The Dillon Town Council on Tuesday, June 20, will discuss a possible funding mechanism for a large-scale redevelopment of the town core.

The Triveni Metro District, which was formally established May 2, is looking to partner with the town through a public financing agreement to assist with public improvements such as sidewalks, utilities and roundabouts, according to the council’s agenda. Town Council is scheduled to discuss the proposed development from 4:30-5:15 p.m. at Town Hall.

Triveni Square is a project proposed by developer Jake Porritt, of JGJP Dillon LLC and the Porritt Group. While any proposed redevelopment is expected to be negotiated with Dillon Town Council, Porritt has thus far pitched a project encompassing about 19 acres of residential and commercial land.

Porritt has told the council that development within the property would consist of 345 residential units — including workforce housing, market-rate housing and condominiums — and 351,000 square feet of commercial space.

Town Council voted 5-2 in February to establish a service plan allowing the metropolitan district to be organized. The service plan outlined a proposed 2,500- to 3,500- indoor amphitheater, a hotel with conference space and an approximately 600-car parking structure as part of the potential buildout.

A metropolitan district is a quasi-governmental unit that can be formed under Colorado state law. These districts — which have similarities to school, fire and water districts — allow the developers who establish them to finance the infrastructure necessary to support a project.

There are hundreds of metropolitan districts throughout Colorado, including in parts of Summit County, such as the Buffalo Mountain Metropolitan District near Silverthorne and the Copper Mountain Metropolitan District.

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The service plan approved by the council allows the Triveni Square metro district to issue debt that is then paid by revenues derived from a mill levy — essentially a tax on properties within the district — and fees.

A staff memo included in the Town Council’s June 20 agenda packet includes a list of the town’s priority projects to be included in the public improvements that would be paid for through the proposed public financing agreement. 

Those projects include infrastructure for the town core, underground utilities, a Colorado Highway 6 pathway, a sidewalk along Evergreen Road, a County Road 51 pathway, several roundabouts, walkability improvements, a pedestrian overpass over Highway 6 and more.

Council members are expected to discuss whether they will entertain a public finance agreement prior to receiving a development review application from the developer, or the developer gaining the necessary town approvals for the project, the staff memo states.