Board approves amended service plan clarifying mill levy and debt calculations for Piney Lake Trails districts

The Board of County Commissioners approved an amended and restated service plan Tuesday for Piney Lake Trails Metropolitan Districts 1 and 2 that clarifies how the districts’ debt limit and mill levies will be calculated and imposed.

Planning staff said the districts were created under the county’s service plan process and that the amendment would not change the districts’ total debt limit, which the applicant revised to match the original 2022 authorization of $22 million. The amendment increases the estimated cost of public improvements in project materials but the applicant told staff it did not intend to increase the debt cap; staff and the applicant submitted revised documents reflecting the original $22 million limit.

The county’s financial consultant, Hilltop Securities, reviewed the revised financial plan and concluded it is reasonable that the districts could extinguish bonds within the parameters of the plan. BBC Research and Consulting reviewed the market study and said that if the study’s market assumptions are realized the district’s projected tax and fee revenues should support the proposed debt structure.

Staff also reported that the districts are expected to have 176 residential lots and an anticipated build‑out population of about 528 residents, and that the amendment does not change the maximum total mill levy of 70 mills or the maximum debt service mill levy of 50 mills. The amendment increases initial operation and maintenance mills temporarily to enable financing and then reduces them once debt service mills are imposed, staff said.

No members of the public spoke in opposition at the hearing. The board found that the amendment complies with criteria in Title 32 of the Colorado Revised Statutes and the county model service plan, and approved the amended and restated service plan.