Borrower: Bannock Drive 2023 Local Improvement District (LID)
Details of Financing: This borrowing request is for the issuance of a single loan with an amount not to exceed $10,360,000, with a final maturity term of 10 years. The County will do a monthly draw on the loan proceeds as design and construction costs are incurred.
Borrower Background: The Perry Park Subdivision was created as part of a proposed Planned Development that stretched from I-25 to the western foothills in Douglas County. The plats were created in the late 1960’s and early 1970’s. The original developer did not complete all the improvements required to make all the platted lots buildable. In the early 1990’s, the County started using the State’s Local Improvement District (LID) statutes to construct the required improvements and assess the individual property owners for the costs of the improvements to allow for the lots to become buildable. The LID process allows a majority of the lot owners to petition the County to construct the improvements and assess all benefiting lots within the created LID.
Property owners within the proposed Bannock Drive 2023 LID requested that the Board of County Commissioners of the County of Douglas, Colorado, create a local improvement district to design and construct water, sanitary sewer, roadway, drainage, natural gas, and electric main improvements. The County received thirty-one (31) signed petitions from the forty (40) property owners requesting the creation of the LID.
The LID was created by the County in August 2024. Once financing is confirmed, County staff will work to complete the design and construction plans so that the County can bid the LID in the Spring of 2026. Construction should take place in 2026 and 2027, which would allow the property owners to apply for building permits in 2028.
