General Information
Base Village Metropolitan District No. 2 (District), a quasi-municipal corporation and political subdivision of the State of Colorado, was organized in December 2004, and is governed pursuant to provisions of the Colorado Special District Act (Title 32). The District operates under a service plan approved by the Town of Snowmass Village (Town) on September 20, 2004 and amended and restated with Town approval on October 17, 2006. The District was established to provide financing for the design, acquisition, construction and installation of streets, transportation, drainage improvements, traffic and safety controls, fire protection, park and recreation facilities and other improvements (Public Improvements) within and without the District boundaries that benefit the taxpayers and inhabitants of the District.
The District's service area is located in Pitkin County, Colorado entirely within the boundaries of the Town and is comprised of approximately 30 acres of property comprised of (1) the Base Village Development (19 acres), (2) non-developable wetlands owned by the Town (9 acres) and (3) a 1.9-acre non-contiguous, undeveloped parcel located several hundred feet west of the Base Village Development adjacent to the Fanny Hill ski run. The general boundaries of the District are contiguous with Brush Road to the north, the Enclave to the south, the Faraway Subdivision to the east and Lichenhearth and unplatted land to the west.
The Base Village Development is located at the base of Snowmass at the bottom of the Fanny Hill and Assay Hill ski runs and at the base of the Assay Hill Chairlift, the Village Express Chairlift, the Elk Camp Gondola and the Sky Cab Gondola. Base Village is planned to contain a total of approximately 1,094,131 square feet of constructed space comprised of (1) approximately 637,572 square feet for approximately 504 condominium units, (2) approximately 47,518 square feet of commercial hotel space (containing approximately 102 hotel rooms), (3) approximately 22,069 square feet for approximately 28 employee housing units, (4) approximately 183,216 square feet of retail, restaurant and office space (which is excluded from the boundaries of the District and included in Base Village Metropolitan District No. 1 (“BVMD1”)) and (5) approximately 203,756 square feet of common areas located in the various buildings. The Development also includes five underground parking garages totaling approximately 1,021 spaces.
February 2017 was the first time in the history of the District where the District's board was controlled by homeowners rather than the land developer.
DISTRICT REVENUE SOURCES
Property Taxes: Each year, the District assesses property taxes on the homeowners living within the District. Property tax assessments are the District's primary source of revenue and currently comprises approximately 91% of the District's total annual revenue. Restrictions exist on how much property tax revenue the District can collect to fund (1) its annual operations and (2) its annual debt service.
Tax Revenue for Operations: On November 7, 2006, District voters authorized the District to assess property taxes up to a maximum annual amount of $813,815 and a mill levy not to exceed 6 mills, to pay the District’s operations, maintenance and other expenses. Additionally, the District voters approved a revenue change to allow the District to retain and spend all revenue, other than ad valorem taxes, in excess of TABOR spending, revenue raising or other limitations.
Tax Revenue for Debt Service: For its annual debt service requirements (i.e. the principal and interest payments due on its debt), the District can set a mill levy of up to a maximum of 61.388 mills (2026 maximum limit per Service Plan) to generate property tax revenue to fund its debt service.
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. Historically, Specific Ownership Taxes has ranged between 2.8% and 3.5% of the District's annual property tax revenues.
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 view information about the District’s contractors.