Key Players

One of the most important factors to ensure the success of an SID is the team of professionals involved in its formation. This team includes an SID attorney, engineer, municipal advisor, and CPA. These professionals advise the Board of Trustees that is initially comprised of the developer.

PHASE I: District Formation and Construction

Attorney

• Advise developer on land purchase contract
• Lead preliminary plat process with City Planning Department
• Work with the county and City Planning Department toward the final plat and subdivision agreement
• Form SID through District court
• Provide other legal services as necessary

 

Engineer

• Design preliminary layout and plat
• Estimate preliminary costs
• Compile final cost estimates
• Prepare bid documents
• Receive competitive bids
• Recommend a qualified contractor
• Monitor the work of contractors
• Approve work as completed
• Recommend payment to contractors
• Complete special assessments

 

Municipal Advisor

• Serves in a fiduciary capacity to the District
• Works with engineer, attorney, and developer to determine the feasibility of the project
• Provides strategic advice
• Determines debt capacity
• Assists in negotiating terms of subdivision agreements and inter-local agreements
• Assists in the identification of District funding options
• Negotiates terms of underwriting/debt purchase agreement
• Provides annual budget cash flow analysis
• Assists District with monitoring and reviewing warrant issuance
• Assists District with initial and ongoing disclosure requirements
• Assists District with the development and preparation of warrant and bond offerings, circulars, and official statements
• Provides cash flow analysis around proposed levy of special assessments

 

CPA

• Prepare year-end audit

 

Board Of Trustees (5 Member Board)

• Controlled initially by the developer
• Advertise bids for improvements
• Award contracts
• Approve contractor payments as recommended by the engineer
• Issue warrants
• Levy special assessments
• Monitor public improvements and financial status

 

PHASE II: District Buildout and Operation

Attorney

• Advise District regarding state law and ongoing decisions
• Facilitate periodic meetings as deemed necessary
• Assist with an annual budget

 

Engineer

• Act in the capacity of the District’s public works department
• Monitor the condition of public improvements and recommends required maintenance

 

Municipal Advisor

• Coordinate contractor payments after warrant issuance
• Assist District with ongoing warrant issuance
• Assist District with bond structuring analysis and issuance
• Provide District with annual budget analysis
• Assist District with the preparation and submission of continuing disclosure-related items including IRS and SEC compliance
• Coordinate redemption of construction fund and general fund warrants
• Provide District financial reports, project impact analysis, and refinancing opportunities

 

Board of Trustees

• Turns over to residents of District after 4-6 years
• Set District’s tax levy annually
• Approve ongoing maintenance projects
• Issue warrants to pay contractors and professionals