HomeMy WebLinkAboutFDDA 2025-03 Calling an Election on Nov 4, 2025 Certain TABOR Ballot Questions 08-13-2025FDDA RESOLUTION NO. 25-03
A RESOLUTION CALLING AN ELECTION TO BE HELD ON NOVEMBER 4, 2025,
FOR THE PURPOSE OF SUBMITTING TO THE ELIGIBLE ELECTORS OF THE
TOWN OF FIRESTONE DOWNTOWN DEVELOPMENT AUTHORITY CERTAIN
TABOR BALLOT QUESTIONS AUTHORIZING THE AUTHORITY TO COLLECT,
RETAIN, AND EXPEND REVENUES, AND REQUESTING APPROVAL OF THE
ELECTION BY THE TOWN BOARD OF TRUSTEES
WHEREAS, the Town of Firestone Downtown Development Authority (the "Authority")
is a body corporate duly organized and existing under laws of the State of Colorado pursuant to
Sections 31-25-801 et seq., C.R.S., as amended (the "DDA Act"); and
WHEREAS, the Board of the Authority (the "Board") has determined that it is in the best
interests of the Authority and the public to submit to the eligible electors of the Authority certain
ballot questions concerning the imposition of taxes, the retention and expenditure of revenues, and
the incurrence of debt, as required by Article X, Section 20 of the Colorado Constitution; and
WHEREAS, pursuant to C.R.S. § 31-25-807(3)(b), any such election must be called by
resolution of the Board and approved by the governing body of the municipality at least thirty
(30) days prior to the election date; and
WHEREAS, the Board desires to call such election to be held on November 4, 2025, and
to request approval of the election by the Board of Trustees of the Town of Firestone.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FIRESTONE DOWNTOWN DEVELOPMENT AUTHORITY:
Section 1. The foregoing Recitals are incorporated herein by this reference.
Section 2. The Board hereby calls a special election to be held on November 4, 2025,
for the purpose of submitting to the eligible electors of the Authority the ballot questions in
substantially the form attached hereto as Exhibit A and incorporated herein by this reference.
Section 3. The Board hereby requests that the Board of Trustees of the Town of
Firestone approve this resolution and the calling of the election, as required by C.R.S. § 31-25-
807(3)(b).
Section 4. The Board hereby authorizes and requests the Town of Firestone to take all
necessary and appropriate actions to conduct the November 4, 2025 election on behalf of the
Authority, including but not limited to, appointing election officials, preparing and distributing
ballots, and performing all other duties required by law to ensure the proper conduct of the election.
Section 5. This Resolution shall take effect upon its approval by the Board.
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INTRODUCED, READ AND ADOPTED this )3� Clay of , 2025.
FIRESTONE DOWNTOWN DEVELOPMENT
AUTHORITY /�1
By
Conyac, Ji
ATTEST:
Mir am nados Luna, CMC, Town Clerk
APPROVED S TO FORM:
Mai Keith Mai in; Town Attorney
Exhibit A: Ballot Questions
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Exhibit A
BALLOT QUESTION #1:
SHALL THE TOWN OF FIRESTONE (THE "TOWN") TAXES BE INCREASED
$325,000 IN THE FIRST FISCAL YEAR (2025) AND ANNUALLY THEREAFTER
BY LEVYING AN AD VALOREM TAX AT A RATE OF NOT MORE THAN FIVE
MILLS WITHIN THE BOUNDARIES OF THE PROPOSED FIRESTONE
DOWNTOWN DEVELOPMENT AUTHORITY (THE "AUTHORITY"), FOR THE
PURPOSES SET FORTH IN PART 8 OF ARTICLE 25 OF TITLE 31 COLORADO
REVISED STATUTES; AND SHALL THE TOWN AND THE AUTHORITY BE
AUTHORIZED TO COLLECT, RETAIN, AND EXPEND THE REVENUES
COLLECTED FROM SUCH TOTAL PROPERTY TAX RATE, AND
INVESTMENT INCOME THEREON, AS A VOTER -APPROVED REVENUE
CHANGE?
