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Board approves Monument Ridge metropolitan districts service plan with $20 million cap
Summary
The board approved Monument Ridge Metropolitan Districts 1–3 service plan, authorizing up to $20 million in debt and mill levy caps tied to overlapping Misty Acres obligations; staff said an exclusion resolution from Misty Acres is on file.
El Paso County commissioners approved a Title 32 service plan on Aug. 21 to create Monument Ridge Metropolitan District numbers 1 through 3, a proposal covering about 64 acres east of Monument Hill Road and south of County Line Road.
Staff said the proposal requests a $20,000,000 maximum debt authorization and sets a 50‑mill debt service cap for residential districts (with one district showing a 0 mill debt levy in the plan for balancing with existing obligations), a 10‑mill O&M cap and a 5‑mill special purpose cap for a total combined cap of 65 mills. Staff noted part of the proposed district overlaps with the existing Misty Acres Metropolitan District; Misty Acres adopted an exclusion resolution on Aug. 21 that would remove the overlap if the new districts are organized and that the applicant proposes to obtain.
Applicant counsel described the districts as a multi‑district structure with an overlay operations district that will own, operate and maintain public improvements while financing districts would issue bonds to construct improvements. The plan incorporates the state’s 40‑year maximum on residential debt mill levy imposition and anticipates initial bond issues followed by refundings as development occurs.
No members of the public registered opposition at the hearing; commissioners discussed the plan’s interaction with Misty Acres debt and the applicant’s financial projections. The board approved the service plan on a 5–0 roll call (Commissioner Wysong: Aye; Commissioner Nelson: Aye; Commissioner Applegate: Aye; Vice Chair Williams: Aye; Chair Geithner: Aye). Next steps include district organization and the applicant’s pursuit of bond financing within the approved parameters.
