HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/18/2018 - CONTINUANCE TO SEPTEMBER 25, 2018, OF PUBLIC HEARIAgenda Item 14
Item # 14 Page 1
AGENDA ITEM SUMMARY September 18, 2018
City Council
STAFF
Josh Birks, Economic Health Director
John Duval, Legal
SUBJECT
Continuance to September 25, 2018, of Public Hearing and Resolution 2018-083 Approving the Montava
Metropolitan District Nos. 1 through 7 Consolidated Service Plan and Proposed Continuance.
EXECUTIVE SUMMARY
The purpose of this item is to consider a proposed continuance of the Council’s hearing on a metro district service
plan for the Montava Development or, in the alternative, to consider the item. Staff and the developer agree that
continuing the hearing to September 25, 2018, will provide much needed time to further refine the proposed
Service Plan. In addition, this postponement defers consideration of the Service Plan until after a pre-application
hearing scheduled for September 25, 2018, on the proposed Planned Unit Development (“PUD”) application
related to the same project.
The developer of Montava has submitted a service plan to support a proposed development of approximately
988.5 acres located in the northeast portion of the community near the existing AB/InBev Brewery. The
development is anticipated to include 2,000 single family homes, 2,400 multi-family units, 200,000 to 400,000
square feet of office, 88,900 square feet of retail. The project intends to provide 10 percent of housing units in a
mix of for rent and for sale affordable housing. In addition, the project will deliver all units as US Department of
Energy Certified Zero Energy Ready. Seven metro districts, each with a mill levy cap of 60.00 mills, have been
proposed to be organized to support the project.
STAFF RECOMMENDATION
Staff recommends postponing consideration of the Resolution until September 25, 2018. Postponement
allows:
• Additional time to further refine the community and public benefit commitments in the Service Plan; and
• Defers consideration until after a pre-application hearing on the project’s proposed Planned Unit
Development (“PUD”) proposal.
BACKGROUND / DISCUSSION
Montava is a multi-phase, long-term development proposal located in the northeast portion of Fort Collins. The
project is located in the area covered by the Mountain Vista Sub Area Plan (MVSAP). The project anticipates
delivery on several key principals of the MVSAP while also providing a community that follows New Urbanist
principles to promote environmentally friendly habits, walkable neighborhoods, and a variety of housing types.
Council Follow-Up
On September 4, 2018, the City Council reviewed the proposed Consolidated Service Plan for Montava
Metropolitan District Nos. 1 through 7 (the Service Plan). The Service Plan proposes the creation of seven
Agenda Item 14
Item # 14 Page 2
metropolitan districts (the Metro Districts). The Council voted to continue the hearing on the Service Plan to
the Council’s September 18 meeting.
Staff is recommending, and the developer is requesting a postponement of this item until September 25, 2018.
Additional information will be provided at that time. However, the applicant wanted to provide some information
immediately on affordable housing, which information is in the attached letter from the applicant.
For reference, the Agenda Item Summary (AIS) from September 4, 2018, has been included with this
document (excluding attachments) (Attachment 1). A revised version of the Service Plan attached as Exhibit
“A” to the Resolution, will be included with the September 25, 2018, materials.
Project Overview
The proposed Metro Districts will support a large-scale (988.5 acres) planned development that will extend the
City’s urban growth into the largest remaining undeveloped section of the City. The project anticipates
constructing:
• Approximately 4,400 residential units (a mix of single-family and multi-family);
• A town center including 88,900 square feet of retail;
• Approximately 200,000 to 400,000 square feet of office;
• Allocating land for natural areas, schools, and a community park;
• A 40-acre organic farm; and
• A variety of other public open spaces and trails.
The project is generally located between Mountain Vista on the south, Richards Lake Road on the north,
Timberline Road on the West and the train tracks on the east. (Attachment 2) The project, called Montava,
“Mon” for mountains and “tava” the Ute Indian work for “sun,” uses the MVSAP as its basis for design and
development approach.
ATTACHMENTS
1. Montava Agenda Item Summary, September 4, 2018 (w/o attachments) (PDF)
2. Vicinity Map (PDF)
3. Montava Letter (PDF)
4. Montava Affordable Housing Chart (PDF)
5. Power Point Presentation (PPTX)
Agenda Item 17
Item # 17 Page 1
AGENDA ITEM SUMMARY September 4, 2018
City Council
STAFF
Josh Birks, Economic Health Director
John Duval, Legal
SUBJECT
Public Hearing and Resolution 2018-083 Approving the Montava Metropolitan District Nos. 1 through 7
Consolidated Service Plan.
EXECUTIVE SUMMARY
The purpose of this item is to consider a metro district service plan for the Montava Development. The developer
of the proposed Montava Development has submitted a service plan to support a proposed development of
approximately 988.5 acres located in the northeast portion of the community near the existing AB/InBev Brewery.
The development is anticipated to include 2,000 single family homes, 2,400 multi-family units, 200,000 to 400,000
square feet of office, 88,900 square feet of retail. The project intends to provide 10 percent of housing units in a mix
of for rent and for sale affordable housing. In addition, the project will deliver all units as US Department of Energy
Certified Zero Energy Ready. A Metro District with a mill levy cap of 60.00 mills has been proposed to support the
project.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
BACKGROUND / DISCUSSION
Montava is a multi-phase, long-term development proposal located in the northeast portion of Fort Collins. The
project is located in the area covered by the Mountain Vista Sub Area Plan (MVSAP). The project anticipates
delivery on several key principals of the MVSAP while also providing a community that follows New Urbanist
principles to promote environmentally friendly habits, walkable neighborhoods, and a variety of housing types.
