City Council Minutes 2020 02 18 - Laserfiche WebLink

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City Council Meeting Minutes February 18, 2020 Page 7 of 18 Mayor Stolzmann asked for Council disclosures; hearing none she opened the public hearing. Director Zuccaro reviewed the 390-acre site and its history. In 2008, all of the existing buildings were demolished and a preliminary PUD was approved. It has since expired. The 2008 General Development Plan (GDP) still stands on the property. He reviewed the current proposal. The applicant, Brue Baukol Capital Partners, requests approval of four Metro District Service Plans within the 390-acre boundary. This is associated with the proposed Redtail Ridge development which will include a separate application for a Comp Plan Amendment, GDP, and Preliminary and Final Plat. The project includes up to 5.8M sq ft of building area to include multi -family residential, senior living residential, and commercial/office development. The Metro District service plans reflect that proposal. The applicant requests consideration of the Service Plans prior to City Council review of the Comp Plan Amendment, GDP Amendment, and Final Plat due to the developer's desired timing for a special election and to allow the potential start of development later this year. Council approval of the service plans is required before the election can be held. Director Zuccaro reviewed the service plan proposal which includes four districts to collectively finance capital costs for development; a maximum total of 60 mills — 50 mills for capital improvement debt and 10 mills for operations and maintenance; and a maximum term of debt set. at 40 years from first debt issuance. The total capital improvement cost estimate is $178M with $135M funded by the Metro District. He noted there is a provision that the Districts cannot issue debt until a comp plan amendment and the final plat are approved by City Council. There is a total debt cap of $168,750,000. Upon formation of the Districts there is a requirement the Districts enter into an Intergovernmental Agreement (IGA) with City. The IGA contemplates ongoing landscaping maintenance in City rights -of -way and funding Transportation Demand Management (TDM) programing. The Financial Plan shows debt issued in 2020, 2023 2028, and 2038 and cannot bear interest over 18%. And, the Districts may impose fees and special assessments within the District boundaries. Director Zuccaro stated the criteria the Council can consider this evening are from C.R.S 32-1-202(2) and CRS 32-1-203. Staff finds the criteria are met that with the provisions in Sec. VII.A. of the Service Plans that do not allow imposition of the mill levy and issuance of debt without later Council approval of a Comprehensive Plan Amendment, Final Plat, and Service Plan Amendment. Requiring later approval allows verification that the cost estimates are