Title
Reconsideration of a resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of a Subordinate Taxable Limited Tax General Obligation and Public Improvement Fee Loan 2014A by the Copper Ridge Metropolitan District.
Body
From:
Peter Wysocki, Planning and Development Director, Planning and Development Department
Summary:
A request to approve issuance of $3,000,000 in formal debt related to the Copper Ridge Metropolitan District ("District") in the form of a bank loan. This would be the second formal indebtedness issued by the District. The City's Special District Policy and the District's approved service plan require that City Council's approval be obtained prior to issuing any debt. This item was introduced to City Council on June 9, 2014.
Previous Council Action:
The District was established by election in May 2008, following approval by Council of a service plan in March of that year (Resolution No. 51-08). Council approved a variety of land use actions for this project area in 2009 including a master plan amendment, a zone change to Planned Unit Development (PUD), and a concept plan. Council also approved an urban renewal plan for this property in 2010. On November 26, 2013 City Council approved issuance of the first formal indebtedness of this District in the form of a Taxable Limited Tax General Obligation Loan in principal amount not to exceed $1,850,000 (Resolution 111-13).
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, but their service plan and the Special District Policy require City Council approval of all formal debt. The standard of review of the bond/loan documents is consistency with the service plan.
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