Special Development Districts and Authorities
At Casey Parrot LLC, our team has unsurpassed legal expertise in the use of districts and authorities as a financing tool to fund infrastructure for residential, commercial, and mixed-use developments, primarily in the State of Colorado, with emerging practices in Utah and other western regions.
In Colorado, attorneys at Casey Parrot LLC have served as bond counsel, disclosure counsel, underwriter’s counsel, and lender’s counsel in issuances by special districts, business improvement districts, urban renewal authorities, regional improvement authorities, and other authorities formed by intergovernmental agreements. In Utah, attorneys at Casey Parrot LLC have served as underwriter’s counsel in issuances by infrastructure financing districts and public infrastructure districts.
Such district financings have included publicly offered and privately placed bonds and direct loans secured by limited tax and unlimited tax general obligation pledges, payments in lieu of taxes (PILOTs), shared municipal sales tax, property tax increment, sales tax increment, public improvement fees, assessments, and system revenues.
We have also been engaged by developers for special projects related to district and authority financings, such as conducting due diligence for properties under contract and negotiating revenue-sharing agreements with municipalities.
Active Industry Leaders
Attorneys at Casey Parrot LLC have been at the forefront of developing legal analysis and documentation relative to new financial structures used in the development district space. We are active participants in industry groups working to establish best practices for development districts and authorities and have collaborated with other public finance attorneys and investment bankers to draft and analyze proposed legislative and state constitutional provisions impacting the use of this financing tool.
Deep Expertise in Complex Legal Frameworks
We are well-versed in and regularly advise clients concerning the interpretation of state constitutional provisions, state statutes, and ever-evolving state caselaw and federal tax law as applied to the authorization and structuring of debt issuances by development districts and authorities, including, but not limited to, matters relating to TABOR (the Colorado Taxpayer Bill of Rights) and electoral authorization, the use of tax increment financing, the issuance of “cash flow” bonds and developer-held bonds, and the funding of facilities for public and commercial uses, such as parking garages, recreational facilities, retail plazas, and amphitheaters.
Representative Projects
Representative projects in Colorado for which attorneys at Casey Parrot LLC have served as bond, disclosure or underwriter’s counsel at prior firms include:
- Raindance and Water Valley in Windsor; Windler Homestead, Painted Prairie, Green Valley Ranch, Cornerstar, Southlands, Aurora Highlands, Lowry, Fitzsimons, Saddle Rock and South Aurora Regional Improvement Authority in Aurora; Looking Glass in Parker; Candelas in Arvada; Copperleaf in Arapahoe County; Midtown and Reunion in Adams County; Sterling Ranch, Solstice and Ravenna in Douglas County;
- Granary and The Ridge in Johnstown; Park Meadows and Ridgegate in Lone Tree; The Canyons in Castle Pines; Third Creek in Commerce City; Peak Innovation Park in Colorado Springs; Karl’s Farm in Northglenn; Uplands in Westminster; Willow Bend in Thornton; Arista, Palisade Park and McKay Shores in Broomfield; Regency at Montaine, Montaine Vista and Terrain in Castle Rock; Centerra in Loveland;
- Stapleton and River Mile in Denver; Colorado Mills and BelMar in Lakewood; Brighton Crossings and Prairie Center in Brighton; Barefoot Lakes in Firestone; Roam in Winter Park; Confluence in Avon; and Foothills Mall in Fort Collins.