History & Statistics - Banning Lewis Ranch Metro District

Date	Event	Image
Dec. 2005	The formation of the District is approved by El Paso County District Court.
Nov. 2006	The CPG2-controlled District Board submitted 11 ballot issues requesting voters (at that time, the "voters" were comprised solely of CPG2 employees) to authorize the District to issue up to $929.5 million in debt with a maximum repayment cost not to exceed $2.8 billion. This borrowing authority equated to approximately $1.6 million of debt per house with a maximum average property tax repayment cost of $4.8 million. CPG2 qualified three employees to vote in this TABOR election and all 11 ballot issues were unanimously approved by a margin of 3 "yes" votes to 0 "no" votes.
XXX	Clayton Properties Group II, Inc (CPG2) - which operates under the homebuilder brand name "Oakwood Homes" - purchases the land comprising the Retreat from XXXX.
April 2019	City of Colorado Springs approves the platting of Filings No 21, 22, 23 and 25 for the Village 3 West Subdivision - 584 home lots all located within the Retreat.
XXX	CPG2 enters into an agreement with the City of Colorado Springs to construct the public infrastructure (e.g. streets, sewer lines, water lines, storm drains, etc) within the Retreat.
Dec. 2018	The District issues bond debt totaling $9,538,000. Senior bonds totaling $6,585,000 at an interest rate of 5.75%. Subordinate bond debt totaling $1,011,000 at an interest rate of 8.00%. Junior Lien Bonds totaling $1,942,000 with interest rates ranging from 6.00% to 8.00%. CMH Capital, Inc is an entity under common corporate control with CPG2 and is the purchaser of the Junior Lien Bonds. All directors on the District's board were employees of CPG2 when the bonds were issued by the District and 100% of the net bond proceeds were remitted to CPG2 to subsidize the costs incurred by CPG2 to install improvements on the raw land owned by CPG2 within the District.
July 2020	CPG2 (aka Oakwood Homes) sells the first of 584 homes within the Retreat to a homeowner.
August 2020	The Amended and Restated Supplemental Declaration of Covenants, Conditions and Age Restrictions for The Retreat at Banning Lewis Ranch (i.e. CC&Rs) is filed by CPG2 with the El Paso County Clerk & Recorder's Office causing all 584 home lots in the Retreat to become subject to the CC&Rs.
May 2022	Four homeowners are elected to the District board. This is the first time homeowners have served on the District's board and the first time the District's Board was no longer comprised of individuals that have conflicts-of-interest regarding their service on the Board.
Nov. 2025	Ballot Issue 6B - a ballot issue referred by the District board - is approved by a margin of 532 to 28 (95%) with 71.1% of all voters casting votes on this ballot issue. Passage of this ballot issue eliminated all of the District's remaining, unused voter-approved borrowing authority, which totaled approximately $920 million. The District cannot issue any new debt (with the exception of refinancing its existing debt at a lower net cost to taxpayers) without FIRST submitting a ballot issue to the voters requesting permission to issue new debt. Ballot Issue 6B: "SHALL ALL UNUSED DEBT AUTHORIZATION GRANTED BY THE VOTERS IN ALL PRIOR ELECTIONS TO BANNING LEWIS RANCH METROPOLITAN DISTRICT NO. 5 BE FOREVER REPEALED AND RESCINDED EFFECTIVE IMMEDIATELY?"

Dec. 2005

The formation of the District is approved by El Paso County District Court.

Nov. 2006

The CPG2-controlled District Board submitted 11 ballot issues requesting voters (at that time, the "voters" were comprised solely of CPG2 employees) to authorize the District to issue up to $929.5 million in debt with a maximum repayment cost not to exceed $2.8 billion. This borrowing authority equated to approximately $1.6 million of debt per house with a maximum average property tax repayment cost of $4.8 million.

CPG2 qualified three employees to vote in this TABOR election and all 11 ballot issues were unanimously approved by a margin of 3 "yes" votes to 0 "no" votes.

XXX

Clayton Properties Group II, Inc (CPG2) - which operates under the homebuilder brand name "Oakwood Homes" - purchases the land comprising the Retreat from XXXX.

April 2019

City of Colorado Springs approves the platting of Filings No 21, 22, 23 and 25 for the Village 3 West Subdivision - 584 home lots all located within the Retreat.

XXX

CPG2 enters into an agreement with the City of Colorado Springs to construct the public infrastructure (e.g. streets, sewer lines, water lines, storm drains, etc) within the Retreat.

Dec. 2018

The District issues bond debt totaling $9,538,000. Senior bonds totaling $6,585,000 at an interest rate of 5.75%. Subordinate bond debt totaling $1,011,000 at an interest rate of 8.00%. Junior Lien Bonds totaling $1,942,000 with interest rates ranging from 6.00% to 8.00%.

CMH Capital, Inc is an entity under common corporate control with CPG2 and is the purchaser of the Junior Lien Bonds. All directors on the District's board were employees of CPG2 when the bonds were issued by the District and 100% of the net bond proceeds were remitted to CPG2 to subsidize the costs incurred by CPG2 to install improvements on the raw land owned by CPG2 within the District.

July 2020

CPG2 (aka Oakwood Homes) sells the first of 584 homes within the Retreat to a homeowner.

August 2020

The Amended and Restated Supplemental Declaration of Covenants, Conditions and Age Restrictions for The Retreat at Banning Lewis Ranch (i.e. CC&Rs) is filed by CPG2 with the El Paso County Clerk & Recorder's Office causing all 584 home lots in the Retreat to become subject to the CC&Rs.

May 2022

Four homeowners are elected to the District board. This is the first time homeowners have served on the District's board and the first time the District's Board was no longer comprised of individuals that have conflicts-of-interest regarding their service on the Board.

Nov. 2025

Ballot Issue 6B - a ballot issue referred by the District board - is approved by a margin of 532 to 28 (95%) with 71.1% of all voters casting votes on this ballot issue. Passage of this ballot issue eliminated all of the District's remaining, unused voter-approved borrowing authority, which totaled approximately $920 million. The District cannot issue any new debt (with the exception of refinancing its existing debt at a lower net cost to taxpayers) without FIRST submitting a ballot issue to the voters requesting permission to issue new debt.

Ballot Issue 6B: "SHALL ALL UNUSED DEBT AUTHORIZATION GRANTED BY THE VOTERS IN ALL PRIOR ELECTIONS TO BANNING LEWIS RANCH METROPOLITAN DISTRICT NO. 5 BE FOREVER REPEALED AND RESCINDED EFFECTIVE IMMEDIATELY?"

History / Timeline

History / Timeline

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