YES
BALLOT QUESTION #2:
SHALL THE TOWN OF FIRESTONE DOWNTOWN DEVELOPMENT
AUTHORITY (THE "AUTHORITY"), OR THE TOWN OF FIRESTONE (THE
"TOWN") ON BEHALF OF AND FOR USE BY THE AUTHORITY FOR
PURPOSES OTHER THAN ENTERPRISES, AND AS A VOTER APPROVED
REVENUE CHANGE, BE AUTHORIZED TO INCUR ANY MULTIPLE FISCAL
YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION,
INCLUDING CONTRACTUAL AGREEMENTS, AND OTHER OBLIGATIONS
AND TO COLLECT, RETAIN, AND SPEND THE FULL AMOUNT OF
REVENUES RECEIVED BY THE AUTHORITY, OR BY THE TOWN ON
BEHALF OF AND FOR USE BY THE AUTHORITY, IN 2025 AND EACH YEAR
THEREAFTER, INCLUDING, WITHOUT LIMITATION, TAX REVENUES,
FEES, RATES, TOLLS, CHARGES, GRANTS, RENTS, LOANS,
CONTRIBUTIONS, PROCEEDS OF ANY AGREEMENTS OR CONTRACTS,
AND ANY OTHER REVENUES IMPOSED, COLLECTED, OR AUTHORIZED
BY LAW, AND SHALL SUCH REVENUE BE COLLECTED AND SPENT
WITHOUT REGARD TO ANY EXPENDITURE, REVENUE -RAISING, OR
OTHER LIMITATION INCLUDING THOSE CONTAINED WITHIN ARTICLE
X, SECTION 20 OF THE COLORADO CONSTITUTION, AND WITHOUT
LIMITING IN ANY YEAR THE AMOUNT OF OTHER REVENUES THAT MAY
BE COLLECTED, RETAINED, AND SPENT BY THE AUTHORITY AND THE
TOWN ON BEHALF OF THE AUTHORITY, AND SHALL ALL REVENUES
GENERATED BY ANY AD VALOREM TAX LEVY UP TO FIVE MILLS
COLLECTED, RETAINED, OR SPENT IN 2025 AND COLLECTED, RETAINED,
OR SPENT IN ALL SUBSEQUENT YEARS THEREAFTER BE VOTER
APPROVED AS AN INCREASED LEVY EXEMPT FROM THE TAX INCREASE
LIMITATIONS CONTAINED IN SECTIONS 29-1-301 AND 29-1-302 COLORADO
REVISED STATUTES AND ANY OTHER APPLICABLE LAW?
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YES
NO
BALLOT QUESTION #3:
WITHOUT INCREASING TAXES, AND SUBJECT TO THE APPROVAL OF
BALLOT ISSUE 2, SHALL THE TOWN OF FIRESTONE, COLORADO
("TOWN"), ON BEHALF OF AND FOR USE BY THE TOWN OF FIRESTONE
DOWNTOWN DEVELOPMENT AUTHORITY (THE "DDA"), BE AUTHORIZED
TO INCREASE ITS DEBT PRINCIPAL BY UP TO $25 MILLION, WITH A
TOTAL REPAYMENT COST INCLUDING INTEREST AND FEES OF NOT
MORE THAN $74 MILLION, FOR THE PURPOSE OF FINANCING THE COSTS
OF DEVELOPMENT PROJECTS TO BE UNDERTAKEN BY OR ON BEHALF
OF THE DDA PURSUANT TO THE DDA PLAN OF DEVELOPMENT, AS IT
MAY BE AMENDED FROM TIME TO TIME, INCLUDING WITHOUT
LIMITATION, ANY PUBLIC IMPROVEMENTS OR PROJECTS DESCRIBED IN
THE DDA PLAN OF DEVELOPMENT, AND APPLICABLE PROVISIONS OF
COLORADO LAW, FOR OBLIGATIONS THAT ARE SUBJECT TO TABOR
ELECTION REQUIREMENTS AND WITHOUT SUCH LIMITATIONS FOR
OBLIGATIONS THAT ARE NOT SUBJECT TO TABOR'S ELECTION
REQUIREMENTS; SUCH DEBT AND THE INTEREST THEREON TO BE PAID
FROM AND SECURED BY A PLEDGE OF THE SPECIAL FUND OF THE TOWN
WHICH SHALL CONTAIN TAX INCREMENT REVENUES LEVIED AND
COLLECTED WITHIN THE BOUNDARIES OF THE DDA; AND SHALL SUCH
DEBT BE EVIDENCED BY BONDS, LOANS, ADVANCES, OR OTHER
INDEBTEDNESS OR FINANCIAL OBLIGATIONS, TO BE SOLD IN ONE
SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL
AMOUNT THEREOF, ON TERMS AND CONDITIONS, AND WITH SUCH
MATURITIES AS PERMITTED BY LAW AND AS THE TOWN MAY
DETERMINE, INCLUDING PROVISIONS FOR THE REDEMPTION OF THE
DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF A
PREMIUM OF NOT MORE THAN 3% OF THE PRINCIPAL AMOUNT SO
REDEEMED; AND SHALL THE TOWN AND THE DDA BE AUTHORIZED TO
COLLECT, RETAIN AND SPEND THE TAX INCREMENT REVENUES, THE
BOND PROCEEDS AND THE INVESTMENT INCOME THEREON AS A
VOTER -APPROVED REVENUE CHANGE AND EXCEPTION TO THE LIMITS
WHICH WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF
THE COLORADO CONSTITUTION OR ANY OTHER LAW?
YES
NO
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