The Foundry Metropolitan District Nos. 1-8 (the “Districts”) are Title 32 Special Districts that have been established for the planning, design, acquisition, construction, installation, relocation, redevelopment, and financing of public improvements, and all other services permitted by Article 1, Title 32, C.R.S. (collectively, the “Public Improvements and Services”), except as specifically limited by the Service Plans (defined below) for the Districts.
Foundry Metropolitan District Nos. 1-4 (“District Nos. 1-4”) were formally known as Flat Rock Metropolitan District Nos. 1-4, respectively, and operate pursuant to the Amended and Restated Service Plan for Flat Rock Metropolitan District Nos. 1-4, approved by the City of Aurora on May 1, 2015, as it may be amended from time to time (the “Foundry MD Nos. 1-4 Service Plan”).
Foundry Metropolitan District Nos. 5-8 (“District Nos. 5-8”) were formally known as Parklands Village 2 Metropolitan District Nos. 1-4, respectively, and prior to that, as Flat Rock Metropolitan District Nos. 5-8, respectively, and operate pursuant to the Amended and Restated Service Plan for Parklands Village Metropolitan District Nos. 1-4 (Formerly Known as Flat Rock Metropolitan District Nos. 5-8), approved by the City of Aurora on May 1, 2015, as it may be amended from time to time (the “Foundry MD Nos. 5-8 Service Plan” and collectively with the Foundry MD Nos. 1-4 Service Plan the, “Service Plans”).
The Public Improvements and Services are for the use and benefit of the residents, users, and taxpayers of the Districts. The Districts are located in the City of Aurora, Colorado. The Districts are quasi-municipal political subdivisions of the State of Colorado authorized to provide specialized services that the City of Aurora does not provide.
The Foundry MD Nos. 1-4 Service Plan authorizes an aggregate debt authorization of $250,000,000. The Foundry MD Nos. 5-8 Service Plan authorizes an aggregate debt authorization of $250,000,000. Ad valorem property tax revenues, specific ownership tax revenues, and any other legally available revenues of the Districts may be used to repay such debt.
The Districts may each assess a maximum mill levy of fifty (50) mills to repay such debt (the “Maximum Debt Mill Levy”). The Maximum Debt Mill Levy is subject to adjustment in the event there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut, or abatement on or after January 1, 2004, so that to the extent possible, the actual tax revenues generated by the mill levy applicable to such debt for changes occurring on or 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 shall be deemed to be a change in the method of calculating assessed valuation).
The Districts shall not impose a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment of Debt) on any single property developed for residential uses which exceeds forty (40) years after the year of the initial imposition of such mill levy unless a majority of the Board of Directors of the District imposing the mill levy are residents of such District and have voted in favor of a refunding of a part or all of the Debt and such refunding will result in a net present value savings as set forth in Section 11-56-101, C.R.S., et seq.
The Districts must file an Annual Report with the Manager of the Office of Development Assistance of the Aurora City Manager’s Office, the Arapahoe County Board of County Commissioners, the Division of Local Government, and the State Auditor.
The Districts’ boundaries overlap with the boundaries of the City of Aurora, Arapahoe County, Aurora School District #28J, Developmental Disability Taxing Authority, Regional Transportation District, Sable Altura Fire District, Urban Drainage and Flood District, and Urban Drainage and Flood District (South Platte).
If interested in serving on the Districts’ Boards of Directors, please contact info@specialdistrictlaw.com for more information.
For information regarding the system or process to contact someone associated with the District(s) during regular business hours and outside of regular business hours, please contact info@specialdistrictlaw.com.
