COUNCIL COMMUNICATION

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1 COUNCIL COMMUNICATION TO: FROM: DEPARTMENT: Mayor and Council Harold Stitt Community Development DATE: June 5, 2017 SUBJECT: Iron Works Village Metropolitan District IGA DESCRIPTION: Iron Works Village Metropolitan District IGA RECOMMENDATION: Staff recommends that Council approve the Intergovernmental Agreement between the Iron Works Village Metropolitan District and the City of Englewood. PREVIOUS COUNCIL ACTION: City Council discussed this issue with staff, representatives from BLVD Builders, and attorney for BLVD Builders, White, Bear and Ankele at the September 26, 2016 Study Session. City Council passed Resolution No. 103, Series of 2016, granting conditional approval of the Iron Works Village Metropolitan District Service Plan. ANALYSIS: City Council has encouraged the development of the General Iron Works site. A component of the development is financing and constructing capital improvements on the property. The Metropolitan District is formed to provide planning, design, financing, acquisition, construction, installation, relocation and the redevelopment of public improvements. These improvements will be financed by debt issued by the District. This debt is not a debt of the City of Englewood and is repaid solely from revenues available to the District, including ad valorem property taxes. The proposed Metropolitan District is an independent unit of local government separate and distinct from the City of Englewood. City Council must approve, conditionally approve or deny the Iron Works Village Service Plan by Resolution. City Council, on October 3, 2016, passed Resolution No. 103, Series of 2016 granting conditional approval to the District's Service Plan finding that the Plan fulfilled all requirements as set forth in C.R.S (2) and further stipulating the following three conditions: 1. The District and the City shall have entered into an intergovernmental agreement acceptable to all parties. 2. A market study supporting the financial plan has been provided to the City Manager. 3. In the event that the City and the Districts have not satisfied the requirements prior to October 3, 2017, then this Service Plan and any conditional approval granted by the City Council shall be null and void, and of no further force or effect.

2 Condition 1- Is being met through the consideration and approval of the attached Intergovernmental Agreement between the Iron Works Village Metropolitan District and the City of Englewood. Condition 2- The Market Study has been provided to the City Manager. Condition 3- No action necessary at this time. FINANCIAL IMPLICATIONS: There are no direct financial implications associated with the adoption of this intergovernmental agreement. ATTACHMENTS: Bill for Ordinance City - Iron Works Village Metropolitan District Intergovernmental Agreement

3 BY AUTHORITY ORDINANCE NO. COUNCIL BILL NO. 32 SERIES OF 2017 INTRODUCED BY COUNCIL MEMBER A BILL FOR AN ORDINANCE APPROVING AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF ENGLEWOOD, COLORADO AND IRON WORKS VILLAGE METROPOLITAN DISTRICT WHEREAS, the City Council of the City of Englewood ( City ) conditionally approved the Consolidated Service Plan for Iron Works Village Metropolitan District ( District ) by the passage of Resolution No. 103, Series of 2016; WHEREAS, the District was organized to provide those services and to exercise powers as are more specifically set forth in the Districts Service Plan conditionally approved by Resolution No. 103, Series of 2016; WHEREAS, the Englewood City Council passed Resolution No. 103, Series of 2016, conditioned upon the District providing a market study supporting the financial plan of the District to the City Manager, and the District and the City entering into an intergovernmental agreement acceptable to all parties; WHEREAS, a condition of approval for Resolution No. 103, Series of 2016, has been met in that the Englewood City Manager has received and approved a summary of the market study supporting the financial plan; and WHEREAS, the City of Englewood and the District have determined it to be in the best interests of their respective taxpayers, residents and property owners to enter into this Intergovernmental Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS: Section 1. The Intergovernmental Agreement entitled Intergovernmental Agreement Between the City of Englewood and Iron Works Village Metropolitan District is hereby accepted and approved by the Englewood City Council and is attached hereto as Exhibit A. Section 2. The Mayor is hereby authorized to sign and the City Clerk to attest Intergovernmental Agreement Between the City of Englewood and Iron Works Village Metropolitan District for and on behalf of the City of Englewood. Introduced, read in full, and passed on first reading on the 5 th day of June, Published by Title as a Bill for an Ordinance in the City s official newspaper on the 8th day of June, 2017.

4 Published as a Bill for an Ordinance on the City s official website beginning on the 7th day of June, 2017 for thirty (30) days. Joe Jefferson, Mayor Stephanie Carlile, Acting City Clerk I, Stephanie Carlile Acting, City Clerk of the City of Englewood, Colorado, hereby certify that the above and foregoing is a true copy of the Bill for Ordinance introduced, read in full, and passed on first reading on the 5th day of June, Stephanie Carlile, Acting City Clerk

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