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Orange County supervisors on Tuesday allowed eight developers building the first phase of Ladera Ranch to create a special tax district that would authorize $25 million in bonds to finance construction of roads, storm drains and other infrastructure. The developers will vote next month on whether to create the district.

The bonds would cover the first phase of construction--1,100 homes on 115 acres of county land east of Mission Viejo. When completed, the 2,400-acre development is expected to have 8,100 homes. To retire the bonds over 40 years, those who buy the first-phase homes would pay 69.18 cents per square foot--a bit more than $2,000 for a 3,000-square-foot home.