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File #: 22-627    Version: 1 Name: Meadoworks Nos. 1-5 MD
Type: Resolution Status: Mayor's Office
File created: 9/12/2022 In control: City Council
On agenda: 11/8/2022 Final action: 11/8/2022
Title: A Resolution of the City of Colorado Springs approving an Amended and Restated Service Plan for the Meadoworks Metropolitan District Nos. 1-5 serving an area in the southern part of Banning Lewis Ranch Presenter: Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department Peter Wysocki, Planning and Community Development Director
Indexes: BLR, Metropolitan District, Service Plan
Attachments: 1. Resolution, 2. Exhibit 1- 11-8-22 Amended and Restated Service Plan - Meadoworks MD Nos. 1-5, 3. 2021_Meadoworks MD Nos. 1-5 Service Plan, 4. Redline Comparison - Meadoworks Service Plan, 5. Amended and Restated Service Plan Cover Letter - Meadoworks MD Nos. 1-5), 6. Budget Committee Hearing Presentation - Meadoworks MD Nos.pdf, 7. Signed Resolution No. 194-22
Title
A Resolution of the City of Colorado Springs approving an Amended and Restated Service Plan for the Meadoworks Metropolitan District Nos. 1-5 serving an area in the southern part of Banning Lewis Ranch
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Peter Wysocki, Planning and Community Development Director

Body
Summary:
This amended and restated service plan would replace the existing approved service plan for the Meadoworks Metropolitan Districts Nos. 1-5 (Districts) which were originally created in 2021 to serve this area of the Nor'wood ownership in Banning Lewis Ranch. This amended service plan conforms with Council's recently adopted changes to the Special District Policy and model service plan. The amended service plan would specifically allow for potentially higher debt service and operational mill levies for the residential districts, and for the "pre-authorization" of future debt issuances, without the need to come back to Council for separate approval. There are no changes proposed to the district structure, the development assumptions, or the overall requested debt limit for these Districts.

This property is located in City Council District No. 4.

This agenda item was introduced in at the October 24, 2022 Council Work Session and is summarized in a PowerPoint presentation provided with a preceding agenda item (North Meadow Metropolitan Districts amended service plan).

Background:
These five metropolitan districts were created in late 2021 following Council's approval of the original service plan in July of that year. District Nos. 2-5 are intended to be the residential districts within this project area, with District No. 1 planned as the commercial district.

In early 2022, City Council authorized issuance of up to $43.0 Million in marketed debt by District No. 2. However, this debt has not yet been issued, initially due to the dynamics of the bond market and more recently...

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