City of Colorado Springs - File #: 23-515

• File #: 23-515
• Version: 1
• Name: Copper Ridge Metropolitan District Amended Debt Issuance
• Type: Resolution
• Status: Mayor's Office
• File created: 9/22/2023
• In control: City Council
• On agenda: 10/10/2023
• Final action: 10/10/2023
• Title: A Resolution of the City Council of the City of Colorado Springs, amending the previously approved Issuance of Debt by the Copper Ridge Metropolitan District in the form of a Tax-Exempt Bank Loan in a principal amount of up to $24,530,000. (Legislative Item) Presenter: Mike Tassi, Assistant Director, Planning and Community Development Peter Wysocki, Director of Planning and Community Development
• Sponsors: Planning Department

Date	Ver.	Action By	Action	Result
10/10/2023	1	City Council	adopted	Pass
10/9/2023	1	Council Work Session	referred

Title
A Resolution of the City Council of the City of Colorado Springs, amending the previously approved Issuance of Debt by the Copper Ridge Metropolitan District in the form of a Tax-Exempt Bank Loan in a principal amount of up to $24,530,000. (Legislative Item)

Presenter:

Mike Tassi, Assistant Director, Planning and Community Development
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This is a request to amend a recently approved resolution, issuing additional debt from $20,770,000 to $24,530,000 by the Copper Ridge Metropolitan District ("District") in the form of a General Obligation and Revenue Supported Improvement Loan, series 2023 (Tax-Exempt Bank Loan) to be repaid primarily from the District's share of Pikes Peak Rural Transportation Authority ("PPRTA") funding in addition to a combination of property tax and public improvement fee (PIF) revenues. The revised debt amount also includes an interest rate increase from 6.6% to 8.2%.

Approval of this amended debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Article 7-100.

This District is located in City Council District 2.

Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/ maintain certain public improvements, primarily utilizing a property tax mill levy as the revenue source. These districts are separate legal entities from the City, but their service plans require City Council approval of all formal debt. The standard of review of the debt instruments is consistency with the Service Plan and all applicable laws.

The Copper Ridge Metropolitan District has undertaken a series of formal new debt or refinancing issuances, beginning in 2013.

This proposed issuance is anticipated to be in the form of a tax-exempt commercial bank loan that will provide $22,300,000 in additional proceeds to be used to construct the Voyager bridge ...