Title:
Resolution Approving an Amended and Restated Service Plan for The Sands Metropolitan District Nos. 1-3 and The Sands Metropolitan District No. 5.
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Body
Summary:
This amended and restated service plan will have the effect of bringing the existing Sands Metropolitan District Nos. 1-3 under the authority of a City Council-approved metropolitan district service plan, and would authorize creation of an additional District No. 5 which would encompass the Ridge at Sand Creek property. This proposed amended and restated service plan is generally consistent with the City's Model Service Plan other than with respect to mill levy caps and other provisions agreed to as part of an IGA executed between the City and the Sands Metropolitan Districts Nos 1, 2 and 3, in June of 2018.
At the September 23, 2019 Work Session introducing this item, a request was made to specify the amounts of the overall maximum authorized indebtedness allocated to District No. 5 and District Nos. 1-3 respectively. A revised service plan is now attached, specifying that the maximum debt authorization for District No. 5 will be $4,545,972 and the combined maximum for District Nos. 1-3 will be $23,994,131, with a collective maximum of $28,540,103 for all of the Districts.
Background:
The existing Sands Metropolitan District Nos, 1-4 were originally created in unincorporated El Paso County in 2016, under the approving authority of the Board of County Commissioners. Consistent with the above-referenced 2018 IGA, the petitioners are filing an amended and restated service plan for the Sands District Nos. 1-3 using the City's Model Service Plan. These properties have now been annexed into the City. The properties in the Sands Metropolitan District No. 4 remain in the unincorporated County, and the original County service plan will remain in force and effect only for that district.
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