Three Bridges Public Infrastructure District No. 1 public meetings in 2024
7 substantive meetings from 2024, with official agendas or minutes and plain-English summaries.
Three Bridges Public Infrastructure District No. 1
This is a public notice of bonds to be issued, not a regular meeting agenda. The Board of Trustees of Three Bridges Public Infrastructure District No. 1 adopted a resolution on November 15, 2024 authorizing the issuance of Series 2024 Special Assessment Bonds in a principal amount not exceeding $45.4 million. The bonds will finance public infrastructure, capitalized interest, a reserve or surplus fund, and issuance costs, and are payable from assessments on property within the district.
- Authorized issuance of up to $45,400,000 in Series 2024 Special Assessment Bonds
- Bonds mature in up to 30 years at interest rates not exceeding 12% per annum
- Estimated total principal and interest cost: approximately $82,147,322.08
- Bonds secured by special assessments on property within District boundaries
- 30-day public contest period begins November 18, 2024
Three Bridges Public Infrastructure District No. 1
The Three Bridges Public Infrastructure District No. 1 board will hold a special meeting to consider authorizing the issuance of up to $45,400,000 in special assessment bonds (Series 2024) for infrastructure projects. The board will also vote on approving the October 7, 2024 meeting minutes and discuss any further district business.
- Consideration of Resolution 2024-07 authorizing up to $45,400,000 in Series 2024 special assessment bonds
- Approval of meeting minutes from October 7, 2024
- Discussion of further PID business by board members
Three Bridges Public Infrastructure District No. 1
The Three Bridges Public Infrastructure District No. 1 board is considering a resolution to designate Three Bridges Assessment Area No. 1 to finance publicly owned infrastructure for a 530-acre residential and commercial development. The resolution would authorize up to $45.4 million in assessments, funded by bonds at an estimated 5.67% interest over 30 years, with property owners having waived notice and hearing rights. The meeting is to adopt this single resolution.
- Designation of Three Bridges Assessment Area No. 1 to finance infrastructure for a 530-acre development
- Total project cost estimated at $55,606,608, with $45,400,000 from assessments
- Bonds to be issued at an estimated true interest cost of 5.6739% over 30 years
- Improvements include sewer, water, roads, storm drains, and recreation facilities
- Property owners voluntarily waived notice, hearing, and protest rights
Three Bridges Public Infrastructure District No. 1
The Three Bridges Public Infrastructure District No. 1 Board of Trustees is adopting an Assessment Ordinance to levy $45,400,000 in assessments on properties within Assessment Area No. 1. The assessments will finance sewer, water, road, storm drain, and recreation improvements for the 530-acre Three Bridges residential and commercial development. The initial assessment is set at $80,887.25 per equivalent residential unit (ERU). The ordinance also notes that additional assessments may be levied if costs exceed estimates.
- Total assessment amount: $45,400,000
- Assessment rate: $80,887.25 per ERU
- Improvements include sewer, water, roads, storm drain, and recreation facilities
- Property owners may be responsible for pro-rata share of any additional costs
- Appraisal confirms assessed value at least three times the assessment amount
Three Bridges Public Infrastructure District No. 1
The board will consider approval of Resolution 2024-06, which establishes terms for an assessment ordinance for Three Bridges Assessment Area No.1. The resolution also authorizes a designation resolution and an assessment ordinance, and approves the appraisal for the area. The meeting includes approval of prior minutes and board training on the Open and Public Meetings Act.
- Consider approval of Resolution 2024-06 establishing terms for an assessment ordinance for Three Bridges Assessment Area No.1
- Consider approval of meeting minutes from October 4, 2024
- Board training on the Open and Public Meetings Act and required state auditor training
Three Bridges Public Infrastructure District No. 1
The Three Bridges Public Infrastructure District No. 1 Board of Trustees will hold a special meeting on October 4, 2024, to consider Resolution 2024-06 establishing terms for an assessment ordinance for the Three Bridges Assessment Area No. 1. The board will also vote on an Infrastructure Acquisition and Reimbursement Agreement and a Funding and Reimbursement Agreement with a developer, and authorize the chair to sign them. Additionally, the board will consider approving the September 20, 2024 meeting minutes.
- Consider Resolution 2024-06 establishing assessment ordinance for Three Bridges Assessment Area No.1
- Consider approval of Infrastructure Acquisition and Reimbursement Agreement between District and Developer
- Consider approval of Funding and Reimbursement Agreement between District and Developer
- Approve meeting minutes from September 20, 2024
Three Bridges Public Infrastructure District No. 1
The Board of Trustees will hold a special meeting to elect officers and establish foundational administrative policies. The board will also consider a petition to annex approximately 165.386 acres into the district.
- Resolution 2024-05 to certify a petition for annexing approximately 165.386 acres
- Interlocal Agreement between Salem City and the District
- General Liability Policy from Utah Local Governments Trust with minimum $5 million aggregate coverage
- Placement Agent Agreement with D.A. Davidson
- Legal services engagement agreement with Snow Jensen & Reece, PC