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COUNCIL - AGENDA ITEM - 11/06/2007 - HEARING AND FIRST READING OF ORDINANCE NO. 136, 20
ITEM NUMBER: 19 AGENDA ITEM SUMMARY DATE: November6, 2007 FORT COLLINS CITY COUNCIL STAFF: Matt Baker Chuck Seest SUBJECT Hearing and First Reading of Ordinance No. 136,2007,Assessing the Cost of Improvements in the Timberline and Prospect Special Improvement District No. 94 in the CityofFort Collins,Colorado, and Providing for the Payment and Collection Thereof. RECOMMENDATION Staff recommends adoption of this Ordinance on First Reading to close out the Timberline and Prospect Special Improvement District No. 94 and begin the assessment of the District costs to the property owners. FINANCIAL IMPACT This Ordinance assesses the District costs to the property owners benefitted by the improvements. Street improvements were completed for Timberline Road from Drake to Prospect. Most of the improvements were adjacent to development and were constructed through the Street Oversizing Program. These developments have also funded additional improvements needed in order to proceed with their developments in accordance with the City's adequate public facilities requirement from Section 3.7.3 of the Land Use Code. Developers have contributed$2,500,000 to the City for the engineering design and construction of the improvements to the Timberline and Prospect Intersection. The developers requested and the City formed Special Improvement District#94 in order to assess undeveloped property for their fair share of intersection improvements. Assessments collected will be forwarded to the original private financiers of the District. EXECUTIVE SUMMARY In October 2005,Council established the Timberline and Prospect Special Improvement District#94 (the "District"). The City has completed the improvements and is now prepared to assess the District. In accordance with Chapter 22 of the City Code, the City began the close out with Resolution 2007-073,which accepted the improvements and ordered a notice to be sent to property owners informing them of the assessment. A revised resolution,Resolution 2007-093,was adopted on October 2, 2007, to correct certain items that may have been confusing in the materials included with the original Resolution. A public hearing date of November 6, 2007 was set to hear any objections from the property owners. November 6, 2007 -2- Item No. 19 Based on the procedures specified in the City Code and the notice that has been provided to the property owners within the District,the property owners have until November 5th to file objections to the proposed assessments. As of the time of completion of this Agenda Item Summary, no protests have been received for the November 6th hearing. A memorandum with updated information regarding any protests that are received will be provided to the Council before the meeting on the 6th. The public hearing is an important part of the Special Improvement District process and the City Code states:"The City Council sitting as a Board of Equalization shall hear and determine all such complaints and objections and may conform to the apportionment or make any modifications which may seem equitable and just after consideration of all objections to the apportionment." This Ordinance places an assessment against property in the District and outlines the procedure for collection. The assessment amount for each property owner is listed in the attached assessment roll and includes the cost of construction, engineering, and administration of the district. Since the District was privately funded, no financing costs are included;however, if a property owner elects to pay off the assessment over time, interest will accrue on the principal amount during the period used to pay off the assessment. Property owners have the option of paying the total principal amount of the assessment without interest if it is paid within thirty days of publication of the Ordinance. If a property owner elects to pay the assessment in installments,the principal will be divided into ten equal installments. The rate of interest charged on the unpaid principal is 5.00%. Payments are due thirty days after the final publication of the Ordinance adopting the assessments. This date is anticipated to be December 26, 2007. BACKGROUND Timberline Road, from Drake to Prospect was the highest deficiency segment in the City's street network. The Timberline/Prospect intersection experienced failing levels of service in both the AM and PM peak hours. Attempts by the City to create a funding mechanism for the necessary improvements were not successful. Section 3.7.3 of the City's Land Use Code(the"Adequate Public Facilities(APF)Ordinance")does not allow any additional development to impact failing intersections. A conceptual estimate indicated that $2.5 million was needed to improve the intersection to meet minimum levels of service necessary to allow additional development in the area. The improvements were: • Dedicated right turn lanes on all legs of the intersection • Double left turn lanes on Timberline • Additional through lanes on Timberline These interim improvements added capacity to the intersection, but did not include landscaped medians, concrete paving,enhanced crosswalks,or other elements not necessary to increase Levels of Service. There are two large development parcels that were affected by the APF Ordinance. The James Company and its assigns are constructing the Sidehill development project on the east side of November 6, 2007 -3- Item No. 19 Timberline and north of Drake,and the St.Charles Investment Group owns 80 acres on the west side of Timberline and north of Drake. Both of these developments were prevented from proceeding in the absence of improvements to Timberline/Prospect. These developers elected to fund the $2.5 million APF improvements in order to proceed with their development projects. The James Company and the St. Charles Investment Group proposed the formation of an involuntary SID as a financing mechanism to allow for fair and equitable assessment of all benefitting property owners. The proposed assessment method is based on the City's APF requirements as contained in Land Use Code Section 3.7.3 and is consistent with the Code provisions setting out the process for creating SIDs and imposing assessments. The Land Use Code states that a proposed development that impacts a failing intersection cannot proceed until improvements are made. The Larimer County Urban Area Street Standards (Revision No. 2) which are incorporated by reference into the Land Use Code require that development of a property await APF improvements if: • The property is within a one mile radius of the failing intersection; and • New trips from the development will impact the intersection with greater than 2% delay. Section 22-76 of the City Code authorizes the Council to provide for any manner of assessing the costs of street improvements that is equitable and fair. Section 22-81 of the City Code regarding improvement of street intersections provides that the intersection-related costs shall be apportioned in the same manner as all other portions of the street improvements, except for shares to be paid by others, as applicable. In order to determine which properties to include in the SID, staff contracted with a Traffic Engineering consultant to analyze all development property within a one mile radius of the intersection. Using the Zoning,City Structure Plan and the Institute of Traffic Engineers Trip Generation Manual, the number of trips