HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/04/2012 - PUBLIC HEARING AND RESOLUTION 2012-084 APPROVING TDATE: September 4, 2012
STAFF: Josh Birks
Bruce Hendee
AGENDA ITEM SUMMARY
FORT COLLINS CITY COUNCIL 23
SUBJECT
Public Hearing and Resolution 2012-084 Approving the Foothills Metropolitan District Service Plan.
EXECUTIVE SUMMARY
The new owner of Foothills Mall, Alberta Development, in partnership with Walton Street Capital, proposes the
formation of a Metropolitan District as allowed by Title 32 of the Colorado Revised Statutes. The intent of the proposed
Foothills Mall Metropolitan District (the “District”) is to provide Public Improvements to the comprehensive
redevelopment of Foothills Mall. The primary purpose of the District will be to finance, construct, acquire, own, operate
and maintain those Public Improvements. This action establishes a preliminary framework Service Plan. This
framework limits the authorization of the District and is specifically intended to allow ballot questions related
to the formation and initial organization of the District to occur at the November election.
BACKGROUND / DISCUSSION
BOTTOM LINE
The action contemplated by the City Council on September 4 approves a preliminary framework for the District. This
framework limits the authorization of the District and is specifically intended to allow ballot questions related
to the formation and initial organization of the District to occur at the November election. The Service Plan will
be amended before any improvements are constructed, mill levies established or debt issued by the District.
Project Description
Alberta Development, in partnership with Walton Street Capital, intends to undertake a comprehensive redevelopment
of the Foothills Mall (the “Project”). The property, generally bounded by East Swallow Road on the north, East Monroe
Drive on the south, Stanford Road on the east and South College Avenue on the west, encompasses approximately
77.21 acres, currently occupied by approximately 800,000 square feet of retail development. The vision for the
redeveloped Foothills Mall includes a “vibrant, engaging destination for residents of one the most forward-looking and
entrepreneurial communities in the country, drawing families…who are seeking a modern shopping, dining and
gathering experience.”
What is a Metropolitan District?
Title 32 of Colorado Revised Statues allows for the formation of a variety of Special Districts, including a Metropolitan
District as proposed for Foothills Mall. Special Districts in Colorado are local governments, i.e., political subdivisions
of the state, which make up a third level of government in the United States. (the federal and state governments are
the other two levels) Local governments include counties, municipalities (cities and towns), school districts, and other
types of government entities such as "authorities" and "special districts."
Statute requires that a Metropolitan District develop a service plan that outlines the Public Improvements and services
that the district will provide. The service plan must be submitted to the City Council for approval. After City Council
approval, the district holds an organizing election. The organizing election may only occur at several times throughout
the year; however, the TABOR required election must occur at either a state general election (November) or a regular
election (May).
City Metropolitan District Policy
On July 15, 2008, City Council adopted Resolution 2008-069, approving a Policy for Reviewing Proposed Service
Plans for Title 32 Metropolitan Districts, (the “City Policy”) setting forth criteria to be considered when a service plan
is submitted for consideration (Attachment 2). As the City Policy states, it is “intended as a guide only…[and shall not]
be construed to limit the discretion of City Council.” Therefore, City Council can, at its discretion, approve a service
plan that serves a purpose not anticipated by the City Policy.
September 4, 2012 -2- ITEM 23
The Developer has submitted a Service Plan for Foothills Metropolitan District (the “Service Plan”). The Service Plan
provides a preliminary framework and limited authorization under which the District is authorized to proceed with an
organizational election. The sole intent of the action City Council will consider on September 4, 2012, relates to the
formation of the District. The District will have two years from approval of the Service Plan by City Council to prepare
and obtain a Service Plan Amendment. If the District does not successfully obtain a Service Plan Amendment, the
City may opt to compel the District to dissolve by the remedies available to it under Section 31-1-701(3) C.R.S.
The City Policy contains several key criteria for evaluating service plans. It is important to note that this Service Plan
is a preliminary framework only; as a result, the current proposal does not conform to all the criteria outlined in the City
Policy. Since the District does not comply, it has been severely limited, as noted in the next section, until City Council
approves a Service Plan Amendment. Nevertheless, the criteria are outlined with a discussion of the proposed
District’s conformance, where applicable, based on the Project vision:
• Provide public improvements resulting in enhanced benefits to existing or future businesses. A
comprehensive Foothills Mall redevelopment will reinvigorate the larger Midtown area by attracting additional
consumers. This benefit will likely accrue benefit to adjacent properties and retailers. The District will provide
Public Improvements necessary to realize the Project.
