Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Upper Cottonwood Creek Metropolitan District No. 3 Limited Tax General Obligation Bonds, Series 2023 in the amount not to exceed $4,115,000 and related bond documents, for a district located in the Wolf Ranch area in northern Colorado Springs
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Department
Peter Wysocki, Planning and Community Development Director
Body
Summary:
The attached resolution will approve the issuance by the Upper Cottonwood Creek Metropolitan District No. 3 ("the District") of Limited Tax General Obligation Bonds, Series 2023 in an amount not to exceed $4,115,000 and the related bond documents. These bonds will be privately placed with the developer with an interest rate of 6.0% and are planned to be tax-exempt. This would be the fourth bond issuance by this District. These bonds would be issued at parity with the prior bonds issued by this District.
The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. Copies of the bond documents and associated supporting materials are attached.
This agenda item was reviewed by the City Council Budget Committee on February 28, 2023, and the introduced to Council at Work Session on March 13, 2023. These discussions are summarized below.
This property is located in City Council District No. 2.
Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas primarily utilizing a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, with independently elected boards.
The public improvements to be financed by these 2023 Bonds consist of a portion of eligible street, water, sewer, and par...
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