HomeMy WebLinkAbout20062574 HEARING CERTIFICATION
RE: CONSIDER CONSOLIDATED SERVICE PLAN FOR PROPOSED ST. VRAIN
METROPOLITAN DISTRICT NOS. 1, 2, 3, AND 4
A public hearing was conducted on August 30, 2006, at 10:00 a.m., with the following present:
Commissioner M. J. Geile, Chair
Commissioner David E. Long, Pro-Tem
Commissioner William H. Jerke
Commissioner Robert D. Masden
Commissioner Glenn Vaad
Also present:
Acting Clerk to the Board, Jenny Luna
County Attorney, Bruce Barker
Director of Finance and Administration, Donald D. Warden
Planning Department representative, Jacqueline Hatch
The following business was transacted:
I hereby certify that pursuant to a notice duly published August 2, 2006, in the Fort Lupton Press, a
public hearing was conducted to consider the proposed Consolidated Service Plan for the St.Vrain
Metropolitan District Nos. 1, 2, 3, and 4. Bruce Barker, County Attorney, made this a matter of
record. Jacqueline Hatch, Department of Planning Services, presented a brief summary of the
proposal and entered the favorable recommendation of the Planning Commission into the record
as written. She stated the District will provide urban services within a Planned Unit Development
(PUD)area,with residential zoning,neighborhood and general commercial zoning,and continued
oil and gas production uses. She stated the site is 1,313 acres in size and will contain
approximately 5,000 residential lots,three commercial development areas,three school sites, and
334 acres of open space. She further stated the boundaries of the site include Weld County
Road 13 to the east, State Highway 66 to the north, Interstate 25 to the west, and the Saint Vrain
River to the south. Ms. Hatch stated the project will require$99 million worth of improvements, and
the demand for service and facilities to be provided is demonstrable. She stated the applicant is in
full compliance with the Weld County Code,and a referral from Donald Warden, Director of Finance
and Administration, stated the plan appears to be financially feasible. She further stated a mill levy
of 50 mills will exist for debt service, and a mill levy of 15 mills will exist for operations and
maintenance. Ms. Hatch stated seventeen referral agencies reviewed the proposal,and no written
comments were received from the Oil and Gas Conservation Commission, the Towns of Berthoud,
Firestone, Frederick, and Mead, or the Little Thompson Water District. She stated the applicants
have addressed all requirements and staff concerns. Mr. Barker stated a letter, marked Exhibit E,
was received from Jane Jones and Christopher Wagner, requesting exclusion from the District. He
stated a notice was inadvertently sent to the property owners,and the property is not included within
the boundaries of the District; therefore, the request for exclusion is not an issue. In response to
Chair Geile, Ms. Hatch stated the City of Longmont was the only municipality to return a referral
response.
2006-2574
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HEARING CERTIFICATION - ST. VRAIN METROPOLITAN DISTRICT NOS. 1, 2, 3, AND 4
CONSOLIDATED SERVICE PLAN
PAGE 2
Tyler Packard, Carma Bayshore, LLC, stated the Change of Zone Resolution required that the
Board approve the Service Plan before the sale of any lot. He stated Carma Bayshore, LLC, has
two existing communities within the State of Colorado, and the community in the City of Aurora is
a multi-layer District, similar to the proposed District. He further stated Carma Bayshore, LLC,sets
up Districts in a very conservative manner, and all local infrastructure is handled by the developer.
Mr. Packard stated the scope of the project is very large, and will amount to approximately $250
million worth of improvements.
Kristen Bear, White, Bear, and Ankele, PC, represented the applicant, and stated she has been
working on the proposed Service Plan for an extensive time, and the first submittal was made prior
to the adoption of the current policies. She stated the Service Plan is in compliance with all
requirements,and certain language changes have been made in the resubmitted Service Plan. She
stated the Financing Plan indicates how approximately$99 million of improvements will be financed,
which equates to approximately$129 million with interest costs. She further stated she has worked
with the Saint Vrain Sanitation District,and an Intergovernmental Agreement is not anticipated at this
time. She stated the Saint Vrain Sanitation District will give consent at a future board meeting. Ms.
Bear stated the Little Thompson Water District did not complete a referral; however, its concerns
have been accommodated, an Intergovernmental Agreement will be completed, and a stipulation
will be filed at the District Court proceedings. She stated the Districts have been setup in a multiple
district structure, in order to coordinate the administration of construction and maintenance matters.
She stated District No. 1 will be the administration district, and District Nos. 2, 3, and 4 will be
financing districts. She further stated District Nos. 2 and 3 will utilize residential uses, and District
No.4 will contain commercial uses. She stated the debt will be issued on a phase basis, and the
developer will advance money to the Districts to enable construction to begin. Ms. Bear stated the
District will repay the developer advances, the proceeds may be used for actual construction
dollars, and a majority of the improvements will be dedicated to the County or to the water and
sewer service districts. She stated a significant builout period exists, and the Districts will be
required to complete an Intergovernmental Agreement with the County no later that two years after
the plat is recorded. She further stated at that time, all of the exact improvements will be known,
the role of Districts will be known, and the District will have a better idea of what improvements will
be dedicated to the County. She stated the language in the Service Plan requires the Districts to
present any material modifications to the Service Plan to the Board for approval.
