Hamilton CFD (“Novato CFD No. 1994-1”)
The Hamilton CFD was created in 1995 to fund public facilities in the Hamilton Field area such as the levee, roads, storm drainage systems, sanitary sewer systems, water delivery systems, parks, etc.Taxes generated within the district also fund services such as operation and maintenance of the levee, operation and maintenance of the storm drainage pump stations, and maintenance of parks and landscaping.
Bonds were issued for the district in 1995 and have been re-financed several times since then, most recently in 2014. The debt is slated to be paid off in 2025; however, the services/maintenance component of the tax continues in perpetuity.
Pointe Marin CFD (“Novato CFD No. 2002-1”)
The Pointe Marin CFD was formed in 2002 to finance the acquisition, construction, and maintenance of certain public facilities in the Pointe Marin area of Novato, including storm drainage improvements, public street improvements, and landscaping improvements. On an ongoing basis, the CFD also funds the maintenance of landscaping improvements and sound walls in the public right-of-way.
The district issued bonds in 2002 and most recently re-financed the bonds in 2007. The final maturity of the debt is 2032, but the services/maintenance component of the tax continues in perpetuity.
At the May 14th, 2020 neighborhood meeting via WebEx, Christopher Blunk, the City of Novato Public Works Director, discussed the interest rate savings generated by the recent refinancing of the Pointe Marin Community Facilities District (“CFD” or “Mello Roos”) Bonds. The city proposed, and meeting participants agreed, to reduce the total annual CFD assessments by $85,000-equal to approximately $250/household per year. This amount represents half of the $170,000 savings generated by the recent bond refinance. The other half of the savings will be allocated to the Pointe Marin CFD maintenance reserve to ensure fiscal sustainability of maintenance operations into the future. A copy of the presentation is here Pointe Marin CFD Bond Savings Meeting 05-14-2020
Vintage Oaks CFD (“Novato CFD No. 1”)
The Vintage Oaks CFD dates to 1991, when it was formed to finance improvements in and around the Vintage Oaks shopping area, including freeway interchange upgrades, improvements to Rowland Boulevard and Vintage Way, and various other sewer and drainage facilities.
Bonds were issued in 1994, and re-financed twice, most recently in 2014. The debt will be fully retired in 2026.
Pacheco Valle CFD (“Novato CFD No. 2014-1”)
The Pacheco Valle CFD was formed in 2014 as a financing mechanism to acquire approximately 15 acres of open space surrounding the Pacheco Valle subdivision in Novato.