Sierra College Interchange Community Facilities District No. 11
Provides: Construction of a new interchange on Interstate 80 at Sierra College Blvd. (including but not limited to: all administrative costs; land acquisition costs; clearing; construction and reconstruction of Sierra College Blvd. over and under crossing ramps and related facilities; waterline and irrigation pipeline relocations and abandonments; storm drainage and lighting facilities; landscaping; environmental mitigation; and all auxiliary work necessary and/or convenient for the timely completion of the project).
Territories: Varied. While the district’s boundaries are fixed, additional parcels may be annexed into the district on occasion.
Tax Amount: Determined on a per parcel basis, dependent on the maximum annual tax that was set at the time of formation for the original larger parcel.
The special tax district will be initially used to finance the interim funding (approx. $25 million in notes) for the construction of the Sierra College Blvd./I-80 Interchange. Later, it will be used to finance the long-term funding gap (long-term refinancing bonds) between project costs and State reimbursement obligations.
Expiration Date: No later than 2040-2041