• Primarily commercial use. The Project is anticipated to include primarily commercial development with
some residential development (likely rental).
• Enhance the quality of development in the City. As indicated in the Project vision, the goal is a vibrant and
engaging destination that will likely help enhance the quality of Midtown area retail offerings.
• Max Mill Levy. The current Service Plan does not authorize a mill levy. Any mill levy will require a Service
Plan Amendment that City Council will consider and ultimately approve or deny.
• Debt and Financial Projections. The current Service Plan does not authorize any debt nor does it include
financial projections. As with the mill levy, the City Council must approve a Service Plan Amendment before
the District can issue debt.
• Multiple-District Structures. The current Service Plan does not contemplate a multiple-district structure.
City Council will have an opportunity to review the final structure when it reviews a Service Plan Amendment.
City staff will prepare a full analysis of a Service Plan Amendment for conformance with the City Policy and present
findings to City Council. City Council has no obligation to approve a Service Plan Amendment.
District Limitations:
Following approval and continuing until a Service Plan Amendment is approved by City Council, the District will be
limited to the following:
• It shall not undertake any activity except minimal administrative or ministerial activities required by State law
to maintain the district.
• It shall not levy any tax or impose any fee.
• It shall not construct any Public Improvements; and
• It shall not incur any debt.
The approval of the current form of the Service Plan does not obligate the City Council to approve the Service
Plan Amendment or any zoning, subdivision, planning, building permit or other land use matter for the owner
of the real property within the District.
FINANCIAL / ECONOMIC IMPACTS
Due to the preliminary nature of this Service Plan, it is difficult to evaluate the financial/economic impacts of the
Resolution. However, statutory changes made in the 1990s removed any liability from the municipality in which a
Metropolitan District is formed and operates.
September 4, 2012 -3- ITEM 23
ENVIRONMENTAL IMPACTS
Due to the preliminary nature of the Service Plan, it is difficult to evaluate the environmental impacts of the resolution.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
BOARD / COMMISSION RECOMMENDATION
Due to time constraints this item was not presented to any boards or commissions.
PUBLIC OUTREACH
No public outreach was conducted for this Service Plan. Public notice of the Service Plan was provided consistent
with Colorado Revised Statutes.
ATTACHMENTS
1. Location map
2. Policy for Reviewing Proposed Service Plans for Title 32 Metropolitan Districts
Book No:
Drawn by:
Reviewed:
Date:
Project No:
FOOTHILLS METROPOLITAN DISTRICT
VICINITY MAP
FORT COLLINS, COLORADO
3 OF 3
ATTACHMENT 1
ATTACHMENT 2
RESOLUTION 2012-084
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE FOOTHILLS METROPOLITAN
DISTRICT SERVICE PLAN
WHEREAS, the provisions of Title 32 of the Colorado Revised Statutes (“C.R.S.”) allow
for the formation of various kinds of governmental entities to finance and operate public services
and infrastructure; and
WHEREAS, on July15, 2008, the City Council adopted Resolution 2008-069 creating a
Policy for Reviewing Proposed Service Plans for Title 32 Metropolitan Districts (the “City Policy”)
setting forth criteria to be considered when a service plan is submitted for consideration; and
WHEREAS, Alberta Development Company in partnership with Walton Street Capital have
submitted a proposed Service Plan (the “Service Plan”) for Foothills Metropolitan District (the
“District”), the boundaries of which are wholly within the corporate limits of the City; and
WHEREAS, the Service Plan outlines the initial terms and conditions under which the
District will be authorized to exist; and
WHEREAS, the Service Plan limits the powers and authorized actions of the District to steps
required for the formation of the District, and conditions the financing, acquisition, construction and
installation of public improvements by the District, as well as the issuance of debt by the District,
upon the approval by the City Council, in its sole discretion, of a Service Plan Amendment detailing
the financial plans and plan of improvements for the District (the “Service Plan Amendment”); and
WHEREAS, the City Council held a public hearing on September 4, 2012, regarding the
Service Plan pursuant to notice of the public hearing published in the Fort Collins Coloradoan on
August 11, 2012, mailed to all owners of property within the proposed District service area on
August 14, 2012, and mailed to the governing body of all taxing entities within a three mile radius
on August 15, 2012; and
WHEREAS, the City Council has reviewed the Service Plan and considered the testimony
and evidence presented at the public hearing; and
WHEREAS, the Special District Act requires that any service plan submitted to the District
Court for the creation of a special district must first be approved by resolution of the governing body
of the municipality within which the proposed district lies; and
WHEREAS, the City Council wishes to approve the Service Plan for the District.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS, COLORADO, AS FOLLOWS:
Section 1. That the City Council hereby determines that the City’s notification
requirements have been complied with regarding the public hearing on the Service Plan.
