City of Colorado Springs
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File #: 20-053    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 1/21/2020 In control: City Council
On agenda: 2/25/2020 Final action: 2/25/2020
Title: A resolution approving the administrative dissolution of the Powers Center Metropolitan District Presenters Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Peter Wysocki, Planning and Community Development Director
Indexes: Metropolitan District
Attachments: 1. PowersCorridorDissolutionRES_2020-02-03, 2. Exhibit A - Board Resolution, 3. Attachment 1-Transmittal letter, 4. PowerPoint, 5. Signed Resolution 13-20.pdf
Title
A resolution approving the administrative dissolution of the Powers Center Metropolitan District

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

Body
Summary:
The attached resolution consents to the administrative dissolution of the Powers Center Metropolitan District, which will then by finalized through a State and District Court process. This metropolitan district has been inactive for several years. The District board of directors, the current property owner, and the contract purchasers are in all concurrence with its dissolution.

BACKGROUND:
A service plan for the approximately 25-acre Powers Center Metropolitan District "District" was approved by City Council in 2008. It was one of four metropolitan districts created by the same now inactive developer on the same day. Two of these (Downtown Metropolitan District and City Infrastructure Metropolitan District) have subsequently been dissolved and another (the Powers Metropolitan District) is active under a different owner and has issued debt. Since 2010, this District has been maintained in inactive status with the State of Colorado, with an option for future use. As represented by the District's general counsel, the expected purchaser of this property has a clause in their pending sales contract requiring dissolution prior to closing.

Since approximately 2010, this District has maintained inactive status with the State, has not certified a mill levy, and has no outstanding formal financial obligations. Although there has been some development activity in the District (its current assessed valuation is $544,460), the current board, current property owner and expected purchaser of the property all desire to see it dissolved.

Currently, all of the District property is vacant and zoned Planned Unit Development (PUD) for multifamily uses. Development applications are in process to ...

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