Title
A Resolution Approving the Issuance of Debt by Copper Ridge Metropolitan District in the Form of Tax Increment and Sales Tax Supported Revenue Bonds. (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 of up to $61,000,000 in Tax Increment and Sales Tax Supported Revenues Bonds, Series 2019 to be repaid from a combination of property tax and sales tax increment financing (TIF) revenues, as well as a portion of the City's sales tax after expiration of the TIF period. The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt.
The proceeds from this anticipated debt issuance would be used to finance completion of the segment of Powers Boulevard from Voyager Parkway to I-25.
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 an election in May 2008 following adoption by Council of a resolution authorizing creation of the District (Resolution No. 51-08). In 2010 City Council approved an urban renewal plan for the area where the District is located. In 2013, Council approved an initial debt issuance of $1,850,000 in the form of a general obligation loan (Resolution No, 111-13). In 2014, Council authorized issuance of up to $3,000,000 in debt as an additional loan (Resolution No, 63-14). On June 14, 2016 additional debt of $11,250,000 was approved in the form of Resolution No. 61-16. On February 13, 2018 Council authorized issuance of up to $6,000,000 in additional debt in the form of another bank loan (Resolution No. 8-18). City Council has also approved a number of actions pertinent to the urban renewal designation for this area.
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