Title:
Resolution Approving a Second Amendment to the Service Plan for the Colorado Crossing Metropolitan District Nos. 1-3 Allowing Street Maintenance as an Operations and Maintenance Function.
Presenter: Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Body
Summary:
This service plan amendment would allow the Colorado Crossing Metropolitan Districts Nos. 1-3 (Districts) to maintain District-owned streets as an operations and maintenance function.
The purpose of this amendment is only to include the maintenance of the private streets as an authorized operational expense. The amendment does not change the mill levy nor the maximum debt cap previously authorized by the City Council.
Previous Council Action:
Mixed use PUD zoning and concept plan were approved for the Colorado Crossing development were approved in 2005. In 2006 City Council approved a consolidated service plan ("Original Service Plan") for the Districts (Resolution 126-06). On October 25, 2016 Council approved a first amendment of this service plan to allow ownership and operation of a parking structure by these Districts (Resolution 111-16). On February 14, 2017 Council authorized issuance of up to $15,000,000 in general obligation bonds for District No. 2 (Resolution 57-17).
This item was introduced at a City Council Work Session on November 26, 2018.
Background:
This mixed use development in the Colorado Crossing (now known as Victory Ridge) area has been largely inactive since about 2008 due to financial difficulties including bankruptcy actions that followed after partial construction of the first six buildings (including an approximately 132,000 square foot parking garage). In the past two years, the project has again become active.
In this multiple district structure, District No. 1 functions as the operating district and director's parcel, District No. 2 functions as the residential district, and with District No. 3 is the commerc...
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