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sewer line within the district only had the capacity to handle a maximum of 800 to 1,000 lots. However, the public notice did not cite the reassessment provisions of
Arkansas Code, but rather the provision of Arkansas Code for subsequent tax levies if the tax first levied shall prove insufficient to pay the bonds. In 2013, the same period of the reassessment of taxes for Improvement District 53, Hometex, LLC became delinquent on its property taxes owed to both Improvement District No. 53 and 54 and, as a result, the bond fund balance for Improvement District 53 had fallen to below $ 3,000. The reassessment assumed only 800 more lots could be built and significantly reduced the assessed benefits to the undeveloped land owned by Hometex, LLC, reducing their future tax burden as a result. On June 23, 2015, Doug Loftin, Cindy Loftin, and Hometex, LLC filed for Chapter 7 bankruptcy. The filing included $ 267,566 in delinquent property taxes in addition to an undisclosed amount of debt owed to both Improvement Districts No. 53 and 54. In 2015, Bank of the Ozarks acquired most of the undeveloped land previously owned by Hometex, LLC and paid $ 250,000 of back taxes owed to Improvement District 53. As a result of the reassessment, homeowners in the district saw their tax bills raise from $ 228 to $ 429 a year and the taxes owed on undeveloped land now owned by Bank of The Ozarks decreased from approximately $ 200,000 a year to $ 94,000 a year.
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District No. 53 and 54 have the same geographic area, but are operated as independent municipal governments with some overlap and some differences in responsibilities. Both
Improvement Districts were given the power to build sanitary waterworks, sewer collection system, green areas, landscaping, lighting, playgrounds, swimming pools, tennis courts, and roads. District No. 53 was proposed to be established for recreational property and improvements and the Improvement District No. 54 for the construction of utilities and access to other residential subdivision infrastructure. The original ordinances were not published in the legal time frame and the City Council re-approved the ordinances during the September 13, 2005 Regular City Council Meeting.
306:. Arkansas Code gives the Board of Commissioners of the Improvement Districts broad powers, including powers to use eminent domain, to issue bonds, to assess and levy taxes, to sell or lease any improvements, to hire employees, and to sue. Unlike other local municipal governments, until reporting year 2012, Arkansas Code did not require the Municipal Property Owners' Improvement Districts to record or publicly disclose any financial information including total property tax income, spending, expenses, or debt.
22:
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maintenance of facilities located within
Improvement District No. 10 and sends additional funds to Improvement District No. 53 for management of activities and development of Improvement District No. 53 facilities. As of the end of 2015, Improvement District No. 10 has no debt, property, or facilities. It encompasses 7 vacant lots, with 233 homes completed on the remaining lots.
46:
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As of the end of 2015, Improvement
District No. 53 does not report any construction funds remaining and has $ 3,235,000 in bond debt remaining with a final pay-off date of February 1, 2036. Improvement District No. 53 pays for water, electric, and lawn services, but does not report these expenses on
344:
was the Bond
Trustee in issuing $ 3,770,000 worth of bonds to Improvement District No. 53 with a construction fund of $ 3,110,000 to purchase 200 acres to be dedicated as a public park and for facilities including hiking trails, horseback riding stables and trails, swimming pools, tennis courts, and
475:
As of the end of 2012, Improvement
District No. 54 had paid Hometex, LLC $ 2,473,669 and only received $ 1,172,715 worth of improvements. Doug Loftin has ignored multiple requests from the public to disclose what improvements the construction funds for Improvement Districts No. 53 and 54 were spent
471:
was the Bond
Trustee in issuing $ 3,075,000 worth of bonds to Improvement District No. 54 with a total construction fund of $ 2,723,000 to use for subdivision infrastructure construction cost for an 204 lots including costs of streets, water and sewer, curb and gutter, lighting and other amenities.
353:
On
October 14, 2005, the Commissioners of Improvement District No. 53 used their powers as Commissioners to purchase over 200 acres of land for $ 2,740,000 from Hometex, LLC, a company owned by the members of the Board of Commissioners of the Improvement District. In effect, this was a transfer of
501:
Doug Loftin, John D. Torney Sr., and Robert O. Smith were the original members of the Board of the
Improvement District. Around 2000, Doug Loftin resigned as commissioner of Improvement District No. 10. By 2012, the Commissioners of Improvement District No. 10 included Bob McClure and Jill Lasely.
