Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Westgate Metropolitan District Limited Tax General Obligation Bonds, Series 2021 in the amount not to exceed $13,000,000 and related bond documents for a district located south of Platte Avenue and west of Powers Boulevard
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Peter Wysocki, Planning and Community Development Director
Body
Summary:
This is a request to approve issuance of formal debt in an approximate aggregate amount of $11,560,000 and not to exceed $13,000,000 in the form of General Obligation Limited Tax Bonds, Series 2021 to be repaid from a combination of property tax and associated revenues. 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.
This will be the first issuance of debt by this district. The net proceeds from this issuance will be used to repay existing developer advances, with the balance used for near term future public improvements including a bridge over Sand Creek.
The bonds are anticipated to be tax-exempt, externally marketed and carry an interest rate of about 4.5% (to be set prior to closing).
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 an October 26, 2021 Council Work City Council Budget Committee meeting.
This property is located in Council District No. 4.
Background:
The Westgate Metropolitan District was originally created in 2013 and provides financing and a source of reimbursement for qualifying public improvements within this approximately 56-acre development. This development in the Troy Hill Road area has recently begun vertical development, with one convenience store constructed to-date. ...
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