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In accordance with Section 32-104.5(3)(X), C.R.S., the following general explanation in plain, nontechnical language, is provided. This information is intended to be read in conjunction with all applicable legal requirements, governing documents, agreements, resolutions, and determinations of the Board of Directors of the District.
A metropolitan district is a special district that provides any two or more of the following services:
(a) Fire protection;
(b) Mosquito control;
(c) Parks and recreation;
(d) Safety protection;
(e) Sanitation;
(f) Solid waste disposal facilities or collection and transportation of solid waste;
(g) Street improvement;
(h) Television relay and translation;
(i) Transportation; and
(j) Water.
In accordance with the District’s Service Plan, the District has the power and authority to provide “Eligible Improvements” described in the Redevelopment and Reimbursement Agreement, dated January 17, 2014, as amended (“Redevelopment Agreement”) and all other permitted improvements funded through the Foothills Mall Fund, within and without the boundaries of the District, as such power and authority is described in the Act and other applicable statutes, common law and the State Constitution. If, subsequent to approval of the Service Plan, the State Legislature includes additional powers or grants new or broader powers for Title 32 districts by amendment of the Special District Act or otherwise, any or all such powers shall be available to or exercised by the District only to the extent approved by the City.
The District has undertaken or anticipates undertaking construction of the Eligible Improvements and all other permitted improvements.
The District provides or will provide the following ongoing services: operation and maintenance services for the Eligible Improvements and all other public improvements that are not dedicated to the City or other governmental entity and covenant enforcement and design review services.
In accordance with the District’s Service Plan, the total amount of debt the District can incur to provide and pay for public infrastructure is as follows:
The District may issue Debt in an amount sufficient to produce $53,000,000 in net proceeds to fund the costs of the Eligible Improvements and the Costs of Issuance. The total Net Debt Service shall not exceed $180,000,000. “Net Debt Service” means the total payments of principal and interest on the District Bonds, less the amounts that are paid from funds held by the District Bond Trustee as capitalized interest and reserve funds, including interest earnings on any such funds.
In accordance with the District’s Service Plan, the following revenue may be used to pay for the District’s debt:
The Debt shall be paid from the Pledged Revenue, which includes:
(i) The District Debt Service Mill Levy Revenues;
(ii) The Pledged District Specific Ownership Taxes;
(iii) The Pledged Property Tax Increment Revenues;
(iv) The Add-On PIF Revenues; and
(v) The Pledged Sales Tax Increment Revenues.
In accordance with the District’s Service Plan, the maximum mill levy that the District may assess to pay for its debt is as follows:
The Maximum Debt Service Mill Levy is 50 mills, as may be adjusted in accordance with the Service Plan and the Redevelopment Agreement as set forth below.
The Maximum Debt Service Mill Levy shall be a property tax levy of 50 mills levied by the District on the taxable property of the District, which levy may be adjusted to take into account legislative or constitutionally imposed adjustments in assessed values or their method of calculation so that, to the extent possible, the revenue produced by such mill levy is neither diminished nor reduced as a result of such changes.
Residents within the District may serve on the Board of Directors of the District if they are eligible electors of the District. A resident is an eligible elector of the District if the resident lives within the boundaries of the District and is registered to vote in Colorado.
Overlapping Entities
The following governmental entities overlap with the boundaries of Foothills Metropolitan District: Poudre R-1 School District, Larimer County, City of Fort Collins, Health District of Northern Larimer County, Larimer County Pest Control, Poudre River Public Library District, Northern Colorado Water Conservatory District, and Midtown URA Foothills Mall (this overlapping entity overlaps a portion of the District)