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Stetson Ridge MD 1 Service Plan Info
The District was organized to provide planning, acquisition, construction, installation and financing of public improvements, including streets, water, wastewater, traffic and safety, park and recreation,
mosquito control, television relay and transportation facilities, primarily for residential and commercial development. The District was organized in conjunction with Stetson Ridge Metropolitan District #2 ("District No. 2") and Stetson Ridge Metropolitan District No. 3 ("District No. 3") to serve the needs of the Stetson Ridge development for the purpose of financing, construction and operation of improvements and infrastructure serving the three districts. District No. 1 is responsible for managing the construction, operation and maintenance of all improvements not transferred to the City of Colorado Springs. District No. 2 and District No. 3 are responsible for providing the funding and tax base needed to support the financing plan for capital improvements and to fund ongoing operations.
- Services provided
- Water system
- Streets and Roadways
- Traffic and Safety Controls
- Parks and Recreation
- Drainage Facilities
- Sanitary sewer
- Operations and maintenance
- Amount of Debt a district can incur*
- $2,000,000
- Revenue to Repay Debt*
- General ad valorem property taxes
- Any and all available revenues:
- Fees
- Rates
- Tolls
- Penalties
- Charges
- Developer advances
- Interest income from bond accounts
- Max mill levy to repay debt*
- 20 mills
- Overlapping entities
- El Paso County
- Epc Road & Bridge Share
- City Of Colorado Springs
- Epc-Colorado Spgs Road & Bridge Share
- El Paso County School District #49
- Pikes Peak Library District
- Southeastern Colo Water Conservancy District
- El Paso County Conservation District
Financial Obligations
A. Maximum Debt Service Mill Levy: 0 mills, subject to adjustment as set forth in the Service Plan.
B. Maximum Operations and Maintenance Mill Levy: 5 mills, subject to adjustment as set forth in the Service Plan.
C. Current Debt Service Mill Levy: 0 mills
D. Current O&M Mill Levy: 0 mills
E. The Debt Service Mill Levy for a residential district may not be in place longer than 40 years except as provided in the Service Plan.
F. The mill levies may increase as development progresses.
G. The District does not currently have any general obligation debt and does not intend to issue debt in the future.
H. The District is party to the following developer reimbursement agreements:
- Reimbursement Agreement between Stetson Ridge Metropolitan District Nos. 1-3 and Pulpit Rock Investments, LLC., Lindsay J. Case, and R.W. Case II dated November 8, 2007.
- Term: Indefinite
- Interest Rate: 6%
2. Reimbursement Agreement between Stetson Ridge Metropolitan District Nos. 1-3 and Elite Properties of America, Inc., dated May 7, 2020.
- Term: Indefinite
- Interest Rate: 6%
3. Intergovernmental District Contractual Funding Agreement between Stetson Ridge Metropolitan District Nos. 1-3 dated July 11, 2022, for funding reimbursement of outstanding developer advances via contractual mill levy.
- Term: Until mutually terminated or all outstanding reimbursements are paid in full.
- Interest Rate: N/A
Stetson Ridge MD 2 Service Plan Info
The District was organized to provide planning, acquisition, construction, installation and financing of public improvements, including streets, water, wastewater, traffic and safety, park and recreation,
mosquito control, television relay and transportation facilities, primarily for residential development. The District was organized in conjunction with two other related districts, Stetson Ridge Metropolitan District No. 1 (“District No. 1”), the Operating District, and Stetson Ridge Metropolitan District No. 2 (“District No. 2”), the Financing District. District No. 1 will own (subject to dedication of improvements to the City), operate, maintain and construct facilities benefiting all three Districts, and District No. 2 and District No. 3 will contribute to the costs of construction, operation and maintenance of such facilities. The District's service area is located entirely within the City of Colorado Springs, El Paso County, Colorado.
- Services provided
- Water system
- Streets and Roadways
- Traffic and Safety Controls
- Parks and Recreation
- Drainage Facilities
- Sanitary sewer
- Operations and maintenance
- Amount of Debt a district can incur*
- $2,000,000
- Revenue to Repay Debt*
- General ad valorem property taxes
- Any and all available revenues:
- Fees
- Rates
- Tolls
- Penalties
- Charges
- Developer advances
- Interest income from bond accounts
- Max mill levy to repay debt*
- 20 mills
- Overlapping entities
- El Paso County
- Epc Road & Bridge Share
- City Of Colorado Springs
- Epc-Colorado Spgs Road & Bridge Share
- El Paso County School District #49
- Pikes Peak Library District
- Southeastern Colo Water Conservancy District
- El Paso County Conservation District
Financial Obligations
A. Maximum Debt Service Mill Levy: 20 mills, subject to adjustment as set forth in the Service Plan.
B. Maximum Operations and Maintenance Mill Levy: 5 mills, subject to adjustment as set forth in the Service Plan.
C. Current Debt Service Mill Levy: 3.577 mills
D. Current O&M Mill Levy: 8.033 mills
E. Current Contractual Mill Levy: 12.500 mills
F. The Debt Service Mill Levy for a residential district may not be in place longer than 40 years except as provided in the Service Plan.
