SUBJECT: Resolutions
Title
PUBLIC HEARING: A Resolution of the Board of Trustees of the Town of Erie Approving the Service Plan for Westerly Metropolitan Districts Nos. 1-4
Body
DEPARTMENT: Planning & Development
PRESENTER: Zachary White, Representative for the Applicant
Fred Starr, Planning & Development Director
TIME ESTIMATE: 15 Minutes
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Approval of Resolution
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The applicant has submitted a request of approval of a Service Plan for the formation of the Westerly Metropolitan District Nos 1-4.
The purpose of the Westerly Metropolitan District Nos. 1-4 is to finance the Public Improvements that can be funded from Debt to be repaid from tax revenues collected from a mill levy which shall not exceed the Maximum Debt Mill Levy and which shall not exceed the Maximum Debt Mill Levy Imposition Term. It is the intent of this Service Plan to assure to the extent possible that no property bear an economic burden that is greater than that associated with the Maximum Debt Mill Levy in amount and that no property bear an economic burden that is greater than that associated with the Maximum Debt Mill Levy Imposition Term. Generally, the costs of Public Improvements that cannot be funded within these parameters are not costs to be paid by the Districts.
The Service Plan is proposing a Maximum Mill Levy of fifty-five (55) mills for the purpose of debt service and an additional ten (10) mill for operations as stated in the service plan proposal.
The Board of Trustees recently approved a service plan for the Parkdale Metropolitan District with a Debt Service Mill Levy of fifty (50) mills and an Operating Mill Levy of fifteen (15) mills.
This application was provided to Ehelrs and Associates by the Town for review and analysis. (See Attached)
ATTACHMENTS:
1. Resolution
2. Proposed Service Plan
3. Financial Plan 55 mills
4. Ehlers and Associa...
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