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FIRST READING OF AN ORDINANCE ENACTING CHAPTER 13 - METROPOLITAN DISTRICTS OF THE COMMERCE CITY REVISED MUNICIPAL CODE.
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Staff has prepared an ordinance to implement the new Metro District Regulations and the Model Service Plan. Staff most recently solicited feedback from Council on February 14th, 2022 and has since consulted with outside Counsel on revisions based on Council’s feedback.
Updates to the New Regulations and Model Service Plan (since 2/14/22)
There have been a number of changes made to match with Council’s vision.
Multiple District Service Plans
The first major change is the inclusion of a model service plan for Multiple District proposals. There is an expectation that a multiple district plan is designed to support the phased development of an area. Under these regulations, the maximum combined mill levy is limited to 50 mills; however, if there is debt issued as part of an intergovernmental agreement, it shall not count towards the 50 mill limit. Moreover, under a multiple district service plan, each residential district must seek a 5 mill regional improvement levy, each commercial district must seek a 1.5 mill regional improvement levy, and each industrial district must issue a 10 mill regional improvement levy. Each district within a multiple service plan must issue independent disclosure reports to the City as part of their annual reports.
Refund Votes by Metro District Boards
The regulations gives Metro District Boards whose seats are majority held by end-users the ability to vote for refunds that will result in net present value savings. However, these refund votes may not occur in districts wherein end-users (or residents) do not hold the majority of district seats.
Material Modifications
Additional clarification was made stating that the issuance of debt that results or will result in a mill levy pledge constitutes a material modification.
There is also clarification that inclusion of any real property into...
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