generated from each parcel and a distribution of trips into the Timberline/Prospect intersection was estimated. Based on the applicable development standards in the Larimer County Urban Area Street Standards (Revision No. 2),which have been adopted by the Council, if the number of trips generated from a development parcel would have delayed the functioning of the intersection by more than 2%,the parcel was considered to be a property that was immediately benefitted by the construction of the District Improvements and it was included in the SID (because the improvements satisfied the APF requirements and made redevelopment of the parcel possible). The amount of assessment for each parcel was then determined by projecting the number of new trips into the Timberline/Prospect intersection that would be generated by each parcel when it is developed. The improvements for the District were constructed as part of a larger project, Timberline Road, from Drake to Prospect. A summary of the total project costs: City of Fort Collins Police Facilities $1,272,291 SID# 94 Improvements $2,518,853 Developer Local Street Contributions $1,634,729 Street Oversizing Program $3,273,425 Total Construction Cost: $8,699,298 The Special Improvement District# 94 construction costs are composed of: November 6, 2007 -4- Item No. 19 Construction Costs: $2,400,000 Engineering Costs $ 100,000 Administration Cost $ 18,853 Total Construction and Engineering costs: $2,518,853 However,there are two properties which were developed in the County many years ago which may redevelop. These properties' share of the improvement costs will be recovered through reimbursement agreements at the time of redevelopment since they received no immediate benefit in the form of relief from the APF requirements. Thus,their share of the construction costs has been subtracted from the actual District cost. Total Special Improvement District# 94 costs: $2,338,134 The City created the District in October 2005. The terms of the District are: 1. The amount financed will be $2.5 million, or the amount needed to make the "APF" improvements to the Timberline/Prospect intersection. 2. No municipal or City-backed bonds will be issued. Financing will be by the developers, using cash or private placement bonds. The City would be the collection agency for assessments, but would not incur any financial liability. 3. The assessment method is based on the APF ordinance and its benefit to undeveloped property. Several factors, including trip generation, trip distribution, delay and proximity to the intersection within a one-mile radius are used to calculate the impact and benefit for each property. 4. The properties included in the SID will begin repayment of their proportionate share (the assessments)upon completion of the construction and final accounting of the costs. Providing a 10 year repayment schedule for properties being assessed is a benefit for properties included in the SID. To meet the requirements of Article X,Section 20 of the Colorado Constitution ("TABOR"), a special election of SID property owners was held on the November 2005 ballot to allow the City to enter into a multi-year obligation to repay the developers,using revenues generated by the assessment payments, over a 10 year time period. The reimbursement agreement has been executed by the City Manager and is contingent upon Council's approval of the Ordinance. In accordance with the SID policies, the City contracted with an MAI appraiser prior to the formation of the district and recently updated the appraisal for the proposed assessments in order to confine that the requirements of the Code provisions related to SID assessments have been met. The Final Cost/Benefit Studyprepared by Bonnie Roerig&Associates,LLC,Study Date September 5, 2007, to evaluate relevant market data related to the Timberline Road Special Improvement District is attached to this Agenda Item Summary. As summarized on page 4 of that Study, the value of each of the parcels to be assessed has increased from the 2005 study value in an amount equal to or greater than the proposed assessment for such parcel,as required by Section 22-90 of the Code. SUMMARY November 6, 2007 -5- Item No. 19 The Timberline Road,Drake to Prospect Project was the most heavily congested intersection in the City. In the absence of any City capital improvement funding for this intersection, two impacted developers elected to privately fund these improvements in order to proceed with their development projects. These developers are the majority property owners and will receive the proceeds of Special Improvement District#94 assessments,which will spread a portion ofthe costs to other undeveloped property in the area benefitted by the improvements. ATTACHMENTS 1. Location Map 2. Trip Generation Analysis and Related Background 2. Final Cost/Benefit Study prepared by Bonnie Roerig & Associates, LLC, Study Date September 5, 2007 // `M w / �ffi ��IN ��\ ✓/ MrOW rid :�� ►,;`�,� e��,,,, .: sea nnnu■ nun. • ON I 11 1 ■�.a .. ■. .■ ■ ■1/► � ..' 1u I'� Kam. _� . -`,.. -Ili , ■ ' 1 ���Y�1 �hllua■q 1�1Ii• ►' / EEMEM ��. Is .-VA. .. . ..•. . gloom bd rdr gloom �'r �=\� fI�11�i ii �iinlllll■ iin.'D�i/T.��,'��� iC�p� :e nrrgi•�iii � ;;, :E r��.1♦ ��G�� E/ nuai ra4a� 11P a. PWFAA � rla+y�ir'•�'�1►iC�N'���WAR A./'I ♦.yam. 11�is i1�.in���., . ���� � �►WAIF PR Si iiFil 1 d.r _ .r, r.� .. � l'�i.1i ���rrrr��i�4�i♦!,. �.� �� r1�O9■i�V�►�� ��� '.��..�..�� ��7ri11s_I_��!i9"�� �� ��i'i�i�♦!�i 071 � �tiwgKr �i lool 'j�Ain•¢ iI>��, 01 •� ',' ��%Ili �/� ,/ , ���'�1-'�� 1 Timberline Road SID Traffic Analysis Summary and Assessment Spread Total Trips Actual Trips Added to Each Movement P.M. Peak Hour Approach Delay and Parcel Percent Contribution SID Parcel # of PM Peak Addecito *RightLeft Westbound Northbound Southbound Total Eastbound Westbound Northbound Southbound Total Label Parcel Number Owner SO FT ACRES Zoning Use D.U. Trips Intersection ft Thru I Right Left Thru Right Left Thru Right Approach Delay % Change Delay % Change Delay % Change Delay % Change Assessment 1 8718106002 LEE A. STARK 332,747 7.64 COM Office Park 216 42 0 0 2 0 2 0 15 15 7 3427 46.6 5.8% 40.6 3.2% 28.0 -0.4% 41 .0 -1 .7% $52,346.28 2 8718100090 FREE ENTERPRISES, INC 181 ,500 4.17 COM Office Park 118 25 0 0 2 0 2 0 8 8 4 3408 46.5 5.6% 40.6 3.2% 27.1 I -3.7% 40.7 -2.5% $31,158.50 3 8717308003 PS-TIMBERLINE LAKES,LLC 871,200 20.00 COM Office Park 566 341 0 0 10 3724 46.6 5.8^/0 40.7 3.4% 38.5 28.9% 64.2 35.0% $425,001.94 SPECIAL 4 8717307001 PS-TIMBERLINE LAKES,LLC 143,748 3.30 PURPOSE Office Park 93 55 0 0 2 0 4 0 9 24 14 3439 46.6 5.8% 40.6 3.2% 29.3 4.1 % 42.0 0.7% $68,548.70 USTL, LLLP (1/4)/DCW TL, LLC (1/4)/MMM TL, LLC (1/6)/DPV TL, LLC (1/6)'DNT INDUSTRIA 5 8718414001TIMBERLINE LAKES, LLC (1/6) 290,980 6.68 L - PUD Office Park 189 134 0 0 4 0 10 0 23 57 34 3517 46.5 5.6% 40.6 3.2% 35.3 20.4% 46A 9.5% $167,009.56 6 8720218006 SHARP POINT PROPERTIES, 109,626 2.52 COM-PUD Office Park 71 53 0 0 3 2 0 0 18 18 9 0 3 0 3437 43.8 -0.2% 39.6 0.8% 31 .9 11 .9% 43.0 3.0% $66,056.02 7 8720218007 SHARP POINT PROPERTIES, 100,336 2.30 COM-PUD Office Park 65 48 0 0 3 2 1 0 0 16 16 8 0 3 0 3433 43.8 -0.2°/a 39.6 0.8% 31 .6 11 .1 % 43.6 4.4% $59,824.32 8 8720212005 SHARP POINT PROPERTIES, 107,157 2.46 COM-PUD Office Park 70 57 0 7 0 10 36 2 0 0 2 0 0 0 3441 44.7 1 .8% 40.3 2.5% 28.7 2.1 % 42.3 1 .4% $71,041.38 9 8720105011 ARAPAHOE TECHNOLOGIES, INC 53,145 1 .22 COM Office/Industrial 24 2 0 0 0 0 1 0 1 0 0 0 0 0 3388 43.9 0.0% 39.3 0.0% 28.2 0.4% 41 .7 0.0% $2,492.68 SIDEHILL HAS 