To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Resolution Approving the Second Amendment to Villages at Castle Rock Metropolitan District No. 7 Master Intergovernmental Agreement
Body
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Executive Summary
The Villages at Castle Rock Metropolitan District No. 7 (“District”) serves the Woodlands and Escavera. Under the terms of the Master Intergovernmental Agreement (“MIGA”) between the Town and District, the District maintains at its expense, the Scott and Woodlands Boulevard medians and certain entryway areas. The District anticipates that it will retire its outstanding bonds by 2023 at which time the District will dissolve as required under the terms of the IGA with the Town.
This Second Amendment to the MIGA provides that District 7 will continue to provide maintenance until formal dissolution, at which time the Town will assume that obligation unless in the interim arrangement can be made for an HOA to assume that obligation. The District will give the Town adequate notice of dissolution in order that appropriate budgeting of the expenditure can be made by the Town in the following year.
The principal benefit of this amendment is that it will support the District’s request for a Court order dissolving the District, subject to the requirement to pay bonds and this landscaping obligation. This amendment does not change the financial obligations of the Town as they exist absent the amendment.
Staff Recommendation
Staff recommends approval of the Second Amendment to MIGA as presented.
Proposed Motion
“I move to approve the Resolution approving the Second Amendment to the Villages at Castle Rock Metropolitan District No. 7 Master Intergovernmental Agreement.”
Attachments
Attachment A: Resolution
Attachment B: Second Amendment to MIGA