492:
Doug Loftin, John D. Torney Sr., and Robert O. Smith filed a petition with the City
Council of Shannon Hills to form the Carrington Place Municipal Recreational Improvement District. The petition was approved on September 28, 1998 by Mayor Harold MacIntire using an emergency order as there was an
323:
Doug Loftin, Thomas Cunningham, and Travis Bull were the original members of the Board of both Improvement Districts. On September 30, 2009, both Travis Bull and Thomas Cunningham resigned as commissioner of Improvement Districts No. 53 and 54. In their place Doug Loftin's son, Wesley Loftin, and
510:
In 2007, Improvement District No. 10 and Improvement District No. 53 entered in an agreement which allows property owners in both districts to utilize both improvement district facilities and improvements. In exchange, Improvement District No. 10 collects property taxes and pays directly for the
366:
Improvement District No. 53 held a public meeting on November 5, 2013 to reassess property values. At the time, the Improvement District had 596 lots of the 1,500 originally planned. The public notice, posted in the Arkansas Democrat Gazette, cited the reason for the reassessment as the pressure
314:
During a Special City Council Meeting on May 19, 2005, the Shannon Hills City Council passed two ordinances to approve petitions presented by the owners of Hometex, LLC (Doug Loftin, Thomas Cunningham, and Travis Bull) to form Improvement Districts No. 53 and 54 on Emerald Mountain. Improvement
357:
Between 2008 and 2009, approximately $ 285,000 of the construction fund was spent on improvements to less than 25 acres of the over 200 acres originally purchased. The improvements included Candice Cove Park, concrete walking trails, a park pavilion, a pool, a bathhouse, a parking area, and
324:
Doug Loftin's wife, Cindy Loftin, were appointed as a Commissioners of Improvement Districts No. 53 and 54. With the exception of Wesley Loftin, all other current and former members of the Board of Commissioners of Improvement Districts No. 53 and 54 were owners of Hometex, LLC.
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Municipal Multipurpose Property Owners' Improvement District No 54. of Shannon Hills, Arkansas Improvement Bonds (Emerald Mountain Residential Subdivision Project) $ 1,030,000 Series C and $ 550,000 Series D,
941:
Municipal Multipurpose Property Owners' Improvement District No 54. of Shannon Hills, Arkansas Improvement Bonds (Emerald Mountain Residential Subdivision Project) $ 1,030,000 Series A and $ 465,000 Series B,
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As of the end of 2015, Improvement District 54 does not report any construction funds remaining and has $ 1,655,000 in bond debt with a final payoff date of February 1, 2037.
302:
Municipal Property Owners' Improvement Districts No. 10, 53, and 54 are independent municipal governments formed under Arkansas Code §14.94-101 and located within the City of
849:
Re-Assessment of Benefits and Damages: Municipal Multipurpose Property Owners' Improvement District No. 53-Emerald Mountain Recreation (the "District"), 5 November 2013
332:
781:
Municipal Multipurpose Property Owners' Improvement District No. 53 of Shannon Hills, Arkansas Improvement Bonds (Emerald Mountain Recreational Facilities Project),
614:
Arkansas Code Title 14 - Local Government Subtitle 5 - Improvement Districts Generally Chapter 94 - Municipal Property Owners' Improvement District Law (2015)
345:
other amenities. Per the provisions of the bond, any property tax collections are required to be used to service the bond debt and any administrative costs.
828:
Municipal Multipurpose Property Owners' Improvement District No. 53 of Shannon Hills, Arkansas (Emerald Mountain Recreational Facilities Project) Notice,
51:
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property that Hometex, LLC could not build homes on, and which a majority of the land has not been and cannot be used for recreational use.
493:"immediate need for the formation of the District to promote and protect the health, safety and welfare of the citizens of Shannon Hills".
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Per the provisions of the bond any property tax collections are required to be used to service the bond debt and administrative cost.
