General Information About the District
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BNC Metropolitan District No. 1 (District), a quasi-municipal corporation and political subdivision of the State of Colorado, was organized on November 30, 2000, and is governed pursuant to provisions of the Colorado Special District Act (Title 32). The District operates under service plan approved by Commerce City (City) in August 2000, as amended in September 2003. The District's service area is located in Adams County, Colorado entirely within the boundaries of the City. The District was established to provide financing for the design, acquisition, construction and installation of streets, traffic and safety controls, park and recreation facilities, water facilities, sanitary and storm drainage improvements and mosquito control services within the District.
The District is currently repaying debt issued to finance the construction of streets and safety controls, park and recreation facilities, water facilities, sanitary sewer and storm drainage infrastructure within the District.
The land within the District is fully developed and the District’s service is comprised of 475 single family homes. All parks and open spaces
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within the District’s boundaries (approximately 18.9 acres) are owned and maintained by the District.
In 2004, 2013 and 2017, the District issued a total of $14.9 million in bonds to finance the construction and development of the neighborhood infrastructure (e.g. streets, curbs, sidewalks, water and electric lines, sewer lines, storm drainage, detention pond, perimeter fencing, park and open space landscaping, community pool, etc). The completed infrastructure assets were turned over to Commerce City (e.g. streets) and the respective utility companies (e.g. water and sewer lines turned over to South Adams County Water & Sanitation District, street lights and power lines were turned over to United Power, etc). Ownership of the open spaces, parks, detention ponds, perimeter fencing and community swimming pool center were turned over to the District to maintain.
DISTRICT REVENUE SOURCES
In order to fund the repayment of its bond debt and provide neighborhood services to the Outlook residents, the District generates revenue from the following sources:
Property Taxes: Each year, the District assesses property taxes on the homeowners living within the District. Property tax assessments is the District's primary source of revenue and currently comprises approximately 92% of the District's total annual revenue. In November 2000, voters approved the District's ballot issue, which authorized the District to change the mill levy rate each year without obtaining further approval from the voters. However, the District is prohibited from generating annual property tax revenue in excess of $500,000 to fund the District's operations.
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State Tax Subsidies: Each year, the District receives a "specific ownership tax" subsidy from the State of Colorado. The State funds this subsidy from its collection of annual vehicle registration fee taxes paid by owners of Colorado-registered vehicles. The subsidy is paid out in the form of a matching contribution to the District and is calculated as a percentage of the total property taxes assessed by the District. The State establishes the rate each year for matching contributions. A historic trend of the matching rates set by the State is provided in Exhibit 1.
For the past few years, this subsidy has comprised approximately 8% of the District's total annual revenue. |
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Interest Income: State laws restrict the types of funds in which the District may invest its cash. For the past several years, the District's investment income has been an insignificant source of revenue to the District due to the decline in interest rates paid by banks on savings accounts and certain low-risk money market funds.
District Contractors
Click here to lean more about the District's contractors.
Bond Debt
Click here to learn more about the District's bond debt.