City and County of Denver - File #: 19-0246

• File #: 19-0246
• Version: 1
• Type: Bill
• Status: Passed
• File created: 3/11/2019
• In control: Finance & Governance Committee
• On agenda: 4/8/2019
• Final action: 4/8/2019
• Title: A bill for an ordinance approving the First Amendment to the Amended and Restated Service Plan for Denver International Business Center Metropolitan District No. 1. Approves the First Amendment to the Amended and Restated Service Plan for Denver International Business Center Metropolitan District No. 1, located near Tower Road between 64th and 72nd Avenues in Council District 11. The Committee approved filing this item at its meeting on 3-19-19.
• Indexes: Jonathan Griffin

Date	Ver.	Action By	Action	Result
4/9/2019	1	Mayor	signed
4/9/2019	1	Council President	signed
4/8/2019	1	City Council	placed upon final consideration and do pass	Pass
4/1/2019	1	City Council	ordered published with a future required public hearing
3/19/2019	1	Finance & Governance Committee	approved by consent

Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)

Date Submitted: 3-12-19

Requesting Agency: Finance

                               Division:

Subject Matter Expert Name:

Name:    Andrew Johnston - Finance

Email:       andrew.johnston@denvergov.org

Item Title & Description:

(Do not delete the following instructions)

These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).

Both the title and description must be entered between the red “title” and “body” below.  Do not at any time delete the red “title” or “body” markers from this template.

title

A bill for an ordinance approving the First Amendment to the Amended and Restated Service Plan for Denver International Business Center Metropolitan District No. 1.

Approves the First Amendment to the Amended and Restated Service Plan for Denver International Business Center Metropolitan District No. 1, located near Tower Road between 64^th and 72^nd Avenues in Council District 11. The Committee approved filing this item at its meeting on 3-19-19.

body

Affected Council District(s) or citywide?

Executive Summary with Rationale and Impact:

Detailed description of the item and why we are doing it. This can be a separate attachment.

The purpose of the ordinance is to approve a first amendment to the Amended and Restated Service Plan for Denver International Business Center Metropolitan District No. 1.

The purpose of the metro district is to finance, construct and maintain public improvements supporting commercial land uses located west of Tower Road between 64^th and 72^nd Avenues.

The service plan was amended and restated in October last year bringing the service plan in alignment with current standards. Inadvertently, the new language in Section X.B.4. of the service plan was too restrictive and prohibited the issuance of subordinate debt that is serviced by a limited mill levy when the assessed value is twice the value of debt issued and there is debt outstanding with an unlimited mill levy pledge. Approval of the amendment will permit the District to enter financing arrangements that will allow construction of future phases.

State law requires a public hearing on the Service Plan Amendment, be at least 20 days after a published notice.  The public hearing is scheduled for City Council on April 8^th.   Below is a schedule illustrating the City Council process.

Address/Location (if applicable):

Legal Description (if applicable):

Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):

Draft Bill Attached?