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Board approves Stonebridge metropolitan districts service plan, authorizes $26 million in debt
Summary
The Board approved a service plan to create six Stonebridge metropolitan districts covering about 160 acres north of Cowpoke Road; the plan authorizes up to $26 million in debt, a 50‑mill debt cap and an overall 65‑mill cap for districts.
The El Paso County Board of County Commissioners voted 5–0 on Aug. 21 to approve a consolidated Title 32 service plan to create Stonebridge Stonebridge Metropolitan District numbers 1 through 6, covering roughly 160 acres north of Cowpoke Road and east of Black Forest Road.
County staff described the proposal as a multi‑district structure intended to allow phasing of financing and construction. The plan requests a maximum combined debt authorization of $26,000,000, a debt service mill levy cap of 50 mills, an operations and maintenance cap of 10 mills and a special purpose cap of 5 mills for a total maximum combined mill levy of 65 mills. The applicant listed residential, commercial and industrial land uses in the sketch material; staff said the applicant anticipates issuing initial bonds and has proposed a public improvement fee (PIF) — a private sales fee for certain commercial areas — that would be negotiated by property owners and separately enforced by the private covenant holder.
Staff noted the applicant proposed an intergovernmental agreement (IGA) with Falcon Area Water and Wastewater Authority (FAWA) for water and wastewater ownership and maintenance after the districts construct the facilities. The plan incorporates the new state requirement limiting the maximum period that a residential district may impose a debt service mill levy to 40 years.
Applicant counsel said the proposed districts would finance and construct roads, utilities, drainage and other public improvements and that the districts’ financial plan shows revenue capacity sufficient to retire the proposed indebtedness. Commissioners asked questions about PIF duration and enforcement; the applicant and staff explained that the PIF would be established in commercial covenants, collected by property owners and that the districts would not themselves impose sales collection but may have covenant enforcement powers under the service plan.
With no public opposition at the hearing, the board approved the service plan by roll call: Commissioner Wysong: Aye; Commissioner Nelson: Aye; Commissioner Applegate: Aye; Vice Chair Williams: Aye; Chair Geithner: Aye. The plan will allow the applicant to pursue district organization and later bond financings under Title 32.