Council Finance Follow-Up
On August 20, 2018, the Council Finance Committee (CFC) reviewed the proposed Consolidated Service Plan
for Montava Metropolitan District Nos. 1 through 7 (the Service Plan). The Service Plan proposes the creation
of seven metropolitan districts (the Metro Districts). The CFC requested additional information on several items:
Water Reduction from Non-Potable Irrigation – It is commonly considered that irrigation water in
residential development accounts for 50 percent of total usage during irrigation season. Furthermore, the
applicant is working with Dr. Yaling Qian at Colorado State University (CSU) to determine the best plant
types and planting approaches to maximize the quality of landscaping and minimize water use.
Origin of On-site Coffin Well Water – No formal name exists for the shallow alluvial aquifer below the
proposed project; however, the Water Court of Colorado has deemed the wells to be “non-tributary” meaning
that pumping these wells does not negatively impact the river. Furthermore, at full build-out, with
conservative water use estimates, the project uses less than one-third of the total decreed well production.
ATTACHMENT 1
Agenda Item 17
Item # 17 Page 2
Gray Water Use – The applicant is working with Dr. Sybil Sharvell at CSU. So far, an approach has not
emerged that is a viable economic or practical option. However, the applicant remains committed to
implementing gray water use where it proves viable.
Water Source/Use for the Farm – The salinity of the site’s well water is not conducive to growing
vegetables. Therefore, the Farm will be served by North Poudre Irrigation Ditch (“NPIC”) water, which has
been serving the quarter section south of the farm location for the past several decades. This solution
requires acquisition of some water rights and a long-term lease arrangement between the applicant and the
City for NPIC usage.
Manufactured Home and Construction – An early concept was to partner with Unity Homes, out of
Vermont, to provide manufactured homes for the project that would be assembled in a manufacturing facility
on-site. As discussions continued, it will be too difficult to begin the community with this type of housing and
construction approach. However, the applicant is looking to streamline permitting and construction process
to ensure all homes meet the Department of Energy Zero Energy Ready standard.
Project Overview
The proposed Metro Districts will support a large-scale (988.5 acres) planned development that will extend the
City’s urban growth into the largest remaining undeveloped section of the Ctiy. The project anticipates
constructing:
Approximately 4,400 residential units (a mix of single-family and multi-family);
A town center including 88,900 square feet of retail;
Approximately 200,000 to 400,000 square feet of office;
Allocating land for natural areas, schools, and a community park;
A 40-acre organic farm; and
A variety of other public open spaces and trails.
The project is generally located between Mountain Vista on the south, Richards Lake Road on the north,
Timberline Road on the West and the train tracks on the east. (Attachment 1) The project, called Montava,
“Mon” for mountains and “tava” the Ute Indian work for “sun,” uses the MVSAP as its basis for design and
development approach.
Metro Districts
In the Service Plan, Montava proposes to use the Metro Districts to construct critical public infrastructure and
other site costs reducing the overall development costs.
Service Plan Overview
The Service Plan calls for the creation of the seven Metro Districts to work collaboratively to deliver the proposed
Montava development. The phased development is anticipated to occur over the next 25 plus years and support
an estimated population of 11,073. A few highlights about the proposed Service Plan, include:
Assessed Value – Estimated to be approximately $76 million in 2029, which would be ten years into the
phased development and not include full build-out
Aggregate Mill Levy – 60 mills, subject to Gallagher Adjustments
Debt Mill Levy – 40 mills, may not be levied until an approved development plan or intergovernmental
agreement has been executed that delivers the pledged public benefits
Operating Mill Levy – 20 Mills to fund several on-going operations, such as but not limited to: (a) a non-
potable irrigation system, and (b) a community-wide “in home” water conservation program
Maximum Debt Authorization – Anticipated to be $203 million to cover a total a portion of the estimated
$325 million in public improvement costs
Regional Mill Levy – 5 Mills, anticipated to be used to fund specific transportation and/or stormwater
improvements
Agenda Item 17
Item # 17 Page 3
Public Improvements
The Service Plan anticipates using the Debt Mill Levy to support the issuance of bonds in the maximum amount
of $203 million to fund all or a portion of the following $325 million in public improvements (details available in
Exhibit E and Exhibit H of the Service Plan):
Earthwork – Up to approximately $21.5 million in earthwork and site preparation costs associated with the
proposed project, including significant grading associated with stormwater management linked to the Cooper
Slough
Streets – Up to approximately $105.3 million to fund local residential streets, alleys, boulevards, and arterials
both on- and off-site
Water Improvements – Up to $11.1 million in costs to construct potable water infrastructure both on- and
off-site supporting the project
Sanitary Sewer Improvements – Up to $15.7 million in costs associated with constructing the sanitary
sewer infrastructure both on- and off-site for the project
Non-potable Water – Up to $13.8 million to construct a non-potable irrigation system to serve the entire
development – this infrastructure will significantly reduce the project’s need to acquire water rights and
demand on potable water treatment facilities
Storm Sewer Improvements – Up to $10.2 million in costs to construct the main storm sewer system and
infrastructure for the project (costs associated with grading is included in the Earthwork amount above)
Recreation Facilities – Up to $8 million in costs to construct on- and off-site public parks, open space,
recreation facilities and/or services
Landscaping, Trails, Open Space and Farm Facilities – Up to $44.2 million to install landscaping,
construct trails, open space, and farm facilities
Administrative, Miscellaneous, and Engineering – Up to $47 million in costs associated with
administering, managing, surveying, engineering, inspecting, testing, planning, and permitting the
construction of the public improvements
Contingency – Up to $48 million in contingency assumes a 20 percent factor on top of the costs estimates
provide, which are only based on a conceptual design
Due to the preliminary nature of the project design and planning, the applicant has not supplied an estimate of
non-basic costs. Non-basic costs are assumed to be costs that are not typical for a development of the proposed
project’s type and/or size. These costs are therefore considered extraordinary infrastructure costs. While no
estimate of non-basic costs has been supplied, the conceptual planning and design of the project has uncovered
several extraordinary development conditions, including:
Cooper Slough – The Cooper Slough creates several significant stormwater detention, retention, and water
quality issues across the site. These impacts are complicated by the fact that the slough is not consolidated,
creating multiple entry points for water during a storm event. The net result is the need to manage the
stormwater on the site in a variety of ways that deal with off-site conditions. This consumes a significant
portion of land, approximate 150 acres or 15 percent of the project area, reducing the potential return from
development and adding cost.
