The City received a draft Service Plan for the Legacy Metropolitan District Nos. 1-12 (collectively, the “Districts”) on January 27, 2025, for approximately 100 acres of property comprised of the former Lutheran Medical Center campus (the “Property”). The purpose of the Districts will be to provide all or a portion of public improvements for the benefit of the residents and taxpayers located within the boundaries of the Districts. Cost of public improvements is estimated at $99 million. The Service Plan would allow for a maximum debt of $110 million and a maximum debt mill levy of 67 mills for up to 40 years. The proposed Service Plan describes and sets forth those powers and authorities the Districts shall have as allowed by Colorado law. The exercise of such powers, however, will at all times be governed by and subject to the terms of an IGA between the City and the Districts. State law allows local governments to exert significant control over the organization and operation of special districts. The service plan approval process is the key to exercising that control.