This chapter shall be known and may be cited as the "West Greeley GIDs Ordinance."

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

a.

The city council organized the City of Greeley, Residential West Greeley General Improvement District and the City of Greeley, Commercial West Greeley General Improvement District (collectively, the "GID") to provide direct or indirect financial support for the acquisition, construction, installation, operations, and maintenance of public improvements within the GID Inclusion Area, including, but not limited to, water improvements, wastewater improvements, stormwater improvements, streets, sidewalks, recreation facilities, plazas, and public meeting spaces, in order to perpetuate economic growth, promote job creation, target and install new services, generate new tax revenues, design and build public gathering spaces, attract a skilled workforce, provide infrastructure upgrades, and build out cultural and lifestyle amenities for its citizens and the general public.

b.

In order to achieve the city council's objective of organizing the GIDs it is necessary and will serve a public purpose, and will promote the health, safety, prosperity, security, and general welfare of the inhabitants of the GIDs to enact this Chapter 14 - West Greeley General Improvement Districts to set forth certain requirements for inclusion of properties into either the RWGGID or the CWGGID, disclosure requirements, and other transparency requirements.

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

The following words, terms and phrases, when used in this chapter 14, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Commercial property means all property that is not residential property.

Coordination agreement means the West Greeley Project Coordination Agreement, between The Water Valley Company and the city.

CWGGID means the City of Greeley, Commercial West Greeley General Improvement District established pursuant to Ordinance No. 23, 2025.

District means either the CWGGID or the RWGGID, as the context requires.

GID Act means Part 6, Article 25, Title 31 of the Colorado Revised Statutes.

GID inclusion area means the area depicted in section 24-1408.

GIDs means, collectively, the CWGGID and the RWGGID.

RWGGID means the City of Greeley, Residential West Greeley General Improvement District established pursuant to Ordinance No. 22, 2025.

Residential property means property used for residential purposes and taxed at the residential assessment rate.

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

a.

The owner of a parcel of real property located within the GID inclusion area that is anticipated to be developed as residential property must submit a petition for inclusion into the RWGGID together with the first to occur of such owner's submittal of: (i) a petition for annexation, (ii) a proposed rezoning, (iii) a proposed planned unit development, (iv) a site plan application, (v) a proposed development agreement, or (vi) subdivision application.

b.

The owner of a parcel of real property located within the GID inclusion area that is anticipated to be developed as commercial property must submit a petition for inclusion into the CWGGID together with the first to occur of such owner's submittal of: (i) a petition for annexation, (ii) a proposed rezoning, (iii) a proposed planned unit development, (iv) a site plan application, (v) a proposed development agreement, or (vi) subdivision application.

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

a.

Every property that has petitioned for inclusion and been included within the GIDs by action of the city council is entitled to the same rights and benefits enjoyed by The Water Valley Company set forth in Sections 2, 3, 4, 5, 6 and 7 of the coordination agreement.

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

a.

Webpage. The city must maintain a webpage that is accessible from the city's website for each of the RWGGID and the CWGGID. The webpages for the RWGGID and the CWGGID shall be maintained for the primary purpose of providing accessible and transparent information about the GIDs to current and future homeowners and commercial users. The webpage for each district must include the district's formation documents, information about the district's outstanding debt and mill levy requirements to pay such debt, operations mill levy information, budgets, audits, and meeting minutes.

b.

Annual reports. An annual report for each of the RWGGID and the CWGGID must be prepared by October 1 of each year and must be made available on the districts' respective webpages. The annual reports must contain the following information:

i.

A narrative summary of the progress of development and the construction of public improvements within the district for the report year;

ii.

The current year budget of the district, including a description of the public improvements to be constructed by the district in such year; and

iii.

A summary of financial obligations of the district at the end of the report year, including the amount of outstanding debt, the amount and terms of any new district debt issued in the report year, the total assessed valuation of all taxable property within the district's boundaries as of January 1 of the report year and the current total district mill levy pledged to debt retirement in the report year.

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

a.

The RWGGID shall use reasonable efforts and due diligence to cause any home builder or developer of residential property within the its boundaries to provide to all initial purchasers of property within the district's boundaries, before execution of a purchase contract, a written notice of disclosure that includes the maximum mill levy authorized to be levied by the district, the estimated amount of additional taxes to be paid as a result of the imposition of the maximum mill levy, the estimated percentage of biannual growth in assessed value used in the model to sell the district's bonds and the estimated growth in property taxes that is expected due to the assumed percentage growth in assessed value over the life of the bonds. RWGGID shall record or shall cause the relevant home builder or developer to record such notice of disclosure with the Weld County Clerk and Recorder at the time the subdivision plat is recorded.

b.

The RWGGID shall use reasonable efforts and due diligence to provide information to potential residential buyers by: (i) furnishing to any developer of property or home builders within the district's boundaries information describing the maximum mill levy that can be imposed by the district and resulting additional taxes for prominent display at all sales offices; and (ii) inspecting the sales offices within the district's boundaries on a quarterly basis to assure the information provided is accurate and prominently displayed.

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)

(Ord. No. 33, 2025 meeting, § 2, 10-21-2025)