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File #: 20-503    Version: 1 Name: Colorado Crossing Metro Dist
Type: Resolution Status: Mayor's Office
File created: 8/27/2020 In control: City Council
On agenda: 11/10/2020 Final action: 11/10/2020
Title: Resolution Authorizing Colorado Crossing Metropolitan District No. 2 to Issue Debt in the form of Series 2020A-1, Series 2020A-2 and Series 2020B-2 Limited Tax General Obligation Bonds Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Peter Wysocki, Director, Planning and Community Development
Indexes: Issuance of Debt, Metropolitan District
Attachments: 1. Resolution, 2. 1A- Applicant Presentation for 11-10-20, 3. 1- Letter to City of Colorado Springs re Bond Issuance Submittal, 4. 2- Term Sheet - Colorado Crossing) (as of 9.30.2020), 5. 3- 2020 Bonds Anticipated Use Exhibit, 6. 4- A-1 Base Case (9.30.2020), 7. 5- A-2, B-2 Model (9.30.2020), 8. 6- CO Crossing MD Indenture (A-1), 9. 7- CO Crossing MD Indenture (A-2), 10. 8-CO Crossing MD No. 2 Pledge Agreement (A1), 11. 9- CO Crossing MD Indenture (B-2), 12. 10- CO Crossing MD No. 2 Pledge Agreement (A1), 13. 11- CO Crossing MD No. 2 Pledge Agreement (A2B2), 14. 12- Form of General Counsel Opinion, 15. 13- Net Present Value Analysis- Sep16, 16. 14- District Boundary Exhibit, 17. 15- District Maintenance Exhibit, 18. 16- Updated Finance Plan Approval Request - Oct 27 2020, 19. 17- Community Meeting Notice - October 28, 2020, 20. 18- 10-26-20 Applicant Presentation, 21. Signed Resolution 106-20
Related files: 20-502

Title
Resolution Authorizing Colorado Crossing Metropolitan District No. 2 to Issue Debt in the form of Series 2020A-1, Series 2020A-2 and Series 2020B-2 Limited Tax General Obligation Bonds

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Director, Planning and Community Development

Body
Summary:
The attached resolution will approve the issuance by the Colorado Crossing Metropolitan District No. 2 ("the District") of bonds in an aggregate principal amount of approximately $45,313,000 along with the related bond documents. The District is proposing to issue this debt in the form of $23,400,000 of Limited Tax General Obligation Refunding Bonds, Series 2020A-1, approximately $21,100,000 of Limited Tax General Obligation Bonds, Series 2020A-2, and approximately $4,800,000 of Subordinate Limited Tax General Obligation Bonds, Series 2020B-2 (Limited Tax General Obligation Bonds, Series 2020. The proceeds of the 2020A-1 bonds will be used to refund existing debt issued by this District in 2017, with the 2020A-2 and 2020B-2 proceeds available as "new money" to reimburse additional public improvements and related costs.

These bonds will marketed and have estimated annual interest rates of 5.75%, 5.875% and 8.25% for the A-1, A-2 and B-2 bonds respectively. The debt service mill levies and specific ownership taxes for of District Nos. 1, 2 and 3 will be pledged toward this debt, along with public improvement fee (PIF) revenues from a 1.0% retail PIF and a 2.0% lodging PIF, as applicable.

The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. These bond issues are contemplated by the District's Council-approved service plan. Copies of the bond documents and associated supporting materials are attached.

Note: Immediately preceding this agenda item is a request for third amendment of the service plan for th...

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