City Council Minutes 2008 09 02 - Laserfiche WebLink

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City Council Meeting Minutes September 2, 2008 Page 9 of 13 MOTION: Councilor Dalton moved 'to approve Resolution No. 42, Series 2008, with the deletion of condition 3 (noise mitigation measure), seconded by Councilor Muckle. All in favor. PUBLIC HEARING ON PROPOSED TAKODA METRO DISTRICT Mayor Sisk opened the public hearing and requested a Staff presentation City Attorney Light explained in order to help finance the public infrastructure for the Takoda development, the proponents RMCS, LLC, requests the City Council authorize the creation of a Metropolitan District (Metro District), which is a type of special district under Colorado law. State statutes gives the governing body in which a Metro District would be located (City Council), the authority to approve, conditionally approve or disapprove the proposed service plan for a Metro District. The Metro District is intendf:d to encompass only the Takoda project area and inclusions and exclusions are generally not allowed without City Council consent. RMCS intends to assemble ownership of all of the District property in the near future. The financial plan rE;flects the District will include a total district area of approximately 62 acres. City Manager Fleming explained the City Council approved the General Development Plan (GDP), Final Subdivision Plat and Final Planned Unit Development (PUD) Plan for the Takoda development located in the northern portion of Louisville west of Highway 42 and immediately south of the City limits. RMCS requests the City Council authorize the creation of a Metropolitan District. The City Staff retained Mr. Jim Manire with James Capital Advisors, Inc, to evaluate the proposed Service Plan submitted by RMCS. Mr. Manire concluded the Financing Plan is within the parameters contained in the Service Plan. The Financing Plan appears to have the flexibility to adjust to some delays in construction or lease-up. If future weaknesses in property valuation or retail performance causE; the assessed value of the District to decline, revenue can still be increasE:d to a point by moving the District mill levy to up to the 45-mill maximum (or higher if adjusted). Ultimately, the actual growth of the assessed valuation within the District will determine the District's ability to issue debt, as well as the time of the amount of that debt. It was Mr. Manire's opinion these factors reasonably support a finding of financial feasibility for the Takoda Metropolitan District Financing Plan assuming $9.4 million of bonds and 35 mills for debt service and ongoing operating expenses. City Manager Fleming explained the City Staff has compiled a number of questions to assess the feasibility of 'the plan, which addressed the positive and the negative aspects of the Takoda Metropolitan District. He recommended