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5 <br />Organizational Requirements <br />Formation of a metro district within the City requires: <br />Filing of a proposed service plan with the City <br />City Council holds hearing, with notice provided to public <br />City Council may approve, conditionally approve, or disapprove <br />the proposed service plan <br />If disapproved, standard of review is arbitrary, capricious, or <br />unreasonable <br />If approved, district proponents file petition with district court <br />Petition signed by 30% or 200, whichever is less, taxpaying electors <br />within the proposed district <br />After hearing, court orders election on organization, board <br />election, and financial matters <br />District’s Organizational Election <br />Eligible electors include persons registered to vote in Colorado <br />who <br />Are residents of the district; or <br />Own (or spouse or civil union partner owns) taxable real or personal <br />property in the district <br />A person obligated to pay taxes under a contract to purchase taxable property <br />in the district is considered an owner <br />In a “developer district,” these voters are usually the developer and <br />a small number of affiliated landowners (typically employees or <br />related parties of the developer) who are eligible electors based on <br />a “contract to purchase” <br />At this election, the district usually seeks and obtains all voter <br />approvals required by law (including TABOR) for any district <br />taxes, debt, and other financial obligations <br />19