Title
A resolution of the City of Colorado Springs, Colorado approving the issuance of Tuscany Plaza Metropolitan District Limited Tax General Obligation Bond Series 2026 in an aggregate amount not to exceed $4,225,243.00 for properties located northeast of Powers Boulevard and Dublin Boulevard.
Council District: 6
Presenter:
Drew Foxx, Planner II, Planning Department
Kevin Walker, Planning Director, Planning Department
Body
Summary:
This is a request to approve issuance of Limited Tax General Obligation Bonds, Series 2026, in the total amount of $4,225,243.00. These bonds will be issued by Tuscany Plaza Metropolitan District (the "District"). The issuance of this debt will be in the form of a tax-exempt bank loan. The purpose of the proposed bond issuances is to reimburse the District's developer, Izzy, LLC ("the Developer"), a Colorado limited liability company (the "Developer") for certain certified eligible public infrastructure costs that have been constructed and installed for the Tuscany Plaza commercial development.
The City's Special District Policy and the Tuscany Plaza Metropolitan District's service plan (see Attachment 1-Tuscany Plaza MD Service Plan) require that City Council's approval be obtained prior to issuing any debt.
In furtherance of the Service Plan, and in order to facilitate the payment for completed public improvements contemplated by the Service Plan (the "Public Improvements" listed in Exhibit D), the District and the Developer entered into an agreement pursuant to which the Developer agreed to fund Bond Series 2026 for the payment of rendered services including acquisition, construction and installation of Public Improvements authorized by the Service Plan.
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 Tuscany Plaza Metropolitan District was created in 2009 via Resolution 164-09. The...
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