Title
A resolution of the City of Colorado Springs approving a service plan for the Hancock Metropolitan District Nos. 1 & 2 located in the vicinity of Hancock Expressway and Chelton Road in southeastern Colorado Springs.
(Legislative)
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This service plan would allow the formation of the Hancock Metropolitan District Nos. 1 & 2 ("Districts") to finance public improvements cost and provide services for the proposed development of this approximately 20-acre site located near Hancock Expressway and Chelton Road. District No. 1 would be the residential district, with District No. 2 functioning as the commercial district.
The petitioners previously requested authorization for an additional "special purpose mill levy" of 5.0 mills for covenant enforcement and related purposes. No other deviations from the Special District Policy the Model Service Plan are being requested
The "special purpose mill levy" was discussed by the City Council Budget Committee on March 23, 2021, at which time the applicant agreed to remove the previously requested allowance for an additional special purpose mill levy in lieu of HOA functions. The Budget Committee also asked for an initial financial model that would support the requested $8,257,000 debt authorization in comparison with the projected $5.5M in costs. This has been provided and is attached.
Included with this submittal is a consent from the current owner of this parcel, for formation of these districts.
Background:
These proposed metropolitan districts would provide property tax-based public improvements financing and services for the proposed development of this site. The overall proposed district area encompasses about 20 acres initially with no designated future inclusion areas identified in this service plan. About 16 acres would b...
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