SUBJECT: A Resolution Of The Board Of Trustees Of The Town Of Erie, Colorado Approving The First Amendment To The Consolidated Service Plan For Colliers Hill Metropolitan District Nos. 2 And 3; And, Setting Forth Details In Relation Thereto.
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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 Service Plan for the Colliers Hill (formerly Bridgewater and Daybreak) Metropolitan Districts Nos. 2 and 3 (“Service Plan”) was approved on November 27, 2007.
Representatives of District Nos. 2 and 3 are requesting an amendment to the Service Plan to allow for an increase in the one-time development fee outlined in Section V.A.8 of the Service Plan. Currently the fee cannot exceed $2,000 per dwelling unit.
The System Development Fee (“SDF”) Increase request from $2000 per lot to $2,250 per lot (subject to annual % increase and $5,000 limit overall) on a go forward basis for the following reasons:
• The current SDF limitation of $2,000 set in 2007 is now below market for a development of this size in relation to the overall Public Improvement costs which will exceed $60,000,000 in total.
• The forward Municipal and or Institutional Bond Market favors a Market Rate SDF in evaluating the capacity for repayment of the Bonds.
• The costs of improvements are such and with the capped/limited mill levy within the service plan, a pledge of the SDF to the bonds helps support bonding needed for today’s cost of public improvements.
• The current and future builders have agreed to this fee increase on a go forward basis.
ATTACHMENTS:
A. Resolution 16-___
B. Application Materials
C. First Amendment to the Consolidated Service Plan for Colliers Hill Metropolitan District Nos. 2 and 3