Agenda Date: 04/16/2024
Subject:
Title
Resolution 55-2024: Consenting to the exclusion of property from the boundaries of Santa Fe Park Metropolitan District No. 3.
Body
From:
James L. Becklenberg, City Manager
Prepared by:
Reid Betzing, City Attorney
Presentations:
Reid Betzing, City Attorney
PURPOSE:
The purpose is to consider a request from the Santa Fe Park Metro Districts to change the boundaries of the Metropolitan Districts to exclude property from the previous boundaries of District 3 to exclude the proposed multi-family development.
LONG-TERM OUTCOME(S) SERVED:
High-Quality Governance
DISCUSSION:
The City of Littleton approved a service plan for the Santa Fe Park Metropolitan Districts Nos. 1-4 on August 17, 2021. The Metropolitan districts were formed as a financing mechanism and governing structure to help facilitate the construction, operation, and maintenance of the development located in the area of 7951/7875 S. Santa Fe Drive.
As the development has taken shape and planned uses have solidified, it has necessitated some changes to the original boundaries contemplated to service the debt associated with bonds issued by the metropolitan districts to perform those approved services and improvements.
On August 22, 2023, Metropolitan Districts 1 and 3 formed the Santa Fe Park Authority ("Authority") and issued debt on December 12, 2023, which is secured through the mill levy issued for districts Nos. 1 and 3 to help facilitate the project. The Districts are requesting that the boundaries be changed to exclude a portion of the previously identified District 3 which is scheduled to be multifamily in order to separate the maintenance responsibilities for the commercial from the multifamily of which the multifamily will be District 4. The multifamily will still be responsible for its portion of the debt previously issued.
FISCAL IMPACTS
N/A
STAFF RECOMMENDATION:
Staff believes that this is an appropriate change to the metropolitan district b...
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