Capital Project Update
Project Scope
•Daybreak Park- City Owned
•String Of Pearls-District Owned
•Westridge Park-City Owned
•Culebra Entrance-District Owned
Milestones
•Milestone Completion will be reported in the Hogback Herald E-Newsletter
Timeline
•Target Completion – October ‘26
Please understand that the completion process is not linear and is subject to change
Project Funding
Financial Restructure
•October 2021 Metropolitan District refinanced debt: Sr. debt of $35.7M and Jr. debt of $15.2M
•Refinance allowed us to eliminate annual fees of $360/year and reduce mill levy for debt service from 44.5 mills in 2021 to 27.5 mills in 2026.
•Aggregate savings was $32.3M over 30-year life of the bonds, $22K/residence.
•For2026 the refinance resulted in a $1,400 reduction in property taxes and fees, per residence, on average
Funding For Community Improvements
•By-product of refinance was net cash out of $4.7M from release of reserves and bond premiums. We would have preferred to reduce the mill levy further, but were not able to due to certain negotiated provisions of the debt restructure
•The $4.7M of proceeds can only be used for new capital projects in our community, per IRS restrictions. It cannot be used for operating expenses or the repair/replacement of existing assets
