Title
Authorization for Gold Hill Mesa Metropolitan District No. 2 to issue up to $6,360,000 in Debt as a Limited Tax General Obligation Loan
(Legislative Matter)
Body
From:
Peter Wysocki, Planning and Development Director
Summary:
This introduces a request to approve issuance of formal debt in an aggregate amount of up to $6,360,000 by the Gold Hill Metropolitan District No. 2 ("District") in the form of a bank loan for the primary purpose of refinancing previously issued debt and also to reimburse certain additional public improvement expenses. The City's Special District Policy ("Policy") and the District's approved service plan require that City Council's approval be obtained prior to issuing any debt. Formal City Council action on this item would occur on December 8, 2015.
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.
Previous Council Action:
The District was established by election in November 2004, following initial approval by Council of a service plan earlier that year (Resolution No.197-04). Council subsequently approved an amended and consolidated service plan for the Districts, by Resolution No. 99-06 adopted on July 11, 2006. A minor amendment was approved in 2007 to allow snow removal as an operational function. On July 26, 2011 Council authorized the issuance of up to $9,460,000 in debt in the form of a combination of bank loans and subordinate bonds (Resolution No. 127-11). City Council designated the Gold Hill Mesa area as an urban renewal area in 2004, and in 2015 bifurcated these boundaries to establish a separate urban renewal area for the commercial part of the property. Over the past decade Council has also approved a variety of zoning and related land use applications for this development.
Background:
Metropolitan districts are created under Colorado Statute and City Policy to fin...
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