3 LARGE PARCELS WITH 10 0000000NEW NO NUMBERS YET 0.00 COM 1360 1197 479 0 0 156 62 0 0 84 50 34 0 93 0 3863 45.7 3.9% 51 .2 23.2% 61 .6 544% 72.4 42.4% $596,996.86 11 8719100028 TIMBERLINE AUTOPLEX, LLC 114,911 2.64 COM Office Park 75 35 0 0 2 1 0 0 12 1 12 1 6 0 1 2 0 3418 43.8 1 -0.2% 39.4 0.3% 30.1 6.6% 42.6 1 2.1% $43,621.90 12 8719400025 TIMBERLINE DEVELOPMENT, LLC 700,817 16,09 COM Office Park 455 205 0 0 12 6 0 1 0 70 70 35 0 12 0 3589 1 43.5 -0.9% 39.8 1 .3% 46.2 39.2% 49.6 15.9% 1 $255,499.70 9 Irrigated 131 8719400001 ISC GROUP INVESTMENTS, LLC 2,187,1481 40.21 IIS I nj n/a 163 0 0 24 28 0 0 25 29 29 0 28 0 3547 43.7 .0.5% 42.7 8.0% 79.8 64.8% 54.5 23.5% $203,153.42 FORT COLLINS CAPITAL LEASING 14 8719422901 CORPORATION 10,00 Gvt Office 229 103 0 0 6 3 0 0 35 35 18 0 6 0 3487 43R -0.2% 39.4 0.3% 36.0 21 .9% 44.6 6.5% $128,373.02 15 8720220001 MIDPOINT AND TIMBERLINE, LLC 101,761 2.34 Off ice Park 66 50 0 0 3 2I 0 0 17 17 8 0 1 3 0 3434 43.8 1 -0.2% 39.6 0.8% 31 .7 11 .4% 43.0 3.0% $62,317.00 16 8720220002 GYPRO PROPERTIES, LLC 81 ,631 1 ,87 Office Park 53 40 0 0 2 1 0 0 14 14 7 0 2 0 3424 43.8 -0.2% 39.4 0.3% 30.5 7.9% 42.6 2.1 % $49,853.60 17 8720105016 KERNAGHAN, JIM 37,462 3.44 COM Office/Industrial 67 44 0 2 2 0 13 6 13 6 0 1 1 0 3428 43.9 0.0% 39.4 0.3% 30.5 7.9% 42.5 1 .9% $13,702.24 18 8720206017 COWAN TRANSFER 8 STORAGE CO 37,505 COM $13,717.97 19 8720206018 MAJORIE C. LYNCH MARITAL TRUST 37,462 COM $13,702.24 20 8720206013 KERNAGHAN, JIM 37,501 COM $13,716.51 21 87191000003 TIMBERLINE STAR 544,500 12.50 COM Office/Industrial 102 0 8 8 0 28 12 28 12 0 3 3 0 12 44.0 0.2% 39.5 0.5% 34.0 17.4% 43.5 4.1 % $127,126.68 22 8720300012 CARGILL 1 ,284,149 29.48 LMN Residential 43 0 0 14 7 0 0 3 3 2 0 14 0 3 44.1 0.5% 39.9 1 .5% 31 .3 10.2% 44.1 5.4% 1 $53,592.62 2021 $2,518,853.14 Notes: 1 Cost per trip calculated by dividing the total District Costs of $2,518,847.44 by total trips through the intersection of Timberline and Prospect of 2021 or $1 ,246.34 per trip. 2 Parcels 17, 18 19 and 20 were grouped together to calculate traffic impact. The assessment assigned to their total impact was then spread among the four parcels based upon acreage. 3 Total Assessment exceeds Total District costs by $5.70 due to rounding. 4 Area of parcels 3 and 4 are net of lakes 5 Parcel 21 traffic impact is based upon the net increase in trips between ultimate build-out (office/industrial) and existing uses (52,796 SF Industrial, 4,680 SF Storage, 5,285 SF Wholesale, 2,249 SF Office) 6 Parcel 22 traffic impact is based upon the net increase in trips between ultimate build-out (5 D.U./AC)) and existing uses (45 employees for seed research) Interwest Consulting Group - Confidential Page 1 of 1 11/01/2007 12:20 PM PRINTOUT OF TRIP AT TIMBERLINE / PROSPECT INTERSECTION: Actual Trips Added to Each Movement Parcel Total Eastbound Westbound Northbound Southbound Label Trips Added Left Thru Right Left Thru Right Left Thru Right Left Thru Right 3 18 1 0 0 0 0 1 0 1 0 6 6 3 4 42 1 0 0 0 0 2 0 2 0 15 15 7 5 25 1 0 0 0 0 2 0 2 0 8 8 4 6 27 2 0 0 0 0 0 0 2 0 2 12 9 7 3 0 1 1 0 1 0 0 0 0 0 0 0 8 3 0 1 1 0 1 0 0 0 0 0 0 0 9 2 0 1 0 0 1 0 0 0 0 0 0 0 10 2 0 1 0 0 1 0 0 0 0 0 0 0 11 2 0 1 0 0 1 0 0 0 0 0 0 0 12 5 0 2 1 0 1 0 1 0 0 0 0 0 13 13 1 7 3 0 1 0 1 0 0 0 0 0 14 452 20 0 0 0 0 14 0 34 0 77 192 115 15 73 3 0 0 0 0 2 0 6 0 12 31 19 16 134 6 0 0 0 0 4 0 10 0 23 57 34 17 20 3 8 5 0 2 0 1 0 0 0 0 1 18 10 2 4 2 0 1 0 1 0 0 0 0 0 19 36 3 4 3 0 2 4 2 2 0 7 3 6 20 36 0 4 0 6 23 2 0 0 1 0 0 0 21 51 0 6 0 9 32 2 0 0 2 0 0 0 22 30 0 8 0 4 14 1 0 0 2 1 0 0 23 83 0 9 0 14 53 4 0 0 2 1 0 0 24 31 0 8 0 4 15 1 0 0 2 1 0 0 25 2 0 1 0 0 1 0 0 0 0 0 0 0 31 1 0 0 0 0 1 0 0 0 0 0 0 0 33 34 4 11 1 7 0 6 0 4 0 0 0 0 2 37 53 0 0 3 2 0 0 18 18 9 0 3 0 39 48 0 0 3 2 0 0 16 16 8 0 3 0 40 57 0 7 0 10 36 2 0 0 2 0 0 0 45 10 0 1 1 0 3 1 3 1 0 0 0 0 46 10 0 1 1 0 3 1 3 1 0 0 0 0 47 10 0 1 1 0 3 1 3 1 0 0 0 0 48 10 0 1 1 0 3 1 3 1 0 0 0 0 49 10 0 1 1 0 3 1 3 1 0 0 0 0 50 10 0 1 1 0 3 1 3 1 0 0 0 0 51 16 0 1 1 0 5 2 5 2 0 0 0 0 55 479 0 0 156 62 0 0 84 50 34 0 93 0 56 35 0 0 2 1 0 0 12 12 6 0 2 0 57 92 0 0 6 3 0 0 31 31 15 0 6 0 58 163 0 0 24 28 0 0 25 29 29 0 28 0 59 103 0 0 6 3 0 0 35 35 18 0 6 0 60 50 0 0 3 2 0 0 17 17 8 0 3 0 61 40 0 0 2 1 0 0 14 14 7 0 2 0 Sum 2331 47 91 235 151 216 49 285 289 145 153 470 200 Note: Used actual densities or trips from TIS for parcels 55 and 58. Page 1 of 1 ITE Trip Generation Figures: Land Use Codes: U.E. L-M-N M-M-N T N-C E I Medium Density Neighborhood Low Density Mixed Employment Land Use Trip Rate Urban Estate District Use Neighborhood Mixed Use Transition District Commercial District Industrial District Neighborhood District Residential Uses —Single Family Attached Dwelling x Single Family Home x x x Duplex x x x x Mulit-Family Home (<8 units) x x x Mulit-FamilyHome >8 units x Elderly Care Home (>8 units) x x x x Mixed Use Dwelling Units x x x x x Civic/Public Uses <25000 SQFT Church x Any Size Church x x x Public Facilities x x x x x x Parks x x x x x x Cemetary x x Community Facilities x x x Recreational Facilities x x Schools x I x x x Transit Facilites without Storage/Garage x x x Transit Facilites with Storage/Garage x Hospital x Commercial/Retail Uses Standard Garage x Fastfood w/o drive-thru I x Healthclub x x Grocery Store <45000SQFT x <6 Bed - Bed and Breakfast x x Child Care Center x x x x >5000SQFT Retail,Office,Convienence Shops x Adult Day Respite Care x x x x Convienence Retail without Fuel Sales x Convienence Retail With Fuel Sales x x Artisan and photoshops x x x Specialty Retail x x x Offices/Financial Services/Clinics x x Bars/Taverns x Vehicle Repair Shops x Storage facilities x Industrial Uses Workshops and custom small industry uses x x x Light Industrial x x Heavy Industrial x Research Labs x x Warehouse and Distribution Facilities x x Vehicle Storage x Recycling Facilities x ATTACHMENT 3 Timberline Road Special Improvement District City of Fort Collins Ft. Collins, Colorado Study Date: September 5, 2007 Prepared for Ms. Helen Matson Real Estate Manager City of Fort Collins Ft. Collins, Colorado 80580 by Bonnie Roerig & .Associates, LLC Real Estate Analysts Valuation Consultants Bonnie D. Roerig, MAI Copyright©2007 by Bonnie Roerig&Associates,LLC Real Estate Analysts Valuation Consultants Bonnie Roerig & .Associates, 11C Bonnie D. Roerig, MAI October 15, 2007 Ms. Helen Matson Real Estate Manager City of Fort Collins P.O. Box 580 Fort Collins, Colorado 80580 Re: Final Cost/Benefit Study Timberline Road Special Improvement District Fort Collins, Colorado Dear Ms. Matson: At your request, I have undertaken the necessary and appropriate steps to provide you with the information and opinions you need relative to the above project. This has been an appraisal consulting assignment as defined by Standard 4 of the Uniform Standards of Professional Appraisal Practice (USPAP) which is "The act or process of developing an analysis, recommendation, or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results." (USPAP 2006 Ed., The Appraisal Foundation, Washington, DC, p. 1.) An appraisal consulting assignment involves an opinion of value, but does not have an appraisal or an appraisal review as its primary purpose. This appraisal consulting report has been prepared in conformity with Standard 5 of USPAP. The client and intended users of this analysis and report are yourself and other representatives of the City of Fort Collins. The effective date of the conclusions in this report is September 5, 2007. The date of preparation of the report is October 15, 