Title
Resolution authorizing issuance of debt not to exceed $18,000,000 by the Mountain Vista Metropolitan District located east of Marksheffel Road and South of Barnes Road.
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Body
Summary:
This is a request to approve issuance of formal debt by the Mountain Vista Metropolitan District in an approximate aggregate amount of $16,280,000 and not to exceed $18,000,000 in the form of General Obligation Limited Tax Bonds, Series 2021A(3) to be repaid from a combination of property tax and associated revenues. 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 net revenues from this issuance will be used to reimburse eligible public improvements costs.
The bonds are anticipated to be tax-exempt, externally marketed and to carry an average interest rate of 5.25%.
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.
This agenda item was discussed at an April 27 City Council Budget Committee meeting. There were no outstanding questions or requests, other than a request for a summary of public improvements costs (now attached).
Background:
The Mountain Vista Metropolitan District was originally created in 2006 and provides financing and a source of reimbursement for qualifying public improvements within this approximately 306-acre development. This predominantly residential development is located within the Banning Lewis Ranch Master Plan and has only begun vertical development within the past few years. A total of about 904 single-family and attached dwelling units are anticipated at buildout, which is expected to occur in the 2027 timeframe
The bonds would be unrated and marketed with an expected total interest rate of 5.25% (average coupon rat...
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