Hollister Lake district would fund improvements

The proposed Hollister Lake Metropolitan District, a separate unit of local government, would finance phased public improvements for the Hollister Lake Marketplace project. The draft service plan describes about 33 acres in the initial district area and a roughly 10-acre proposed inclusion area, about 43 acres total; the staff report gives the future inclusion area as about 9.5 acres. Windsor would not be responsible for the district’s debt or construction. Estimated 2026 improvement costs total $17,189,279, including $6,396,578 for stormwater and $4,817,955 for streets. The applicants requested a $25 million aggregate debt limit; proposed mill-levy caps are 40 mills for debt service, 50 mills for operations and maintenance, and 50 mills total. Debt levies would be limited to 40 years, except for refinancings that produce net present value savings. Piper Sandler projected about $24 million in bonding capacity using developer-supplied assumptions it did not independently verify. The financial plan assumes private developer-covenant fees of 1% on sales and 3% on services, in addition to public sales taxes. The district would have an elected five-member board, and a proposed intergovernmental agreement would require a Public Art Plan. Approval would not approve the marketplace development itself.