Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving a Fourth Service Plan Amendment for the Colorado Crossing Metropolitan Districts No. 1 through 3 to authorize an increase in the combined maximum authorized debt of the Districts from $50,000,000 to $72,000,000 and to authorize the creation of Special Improvement Districts for a property located south of Interquest Parkway and east of I-25
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Director, Planning and Community Development
Body
Summary:
This service plan amendment ("Amendment") would allow the Colorado Crossing Metropolitan Districts Nos. 1-3 (Districts) to increase its maximum combined authorized indebtedness from $50,000,000 to $72,000,000 in order to accommodate additional financing costs that are proposed to be associated with creation of two special improvement districts (SIDs) within Colorado Crossing Metropolitan District No 2. The amendment would further limit general obligation debt to no more than $60,000.000 and special assessment debt to no more than $12,000,000.
With the exception of this specific amendment, the provisions of the original 2006 service plan for the District and the First, Second and Third Amendments, would remain in force and effect
Immediately following this agenda item is a request for authorization to issue special revenue debt by Colorado Crossing Metropolitan District No. 2 with revenues generated from the assessment districts. Approval of that item would be contingent on prior approval of this item.
These metropolitan districts are located in Council District No. 2, and the project is commonly referred to as Victory Ridge. The developer is Westside Development Partners.
This item was discussed at the March 22, 2022, City Council Budget Committee with the focus being on the assessment district topic (see discussion later in this memo).
Background:
The 20...
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