Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving a First Service Plan Amendment for the Reagan Ranch Metropolitan Districts No. 1 through 3 to modify the District Structure and modify the Maximum Authorized Debt Limits for each District in an area located northeast of the Colorado Springs Airport within the Banning Lewis Ranch area.
Presenter:
Carl Schueler - Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki - Director of Planning and Community Development
Body
Summary:
This service plan amendment ("First Amendment to the Service Plan") would allow the Reagan Ranch Metropolitan District Nos. 1-3 ("Districts") to modify their district structure such that only District No. 1 will operate as residential metropolitan district. District Nos. 2 and 3 will operate as non-residential districts. The amendment also contemplates inclusion of an additional property into District No. 2 contingent upon the annexation of that property.
With the exception of this specific amendment, the remaining provisions of the original 2020 service plan for the Districts would remain in force and effect.
Immediately following this agenda item is a request for authorization to issue debt by Reagan Ranch Metropolitan District No. 1 with a pledge of revenues from District No. 2. Approval of that item would be contingent on prior approval of this item.
This agenda item was introduced at the September 28, 2021 Budget Committee. The Committee asked clarifying questions but did not ask for changes or additional information.
Background:
These three metropolitan districts were created in 2020 for an approximately 240-acre project in the west central area of Banning Lewis Ranch, then at the initial development planning stages. As plans have progressed in the last year, the Districts would like to modify the structure such that all residential development would be included in District No. 1, rather than Dis...
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