Ridgeline Municipal Strategies, LLC served as a municipal advisor to the Pajaro Dunes Geologic Hazard Abatement District ("District") on a $1,225,000 Seawall Project Financing ("Financing"). The Financing was structured as a privately placed bank loan and provided funding for a portion of a $2.3 million Seawall Maintenance and Repair Project ("Project").
Pajaro Dunes is a residential community of 261 homes originally developed in the 1960-70s on the Pacific Ocean coast. It is located in the Watsonville area of the Santa Cruz County, adjacent to the Palm Beach State Park.
The community is protected by a 6,000-foot rock revetment / seawall designed to protect it from coastal erosion. The revetment was originally built in the 1980s. The base of the seawall starts at 2 feet below the mean sea level. The top of the seawall reaches as high as 22 feet above the mean sea level. The seawall is comprised of roughly 110,000 tons of rock.
After 4 decades, the seawall required a series of significant repairs, totaling approximately $2.3 million. The community formed an assessment district and passed a special 10-year assessment to fund the project.
Ridgeline provided the following services to the District:
The District retained Ridgeline to provide municipal advisory services on the Financing. Ridgeline helped the District develop a financing strategy for the $2.3 million Seawall Project.
The District selected to pursue a bank loan option due to the short term of the assessment and the simplicity of execution. The Financing allowed the District to minimize the interest cost and annual payment amounts for the optimal utilization of taxpayer funds.
Ridgeline Municipal Strategies, LLC is an independent registered municipal advisory and financial consulting firm assisting cities and special districts with financial planning and financing for infrastructure, facilities, and equipment.
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