1007, The purpose or intended use of this study has been to evaluate relevant market data to ascertain whether and the extent to which the properties defined by the city as being included in the Special Improvement District relative to the Timberline widening can be expected to benefit by virtue of improvements made to the intersection of Timberline Road and E. Drake Road. As you know, we studied this project prior to its completion as of August 5, 2005. At that time the market indicated that benefits clearly exceeded the SID costs. The current study is being undertaken after the project has been completed and relates current property value to SID assessments. A summary of the properties involved in the SID is provided on the following page. 1873 S. Bellaire Street Suite 1222 Denver,Colorado 80222-4359 Phone:303-757-5525 Fax:303-757-8835 E-mail:bonnie@coloradoappraiser.net Summary or Subject Properties OR&A Land Ft.C Group parcel Area parcel ID. No. AddrssalLocatlon owns, Paresl No. Ara. Zoning No. A-Mullnerry Corridor 1 1915 E.Mulberry St. Lee A.Stark 87181-06-002 7.64 C-Commercial 1 A-Mulbarry Corridor 2 1726 E.Mulbern,St. Free Enterprises,Inc. 87181-00-090 4.17 C-Commercial 2 B-NE Employment 3 Approx.1100 S.Co.Rd.11 PS-Timberline lakes LLC 07173-08-003' 30.88 E-Em to ant 3 8 4 B-NE Employment 4 W.side Timberline no.of Prospect Rd. USTL,LLLP,at al. 87184-14-001 6.76 E-Em to enl 5 CSE Employment 5 2120 Midpoint or Sharp Point Properties,LLC 87202-18-006 2.52 E-Employment o enl 6 7—SE Employment 8 1815 S echt Point Rd. She Point Properties,LLC 87202-18-007 2.30 E-Employrnent 7 CSE Employment 7 SEC Timberline&Midpoint Dr. Midpoint and Timberline,LLC,Building A, 87202-20-0012 2.34 E-Employment 15 LLC &Friedlan and Associates LLC CSE Employment 8 East of SEC Timberline&Midpoint Dr. Gypro Properties,LLC 87202-20-002 1.87 &Empiayment 16 CSE Employment 9 1600 E.Prospect Rd. Sharp Point Properties,LLC 87202-12-005 2.46 E-Em o ent 8 DSE Industrial 10 2601 Canton Ct. Todd J.AndersoNAnthon P.Re an 87201-05-011 1.22 I-Industrial 9 DSE Industrial 11 Northeast side Midpoint Dr. Jim Kernaghan 87201-05-016 0.86 I-Industrial 20 DSE Industrial 12 Northeast side Midpoint Dr. Cowen Transfer&Storage Co. 87202-06-017 0.86 l4ndustnal 19 DSE Industrial 13 Northeast side Midpoint Dr. Ma lone C.Lynch Marital Trust 87202-06-018 0.86 I-Industrial 18 DSE Industrial 14 2572 Midpoint Dr. Hess Land,LLC 87202-09-019 0.85 I-Industrial 17 CSE Employment 15 West side Timberline Rd.,north of Dmke Rd. Timberline Auto Iex LLC 87191-4-001 274 I-Indusbial 11 F-Mixed Use 16 West side Timberline Rd.,north of Drake Rd. Timberline Deyelo ment,LLC 87191.44-004 13.49 T-Transition 12 Notes: also includes parcel 87173-07-001 2 also includes 87202-20-004,&others r also Includes 8719144-002,8719144-003,8719144-005 4 also includes 8719144-004,-006,-007,87194-44-008,-009,-010,-011,012,-013,-014 a portion(87194-444)14)now owned by Stor-N-Lock Partners 924,LLC For this assignment,we obtained,inspected,and confirmed relevant market data outside of the SID study area to support the current value of the subject parcels.A summary of the information we considered is provided on the following page. 2 summery W fan!Sala BagaMIr 200T balk, Sake Selling 'Lead RseM Na Otla LoWlm Gramme gruSN Prkr. 4q.Au VAd. IDNn 09a. -at' WA Norm eilo Mubrry St. WA WA SB9BB600 eO CO e00 L NIA me bkck wwetm IQ5 flat Pnr 1 Jan-071171 Mdbwry St S.Mwnlak Corporator, John AOnew$AMna fgmw $537,500 1.ea $1.55 C 2W7000lN8 2 FebLi 1911 E.Mukmry St CenknnW Bank&Mm Weal Con J.LweeS $530,W. e,9e $2,46 CLam. 20040016252 BenMW NaWmal Bank Jmke Loyall (Lr.Cc,) 3 Apr-052121 E.Mdarm,SL Thomce H.Cramer(6,8928%). Fort"Pre,Nursery $669,N0 11.53 $1.31 CCam. 2Wh(XMIW2 Gary EyMan(N.889I%), FmPony HddM LW. (Lar.Co.) Gary R,EgMn HHJBI $T.Kent Hlmn(3.3278%) Msy05 Aporoa.it00S.CR11 Sharp Pant Wommes, PS-TiMmym- $6.200,W0 WN $4.61 E 2005Wa6909 LLC Laken,LLC 5 Dd 1201 Academy Ct CGRS Reel Edak.LLC Academy Cart Entarpgea,LLC $263.5W 1.e3 $423 1 20064079640 6 Mr-07 End aka M—a.Aye.an,or. ......PmepM,LLC bmlhen G.Syarn $370,749 2.27 $3.75 1 20070018210 550 R, an W prosomatt Rd. i JunM 2102 MkPoInt Dr, Sharp PoIM lAoMmon LLC TeanNo Hddbpa LLC $375.0m0 0.0 so 64 E 20040059045 8 NwM 2Wl Lamm Cl. Raton A.Clark and Todd J.Andamonaip $134,500 122 $253 1 2W40111.21 Mort,L.Clark An"P.Rpan e O.C. Vkknkty of.1mmak mmv N WnWn Vll lme&menl,LLC NIA $3.1W.000 21.00 $3.39 C WA 1-25 aM RaaPod Rd. (Led Prlca) 10 Od-W 1931 S.TImtMtp Rd. TecumnM RedrvMcgnkk Inc. F...Enlrpnam $850,000 15.16 $O.BB T 200o106576 11 1"7 NMMdcmner Ilmok or. Mom Farm,LLC Ladoo 1Aommim,LLC $1.3861W0 3W $8,16 NC 2MZWM572 .no Caabr or. 12 oeoW SMMut rcrnar lwn or. Row Farm,LLC Limon-Ioee.LLC $934,9e1 2.49 $9.19 NC 2O0TW01096 and Limon w. 13 Mey-053518 S.Hermann.IS. BGJR Larknar.LLC and Sean M..U.eM $375.000 0.78 $1099 NC 2005cM1832 GB VenM1ne LLP WNkm Wyk Bed 14 FatAT Vaaty north Harmony Rd N Front Range Rehm ComPony,LLC Lone HIW,In., $3,SW,L00 1383 $5.61 HC 200MO16210 wed of Zpbr Rd. 15 Fe697 Viane,comb Hamm,Rd.S Fmel Be,.Reba Company,LLC larger Oaoor.t. $2,Wg000 13,28 $3e6 HC 2007001820e weal M Zlpler Rd. 16 Fet,07 VklnBy nont Hrmorry,Rd 6 Fret Range RaN Wmmmy.LLC Target Cwpaamn $2,000,000 13.28 $3A6 HC 2W7W16204 weal of Boar Rd, 17 AM4t7 Vldne,S.TmtMlne Rd.6 AVG Harmony.LLC CFM Memory,LLC $5,677,300 15 B9 $BI9 HC 200ZW31769 Harmony Rd. 1B WrA32430 Reaench Pkry, LPdT,LLC One RIme Weal Colorado Sl.dAe.00 T63 $5.00 PIP 20060183513 Springs.LLC 3 The subject properties and the market sales were analyzed in groups based on zoning, highest and best use, and other physical characteristics such as land area. Based on the available data, our opinions are as shown below.As can be seen, in each instance, the subject parcels can be expected to have increased values since our 2005 study equal to or greater than the SID assessments. Summary of Pascal Values Value PARCEL $2,005 $2,007 Change '.Sip NO. LOCATION ZONING AREA-AC $/8F2005 VALUE VSF•2007 VALUE . '05207 ASSESSMENT 1 1915 E.Mulberry St. C-Commercial 7.64 $3.75 $1,250,000 $3.94 $1,310,394 $60,394 $52,346.28 2 1726 E.Mulberry St. C-Commercial 4.17 $4.50 $815.000 $4.73 $858,274 $43,274 $31.158.00 3 E.side Timberline,no.of Prospect E-Employment 30.88 S4.60 $6,200,000 $5.00 $6,725,664 $525.664 $493.550.64 4 W.side Timberline,no.of Prospect E-Employment 6.76 $4.25 $1,250,000 $5.00 $1.472,328 $222,328 $167,009.56 5 2120 Midpoint or E-Employment 2.52 $7.00 $770.000 $7.70 $845,238 $75,238 $66,056.02 6 1615 Spacht Point Rd. E-Employment 2.30 $7.00 $700.000 $7.70 $771,448 $71,448 $59,824.32 7 SEC Timberline B Midpoint Dr. &Employment 2.34 $9.00 $920,000 $9.90 $1,009,111 $89,111 $62,317.00 9 East of SEC Timberline S Midpoint Dr. E-Employment 1.87 $7.00 $570,000 $7.70 $627,220 $57,220 $49,853.60 9 1600 E.Prospect Rd. &Employment 2.46 S6.50 $700.000 $7.20 $771,53S $71,535 $71,041.38 10 2601 Cant.Ct. I-Industrial 1.22 $2.65 $140.000 $2.92 $154,912 $14.912 $2,492.68 11 West of NWC Midpoint Dr.S Sharp Point Dr. I-Industrial 0.86 $3.75 $140,000 $4.13 $154,531 $14,531 $13.702.24 12 West of NWC Midpoint Or.B Sharp Point Dr. I-Industrial 0.86 $3.75 $140000 $4.13 $154708 $14,708 $13.717.97 13 West of NWC Midpoint Dr.S Sharp Point Dr. 1-Industrial 0.86 $3.75 $140:000 S4.13 $154:531 $14,531 $13,702.24 14 West of NWC Midpoint Dr.8 Sharp Point Dr. 1-Industrial 0.86 $3.75 $140,000 $4.13 $154,692 $14,692 $13,716.61 15 West side Timberline Rd.,north of Drake Rd. 1-Industrial 2.74 $6.00 $]00,000 $10.00 $1.200,000 $500,000 $43,621.90 16 West side Timberline Rd.,north of Drake Rd. E-Empl.rr-Trans. 