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RESOLUTION APPROVING LOAN AGREEMENT BETWEEN THE COMMERCE CITY E-470 COMMERCIAL AREA GENERAL IMPROVEMENT DISTRICT AND COMMERCE CITY E-470 RESIDENTIAL AREA GENERAL IMPROVEMENT DISTRICT AND DOCUMENTS RELATED THERETO
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Summary and Background Information:
Third Creek West is a 234 acre site located on the east side of E-470 and west of DIA. and once developed will allow for the installation of critical infrastructure across E-470, helping to facilitate economic development in the E-470 corridor, and generate revenue for the City, ECAGID, and ERAGID. The entirety of Third Creek is 1,300 acres, and Third Creek West is the first parcel that will be developed.
At the time of annexation, through the property’s Annexation and Inclusion Agreement, the ERAGID and ECAGID agreed to an approximately $13.8M combined contribution for regional infrastructure, and the Developer pledged to construct other off and on-site improvements. At the same time, City Council approved the formation of Third Creek Metropolitan Districts Nos. 1-3. The districts will facilitate the construction of the residential, commercial, and mixed-use development.
This Loan Agreement addresses the $6,800,000 contribution from the ERAGID to fund project costs, including the sanitary sewer line from the north and waterlines from the west along 104th Avenue looping up to 112th Avenue, and portions of the 104th and Himalaya roadway construction. The agreement identifies the ERAGID as the borrower and the ECAGID as the lender. The Loan shall be a limited mill levy obligation (20 mills) of the ERAGID, payable solely from the Pledged Revenue. The Lender shall fund the entire Loan Amount of $6,800,000, which amount shall be held by the Lender and disbursed to a Third Creek West Metropolitan District and represent the ERAGID’s share of the costs of the Project. All interest due and payable under this Agreement shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interes...
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