SUBJECT: Resolution
Title
A Resolution of the Board of Trustees of the Town of Erie approving the
Service Plan for Nine Mile Metropolitan District
Body
PRESENTERS: Megan Becher, McGeady Becher P.C., District Counsel
Tyler Carlson, Evergreen-287 & Arapahoe, L.L.C., Developer
STAFF RECOMMENDATION:
Recommendation
Approve Resolution authorizing Service Plan for Nine Mile Metropolitan District.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Property/Ownership:
The Service Area consists of approx. 47 acres of vacant land located at the southeast corner of N. 107th Street and Arapahoe Road ("Property"). The current assessed valuation is approx. $180,332. The Town of Erie currently owns approximately18 acres of the Property. The Town of Erie Urban Renewal Authority ("TOEURA") currently owns approximately 30 acres of the Property.
The Developer will acquire and develop the Property in accordance with the Disposition and Development Agreement, dated March 22, 2016, as amended. The Initial District Boundaries include approximately 39 acres. The Inclusion Area Boundaries include approximately 8 acres (consisting of one anchor parcel).
The TOEURA authorized the organization of the District, and related action in conjunction therewith, on June 4, 2019.
Service Plan:
Purpose:
The primary purpose of the District is to plan for, design, acquire, construct, install, redevelop, maintain and finance the Public Improvements, in accordance with the requirements of the Official Development Plan. The costs of the Public Improvements within the Initial District Boundaries is approximately $12,927,225 (see Exhibit D of the Service Plan)
Financing:
The Financial Plan for the District shall be to issue such Debt as the District can reasonably pay from TOEURA Revenues pledged to the District pursuant to a Cooperation Agreement (see Exhibit F of the Service Plan). The Total Debt Issuance Limitation is $20,000,000. The District shall not impose a mill levy on taxable property...
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