Title
RESOLUTION APPROVING THE CONSOLIDATED SERVICE PLAN FOR THE THIRD CREEK METROPOLITAN DISTRICTS NOS. 1-3 AND THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF COMMERCE CITY AND THE THIRD CREEK METROPOLITAN DISTRICTS NOS. 1-3 IN CASE MD-110-19
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Summary and Background Information:
The Cowley Management, LLC is proposing a Consolidated Service Plan to create Third Creek Metropolitan Districts Nos. 1-3. The proposed districts would facilitate the construction of a ±232-acre residential, commercial, and mixed use development called Third Creek West.
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 C).
· 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 is $60,831,000
o A Maximum Combined Mill Levy of 66.333 mills
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.
· Identifies organization and initial operating costs of $50,000 and a first year operating budget of $25,000 (see Section VI.I).
· Requires increased disclosures and reporting, including annual notice to the City (see Section VII), annual mailed notices to property owners (see Section IX.D), holding board meetings within the City (see Section IX.C), disclosures to initial purcha...
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