Created in April 2009, the Mosaic Community Development Authority (CDA) was initiated to facilitate the development of the Merrifield Town Center. Governed by a board appointed by the Board of Supervisors, a CDA possess financial flexibility that can be used to address infrastructure needs and services through the use of ad valorem special taxes or assessments. To guide the Board of Supervisors in handling requests for public investment in designated redevelopment, revitalization, and other strategic areas the Board adopted 16 Principles for Public Investment in Support of Commercial Redevelopment in July of 2008. The Principles outline the requirements needed to accept requests of public investments through mechanisms such as a CDA.
Under a Memorandum of Understanding (MOU) between the County and Edens, the developer of the Mosaic, the County and the developer agreed to:
- Establish the Mosaic Community Development Authority (CDA)
- Fund a portion of the public facilities (road improvements, parks, and a portion of a parking garage) through bonds issued by the CDA that will be paid by incremental (pre-development versus post-development) real estate tax revenues.
- Secure the liability of debt service through the CDA, not the County.
On June 9, 2011, a series of tax revenue bonds in the amount of $65,650,000 were issued to fund public facilities within the Mosaic District. On December 3, 2020, these original bonds were refinanced in the amount of $55,650,000, the debt service on which will be paid by a portion of the real estate incremental tax revenues collected from the development.