The original Castle Oaks master plan included 700 single family homes, 200 multi-family homes, 18-hole golf course, plus a commercial and hotel site however only 215 single family homes had been completed along the current 18 hole golf course at the time of the vote in 2005 and JTS Communities’ new plans for the current development under construction required the formation of these new districts. Because of lack of infrastructure including sewer and water connections JTS was unable to sell the bonds on the timeline as originally presented.

General market buyers of the bonds want assurances that the homes proposed will be constructed and without guarantees on sewer and water, at least in the minds of bond buyers, the construction of the homes were not a sure thing. JTS, Stone and Youngberg, a company previously involved with the bonds, and Tower Investments formed a consortium and bought the bonds themselves to hold while awaiting sewer capacity for the new development. JTS Representative Rob Aragon updated the city council on the current situation and discussed the process for a resale of the bonds which will be conducted as soon as sewer capacities allow. That process will involve a new appraisal of the bonds as well as other formal legal processes that are required for the city to reauthorize the new sales.