Section 2. That the City Council hereby finds that the Service Plan contains, or
sufficiently provides for, the items described in Section 32-1-202(2), C.R.S., and that:
a. There is sufficient existing and projected need for organized service in the
area to be serviced by the District;
b. The existing service in the area to be served by the District is inadequate for
present and projected needs;
c. The District is capable of providing economical and sufficient service to the
area within the proposed boundaries; and
d. The area to be included in the Districts has, or will have, the financial ability
to discharge the proposed indebtedness on a reasonable basis.
Section 3. That the City Council’s findings are based solely upon the evidence in the
Service Plan as presented at the public hearing and the City has not conducted any independent
investigation of the evidence. The City makes no guarantee as to the financial viability of the
District or the achievability of the desired results.
Section 4. That the City Council hereby approves the Foothills Metropolitan District
Service Plan, attached hereto as Exhibit “A” and incorporated herein by this reference.
Section 5. That the financing, acquisition, construction and installation of public
improvements by the District, as well as the issuance of debt by the District, shall be contingent
upon the approval by the City Council, in its sole discretion, of a Service Plan Amendment detailing
the financial plans and plan of improvements for the District as a condition of financing or
constructing any improvements under the Service Plan, and containing such other limitations, terms
and conditions as may be determined by the Council, in its sole discretion, to be necessary or
appropriate to protect the interests of the City and property owners within the District Service Area.
Section 6. That the City Council’s approval of the Service Plan is not a waiver or a
limitation upon any power that the City Council is legally permitted to exercise with respect to the
property within the District.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 4th
day of September A.D. 2012.
Mayor
ATTEST:
City Clerk
RVICE PLAN
FOOTHILLS METROPOLITAN DISTRICT
City of Fort Collins, Colorado
by:
White, Bear & Ankele Professional Corporation
2154 E. Commons Avenue, Suite 2000
Centennial, Colorado 80122
August 10, 2012
SE
FOR
Prepared
0600:458451_13
EXHIBIT A
TABLE OF CONTENTS
I. IN ........................ 1
A. ........................ 1
B. ......................... 1
......................... 1
2
.... 2
......................... 4
IV. PR .................. 5
V. DE RI ERVICES....... 5
A. .................. 5
.................. 5
.................. 5
3 ......................... 5
......................... 6
6
........................ 6
........................ 6
8. Service Plan Amendment Requirement...................................................... 6
..................... 7
VI. FI ........................ 7
........................ 7
B. Elections.................................................................................................................. 7
......................... 7
7
..................... 7
VIII. DISSOLUTION.................................................................................................................. 8
IX. MATERIAL MODIFICATIONS ....................................................................................... 8
XI. CONCLUSION................................................................................................................... 9
XII. RESOLUTION OF APPROVAL ....................................................................................... 9
TRODUCTION ......................................................................................
General Overview. ..........................................................................
Purpose and Intent..........................................................................
C. Need for the District.......................................................................
D. Objective of the City Regarding District’s Service Plan. .......................................
II. DEFINITIONS................................................................................................................
III. BOUNDARIES..........................................................................................
OPOSED LAND USE AND ASSESSED VALUATION...........................
SC PTION OF PROPOSED POWERS, IMPROVEMENTS AND S
Powers of the District and Service Plan Amendment...........................
1. Operations and Maintenance.....................................................
2 . Development Standards. ..................................................... ......
. Privately Placed Debt Limitation.......................................
4. Maximum Debt Authorization...........................................
5. Monies from Other Governmental Sources. ...............................................
6. Consolidation Limitation. ...................................................
7. Eminent Domain Limitation. ..............................................
B. Infrastructure Preliminary Development Plan. ..................................
NANCIAL PLAN....................................................................................
