Candelas Development: Cimarron Metropolitan District, Vauxmont Metropolitan District, and Candelas Special Improvement District Nos. 1 and 2
Candelas is a nearly 1,500 acre sustainable, mixed-use master-planned community located on the northwestern edge of the City of Arvada. The six residential villages within Candelas are each named for their unique vantage points—TownView, SkyView, ValleyView, CanyonView, MountainView, and ParkView—and offer housing options ranging from apartments and condominiums to luxury single family custom homes, all built by premier homebuilders. A 7.1 million square foot Town Center is also proposed within a commercial and retail area of Candelas, which will provide a mix of shopping, dining, and entertainment options to residents throughout Candelas and the greater Arvada area.
McGeady Becher organized the Cimarron and Vauxmont Metropolitan Districts, as well as Candelas Special Improvement District Nos. 1 and 2, to provide coordinated public infrastructure financing and service provision to the residential portion of the Candelas Development. Together, these entities fund public infrastructure installation and provide ongoing covenant enforcement and operations and maintenance services, including management oversight of the area’s two swim and fitness clubs. Unique to Candelas, the Districts also assist in implementing a forward-thinking Sustainability Development Program, created as a public-private partnership with Candelas’ master developer, Arvada Residential Partners, LLC, to provide for residential renewable energy systems and programs that benefit Candelas residents.
The structure of the Districts was thoughtfully designed to address the unique financing and operational needs of the development, utilizing revenue sources such as tax increment financing, capital and covenant fees, property tax revenues, and assessments. Through the negotiation and implementation of several intergovernmental arrangements between the Districts and other local government entities including the City of Arvada, Arvada Urban Renewal Authority, and the adjacent Jefferson Center Metropolitan Districts, McGeady Becher has represented the Districts’ interests in issuing various series of bonds, notes, loans and other forms of indebtedness to finance the public improvements needed to develop Candelas into a model mixed-use community.
For more information about Candelas, please visit http://candelasco.com/.
Village at Twin Peaks: Twin Peaks Metropolitan District
Our Firm serves as general counsel to the Twin Peaks Metropolitan District, located in the City of Longmont, Colorado. The District was organized, in part, to assist the City and the Longmont Urban Renewal Authority in providing public financing for the redevelopment of the Twin Peaks mall which consists of approximately 58 acres located at the intersection of Boulder County’s Diagonal Highway 119 and South Hover Road.
The proposed redevelopment is underway and the new outdoor Village at the Peaks is a regional retail, restaurant, and entertainment destination for Longmont residents. Key anchors include Whole Foods, Regal Cinema, Wyatt’s Wine and Spirits, Sports Authority, and a Sam’s Club. These large format retailers surround a landscaped village green which will include a children’s play area, outdoor stage, and water features. In addition, a variety of restaurants and other retailers are anticipated to complete the development.
Our Firm assisted in the organization of the District. In addition our Firm assisted in negotiating a Redevelopment and Reimbursement Agreement with the City, the District, the Urban Renewal Authority, and NMMS Twin Peaks (the developer). This agreement provides for the pledge of sales tax and property tax increment revenue generated from the redevelopment of the property within the District as well as a pledge of the District’s debt service mill levy to finance public infrastructure necessary to develop the Village at the Peaks. The financing was accomplished through the issuance of Certificates of Participation by the City. The District is also responsible for maintenance of the parking lots, interior streets, the village green, and other amenities.
For more information about the Village at Twin Peaks, please visit www.villageatthepeaks.com.
RidgeGate: Rampart Range Metropolitan District Nos. 1-9
Our Firm serves as general counsel to the Rampart Range Metropolitan District Nos. 1-9, which provide for the construction, financing and operation and maintenance of certain public improvements to serve the approximately 3,500 acre sustainable mixed-use, master-planned and transit-oriented community known as RidgeGate. RidgeGate straddles Interstate 25 south of Lincoln Avenue in the City of Lone Tree, Colorado, and is home to HealthOne Sky Ridge Medical Center, Lone Tree Recreation Center, Lone Tree Arts Center, Charles Schwab campus, Cabela’s retail store, and Lincoln Commons Retail Center. The development also includes over 1,200 residences ranging from apartments to single family detached units and approximately 1,000 acres of parks, trails, and open space. Accessible by car from the Lincoln Avenue Interchange to the north, the RidgeGate Parkway Interchange to the south, and by train via RTD’s E and F Light Rail Lines, RidgeGate offers direct connections and services to the broader Denver metropolitan area.
With the metropolitan district structure in place, our Firm has successfully represented the Rampart Range Metropolitan Districts in negotiating and issuing various series of bond and loan indebtedness, as well as executing critical intergovernmental agreements, both by and among the Districts themselves and with other local governments such as the City of Lone Tree, Douglas County, area park and recreation districts, and water and sanitation districts that provide direct services to the RidgeGate development. Utilizing revenue sources that include public improvement fees, development fees, sales tax rebate revenue, and property tax revenues, such agreements have resulted in, among other amenities, the construction of the I-25/RidgeGate Parkway Interchange, expansion of sanitary sewer service, and soon the development of three new light rail stations planned as part of RTD’s Southeast Line extension.
For more information about RidgeGate, please visit www.RidgeGate.com