Title
A Resolution of the City Council of the City of Colorado Springs, Colorado approving the Amended and Restated Consolidated Service Plan for Hancock Metropolitan District Nos. 1 & 2, for a district located in the Vicinity of Hancock Expressway and Chelton Road in Southeastern Colorado Springs.
Presenter:
Mike Tassi, Assistant Director, Planning and Community Development Department
Peter Wysocki, Planning and Community Development Director
Body
Summary:
The attached resolution will approve the Amended and Restated Consolidated Service Plan for Hancock Metropolitan District Nos. 1 & 2 (The District).
There is an existing service plan for the District. The City's Special District Policy (the "Policy) requires an existing service plan to be "amended and restated" if an existing district desires to utilize the parameters set in the recently adopted Policy. Copies of associated supporting materials are attached that was created in 2021.
This property is in City Council District No. 4
Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and maintain certain public improvements 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 proposed to be funded by future bond issuances are eligible improvements. A detailed summary of these costs is provided as an attachment (exhibit D of the Amended and Restated Service Plan)
The recently adopted Special District Policy allows for a one-time approval of a service plan that does not require an additional City Council meeting to authorize debt issuance. In this case the proposed amended and restated service plan limits the maximum debt to $8,257,000, which is the same amount of potential debt identified in the original service plan that was approved by City Council in 2021.
Exhibit D of the Service Plan contains the anticipated cost of the...
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