A. General............................................................................................
VII. ANNUAL REPORT ..................................................................................
A. General....................................................................................................................
B. Reporting of Significant Events.........................................................
i
ii
LIST OF EXHIBITS
ion of District Boundary
t Boundary Map
EXHIBIT C Vicinity Map
EXHIBIT A Legal Descript
EXHIBIT B Distric
I. INTRODUCTION
A. General Overview.
The District is located completely within the City and is comprise
includes the existing Foothills Mall. The general location of the District is b
Swallow Road on the north, East Monroe Drive on the south, Stanford Road
South College Avenue on the west. The District is bisected by East Foothills Pa
to changing market demands and maintain the Foothills Mall as a co
development, the Developer plans a comp
d of an area that
ounded by East
on the east and
rkway. To adapt
mpetitive retail
rehensive redevelopment of the site, which will include
new commercial, retail, and residential development. In order to provide effective and efficient
bmitted seeking
ed authorization
tion. Following
until a Service
take any activity
to maintain the
e generality
of the foregoing, the District shall not levy any tax, impose any fee, construct any Public
Debt until the Service Plan Amendment is approved. The approval
of this Se lan Amendment
or the owners of
services to support this planned redevelopment, this Service Plan is su
authorization for the establishment of the District.
This Service Plan provides a preliminary framework and limit
under which the District is authorized to proceed with an Organizational Elec
entry of court orders formally decreeing the District organized, and continuing
Plan Amendment is approved by the City Council, the District shall not under
except minimal administrative or ministerial activities required by State law
District as a lawfully existing political subdivision of the State. Without limiting th
Improvements or incur any
rvice Plan does not obligate the City Council to approve the Service P
or any zoning, subdivision, planning, building permit or other land use matter f
the real property within the District.
B. Purpose and Intent.
The District, which shall be an independent unit of local governm
distinct from the City, is governed by this Service Plan. The District is needed t
Improvements to the Project for the benefit of property owners and taxpayers wi
and through its formation, will result in enhanced benefits to existing and future
and/or residents of the City. The primary purposes of the District will be to fi
acquire, own, operate and main
ent separate and
o provide Public
thin the District,
business owners
nance, construct,
tain the Public Improvements.
This Service Plan is submitted in accordance with Part 2 of the Special District
the District and
rovided in this
ithin the Project
evolves. As plans for development are refined and finalized, the same shall be included as part
of an Approved Development Plan.
C. Need for the District.
Act, Section 32-1-201, et seq., C.R.S. It defines the powers and authorities of
describes the limitations and restrictions placed thereon. The information p
order for the Public Improvements required for the Project to be provided in the most economic
D.
manner possible.
Objective of the City Regarding District’s Service Plan.
The City’s objective in approving the Service Plan for the Distri
the District to provide for the planning, design, acquisition, construction, instal
and redevelopment of the Public Improvements from the proceeds of Debt to
District. A Financial Plan, which describes the Debt anticipated to be issued by
be submitted to the City as part of the Service Plan Amendment, as shall
Preliminary Development Plan. Th
ct is to authorize
lation, relocation
be issued by the
the District, shall
an Infrastructure
e City shall, under no circumstances, be responsible for the
Debts of the District and the City’s approval of th
bt of the District
This Service Plan is intended to establish limitations applicable to the District and
onstraints that are not to be violated under any circumstances. The primary
pur ect and regional
II.
is Service Plan shall in no way be interpreted as
an agreement, whether tacit or otherwise, to be financially responsible for the De
or the construction of Public Improvements.
explicit financial c
pose is to provide for the Public Improvements associated with the Proj
improvements as necessary.
DEFINITIONS
In this Service Plan, the following terms which appear in a capitalized fo
have the meanings indicated below, unless the context hereof clearly requires otherw
rmat herein shall
ise:
Approved Development Plan: means a development plan or other process established by
the City (including but not lim
development of
ity Code and as
ited to approval of a final plat or PUD by the City Council) for
identifying, among other things, Public Improvements necessary for facilitating
property within the Service Area as approved by the City pursuant to the C
amended pursuant to the City Code from time to time.
Board: means the Board of Directors of the District.
