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From YouTube: Harris Ranch Community Infrastructure
Description
District #1 (Regular Meeting)
A
A
And
so
for
the
fiscal
2022
proposed
budget.
It
follows
much
the
same
format
as
previous
budgets,
where
revenues
and
expenditures
are
divided
into
three
broad
categories,
and
those
categories
are
the
administrative
side
that
is
used
to
pay
for
the
ongoing
administration
of
the
district
general
obligation
bonds,
which
are
used
to
reimburse
the
developer
for
infrastructure.
That's
been
constructed
and
finally,
special
assessment
bonds,
which
we
have
only
done
one
of
those
and
that
was
in
2011..
A
The
purpose
of
the
district
is
to
expedite
the
construction
of
infrastructure
within
the
district
and
the
primary
way
that
we
accomplish,
that
is
by
issuing
bonds
and
a
levy
is
then
assessed
upon
the
residents
of
of
the
district
to
pay
for
the
debt
service
for
those
bonds
within
the
budget,
you
can
see
that
there
is
about
6.6
million
proposed
for
new
general
obligation
bonds.
Now
we
actually
expect
the
true
issuance
to
be
about
5
million.
The
reason
that
we
have
that
higher
amount
is
for
two
purposes.
One
is
in
case
ada.
A
County
comes
back
and
ends
up
increasing
their
estimates
and
then
the
second
reason
is
typically
the
boar
or
the
district
receives
offers
for
15-year
bonds.
And,
however,
we
did
have
at
least
one
occasion
where
we
had
a
20-year
bond
and
so
that
additional
1.6
million
is
to
cover
that
I'll
pause
for
questions.
B
A
A
All
right
and
then
the
final
note
is
that
we
we
are
planning
to
refinance
the
special
assessment
bond.
If
you
recall
from
previous
meetings,
the
interest
rate
on
that
bond
was
nine
percent
and
the
reason
for
that
was
it
was
issued
when
the
district
was
brand
new.
Therefore
there
was
con
lenders
considered
the
district
to
be
higher
risk.
Now,
however,
we
have
10
years
of
payments
under
our
belts
and
we
are
also
in
a
lower
and
lower
interest
rate
environment.
A
A
Moving
on
to
the
bond
issuance
for
this
upcoming
year,
a
little
bit
of
context,
the
district
had
voters,
initial
voters
in
the
district
approved
a
50
million
dollar
bond
authorization
with
a
term
of
30
years.
That
means
that
the
district
can
issue
debt
up
to
a
cumulative
general
obligation,
amount
of
50
million
dollars
from
between
the
years
2010
and
2040..
A
A
C
A
The
limit
would
be
the
statutory
limit,
so
the
idaho
constitution
allows
for
up
to
30
years.
Okay,
now
we
would
have
to.
There
is
a
practical
limitation
in
that
we
would
have
to
find
a
lender,
and
that
would
depend
a
lot
on
the
district's
financial
condition,
but
you're
correct
you're
there.
It
is
possible
that
the
district
could
end
up
issuing
debt
in
2040
for
up
to
30
years,
though
I
think
30
is,
is
online
plan.
C
You
know
if
you
will,
or
the
various
options
for
how
to
reach
that
50
million
in
debt.
If
in
fact,
there's
going
to
be
50
million
worth
of
projects,
is
it
to
accelerate
and
get
through
it
as
quickly
as
possible
and
have
the
assessment
come
off
as
quickly
as
possible,
or
is
it
to
expand
it
and
extend
it
over
over
both
years
and
and
time
and
debt
issuance?
So
just
you
know,
knowing
that
that's
the
outer
limit.
B
Mr
chair
yeah,
that
makes
a
lot
of
sense.
I
think
it
would
be
interesting
to
have
also
to
kind
of
stack
on
top
of
that,
an
estimate
of
the
of
any
remaining
infrastructure
projects,
because
I
think,
if
I'm
not
misunderstanding,
that
harris
ranch
is
getting
fairly
close
to
build
out,
so
it
would
be
interesting
to
see
you
know,
what's
remaining,
what
are
the
projections
for
the
cost
of
that?
And
what
are
we
looking
at
as
far
as
how
closely
we're
approaching
that
total?
You
know
50
million
capacity,
good
idea.
A
All
right,
yeah,
well,
mr
chair,
I'd,
be
happy
to
ask
the
developer
to
present
some
of
those
what
they
expect
to
the
remaining
infrastructure
to
be,
and
then
I
will
be
happy
to
work
with
them
to
start
doing,
scenarios
on
what
is
going
to
be
ideal
for
the
the
ratepayers
within
the
district.
