General Information About the District
|
North Holly Metropolitan District (District), a quasi-municipal corporation and political subdivision of the State of Colorado, was organized on November 18, 2005, and is governed pursuant to provisions of the Colorado Special District Act (Title 32). The District operates under service plan approved by the City of Thornton (City) in August 2005, as amended in August 2007, January 2014 and May 2017. The District's service area is located in Adams County, Colorado entirely within the boundaries of the City. The District was established to provide financing for the design, acquisition, construction and installation of streets, traffic and safety controls, park and recreation facilities, water facilities, sanitary and storm drainage improvements and mosquito control services within the District.
The District is currently repaying debt issued to subsidize the Developer's costs to develop its private land prior to the start of homebuilding activities.
The land within the District is fully developed and the District’s service area is comprised of 362 single family homes. The North Hill park is owned and maintained by the District.
|
.jpg)  |
All other open spaces (including the stormwater detention pond) throughout the community are maintained by the North Hill HOA.
In 2018, the District issued a total of $13.2 million in bonds to subsidize the Developer's costs to develop its private land prior to the start of homebuilding activities. The completed infrastructure assets were turned over to City of Thornton (e.g. streets, water and sewer lines), Xcel Energy (e.g. street lights and power lines) and North Hill HOA (open spaces and detention pond). The District retained ownership of the North Hill park.
DISTRICT REVENUE SOURCES
In order to fund the repayment of its bond debt and provide neighborhood services to the North Holly residents, the District generates revenue from the following sources:
Property Taxes: Each year, the District assesses property taxes on the homeowners living within the District. Property tax assessments is the District's primary source of revenue and currently comprises approximately 92% of the District's total annual revenue. In November 2014, voters approved the District's ballot issue, which authorized the District to change the mill levy rate each year without obtaining further approval from the voters. However, the District is prohibited from generating annual property tax revenue in excess of $1,000,000 to fund the District's operations.
|
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. |
 |
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. Because the State of Colorado District only allows the District to invest excess cash in investments that pose no risk to loss of principal, the District earns a relatively low rate of return on its excess cash balances.
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.