Waterfront Commercial CFD
Formed in 2005, the Waterfront Commercial District (District) is a special purpose taxing district and separate political subdivision under Arizona statutes. As such, the District can levy taxes and issue bonds, independent of the City of Scottsdale, Arizona (City). Property owners within the District boundaries pay for District infrastructure and functions through secondary property tax assessments. City staff administers the District and the costs of their services are reimbursed by District funds. The Scottsdale City Council also serves as the District Board of Directors.
The District was formed to finance and acquire or construct amenities that are subsequently dedicated to the City for operation. The District does not own or operate infrastructure. Since formation, District bonds have been issued, and the proceeds used to acquire or construct public amenities including retail space and permanent parking easement.
For the year ending 2019/20, the District’s:
- Tax collections and beginning fund balances were sufficient to pay debt service.
- The tax rate was $5.80 per $100 assessed valuation.
- Governmental funds reported a combined ending fund balance of $50,372. Of this amount, $12,588 was in the General Fund and $37,784 was in the Debt Service Fund.
- Governmental fund revenues were less than expenditures by $350,504; the tax rate increased from $5.69 in fiscal year 2018/19 to $5.80.
- Issued $2,563,000 in refunding bonds at a lower interest rate to achieve debt service savings.
- Total long-term debt decreased by $437,000 due to scheduled principal payments and the issuance of refunding bonds.
- Significant bond indentures were in compliance.
Current Fiscal Year Documents
- Receipts and Disbursements for Fiscal Year 2019/20
- Annual Financial Report for Fiscal Year Ended June 30, 2020
- Council Action Report for Resolutions 36 & 37
- District Board Meeting Minutes for June 11, 2019
- Resolution No. 36 adopting the district budget for FY2019/20 and Levying a tax
- Resolution No. 37 approving a proposed district budget for FY2019/20 and ordering a hearing for such budget