SUBJECT: PUBLIC HEARING - Consideration Of A Resolution Of The Board Of Trustees Of The Town Of Erie, Colorado Approving The Service Plan For The Lost Creek Farm Metropolitan District; And, Authorizing The Town Of Erie, Colorado, To Enter Into An Intergovernmental Agreement Between The Town Of Erie And The Lost Creek Farm Metropolitan District, Ensuring Compliance With The Approved Service Plan And The Erie Municipal Code; Authorizing And Directing The Appropriate Town Officers To Sign Said Intergovernmental Agreement; And, Setting Forth Details In Relation Thereto.
Title
Body
DEPARTMENT: Community Development
PRESENTER: R. Martin Ostholthoff, Director
FISCAL INFORMATION: NA
Cost as Recommended:
Balance Available:
Budget Line Item Number:
New Appropriation Required:
STAFF RECOMMENDATION: Approval.
Recommendation
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SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town has received the Service Plan (Plan) for the Lost Creek Farm Metropolitan District (District). The District encompasses approximately 30.81 acres of land located north of Jay Road and south of the Erie Village subdivision. State Statute requires the Board of Trustees to approve the Plan by resolution of any special district organized within the municipal limits of the Town. This is a required step for the District to participate in the November 2016 election.
The Board of Trustees adopted a special district ordinance and model service plan in June 2007. The special district ordinance was amended in 2013. The Plan has been submitted in accordance with the ordinance and amendment thereto. The Plan was submitted using the model service plan as a guide and the Districts have complied with the amended Town ordinance.
The District will provide public improvements and services to a proposed development currently known as Lost Creek Farm. The Plan identifies improvements (Service Plan - Exhibit D) and services (Service Plan - Exhibit E) expected to be provided by the District, the Plan also describes how activities will be financed.
The Plan identifies powers of the Districts as well as describes the limitations. In addition, disclosure of the District is included that advises potential property owners to investigate financing, servicing of indebtedness, etc.
Town staff and Kim Crawford, Special Counsel to the Town has reviewed the Plan and have found it to be in general compliance with the model service plan and the Town ordinance as amended. Approval of Plan does not constitute the Town’s approval of any future development plan or zoning.
Below is a summary of several of the limitations and contract points of the Plan.
Debt Service Mill Levy 47 mills
Operations/Maintenance Mill Levy 3 mills (combined with debt service not to exceed 50 mills)
Limit on Final Debt Maturity 40 years
Public Improvements Estimate $3,735,412
Debt Cap $5,000,000
IGA with Town Required prior to debt issuance
Town liable for Districts obligations No
ATTACHMENTS:
A. Resolution 16-___
B. Lost Creek Farm Metropolitan District Service Plan (redline version)
C. Lost Creek Farm Metropolitan District Service Plan (clean version)
D. Town of Erie/ Lost Creek Farm Metropolitan District IGA