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AMSCD to Consider Bond Offering for Maple Ridge

Ave Maria developers are planning a $2.37-million bond offering that will finance part of infrastructure costs for the next phase of development for Maple Ridge. The offering will add about $430 a year to costs for buyers of 399 homes that will be built in three areas: 211 homes in Maple Ridge Phase 3, 123 homes in Coquina, and 65 homes in a new area of larger lots called Maple Ridge Estates, which has yet to be formally announced.

Documents prepared for the Ave Maria Stewardship Community District meeting Dec. 2 put the total cost of this phase's infrastructure, which includes roads, irrigation and stormwater drainage, at about $6.7 million. The developers will pay the amount not covered by the bond offering, district manager Todd Wodraska said.

Costs of this financing will not be borne by Ave Maria residents in any other areas of town, nor will the new bonds affect the first 152 homes built in Phases 1 and 2 of the main area of Maple Ridge.

Current plans call for a total of 2,163 homes to be built in the various Maple Ridge sections and the documents say that the total infrastructure costs for the remaining phases are estimated at more than $38 million.

There currently are about $55 million in infrastructure bonds outstanding that financed initial infrastructure development in Ave Maria. All homeowners pay toward these bonds as part of a special AMSCD assessment billed along with county property taxes.

The new Maple Ridge Estates area will be located south of the Ave Maria University campus and west of Ave Maria Blvd. (See map below which shows areas covered by this phase of infrastructure development.) No details of the Estates development were provided other than the number and size of proposed lots, which at 90 feet are substantially larger than the 55-foot and 65-foot lots currently being sold in the main part of Maple Ridge south of the Ave Maria town center. The Estates project is still in permitting, and documents say that more details are expected to be announced early in 2015.

Below is the agenda for the AMSCD meeting, which is open to the public, and below that is map contained in the documents showing areas of development covered by the new bond offering (the red lines are new roads).

All documents relating to the meeting and the proposed bond offering are available online at the AMSCD website by clicking here.

AGENDA
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
Ave Maria Master Association (office/fitness center)
5076 Annunciation Circle, Suite 103
Ave Maria, Florida 34142

REGULAR BOARD MEETING
December 2, 2014
9:00 a.m.

A. Call to Order
B. Pledge of Allegiance
C. Proof of Publication
D. Establish Quorum
E. Additions or Deletions to Agenda
F. Comments from the Public for Items Not on the Agenda
G. Approval of Minutes
   1. November 4, 2014 Regular Board Meeting Minutes
H. Maple Ridge Bonds
   1. Engineers Reports
     a. Third Sub-Master Engineer's Report
     b. Third Sub-Master Supplemental Engineer's Report
      • Audience Comment
   2. Methodology Reports
     a. Third Sub-Master Supplemental Assessment Methodology Report
     b. Series 2015A Bonds Supplement to the Third Sub-Master Supplemental Assessment Methodology Report
      • Audience Comment
     3. Consider Resolution No. 2014-13 – Delegated Award Resolution: Approving the Sale, Issuance and Terms of Sale of the Series 2014 Capital Improvement Revenue Bonds
       a. Bond Purchase Agreement
       b. Third Supplemental Trust Indenture 
       c. Preliminary Limited Offering Memorandum
       d. Continuing Disclosure Agreement
       e. True-Up Agreement
       f. Collateral Assignment Agreement
       g. Completion Agreement
       h. Acquisition Agreement
        • Audience Comment
I. Administrative Matters 
   1. Legal Report
   2. Engineer Report
   3. Manager's Report
J. Board Members Comments
K. Adjourn

 mrphase1roads

 

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