15.16 $6.00 $3,300,000 $6.66 $4,400,000 $1,100,000 $265,499.70 4 Please feel free to contact me if you have questions about this study or if you need more information. Respectfully submitted, BONNIE ROERIG & ASSOCIATES, LLC Bonnie D. Roerig, MAI (AI) l Colorado Certified General Appraiser CG01313395 BDR/ma 5 Assumptions and Limiting Conditions This appraisal consulting analysis is expressly subject to the following: 1. No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the properties is assumed to be good and marketable unless otherwise stated. 2. Information furnished by others is believed to be reliable, but no warranty is given for its accuracy. 3. All engineering studies are assumed to be correct. The plot plans and illustrative material in this report are included only to help the reader to visualize the property. 4. This study is predicated upon the assumption that hazardous substances are not present in or on the affected properties. 5. Possession of this report, or copy thereof, does not carry with it the right of publication or reproduction, nor may it be used for any purpose whatsoever by any but the client without the previous written consent of the appraisal consultant and the client and, in any event, only with proper qualifications. Out—of—context quoting from or partial reprinting of this report is expressly prohibited. The omission or change of any part of this report without the written authorization of the appraisal consultant invalidates the entire appraisal. Please note that the entire contents of this report are copyrighted. 6. No portion of the contents of this report (especially any conclusions as to value or any reference to the Appraisal Institute or to the MAI designation) shall be disseminated to the news media, sales media, or any other public means of communication without the prior written consent and approval of the appraisal consultant. 7. Appearance in or giving testimony in court in connection with this appraisal will be furnished on request subject to adequate advance notice being given to the appraisal consultant in order that required preparation and scheduling may be arranged. Charges in connection with pretrial hearings, conferences, and court testimony will be made in accordance with the usual charges as specified by the consultant. 8. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the appraisal consultant, or the firm with which the consultant is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraisal consultant. 9. To the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute in which I am a designated MAI member. Note that the Appraisal Institute's Standards of Professional Appraisal Practice subsume and incorporate USPAP. 6 Appraisal Consultant's Certificate I, BONNIE D. ROERIG, MAI, certify that, to the best of my knowledge and belief,... • the statements contained in this report are true and correct. • the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, conclusions, and recommendations. • 1 have no present or prospective interest in the properties that are the subject of this report, and I have no personal interest with respect to the parties involved. • 1 have no bias with respect to any property that is the subject of this report or to the parties involved with this assignment. • my engagement in this assignment was not contingent upon developing or reporting predetermined results. • my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • 1 have made a personal inspection of the properties and the improvement project that are the subject of this report. • no one provided significant real property appraisal or appraisal consulting assistance to the person signing this certification, except Sharon Rahn, Associate Appraiser with Bonnie Roerig and Associates, LLC, who provided assistance with market data research. • the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • as of the date of this report, Bonnie D. Roerig, MAI, has completed the requirements of the continuing education program of the Appraisal Institute tee and of the State of Colorado. s Bonnie D. Roerig, MAI (AI) Colorado Certified General Appraiser CGO1313395 Acknowledged before me this 15`"day of October, 2007, by Bonnie D. Roerig, MAI. 6y Mary L. Agnew, Notary Public STATE OF COLORADO ) My Commission Expires 3/15/09 CITY AND COUNTY OF DENVER )ss 1873 S. Bellaire St., Suite 1222 Denver, Colorado 80222 7 Summary of Experience and Qualifications- Bonnie D. Roerig, MAI 1. Memberships: Appraisal Institute: Designated MAI in November 1981 Executive Committee, 1995-1996 Board of Directors, 1995-1996 Finance Committee, 1995 National Planning Committee, 1994-1995 General Appraiser Board, 1992-1996;Vice-Chair 1994;Chair for 1995 and 1996 Regional Member—Ethics Administration Division, Region 11, 1992-1995 Assistant Regional Member-Ethics Administration Division, Region 11, 1988-1992 General Demonstration Reports Subcommittee, Chair 2000-2002;Vice-Chair, 1999,Member 2003-04 Demonstration Appraisal Grading Panel-2005-2007 General Admissions Committee,2000-2002 Non-Residential Demonstration Reports Subcommittee—1985-1990.Co-Vice Chair, 1987-1990 Board of Examiners—Appraisal Reports, 1987-1990 Instructor Subcommittee, 1998-1999 Qualifying Education Committee, 1999-2002;Vice-Chair, 1999 Appraisal Journal Editorial Subcommittee, 1999-2001;Chair and Editor-in-Chief,2002-2003 Educational Publications Committee,2002-2003 Region Finance Officer, Region 11-2005-2007 Member, Leadership Development and Nominating Committee,2007-2008 Colorado Chapter of the Appraisal Institute: Recipient of Distinguished Service Award, December 1996 President, 1990 Vice-President-President-Elect, 1989 Secretary-Treasurer, 1988 Board of Directors, 1985-1991 Co-Chairman,Admissions Committee, 1983-1984 International Right-of-Way Association, Mile Hi Chapter 6 Education Committee,2002-2006 Recipient of Helen C. Peck/Frances Reisbeck Memorial Award, March 2005 Treasurer,2007 Educational Council of Appraisal Foundation Sponsors Examination Committee,2004-2006 2. Business Affiliations: Owner, Bonnie Roerig&Associates, Real Estate Analysts and Value Consultants,since January 1988. Formed Bonnie Roerig&Associates,LLC in February 2003. Full Partner, Baughar-Roerig&Associates,August 1982 through December 1987. Full-time real estate appraisal work since 1970, Denver-Boulder area and throughout Colorado. 3. Experience: a) Appraisals throughout metropolitan Denver and in various locations in Colorado since 1970. b) Extensive commercial,industrial,office,and vacant land appraisal experience. c) Valuation studies and appraisals in conjunction with eminent domain proceedings since 1974. e) Qualified as expert witness in various District and County Courts. f) Appraisal review and appraisal consultation. g) Fundamental market analysis studies. h) Instructor,Appraisal Institute, USPAP,and various seminars. i) Instructor and course developer,general demonstration report writing seminar,Appraisal Institute j) Subject Matter Expert,Appraiser Qualifications Board,Appraisal Foundation k) Appraisal Foundation AQB Certified USPAP Instructor(No. 10334),2003-2009 8 4. Education: a) Bachelor of Arts in Speech Arts, 1968 b) Master of Arts Degree in Communication Arts, 1971 c) Appraisal Institute/American Institute of Real Estate Appraisers: Course I—A,Basic Appraisal Principles—Methods and Techniques Course I—B, Capitalization—Theory and Techniques Course 310, Basic Income Capitalization Course 520, Highest&Best Use and Market Analysis Course 530,Advanced Sales Comparison and Cost Approaches Course 