Title
A Resolution approving the issuance of debt by the Old Ranch Metropolitan District of a Privately Placed Revenue Bond, Series 2025, in the estimated principal aggregate amount of $40,000,000
Related Items: N/A
Council District #2
Presenter:
Allison Stocker, Senior Planner, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
This is a request to approve an issuance of formal debt in an aggregate amount not to exceed $40,000,000 by the Old Ranch 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 privately placed revenue bond to be issued through the District's Old Ranch Park and Recreation Activity Enterprise ("the enterprise"). The timing of the proposed bond is to support the funding of a new recreational facility within the Wolf Ranch community.
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.
Background:
The Old Ranch Metropolitan District was created in 2002 and has since amended and restated the Service Plan in 2006. The purpose of the District is to finance site improvements such as park and recreation, stormwater, landscaping, snow removal, etc. The District was created simultaneously with the Upper Cottonwood Creek Metropolitan District. Since that time, there have been further amendments to the Upper Cottonwood Creek Metropolitan District including the consolidation of Upper Cottonwood Creek Metropolitan Districts Nos. 2, 3, 4, and 5.
Since the District's service plan was adopted in 2006, it follows different maximum mill levy limits than the City's current Model that was adopted in 2022. As such, the maximum debt mill levy for residential land uses was limited to 16.5 mills and the operations ...
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