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File #: RES 2019-111    Version: Name:
Type: Resolution Status: Passed
File created: 9/10/2019 In control: Town Council
On agenda: 11/5/2019 Final action: 11/5/2019
Title: Resolution Finding Demonstration of Reasonable Diligence on the Consolidated Application of the Promenade at Castle Rock Metropolitan Districts Nos. 1-3 for Quinquennial Review Pursuant to the Special District Act
Attachments: 1. Attachment A: Resolution

To:                     Honorable Mayor and Members of Town Council

 

From:                     Trish Muller, Finance Director

 

Title

Resolution Finding Demonstration of Reasonable Diligence on the Consolidated Application of the Promenade at Castle Rock Metropolitan Districts Nos. 1-3 for Quinquennial Review Pursuant to the Special District Act

Body

________________________________________________________________________________

 

Executive Summary

 

This Resolution makes the required statutory findings on the quinquennial review conducted by the Town Council on October 15, 2019.

 

CONCLUSION

 

Based on the analysis performed on the financial records for the Promenade Metro District, as submitted to the Town by the District, it appears the District is operating in accordance with the parameters as defined in the Service Plan.  Additionally, revenues generated by the Metro District appear to be consistent with the Metro Districts financial projects and reasonable to meet the debt service requirements for the outstanding debt.  Staff will continue to review the financial health of all metro districts on an annual basis and will inform Council accordingly.

 

NOTE: The information presented in this report was generated from a review of the Promenade Metro Districts Quinquennial Report, the PMD 2017, 2016 and 2015 Consolidated Annual Reports, which include Audited Financial Statements and Compiled Budgets for the District, the Amended Public Finance Agreement and the Districts Service Plan. Our review is based on the information presented in these documents, statements submitted by management and a conservative projection of future market and revenue trends.  We have not performed a full audit of the information. Accordingly, the statements and conclusions in this report represent the Town’s analysis of the information provided and do not predict future performance of the Metro District.

 

Proposed Motion

 

“I move to approve the Resolution as introduced by title.”

 

Attachments

 

Attachment A:                     Resolution