Three Eagle City Council members who sit on the board for the massive planned M3 Spring Valley infrastructure district told the developers they must wait until May to put a bond issue on the ballot.
The districts board, Eagle City Council members Mark Butler, Mary Defayette and Norm Semanko, would need to sign off on the bond proposals language by Sept. 17 to get it on the November ballot. But City Attorney Susan Buxton said the developers draft proposal came too late to make that possible.
M3s attorney JoAnn Butler told the board if the city attorney cannot get it done in time to go on the November ballot, the city should instruct its attorney to get it done or appoint another attorney who can get it done. Butler said she would be disappointed if this did not happen. The developer needs to get bonding authority soon so we can go to our investors, she said.
If someone wants to do a bond, they talk to me a lot, Buxton told the board. They dont just ambush me with an email from someone I never met four days before a board meeting. That is professionally insulting. I am not going to do something short-term that would jeopardize the district.
Buxton, one of the few bond attorneys in the area, said she has had no communication from M3 in the past two months that it intended to hold a bond election in November.
I will totally defer to our city attorney, said Mark Butler. I am not in favor of going too fast.
The board unanimously voted to wait until May, the next available election, to consider holding an M3 bond election.
The district can seek up to $250 million in general obligation bonds and $75 million in revenue bonds to pay for roads, sewer and other public infrastructure needed for the 5,610-acre planned community north of Eagle.
Property owners within a community infrastructure district must approve any bond issuances and pay a special property tax assessment and/or an annual property tax levy to repay bonds the district obtains to build the public infrastructure.
Today, the property owner M3 and an M3 employee and two renters who reside within the property would be the only eligible voters for the bond election.
The Eagle City Council approved creating the special taxing district in March.
Cynthia Sewell: 377-6428, Twitter: @CynthiaSewell