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File #: 21-649    Version: 1 Name: Upper Cottonwood Creek MD No. 3
Type: Resolution Status: Mayor's Office
File created: 10/19/2021 In control: City Council
On agenda: 11/23/2021 Final action: 11/23/2021
Title: A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Upper Cottonwood Creek Metropolitan District No. 3 Limited Tax General Obligation Bonds, Series 2022 in the amount not to exceed $4,710,000 and related bond documents located in the Wolf Ranch area in northern Colorado Springs Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Department Peter Wysocki, Planning and Community Development Director
Indexes: Issuance of Debt, Metropolitan District
Attachments: 1. RESOLUTION, 2. PowerPoint, 3. 1- Second 2021 Bond Issuance Cover Letter - UCC Nos. 3 & 4, 4. 2- 2021-10-07 UCC MD No. 3 2022 - Bond Details, 5. 3- 2021-10-07 UCC MD No. 3 2022 - Bond Cash Flows, 6. 4- 2021-10-13 UCC MD No. 3 - 2022 LT GO Fairness Letter, 7. 5- Draft 2022 UCCMD No 3 BOND RESOLUTION, 8. 6- Draft 2022 UCCMD # 3 Bond Counsel Opinion, 9. 7- Draft GC Bond Opinion - UCC3, 10. Signed Resolution 177-21
Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Upper Cottonwood Creek Metropolitan District No. 3 Limited Tax General Obligation Bonds, Series 2022 in the amount not to exceed $4,710,000 and related bond documents located in the Wolf Ranch area in northern Colorado Springs

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Department

Peter Wysocki, Planning and Community Development Director
Body
Summary:
The attached resolution will approve the issuance by the Upper Cottonwood Creek Metropolitan District No. 3 ("the District") of Limited Tax General Obligation Bonds, Series 2022 in an amount not to exceed $4,710,000 and the related bond documents. These bonds will be privately placed with the developer with an interest rate of 6.0% and are planned to be tax-exempt. This would be the second bond issuance by this District, and these bonds would be issued at parity with the prior bonds issued by this District.

The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. This bond issue is contemplated by the District's Council-approved service plan. Copies of the bond documents and associated supporting materials are attached.

This agenda item was reviewed by the City Council Budget Committee on October 26, 2021.

This property is located in City Council District No. 2.

Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas primarily utilizing a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, with independently elected boards.

The public improvements to be financed by these 2022 Bonds consist of a portion of eligible street, water, sewer, and park and recreation improvements. A high...

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