Utility Extension Requirements – The development in the proposed Metro Districts will be served by ELCO
and Boxelder Sanitary Sewer, and both are smaller districts that do not have the necessary distribution
infrastructure in place to support the proposed development. A significant cost will be associated with
extending this infrastructure to serve the site.
Non-potable Irrigation System – The applicant intends to serve 85 percent of the community’s irrigation
need through a non-potable system. Constructing, operating, and maintain this system will have significant
costs – estimated at $13.8 million to construct.
Public Benefits
As required by the City’s recently adopted Metro District Policy, the Service Plan will deliver several extraordinary
development outcomes that support several public benefits.
Agenda Item 17
Item # 17 Page 4
Due to the preliminary nature of the development proposal, the Service Plan separates the Public Benefits into
two categories:
1. Public Benefits - Items that the Service Plan commits the Project to deliver before issuing debt; and
2. Other Extraordinary Public Benefits - Items that need additional research, design, and evaluation to
determine feasibility. These items may or may not be included in a final Approved Development Plan and/or
Intergovernmental Agreement alongside the items in the first category; however, they are not commitments
the developer can make at this time.
Public Benefits:
The Public Benefits and, where available, their estimated values are described below (details available in Exhibit
J of the Service Plan):
New Urbanist Development – The applicant has designed the project following several key New Urbanist
principles which promote environmentally friendly habits, create walkable neighborhoods, and a variety of
housing types and job opportunities, including:
o Mixed-Use Town Center – Plans include a traditional town center with walkable streets connecting it to
surrounding neighborhoods, dense development (commercial and multi-family residential), and
community serving retail uses (e.g., grocery, café and restaurants, etc.)
o Walkable Neighborhoods – The project is planned as a series of 5-minute walk shed neighborhoods
focused either on amenities along its edge (e.g., park, schools, and gardens) or within its boundaries
(e.g., playgrounds and pocket parks, transportation facilities, etc.)
o Mixture of Housing Types – The project plan calls for three zones of intensity within each neighborhood
– each zone will provide a different density and housing type
o Pedestrian and Bicycle Friendly Streets – The projects provides with a pattern of development that
encourages walking and provides sidewalk, trail, and bike lane infrastructure to support that pattern of
development
o Distributing Traffic – The project relies on a grid of streets as an organizing principle – the street system
creates walkable block sizes and distributes traffic over a broader area reducing impacts and congestion
on collectors and arterials
o Integration of Market Rate and Affordable Housing – The project plans to distribute subsidized affordable
housing through the community – historic evidence indicates that integrating low-income households
with a variety of income levels reduces the negative impacts many low-income households typically face
and helps to overcome and break the cycle of poverty by removing social barriers
o Collectively, new urbanism typically costs between 10 and 20 percent more than traditional
development; therefore, the cost premium for this type of development could range between $150.0 to
$300.0 million for the entire project.
Agri-Urban Development – The MVSAP calls for integration of agricultural uses with development, the
project will have a 40-acre organic farm owned by a Land Coop; the District will fund the infrastructure,
such as irrigation and water delivery, berms and wind breaks, interior roads, green houses, pack house
facility, and farm stand reducing the cost of acquisition by the Land Coop – The cost of the farm is
estimated at $8.0 million.
Multimodal Transportation Improvements – The applicant designed the project with multimodal
transportation principals – No estimated cost provided.
Zero Energy Ready – The applicant has agreed to construct all 4,400 homes in the proposed project in
compliance with the Department of Energy’s Zero Energy Ready and provide a ZERH rating for every
home – The premium associated with this development standard is estimated to add approximately
$70.0 million in cost to the project.
Other Extraordinary Public Benefits:
The following items the developer of the proposed project intends to develop further through research,
evaluation, and financial analysis and hopes to include in the development.
Agenda Item 17
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Energy and Water Conservation – The project intends to evaluate several additional opportunities to
reduce the energy and water consumption of the project below average consumption levels of similar
development types, including:
o Residential Battery Storage – The applicant is working with Colorado State University and the City of
Fort Collins Utilities to create distributed storage by providing a battery in every home
o Non-potable Irrigation – The applicant’s planned non-potable irrigation system will meet 85 percent of
all irrigation needs and significantly reduce the use of potable water by the project – estimated cost of
$8.0 million
o Community-wide In-Home Water Conservation Program – The applicant proposed purchasing water
from the East Larimer County Water District (ELCO) through a master meter and “manage” individual
user water consumption through allocations across the project, this could enable the project to achieve
a significant reduction in overall water use
Parks and Recreation Facilities – The applicant is working with the City to deliver several park and
recreation facilities in the project that would serve the northeast region of Fort Collins primarily and all
residents
o Community Recreation Center – The applicant intends to partner with the City to develop and construct
a Community Recreation Center in the project
o Poudre Library District Facility – The applicant intends to partner with the Poudre Library District to
develop a library branch in the project
o Community Park – The applicant is working with the City to create an 80 plus acre community park to
serve the northeast region of the City
Natural Areas – The applicant is working to deliver natural areas through the project including 150 acres of
stormwater land that will be landscaped to create habitat and function as a natural area providing both
recreation facilities and Nature in the City
Affordable Housing – The applicant intends to deliver at least 10 percent of the residential units as
affordable housing with a mix of rental and ownership products – partnerships are forming with the City (for
a Land Bank parcel), Housing Catalyst, and Land Trusts such as Elevations Land Trust, which serves the
Front Range market
Housing Variety – The applicant intends to deliver a variety of housing types. (Attachment 2)
Due to the preliminary nature of the project design and planning, the applicant has not been able to supply a
complete estimate of the value of the above public benefits. However, the wide range of benefits and
partnerships will likely generate significant public benefit, that cannot be valued at this time.
