Deputy Finance Director Kevin Custer told the joint community facilities district meeting that Montecito Assessment District No. 4 covers roughly 172 acres and about 508 single‑family lots. Staff presented a financing plan totaling about $11.3 million — bond proceeds of roughly $10.7 million, a majority‑landowner contribution of $626,000 and reserves and issuance costs — that leaves an assessment of about $21,000 per lot.

Custer said the district engineer has determined the contracted work is complete and that the assessments are in proportion to the benefits. Boards were presented with a revised resolution authorizing issuance of special assessment revenue bonds and related documents and another resolution approving the assessment and ordering collection of the amounts assessed.

The board voted to adopt EMR CFD Resolution 2025‑171, authorizing special assessment revenue bonds for Montecito Assessment District No. 4 (aggregate principal amount not to exceed $10,668,000), and EMR CFD Resolution 2025‑172, approving the assessment and ordering collection. Both measures passed unanimously, 7–0.

No members of the public spoke during the hearing on the assessment. City staff said bond proceeds and the landowner contribution will cover the project acquisition, reserve, interest and issuance costs. The board’s action completes the assessment and bond steps required under the district’s proceedings.

The board did not identify any amendments or follow‑up tasks tied to the resolutions; staff noted the typical post‑issuance reporting and bond registrar actions that follow adoption.