The District is a quasi-municipal corporation and political subdivision of the State organized in December 2002 pursuant to Article I, Title 32, Colorado Revised Statutes (the “Act”). The District is located in El Paso County, Colorado(“El Paso County” or the “County”), along the Marksheffel Road and the Sand Creek Channel on the west, Constitution Avenue on the North, and U.S. Highway 24 on the east and south, immediately east of the City of Colorado Springs, Colorado. The District currently contains approximately 423 acres. The 2004 preliminary estimated total taxable certified assessed value of the property within the District is$2,196,240.
The District is organized primarily to finance the design, acquisition, installation, and construction of street, landscaping, traffic and safety control, water, sanitary and storm sewer, and park and recreation improvements (“Facilities”) for the benefit of the District’s residents and taxpayers and other users of such regional improvements. The majority of the Series 2004 Bond proceeds will be used to finance and provide public improvements to Marksheffel Road, a north-south thoroughfare, which bisects the District, as well as improvements to the Sand Creek Channel and Bridge improvements along Marksheffel Road and Sand Creek Channel.
Once completed, the District will dedicate or cause to be conveyed the park and recreation, traffic safety, all public streets and streets dedicated by plat, all public drainage facilities, and public sidewalks, as well as rights-of-way and easements necessary for access to such facilities to El Paso County.
Improvements including all the tract-lanscaping improvements, landscaping along major streets, entry features, and drainage tracts may be retained by the District for operations and maintenance if the same are not otherwise dedicated to and accepted by El Paso County. The water improvements and waste water improvements constructed and financed by the District are to be conveyed to Cherokee Metropolitan District for ownership and continued operation and maintenance. Additionally, the District anticipates conveying open space landscaped improvements along certain sections of the Sand Creek Channel to Cherokee Metropolitan District.