Mosquito Abatement District-Davis Board Meeting Minutes 2026-04-09
District Selects Flagstar for Facility Lease Financing
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Description
The Mosquito Abatement District – Davis Board approved Flagstar as the public funding corporation and Real Property lease loan provider to finance the pesticide building/facility upgrade construction project. The 15-year lease structure is expected to save the district hundreds of thousands of dollars in interest compared to the competing proposal while keeping annual payments within the budgeted amount.
Contract Details
Vendor
FLAGSTAR
Agency
Davis County Mosquito Abatement District, UT
Contract Type
FINANCIAL_SERVICES
Document Date
April 9, 2026
Contract Term
15-year Real Property Lease; first 10 years fixed and locked interest rate, refinance required at current market rates after 10 years
Renewal Info
Lease features a fixed and locked interest rate for the first 10 years, with a required refinance at then-current market rates after year 10. Future refinancing may incur estimated costs of at least $25,000 for a direct purchase or $60,000–$70,000 for a market-issued lease revenue bond.
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ONGOINGIssuing Agency
Davis County Mosquito Abatement District
Special District
Kaysville, UT
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