Title
A resolution approving a service plan allowing for the creation of the GSF Metropolitan District Nos. 1 & 2.
(Legislative)
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This service plan would allow the formation of the GSF Metropolitan District Nos. 1 & 2 ("Districts") to finance public improvements cost and provide services for the proposed redevelopment of the, former Gazette and St. Francis Hospital properties located just east of Downtown along Pikes Peak Avenue. The petitioners propose to use a combination to these two metropolitan districts and an associated Business Improvement District (BID) to provide public financing and associated district services for this project area. Generally, the residential properties would be included within one of these two metropolitan districts, whereas non-residential properties would be included in the proposed BID.
No deviations from the Special District Policy and model service plan are being requested, although limiting language is being proposed for the Council resolution in order to address the status of the approved development plan for the property, as defined in the service plan.
This item was discussed by the City Council Budget Committee on March 2, 2021, and it was introduced at a March 8, 2021 Council Work Session. At the Work Session the petitioners presented additional cost information by project phase (included in the attached applicant presentation). Council and the petitioners agreed to a combined and district-specific maximum debt authorizations of $83,100,000 which are now included in the draft service plan, as well as the associated Business Improvement District Operating Plan and Budget.
Background:
These proposed metropolitan districts would provide property tax-based public improvements financing and services for the proposed redevelopment o...
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