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City council approves amended service plan for Lee Farm metropolitan districts to allow development financing
Summary
Council approved an amended and restated consolidated service plan for Lee Farm Metropolitan Districts 1–4, updating debt and mill-levy parameters and aligning the districts with the city’s model service plan; developers and city financial and legal staff presented details about unit counts, debt caps and reporting requirements.
The Loveland City Council voted to approve an amended and restated consolidated service plan for the Lee Farm Metropolitan Districts 1–4 at its May 6 meeting, allowing the districts to proceed with development financing under updated terms that align them with the city’s current model (the “17 plan”).
Attorney David O’Leary, representing the Lee Farm districts, told the council the amendment modernizes an original 2016 plan and updates key financial parameters to reflect current market and assessment-rate conditions. He said the maximum aggregate debt limit remains $22,000,000 and that the total mill-levy cap would be 60 mills (50 mills for debt service…
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