Bond, Bonds, or Debt: means bonds or other financial obligations for w
has promised to impose an ad valorem property tax mill levy and/or other legally available
hich the District
rev ental agreements and other
con erty.
enue, for payment, but shall specifically exclude intergovernm
tracts through which a District procures or provides services or tangible prop
City: means the City of Fort Collins, Colorado.
City Code: means the Code of the City of Fort Collins and any regulations, rules, or
policies promulgated thereunder, as the same may be amended from time to time.
City Council: means the City Council of the City of Fort Collins, Colorado.
Debt Service Mill Levy: means the mill levy the District projects to impose for payment
of Debt as set forth in Section VI. below.
0600.0026:458451_13 2
Developer: means Walton Foothills Holdings VI, L.L.C., a Colorado limited liability
company.
District: means the Foothills Metropolitan District.
District Organization Date: means the date the order and decree for organization issued
by the Larimer County District Court as required by law for the District is re corded with the
Larimer County Clerk and Recorder.
External Financial Advisor: means a consultant that: (1) is qualified to
governmental entities on matters relating to the issuance of securities by Colora
entities including matters such as the pricing, sales and marketing of such se
procuring of bond ratings, credit enhancement and insurance in respect of suc
shall b
advise Colorado
do governmental
curities and the
h securities; (2)
e an underwriter, investment banker, or individual listed as a public finance advisor in the
Bon ther recognized
employee of the
d Buyer’s Municipal Market Place or, in the City’s sole discretion, o
publication as a provider of financial projections; and (3) is not an officer or
District.
Financial Plan: means a Financial Plan, as the same is described in Secti
shall be included within the Service Plan Amendment. The Financial Plan sha
an External Financial Advisor. The Financial Plan shall describe (a)
Improvements are to be financed; (b) how the Debt is expected to be incurr
estimated operating revenue derived from property taxes for the first budget y
year in which all District De
on VI and which
ll be prepared by
how the Public
ed; and (c) the
ear through the
bt is expected to be defeased. In the event the Financial Plan is not
pre ied by a letter of
o represent only
y variations or
ted as material
pared by an External Financial Advisor, the Financial Plan shall be accompan
support from an External Financial Advisor. This Financial Plan is intended t
one example of debt issuance and financing structure of the District, an
adjustments in the timing or implementation thereof shall not be interpre
modifications to this Service Plan.
Infrastructure Preliminary Development Plan: means the Infrastructu
Development Plan as described in Section V.B. and which shall be include
Service P
re Preliminary
d as part of the
lan Amendment. The Infrastructure Preliminary Development Plan shall include: (a) a
pre ) an estimate of
the approximate
s. The District's implementation of this Infrastructure
Prelim any change
site conditions,
ents, land use conditions, and zoning
limitations.
Maximum Debt Service Mill Levy
liminary list of the Public Improvements to be developed by the District; (b
the cost of the Public Improvements; and (c) the map or maps showing
location(s) of the Public Improvement
inary Development Plan is subject to the Approved Development Plan and
Maximum Debt Maturity Term: means the maximum term for a District Debt issuance,
which shall be included in the Service Plan Amendment.
Organizational Election: means the initial election at which the District’s organization,
the initial slate of directors and associated terms of office for each director and all necessary debt
and taxing authorization is voted upon pursuant to the requirements of TABOR.
Project: means the Foothills Mall Redevelopment, including the demolition, renovation,
reh eferred to as the
strict Boundary Map.
abilitation, reconstruction, and/or construction on the property commonly r
Foothills Mall, as the same is more particularly described in the Di
District Boundary: means the boundary of the area described in the lega
District Boundary Map, attached
l description and
hereto as Exhibit A and Exhibit B, respectively.
District Boundary Map: means the map attached hereto as Exhibit B
overall property comprising the Project.
, describing the
Public Improvements: means a part or all of the improvements authorized to be planned,
des ced, specifically
nd administration, as authorized by the Special
District Act, except as specifically limited in Section V below to serve the future taxpayers and
in its discretion.
igned, acquired, constructed, installed, relocated, redeveloped and finan
including related eligible costs for acquisition a
property owners of the Service Area as determined by the Board of the Districts
Service Area: means the property within the District Boundary, as th
altered hereinafter by permitted inclusions and exclusions.
e same may be
Service Plan: means this service plan for the District approved by the City Council, as the
same may be amended from time to time, specifically including the Service Plan Amendment.
