Title
A Resolution approving an Amended and Restated Service Plan for the Banning Lewis Ranch Regional Metropolitan District No. 2
(Legislative Item)
Presenter:
Peter Wysocki, Director, Planning and Community Development
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request by Clayton Properties Group II Inc., d/b/a Oakwood Homes for approval of an amendment to modify and restate the existing service plan for what was the Banning Lewis Ranch Metropolitan District No. 7 to convert it to a second overlay district for the limited purpose of funding a variety of regional-scale public improvements including but not limited to wastewater conveyance improvements. This would function as a second regional district to be used for later phases of the undeveloped portions of Banning Lewis Ranch that are currently owned or developed by Oakwood Homes and Walton Global Holdings and generally located east of Banning Lewis Parkway. The existing and recently amended restated regional district would apply to earlier phases of the Oakwood development west of Banning Lewis Parkway. Essentially there would be two side-by-side regional overlay districts with similar purposes and limitations. This second regional district would allow for the potential full use of the 40 year "maximum debt service mill levy imposition term" that is applicable to metropolitan districts with residential uses.
As with the first Banning Lewis Ranch Regional Metropolitan District, this District's total maximum mill levy would be 10.0 mills (9.0 for debt service and 1.0 for operations). As is the case with the existing regional overlay district, the use of this mill levy would be limited to qualifying regional infrastructure improvements.
This service plan amendment has been prepared in the form of a complete replacement of the current service plan as an amended and restated plan. A copy of the proposed amended and restated servic...
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