Developer Purchases Water and Sewer Tap Fee Credits from the Sterling Ranch Community Authority Board
DOUGLAS COUNTY, Colo.--(BUSINESS WIRE)--Oct 2, 2018--Sterling Ranch Development Company, the developer of an approximately 3,400-acre master-planned community known as “Sterling Ranch,” located in the “Chatfield Basin” in the northwest portion of Douglas County and the southwest portion of the Denver metropolitan area, has purchased water and sewer tap fee credits (the “Tap Fee Credits”) from the Sterling Ranch Community Authority Board (the “CAB”). The Tap Fee Credits are associated with certain properties currently being entitled by the Developer with Douglas County. The proceeds of the purchase are approximately $7,500,000, of which approximately $7,000,000 will be paid by the CAB to Dominion Water & Sanitation District (“Dominion”), the wholesale water and wastewater provider for Sterling Ranch. Dominion and the CAB will use the proceeds to, among other things, fund the continued development of the wholesale and retail water and wastewater systems that serve Sterling Ranch.
ABOUT THE STERLING RANCH COMMUNITY AUTHORITY BOARD: Sterling Ranch is a master-planned community located in Colorado’s Chatfield Basin in northwest Douglas County and is bordered to the north by Chatfield State Park, to the east by Santa Fe Drive, to the west by the Hogback Ridge and to the south by Roxborough Village. The Community Authority Board Establishment Agreement (CABEA) formed the Sterling Ranch Community Authority Board (CAB) in 2016. The CAB performs all functions for the Districts and communities, including, but not limited to, retail water and sewer services. The CAB is controlled by an eleven (11) member board of directors.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181002005346/en/
CONTACT: Sterling Ranch Community Authority Board
Denise Denslow, District Manager
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: ENERGY UTILITIES NATURAL RESOURCES OTHER NATURAL RESOURCES CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Sterling Ranch Community Authority Board
Copyright Business Wire 2018.
PUB: 10/02/2018 09:00 AM/DISC: 10/02/2018 09:01 AM