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RESOLUTION: 2006-46
SUBJECT: Amended and Restated Service Plan for Fossil Ridge Metropolitan Districts No. 1, No. 2 and No. 3.
ADDRESS: The general location is bounded by C-470 on the west, Alameda on the north, Yale on the south and existing residential subdivisions on the east.
RECOMMENDATION: Approval
FUNDING SOURCE: Not Applicable
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On August 8, 2005, City Council conditionally approved the Service Plan for Fossil Ridge Metropolitan Districts No. 1, No. 2, No 3 and No. 4, all located in the Springfield Green area of the Rooney Valley.
This conditional approval was based on the Districts returning to Council with an Amendment to their service plan containing:
• a full financing plan,
• a description of the manner in which all facilities and services will
be provided by the Districts,
• a description of the scope of improvements to be constructed, operated
and maintained by the Districts,
• estimated costs associated with the improvements and
• final legal boundaries and maps.
The new document is attached and is titled the "Amended and Restated Service Plan for Fossil Ridge Metropolitan District No. 1, Fossil Ridge Metropolitan District No. 2, and Fossil Ridge Metropolitan District No. 3" (Plan).
An informational memo describing key components of the Plan is also attached.
The Plan does not propose any action for District No. 4 because development
plans for the area of the Rooney Valley that will be within District No. 4 are
not yet finalized. At the time District No. 4 plans become finalized, an amended
plan, similar to the attached Plan, will be submitted to the City.
The Plan has been reviewed by the Finance and Public Works Departments and by
the City Attorney's Office. The Plan provides for construction of all public
improvements required by the City. The improvements are being financed by selling
bonds with subsequent repayment made through a property tax mill levy on the
homes constructed in the development.
Since the Metropolitan Districts cannot readily borrow money in the bond market until homes are actually constructed, the developer, Carma Lakewood, LLC will initially loan the Districts the money to build public improvements. As taxable property is built, the Districts will then sell bonds and repay the Developer over a period of years.
A description of the contents of the Plan is presented in the attached memo.
RESOLUTION ADOPTION DATE: August 28, 2006
ORIGINATED BY: Public Works Department
STAFF PERSON RESPONSIBLE: Richard J. Plastino, Director of Public Works, 303-987-7901
DOCUMENTS ATTACHED: Resolution
2006-46
Memo of Service Plan Details
Amended and Restated Service
Plan
SUBMITTED BY:
Richard Plastino, Director of Public Works
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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