General Information About the District
| The Potomac Farms 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 December 24, 2001, 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 Commerce City (the City) in August 2001. The District’s service area boundaries solely encompass the Potomac Farms Filing No1 and No 2 subdivisions.
In March 2007, the District issued 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 Commerce City (e.g. streets) and the respective utility companies (e.g. water and sewer lines turned over to South Adams County Water & Sanitation District, street lights and power lines were turned over to United Power, etc). The open spaces, park and perimeter fencing were turned over to the Potomac Village HOA to maintain.
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On January 01, 2017, the District assumed the following responsibilities from the Potomac Farms Homeowners Association:
- Maintenance of the open spaces including the park at Vaughn Ct and E 105th Drive
- Maintenance of a portion of the storm water detention area
- Enforcement of the covenants as provided in the Declaration of Covenants, Conditions and Restrictions for Potomac Farms
- Architectural Review services (including enforcement of the Architectural Design Guidelines)
- Maintenance of District-owned perimeter fencing
- Recreation activities and events for District residents
District Revenue Sources
In order to fund the repayment of its bond debt and to provide neighborhood services to District 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 93% of the District's total annual revenue. To fund the general operations of the District, the District may collect up to $150,000 annually. This limit can be raised only if additional voter approval is obtained.
To fund the District's annual debt repayments, the District may adjust the debt portion of the mill levy rate each year to generate an amount sufficient to fund the annual principle and interest payments due on the bonds.
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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. The District's investment income is an insignificant source of revenue to the District due to the low interest rates offered on investment funds available to metropolitan 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.
Regulation and Oversight of District operations
The District is subject to various rules and reporting requirements at the City and State level. Click here to learn more about other agencies and associations with which the District interacts or to which the District must report.