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File #: 25-463    Version: Name: Ellston Park Metropolitan District
Type: Resolution Status: Passed
File created: 8/25/2025 In control: City Council
On agenda: 10/14/2025 Final action: 10/14/2025
Title: Resolution of the City of Colorado Springs, Colorado approving the issuance of debt by the Ellston Park Metropolitan District Senior Limited Tax General Obligation Bonds and Subordinate Limited Tax General Obligation Bonds, Series 2025, in the estimated principal aggregate amount of $4,000,000. Council District # 1 Presenter: Allison Stocker, Senior Planner, City Planning Department Kevin Walker, Planning Director, City Planning Department
Sponsors: Planning Commission
Attachments: 1. EllstonVillage_MD_Debt_Issuance_Resolution, 2. Exhibit_A_Preliminary Plan of Finance_Bond Documents, 3. Exhibit_B_Signed_Bond_Resolution, 4. Exhibit_B_Unsigned_Bond Resolution_Ellston Park MD, 5. Exhibit_C_List of Public Improvements & Cost, 6. Exhibit_D_Certificate of External Financial Advisor, 7. Exhibit_E1_Senior Bond Form_Series 2025A, 8. Exhibit_E2_Subordinate Bond Form_Series 2025B, 9. Exhibit_F1_Senior Indenture_Series 2025A, 10. Exhibit_F2_Subordinate Indenture_Series 2025B, 11. Exhibit_G1_Series 2025A Bond Opinion - Ellston Park MD 2025, 12. Exhibit_G2_Series 2025B Bond Opinion - Ellston Park MD 2025, 13. Exhibit_H_Opinion Letter_General Counsel - Ellston Park MD - Series 2025, 14. Exhibit_I_Approved_ServicePlan_Signed Resolution 81-21, 15. Exhibit_J_Approved Development Plan, 16. Petitioner_EllstonPark_MD_Bond_Issuance_Cover_Memo, 17. EllstonPark_MD_Bond_Issuance_Staff_Presentation
Title
Resolution of the City of Colorado Springs, Colorado approving the issuance of debt by the Ellston Park Metropolitan District Senior Limited Tax General Obligation Bonds and Subordinate Limited Tax General Obligation Bonds, Series 2025, in the estimated principal aggregate amount of $4,000,000.

Council District # 1

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 $4,000,000 by the Ellson Park 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 senior limited tax general obligation bond and a subordinate limited tax general obligation bond. The timing of the proposed bond issuances is to support the funding of future site improvements and to finance construction that has already occurred onsite. 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 Ellston Park Metropolitan District was created in 2021 to finance site improvements such as street improvements, sidewalks, retaining walls, and landscaping within the district boundaries. With the creation of the District and approval of the development plan in 2022 (PUDD-22-0005) with a subsequent modification in 2024 (PUDD-24-0005, refer to Exhibit J), the site has since been able to move forward with work onsite to begin constructing one hundred and sixty-seven (167) single family attached and detached units.

The initial District boundaries consisted of approximately twenty-nine (29) acres as illustrated in Exhibit C-1 of the 2021 Service Plan. No future inclusion areas were identified in the service plan (Exhibit ...

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