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General Improvement District HistoryTOUI'N COI'NCIL COIIUUNIQU E FI]\IANCING DISCT.JSSION . Fomdon of a Generd Itrpmtement Dbtilct and Moro Obtldo Pqiedr b be fundod Uuq€ft Ora dtsficts o e6\rerd wsd<e lhe raWeeted to use a tictopdltrr Dlrflct to frnanoe a rurter of hffaatruciurc ltenrg needed to erpport the rpw cornmerclal and rcsHenllal dev&prent. ln aeseshg thb rcqued, tre Town has been aeebted by CaMn Hanoqt, our bond oouned ard by Russ CaHwd[ our ffnanclal addaor. Ab€ u,lh fie lnftaslructrre llems beiru @ns6ered br the Base Vlhgo devdopment popoed. re have Hentfted a lld of &drsd puUlc lrpruromenu! ho Town shouE ooneHcrthtu4h a eeparate ffnardng en$y, a Gemrd lmprcvunent Db0kt Somc of theee ltem beneft amas greate than Baso VXbge. Aftdred le a llstof dlhs lnftaE8trctuis coste belrp oorddered brtundf€ fiom both he dlguiia The general thoory b$lnd ushg a Me&o Dbfid and GID ls that tho publb wll ben€frt ftorn ths hfratruduts behg mndder€d so lt shouH banefrt fiorn prs\ralltp tarexanpl fftardng ralher lhan traxabb frrandlq. ln oornhg to he Metlo Dbtdcl and GID B0rrchrnos, the Tovn'o the Tmn's bam analuetsd gh common enttlee thet alp ugod for sfnfler infiadructrrg. Theee enlftiee induded a ifreto Ustrbt, tho GID (Gen€rd lmprovement Dlstdct), a Buelnee lmpovement Dlstlct, a Speclal Asesesrnent Dbtrict, a Publlc Ma[ Dhtrlcl" and an Urtan Renewal Authodty. The Metrc DNstld ard GID llrero eelec{ed as prefened methods due to he h|lorfry r@3d18: (11Both can lssre general obllgdon bonds (21 Ih* bowderbs oouH enoffiUess the samo pmporty- Base \rllage I D. Meetlng Date: Agonda lbm: Pnrenbd By Gom bruec: Generrl lnformadon: 04-20-1 s TC PACKET 18 (31The tXstlcl exeil'@ntld'feat rggotr Meto (4) The Toun Boad $uff fu0y @ntsol ho GID Boed as irayor& Colnc0 rrcdd senn r the GID Bosfil d D$edors (5) One !q qff be uaed b mooffinodeb coodlnatlon d pto&ccls s.rdr as oor$uctlon Umo lh€s (0) Mill leW capo oodd be lmpoeed sdr ttat tfre Twn'e edsdry cr€dlt ls unafisded. Bdr the rcd( sesslon ard firet rcadhgts are bdng hdd on he sane date due b t4ilng to meetthe Dlsflct Courb schedule to approve the M&o Dblrlcfg bald Steedong. Later h the reguhr nrmUng, lou wll eee:o Fleeof,fibn hlo. 5l , Sorlee of 2fiX - Apptwd d tre ConaolUabd Son lco PHr ftrthe M€Uopdlten Dhrtkto Pffion fur olupntss0on of the Genefrd lmprovement tilsffi and Odhanoe No, lE, Sedos of 2fill - The Pellton u,& need to be teoehted ald ampted by hs tvlayor and Tmrn @Indl, than tha Oldhance fome the Genefial lmpwement Dffilcto Ordhsnoe No. 20. Setbe sJ 2W Putldeo for an elocdon to debt issuance furthe Geneml tuo frnandng of lhs lnffintotrle o&. ln the r€gris nrcedry:r Apprcw Reeobtlon l.b. 51, Serlee of 2ffX end Odlnerrcea #18 & #20, Serbc of 2m4.o Apprwe Resobtbn No. 51, Sotles of 2004 fid Ordtnanoes #18 & #20, Serho of 2fiN, wtrl modlllcatlom.o Do not appmw ResoluUon l,lo. 51, Sodos d200i and Odinanoea #lE & #20, Serleo of2fi[. tlo. #r8 & #I0horderb rnor,€ fomerd uulh thc brnsUon of he dhtrldB and the debt guegtlons. Opdons ttlft Recommcndet bm: O4-2A15 TC PACKET t9 Paf I HIGIILIGEIE OT A GID AND METRO DISTRICT I lhcGlD.GaterullnorcuqeuDl*b r lhig distsict is formad by a pctition subrnittod to the Town signod by at lcast 30plo ofthe electors