Service Plan Amendment: means an Amended and Restated Service Plan approved by the
City Council in accordance with applicable state law in order to supply further information to the
City , which shall be required as described in Section I.A . of this Service Plan.
Special District Act or “Act”: means Article 1 of Title 32 of the Colorado Revised
Statutes, as amended from time to time.
State: means the State of Colorado.
TABOR: refers to Article X of the Constitution of the State.
Vicinity Map: means a map of the regional area surrounding the Project, as attached
hereto at Exhibit C.
III. BOUNDARIES
The District Boundary includes approximately 77.21 acres. A legal description of the
District Boundary is attached as Exhibit A. A District Boundary Map is attached hereto as
Exhibit B. Finally, a Vicinity Map is attached hereto as Exhibit C.
0600.0026:458451_13 4
IV. PROPOSED LAND USE AND ASSESSED VALUATION
ing a mixture of
ation of the
Million Dollars.
her than property
on is expected to
Approval of this
ic area within the
he total number of residential units or site/floor area of
commercial buildings or space which may be identified in this Service Plan, now or in the future,
nless the same is
V. DE D SERVICES
The Service Area consists of approximately 77.21 acres of land, includ
planned commercial and residential development areas. The current assessed valu
Service Area is based upon existing retail development and is approximately Six
Although the primary revenue of the District is anticipated to include sources ot
taxes, based upon the redevelopment of the Service Area, the assessed valuati
increase to levels in excess of Ten Million Dollars by assessment year 2015.
Service Plan by the City does not imply approval of the development of a specif
District, nor does it imply approval of t
or any of the exhibits attached thereto or any of the Public Improvements, u
contained within an Approved Development Plan.
SCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AN
A. Powers of the District and Service Plan Amendment.
Only after approval of the Service Plan Amendment shall the District have the
power and thin and without
Act, and other
itations set forth
I ludes additional
t of the Special
part hereof and
e State shall not
odification of this Service Plan.
authority to acquire, construct and install the Public Improvements wi
the boundaries of the District as such power and authority is described in the
applicable statutes, common law and the State Constitution, subject to the lim
herein.
f, after the Service Plan is approved, the State Legislature inc
powers or grants new or broader powers for Title 32 districts by amendmen
District Act or otherwise, any or all such powers shall be deemed to be a
available to or exercised by the District. Such additional powers granted by th
constitute a material m
1. Operations and Maintenance. The purpose of the Distri
design, acquire, construct, install, relocate, redevelop and finance the Public Imp
District shall dedicate the Public Improvements to the City or other appropria
owners association in a manner consistent with the Approved Development Pla
provisions of the City Code.
ct is to plan for,
rovements. The
te jurisdiction or
n and applicable
2. Development Standards. The District will ensure that the Public
nd specifications
, and of other
jurisdiction, as applicable. The District, directly or indirectly
through the Developer, will obtain the City’s approval of civil engineering plans and will obtain
applicable permits for construction and installation of Public Improvements prior to performing
such work. The District shall not be required to post a surety bond, letter of credit, or other
approved development security for Public Improvements to be constructed by the District.
3. Privately Placed Debt Limitation
We are [I am] an External Financial Advisor within the meaning of
(calculated as
borne by the
es not exceed
st rate, using
pon our [my]
of [insert designation of the Debt], including maturities and early
r l
4
the District’s Service Plan.
We [I] certify that (1) the net effective interest rate
defined in Section 32-1-103(12), C.R.S.) to be
District for the [insert the designation of the Debt] do
a reasonable current [tax-exempt] [taxable] intere
criteria deemed appropriate by us [me] and based u
analysis of comparable high yield securities; and (2) the structure
edemption provisions, is reasonable considering the financia
circumstances of the District.
. Maximum Debt Authorization. The amount of Debt
issuance by the District (the “Maximum Debt Authorization”) shall be set fort
Plan Amendment.
5.
authorized for
h in the Service
Monies from Other Governmental Sources. The Distric
for, or accept, Conserva
t shall not apply
tion Trust Funds, Great Outdoors Colorado Funds, or other funds
available from ity is eligible to
This Section shall
not apply spe e source for the
or through governmental or non-profit entities for which the C
apply for, except pursuant to an intergovernmental agreement with the City.
to cific ownership taxes which shall be distributed to and a revenu
Districts without any limitation.
