Title
RESOLUTION PROVIDING THE CONSENT OF THE CITY COUNCIL OF THE CITY OF COMMERCE CITY TO A PROPOSED EXCLUSION OF LAND FROM THE BUFFALO HIGHLANDS METROPOLITAN DISTRICT
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Summary and Background Information:
The Buffalo Highlands Metropolitan District has submitted a request to exclude certain property from their 258-acre district. The real properties for exclusion cover 181 acres of land and include Lennar Colorado LLC, Meritage Homes of Colorado Inc., and Stratus Buffalo Highlands LLC. The separation request was initiated to reduce operation and maintenance operations to ensure that development can occur as intended in order to repay the District’s 2018 Bonds.
By excluding the property as requested, the District will reduce the number of landscaping tracts that it must own, operate, and maintain. The excluded property would remain subject to all existing debt obligations, but would be relieved from future taxes for operations and maintenance.
Is Council comfortable with approving the proposal to exclude certain property from the Buffalo Highlands Metropolitan District?
What other information will Council want to aid the decision-making process?
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: Zero impact to City
Funding Source: NA
Staff Recommendation: Approve resolution excluding certain property from the Buffalo Highlands Metropolitan District.
Suggested Motion: I move to approve resolution 2019-68.