Title
A resolution of the City Council of the City of Colorado Springs, Colorado authorizing Colorado Crossing Metropolitan District No. 2 to issue debt in the form of Special Improvement District No. 1 and No. 2 Special Assessment Revenue Bonds in an aggregate principal amount not to exceed $12,000,0000 for a project located in the vicinity of Interquest Parkway and Interstate 25
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 special assessment revenue bonds in an aggregate principal amount anticipated to be $10,645,961, with the total not to exceed $12,000,000.
The District is proposing to issue this debt based on proceeds from two special improvement districts (SIDs), which would be created within Colorado Crossing Metropolitan District No. 2, pending approval of a service plan amendment. These assessments would be collected prior to occupancy of the residential units within these SIDs.
These bonds will be marketed and have estimated annual interest rates of 4.5%, with the actual rate set prior to closing.
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.
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
These metropolitan districts are located in Council District No. 2, and the project is commonly referred to as Victory Ridge. The developer is Westside Development Partners.
This item has been discussed at the City Council Budget Committee...
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