Windsor
Windsor advances Hollister Lake district with 50-mill tax cap subject to adjustment
The district’s combined property-tax rate could not exceed 50 mills, subject to adjustment for specified changes in assessed valuation or tax credits, cuts or abatements after Jan. 1, 2015; a 40-mill debt levy would leave no more than 10 mills for operations and maintenance.
The Windsor Town Board approved a service plan on first reading that would let the proposed Hollister Lake Metropolitan District levy up to 50 mills in property tax within its boundaries, subject to the plan’s adjustment provisions, to finance public improvements and maintenance.
The district’s combined property-tax rate could not exceed 50 mills, subject to adjustment for specified changes in assessed valuation or tax credits, cuts or abatements after Jan. 1, 2015; a 40-mill debt levy would leave no more than 10 mills for operations and maintenance. The debt levy could be collected on a property for no more than 40 years, starting when it is first collected or five years after the first building permit is issued in the district, whichever comes first. A second reading was scheduled for Nov. 9. Mayor Julie Cline said it would offer another chance for public comment.
Evergreen Devco, Inc. sought approval of the district’s service plan to finance public improvements for the Hollister Lake Marketplace project. The proposed district lies entirely within Windsor, at the northeast corner of Weld County Road 19, also known as Hollister Lake Road, and State Highway 392, also known as East Main Street. The service plan’s preliminary estimate puts infrastructure costs at $17,183,279, including streets, stormwater facilities and water and sewer utilities. The district would be a local government separate from Windsor, which would not be financially responsible for its debt or construction of public improvements.
A Piper Sandler analysis assumes private, property-based public improvement fees of 1% on taxable retail sales and 3% on taxable services, rather than fees imposed by the district. A letter on behalf of Evergreen and Kroger says the fees would apply to inline shops and outlots, but not grocery sales at King Soopers Marketplace. Evergreen’s representative told the board the entire Kroger parcel, including pharmacy sales, would be exempt. “But this is not an agreement with the developer,” town counsel said, adding that the service plan or an agreement with the district might need additional language to make the exemption enforceable.