Agenda Date: 10/21/2025
Subject:
Title
Resolution 107-2025: Authorizing the dissolution of the Centennial Downs Metro District
Body
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From: |
James L. Becklenberg, City Manager |
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Prepared by: |
Reid Betzing, City Attorney |
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Presentations: |
N/A |
PURPOSE:
To consent to the dissolution of the Centennial Downs Metro District
LONG-TERM OUTCOME(S) SERVED:
High-Quality Governance
DISCUSSION:
The Centennial Downs Metropolitan District (“CDMD”) was formed in 1983 for the purposes of funding the construction of water, sewer, drainage, and street infrastructure for the Centennial Downs community. The improvements for the district have long been dedicated and accepted by the responsible jurisdictions. The only responsibilities left for CDMD is the repayment of its outstanding debt.
CDMD has indicated that they have funds available in order to make the Final Payment on December 1, 2025 on the general obligation bonds that were issued in 1999.
CRS § 32-1-701 et seq. sets forth the procedures for metropolitan districts to be dissolved. Consistent with that process a metropolitan district may file a petition with the local municipality if the entirety of their district lies within the City. The City can consent to the dissolution if the district has no financial obligations or outstanding bonds. The matter would then go the District court for formal approval.
BACKGROUND:
As previously mentioned, the District was formed in 1983 to provide water, sewer, drainage, and street infrastructure for the property within the boundaries of the Centennial Downs community. The District issued General Obligation Refunding Bonds, Series 1999 in the original amount of $9,815,000 from which mills are assessed to property owners to refund. Currently those in the CDMD pay 12.207 mills. The final payment on those Bonds is set to be paid on December 1, 2025. Following that payment there will be no further debts or obligations for the Metro District nor reason to assess property owners.
Prior Actions or Discussions
N/A
FISCAL IMPACTS:
There are no financial impacts for the City of Littleton however property owners in the Centennial Downs Metropolitan District could expect to receive relief on their property tax bills due to no need to collect a mill levy.
STAFF RECOMMENDATION:
Staff recommends approval authorizing dissolution of CDMD. The purpose, primarily of financing infrastructure has been accomplished.
ALTERNATIVES:
The City could deny the petition, which would require CDMD to have an election. This would delay the dissolution and presumably add to the expense of residents within CDMD.
PROPOSED MOTION:
Proposed Motion
I move to approve Resolution 107-2025 authorizing the dissolution of the Centennial Downs Metro District.