Title
A Resolution authorizing issuance of debt by the Tuscan Foothills Village Metropolitan District in the form of Limited Tax General Obligation Convertible Capital Appreciation Bonds in an aggregate principal amount of $1,100,000.
(Legislative Item)
Presenter:
Peter Wysocki, Director, Planning and Community Development
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to authorize issuance of debt by the Tuscan Foothills Village Metropolitan District ("District") in the form of Limited Tax General Obligation Convertible Capital Appreciation Series 2019 bonds in an amount not to exceed $1,100,000 in maximum debt authorization. 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.
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.
This item was presented at the August 13, 2019 City Council Budget Committee meeting, and introduced at the September 9, 2019 Council Work Session.
At the Work Session there was limited discussion, and there were no requests for follow-up information. Councilman Knight noted his previously articulated concerns with this item.
Previous Council Action:
The District was established by election in November of 2016, following approval by Council of a service plan at a special meeting on September 27, 2016 (5-3 vote with 1 member excused). (Resolution No. 97-16). This followed a series of actions at prior hearing including an original denial and a reconsideration. On January 9, 2018, Council approved an additional inclusion of property into this District (6-3 vote).
Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas, primarily ...
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