Title
Resolution approving an amendment to the Service Plan for the Upper Cottonwood Creek Metropolitan District Nos. 2, 3, 4 and 5.
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Body
Summary:
This service plan amendment would allow Upper Cottonwood Creek Metropolitan District Nos. 3, 4 and 5 to certify an operational mill levy of up 20.0 mills. The current service plan limits the operational mill levy to 10.0 mills, which is consistent with the City's Model Service Plans and 2006 Special District Policy. The increase would be applicable only to District Nos. 3, 4 and 5, which are currently undeveloped. The maximum operational mill levy would remain at 10.0 mills for previously developed areas in the Upper Cottonwood Creek Metropolitan Districts, specifically Districts No. 1 and No. 2.
Previous Council Action:
The Wolf Ranch Master Plan was approved in 2001. In 2002, City Council first approved a joint service plan for the Upper Cottonwood Creek and Old Ranch Metropolitan Districts (Resolution 144-02). Council approved a consolidated service plan for the Upper Cottonwood Creek Metropolitan District Nos. 2, 3, 4 and 5 on March 28, 2006 (Resolution 38-06). Council authorized issuance of up to $2,250,000.00 in debt for District No. 2 on October 26, 2010 (Resolution 184-10).
This item was introduced at the March 7, 2016 Council Work Session.
Background:
Along with the Old Ranch Metropolitan District, the Upper Cottonwood Creek Metropolitan Districts (the "Districts") provide financing and a source of reimbursement for qualifying public improvements within the Wolf Ranch development (refer to attached Wolf Ranch Master Plan and District Facilities Maps). Additionally, the Districts provide significant ongoing ownership and operational functions within this development including maintaining parks, entry features, streetscape landscaping, and operating a recreation center. Future improv...
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