City of Norco
Opus Bank’s Public Finance division provides $4.55M financing for Mello Roos special tax debt refinancing
Overview of Transaction
- The City of Norco (“City”) was incorporated in 1964 and is now home to approximately 27,000 people in the southwest Riverside County, CA. The City is proud of its equestrian tradition and its residents enjoy over 400 acres of parkland and 120 miles of pedestrian and equestrian trails.
- The City provides its residents a full range of services including construction and maintenance of streets and infrastructure, recreation, sanitation and water services, public improvements, planning and zoning, and general administrative services.
- Opus Bank provided refinancing of Mello Roos special tax debt of a community facility district of the City (Districts 97-1, “Norco Hills”). Norco Hills covers a 235-acre equestrian residential community with 217 homes.
Opus Bank's Role
- The refinancing will result in lower special taxes for property owners within the District. The annual savings are estimated to be between $343 and $454 per parcel over the next 12 years. These savings will be passed on to the property owners in the form of lower special taxes.
Significance of Transaction
- Opus Bank worked closely with the City and its financing team to put together a flexible financing program that optimizes the District’s interest costs and provides for the most efficient utilization of taxpayer funds.