Title:
Resolution approving a First Amendment to the Service Plan for the North Meadow Metropolitan District Nos. 1-5 to allow for a Maximum Combined Debt Authorization of $200,000,000 and for the Removal of District-specific Debt Authorizations
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Peter Wysocki, Planning and Community Development Director
Body
Summary:
This service plan amendment would allow the North Meadow Metropolitan Districts Nos. 1-5 (Districts) to increase their combined maximum debt authorization from $145,000,000 to $200,000,000 and would remove the existing specific maximum debt caps for individual districts.
Since these Districts were created in early 2021 the developer has recalibrated their improvements cost estimates. They would also like to issue debt with a multiple district pledge of revenues. The district-specific debt authorization caps in the current service plan will not allow this.
This property is located in City Council District No. 6.
This item was discussed by the City Council Budget Committee on February 22, 2022, with several questions asked (refer to discussion below).
Note: The debt authorization agenda item which follows this one, is contingent on approval of this service plan amendment.
Background:
These five related metropolitan districts were recently created to provide public improvements and ongoing operations and maintenance services for the Percheron development located in the northern part of Banning Lewis Ranch along Woodmen Road. District No. 1 is expected to function as a small operating district. District Nos. 2-4 are anticipated to be residential districts with District No. 5 operating as the commercial district.
Based on cost estimates available in early 2021, this service plan was approved with an overall combined debt authorization cap of $145,000,000. Additionally, district-specific caps were assigned as follows:
District No. 1 ...
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