Ms. Bear stated the Financing Plan is structured in accordance with the County's policies, and the
structure and timing of debt will be based upon the timing of the actual development. She stated
the District will contain a total of approximately 4,443 residential units, which equates to
approximately$134 million of assessed valuation at the time of buildout. She further stated the total
commercial square footage is expected to be approximately 434,000 square feet,which equates
to approximately$15 million of assessed valuation,for an overall assessed valuation of$149 million
at full buildout. She stated full buildout is expected by 2020, and the Districts will discharge debt
totaling approximately $166 million. She further stated the maximum debt to be issued will not
exceed$166.5 million, and any increases above that amount will be subject to the County's policy
requirements. She summarized that the amount of debt to be issued will depend upon the actual
buildout, and projections indicate that the debt may be discharged upon the mill levy rate of 45 mills.
2006-2574
SD0130
HEARING CERTIFICATION - ST. VRAIN METROPOLITAN DISTRICT NOS. 1, 2, 3, AND 4
CONSOLIDATED SERVICE PLAN
PAGE 3
Ms. Bear reviewed comparable mill levies and financial figures within Special Districts,and stated
the total overlapping mill levy will be approximately 127 mills,which is comparable to other Special
Districts. She stated the District will net$161 million in total bond proceeds, the developer will be
reimbursed for actual construction costs, and the District may not pay for any services other than
the public improvements authorized by the Service Plan. She further stated the term of the bonds
will not exceed 30 years,and they will be issued during a period of years 2009 through 2031,based
upon current buildout assumptions. She stated the risk to future homeowners is limited as a result
of the County's policy, and the County has oversight which allows Carma Bayshore, LLC, to
facilitate development.
In response to Chair Geile, Ms. Bear stated the Districts will be required to dissolve upon the
discharge of all debt, and upon adequate discharge of all operations and maintenance
responsibilities. She further stated adequate disclosure regarding the mill levy fees must be
provided to potential homeowners. Responding to Chair Geile, Mr. Packard stated the necessary
improvements are completed solely within the community, and homeowners are essentially
providing funds forthe amenities completed within their immediate neighborhood. He further stated
a competitive disadvantage does not occur since the homeowners are paying a nominal fee for a
home with many amenities. Chair Geile commented the County does not collect sales tax,and the
commercial uses within the District could create a disadvantage to surrounding municipalities. In
response to Chair Geile, Mr. Packard stated Carma Bayshore, LLC,would be willing to discuss a
revenue sharing agreementwith the County at the appropriate time. Responding to Commissioner
Jerke, Mr. Barker stated Carma Bayshore, LLC,and the County could negotiate a revenue sharing
agreement within a three-year range; however, the exact buildout time period is not known. He
further stated the competitive disadvantage will be better recognized within three to five years.
Further responding to Commissioner Jerke, Mr. Barker stated the trigger to consider a revenue
sharing agreementwould be initiated by surrounding municipalities,and several municipalities have
made suggestions in the past that Special Districts will create a disadvantage. He further stated
he is not certain that a revenue sharing agreement would be feasible. In response to Chair Geile,
Mr. Packard stated the negotiations regarding an agreement may be discussed at the time the plat
is recorded.
No public testimony was offered concerning this matter.
Mr. Barker clarified that the language received from Ms. Bear in an e-mail, marked Exhibit G,will be
included in the language of the final Service Plan.
Commissioner Masden moved to approve the Consolidated Service Plan for St.Vrain Metropolitan
District Nos. 1, 2, 3, and 4, based on the recommendations of the Planning staff and the Planning
Commission. The motion was seconded by Commissioner Jerke, and it carried unanimously.
There being no further discussion, the hearing was completed at 10:40 a.m.
2006-2574
SD0130
HEARING CERTIFICATION - ST. VRAIN METROPOLITAN DISTRICT NOS. 1, 2, 3, AND 4
CONSOLIDATED SERVICE PLAN
PAGE 4
This Certification was approved on the 6th day of September 2006.
APPROVED:
��' ► ��%��� BOARD OF COUNTY COMMISSIONERS
of �� WELD CO TY, COLORADO
ATTEST: ,.,, , y;� r 42
.'fi, Cis j M. J. Ge Chair
Weld County Clerk to th:1 • V,��;j �•
cla oCy
ti4 1 David E. Long, Pro-Tem
BY: �/��
Dep Clerk the :oard /z/, ✓
Will H. Jerke
TAPE #2006-31
Robert D Mas en
ak
Glenn Vaad
2006-2574
SD0130
EXHIBIT INVENTORY CONTROL SHEET
Case SD0130 - ST VRAIN LAKES METROPOLITAN DISTRICT NOS 1, 2, 3, 4
Exhibit Submitted By Exhibit Description
A. Planning Staff Inventory of Items Submitted
B. Planning Commission Resolution of Recommendation
C. Planning Commission Summary of Hearing (Minutes)
D. Clerk to the Board Notice of Hearing
E. Christopher Wagner Petition for Exclusion dated 08/18/06
F. White, Bear, Ankele, PC Various Issues Addressed as Required by
Planning Commission dated 08/28/06
G. White, Bear, Ankele, PC E-mail re: Modified Language dated
08/29/06
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