SUBJECT:
Title
PUBLIC HEARING: A Resolution of the Board of Trustees of the Town of Erie Approving the Third Amended and Restated Service Plan for Sunset Parks Metropolitan District
Body
DEPARTMENT: Administration
PRESENTERS:
Malcolm Fleming, Town Administrator
James A. Mann, UMB
John Cheney, Lennar Homes Applicant's Representative
Brian Connolly, Attorney for the Applicant
Steve Foley, Applicant
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY: NA
STAFF RECOMMENDATION:
Recommendation
Approve the Resolution
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
This application was last heard by the Board of Trustees on May 26, 2020. At that time, the Board approved the Third Amended and Restated Service Plan for the Sunset Parks Metropolitan District (Service Plan) for the Sunset Development on the condition the applicant provide a confidential report documenting the full sources and uses of funds and demonstrating the need for taxpayer funded debt, with said report to be reviewed by Town staff and the Town's retained consultants to confirm the reasonably anticipated net return on investment does not exceed 15%.
In the interim since 2020, the applicant has updated several elements of the Service Plan, including the Estimated Cost of Public Improvements, Total Debt Issuance Limitation, District Improvements and Projection of Probable Costs, and Financing Plan with sources and uses and bond solutions. These changes constitute a material change to the Service Plan and thus require Board approval. Town staff and the Town's Metro District financial consultant, James Mann with UMB, have reviewed this information, as well as the supporting proprietary financial information provided by the applicant, and confirmed that the proposal is consistent with the Board's condition that the reasonably anticipated net return on investment does not exceed 15%. Accordingly, staff recommends the Board approve the Service Plan amendment.
The pr...
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