Commerce City - File #: Ord 1952

• 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

Date	Ver.	Action By	Action	Result
4/1/2013	1	City Council	approved on second & final reading
3/4/2013	1	City Council	introduced by council as seated and approved on first reading	Pass

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 adop...