Policy Comparison
A comparison of the proposed use of Metro Districts’ revenues to the Metro District Policy is provided below in
Table 1. For reference, two other proposed Metro Districts are provided for comparison – Waterfield and Water’s
Edge.
Agenda Item 17
Item # 17 Page 6
Table 1
Metro District Policy Comparison
Service Plan Review
The applicant has used the City’s Model Service Plan as a basis for drafting it’s Service Plan. The following
changes have been requested by the applicant:
Financial Plan Alternatives – The applicant has added language to Section IX.A indicating that the
attached financial plan is not the only method of implementation of the District’s goals and objectives and
that other financial structures may be used, but those other structures must still comply with the Service
Plan.
Operating Mill Levy – The applicant has proposed modifying the language of IX.B.3 related to operating
mill levy to allow for the Districts’ Boards, when composed of a majority of End Users, to exceed the ten (10)
mill cap indicated in the Model Service Plan, while still complying with the Aggregate Mill Levy Maximum.
Refunded Debt and Maximum Debt Authorization – The applicant has proposed changes to the language
of the Model Service Plan in Section IX.B.7 to indicate that “bonds, loans, notes or other instruments which
have been refunded shall not count against the Maximum Debt Authorization.”
All other changes in the proposed Service Plan are either refinements in the spirit of the Model Service Plan,
minor in nature, further changes for clarification or to respond to Council’s requests for clarification on August
21, 2018. A redline version of the Model Service Plan is attached to provide clarity on any changes to the Model
Service Plan. (Attachment 4)
Performance Assurances
The proposed Service Plan prohibits the issuance of any debt or imposition of the Debt Mill Levy or Fees to pay
debt unless and until the delivery of the Public Benefits area secured for each development phase of the project
in a manner that is approved by the City Manager. This requirement can be satisfied by one or both of the
following methods, as applicable:
Intergovernmental Agreement - For those Public Benefits to be provided by one or more of the Districts,
each such District must enter into an intergovernmental agreement with the City agreeing to provide such
Public Benefits as a legally enforceable multiple-fiscal year obligation of the District under TABOR before
the City is required to issue building permits and/or certificates of occupancy for structures to be built under
Montava Waterfield Water's Edge Policy
Mill Levy Caps 60 Mills 50 Mills 50 Mills 50 Mills
Basic Infrastructure Partially Partially Not Supported To enable public benefit
Eminent Domain Will Comply Will Comply Will Comply Prohibited
Debt Limitation Will Comply Will Comply Will Comply 100% of Capacity
Dissolution Limit Will Comply Will Comply Will Comply 40 years (end user
refunding exception)
Citizen Control Will Comply Will Comply Will Comply As early as possible
Multiple Districts Yes Yes Yes Projected over an
extended period
Commercial/
Residential Ratio Mixed Use
100% Residential Residential (Phase 1);
Mixed Use (Phase 2)
N/A
Agenda Item 17
Item # 17 Page 7
an applicable approved development plan for the project, or by securing performance of that obligation with
a surety bond, letter of credit or other security acceptable to the City Manager; and
Approved Development Plan - For those Public Benefits to be provided by one or more Developers of the
Project within a District’s boundaries, each such Developer must enter into a development agreement with
the City under the Developer’s applicable approved development plan, which agreement must legally
obligate the Developer to provide those Public Benefits before the City is required to issue building permits
and certificates of occupancy for structures to be built under the approved development plan for the Project
or to secure such obligations with a surety bond, letter of credit or other security acceptable to the City
Manager.
Policy Evaluation and Triple Bottom Line Scan
The Metro District Policy supports the formation of a metro district regardless of development type when a district
delivers extraordinary public benefits. The public benefits should be: (1) aligned with the goals and objectives of
the City whether such extraordinary public benefits are provided by the metro district or by the entity developing
the metro district because metro districts exist to provide public improvements; and (2) not be practically provided
by the City or an existing public entity, within a reasonable time and on a comparable basis. The Service Plan
for the Montava Project delivers several proposed policy outcomes, as described in the attached matrix.
(Attachment 3)
Triple Bottom Line – Scan
An interdisciplinary staff team met to prepare a Triple Bottom Line Scan (“TBLs”) of the proposed Service Plan.
The TBLs included two scenarios: (a) the proposed development compared to no development; and (b) the
difference in impact from residential units constructed with the proposed Metro Districts versus those typically
constructed in the community. The TBLs summary is available. (Attachment 5)
SCENARIO A:
The TBLs analysis found that developing the property compared to leaving it fallow will have several potential
environmental impacts, including increased consumption of land, water, and energy. However, the analysis did
not find a meaningful difference between no development and the proposal for Economic or Social.