Great.
Thank
you.
B
A
D
A
That's
that's
a
good
question.
The
the
way
that
we
would
plan
to
structure
the
bond.
It
would
still
have
the
same
term,
meaning
I
believe
that
it
would
still
go
all
the
way
through
to
its
maturity,
but
we
would
be
paying
ultimately
less
in
interest
costs.
So,
ultimately,
the
the
advantage
is,
or
is
twofold
one.
We
save
a
lot
in
terms
of
interest.
The
other
side
is
that
the
mon
or
the
yearly
payments
themselves
are
going
to
be
a
lot
lower,
and
so
what
the
ratepayers
end
up
paying
is
going
to
be
less.
D
A
So
what
I
wanted
to
show
here
is
a
comparison
between
the
the
different
years
and,
as
you
can
see,
the
property
taxes
in
that
first
line
are
increasing
each
and
every
single
year.
That
reflects
the
overall
growth
of
the
district,
and
that
is
the
the
function
and
how
the
the
district
is
designed
to
work
is
that
new
growth
is
used
to
pay
for
additional
general
obligation,
debt,
which
is
then
used
to
pay
for
the
community
infrastructure.
A
The
second
line,
the
special
assessment
debt
levy
that
one
remains
relatively
constant,
because
there
we
do
not
plan
to
issue
any
new
special
assessment
bonds
and
then
the
bond
proceeds
in
that
next
line.
That
depends
on
the
amount
of
growth
that
the
district
experiences
in
this
particular
year.
We
are
estimating
that
there
is
growth
that
would
support
up
to
five
million
dollars
and
then,
as
you
can
tell,
the
overall
revenue.
Total
expenditures
which
are
matched
at
12
million
is
significantly
more
than
the
5
million
for
him
last
year,
and
that's
there's
two
reasons
for
that.
A
One
again,
the
district
has
experienced
considerable
growth,
and
so
the
general
obligation
bond
is
is
larger
than
the
year
before.
The
second
reason
is
because
we
would
receive
additional
revenue
when
we
refinance
the
special
assessment
bond.
So,
although
the
the
expenditure
total
revenue
expenditures
go
up,
you
can
tell
that
the
increase.
If
you
look
at
that,
first
line
the
property
taxes
and
the
special
assessment.
Those
two
are
relatively
consistent
from
year
to
year,
with
the
note
that
the
property
taxes
do
go
up
each
year.
A
All
right,
so
what
I
wanted
to
show
here
is
just
what
the
the
growth
that
the
district
has
experienced
from
2016
through
2022.
You
can
see
that
the
the
district
has
been
both
built
out
and
there
has
been
considerable
increase
in
the
value
of
of
the
district.
For
this
particular
year.
The
property
value
increase
was
under
the
ada
county's.
Current
estimate
was
137
million.
43
million
of
that
came
from
new
construction
and
94
million
of
that
came
from
appreciation
in
market
value.
A
On
this
slide,
we
have
the
the
proposed
projects
that
we
are
looking
to
reimburse
this
year
through
the
the
general
obligation
bond.
Not
all
of
it
will
be,
we
won't
will
not
be
able
to
finance
all
of
it
as
there
is
about
12.7
million.
That's
our
initial
estimate
at
this
point
to
be
refinanced
and,
of
course,
there's.
A
Okay,
before
we
talk
about
some
of
the
options
last
year
at
the
budget
hearing,
we
did
hear
from
residents
expressing
their
concern
over
the
increase
in
the
the
levy
from
year
to
year,
and
so
I
did
want,
as
as
we
consider
way,
the
the
mandate
of
the
district,
which
is
to
provide
for
the
overall
benefit
of
the
residents
by
constructing
infrastructure.
We
also,
I
did
want
to
put
up
for
your
consideration
that
the
levy
has
increased
considerably.
C
Mr
chairman,
so
david,
noting
that,
in
fact,
in
this
case,
inflation
in
home
value
does
translate
into
higher
levy
payments.
If
you
keep
the
levy
stable,
isn't
it
also
true
that
that
increase
in
valuation
means
that
there
is
more
money
available
sooner
to
reimburse
the
developer
and
the
overall
length
of
the
levy
could
be
reduced?
