City of Colorado Springs - File #: 23-108

• File #: 23-108
• Version: 1
• Name: Upper Cottonwood Creek No. 4 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. 4 Limited Tax General Obligation Bonds, Series 2023, and related bond documents in an amount not to exceed $23,375,000 for a district located in the Wolf Ranch development in northern Colorado Springs. Presenter Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Peter Wysocki, Planning and Community Development Director , Planning and Community Development Director
• Indexes: Issuance of Debt, Metropolitan District

Date	Ver.	Action By	Action	Result
3/28/2023	1	City Council	adopted	Pass
3/13/2023	1	Council Work Session	referred

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. 4 Limited Tax General Obligation Bonds, Series 2023, and related bond documents in an amount not to exceed $23,375,000 for a district located in the Wolf Ranch development in northern Colorado Springs.

Presenter
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Planning and Community Development Director
, Planning and Community Development Director
Body
Summary:
The attached resolution will approve the issuance by the Upper Cottonwood Creek Metropolitan District No. 4 ("the District") of Limited Tax General Obligation Bonds, Series 2023 in an amount not to exceed $23,375,000 and the related bond documents. These bonds will be privately placed with the developer with an interest rate of 6.0%. This debt is being structured in the form of "draw down bonds" with successive draws to be taken in 2023, 2024 and 2025. This would be the third issuance of debt by this particular district. Based on the total of $34,000,000 in debt authorized by this District, this 2023 issuance would effectively use up the remaining debt authorization.

The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. This bond issue is contemplated by the District's Council-approved service plan. Copies of the bond documents and associated supporting materials are attached.

This agenda item was discussed by the City Council Budget Committee on February 28, 2023 and introduced at a Council Work Session on March 13, 2023. A summary of these discussions is provided below.

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

Note: A summary of this item is provided with the PowerPoint included with the prior agenda item (debt issuance by District No. 3).

Background:
Metropolitan districts...