Legislation Details

File #: Ord 1952    Version: 1 Name: ECA GID Establishment Ordinance
Type: Ordinance Status: Passed
File created: 2/27/2013 In control: City Council
On agenda: 4/1/2013 Final action: 4/1/2013
Title: AN ORDINANCE ESTABLISHING AND CREATING THE COMMERCE CITY E-470 COMMERCIAL AREA GENERAL IMPROVEMENT DISTRICT; MAKING CERTAIN FINDINGS AND DETERMINATIONS RELATED THERETO; AND WAIVING ALL REQUIREMENTS FOR NOTICE, PUBLICATION, PUBLIC HEARING, ELECTION AND FILING OF A BOND AS PERMITTED BY STATUTE
Attachments: 1. Ordinance 1952 Final, 2. ECAGID Petition
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
4/1/20131 City Council approved on second & final reading  Action details Meeting details Video Video
3/4/20131 City Council introduced by council as seated and approved on first readingPass Action details Meeting details Not available

Title

AN ORDINANCE ESTABLISHING AND CREATING THE COMMERCE CITY E-470 COMMERCIAL AREA GENERAL IMPROVEMENT DISTRICT; MAKING CERTAIN FINDINGS AND DETERMINATIONS RELATED THERETO; AND WAIVING ALL REQUIREMENTS FOR NOTICE, PUBLICATION, PUBLIC HEARING, ELECTION AND FILING OF A BOND AS PERMITTED BY STATUTE

Body

Summary and Background Information: 

 

•      DIATC is ready to develop.

•      DIATC found that it is not possible to obtain financing for infrastructure construction until there is assessed valuation available to support the debt service.

•      The City Council was briefed regarding the need to form a new general improvement district to finance the construction of the infrastructure required for development from Denver to 120th Avenue and between the existing Northern Infrastructure General Improvement District (NIGID) and the Denver International Airport.

•      The City Council was briefed regarding using a new general improvement district to provide a loan to DIATC for the construction of the infrastructure required to allow development to start.

•      The property owner for DIATC has submitted the petition requesting the formation of the E-470 Commercial Area General Improvement District (ECAGID).

•      A colored map illustration has been added to the petition for ease of identifying the subject property.

•      The petition meets the requirements of the state statutes.

•      Because the petition is signed by 100% of the property owners, the state statutes allow the City Council to waive the requirements for notice, publication, public hearing, election and filing of a bond.

•      Passage of the ordinance establishes the ECAGID.

•      There will need to be an election of the ECAGID this fall to set the mill levy and authorize issuing debt.

•      The plan is on April 1 to submit resolutions and intergovernmental agreements establishing the relationship between the two GIDs and loaning the funds from the ECAGID to the DIATC Metro District for adoption after the second reading of the ordinance.

 

 

 

Staff Responsible (Department Head):  Roger Tinklenberg

Staff Member Presenting:  Roger Tinklenberg

 

Financial Impact:  $

•      The NIGID will advance $2.5 million from its fund balance to the ECAGID and the ECAGID will then loan the money to the DIATC.

 

Funding Source: 

•      NIGID fund balance

 

Suggested Motion: 

 

I move to place Ordinance 1952 on ita first reading.

 

•      The second reading of the ordinance is scheduled to occur on April 1.