6. Consolidation Limitation. The District shall not file a r
Court to consolidate with another Title 32 district without the prior written conse
7.
equest with any
nt of the City.
Eminent Domain Limitation. The District shall not exer
power of eminent domain without first obtaining administ
cise its statutory
rative approval from the City. Said
exercise o he tive approval of
ents pertinent to
being exercised
strict's sovereign
sion of the State
8. Service Plan Amendment Requirement
f t Eminent Domain Power will require the prior written administra
the City, and only be allowed to facilitate the construction of Public Improvem
the Project. This restriction on the Eminent Domain power by the District is
voluntarily and shall not be interpreted in any way as a limitation on the Di
powers and shall not negatively affect the District's status as a political subdivi
of Colorado as allowed by Article 1, Title 32, Colorado Revised Statutes.
. This Service Plan is general in
nature and does not include specific detail in some instances because development plans have not
been finalized. The Service Plan is intended to be designed with sufficient flexibility to enable
the District to provide required services and facilities under evolving circumstances without the
B. Infrastructure Preliminary Development Plan.
expected to be
velopment Plan.
on, construction,
ic Improvements
ly defined in the
including: (1) a
Public Improvements; and (3) maps showing the approximate locations of the Public
Improvem cluded as part of
e Public Improvements will be designed in such a way as to ensure that
the standards will be consistent with or exceed the standards of the City and shall be in
uirements of the Approved Development Plan.
The current estimated costs of the Public Improvements are
substantial and will be based upon requirements set forth in the Approved De
The District shall have authority to provide for the planning, design, acquisiti
installation, relocation, redevelopment, maintenance, and financing of the Publ
within and without the boundaries of the District, as the same are more specifical
Approved Development Plan. The Infrastructure Preliminary Development Plan,
list of the Public Improvements to be developed by the District; (2) an estimate of the cost of the
ents shall be consistent with the Approved Development Plan and in
the Service Plan Amendment.
All of th
accordance with the req
VI. FINANCIAL PLAN
A. General.
The District shall be authorized to provide for the planning, design, acquisition,
constructi ements from its
he District shall
on, installation, relocation and/or redevelopment of the Public Improv
revenues and by and through the proceeds of Debt to be issued by the District. T
not be authorized to issue any Debt until the time that the Service Plan Amendment is approved.
B. Elections.
ill call an Organizational Election on the questions of organizing
the District for an election to be held on November 6, 2012, electing the initial Board, and setting
in p ace be conducted as
The District w
l financial authorizations as required by TABOR. The election will
required by law.
VII. ANNUAL REPORT
A. General.
port with the City’s
ing December 31
te. The City may, in its sole discretion, waive
this requirement in whole or in part.
B. Reporting of Significant Events
The District shall be responsible for submitting an annual re
Clerk not later than September 1st of each year for the year ending the preced
following the year of the District Organization Da
.
Unless waived by the City, the annual report shall include the following:
1. A narrative summary of the progress of the District in implementing its
service plan for the report year; and
0600.0026:458451_13 7
2. Except when exemption from audit has been granted fo
under the Local Government Audit Law, the audited financial statements of th
report year including a statement of financial condition (i.e., balance sheet) as of
the report y
r the report year
e District for the
December 31 of
ear and the statement of operations (i.e., revenues and expenditures) for the report
year; and
uncil or deemed
s Clerk or is not
tice of such default may be given to the Board of the District, at its last
e failure of the District to file the annual report within forty-five (45) days of
default notice by the City’s Clerk may constitute a material modification, at
the
3. Any other information deemed relevant by the City Co
reasonably necessary by the City’s Manager.
In the event the annual report is not timely received by the City’
fully responsive, no
known address. Th
the mailing of such
discretion of the City.
VIII. DISSOLUTION
If proceedings for a Service Plan Amendment, as contemplated herein
completed within two years from the date upon which this Service Plan was
City Council, the City may opt to pursue the remedies available to it under Sec
C.R.S., in order to compel the District to dissolve in a prompt and orderly manner. In such an
event: 1) the limited purposes and powers of the District, as authorize
automatically terminate and be expressly limited to taking only those
, have not been
approved by the
tion 32-1-701(3)
d herein, shall
actions that are reasonably
nec ed with the City
.S.; and 3) the
istrict and shall
District, and 4)
lve.
mination of the City Council that the purposes for which the
District was created have been accomplished, the District agrees to file a petition in the
utes. In no event
n occur until the District has provided for the payment or discharge of all of its
out to State statutes,
g operation and maintenance activities.
