Olde Town Metropolitan District

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.

1.      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;

(j) Water;

(k) Covenant enforcement and design review.

2.      In accordance with the District’s Service Plan, the District may provide the following public improvements and services:

(a) Fire protection (subject to certain limitations);

(b) Mosquito control (subject to certain limitations);

(c) Parks and recreation;

(d) Safety protection;

(e) Sanitation;

(f) Solid waste disposal facilities or collection and transportation of solid waste (subject to certain limitations);

(g) Street improvement;

(h) Television relay and translation (subject to certain limitations);

(i) Transportation;

(j) Water; and

(k) Covenant enforcement and design review (subject to certain limitations).

The District does not anticipate undertaking construction of any additional public improvements.

The District provides the following ongoing services on behalf of the District: The District is authorized, but not obligated, to have easements for and operate and maintain certain public improvements including street improvements (including roads, curbs, gutters, culverts, sidewalks, parking facilities, paving, lighting, grading, landscaping, and other street improvements), traffic and safety control, landscaping, drainage improvements, irrigation system improvements, and all necessary equipment and related items.  

3.      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 Seven Million Five Hundred Thousand Dollars ($7,500,000).

4.      In accordance with the District’s Service Plan, the following revenue may be used to pay for the District's debt:  All bonds and other Debt issued by the District may be payable from any and all legally available revenues of the District, including general ad valorem taxes to be imposed upon all taxable property within the District. The District will also rely upon various other revenue sources authorized by law, such as interest, specific ownership taxes, advances from the project developer and grants. The District is also authorized to assess and collect a Development Fee as set forth in the Service Plan. The District shall not impose or assess any fees, rates, tolls, penalties, or charges other than the Development Fee without first obtaining an amendment to this Service Plan or unless authorized in an intergovernmental agreement with the Town of Parker. The District is also authorized to impose and collect a Development Fee prior to the issuance of certificate of occupancy for newly construction residences.

5.      In accordance with the District’s Service Plan, the maximum mill levy the District may assess to pay for its debt is:

1. For the portion of any aggregate District Debt which exceeds 50% of the District' s assessed valuation, the Maximum Debt Mill Levy for such portion of Debt shall be fifty- seven (57) mills less the number of mills necessary to pay unlimited mill levy Debt described in Section VI.C. 2 of the Service Plan, subject to the Mill Levy Adjustment. Mill Levy Adjustment means, if, on or after January 1, 2004, there are changes in the method of calculating assessed valuation or any constitutionally or statutorily mandated tax credit, cut or abatement, the mill levy to which the Mill Levy Adjustment applies may be increased or decreased to reflect such changes, such increases and decreases to be determined by the Board in good faith ( such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the applicable mill levy, as adjusted for changes occurring after January 1, 2004, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation, and any constitutional or legislative changes in the actual value against which the assessment rate is applied, shall be deemed to be a change in the method of calculating assessed valuation.
2. For the portion of any aggregate District Debt which is equal to or less than 50% of the District' s assessed valuation, either on the date of issuance or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be subject to the Maximum Debt Mill Levy and, as a result, the mill levy may be such amount as is necessary to pay the Debt service on such Debt, without limitation of rate.
3. For purposes of the foregoing, once Debt has been determined to be within Section VI. C. 2 of the Service Plan, so that the District is entitled to pledge to its payment an unlimited ad valorem mill levy, the District may provide that such Debt shall remain secured by such unlimited mill levy, notwithstanding any subsequent change in the District's Debt to assessed ratio. All Debt issued by the District must be issued in compliance with the requirements of Section 32- 1- 1101, C. R. S. and all other requirements of State law.

6.      Residents 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.