Title
Resolution Authorizing the Patriot Park Metropolitan District No. 2 to Issue Series 2021 General Obligation Limited Tax Bonds in an Aggregate Principal Amount Not to Exceed $3,250,000.
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This is a request to approve issuance of formal debt in an aggregate principal amount of up to $3,250,000 by the Patriot Park Metropolitan District No. 2 ("District") in the form of a marketed tax-exempt bond issue to reimburse public improvements and related costs for this largely completed residential project. The City's Special District Policy and the District's approved service plan require that City Council's approval be obtained prior to issuing any debt.
This request was introduced at a December 7, 2020 Council Work Session, at which there were no requests for additional information.
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.
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 utilizing a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, but their service plans and the City's Special District Policy require City Council approval of all formal debt. The standard of review of the debt instruments is consistency with the service plan and all applicable laws.
Patriot Park Metropolitan District No. 2 is part of consolidated service plan for two metropolitan districts. District No. 1 is the non-residential district, and its property taxes will not be pledged toward this debt.
The proposed Series 2021 bonds are anticipated to be non-taxable and marketed to third p...
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