G. The mill levies may increase as development progresses.
H. Information regarding debt for the District is as follows:
- The District issued General Obligation Limited Tax Refunding Bonds on December 4, 2007, in the total amount of $2,070,000.
- Term: December 1, 2025
- Interest Rate: 4%
2. The District does not intend to issue further debt in the future.
I. The District is party to the following developer reimbursement agreements:
- Reimbursement Agreement between Stetson Ridge Metropolitan District Nos. 1-3 and Pulpit Rock Investments, LLC., Lindsay J. Case, and R.W. Case II dated November 8, 2007.
- Term: Indefinite
- Interest Rate: 6%
2. Reimbursement Agreement between Stetson Ridge Metropolitan District Nos. 1-3 and Elite Properties of America, Inc., dated May 7, 2020.
- Term: Indefinite
- Interest Rate: 6%
3. Intergovernmental District Contractual Funding Agreement between Stetson Ridge Metropolitan District Nos. 1-3 dated July 11, 2022, for funding reimbursement of outstanding developer advances via contractual mill levy.
- Term: Until mutually terminated or all outstanding reimbursements are paid in full.
- Interest Rate: N/A
Stetson Ridge MD 3 Service Plan Info
The District was organized to provide planning, acquisition, construction, installation and financing of public improvements, including streets, water, wastewater, traffic and safety, park and recreation,
mosquito control, television relay and transportation facilities, primarily for residential development. The District was organized in conjunction with two other related districts, Stetson Ridge Metropolitan District No. 1 (“District No. 1”), the Operating District, and Stetson Ridge Metropolitan District No. 2 (“District No. 2”), the Financing District. District No. 1 will own (subject to dedication of improvements to the City), operate, maintain and construct facilities benefiting all three Districts, and District No. 2 and District No. 3 will contribute to the costs of construction, operation and maintenance of such facilities. The District's service area is located entirely within the City of Colorado Springs, El Paso County, Colorado.
- Services provided
- Operations and maintenance of entrance features, landscaped areas, and pocket parks.
- Amount of Debt a district can incur*
- $11,000,000
- Revenue to Repay Debt*
- Ad valorem property taxes (mill levies) on taxable property within the District.
- Fees, rates, tolls, penalties, or charges as authorized under Section 32-1-1001(1), C.R.S.
- Specific ownership taxes (automatically distributed to the District).
- The District is explicitly prohibited from imposing a sales tax.
- Max mill levy to repay debt*
- 30 mills
- Overlapping entities
- El Paso County
- Epc Road & Bridge Share
- City Of Colorado Springs
- Epc-Colorado Spgs Road & Bridge Share
- El Paso County School District #49
- Pikes Peak Library District
- Southeastern Colo Water Conservancy District
- El Paso County Conservation District
- Stetson Ridge Metro District #3
Financial Obligations
A. Maximum Debt Service Mill Levy: 30 mills, subject to adjustment as set forth in the Service Plan.
B. Maximum Operations and Maintenance Mill Levy: 10 mills, subject to adjustment as set forth in the Service Plan.
C. Current Debt Service Mill Levy: 31.135 mills
D. Current O&M Mill Levy: 8.000 mills
E. The Debt Service Mill Levy for a residential district may not be in place longer than 40 years except as provided in the Service Plan.
F. The mill levies may increase as development progresses.
G. Information regarding debt for the District is as follows:
- The District issued General Obligation Limited Tax Refunding and Improvement Bonds on June 23, 2020, in the total amount of $7,840,000.
- Term: December 1, 2047
- Interest Rate: 2% - 3%
2. The District issued Subordinate General Obligation Limited Tax Bonds on June 23, 2020, in the total amount of $482,000.
- Term: December 15, 2042
- Interest Rate: 7.5%
- No outstanding amounts as of December 16, 2024
3. The District does not intend to issue further debt in the future.
I. The District is party to the following developer reimbursement agreements:
- Reimbursement Agreement between Stetson Ridge Metropolitan District Nos. 1-3 and Pulpit Rock Investments, LLC., Lindsay J. Case, and R.W. Case II dated November 8, 2007.
- Term: Indefinite
- Interest Rate: 6%
2. Reimbursement Agreement between Stetson Ridge Metropolitan District Nos. 1-3 and Elite Properties of America, Inc., dated May 7, 2020.
- Term: Indefinite
- Interest Rate: 6%
3. Intergovernmental District Contractual Funding Agreement between Stetson Ridge Metropolitan District Nos. 1-3 dated July 11, 2022, for funding reimbursement of outstanding developer advances via contractual mill levy.
- Term: Until mutually terminated or all outstanding reimbursements are paid in full.
- Interest Rate: N/A