SUBJECT: RESOLUTIONS
A Resolution Of The Board Of Trustees Of The Town Of Erie, Colorado Approving The Service Plan For Parkdale Metropolitan District Nos. 1 Through 3.
DEPARTMENT: Planning and Development
PRESENTER: R. Martin Ostholthoff, Assistant to the Town Administrator
STAFF RECOMMENDATION: Approval.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town has received the Service Plan (Plan) for the Parkdale Metropolitan District Nos. 1-3 (Districts). The Districts encompass approximately 219 acres of land located at the northwest corner of State Highway 7 and North 119th Street. 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 Districts to participate in the November 2017 Title 32 district 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 Districts will provide public improvements and services to a proposed Parkdale development. The Plan identifies improvements and services 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 45 mills
Limit on Final Debt Maturity 40 years
Public Improvements Estimate $22,145,000
Debt Cap $30,000,000
IGA with Town Required prior to debt issuance
Town liable for Districts obligations No
ATTACHMENTS:
A. Resolution 17-___
B. Parkdale Metropolitan District Nos. 1-3 Service Plan (redline version)
C. Parkdale Metropolitan District Nos. 1-3 Service Plan (clean version)