Lawyers in Ballard Spahr's national Public Finance practice advised on a recent $29.2 million tax-exempt bond issuance to finance development of water and sewer system facilities for Montanero, an approximately 4,000-acre master-planned community to be constructed in Florence, Arizona, about 60 miles southeast of Phoenix.
The bonds were issued by the Arizona Industrial Development Authority (AZIDA) to fund a loan to El Dorado Land Development, Inc., the Montanero project developer. The proceeds of the loan financed the acquisition, construction, and equipping of a wastewater reclamation facility, water wells, a water campus, transmission lines, and ancillary facilities associated with Montanero.
The Montanero project will be developed in phases and is anticipated to consist of approximately 15,178 residential lots, along with approximately 265 acres currently planned for commercial uses and approximately 275 acres currently planned for industrial uses.
The Ballard Spahr team that served as bond counsel and disclosure counsel for the transaction includes Tyler M. Cobb, Anastasia G. Khokhryakova, Bruce F. Johnson, Fred Williams, Ethan A. Anderson, and David L. Evans.
For media inquiries, please contact Bill Shralow at 215.864.8195.