Title
A Resolution Authorizing the Issuance of Debt by Canyon Creek Metropolitan District Nos. 2 and 3 in the Form of Capital Pledge Agreement
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Body
Summary:
The Colorado Springs Urban Renewal Authority is in the process of issuing debt to reimburse eligible costs and expenses within the South Nevada Urban Renewal Area, specific to the Canyon Creek portion of this development. In association with this issuance, the Canyon Creek Metropolitan Districts No. 2 and 3 ("Pledge Districts") will be executing an agreement pledging their property tax revenues toward these bonds. Because this capital pledge agreement represents a multiple fiscal year obligation, it falls under the definition of formal debt under State statute. Issuance of debt by metropolitan districts requires prior authorization of debt issuance by City Council.
Previous Council Action:
City Council approved a consolidated service plan for the Canyon Creek Metropolitan Districts ("Districts") on October 14, 2008 (Resolution 177-08). On December 12, 2017, City Council approved a resolution temporarily appointing directors to District No. 2 (Resolution 154-17)
In November 2015 Council approved an urban renewal plan for a larger area encompassing this District.
This item was introduced to Council at a February 26, 2018, and scheduled for February 27, 2018 Council action. On February 27th, City Council postponed action on this item to today's date.
Background:
Canyon Creek Metropolitan District Nos. 1-3 Districts were created in 2008 under a consolidated service plan. District No. 1 is the operating district, District No. 2 is the residential district and District No 3 is the commercial district. District Nos. 2 and 3 have a total levy of 40.0 mills in place and have not previously issued any formal debt. Each of these districts has a debt service mill levy of 30.0.Together, the Di...
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