Resolution 2008-44 - Laserfiche WebLink

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Approval of this Service Plan by the City in no way releases or relieves the Land Owner of the Development, or any developer or any subdivider of any property within the Development, or any of their respective successors or assigns, of obligations to construct Public Improvements for the Development or of obligations to provide to the City such financial guarantees as may be required by the City to ensure the completion of the Public Improvements, or of any other obligations to the City under the Municipal Code or any applicable annexation agreement, subdivision agreement, or other agreements affecting the property or devellopment thereof. C. Objective of the City regairding District Service Plans The City's obj ective in approving the Service Plan for the District is to authorize the District to provide for the planning, design, financing, acquisition, construction and installation of the Public Improvements from the proceeds of Debt to be issued by the District. The District's mill levy shall be no higher than the Maximum Mill Levy (as defined below). This Service Plan is intended to establish a limited purpose for the District and explicit financial constraints. The primary purpose; is to provide for the Public Improvements associated with the Development and regional needs. The District shall not have perpetual existence and shall not operate or maintain any Public Improvements except for warranty maintenance required prior to the time Public Improvements are accepted by the City. The District shall dissolve upon payment or defeasance of all Debt incurred or upon a court determination that adequate provision has been made for the payment of all Debt, or upon the occurrence of an event specified in Section 32-1-701(2) or (3), C.R.S., or as otherwise specified in Section X. The District shall be authorized to finance the Public Improvements that can be funded from Debt to be repaid from tax revenues collected from a mill levy which shall not exceed the Maximum Mill Levy, together with the Development Fees as hereinafter defined. It is the intent of this Service Plan to assure to the extent possible that no property bear an economic burden of the District that is greater than that associated with the Maximum Mill Levy. Generally, the costs of Public Improvements that cannot be funded within these parameters are not costs to be paid by the District. D. Existing Services and Districts There are currently no other entities in existence in the vicinity of the Development which have the ability to undertake the design, financing, construction, operation and maintenance of the Public Improvements which are required for the; Development. The Development is located within the boundaries of the Boulder Valley School District RE-2, the Louisville Fire Protection District, the Northern Colorado Water Conservancy District, and the Urban Drainage and Flood Control District. It is the Land Owner's understanding that iit is not feasible or practicable for the City or any of these districts to provide the public improvements necessitated by the Development.