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Council approves Sand Creek Metro District's 7th amendment to raise district debt limit to $200 million
Summary
Council unanimously approved resolution 2026-81 to adopt the 7th amendment to the Sand Creek Metropolitan District service plan, increasing the district's debt authority from $105 million to $200 million; staff said proceeds are intended for infrastructure in Gateway Park pending a TABOR vote.
Council unanimously approved a resolution approving the 7th amendment to the Sand Creek Metropolitan District service plan, which increases the district’s authorized debt limit.
Michael Kerrigan, special districts administrator with the Department of Development Services, presented the amendment for the district that serves the Gateway Park commercial project (roughly bounded by 40th Ave/28th Ave and Chambers/Tower Road). Kerrigan said the district was originally approved in 1995 and amended six times previously; the seventh amendment requests an increase in debt authority from $105,000,000 to $200,000,000 to fund infrastructure for the remaining roughly 100 acres of undeveloped land in the project area.
Kerrigan said the district has taken a conservative debt issuance approach historically and anticipates holding a TABOR (Taxpayer Bill of Rights) election this November to seek voter authorization for the increased borrowing capacity. Staff reported no public comments were received before the hearing and no members of the public spoke during the council hearing.
Council closed the public hearing and moved, seconded and unanimously passed the resolution to approve the 7th amendment.
Next steps: the district anticipates pursuing a TABOR election for voter authorization of the additional debt authority and will follow the city’s processes for any required reporting and financing steps.
