California Case Study 04
Tejon Ranch
Mountain Village
The Tejon Ranch Public Facilities Financing Authority, a joint powers authority comprised of Kern County and the Tejon-Castac Water District, is expected to be the issuer or facilitator of the financing of significant public infrastructure development in support of Tejon Ranch’s Mountain Village project located off of I-5 at the Kern County/Los Angeles County border.
The Authority engaged Columbia Capital in early 2020 as its municipal advisor for bonds to be issued in support of Mountain Village. At full build-out and according to public reports, Mountain Village will include 3,450 homes, 160,000 sf of commercial development and a number of hotels on roughly 5,000 acres. Tejon Ranch is reported to be the largest privately-owned contiguous parcel in California.
In mid-2020, Columbia Capital began working with the Mountain Village financing team to develop the blueprint for one or more community facilities districts (CFD) financings in support of the initial public infrastructure for the project. The overall financing plan will take into account the scope and type of infrastructure required for each phase of development, the developer’s goals for maintaining overall tax and assessment burdens for future residents and businesses, and the marketability of the bonds.
Columbia Capital Management, LLC is a registered with the US Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) as a municipal advisor. The firm is also registered with the SEC as a registered investment adviser. Columbia Capital has a statutory duty to serve its governmental clients as a fiduciary.
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