Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of Ridge at Sand Creek Metropolitan District Limited Tax General Obligation Bonds, Series 2023 in the amount not to exceed $2,590,000 and related bond documents, for a district located in the east central area of Colorado Springs
Presenter:
Mike Tassi, Assistant Director, Planning and Community Development Department
Peter Wysocki, Planning and Community Development Director
Body
Summary:
The attached resolution will approve the issuance by the Ridge at Sand Creek Metropolitan District ("the District") of Limited Tax General Obligation Bonds, Series 2023 in an amount not to exceed $2,590,000 and the related bond documents. These bonds will be privately placed with the developer with a coupon interest rate of 4.125%, and they are planned to be tax-exempt.
The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. Copies of the bond documents and associated supporting materials are attached.
This agenda item was reviewed by the City Council Budget Committee on April 11, 2023, and reviewed by City Council at the 5/8/23 work session.
This property is located in City Council District No. 5.
Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas primarily utilizing a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, with independently elected boards.
This residential metropolitan district was created in 2020.
The public improvements to be financed by these 2023 Bonds consist of a portion of eligible street, water, sewer, stormwater, and park and recreation improvements. A detailed summary of these costs is provided as an attachment.
This will be the first and presumably final deve...
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