540, Report Writing and Valuation Analysis Course 705, Litigation Appraising,Specialized Topics and Applications Course IV,Condemnation Course VI, Investment Analysis Feasibility Workshop Seminar Uniform Standards of Federal Land Acquisitions Seminar Affordable Housing Valuation Seminar Course II, Urban Properties Courses 410,420,430,Standards of Professional Practice, Parts A, B,&C d) Continuing education requirements of the Appraisal Institute have been met. e) Colorado State General Certified Appraiser, No. CG01313395,continuing education current f) Concepts and Principles of USPAP,An Instructors Application,The Appraisal Foundation,2003 g) Appraising Conservation Easements&Case Studies,ASFMRA,2005 h) Integrating Appraisal Standards, IRWA,2005 5. Appraisal and Consulting Clients: Adams County Front Range Airport Apple Computer, Inc. GSA—Public Building Services Arapahoe County Guaranty Bank and Trust Co. Bank of Boulder Horan&McConaty Family Funeral Services CDH Associates, LLC Howard Electric Company City of Aurora International Harvester Company City of Arvada International Paper Company City of Black Hawk ITT Grinnell City of Boulder Jefferson County City&County of Denver KWAL Paints, Inc. City of Estes Park Montegra Capital Resources,Ltd. City of Englewood Mountain States Bank City of Fort Collins Murphy Creek Metropolitan District City of Lakewood Parker Water&Sanitation District City of Littleton Pioneer Centres City of Westminster Regional Transportation District Colorado Department of Transportation SCI Management Corp. Colorado Housing Finance Authority St.Joseph's Hospital ConocoPhillips Southeast Corridor(T—Rex) Community First National Bank Stewart Title Guaranty Co. Compass Bank U.S. Postal Service Denver Public Schools United Steel Workers of America Denver Urban Renewal Authority Upland Industries Corporation Denver Water Board Urban Drainage and Flood Control E-470 Public Highway Authority Vectra Bank Colorado, N.A. Englewood Downtown Development Authority Various Private Clients Federal Deposit Insurance Corporation 9 Bonnie Roerig &Associates, LLC 1873 S.Bellaire St.,Suite 1222 Denver,CO 80222 303.757.5525 Testimony and/or deposition record Bonnie D.Roerig, MAI Date Client Case Name Jurisdiction Jan-00 RTD 19.427 acre owned by Denver Residential Deposition Jefferson County Dist. Inc.,for acquisition for Park-n-Ride facility Testimony NS Ken Caryl Ave.,ES Shaffer Pkw . May-01 Kirby Ross Land Leased Fee Analysis,Royal Palace Deposition Denver District Hotel at 1565 Colo.Blvd.,Denver Jul-01 Alvin Chua,Esq. Rent study for 605 Parfet St.,Lakewood Testimony Jefferson County Dist. Tai-Dan Hsu,owner Nov-02 City of Aurora 1470 Emporia St.,Aurora (City acquisition), Testimony Arapahoe County owned by Michael Deans Mar-03 Parker Water& 36 acres vacant land,Douglas County Deposition Douglas County Dist. Sanitation District owned by Anton&Sherry Johnson Apr-03 Parker Water& 55.72 acres vacant land,Douglas County Deposition Douglas County Dist. Sanitation District owned by Gwendolyn Mandel Jun-03 Parker Water& 55.72 acres vacant land,Douglas County Testimony Douglas County Dist. Sanitation District owned by Gwendolyn Mandel Aug-03 W.72nd Ave. Boyer property,partial acquisition Deposition Jefferson County Dist. Extension 7240 Kipling Street Testimony Sep-03 T-Rex Haynes Mechanical Building Deposition Arapahoe County Greenwood Village Testimony Nov-03 T-Rex Koelbel Property, E.Yale Cir. Deposition Denver District Total taking Testimony Feb-04 City of Arvada HK Newplan Property Deposition Jefferson County Dist. Mar-04 Arvada Plaza Shopping Center Testimony PE and TE acgJRebuttal Nov-05 City of Black Hawk Yonkers&Tarbox Partial Acquisition Deposition Gilpin County Dist. Testimony Oct-06 Dry Creek Reservoir Appraisal Review,three owners Deposition Larimer County Dist. 10 ORDINANCE NO. 136, 2007 OF THE COUNCIL OF THE CITY OF FORT COLLINS ASSESSING THE COST OF IMPROVEMENTS IN THE TIMBERLINE AND PROSPECT SPECIAL IMPROVEMENT DISTRICT NO. 94 IN THE CITY OF FORT COLLINS, COLORADO AND PROVIDING FOR THE PAYMENT AND COLLECTION THEREOF WHEREAS,the Council of the City ofFort Collins,Colorado(the"Council'),has heretofore duly adopted Resolution 2003-122,Resolution 2005-083,Resolution 2005-091 and Ordinance No. 090, 2005, of the City (the "Creation Ordinance") relating to the creation of the Timberline and Prospect Special Improvement District No.94 of the City(the"District')for the purpose of making the following improvements: additional turn lanes, additional travel lanes, raised medians, an improved traffic signal,and new asphalt pavement in and around the intersection of Timber road and Prospect Road (the "Improvements"); and WHEREAS, the cost of the Improvements was advanced by the owners and developers of certain properties located in close proximity to the Improvements(the"Funding Entities")pursuant to an agreement between the City and the Funding Entities that City staff would recommend to the Council that a portion of said costs be assessed against other neighboring properties that would especially benefit from the Improvements and that, upon repayment of said assessments, such amounts would be reimbursed to the Funding Entities by the City; and WHEREAS, pursuant to Section 5 of the Creation Ordinance, the amount to be assessed against property in the District is to exclude the portion of the cost of the Improvements that will be due from the owners of certain underutilized properties within one mile of the intersection of Timberline and Prospect Roads (the "Underutilized Properties"), which portion will be payable to the Funding Entities through reimbursement agreements required by the City as a condition of the redevelopment of said properties if and when said redevelopment occurs; and WHEREAS,pursuant to the Creation Ordinance and the District Engineering Report on file with the City Clerk of the City, the Improvements have been fully acquired, constructed and installed; and WHEREAS, on October 2, 2007, the Council adopted Resolution 2007-073 accepting the Improvements, receiving and accepting the Statement of Cost of the District and the District Assessment Roll prepared by the City Engineer and the Financial Officer of the City,respectively, and ordering notice of the proposed assessments to be published as provided in Section 22-88 of the Code of the City; and WHEREAS, on October 2, 2007, the Council adopted Resolution 2007-093 rescinding Resolution 2007-073, in order to correct certain errors in Resolution 2007-073; and WHEREAS, pursuant to Resolution 2007-093, notice was duly published and the date of November 6, 2007, was set for the hearing of complaints or objections to the proposed District Assessment Roll; and WHEREAS, on said date, the Council held a public hearing for the purpose of hearing and determining any complaints or objections made in writing by any owner of property to be assessed for the cost of the District, which complaint or objection was filed in the office of the City Clerk within thirty(30) days from the publication of the notice of the proposed assessments; and WHEREAS, the Council has considered the Final Cost/Benefit Study prepared by Bonnie Roerig&Associates, LLC, Study Date September 5,2007,to evaluate relevant market data related to the District; and WHEREAS,based upon said Final Cost/Benefit Study, the Council has confirmed that the value of each of the parcels to be assessed has increased from the 2005 study value in an amount equal to or greater than the proposed assessment for each such parcel; and WHEREAS,all complaints or objections duly made and filed by such property owners to the Council have been heard and considered by the Council. