Title
A Resolution of the City of Colorado Springs approving an Amended and Restated Service Plan for the North Meadow Metropolitan District Nos. 1-5 serving an area in the northern part of Banning Lewis Ranch
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development Department
Peter Wysocki, Planning and Community Development Director
Body
Summary:
This amended and restated service plan would replace the existing approved service plan for the North Meadow Metropolitan Districts Nos. 1-5 ("Districts") which were originally created in 2021 to serve this area of the Nor'wood ownership in Banning Lewis Ranch. This amended service plan conforms with Council's recently adopted changes to the Special District Policy and model service plan. The amended service plan would specifically allow for potentially higher debt service and operational mill levies or the residential districts, and for the "pre-authorization" of future debt issuances, without the need to come back to Council for separate approval. There are no changes proposed to either the district structure, the development assumptions, or the overall requested debt limit for these Districts.
This property is located in City Council District No. 6.
This agenda item was discussed at the September 27, 2022 Council Budget Committee and then introduced at the October 24, 2022 Council Work Session. The item is summarized in an attached staff Work Session PowerPoint.
Background:
These five metropolitan districts were created in mid-2021 following Council's approval of the original service plan earlier that year. District No. 1 is intended to be the operating district and would include little or no development. District Nos. 2-4 are intended to be the residential districts within this project area, with District No. 5 planned as the commercial district.
In early 2022, City Council then authorized issuance of up to $110 Million in marketed debt by District No. 5 with a...
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