By Town of Timnath

on 08-27

ORDINANCE 9: Establishing the Timnath Landings General Improvement District

At the August 27 meeting, Council voted 3-0 to approve the Timnath Landing General Improvement District (GID). A GID is a separate legal entity created and organized under Colorado Revised Statutes for the purpose of financing public improvements. GIDs have the authority to levy property taxes and incur debt, typically in the form of bond issuance. The Timnath Landing GID was formed to reimburse the developer of the Timnath Landing project for extraordinary expenses associated with the project.

The Timnath Landing GID intends to issue bonds to reimburse the developer for several road improvement projects including the construction of the Parkway, Harmony Road widening and work to CR 40, in addition to funding the Boxelder Floodplain Impact Mitigation Fee. These projects will be reimbursed with a property tax mill levy imposed against new development within the Timnath Landing development.

Only the homes within the Timnath Landing development will be part of the newly established GID. It will not include any previously developed property within the Old Town area, so any residents or businesses in this area will not experience any new taxes or fees. However, Old Town residents and other residents and businesses in proximity to Timnath Landing will benefit from the improvements that are financed with the GID.

RESOLUTION 48: Approving the Wildwing Subdivision 4th Filing Final Plat

Also at the meeting, Council voted 3-0 to approve the Wildwing 4th Filing Final Plat. This phase of the project includes 20 single-family detached units on lot sizes that range from 0.5 acres to 1.4 acres. The planning commission unanimously voted to approve 4th Filing Final Plat proposal at the August 6 meeting.

RESOLUTION 49: Approving the Timnath Foundation Board of Directors

Timnath‘s Council voted 3-0 to approve the Timnath Foundation Board of Directors. The Timnath Foundation was approved by the IRS earlier this year as the fundraising arm for the Town. The bylaws of the Foundation require at least five members sit on the Board of Directors. The Mayor automatically serves as a director and an additional council member must also be appointed. Staff recommended that Mayor Pro Tem Aaron Pearson act as the second council member along with Becca Bay, Cash Freeman and Tonya Ritchey from the Timnath community.