Title
A resolution approving a service plan allowing for the creation of the Gold Hill North Metropolitan District Nos. 1 & 2.
(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 Gold Hill North Metropolitan District Nos. 1 & 2 ("Districts") to finance public improvements cost and provide services for the current undeveloped portions of the Gold Hill Mesa generally located along U.S. highway 24 and Fountain Creek. A related business improvement district (BID) is being concurrently proposed. Both metropolitan districts would function as residential districts potentially for different phases of the project. Non-residential property would be included in the corresponding Business Improvement District. There may be situation where there would be vertical separation in district boundaries (e.g. between floors in mixed use buildings).
The existing Gold Hill Mesa District Nos. 1-3 will remain to service debt and provide services associated with the developed or developing areas of the project generally located at the top of the Mesa.
These additional districts are being proposed in order to finance the newer phases of the project, and to separate them from the prior districts, one of which has had debt in place for a number of years.
No deviations from the Special District Policy and model service plan are being requested.
Ultimately, debt could be issued by one or both of these districts, potentially with a pledge of revenues from the BID and/or the urban renewal area. Alternately, the BID or the Urban Renewal Authority could issue debt with an applicable pledge from one or more of these metropolitan districts.
This item was discussed by the City Council Budget Committee on June 22, 2021 and introduced at a Council Work Session on July 12, 2021. At the Work Ses...
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