation to hold a public hearing on the approval of the
feasibility report prepared in connection with this financing, (ii) approves the feasibility report, (iii) forms
Assessment District No. 15 and (iv) declares the District's intention to acquire improvements and planned
issuance of special assessment revenue bonds, and to assess the costs of acquiring the improvements.
Resolution No. 06-26 also ratifies the execution and delivery of a waiver and development agreement
with Pulte Home Company and other lienholders related to the formation of Assessment District No. 15.

FUTURE ACTION:
1. Order the acquisition of the improvements pursuant to Resolution No. 07-26.
2. Approve the levy of an assessment and assessment diagram pursuant to Resolution No. 08-26.
3. Record the Assessment in the amount of $5,000 per lot.
4. Conduct a final assessment hearing upon completion of construction of the improvements.
5. Approve the final assessment amount in a future resolution.
6. Approve the sale and issuance of Assessment District No. 15 special assessment revenue bonds
pursuant to a future resolution.
FINANCIAL IMPACT STATEMENT:
The assessment will serve as the funding source for bonds issued by the district to reimburse the
developer for infrastructure accepted by the City. The board will authorize any future bond issuances.
The cost of issuance for the bonds will be paid by the developer. The administrative cost of servicing the
bonds will be paid from the Board's operating and maintenance budget derived from the $0.30 per $100
net assessed value (NAV) property tax.
BUDGETED:
Yes
FISCAL YEAR:
FY2027
FUND/DEPARTMENT:
Festival Ranch
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
Feasibility Report - Festival Ranch CFD Assessment District No. 15 Special Assessment Revenue
Bonds, Series 2026
AGR - Festival Ranch CFD AD No. 15 - Waiver and Development Agreement
RES_06-26_-_Festival_Ranch_CFD_SARB_Sr._2026_-
_Approve_Feasibility_Report_and_Declare_Intention__006__GR_4.16.26__8005123.pdf