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Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Vistas at West Mesa Metropolitan Senior Cash-Flow Bonds in an amount not to exceed $1,700,000 and related bond documents for a district located east of Centennial Boulevard and north of Fillmore Road.
Presenter:
Hannah Van Nimwegen, Senior Planner, 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 $1,543,000 and not to exceed $1,700,000 in the form of General Obligation Limited Tax Bonds (Cash-Flow), Series 2022 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 reimburse developer advances and fund anticipated public improvements costs as described in the submitted materials.
The bonds are anticipated to be tax-exempt, externally marketed, and carry an interest rate of about 5.75% (to be set prior to closing).
Approval of this debt issuance will require a two-thirds majority of the entire City Council (at least six affirmative votes) due to the requested authorization exceeding 10% of the existing valuation of the property as required by City Charter Article 7-100.
This agenda item was presented at the February 22, 2022, City Council Budget Committee meeting. No questions, comments, or concerns were brought forward.
This property is located in Council District No. 1.
Background:
The Vistas at West Mesa Metropolitan District was originally created in 2021 and provides financing and a source of reimbursement for qualifying public improvements within this approximately 6.6-acre development. The subject...
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