City of Colorado Springs
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File #: 19-515    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 8/20/2019 In control: City Council
On agenda: 9/10/2019 Final action: 9/10/2019
Title: A Resolution Amending Resolution 52-19 to Allow an Increase in the Maximum Amount Debt Authorized by Copper Ridge Metropolitan District in the Form of Tax Increment and Sales Tax Supported Revenue Bonds. (Legislative) Presenters: Peter Wysocki, AICP, Planning and Community Development Director Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Attachments: 1. Amended Copper Ridge Metro Debt Resolution9-10-19, 2. Transmittal letter 082019, 3. Originial Resolution 52-19, 4. Powers total cost with Wildcat Bid 081919, 5. CRMD Cash Flow Model 8.16.19_$70M, 6. Powerpoint, 7. Signed Resolution 84-19.pdf


Title
A Resolution Amending Resolution 52-19 to Allow an Increase in the Maximum Amount Debt Authorized by Copper Ridge Metropolitan District in the Form of Tax Increment and Sales Tax Supported Revenue Bonds. (Legislative)

Presenters:
Peter Wysocki, AICP, Planning and Community Development Director
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development

Body
Summary:
On May 28, 2019, by Resolution 52-19, Council authorized the Copper Ridge Metropolitan District (the "District") to issue 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. This amendment would allow an increase in the maximum amount of authorized debt from $61,000,000 to $70,000,000. The increase is needed because project bids came in higher than expected. An updated financial model is provided indicating that revenues are projected to be sufficient to support this higher bond about. The net available proceeds will continue to be used to complete Phase I of the Powers Boulevard extension from I-25 to Voyager Parkway.

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 discussed at an August 19, 2019 meeting of the City Council Budget Committee and introduced to Council at a Work Session on August 26, 2019.

Previous Council Action:
The District was established by an election held 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 genera...

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