Title
Resolution of the City of Colorado Springs authorizing issuance of debt by the Tuscan Foothills Village Metropolitan District in an amount not to exceed $1,420,000 located northwest of the intersection of Centennial Boulevard and North 30th Street.
Presenter:
Allison Stocker, Senior Planner, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount not to exceed $1,420,000 by Tuscan Foothills Village Metropolitan District ("District"). The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt. The issuance of this debt will be in the form of a limited tax general obligation refunding loan. Approval of this 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.
In addition to the proposed bond issuance, a service plan amendment is being requested to raise the maximum allowable debt and increase mill levies. These changes to the Tuscan Foothills Village Metropolitan District service plan are being review concurrently with the bond issuance proposal but will be acted on through a separate resolution.
This property is located in City Council District No. 1.
Background:
The Tuscan Foothills Village Metropolitan District was created in 2016 to finance street improvements, sidewalks, utility lines, and landscaping within the district boundaries. The initial District boundaries consisted of seventeen (17) acres as illustrated in Exhibit C of the 2016 Service Plan, but in 2017 eight (8) additional acres were added to the District. The latest proposal to come before Council was an inclusion request in 2022 to amend the boundaries of the District and add two parcels (one being 3.115 acres and the other 1.011 acres). Presently, the approximate acreage encompassed b...
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