Kukui`ula, HI

County of Kauai

DTA recently assisted the County of Kauai, Hawaii, with the December 2019 issuance of $20,320,000 in bonds for CFD No. 2008-1, which encompasses the resort community of Kukui`ula. Notably, CFD No. 2008-1 is the only CFD in Hawaii to sell bonds to date. Previously, DTA assisted the County with the formation of CFD No. 2008-1 and issuance of the first series of bonds in 2012. Proceeds from the bond issuance will fund various public improvements for the project, including roadway, water, and safety improvements. Development in the CFD continues to proceed and it is expected that additional bonds will be issued in the future. The CFD encompasses approximately 902 gross acres within the master-planned community of Kukui`ula, a residential project in the Koloa-Po’ipu area of Kauai’s south shore. Kukui`ula includes a number of amenities for residents, including an 18-hole golf course, golf clubhouse, community farm, 17-acre lake for fishing, and more.

In our role as the Special Tax Consultant, DTA prepared overlapping debt tables, value‑to‑lien analyses, and debt service coverage tables. We also assisted the financing team with the review of bond documents, including the Official Statement.

DTA is currently under contract with the County to provide ongoing annual administration CFD consulting services. Each year, DTA researches and monitors all parcel change and lot sale activity. DTA also enrolls the special taxes, reports delinquencies, and answers all property owner inquiries.