706:
Petition for Formation of Municipal Multipurpose Property Owners Improvement District No. 54 Of Shannon Hills, Arkansas. 2006.
695:
Petition for Formation of Municipal Multipurpose Property Owners Improvement District No. 53 Of Shannon Hills, Arkansas. 2006.
994:
863:
725:
Shannon Hills, Arkansas Ordinance Number 2005-12 Establishing Property Owner's Improvement District # 54, 13 September 2005
716:
Shannon Hills, Arkansas Ordinance Number 2005-11 Establishing Property Owner's Improvement District # 53, 13 September 2005
967:
2012 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 54 Of Shannon Hills, Arkansas
931:
2015 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 10 Of Shannon Hills, Arkansas
915:
2014 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 10 Of Shannon Hills, Arkansas
900:
2013 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 10 Of Shannon Hills, Arkansas
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2014 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 53 Of Shannon Hills, Arkansas
877:
2012 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 10 Of Shannon Hills, Arkansas
864:
2015 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 54 Of Shannon Hills, Arkansas
819:
2012 Transparency Report for Municipal Multipurpose Property Owners Improvement District No. 53 Of Shannon Hills, Arkansas
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Statement of Account for Period 01/01/15 - 12/12/15 for Municipal Multipurpose POID No. 53 of Shannon Hills, AR
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landscaping. Of the original $ 2,740,000 of construction funds $ 85,000 has not be accounted for.
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761:"Search Incorporations, Cooperatives, Banks and Insurance Companies Hometex, LLC"
736:"City of Shannon Hills, Arkansas Regular City Council Meeting September 13, 2005"
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653:"City of Shannon Hills, Arkansas Special City Council Meeting May 19, 2005"
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Improvement District No. 10 Transfers to Improvement District No. 53
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Shannon Hills, Arkansas Ordinance Number 2005-08, 19 May 2005
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Shannon Hills, Arkansas Ordinance Number 2005-07,19 May 2005
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Approximate boundaries of Improvement Districts 53 and 54
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Shannon Hills Ordinance Number 98-05. 28 September 1998.
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Saline County, Arkansas Assessor's Book 2005 Page 112886
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Operational and Maintenance Reported Cost of Facilities
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Emerald Mountain Improvement Districts No. 53 and 54
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Special-purpose district in Arkansas, United States
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Special-purpose district in Arkansas, United States
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264:Municipal Property Owners' Improvement District
146:Municipal Property Owners' Improvement District
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336:Property Owned by Improvement District No. 53
488:Carrington Place Improvement District No. 10
807:2008 Annual Development Report, Hometex LLC
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293: • District Assessor
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463:Improvement District No. 54
328:Improvement District No. 53
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741:. City of Shannon Hills
658:. City of Shannon Hills
304:Shannon Hills, Arkansas
35:, as no other articles
497:Board of Commissioners
467:Between 2005 and 2006
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319:Board of Commissioners
506:Maintenance Agreement
388:Improvement District
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362:Reassessed Tax Rates
340:On October 1, 2005,
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630:. 23 February 2011
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469:Bank of the Ozarks
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342:Bank of the Ozarks
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54:for suggestions.
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830:November 5, 2013.
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385:Fiscal Year
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280:Cindy Loftin
59:January 2018
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272:Doug Loftin
162:Jill Lasely
602:References
256:Government
138:Government
50:; try the
37:link to it
595:$ 44,000
587:$ 60,000
579:$ 60,000
571:$ 55,000
563:$ 50,000
555:$ 55,000
547:$ 65,000
539:$ 35,000
531:$ 45,000
412:$ 75,627
404:$ 71,127
296:Alan King
170:Alan King
40:. Please
989:Category
634:24 April
456:$ 8,369
445:$ 5,214
434:$ 4,705
423:$ 3,769
420:$ 30,069
226:Arkansas
108:Arkansas
523:Amount
396:No. 10
211:Country
93:Country
767:27 May
745:25 May
662:25 May
393:No. 53
238:Saline
233:County
120:Saline
115:County
33:orphan
31:is an
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