Title
A resolution approving the Second Amendment to the Service Plan for Upper Cottonwood Creek Metropolitan District Nos. 2-5 to Modify the Maximum Authorized Debt Limits for Each District in Wolf Ranch.
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Director, Planning and Community Development
Body
Summary:
This service plan amendment ("Second Amendment to the Service Plan") would allow for district-specific reallocations of the maximum authorized debt limits for the Upper Cottonwood Creek Metropolitan District Nos. 2-5 ("Districts")
With the exception of this specific amendment, the remaining provisions of the original 2006 service plan for the Districts, would remain in force and effect, as previously amended in 2016.
This agenda item was introduced at the September 28, 2021 Budget Committee. Questions were asked regarding the related boundary modifications. There was also a request to summarize the existing amounts of debt issued to-date by each district.
Background:
These four metropolitan districts were originally created in 2006 for the approximately 2,000-acre Wolf Ranch project located in the northern part of Colorado Springs. In 2016 an amendment of this service plan was approved to allow the operational mill levy for District Nos. 3-5 (but not District No. 2) to be increased from 10.0 to 20.0 mills. Gallagher adjusted.
These four districts are associated with the original and earlier created Old Ranch and Upper Cottonwood Creek Metropolitan District No. 1.
The 2006 consolidated service plan for District Nos 2-5 contains district-specific authorized debt limits that the Districts desire to reallocate as follows:
District No.
Original Debt Limit
Revised Debt Limit
|1010| $25,000,000
$12,350,000|1010| $35,000,000
$22,500,000|1010| $30,000,000
$34,000,000|1010| $ 7,500,000
$28,650,000
Totals
$97,500,000
$97,500,000
The debt issued to date by th...
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