WEBVTT

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We have everyone here today for a quorum, so if you will please stand for the

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pledge of allegiance.

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I pledge allegiance to the Flag of the United States of America, and to the

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Republic for which it stands, one Nation under God, indivisible, with liberty

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and justice for all.

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Please remain standing for a moment of silence.

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You may be seated.

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Welcome everyone, this morning. Does anyone have any comments to start us out

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today?

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Okay, we will move on then.

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Consent agenda, ma'am.

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Motion to approve the line item.

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Motion to approve consent agenda.

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Second.

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All in favor?

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Aye.

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Opposed?

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Passed.

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The new business item, ma'am, the supervisor just adopted Resolution 2027-10, the

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supplemental resolution

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202704, which resolution previously equalized the previous certificate of levy

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special assessments on the property in the base.

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This now updates the special assessment based on the pricing, and it's just a

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supplemental update to the previous resolution.

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So we're going to have our engineer from TFE and then our consultant to give them

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through their updates and their reports, and then we'll move to possible- Excuse

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me. Motion. But Tyler?

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Good morning, board members. My name is Tyler Counts, Clymer, Horn & Barley,

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filling in for Lee Clymer and Bruce Valsendi.

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Be the third string quarterback today.

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So it's my understanding that this report that I have here has already been read

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into the record, and so the only changes are the district eligible construction

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cost estimate. So I'd like to read that.

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The engineer's estimate for the district eligible cost construction of the Phase 2

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project is $313,932,566,

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of which $161,036,230 is anticipated to be funded by the

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2026 bonds and

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$152,896,336 anticipated to be funded

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by the Village Development Company. So those are the numbers from the final report.

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And I'm here if you have any questions.

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Questions?

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With none-

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No questions

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... we would have Mr. Plenzler come up and do the supplemental assessment

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resolution for the report.

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Good morning, all. For the record, Kevin Plenzler, PFM Financial Advisors.

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Before the board, you'll see the supplemental assessment methodology report for our

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Village 16 Phase 2 bonds. Consistent with the previous document approved by this

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board,

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we've gone through the process of pricing the bonds.

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So you'll see in table four of the document the final pricing numbers, which show a

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par amount of bonds of $179 million.

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And you'll see the project proceeds of just over $161 million associated with

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that financing. No other changes to the document in terms of development program or

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development acreage. So we've updated the assessments accordingly.

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So in tables five and six,

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you will see the allocation on a principal per unit basis as well as an annual

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assessment per unit basis, consistent with the approved master methodology.

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We believe these assessments are reasonably and equitably allocated, and there's a

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benefit received by the district's property owners.

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Happy to answer any questions from the board or the audience.

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Any questions at this time?

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No questions at this time.

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Thank you.

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So with that, we would just need a motion to adopt Resolution 2027-10,

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supplementing Resolution 202704. Do I need to read the whole thing, the whole line?

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No, you don't have to read the whole resolution.

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Okay. Motion to adopt Resolution 2027-10, supplementing Resolution

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2027-04.

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Second.

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All in favor?

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Aye.

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Opposed?

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Very good. Thank you. And Madam Chair, I would like to have Mr.

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Baldwin come up from TRV, your investment banker underwriter, to give you kind of

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an overview of the pricing that we had a couple of weeks ago. So go ahead.

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Good morning, gang. Mike Baldwin with TRV Securities.

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And I think if you remember last October, we were talking about District 16 Phase 1

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financing, and I think we were gloating that we had like $750 million in orders

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for, what, a $127 million bond financing, and we were able to price it at

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historically low spreads of like 102.5 on the long end.

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Now, this financing, we kind of hit a grand slam where we generated 3.5 billion,

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billion with a B there, from 45 investors for 179

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million worth of bonds, and we were able to reprice the bonds 15 to 22.5

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basis points lower in yield, and resulting in a

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5.73% TIC. So record low spreads on the long end of like

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93, so we kind of blew our record by almost nine basis points.

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So really successful sale and, yeah, it's a testament to the villages and what the

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developers do in here.

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Mike, could you just repeat that again, 177 million-

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179 million

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... in orders. What are we taking in orders?

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We generated orders for 3.5 billion, almost 20 times oversubscribed-

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That's huge ...

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which when you have an oversubscription, you can kind of ratchet the rates down

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lower than that. And what happens is you can kind of, as an underwriter, we're

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trying to get the most aggressive pricing, and then we had almost 600 million of

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investors... Excuse me, 600 million of orders that dropped, that said, "Hey, no, we

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don't like those lower yields." That was from 13 investors.

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So really aggressive pricing, really happy with the results.

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It was a good day in the market.

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Yes.

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Thank you.

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Thank you.

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Thank you.

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Information items, if there's any information or questions.

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Can we consider that then?

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Yep.

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What you just presented?

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Yeah.

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That's supplement 2027.

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That's what that's attached from, yeah.

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Any questions on the information items?

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Not at this time.

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Okay. With that, ma'am, I have no other reports.

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Any reports from the different councils?

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No reports.

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With that, ma'am, supervisor comments?

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Any comments this time?

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Supervisor comments. No rising for the floor.

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We're done.

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Motion to adjourn.

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Second.

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Adjourned.

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Thank you.

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Thank you.

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We are waiting for Mike