Title
RESOLUTION APPROVING BOTH THE AMENDED AND RESTATED BUFFALO HIGHLANDS METROPOLITAN DISTRICT SERVICE PLAN AND THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF COMMERCE CITY AND THE BUFFALO HIGHLANDS METROPOLITAN
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Summary and Background Information:
The Buffalo Highlands Metro District is proposing to amend their Service Agreement that was approved by City Council in 2002. There are two amendments being proposed.
1. Remove a tract of land west of Second Creek from the District's boundaries because it will be dedicated to the city as open space at a future date as approved in the zoning.
2. Increase the maximum debt limit from $14,000,000 to $25,000,000 due to the change in construction costs over the last 13 years.
· The City Council must approve all metro district service plans and amendments.
· Metro districts must file an annual report to the city.
· The debt of a metro district is not the obligation of the city, the city has no liability for metro district debt, and metro district debt does not impact the city's debt limit.
The Amended and Restated Service Plan for the Buffalo Highlands Metro District has been reviewed by the Finance Department, the City Attorney's Office, the Public Works Department, and the Community Development Department for any issues related to their respective areas of expertise. After reviewing the Amended and Restated Plan, staff is recommending that City Council approve the request.
Staff Responsible (Department Head): Chris Cramer, Community Development Director
Staff Member Presenting: Paul Workman, City Planner
Financial Impact: N/A
Funding Source: N/A
Staff Recommendation:
The Development Review Team (DRT) recommends that City Council approve the Amended and Restated Service Agreement for the Buffalo Highlands Metro District.
Alternatives:
1. Approve the request as submitted by the applicant (recommended by the DRT).
2. Approve the request subject to conditions.
3. Deny the request.