City of Colorado Springs
Share to Facebook Share to Twitter Bookmark and Share
File #: 19-396    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 7/15/2019 In control: City Council
On agenda: 9/24/2019 Final action: 9/24/2019
Title: A resolution approving a service plan allowing for the creation of the Stadium Metropolitan District. (Legislative) Presenter: Peter Wysocki, Director of Planning and Community Development Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Indexes: Metropolitan District
Attachments: 1. Resolution, 2. Exhibit - 2019 07 02 - Service Plan - Stadium MD, 3. Attachment 1- 2019 07 02 - Service Plan Transmittal Letter - Stadium MD, 4. Attachment 2- 2019 08 05 - Redline Comparison Service Plan - Stadium MD, 5. Attachment 3- Switchbacks - Cash flow forecast, 6. Attachment 4- Weidner Stadium - Revenues and Expenses at Normalized Operations, 7. Attahment 5- 8-19-19 Budget Commitee STADIUM PRESENTATION, 8. PowerPoint, 9. Signed Resolution 87-19.pdf
Title
A resolution approving a service plan allowing for the creation of the Stadium Metropolitan District.

(Legislative)

Presenter:
Peter Wysocki, Director of Planning and Community Development

Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department

Body
Summary:
This service plan would allow the formation of a Stadium Metropolitan District ("District") to own, operate and assist with the public financing of a proposed Downtown stadium.

This District will own operate the stadium facility, and directly appurtenant commercial uses. The multifamily residential development that is anticipated as part of this larger mixed use project, will not be included in this District.

This item was discussed by the City Council Budget Committee on August 13 and August 19, 2019, and was introduced to Council at a Work Session on September 9, 2019 with these discussions summarized below.

Background:
This proposed metropolitan district would own and operate the stadium portion of the larger overall mixed-use project that is proposed for this site. The stadium use itself and associated public improvements would not be taxable. However, the ancillary uses (e.g. restaurant and other concessions) would be taxable and potentially subject to a public improvement fee (PIF). The future multi-family and potential other phases of the project may have one or more separate districts proposed for them.

The service plan allows a debt service mill levy cap of up to 50.0 mills (because the uses in this district will be limited to public and commercial activities). The maximum debt authorization for this District would be $50,000,000. Included in the service plan is a statement that about $22.5 Million in public improvements (facility) costs are anticipated. The overall costs of the project are anticipated to be approximately $28,000,000 inclusive of land costs. However not all these costs would be reimbursable, and at this time, the pe...

Click here for full text