To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Resolution: Consenting to the Dissolution of the Plum Creek Metropolitan District
Body
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Executive Summary
The Plum Creek Metropolitan District (District) will retire its outstanding bonds by the end of the year. This Resolution formally acknowledges that with retirement of all District indebtedness the District has served its purpose and consequently the District should be dissolved.
Discussion
The District issued debt in the amount of $3.6 million to finance the backbone infrastructure for a portion of the Plum Creek PUD. Plum Creek was the first major PUD to be developed in Castle Rock and the District was one of the first active metropolitan districts. The District currently imposes a mill levy of 16.650 which will terminate with dissolution.
Consistent with the model for metropolitan districts within the Town, the District financed the public improvements which were conveyed to the Town for ownership and maintenance. The District has no ongoing maintenance obligations and provided no municipal services.
Unlike many other Castle Rock metropolitan districts, the District achieved a stable tax base consistent with the financial projection in its service plan and avoided the debt service problems.
Under the terms of the Intergovernmental Agreement with the Town, the District is to seek District Court approval for dissolution when it has completed its infrastructure development and paid off its bonds. This Resolution supports that action and affirms that within the District the Town will continue to provide urban services.
Staff Recommendation
Staff recommends approval of the resolution as presented.
Proposed Motion
“I move to approve a Resolution consenting to the dissolution of the Plum Creek Metropolitan District.”
Attachments
Attachment A: Resolution
Attachment B: District boundary map