Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of debt by the Reagan Ranch Metropolitan District No. 1 in the form of General Obligation Limited Tax Bonds in an aggregate amount not to exceed $18,200,000 located northeast of the Colorado Springs Airport in the Banning Lewis Ranch Master Plan Area.
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This is a request to approve issuance of formal debt by the Reagan Ranch Metropolitan District in an approximate aggregate amount of $16,575,000 and not to exceed $18,200,000 in the form of General Obligation Limited Tax Bonds, Series 2021A(3) to be repaid from a combination of property tax, associated revenues and facility fees. The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt.
The net revenues from this issuance will be used to reimburse eligible public improvements costs.The bonds are anticipated to be tax-exempt, externally marketed and to carry an average interest rate of 5.25%.
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.
This agenda item was discussed at the September 28, 2021 City Council Budget Committee meeting. There were no requests for changes or additional information.
Note: The preceding item on today's agenda is related to this item. It would amend the service plan for these districts to have District No. 1 function as the only residential district, and would reallocate maximum debt limits among District Nos. 1, 2 and 3. Please refer to the PowerPoint included with the prior agenda item.
Background:
The Reagan Ranch Metropolitan District Nos. 1-3 were originally created in 202...
Click here for full text