General Information About the District
The Parkside Metropolitan District (District), a quasi-municipal corporation and political subdivision of the State of Colorado, was organized by order and decree of the District Court for Adams County on November 23, 2018, and is governed pursuant to provisions of the Colorado Special District Act (Title 32, Article 1, Colorado Revised Statutes). The District operates under a service plan approved by the City of Loveland (the City) in November 2018. The District’s service area boundaries solely encompass the Enclave at Mariana Butte neighborhood, which is comprised of 76 single family homes.
In December 2021, the District issued $5.52 million in bonds to finance the construction and development of the neighborhood infrastructure (e.g. streets, curbs, sidewalks, water and electric lines, sewer lines, storm drainage, detention pond, perimeter fencing, park and open space landscaping, etc). With a few exceptions, the completed infrastructure assets were turned over to the City of Loveland (e.g. streets, water lines, power lines and sewer lines). The open spaces, park, detention pond and perimeter fencing were turned over to the District to maintain.
DISTRICT REVENUE SOURCES
In order to fund the repayment of its bond debt and provide neighborhood services to the District's residents, the District generates revenue from the following sources:
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Property Taxes: Each year, the District assesses property taxes on the homeowners living within the Enclave at Mariana Butte. Property tax assessments is the District's primary source of revenue and currently 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 $136,000 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. Generally, the District's investment income has been an insignificant source of revenue to the District.
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.