Title
Resolution approving an amendment to the Service Plan for the Flying Horse Metropolitan District Nos. 1-3.
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Body
Summary:
This service plan amendment would allow the Flying Horse Metropolitan District Nos. 1-3 to increase their total combined property tax mill levy from 35.0 to 40.0 mills with operational mill levy of up 10.0 mills and a debt service mill levy of up to 30.0 mills. The current (2004) service plan limits the combined mill levy to 35.0 mills which is less than now allowed under the 2006 Special District Policy. The increase would be applicable to all properties in Districts 2 and 3, including properties currently owned by individual resident property owners.
Previous Council Action:
City Council approved a consolidated service plan for the Flying Horse Metropolitan Districts (Resolution 184-04). On April 28, 2005 City Council authorized issuance of a total of $37.53 Million in debt in the form of a total of four issuances among the three districts (Resolutions No. 82, 83 and 84-05) On September 9, 2008, Council authorized refunding and improvement bonds for District No. 2 in an amount not to exceed $25,000,000 (Resolution No. 160-08). This 2008 issuance did not occur due to the economic downturn. In 2013 City Council authorized the issuance of up to $23,085,000 in bonds by District No. 2 (Resolution No. 61-13).
This item was introduced to Council at a work session on November 13, 2018. It has been scheduled for this regular meeting in order to meet statutory notice requirements. A City Council Budget Committee meeting regarding this request has been scheduled for December 5, 2017.
Background:
The Flying Horse Metropolitan Districts provide financing and a source of reimbursement for qualifying public improvements within the Flying Horse Ranch. District No. 1 is the small developer-controlled operating district. Distr...
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