Title
A resolution of the City of Colorado Springs approving a service plan for the Banning Lewis Ranch Metropolitan District No. 5 serving an area of approximately 159 acres generally located southwest of the intersection of Dublin Boulevard and Banning Lewis Ranch Parkway
Located in Council District 6
Presenter:
Allison Stocker, Senior Planner, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
Banning Lewis Ranch Metropolitan District No. 5 (“the District”) requests the approval of an independent service plan and to separate from the consolidated service plan currently utilized by Banning Lewis Ranch Metropolitan District No’s 1-7. The District Board for Banning Lewis Ranch Metropolitan District No. 1 is aware and in support of the separation proposed by the District (refer to the Letter of Support).
The District does not anticipate taking on any additional debt in the future and has no anticipated future capital improvements. Also, the District held debt is separate from the remainder of the consolidated service plan which allows the District to continue paying down its debts without impact to the other Banning Lewis Ranch Metropolitan District’s budgets. In order to remain consistent with the 2022 Model Service Plan, the District will adjust its maximum mill levies in the service plan.
Additional revisions are anticipated on the proposed service plan prior to the October 27, 2026 City Council hearing. These revisions include filling in several blank spots on the service plan and updating the maximum operating mill levy for residential districts to be subject to upwards and downwards adjustments based upon the July 12, 2022, Mill Levy Adjustment date that is consistent with the City’s Model Service Plan.
Background:
Banning Lewis Ranch Metropolitan District No. 5 (“the Retreat” at Banning Lewis Ranch) is made up of single family detached and attached age-restricted units, community exclusive...
Click here for full text