General Information About the District
Colorado International Center Metropolitan District No. 3 (District), a quasi-municipal corporation and political subdivision of the State of Colorado, was organized on January 18, 2005, and is governed pursuant to provisions of the Colorado Special District Act (Title 32). The District operates under a service plan approved by City of Aurora (City) on August 30, 2004 and amended and restated with City approval on August 14, 2006. The District's service area is located in Adams County, Colorado entirely within the boundaries of the City and is comprised of 658 single family homes on the southeast corner of E 64th Avenue and Dunkirk Street. The District was established to provide financing for the design, acquisition, construction and installation of water, sanitation, street improvements, parks and recreational facilities, television relay and translation, mosquito control and other improvements (Public Improvements) within and without the District boundaries that benefit the taxpayers and inhabitants of the District. The District was created to provide certain essential public-purpose facilities for the use and benefit of all its anticipated residents and taxpayers of real property located within the boundaries of the District.
In 2006, 2016 and 2018, the District issued bonds totaling $20,537,000 - the proceeds of which were transferred to Aurora High Point at DIA Metropolitan District (the Master District) for the purpose of funding various public infrastructure (e.g. streets, curbs, sidewalks, water and electric lines, sewer lines, storm drainage, detention pond, perimeter fencing, park and open space landscaping, etc) within and outside of the District. With a few exceptions, the completed infrastructure assets were turned over to City of Aurora (e.g. streets, water and sewer lines) and Xcel Energy (street lights and power lines). The open spaces, park, detention ponds and perimeter fencing/walls were retained by the District.
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DISTRICT REVENUE SOURCES
In order to fund the repayment of its bond debt and provide neighborhood services to the residents living within the Grove at High Point, the District generates revenue from the following sources:
Property Taxes: Each year, the District assesses property taxes on the 658 single family homes within the Grove at High Point. Property tax assessments is the District's primary source of revenue and comprises approximately 91% of the District's total annual revenue. Unless voter approval is obtained, the District is prohibited from generating annual property tax revenue in excess of $20 million to fund operations.
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State Tax Subsidies: Each year, the District receives a "specific ownership tax" subsidy from the State of Colorado. The State funds this subsidy from its collection of annual vehicle registration fee taxes paid by owners of Colorado-registered vehicles. The subsidy is paid out in the form of a matching contribution to the District and is calculated as a percentage of the total property taxes assessed by the District. The State establishes the rate each year for matching contributions. A historic trend of the matching rates set by the State is provided in Exhibit 1.
For the past few years, this subsidy has comprised approximately 8% of the District's total annual revenue. |
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Interest Income: State laws restrict the types of funds in which the District may invest its cash. For the past several years, the District's investment income has been an insignificant source of revenue to the District due to the decline in interest rates paid by banks on savings accounts and certain low-risk money market funds.
District Contractors
Click here to lean more about the District's contractors.
Bond Debt
Click here to learn more about the District's bond debt.