Board sets Oct. 7 hearing for proposed Cleora metropolitan district service plan

The Chaffee County Board of County Commissioners set a public hearing for Oct. 7 on a service plan petition from Cleora LLC seeking to form a metropolitan (special) district for infrastructure and service financing in the historic Cleora neighborhood.

Planning staff explained the county must set a hearing date to allow the applicant to effectuate public notice and to allow the board to review the districts proposed service plan. Staff said the county attorney will handle legal review internally and that the county may seek a financial reviewer to evaluate the plans bond and mill-levy assumptions.

Assistant county counsel noted the Oct. 7 hearing date is important because the applicant wants to hit statutory deadlines for a coordinated November election if the district seeks voter authorization for bonded debt under TABOR rules.

The board unanimously set the Oct. 7 hearing date and instructed staff to work with the applicant and, if needed, a financial consultant to review the plan before the hearing.

Why this matters: Formation of a metropolitan district can enable a developer to finance infrastructure improvements (roads, water, sewer, etc.) through tax increment or bonded debt repaid by future property owners. The countys review addresses legal and fiscal prudence for bond exposure and long-term service commitments.

Next steps: Staff will continue legal review, request any necessary financial diligence, and report back at the Oct. 7 public hearing where voters or property owners may be asked to approve debt or service plans depending on the plans contents.