A
Yeah
so
mr
chair
board,
member
clegg,
that's
correct
and
in
fact
the
the
overall
design
of
the
district
was
to
follow
that
exact
model
that
as
the
district
grows,
and
it
was
expected
that
that
growth
would
come
from
both
the
appreciation
and
home
values,
as
well
as
new
construction
that
would
be
used
to
then
fund
bonds.
That
would
be
used
to
reimburse
and
pay
for
that
infrastructure.
A
D
D
A
D
C
Mr
truster
chairman,
yes
david,
that
brings
up
a
question
actually
just
a
comment
in
my
mind,
I
think,
to
council
board.
Member
woodings
comments
earlier
would
be
helpful
to
understand
what
projects
are
still
outstanding.
I
think
my
memory,
if
it
serves
me
correctly
in
the
area
around
new
apartments
and
condos
that
are
being
built,
the
reimbursable
expenses,
will
be
some
of
the
public
space
in
the
village,
green
and
but
I
I
don't
know
that
for
sure,
so
it
would
be
helpful
to
have
that
list.
B
A
A
A
All
right-
and
this
is
the
the
last
slide
for
for
today,
and
what
I
wanted
to
do
here,
is
to
present
some
alternatives
to
the
board
that
remain
within
the
spirit
of
of
the
goal
of
the
district.
As
I
as
mentioned
at
the
beginning,
the
goal
of
the
district
is
to
build
infrastructure
quickly,
and
so
these
alternatives
do
provide
what
I
would
consider
to
be
extremely
minimal
relief.
A
But
I
did
want
to
show
that
and
then
I'll
ask
it
at
the
end
whether
you
want
to
select
from
one
of
these
or
whether
you
would
like
me
to
present
different
models
but
again.
The
reason
why
I
chose
these
models
is
because
it
still
fits
within
the
the
design
of
how
the
district
is
intended
to
to
finance
bond
issuances.
A
And
so,
by
way
of
of
introducing
this,
I'm
going
to
go
into
a
little
bit
more
detail
on
how
the
district
works.
So
in
2020,
the
taxable
value
of
the
district
was
350
million
this
year,
it's
487
million
and
that's
a
difference
of
about
of
137
million
the.
What
we
do
is
we
take
that
137
million
and
multiply
it
by
the
mill
rate,
and
that
gives
us
what
is
available
for
bond
issuance
now.
A
C
C
B
Mr
chair,
I
wholly
agree
with
council
member
clegg,
and
I
appreciate
you
preparing
this
because
I
think
it
really
illustrates
something
which
is
that
the
intention
of
legislation
like
this
on
other
taxing
districts,
probably
does
not
have
the
impact
that
the
legislature
was
going
for.
I
mean
we're
looking
at
anything
from
like
a
few
cups
of
coffee
at
the
mill
to
like
a
night
out
at
lucky
13
in
tax
relief.
B
What's
the
difference
in
people's
taxes,
if
we
don't
take
the
three
percent
increase
and
it
was
42
dollars,
you
know,
and
so
I
think
that
so
many
times
and
you
know
justifiably,
people
are
looking
at
the
impact
on
their
pocketbook
of
the
additional
tax
they're,
also
reaping
the
benefit
of
living
in
a
neighborhood.
That
is
only
going
to
become
more
walkable,
more
livable,
more
bikeable,
and
so
I
think
that
there's
a
lot
of
value
just
in
that
that
a
lot
of
folks
around
the
city
would
really
appreciate
having.
B
So
while
I
appreciate
the
spirit
of
this
table-
and
I
appreciate
you
putting
it
together,
I
think
that
going
with
the
full
levy
makes
much
more
sense,
but
you
know
I
would
be
open
to
hearing
from
residents
at
the
public
hearing
at
our
next
meeting
on.
If
they
agree
you
know,
is
it
worth
it
to
you
to
pay
longer
and
pay?
You
know
less
than
a
hundred
dollars
more
in
your
levy
for
the
cid.
So
thank
you
for
preparing
it
and
I
would
look
forward
to
any
of
those
comments.
A
All
right
well,
mr
chair
board,
members.
Thank
you
very
much
and
you
are
correct.
The
house
bill
389
did
specifically
exempt
districts
that
are
using
bond
proceeds
and
bond
funding,
so
the
the
dis,
the
district
is
the
harris
ranch
district
is
not
subject
to
that.
Those
those
restrictions
all
right.
So
my
I
just
would
like
to
to
confirm
then
that
what
I
will
be
presenting
at
the
the
budget
workshop
will
be
the
the
full
the
full
levy,
all
right
with
that.