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File #: 22-413    Version: 1 Name: Peak No. 3 MD
Type: Resolution Status: Mayor's Office
File created: 6/13/2022 In control: City Council
On agenda: 7/26/2022 Final action: 7/26/2022
Title: A Resolution of the City Council of the City of Colorado Springs, Colorado authorizing Peak Metropolitan District No. 3 to issue debt in the form of Limited Tax General Obligation Bonds Series 2022A-1 and Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 in an amount not to exceed $109,000,000 for properties in the Airport Business Park. 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. Peak District #3 Proposed Boundaries, 3. Letter to City Council Re. Issuance of Debt Instrument (2022 Bonds), 4. Term Sheet - Peak MD No. 3 dated 6-9-22, 5. G.6 Peak MD#3 Financial Plan, 6. Peak MD 3 Preliminary General Counsel Bond Opinion, 7. Peak MD 3 Revised Indenture (6-13), 8. Signed Resolution No. 96-22
Title
A Resolution of the City Council of the City of Colorado Springs, Colorado authorizing Peak Metropolitan District No. 3 to issue debt in the form of Limited Tax General Obligation Bonds Series 2022A-1 and Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022A-2 in an amount not to exceed $109,000,000 for properties in the Airport Business Park.

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 Peak Metropolitan District No. 3 ("the District") of bonds in an aggregate principal amount of approximately $98,911,643 along with the related bond documents. The District is proposing to issue this debt in the form of $69,600,000 of Limited Tax General Obligation Bonds, Series 2022A-1, and approximately $29,391,643 of Subordinate Limited Tax General Obligation Convertible Capital Appreciation Bonds, Series 2022 A-2.

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.

This item has been discussed at a City Council Budget Committee meeting on June 28, 2022. Refer to summary below. The item was then introduced at a Council Work Session on July 11 2022 at which time there were questions but non requests for follow-up or changes.

Please refer to the staff and applicant combined PowerPoint presentation for this and two other related agenda items. This presentation is included with the Peak Metropolitan District Nos. 4-7 agenda item.

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

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