By Town of Timnath
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.
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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.