Title
A Resolution of the City of Colorado Springs approving an Amended and Restated Service Plan for the Upper Cottonwood Creek Metropolitan District No. 5 serving the Wolf Ranch area in northern Colorado Springs
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 that governs the Upper Cottonwood Creek Metropolitan District No. 5 ("District"). The existing service plan that currently authorizes Upper Cottonwood Creek Metropolitan District Nos. 2-5 would continue to apply to District Nos. 2-4 but not to District No. 5. This amended service plan conforms with Council's recently adopted changes to the Special District Policy and model service plan. For District No. 5 only, this amended service plan would specifically allow for potentially higher debt service and operational mill levies for the residential districts, and for the "pre-authorization" of future debt issuances, without the need to come back to Council for separate approval. As part of this request, the petitioners are also requesting approval of an increase to the district-specific maximum debt limit for this District from $28,650,000 to $72,000,000.
This item was discussed by the City Council Budget Committee on October 25, 2022 and introduced to Council at a Work Session on November 7, 2022 at which time there was high level discussion pertaining to the implications of the new Policy and model plans, and also a request for the applicants to present their case for the increase in the maximum debt limit for this District (also refer to discussion below).
This property is located in City Council District No. 2.
Background:
These original four metropolitan districts were created in late 2006 following Council's approval of the original service plan earlier that year. In 2016 C...
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