Commissioners approve first amendment to Compark Business Campus metropolitan district service plan to increase debt limit

Douglas County commissioners unanimously approved a first amendment Oct. 14 to the Compark Business Campus Metropolitan District service plan that raises the district's total debt limit and authorizes the formation of a nonresidential subdistrict to finance public infrastructure.

Staff presented the amendment as a largely financial request and the board agreed to consider it without a separate Planning Commission hearing. Principal planner DJ Beckwith told the board the amendment would increase the district debt cap from $50,000,000 to $68,500,000, reduce the maximum allowable interest rate from 15% to 12% and reduce the maximum underwriting discount from 5% to 4%. Beckwith said the amendment does not change mill levies, costs of improvements, or developer advances.

The amendment would allow the district to create a subdistrict to issue subordinate bonds to finance roadway, drainage, grading, landscaping, parks, open space and street improvements. Staff said the proposed subdistrict would not include residential property and that, if bonds are issued, the subdistrict would hold a TABOR ballot measure so eligible electors within the subdistrict could approve the debt.

Audrey Johnson, the applicant representative, told commissioners that the request addresses higher construction and financing costs since the original 1998 service plan and that the proposed subdistrict would follow statutory requirements, including a TABOR election for any new debt.

Commissioners asked whether the new debt would affect earlier outstanding debt; staff and the applicant said it would not. One commissioner noted earlier debt maturities appear to run to 2041 while the proposed new debt could extend to 2065, and the applicant answered that the new amendment would not compromise the district's ability to extinguish earlier bonds.

Beckwith said Hilltop (a referral reviewer) had concluded the district appears capable of extinguishing bonds within the service plan parameters. Colorado Revised Statute Title 32 approval criteria apply to special district service plans, and staff’s memo includes evaluation of those criteria.

The board approved the service plan first amendment (project file SV2025-006) by unanimous vote. The approval allows the district to proceed with organizing a commercially focused subdistrict and to pursue bond financing subject to voter approval where required.