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A local developer has requested our city of about 7500 residents to form a public improvement district and issue bonds that could eventually total over $35M to finance infrastructure. The proposed 780+ acre development has been in the planning stage for over 5 years. The principals have negotiated partial financing that is contingent on the city's participation via the PID. There is significant local citizen opposition as demonstrated in a recent public hearing, however a close majority of our elected city council seem to be in favor. There are no capital improvements to the land at this time and its appraised value will be collateral for the conventional part of financing the project. City advisors claim there is no financial risk to the city in the event of bankruptcy or foreclosure.