SCENARIO B:
The TBLs analysis found that in many ways the proposed residential construction enabled by the Metro Districts
is no different from the residential development currently occurring in the community. However, there were a few
notable differences–most significant is the anticipated energy and water savings from the standard of
construction proposed and the inclusion of affordable units.
Financial Assessment
The Metro District Policy requires all applications for a metro district service plan submit a financial plan to the
City for review. Economic & Planning Systems prepared an analysis of the Metro Districts’ Financial Plan.
(Attachment 6) The analysis found:
EPS found that the market values used in the public revenue estimates to be reasonable.
Montava is an ambitious and large-scale development that will need to capture a significant portion of the
market to achieve the proposed buildout assumptions in its Financial Plan. Montava will need to compete
with other larger-scale residential and mixed-use developments planned for North Fort Collins. The fact that
North Fort Collins is one of the only remaining growth areas of the City should help each of the developments
meet their growth targets.
The Developer’s market study includes a grocery anchored community shopping center of approximately
90,000 square feet will be supportable based on projected growth in the trade area. Montava is well located
for a retail center to serve the northeast Fort Collins area. However, there are other parcels also seeking to
Agenda Item 17
Item # 17 Page 8
build neighborhood or community retail centers and likely insufficient demand to support more than one
soon.
The public benefit projects have not been programmed or costed. It is therefore not possible to evaluate the
economic value of these benefits against the $179.8 million of infrastructure costs that would be offset by
metro district revenues.
Basic Infrastructure vs. Public Benefit
The Metro District Policy allows a metro districts to fund “basic infrastructure”, that which is typically expected to
be provided by a developer (both in type and magnitude), when the inclusion of “basic” infrastructure offsets
higher costs associated with extraordinary development outcomes that cannot directly be provided by a metro
district (Defined in Exhibit A of the Metro District Policy, e.g., rooftop solar, affordable housing, etc.).
The Developer has committed to provide several public benefits and has estimated their cost or value at between
$228.0 million and $378.0 million. As stated by EPS, the preliminary nature of the proposed project means that
the public benefit projects have not been fully programmed or costed. Therefore, it is difficult to assess the
benefits against the requested Maximum Debt Authorization of $203.0 million.
Most of the public benefits will be described further in the project’s proposed Planned Unit Development (“PUD”).
City Council will be the decision-making body in the PUD review process. Therefore, City Council will have the
opportunity to further understand the public benefits to be delivered by approving this Service Plan. In addition,
Council will therefore have another opportunity to weigh in on the developer’s commitment to and scale of public
benefits at that time.
As a result, staff recommends approval of the Service Plan with the full requested Maximum Debt Authorization
of $203.0 million, recognizing that additional details will be identified, described, and committed to in the PUD
review.
Estimated Property Taxes
Table 2 shows the property tax estimates by proposed unit type from the existing tax mill and for the proposed
Metro Districts. The average increased cost to a home owner is approximately $1,510 annually. This amount will
vary over time based on the underlying assessed value as determined by the County Assessor.
Agenda Item 17
Item # 17 Page 9
Table 2
Property Tax Estimates
CITY FINANCIAL IMPACTS
The proposed Service Plan will not have an impact on the City’s financials. The applicant has paid the fees
required under the City’s previous metro district policy, which fees are designed to offset the cost of staff and
outside consultant review. In addition, the proposed Service Plan includes a requirement that the following notice
be included in all debt issued by the Metro Districts:
“By acceptance of this instrument, the owner of this Debt agrees and consents to all of the
limitations with respect to the payment of the principal and interest on this Debt contained herein,
in the resolution of the District authorizing the issuance of this Debt and in the Service Plan of
the District. This Debt is not and cannot be a Debt of the City of Fort Collins”
ATTACHMENTS
1. Vicinity Map (PDF)
2. Expanded Housing Types (PDF)
3. Policy Evaluation Matrix (PDF)
4. Montava Consolidated Metro District Service Plan Nos 1-7 (redline, showing changes) (PDF)
5. Triple Bottom Line Summary Montava Metro District (PDF)
6. Market and Financial Review (PDF)
7. PowerPoint Presentation (PDF)
I
8
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FORT COWNS, CO
DA TE: JULY 2018
JOB NO. 1230.0001.00
SHEET 1 OF 1
748 Whalers Way, Suite 200
Fort Colline, Colorado
Phone: 970.228.0557
il!, ______________________ rax:_e_01.22&__.0204 _ _
ATTACHMENT 2
Max Moss
430 N College Ave. Suite 410
Fort Collins, CO 80524
512-507-5570
Max@hf2m.com
September 6, 2018
Mayor & City Council
City Hall West, 300 LaPorte Ave.
Fort Collins, CO 80521
Dear Mayor Troxell and Council,
I wish we could have answered Council questions directly at the meeting September 4th,
as it may have been helpful to you. I will briefly write about the affordable housing
questions that came up in the Montava discussion as one example.
Integrated affordable housing has been one of the pillars of the community plan from the
beginning. I did not include it in the service plan commitments primarily because we
need flexibility in how we accomplish it, and everything that ties our hands on this very
complex and difficult master planned community makes our ability to succeed harder.
Here is what we are doing already:
1. We have executed a purchase option agreement with the City Land Bank for 5 acres to
build affordable housing. We did this with Sue Beck-Ferkiss.
2. We are leading the strategic approach with two of the largest land trusts in Colorado
to create a systematic approach to the development of “for sale” product in Montava,
Waterfield, and Mosaic. We are making progress on a strategy that could enable this to
be an integral component not only for Montava, but also other major developments in the
ATTACHMENT 3
NE area. A copy of the guiding diagram I created to lead these discussions is included as
a separate document.
