City of Colorado Springs - File #: 17-909

• File #: 17-909
• Version: 2
• Name: Colorado Crossing Nos. 1, 2 & 3
• Type: Resolution
• Status: Mayor's Office
• File created: 3/27/2017
• In control: City Council
• On agenda: 5/9/2017
• Final action: 5/9/2017
• Title: A Resolution Approving the Issuance of Debt by Colorado Crossing Metropolitan District Nos. 1, 2 and 3 in the Form of a Series 2017 Limited Property Tax Supported Revenue Bond issued by Colorado Crossing Metropolitan District No. 2 and a Capital Pledge Agreement Supporting the 2017 Bonds entered into among Colorado Crossing Metropolitan District Nos. 1, 2 and 3 (Legislative) Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
• Indexes: Issuance of Debt, Metropolitan District

Date	Ver.	Action By	Action	Result
5/9/2017	1	City Council	adopted	Pass
4/24/2017	1	Council Work Session	referred

Title
A Resolution Approving the Issuance of Debt by Colorado Crossing Metropolitan District Nos. 1, 2 and 3 in the Form of a Series 2017 Limited Property Tax Supported Revenue Bond issued by Colorado Crossing Metropolitan District No. 2 and a Capital Pledge Agreement Supporting the 2017 Bonds entered into among Colorado Crossing Metropolitan District Nos. 1, 2 and 3

(Legislative)

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount not to exceed $15,000,000 (final amount to be determined upon public sale of the bonds) by Colorado Crossing Metropolitan District No. 2 ("District") in the form of (1) a 2017 Limited Property Tax Supported Revenue Bond ("the Bonds"), to be repaid from property tax, public improvement fee (PIF) revenues and other allowable District revenues, and (2) a Capital Pledge Agreement among the District, Colorado Crossing Metropolitan District No. 1 ("District No. 1") and Colorado Crossing District No. 3 ("District No. 3" and collectively with the District and District No. 1, the "Districts") pursuant to which the aforementioned revenues of the Districts are pledged to repayment of the Bonds. The City's Special District Policy and the Districts' service plan require that City Council's approval be obtained prior to issuing any debt.

Authorization of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter section 7-100.

Previous Council Action:
Mixed use PUD zoning and concept plan were approved for the Colorado Crossing development in 2005. In 2006 City Council approved a consolidated service plan for the Districts (Resolution 126-06). On October 25, 2016, by Resolution 111-16, Council approved a service plan amendment allowing for an increase in the Maximum Operating Mill Levy for District No. 3 from the usual 10.0 mi...