ofthe propoced dietsict (which is essantially Brush Creek [ard Co). o Town adopb an ordinancc to fonn tho GID, as an elcction ie not roquircd. o Onco formsd, tho Mayor/Comcil becorp tho GID gowrning body. o GID must have a bond election o euthorize Gcmoral Obliptior bmds (which is csscmtially Brush Grcck Land Co., ifheld ir Novu$cr 2004). o GID hs thc powerto acguirc, constsucL opcratc, md rnaintain anypublic inpoovorrent. r GID rmy irpose hxes and assossmeob" il, The blaru. or Metnlllaa lllslr&l (oseilsd of a ttrritdm DNr&r aadaSeilccDl*b o Proponeng flc a service plan wi0t thc Town to fqm this disfiot and proponcnts reprcsent 507o of thc orable propctty (which is essattially Brush CYock Land Co.). o Thc Town passcs an cdinanco ofryprovrl of thc Scrvico Plan. o The proponarts submit a pctition o Distict Court in early Octobcr to hold a fomation and bmd eloction. Undor pcvailing Sbrc law, Disrict courts posscss authority to eet clcctions for rpho distsicts. o lte district has an indcpcndent board consisting of 5 clectora o It must harre votcr appnoval for dch and oporatims mill levics (whic{r is esscntially Bruch Cteck Lad Co, ifbcld in Novomber 2004). 04-20-15 TC PACKET 20 .Stclt ReDort Pago 2 o Much tikc dre 6ID, aMctno Disriq co acquir€, costsuct, qpsmtc md ruinaia any publio irpmvemnh. Genemlln a Mcto District ie developcr controllcd and the GID is Town oonFollcd. Howovcr, thc Town cm irpose a varicty of limi8 md cmsbainb m thc Motno District Should tho Mooo Digtict bc prsud Town strfrr€conurude thc following cotlols bc put into thc scrvico plm and fto su@uent IGA betwecn thc Gencral lnptovcnrnt Disriq and dp Mcm District r Limits on debt and mill lcvies r Rsquirenpnb for dovcloper enhmcemsnt of bonds . o Roquircrnea6 on thc ecopc of projccts to bo built ald opcratod o Elimination of eminont doouin power e Rcslrictions on cxclwima oftsritory md inchsion ofncw Dropcrty r Periodic md tirnelyrtportiag ofhdgeB md audic to thc Town o Plarming and zoning nrlca to ryly . o hohibition on Mctro Disrict applying fc GOCO or Corrcrvation Ttust Fund monoy r Rcsriotions on otlrcrfedcral or statc gnnB b 6G MG6o Disriot rcquiring Town conscnt r These rcquiremenB are in thc propooed Servicc Plan in brood cficspts md will bc rnore fully speoificd in an IGA TOWNCRDDITQUAIJTY On a going forward basis, wc havc bcen adviaod by Russ Caldwcl thrt hosc two Disfiicts, if ocato4 should havc mill lcvics ceppod bclow 50 miUa This is ncccssary to k€€p orrcrlappingmill lcvicoat rmges acccptrblc torminEiningth Town's "A"rating from Shndard& Poor's. thdsr our curr€ot plojections, this allocates approximately 30 mills to llrc GID initially and 19 mills !o the Mero Dietrict initially ard this will frrnd AtL ttp listcd projecB. 04-20-15 TC PACKET 21 Prgc 3 Also, you will note in thc projcct list, th Towr is cortibuting $2,0@,000 in castt o tho Brush Creck Road and Wood Roqd Roundabout plug tho dGvclopctB arc conributing t2,000,000. Tlrc plm ig to rcoovcr this cash conribution aier pay off of tbc GID bods and repay drc contrihrtlon at na*ct itrt€,rcst raE6. So, ttc GID bond auftority io thc ballot qucstion is lrgcr thm tho initial bo,nd isEud ptamed in 2005. TUEDEETSTRUCTT'RES Bofr ttr GID and tlr Memopolitrn Di$isr will isare gcncral obligation bonds. Ttrc CID bondE arG