Loveland City Council voted on Tuesday to approve a Consolidated Service Plan for South Village Metro Districts 1 and 2 in South Loveland.
The districts would cover approximately 70.3 acres in the proposed South Village Southeastern US 287 and Colorado 402 development, including 22 acres of commercial development and some 48.3 acres of residential.
Last week, council voted to amend a previously approved land use plan and annexation agreement to facilitate development, which will include retail land fronting both highways and multi-family and single-family housing in south and southeast.
By approving the service plan for South Village Metropolitan Districts 1 and 2, council authorized the districts to issue up to $ 18,815,000 in bonds, which will be used to pay for public improvements, including infrastructure. aqueduct and sewer, roads and parks.
The bonds will be repaid through taxes on buyers of residential and commercial properties. Under the service plan, the levy will be capped at 50 thousandths at most for debt service and at 25 thousandths at most for operation and maintenance, for a total of 65 thousandths at most.
Council members voted 6-3 to approve the plan, with Mayor Jacki Marsh and Councilors Rob Molloy and Andrea Samson opposing, questioning the relevance and side impacts of the Metro District funding model.
Samson said metro districts “don’t match my core values,” insisting they make housing unaffordable, impact quality of life, and reduce people’s willingness to support other tax districts such as school districts and municipal sales tax claims.
âI don’t like the funding mechanism you’re asking for. I will not support this, âshe said. âI appreciate your progress. I appreciate your investment in Loveland.
Councilor John Fogle, who supported the service plan, spoke about the role of metro districts, as well as the city‘s capital expansion costs, in “paying its own way” development through building improvements. public.
âOf course I will support this,â he said. âThe Loveland City subway neighborhoods, with our capital expansion fee structure and everything we’ve put in place including the state’s tightest disclosure rulesâ¦ that combination of things is the epitome ofâ¦ why we have shifted to a pay as you go and model development pays for itself. It has worked wonderfully for years, years and years.
Michael Blumenthal, one of the project’s sponsors, stressed that the metro district was necessary for the South Village project to move forward.
âI don’t believe the project can go ahead and be economically feasible without this neighborhood,â he says.
Blumenthal said the plan is to sell the land to a prime contractor and the full construction will cost $ 40 million to $ 50 million in total. He said the first homes could be sold in the development by the end of next year.
He also said he expects operations and maintenance to be no more than 10 factories.