IX. M ER
essary to dissolve; 2) the Board of Directors will be deemed to have agre
regarding its dissolution without an election pursuant to §32-1-704(3)(b), C.R
District shall take no action to contest or impede the dissolution of the D
affirmatively and diligently cooperate in securing the final dissolution of the
subject to the statutory requirements of the Act, the District shall thereupon disso
Upon an independent deter
appropriate District Court for dissolution, pursuant to the applicable State stat
shall dissolutio
standing indebtedness and other financial obligations as required pursuant
includin
AT IAL MODIFICATIONS
Material dance with Section
32-1-207, C.R.S.
Departures from the Service Plan that constitute a material modification include without
0600.0026:458451_13 9
ition of a major facility that
n d to a service, function or facility authorized in the Service Plan.
XI.
3. Performance of a service or function or acquis
is ot closely relate
CONCLUSION
It is submitted that this Service Plan for the District, as required by Section 32-1-203(2),
establishes that:
1. There is sufficient existing and projected need for organiz
area to be serviced by the
ed service in the
District;
ict is inadequate
omical and sufficient service to
ndaries; and
will have, the
XII. RESOLUTION OF APPROVAL
2. The existing service in the area to be served by the Distr
for present and projected needs;
3. The District is capable of providing econ
the area within their proposed bou
4. The area to be included in the District does have, and
financial ability to discharge the proposed indebtedness on a reasonable basis.
The District agrees to incorporate the City Council’s resolution of approval, including
any conditions on any such approval, into the Service Plan presented to the District Court for and
in Larimer County, Colorado.
EXHIBIT A
District
Legal Description of District Boundary
Foothills Metropolitan
Book No:
Drawn by:
Reviewed:
Date:
FOOTHILLS METROPOLITAN DISTRICT Project No:
DISTRICT LEGAL DESCRIPTION
FORT COLLINS, CO
1 OF 3
EXHIBIT B
politan District
District Boundary Map
Foothills Metro
Book No:
Drawn by:
Reviewed:
Date:
Project No:
FOOTHILLS METROPOLITAN DISTRICT
DISTRICT BOUNDARY MAP
FORT COLLINS, COLORADO
2 OF 3
EXHIBIT C
etropolitan District
Vicinity Map
Foothills M
Book No:
Drawn by:
Reviewed:
Date:
Project No:
FOOTHILLS METROPOLITAN DISTRICT
VICINITY MAP
FORT COLLINS, COLORADO
3 OF 3
limitation:
1. Any action prohibited by Section I.A. of this Service Plan; and
2. Actions or failures to act that create greater financial risk or burden; and
modifications to this Service Plan may be made only in accor
0600.0026:458451_13 8
need for numerous amendments. Any action of the District which: (1) violates the limitations set
forth in this Service Plan shall be deemed to be a material modification to this Service Plan
unless otherwise agreed by the City as provided for in Section X of this Service Plan or
otherwise expressly provided herein.
0600.0026:458451_13 6
Improvements are designed and constructed in accordance with the standards a
of the City, including the City Code and Approved Development Plan
governmental entities having proper
. Prior to the issuance of any privately
placed Debt, the District shall obtain the certification of an External Financial Advisor
substantially as follows:
0600.0026:458451_13 5
conditioned upon various external factors including, but not limited to,
engineering requirements, City, county or state requirem
: means the maximum mill levy the District is
permitted to impose upon the taxable property within the District for payment of Debt, which
shall be included in the Service Plan Amendment.
Maximum Debt Authorization: means the total Debt the District is permitted to issue,
which shall be included in the Service Plan Amendment.
0600.0026:458451_13 3
Service Plan is preliminary in nature and subject to change as development w
There are currently no other governmental entities, including the City, located in
the immediate vicinity of the District that, at this time, can financially undertake the planning,
design, acquisition, construction, installation, relocation, redevelopment, or financing of the
Public Improvements needed for the Project. Formation of the District is therefore necessary in
458451_13 1