3. We are working with Housing Catalyst in the design of the housing in and around our
town center, which is the first phase of the project. Enabling Housing Catalyst to be the
first developer to build in the town center with affordable units is a thrilling prospect for
both of us.
4. We are working with Habitat for Humanity on ways to change their building system so
we can scale them up from their current process which only allows 5-6 homes per year to
be built, to something substantially more than that.
5. We have a substantial effort underway to integrate smaller home types, Accessory
Dwelling Units, “Tiny Homes”, Cottage Courts, and other creative means to bring
additional housing opportunities to the market based on demand and acceptance. This is
targeted more on the workforce housing challenge.
We are leading the effort on this topic because it is critical DNA of Montava. We want to
build a community where economic diversity is as important as growing our own food.
None of these things can happen without a metro district. Montava can’t happen without
a metro district.
I look forward to communicating this with Council myself when the service plan is next
discussed. I certainly hope we continue to work together on one of the most
extraordinary developments in the nation.
Very Sincerely yours,
Max Moss
ATTACHMENT 4
1
Montava Metro District Service Plan
Jeff Mihelich & Josh Birks
9-18-18
Project Description
§ 25+ Year Multi Phase
Master Planned
Project
§ Increased density
§ 4,400 Residential
Units
§ 10% affordable
2
Staff Recommendation
§ Staff recommends postponing until September
25, 2018
§ Further refine community and public benefit
commitments; and
§ Defers consideration until after the Planned Unit
Development pre-application hearing
3
4
Northeast Fort Collins
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RESOLUTION 2018-083
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE CONSOLIDATED SERVICE PLAN FOR
MONTAVA METROPOLITAN DISTRICT NOS. 1-7
WHEREAS, Title 32 of the Colorado Revised Statutes (“C.R.S.”) authorizes the
formation of various kinds of governmental entities to finance and operate public services and
infrastructure, including metropolitan districts; and
WHEREAS, in July 2008, the City Council adopted Resolution 2008-069 in which it
approved a policy setting forth various guidelines, requirements and criteria concerning the
City’s review and approval of service plans for metropolitan districts (the “2008 Policy”); and
WHEREAS, on August 21, 2018, City Council adopted Resolution 2018-079 approving
the “City of Fort Collins Policy for Reviewing Service Plans for Metropolitan Districts” (the
“2018 Policy”) setting forth guidelines, requirements and criteria applicable to the City’s
consideration a metropolitan district service plan to replace and supersede those in the 2008
Policy, except for the fee and notice requirements when they have been satisfied by a service
plan applicant under the 2008 Policy before the adoption of the 2018 Policy; and
WHEREAS, pursuant to the provisions of Article 1 of Title 32 of the Colorado Revised
Statutes (the “Special District Act”), HF2M, INC. (the “Petitioner”) has submitted to the City a
Consolidated Service Plan (the “Service Plan”) for the Montava Metropolitan District Nos. 1-7
(each a “District” and collectively the “Districts”); and
WHEREAS, a copy of the Service Plan is attached as Exhibit “A” and incorporated
herein by reference; and
WHEREAS, the Districts will be organized to provide for the planning, design,
acquisition, construction, installation, relocation, redevelopment and operation and maintenance
of all or a portion of certain public improvements, as more specifically described in the Service
Plan; and
WHEREAS, in accordance with the 2008 Policy and Resolution 2018-079, the Petitioner
has complied with the requirement for mailed notice of the City Council’s September 4, 2018,
public hearing on the Service Plan (the “Public Hearing”), as evidenced by the “Certificate of
Mailing of Notice of Public Hearing” attached as Exhibit “B” and incorporated herein by
reference; and
WHEREAS, the Petitioner has also provided notice of the Public Hearing by publication
as evidence by the “Affidavit of Publication” attached as Exhibit “C” and incorporated herein by
reference; and
WHEREAS, on September 4, 2018, the City Council conducted the Public Hearing in
which it reviewed the Service Plan and considered the testimony and evidence presented and
then voted to continue the Public Hearing to its September 18, 2018 meeting, and in that meeting
has received additional testimony and evidence concerning the Service Plan; and
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WHEREAS, the Special District Act requires that any service plan submitted to the
district court for the creation of a metropolitan district must first be approved by resolution of the
governing body of the municipality within which the proposed district lies; and
WHEREAS, the City Council wishes to approve the Service Plan for the Districts.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT COLLINS, COLORADO, as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby determines that the City’s notification
requirements have been complied with regarding the Public Hearing on the Service Plan.
Section 3. That the City Council hereby finds that the Service Plan contains, or
sufficiently provides for, the items described in Section 32-1-202(2), C.R.S., and that:
(a) There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed Districts;
(b) The existing service in the area to be served by the proposed Districts is
inadequate for present and projected needs;
(c) The proposed Districts are capable of providing economical and sufficient
service to the area within their proposed boundaries; and
(d) The area to be included within the proposed Districts has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
Section 4. The City Council’s findings are based solely upon the evidence in the
Service Plan as presented at the Public Hearing and the City has not conducted any independent
investigation of the evidence. The City makes no guarantee as to the financial viability of the
Districts or the achievability of the desired results.
Section 5. That the City Council hereby approves the Service Plan.
Section 6. That the City Council’s approval of the Service Plan is not a waiver or a
limitation upon any power that the City Council is legally permitted to exercise regarding the
property within the Districts.
