Development continues to dominate council agendas as the city copes with the rapid growth it is experiencing.

Several land projects from new housing developments to establishing Public Improvement Districts (PIDs) were approved by council during its regular meeting Monday, Feb. 28.

One of the developments, Arcadia Farms, is preparing to construct Phases five through seven and requested the city issue limited offering memorandums in the PID. James Sabonis from Hilltop Securities told councilmembers the bonds issued would help fund the necessary infrastructure improvements.

The development has been progressing faster than anticipated, said Sabonis, making it necessary to issue the $4.375 million in bonds.

“This is an important project for the city,” Sabonis said. “This project is going to have about 304 homes when complete and about $82 million in value, generating $500,000 per year in ad valorem taxes. The developer will also pay the city a PID fee of just under $550,000.”

Council approved the issuing of the bond, but it must be approved by the Attorney General in March before being offered to investors in a bond market in late April. Mayor Brianna Chacon asked if the market’s current volatility would affect the ability of the bonds to be sold.

Sabonis said he is confident the bonds will be sold at a reasonable price and rate despite the uncertainties of future market developments.

For the full story, see the March 3 issue of the Princeton Herald.