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RESOLUTION: 2008-62
SUBJECT: Authorizing an extension of the deadline to file a Service Plan amendment for Fossil Ridge Metropolitan District No. 4.
RECOMMENDATION: Approval
FUNDING SOURCES: Not applicable.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On August 8, 2005, the City Council conditionally approved a Service Plan for the creation of the Fossil Ridge Metropolitan District No. 1, Fossil Ridge Metropolitan District No. 2, Fossil Ridge Metropolitan District No 3, and Fossil Ridge Metropolitan District No. 4 (the "Districts"). This conditional approval required the Districts to submit an amendment with a more detailed plan describing the facilities and services to be provided, the scope of improvements anticipated to be constructed, operated, and maintained by the Districts, the estimated costs associated therewith, and a financing plan to pay for such facilities and services.
The Fossil Ridge Metropolitan District No. 1, Fossil Ridge Metropolitan District No. 2, and Fossil Ridge Metropolitan District No 3 include the area being developed by Carma as the Solterra development which was previously known as Springfield Green. Pursuant to an Amended and Restated Service Plan approved on August 28, 2006, the requirements of such amendment were satisfied as to those three Districts. Pursuant to a Second Amended and Restated Service Plan approved on August 7, 2007, certain modifications were made to the financing plan for the first three Districts and the deadline was extended until December 31, 2008 for Fossil Ridge Metropolitan District No. 4 to submit an amendment. Fossil Ridge Metropolitan District No. 4 includes the area known as Red Rocks Business Park and is zoned for office development.
Because of the current economic climate, the property owners within the Red Rocks Business Park have requested that the deadline for submitting the amendment to the Fossil Ridge Metropolitan District No. 4 be extended for a period of two or three years. Staff has recommended and submitted a proposed Resolution to extend the deadline for one year, until December 31, 2009. No financing of improvements may occur until such amendment is approved by City Council. Staff would like to meet with the property owners in the Spring of 2009 to discuss the development expectations for this site.
RESOLUTION ADOPTION DATE: September 8, 2008
ORIGINATED BY: Timothy Cox, City Attorney
STAFF PERSON RESPONSIBLE: Michael J. Rock, City Manager, 303-987-7050
DOCUMENTS ATTACHED: Resolution
2008-62
SUBMITTED BY:
Michael J. Rock, City Manager
REVIEWED BY:
Joni Inman, Director, Mayor and City Manager's Office
Michael J. Rock, City Manager
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