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Passed and adopted at a regular meeting of the Council of the City of Fort Collins this
18th day of September, A.D. 2018.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
i
CONSOLIDATED SERVICE PLAN
FOR
MONTAVA METROPOLITAN DISTRICT NOS. 1-7
CITY OF FORT COLLINS, COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
2154 E. Commons Ave., Suite 2000
Centennial, CO 80122
Submitted On: August 29, 2018
Approved On: ____________, 2018
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TABLE OF CONTENTS
I. INTRODUCTION................................................................................................................... 6
A. Purpose and Intent................................................................................................................ 6
B. Need for the Districts........................................................................................................... 6
C. Objective of the City Regarding Districts' Service Plan...................................................... 6
D. City Approvals. .................................................................................................................... 7
II. DEFINITIONS ........................................................................................................................ 7
III. BOUNDARIES AND LOCATION................................................................................... 10
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFITS &
ASSESSED VALUATION .......................................................................................................... 11
A. Project and Planned Development. .................................................................................... 11
B. Public Benefits. .................................................................................................................. 11
C. Assessed Valuation. ...........................................................................................................12
V. INCLUSION OF LAND IN THE SERVICE AREA............................................................ 12
VI. DISTRICT GOVERNANCE............................................................................................. 13
VII. AUTHORIZED AND PROHIBITED POWERS.............................................................. 13
B. Prohibited Improvements and Services and other Restrictions and Limitations................. 13
1. Eminent Domain Restriction.......................................................................................... 13
2. Fee Limitation ................................................................................................................14
3. Operations and Maintenance.......................................................................................... 14
4. Fire Protection Restriction ............................................................................................. 14
5. Public Safety Services Restriction ................................................................................. 14
6. Grants from Governmental Agencies Restriction.......................................................... 14
7. Golf Course Construction Restriction............................................................................ 15
8. Television Relay and Translation Restriction................................................................ 15
9. Sales and Use Tax Exemption Limitation...................................................................... 15
11. Sub-district Restriction............................................................................................... 15
12. Privately Placed Debt Limitation ............................................................................... 15
13. Special Assessments................................................................................................... 16
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS.............................................. 16
A. Development Standards. .................................................................................................... 17
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B. Contracting......................................................................................................................... 17
C. Land Acquisition and Conveyance. ................................................................................... 17
D. Equal Employment and Discrimination............................................................................. 17
IX. FINANCIAL PLAN/PROPOSED DEBT.......................................................................... 18
A. Financial Plan..................................................................................................................... 18
B. Mill Levies. ........................................................................................................................ 18
1. Aggregate Mill Levy Maximum........................................................................................ 18
2. Regional Mill Levy Not Included in Other Mill Levies.................................................... 18
3. Operating Mill Levy..........................................................................................................19
4. Gallagher Adjustments ...................................................................................................... 19
5. Excessive Mill Levy Pledges............................................................................................. 19
6. Refunding Debt.................................................................................................................. 19
7. Maximum Debt Authorization........................................................................................... 19
C. Maximum Voted Interest Rate and Underwriting Discount. ............................................. 20
D. Interest Rate and Underwriting Discount Certification. .................................................... 20
E. Disclosure to Purchasers. ................................................................................................... 20
F. External Financial Advisor. ............................................................................................... 21
G. Disclosure to Debt Purchasers. .......................................................................................... 21
H. Security for Debt................................................................................................................ 21
I. TABOR Compliance.......................................................................................................... 21
J. Districts’ Operating Costs.................................................................................................. 22
X. REGIONAL IMPROVEMENTS .......................................................................................... 22
A. Regional Mill Levy Authority. .......................................................................................... 22
B. Regional Mill Levy Imposition.......................................................................................... 22
C. City Notice Regarding Regional Improvements................................................................ 22
D. Regional Improvements Authorized Under Service Plan.................................................. 23
E. Expenditure of Regional Mil Levy Revenues.................................................................... 23
F. Regional Mill Levy Term. ................................................................................................. 23
G. Completion of Regional Improvements............................................................................. 23
H. City Authority to Require Imposition................................................................................ 23
I. Regional Mill Levy Not Included in Other Mill Levies. ................................................... 24
J. Gallagher Adjustment. ....................................................................................................... 24
iv
XI. CITY FEES........................................................................................................................ 24
XII. BANKRUPTCY LIMITATIONS...................................................................................... 24
XIII. ANNUAL REPORTS AND BOARD MEETINGS .......................................................... 24
A. General............................................................................................................................... 24
B. Board Meetings.................................................................................................................. 25
C. Report Requirements. ........................................................................................................ 25
D. Reporting of Significant Events......................................................................................... 26
E. Failure to Submit................................................................................................................ 26
XIV. SERVICE PLAN AMENDMENTS .................................................................................. 26
XV. MATERIAL MODIFICATIONS ...................................................................................... 27
XVI. DISSOLUTION.................................................................................................................27
XVII. SANCTIONS ..................................................................................................................... 28
XVIII. CONCLUSION.............................................................................................................. 28
XIX. RESOLUTION OF APPROVAL ...................................................................................... 28
5
EXHIBITS
EXHIBIT A Legal Description of Initial District Boundaries
EXHIBIT B Initial District Boundary Map
EXHIBIT C Legal Description of Inclusion Area Boundaries
EXHIBIT D Inclusion Area Boundary Map
EXHIBIT E Public Improvements
EXHIBIT F Vicinity Map
EXHIBIT G Public Improvement Cost Estimates
EXHIBIT H Public Improvements Maps
EXHIBIT I Financial Plan
EXHIBIT J Public Benefits
EXHIBIT K Disclosure Notice
6
I. INTRODUCTION
A. Purpose and Intent.
The Districts, which are intended to be independent units of local government
separate and distinct from the City, are governed by this Service Plan, the Special District
Act and other applicable State law. Except as may otherwise be provided for by State law,
City Code or this Service Plan, the Districts' activities are subject to review and approval by
the City Council only insofar as they are a material modification of this Service Plan under
C.R.S. Section 32-1-207 of the Special District Act.
