Title
A Resolution Approving the Issuance of Debt by the Copper Ridge Metropolitan District of Tax-Exempt Bank Loan, Series 2025, in the Estimated Principal Aggregate Amount of $50,906,000.
Related Items: N/A
Council District # 2
Presenter:
Allison Stocker, Senior Planner, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount not to exceed $50,906,000 by the Copper Ridge Metropolitan District ("District"). 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 issuance of this debt will be in the form of a tax-exempt bank loan. The timing of the proposed bond issuances is to support the funding of future public improvements such as the Flying Hose Club Drive Bridge, Ridgeline Drive Bridge, a pedestrian overpass and portions of road connecting Powers Boulevard to Interquest Parkway.
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.
Background:
The Copper Ridge Metropolitan District was created in 2008 to finance site improvements. The District consists of approximately 234 acres adjacent to North Gate Boulevard and Voyager Parkway. The District included all land considered for inclusion in the Initial District Boundary Map (Exhibit C-1), and as such no Future Inclusion Boundary Map was provided.
Pursuant to the District's Service Plan (Resolution 51-08), the District has a maximum debt authorization of $85 million dollars. Since the Service Plan was approved before the latest Model Service Plan in 2022, the maximum mill levies are based on old Model policy. Presently, the maximum debt mill levy is 30 mills for residential land uses and 50 mills for commercial land uses. The operations and maintenance mill levy is capped at 10...
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