to bG Epoid ovcr 20 ycars, and thc Mcuo Disbict ovcr 25 ycrs. Initially, tlre dcvclopcr wi[ provids lettcr ofcrcdit support !o beck fie bonds ad make contributions for cryitalizod intcr€st. Thc lettcr of crcdit would bc providod by a commercial bank expoctcd to b€ rabd at lcast'A". Orce tho plarmed dcveloprrort occurr and reachcs a crrtified asscscd valuc pcrmiting ttrc GID/Mcro bonds to be rqaid at 49.50 mill$ dtc letcr ofqpdit srpport can bc removcd. Acooding o our pojcctiong that event could likely occur aftcr 201 l. This target datc will bc influcncod by Gallaghcr and prrvoiling intcrest rat6 for fic takc out bonds as unlimitod to( bonds. In additiorl curent ffcral hx law can causc devclopcr contributions for capitalizod intcrcst to bc paid after dcbt is rctir€d. Tbe dctailed arrfitgorcnt <m this will bc worted out in an IGA. TCIWN BORBOWING CAPACITY The result of the GID and Mcuo financings will bc to crpate a di(ferqrtial mill levy within thcir boundaries, scpratc fiorn mill lcvics applicablc in othcr perts of tre Town. The Town will continue b have general obligetian bond cAacity for p,rojc€6 barfiting thc Town. Gemcralln th Town's.G.O, capacity will be l0lo of totrl assesscd value srd it will bc firlly availablc (css cxietfug ortstmding bond issues) undcr thc currcnt plan. At ftrll build out, thc asscsscd valuc of thc Disrict is approximately $61,fl)0,000 and the Town's total sssossod value in 2004 is 8346,347,070. So, thc diffcrcntial mill levy is acccptablc from an 'bverlapping debt" perspectivc. DXECT'TION IDCUMENTS Town Orrdinances will be rcguirod to create these cntities. Tlrc Town Odirurce for thc Mero Disrict witl involvc rpproving the scrvice plm that wilt go fonrard to Disrict Court. 04-20-15 TC PACKET 22 PrSo 4 OPERATING COSIS OF TEE GID Ths GID bas a budgpt for$200,000 in opcrating crpcnscs forftc Cabriolct. The expectation is that tlrc Aspen Ski Conpany will opcrate thc Cabriola in the wintcr and thc GID will operau in thc sunmcr. Ifowcrrcr, if thc eervice arca of tlre GID cxpan& to include othcr p,roperty, wa can rcasombly cxpoot thc Cabriolot will operate at a highcr eenvico lor,cl and it world thar have a lrger ux bose to suppogt mm o,pcrating costs and thc porntial additiur of a pople mvcr to thc Snowmass Ccnter. 04-20-.l5 TC PACKET 23 IIItt O tB a ilratFettr - rtfr O Eg GIE3 eta, J} EI afa 3 E Ert eerl a fi Es l, ts$ g c r} gt Eil?Gl a)o EBEF :O t$ lD{ Prfiii$rtliil,rrlrrIl ato .taa O !I o tt ut o r).)rooa I-t t T Ite I T It T I I! Ttt t ir llIi J'rt d H ! I qeE oct5il?ano6 f'lDororDat-aa.D.) teBgErEIEIESBEI({ Bfp , 2404-20-1 5 TC PACKET I TOSV General lmprovement District (GlD) Special Taxing District for Base Village for following componentso Snowmelt in Base Village. Operation of the Skittles Lift. Operating and Maintenance Fees Board of Directors is the Town of Snowmass Village Town Council There is an Advisory Board that consists of 6 people, 3 are Town staff and 3 are Related West Pac representatives A budget is approved annually usually in October. Base Village Metro District No. 2 Special Taxing District for the Base Village lnfrastructure. Operated and maintained by Related WestPac Representatives 49.5 Mills total 20 for GID 29.5 for Metro 2 Fact Sheet 05-'14-09 2010 6 Mills for GID and 43.5 for Metro 2