Board of Directors of the Floreo at Teravalis Community Facilities District (City of Buckeye, Arizona) ("the District") to take action on Resolution No. 15-25 authorizing the issuance of its Special A

3.C
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 07/01/25
AGENDA ITEM: 3.C. Resolution No. 15-
25 (Floreo at Teravalis) Authorizing the
Issuance of its Special Assessment
District No. 1 Special Assessment
Revenue Bonds
DATE PREPARED: 06/26/25
DISTRICT NO.: Floreo at Teravalis
STAFF LIAISON: Larry Price, Special Districts Manager, lprice@buckeyeaz.gov,
(623) 349-6164
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: CFD Item
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Board of Directors of the Floreo at Teravalis Community Facilities District (City of Buckeye, Arizona) ("the
District") to take action on Resolution No. 15-25 authorizing the issuance of its Special Assessment
District No. 1 Special Assessment Revenue Bonds, Series 2025, in the aggregate principal amount of
not to exceed $10,970,000; approving the form and authorizing the execution and delivery of a Bond
Registrar, Transfer Agent and Paying Agent Contract, a Purchase Contract relating to the Bonds, a
continuing disclosure undertaking, and certain other documents securing the payment of or relating to
the Bonds; ratifying and approving a Preliminary Official Statement relating to the Bonds; approving a
Final Official Statement relating to the Bonds; awarding the Bonds to the purchaser thereof; appointing a
Registrar, Transfer Agent and Paying Agent for the Bonds; taking other actions securing the payment of
and relating to the Bonds; ratifying all actions taken or to be taken to further this Resolution; and
adopting written Continuing Disclosure Compliance Procedures and Issuance and Post-Issuance Tax
Compliance Procedures in connection with the issuance of Bonds.
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
SUMMARY
PROJECT DESCRIPTION:
Acquire public infrastructure benefitting real property projected to include approximately 1,097 residential
lots for single family homes located within the Floreo at Teravalis Community Facilities District.
BENEFITS:
This financing allows the developer, Trillium Land Company, LLC (an affiliate of Howard Hughes
Holdings Inc.), 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 $10,000. Homeowners may pay the assessment in full on any date or may
pay over a period of time in the form of debt service on the District bonds. 
FUTURE ACTION:
Finalize the closing documents and issue the Bonds in or around mid to late July or early August, 2025. 
BUDGETED:
Yes
Items related to a project or facility location must include an attached vicinity map for Council

Review.
ATTACHMENTS:
RES 15-25 Floreo CFD SARB Sr. 2025 - Authorizing Bonds - includes CDU and Tax Policies (005)
(6.18.25)(6565653.5).pdf
Floreo at Teravalis CFD SAD1 2025 Preliminary Official Statement (POS) V6 (6.20.25).pdf
CER - Floreo CFD SAD 1 2025 - Continuing Disclosure Undertaking (GT 4.7.25) (7095(6578097.1).docx
AGR - Floreo at Teravalis CFD SARBs, Sr. 2025 - Registrar Contract (002)(6.19.25).docx
Floreo CFD No. 1 AA1 - Purchase Contract(708016496.4).docx