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RESOLUTION APPROVING THE CONSOLIDATED SERVICE PLAN FOR THE LEGATO METROPOLITAN DISTRICT NOS. 1-7 AND THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF COMMERCE CITY AND THE LEGATO METROPOLITAN DISTRICT NOS. 1-7 IN CASE MD-117-19
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Summary and Background Information:
Cohen Denver Airport is proposing a Consolidated Service Plan to create Legato Metropolitan Districts Nos. 1-7. The proposed districts would facilitate the construction of a ±605-acre residential, commercial, and mixed-use development.
The Service Plan:
· Provides for a multiple district structure (see Section V.C.).
· Proposes a District Boundaries that can be modified within the district boundaries. (see Section III, Exhibits A and B).
· Authorizes general powers and authority under Title 32 (Special District Act), subject to limitations in the Service Plan (see Sections II, V.A).
· Permits the districts to finance improvements funded by debt to be repaid from fees and mill levies, subject to the limits of the Service Plan:
o Total Debt Issuance Limitation of $100,000,000 (see Sections V.A.15, VI.A), that the applicant submits is supported by the financial plan (see Exhibit E) and estimated improvements costs of $116,362,670.20 (see Section V.B, Exhibit D).
o A Maximum Combined Mill Levy of 66.333 mills is proposed to promote equalization with existing districts. This consists of a Maximum Debt Mill Levy of 55.277 mills and a Maximum Operation & Mill Levy of 11.056 mills (when the debt mill levy becomes unlimited). (See Section VI.C.)
o Authorizes a Mill Levy Adjustment to reflect changes in in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, as of January 2019.
o Limits the term of mill levies for repayment of Debt for residential properties to 40 years, subject to an extension by a resident-controlled board (see Section VI.D).
o Actual debt authorization and mill levy authorization requires TABOR-compliant election.
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