Board of Directors of Festival Ranch Community Facilities District to hold a public hearing and take action on Resolution No. 05-25 accepting and approving the Feasibility Report relating to the acqui

3.A
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/20/25
AGENDA ITEM: 3.A. Resolution No. 05-
25 Festival Ranch CFD GO Bonds
Series 2025 - Feasibility Report
DATE PREPARED: 05/20/25
DISTRICT NO.: Festival Ranch
STAFF LIAISON: Larry Price, Special Districts Manager, lprice@buckeyeaz.gov,
(623) 349-6164
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: Public Hearing
and Non Consent - New Business Items
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Board of Directors of Festival Ranch Community Facilities District to hold a public hearing and take
action on Resolution No. 05-25 accepting and approving the Feasibility Report relating to the acquisition
and financing of certain improvements benefiting the District; and declaring its preliminary intention to
issue not to exceed $6,000,000 General Obligation Bonds to finance the acquisition of certain
improvements as described in the Feasibility Report relating to such improvements pursuant to the
provisions of Title 48, Chapter 4, Article 6, Arizona Revised Statutes, and all amendments thereto.
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
SUMMARY
PROJECT DESCRIPTION:
Festival Ranch Community Facilities District Board to approve the Feasibility Report in connection with
the proposed issuance by the District of its General Obligation Bonds, Series 2025. Board of Directors of
Festival Ranch Community Facilities District (City of Buckeye, Arizona) has caused the Feasibility Report
to be prepared, which Feasibility Report is a study of the feasibility and benefits of the project relating to
certain public infrastructure provided for in the General Plan of the District and to be financed with the
proceeds of the sale of general obligation bonds of the District, and which Feasibility Report includes,
among other things, a description of certain public infrastructure to be acquired and all other information
useful to understand the project, an estimate of the cost to acquire, operate and maintain the project, an
estimated schedule for completion of the project, a map or description of the area to be benefited by the
project and a plan for financing the project. 
The FY 25-26 Budget includes an issue of new General Obligations (GO) Bonds in an amount not to
exceed $6,000,000.  The GO Bonds will be a 20 year maturity; the interest rate will be 5%; the proceeds
will be for concrete and paving improvements in the District; the estimated annual debt service tax rate
will be $2.9970, an increase of $0.1011 from FY 24-25 of $2.8959; an increase of 3.5%.  The total
combined FY 25-26 tax rate is estimated to be $3.2970; the FY 24-25 combined tax rate was $3.1959. 
The combined FY 25-26 tax rate is an increase of 3.2% over the FY 24-25 combined tax rate. 
BENEFITS:
The proceeds of the proposed general obligation bonds would be used to acquire the public
infrastructure described in the feasibility report. This public infrastructure will encourage residential and
commercial development which will, in turn, potentially increase the City's property tax base. There is no
cost to the City. Should bonds be issued, they will be an obligation of the District and not of the City. The
bond will be payable solely from ad valorem taxes levied against the taxable property of the District.

FUTURE ACTION:
The Board has declared its intent to proceed with the financing of the Project in substantially the manner
presented in the report and, if such financing is consummated, to acquire the Project by issuing general
obligation bonds. 
FINANCIAL IMPACT STATEMENT:
The proceeds of the Bonds will be applied by the District to finance the acquisition of all or a portion of
the public infrastructure listed in section two of the Feasibility Report.
BUDGETED:
Yes
FISCAL YEAR:
2025-2026
FUND/DEPARTMENT:
Festival Ranch CFD
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
FEASIBILITY REPORT Festival Ranch CFD GO 2025 ek 5-5-25.pdf
RES 05-25 - Festival Ranch CFD GO Bonds Ser 2025 - Resolution of Intention (005)(5.5.25)
(6491886.5).docx
CFD GO BOND Festival Presentation.pdf
NTC_-_Festival_Ranch_CFD_GO_2025_-
_Notice_of_Public_Hearing_re_Feasibility_Report__002__4.25.25__6491882.2_.pdf