To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Update: Review of Metro District Policy and Model Service Plan
Body
________________________________________________________________________________
Executive Summary
Castle Rock has over 30 active metropolitan districts (Metro Districts) that generally provide initial installation of public infrastructure through various financing mechanisms, primarily the issuance of debt and the service of that debt through property tax mill levies on property within the district. The Town is involved in the initial approval of the formation of metro districts through approval of service plans, modifications of service plans and some related review of compliance with service plans, including in some instances approving the issuance of debt, etc.
While the Town has generally followed a standard service plan for review and consideration of new districts, this standard plan has not been reviewed recently and modernization of language and other improvements are warranted. Other area jurisdictions have recently reviewed their practices in this area, including the City of Lone Tree. (See Attachment A information from Lone Tree). Town staff has been reviewing the practices and policies from other jurisdictions and is developing a draft model service plan for additional consideration among stakeholders (e.g. development community members, other interested parties). Attachment B is a draft to-date of a model service plan that staff is further refining. Additional changes will be needed to this document. Appreciation is noted for the work of Elizabeth Allen and Mike Hyman in the work on this draft document, along with the work of Trish Muller and Pete Mangers in research and development of key policy items.
Topics for consideration in the development of this plan include: maximum property tax mill levy, maximum time period for the retirement of debt, limitation on issuance of debt compared to estimated cost of improvements, limitation on certain metro district services, consideration of regional mill levy to support Town services and capital needs, and several other provisions. Staff will work to further refine this draft service plan, engage interested stakeholders in review and comment on the draft plan, and provide Town Council with an opportunity to review and approve at a future date.
Attachments
Attachment A: City of Lone Tree Service Plan Information
Attachment B: Draft Model Service Plan