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Council hears request for $40 million privately placed bond for Wolf Ranch recreation center; council seeks homeowner notifications
Summary
Planners described a request from the Old Ranch Metropolitan District for a privately placed revenue bond (Series 2025) of about $40 million to fund a 30,000‑square‑foot recreation center; district and developer representatives said the center will be open to the public and homeowners are notified via covenants and supplements recorded on title.
Allison Stocker, senior planner with the City of Colorado Springs Land Use Review Division, presented a request from the Old Ranch Metropolitan District for approval of a privately placed revenue bond (Series 2025) with an estimated principal aggregate of $40,000,000 to acquire land and build a new recreation center serving the Wolf Ranch community.
Stocker described the project as an approximately 30,000‑square‑foot community center that would include pools, a splash pad, courts for pickleball and volleyball, playgrounds and an amphitheater area. She said the district expects to issue the debt through an enterprise rather than general obligation debt; the memo contained a typo related to the district’s maximum general‑obligation debt (Stocker said the correct maximum is $7,000,000 for GO debt limitations, and that this project’s debt would be enterprise‑backed). The preliminary plan of finance anticipates roughly $36,000,000 in bond proceeds, cost of issuance around $65,000, and projected capital costs that Stocker summarized as about $1,500,000 for land and about $28,000,000 in hard costs plus fixtures, design and contingencies.
Nicole Paycov, speaking for the Old Ranch Metropolitan District, said the recreation center will be open to the general public in addition to district residents and that public availability will be communicated via the district and community websites and on‑site signage. Council members asked how the general public would learn of availability and whether the parks department could also publish notices; Paycov said the district would discuss broader outreach with city staff.
Council members also pressed on homeowner notification for fee obligations tied to the bond. Tim Seibert of Norwood Development Group, who identified himself as president of the Old Ranch Metropolitan District board, said covenants and recorded supplements on title notify potential and current homeowners that fees to support the project may be charged. Seibert said the district has been communicating with residents for several years and intends to provide formal notification of any new charges once a building permit and construction schedule are in place.
Stocker said the item would be scheduled for a future council meeting for consideration; no formal action was taken at the work session.
