General Information About the District
The Sheridan Station West 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 Jefferson County in November 2016, 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 the City of Lakewood (the City) on August 22, 2016. The District’s service area boundaries solely encompass the West Line Village subdivision, which is comprised of 182 townhome units.
Currently, the District provides the following services to its residents: (1) maintenance of the open spaces throughout the subdivision, (2) weekly trash pick-up services, (3) water utility services, (4) enforcement of the covenants and Design Guidelines applicable to all 182 townhomes and (5) design review services for improvements homeowners proposed to install on and around the exterior of their townhomes.
May 2023 was the first time in the history of the District where the majority of the District's board was comprised of homeowners rather than the land developer.
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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 82% 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: In November 2017, the land developer established a $1 million/year maximum limit on property tax revenue that the District can collect from property owners to fund the operations of the District. If the District desires to raise the annual revenue limit, it must first obtain voter approval from the voters within the District.
- 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 34.337 mills (2024 maximum limit per Service Plan) to generate property tax revenue to fund its debt service.
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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.
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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 due to the low interest rates paid by banks on savings accounts and certain low-risk money market funds.
District Contractors
Click here to lean more about the District's contractors.