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SUMMARY: <br />Brue Baukol Capital Partners (BBCP) request approval of a Comprehensive Plan <br />Amendment and General Development Plan (GDP) Amendment for the proposed <br />Redtail Ridge development on the 389.1-acre former StorageTek/ConocoPhillips <br />Campus property. The Comprehensive Plan amendment proposal is to change the <br />designation of the property from Rural to Suburban, update land use policies to allow <br />multi-famliy residential, healthcare and lodging development, increase allowed <br />development density and increase allowed building heights. The General Development <br />Plan amendment proposal is for a mixed commercial and residential development, <br />containing up to 5,886,000 sq. ft. of total building area, inclusive of 2,236 multi -family <br />residential units (1,326 age -restricted senior living units and 900 non -age restricted <br />units) and 2,520,000 sq. ft. of commercial development. <br />BACKGROUND: <br />Property History <br />The 389.1-acre development site is the former location of StorageTek Corporation. <br />StorageTek began development of the original campus on 310 acres of the current 390- <br />acre site in 1978 while still located in unincorporated Boulder County. The City annexed <br />the 310-acre campus in 1978. The StorageTek campus included approximately 1.6 <br />million sq. ft. of building area. ConocoPhillps acquired the property in 2008 and <br />completed demolition of the StorageTek campus in 2009 to facilitate a new research <br />campus. In 2009, ConocoPhillips also petitioned the City to annex an additional 80 <br />acres adjacent to the 310-acre campus and requested rezoning of the entire property to <br />Planned Community Zone District — Commercial (PCZD-C). The 2009 proposal also <br />included a General Development Plan (GDP), and Preliminary Subdivision Plat and <br />Planned Unit Development (PUD) requests that were approved by the City. The total <br />development approved for the ConocoPhillips campus encompassed 2.5 million square <br />feet of potential building area. The ConocoPhillps Campus GDP is currently the <br />governing master development plan for the development. ConocoPhillips later <br />abandoned its development plans due to a corporate restructuring. Currently, Phillips <br />66 Company owns the property and BBCP has a contract to purchase the property. <br />Metropolitan District Approval <br />In February of this year the City Council conditionally approved service plans for the <br />Redtail Ridge Metropolitan (Metro) District Nos. 1-4. The four districts are intended to <br />finance public infrastructure for the Redtail Ridge development and provide ongoing <br />services within the development boundaries, including landscaping maintenance within <br />public rights of way and transportation demand management programming. The <br />financial plans indicate that the Metro Districts would finance $135,000,000 in public <br />infrastructure costs for the project, out of a total estimated cost of $173,720,723. These <br />are preliminary estimates and will need to be finalized at the time of final subdivision <br />plat for the project. The Metro Districts could asses a property tax levy up to 60 mills, <br />with the debt mill levy capped at 50 mills. The additional 10 mills are reserved for <br />operations and maintenance. Total debt issuance limit is set at $168,750,000, which is <br />125% of the estimated capital cost contribution. The maximum term of the debt <br />issuance is 40 years. The City's approval of the service plan allowed an election to take <br />Redtail Ridge Comprehensive Plan and GDP Amendments Page 2 of 32 <br />PC — June 11, 2020 <br />11 <br />