Title
Resolution Approving a Third Amendment to the Service Plan for the Colorado Crossing Metropolitan District Nos. 1-3 Increasing the Maximum Debt Authorization from $35,000,000 to $50,000,000.
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Director, Planning and Community Development
Body
Summary:
This service plan amendment would allow the Colorado Crossing Metropolitan Districts Nos. 1-3 (Districts) to increase its maximum authorized indebtedness from $35,000,000 to $50,000,000 in order to accommodate increased development and financing costs which have been realized since this original service plan was approved in 2006.
With the exception of this specific amendment, the provisions of the original 2006 service plan for the District and the First and Second Amendments, would remain in force and effect
Immediately following this agenda item is a request for authorization to issue a combination of refunded and new debt by Colorado Crossing Metropolitan District No. 2 with a pledge of revenues from District Nos. 1 and 3. Approval of that item would be contingent on prior approval of this item.
This agenda item was introduced at an October 26, 2020 Council Work Session, at which time the applicants provided a detailed and updated presentation on both agenda items, including responses to questions provided at an October 20, 2020 Budget Committee pertaining to these items.
Background:
The 2006 City Special District Policy and the accompanying Model Service Plans require that service plans for metropolitan districts include total debt issuance limits, either for all combined districts that are part of a consolidated service plan, or with specific limits for individual districts. The original 2006 service plan for these Districts includes an aggregate debt issuance limit of no more than $35,000,000. The Districts have petitioned to increase this combined limit to $50,000,000, based o...
Click here for full text