City of Colorado Springs Logo
File #: 23-107    Version: 1 Name: Upper Cottonwood Creek No. 3 MD
Type: Resolution Status: Mayor's Office
File created: 2/7/2023 In control: City Council
On agenda: 3/28/2023 Final action: 3/28/2023
Title: A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Upper Cottonwood Creek Metropolitan District No. 3 Limited Tax General Obligation Bonds, Series 2023 in the amount not to exceed $4,115,000 and related bond documents, for a district located in the Wolf Ranch area in northern Colorado Springs Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Department Peter Wysocki, Planning and Community Development Director
Indexes: Issuance of Debt, Metropolitan District
Attachments: 1. Resolution, 2. Staff PowerPoint UCC MD 3 & 4 Bond Issues, 3. Applicant 2023-02-23 Upper Cottonwood Creek MD No 3 BC PowerPoint, 4. 2023 Bond Issuance Cover Letter to Colorado Springs, 5. 2023-01-30 Upper Cottonwood Creek MD No. 3 2023 Cash Flows, 6. Draft Bond Resolution - UCC MD No. 3, 7. 2023-02-01 Upper Cottonwood Creek No. 3 Fairness Letter, 8. 2023 Draft GC Bond Opinion - UCC MD No. 3, 9. Draft Bond Counsel Opinion - UCC MD No. 3, 10. Signed Resolution No. 40-23.pdf
Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Upper Cottonwood Creek Metropolitan District No. 3 Limited Tax General Obligation Bonds, Series 2023 in the amount not to exceed $4,115,000 and related bond documents, for a district located in the Wolf Ranch area in northern Colorado Springs

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Department

Peter Wysocki, Planning and Community Development Director

Body
Summary:
The attached resolution will approve the issuance by the Upper Cottonwood Creek Metropolitan District No. 3 ("the District") of Limited Tax General Obligation Bonds, Series 2023 in an amount not to exceed $4,115,000 and the related bond documents. These bonds will be privately placed with the developer with an interest rate of 6.0% and are planned to be tax-exempt. This would be the fourth bond issuance by this District. These bonds would be issued at parity with the prior bonds issued by this District.

The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. Copies of the bond documents and associated supporting materials are attached.

This agenda item was reviewed by the City Council Budget Committee on February 28, 2023, and the introduced to Council at Work Session on March 13, 2023. These discussions are summarized below.

This property is located in City Council District No. 2.

Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas primarily utilizing a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, with independently elected boards.

The public improvements to be financed by these 2023 Bonds consist of a portion of eligible street, water, sewer, and par...

Click here for full text



The City of Colorado Springs is committed to making its websites accessible to the widest possible audience. We are constantly working to increase the accessibility and usability of our online technology. We strive to maintain conformance to Web Content Accessibility Guidelines (WCAG) 2.1 as well as U.S. Federal Government Section 508 Guidelines. The City of Colorado Springs will be evaluating this site on a regular basis and it will continue to evolve and improve over time as new technologies emerge. If you experience difficulty accessing the information contained within this webpage please contact the Office of Accessibility at 719-385-5169.