Terra Mesa metro district proposal headed to Colorado Springs hearing with $15 million debt cap
A City Council work-session packet shows the proposed district east of Powers Boulevard and Research Parkway would cover about 42 acres and could finance public improvements if approved.
A Colorado Springs City Council work-session packet shows the proposed Terra Mesa Metropolitan District was set for a July 28 resolution hearing after introduction on July 13, but the packet does not show a final council decision.
According to the city staff presentation, the district would cover about 42 acres east of Powers Boulevard and Research Parkway and allow roughly 155 residential units. The proposal would let the district issue up to $15 million in debt for public improvements, with a 50-mill cap on debt service and a 20-mill cap on operations and maintenance for residential property.
The proposed service plan says the metro district would be a separate local government that could plan, acquire, construct, maintain and finance public improvements for future residents and taxpayers.
The petitioner is Toll Southwest LLC, according to the service-plan submission letter. The draft plan says the district could not issue debt, impose a debt mill levy or use fees to repay debt before land-development entitlement. It would also need city consent for actions including eminent domain and consolidation with another Title 32 district.
Accessible records reviewed for this story did not confirm whether the July 28 hearing ended in approval, changes or rejection. Metro districts can shape development by shifting upfront infrastructure costs such as roads, water and sewer to future property owners through taxes and fees.