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the total cost of the District, including final construction costs, engineering and constructi on management costs publication costs an g ,p d any other incidental costs of the District is 2$ ,338,134. Said amount excludes that portion p of the cost of the Improvements to be separately paid by the Underutilized Properties at the time of redevelopment and also excludes the cost of collecting the assessments imposed by this Ordinance,which costs of collection will be added by the County Treasurer or the Financial Officer at the time each annual assessment is due. Said amount is hereby assessed upon all real property in the District in accordance with the resolutions and ordinances pertaining to the District adopted by the Council and the provisions of Chapter 22 of the Code of the City, except those properties for which a proportionate share of the costs of the District have been advanced by the Funding Entities. The portion of the total cost of the District to be assessed upon each lot or tract of land in the District shall be as set forth on Exhibit"A"attached hereto and incorporated herein by this reference. Section 2. All assessments made herein shall be due and payable within thirty(30)days after the final publication of this Ordinance without demand,provided that all such assessments may, at the election of the owners of the property assessed,be paid in ten(10)equal principal installments, the first installment being due on the 1 st day of January,2008, and on the 1 st day of January of each year thereafter until the full amount thereof has been paid, together with interest on the unpaid principal at the rate of five percent (5%) per annum, said interest to be payable at the time of the principal payments. -2- Section 3. That total principal component of the first installment is expected to be $140,961. The total interest component of the first installment is estimated to be$70,481,depending upon the actual date of payment. The amount of each installment for individual parcels in the District shall be the principal amount of assessment for each such parcel,as shown on Exhibit"A", divided by ten(10) installments,plus a proportionate amount of accrued interest together with any penalty interest and collection fee required by law. Section 4. Interest will begin to accrue January 2, 2008, and will continue until the assessments are paid in full. Section 5. In the case of such election to pay in installments as set forth herein, the failure to pay any installment, whether of principal or interest, when due shall cause the entire remaining principal balance and accrued interest thereon to become due and collectible immediately at the interest rate of one and one-half percent(1 1/2 %)per month or fraction of a month until the day of the sale of the property as provided in Chapter 22 of the City Code. At any time prior to the day of sale,the owner may pay the amount of all unpaid installments together with accrued interest or fraction thereof, and shall be restored to the right to pay in installments in the same manner as if default had not occurred. Section 6. All assessments made herein,together with all interest thereon and penalties for default in payment thereof, shall be a lien in the several amounts assessed against each property from the date of the publication of the assessing ordinance and shall be a first and prior lien over all other liens except general taxes in the same manner as general taxes now provided by law. Section 7. All complaints or objections duly made in writing and filed with the City as provided in Chapter 22 of the City Code have been heard and considered by the Council and the Council hereby finds and determines,based upon evidence in the record,that the assessments made herein are equitable and proper and the costs to be assessed against each parcel of real property in the District does not exceed the amount of special benefit derived by such parcel from the construction of the Improvements. Section 8. All actions,legal or equitable,for relief against the assessments made herein, whether based upon irregularities,jurisdictional defects or other grounds,shall be commenced within thirty(30) days after the final passage of this Ordinance or else be thereafter perpetually barred. Section 9. All action(not inconsistent with the provisions of this Ordinance)heretofore taken by the City or its officers directed toward the acceptance of District Improvements, the presentation and filing of the Statement of District Costs and the District Assessment Roll, and the ordering of Notice to property owners to the assessed and to persons interested generally is hereby ratified, approved and confirmed. -3- Introduced and considered favorably on first reading and ordered published this 6th day of November, A.D. 2007, and to be presented for final passage on the 20th day of November, A.D. 2007. Mayor ATTEST: City Clerk Passed and adopted on final reading this 20th day of November, A.D. 2007. Mayor ATTEST: City Clerk -4- Timberline Special Improvement District No. 94 EXHIBIT"A" Final Assessment Roll 24-Oct-07 Parcel Number/Schedule Assessed SID Tract Numb Owners Name&Address Number Legal Description Amount 1 Lee A. Stark 87181-06-002/R1594812 Lot 2A of the Amended Plat of Lots 1 and 2 of Summers $ 52,346.28 1803 Garfield Ave. Subdivision and a tract of Land situated in the Northeast 1/4 of of Section 18,Township 7 N, Range 68 W, of the 6th Loveland, CO 80538 Principal Meridian, County of Larimer, State of Colorado. 2 Free Enterprises, Inc. 87181-00-090/R0143936 See the attached Exhibit $ 31,168.00 1803 Garfield Ave. Loveland, CO 80538 3 PS-Timberline Lakes,LLC 87173-08-003/R1225758 See the attached Exhibit B $ 425,001.94 103 W. Mountain Avenue Fort Collins, CO 80525-0000 4 PS-Timberline Lakes, LLC 87173-07-001/R1 225740 See the attached Exhibit B $ 68,548.70 103 W. Mountain Avenue Fort Collins, CO 80525-0000 5 USTL,LLLP,at. al. 87184-14-001/R1225766 See the attached Exhibit C $ 167,009.56 760 Whaler's Way, Bldg.A-200 Fort Collins, CO 80525 6 Sharp Point Properties, LLC 87202-18-006/R1604944 Lot 6, Spring Creek Center PUD, FTC $ 66,056.02 1800 Broadway,Suite 210 Boulder, CO 80302 7 Sharp Point Properties, LLC 87202-18-007/R1604945 Lot 7, Spring Creek Center PUD, FTC $ 59,824.32 1800 Broadway, Suite 210 Boulder,CO 80303 8 Sharp Point Properties, LLC 87202-12-005/R1192655 Lot 5, Prospect Park East PUD, FTC $ 71,041.38 1800 Broadway, Suite 210 Boulder,CO 80303 9 Arapahoe Technologies, Inc. 87201-05-011/R0168696 Lot 11, Prospect Industrial Park, FTC $ 2,492.68 305 W. Magnolia 204 Fort Collins,CO 80521 11 Timberline Autoplex, LLC 87191-44-001/R1641578 Lot 1,Timberline Center, FTC' $ 43,621.90 P.O. Box 272549 87191-44-002/R1641579 Lot 2,Timberline Center, FTC' Fort Collins, CO 80527-2549 87191-44-003/R1641580 Lot 3,Timberline Center, FTC' 87191-44-005/R1641582 Lot 5,Timberline Center, FTC' 12 Timberline Development, LLC 87191-44-004/R1641581 Lot 4,Timberline Center, FTC2 $ 255,499.70 P.O. Box 1046 87191-44-006/R1641583 Lot 6,Timberline Center, FTC2 Loveland, CO 80539 87191-44-007/R1641584 Lot 7,Timberline Center, FTC2 87191-44-008/R1641585 Lot 8,Timberline Center, FTC2 87191-44-009/R1641586 Lot 9,Timberline Center, FTC2 87191-44-010/R1641587 Lot 10,Timberline Center, FTC2 87194-00-011/R1641588 Lot 11,Timberline Center, FTC 87194-44-012/R1641589 Lot 12, Timberline Center, FTC2 87194-44-013/R1641590 Lot 13,Timberline Center, FTC2 87194-44-014/R1641591 Lot 14, Timberline Center, FTC2 15 Midpoint and Timberline, LLC 87202-20-001/R1626624 See the attached Exhibit D $ 62,317.00 Parcel Number/Schedule Assessed SID Tract Numb Owner's Name&Address Number Legal Description Amount 2121 Midpoint Drive, Suite 302 Fort Collins, CO 80525 16 Gypro Properties, LLC 87202-20-002/R1626625 Lot 2, Centerpoint Plaza, FTC $ 49,853.60 1400 E.61 st St. Denver, CO 80216 17 Jim Kemaghan 87201-05-016/R0168742 Lot 16, Prospect Industrial Park, FTC $ 13,702.24 6118 Normandy Ct. Fort Collins, CO 80525 18 Cowen Transfer&Storage Co. 87202-06-0171R0168769 Lot 17, Prospect Industrial Park, FTC $ 13,717.97 c/o Armstrong Moving and Storage 2025 Sharp Point Drive, Ft. Collins, CO 80525 19 Marjorie C. Lynch Marital Trust 87202-06-018/R0168777 Lot 18, Prospect Industrial Park, FTC $ 13,702.24 3705 Cumulus View Colorado S do s, CO 80904 20 Hess Land, LLC 87202-06-013/R0168785 Lot 19, Prospect Industrial Park, FTC $ 13,716.51 1312 Blue Spruce Dr., Unit 6 Fort Collins,CO 80524 Exhibit A That part of the NE '/4 of Section 18, Township7 N, Range 68 W, Larimer County, Colorado, described as follows: Commencing at a point on the East side of said Northeast 1/4, from which the Northeast corner of said Section 18 bears N 00'01' E a distance of 473.5', said point being also on the Southerly right-of-way line of State Highway No. 14; thence 100.00' along the Southerly right-of-way of said Highway on a curve to the right having a radius of 10,904 feet and whose chord bears S 89143'45" W 100.00' to the true point of beginning; said true point of beginning also being the Westerly line of a 100 foot wide road right of way; thence S 00'01' W 345.50' along the Westerly line of said right of way; thence 31.42' along a curve to the right having a radius of 20.00 feet and whose chord bears S 44059' W 28.28 feet to the Northerly right- of-way line of a 60 foot wide road right of way; thence along said Northerly right of way line N 89°59' W 245.00 feet; thence continuing along said line 172.61' along a curve to the left having a radius of 230.00' and whose chord bears S 60051' W 168.59'; thence leaving said Northerly right of way line N 12°32'57" W 149.62' to the Southeast corner of that tract of land described in Deed recorded in Book 1536 at Page 969; thence N 00'01' E 299.53' feet along the Easterly line of said tract in Book 1536 at Page 969 to the Southerly right-of-way line of State Highway 14; thence 454.54' along the Southerly right of way line of said Highway on a curve to the left having a radius of 10,904 feet and whose chord bears S 88°48'49" E 454.5l' to the true point of beginning. Together with a non-exclusive easement for ingress and egress over and across a 60 foot wide road right of way, said road right of way being 30' on either side of centerline, described as follows: Beginning at a point on the East line of said Northeast '/e from which the Northeast comer of said Section 18 bears N 00'01' E a distance of 878.50', said point being also on the Easterly right of way line of a 100' wide road right of way; thence N 89°59' W 100.00' to a point on the Westerly right of way line of said 100 foot wide road right of way and the true point of beginning; thence N 89°59' W 265.00'; thence 150.10' along a curve to the left having a radius of 200.00' and whose chord bears S 6891' W 146.60'. Together with all ditches and ditch rights, water and water rights, reservoirs, and reservoir rights, belonging and appertaining thereto. Exhibit B A part of Tract 3 and all of Lot 1, Cache La POudre Industrial Park PUD, City of Fort Collins, and that portion of Hoffman Mill road as vacated by Ordinance No. 159, 1998, recorded October 21, 1998, at Reception No. 98091889, described as follows: Considering the West line of the Southwest Quarter of Section 17, Township 7 North, Range 68 West of the 6a' P.M.,, as bearing North 00°09'21" East as determined by monuments found at the Southwest corner of Section 17 and the West Quarter corner of said section 17, and with all bearing contained herein relative thereto. Beginning at the Southwest corner of Tract 3, Cache La Poudre Industrial Park PUD, City of Fort Collins, Latimer County, Colorado; thence along the West line of said Tract 3 North 00°09'21" East 1650.59'; thence departing from said line S 89°50'39"W 557.6l'; Thence S 00°09'21" W 305.44'; Thence S 88°57'32" E 441.6l'• Thence S 23'18'20"W 508.74'; Thence S 62°51'14" E 133.73'; Thence S 05°58'36" W 774.27'; Thence N 89°20'09" W 271.88'; Thence S 00°39'51" W 447.03' to a point on the South line of said Tract 31 thence along said line N 89°20'09"W 567.54' to the beginning, County of Larimer, State of Colorado. Together with all right, title, and interest of grantor in all water and lake rights associated with property. Exhibit C A part of Tract 1, Cache La Poudre Industrial park PUD, City of Fort Collins, Recorded November 7, 1985, at Reception No. 85057278 in the office of the Larimer County Clerk and Recorder, being located in the City of Fort Collins, County of Latimer, State of Colorado; and being more particularly described as follows: Considering the East line of the Southeast quarter of Section 18, Township 7 N, Range 68 W, of the 6`h P.M., as bearing N 00°09'21" E, as shown on said plat of Cache La Poudre Industrial Park PUD and as determined by monuments found at the Southeast corner of said Section 18 and the East '/4 corner of said Section 18 and with all bearings contained herein relative thereto. Commencing at the Southeast comer of Tract 1, Cache La Poudre Industrial Park PUD, City of Fort Collins, Larimer County, Colorado; Thence along the South line of said Tract 1 S 89°13'10" W 23.27' to the true point of beginning; thence continuing along said line S 89°13'10" W 105.67'; thence S 89°17'27" W 455.27'; thence along the westerly line of said Tract 1 N 18'05'15"W 420.88'; thence departing from said westerly line N 72°48'31" E 348.27'; thence S 82°32'19" E 363.15' to a point 23.27' west of the east line of said tract 1, said point also being 23.27' west of the west right of way line of Timberline Road; thence along a line 23.27' west of and parallel with the east line of said Tract 1 S 00°09'21" W 448.79' to the true point of beginning. Said described land contains 6.761 acres more or less and is subject to any terms, agreements, provisions, conditions, or obligations, rights of way, or easements of record or as now exist on the ground. Basis of Bearings Considering the West line of the Southwest Y< of Section 17, Township 7 N, Range 68 W, of the 61h P.M. as bearing N 00°09'21" E as shown on said plat of Cache La Poudre Industrial Park PUD, and as determined by monuments found at the southwest corner of section 17 and the west '/4 corner of said section 17, and with all bearings contained herein and relative thereto. Exhibit D Lot One of Centerpoint Plaza, Fort Collins, Except the following described portion of Lot 1, Centerpoint Plaza,: Begin at the Northeast Corner of said Lot One and run thence along the East line of said Lot One S 00°22'00" W 126.00'; thence N 89°38'00" W 131.97'; thence S 00°22'00"W 42.00'; thence N 89°38'00"W 110.50' to the West line of said Lot One; thence along said West Line N 00°22'00" E 143.00', and again along the arc of a 25.00' radius curve to the right a distance of 39.27', the long chord of which bears N 45°22'00" E 35.36' to the North line of said Lot One, thence along said North line S 89°38'00" E 217.47' to the point of beginning. County of Larimer, State of Colorado.