It is intended that the Districts will provide all or part of the Public Improvements for
the Project for the use and benefit of all anticipated inhabitants and taxpayers of the
Districts. The primary purpose of the Districts will be to finance the construction of a
portion of these Public Improvements by the issuance of Debt.
It is intended that this Service Plan also requires the Districts to pay a portion of the cost
of the Regional Improvements as part of ensuring that those privately-owned properties to be
developed in the District that benefit from the Regional Improvements pay a reasonable share of
the associated costs.
The Districts are not intended to provide ongoing operations and maintenance services
except as expressly authorized in this Service Plan.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt
incurred or upon a court determination that adequate provision has been made for the payment of
all Debt, except that if the Districts are authorized in this Service Plan to perform continuing
operating or maintenance functions, the Districts shall continue in existence for the sole purpose
of providing such functions and shall retain only the powers necessary to impose and collect the
taxes or Fees authorized in this Service Plan to pay for the costs of those functions.
It is intended that the Districts shall comply the provisions of this Service Plan and
that the City may enforce any non-compliance with these provisions as provided in Section
XVII of this Service Plan.
B. Need for the Districts.
There are currently no other governmental entities, including the City, located in the
immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the
planning, design, acquisition, construction, installation, relocation, redevelopment and financing
of the Public Improvements needed for the Project. Formation of the Districts is therefore
necessary in order for the Public Improvements required for the Project to be provided in the
most economic manner possible.
C. Objective of the City Regarding Districts' Service Plan.
7
The City’s objective in approving this Service Plan is to authorize the Districts to provide
for the planning, design, acquisition, construction, installation, relocation and redevelopment of
the Public Improvements from the proceeds of Debt to be issued by the Districts. Except as
specifically provided in this Service Plan, all Debt is expected to be repaid by taxes and Fees
imposed and collected for no longer than the Maximum Debt Mill Levy Imposition Term for
residential properties, and at a tax mill levy no higher than the Maximum Debt Mill Levy. Fees
imposed for the payment of Debt shall be due no later than upon the issuance of a building
permit unless a majority of the Board which imposes such a Fee is composed of End Users as
provided in Section VII.B.2 of this Service Plan. Debt which is issued within these parameters
and, as further described in the Financial Plan, will insulate property owners from excessive tax
and Fee burdens to support the servicing of the Debt and will result in a timely and reasonable
discharge of the Debt.
D. City Approvals.
Any provision in this Service Plan requiring “City” or “City Council” approval or
consent shall require the City Council’s prior written approval or consent exercised in its sole
discretion. Any provision in this Service Plan requiring “City Manager” approval or consent
shall require the City Manager’s prior written approval or consent exercised in the City
Manager’s sole discretion.
II. DEFINITIONS
In this Service Plan, the following words, terms and phrases which appear in a capitalized
format shall have the meaning indicated below, unless the context clearly requires otherwise:
Aggregate Mill Levy: means the total mill levy resulting from adding a District’s Debt
Mill Levy and Operating Mill Levy. A District’s Aggregate Mill Levy does not include
any Regional Mill Levy that the District may levy.
Aggregate Mill Levy Maximum: means the maximum number of combined mills that
each District may levy for its Debt Mill Levy and Operating Mill Levy, at a rate not to
exceed the limitation set in Section IX.B.1 of this Service Plan.
Approved Development Plan: means a City-approved development plan or other land-use
application required by the City Code for identifying, among other things, public
improvements necessary for facilitating the development of property within the Service
Area, which plan shall include, without limitation, any PUD or development agreement
required by the City Code.
Board or Boards: means the duly constituted board of directors of any of the Districts, or
the boards of directors of all of the Districts, in the aggregate.
Bond, Bonds or Debt: means bonds, notes or other multiple fiscal year financial
obligations for the payment of which a District has promised to impose an ad valorem
property tax mill levy, Fees or other legally available revenue. Such terms do not
8
include contracts through which a District procures or provides services or tangible
property.
City: means the City of Fort Collins, Colorado, a home rule municipality.
City Code: means collectively the City’s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council: means the City Council of the City of Fort Collins, Colorado.
City Manager: means the City Manager of the City of Fort Collins, Colorado.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property within a
District for the purpose of paying Debt as authorized in this Service Plan, at a rate not to
exceed the limitations set in Section IX.B of this Service Plan.
Developer: means a person or entity that is the owner of property or owner of contractual
rights to property in the Service Area that intends to develop the property.
District: means any one of the Montava Metropolitan District Nos. 1 through 7,
individually, organized under and governed by this Service Plan.
Districts: means the Montava Metropolitan District Nos. 1 through 7, collectively,
organized under and governed by this Service Plan.
End User: means any owner, or tenant of any owner, of any property within the Districts,
who is intended to become burdened by the imposition of ad valorem property taxes
and/or Fees. By way of illustration, a resident homeowner, renter, commercial property
owner or commercial tenant is an End User. A Developer and any person or entity that
constructs homes or commercial structures is not an End User.
External Financial Advisor: means a consultant that: (1) is qualified to advise Colorado
governmental entities on matters relating to the issuance of securities by Colorado
governmental entities including matters such as the pricing, sales and marketing of such
securities and the procuring of bond ratings, credit enhancement and insurance in respect
of such securities; (2) shall be an underwriter, investment banker, or individual listed as a
public finance advisor in the Bond Buyer’s Municipal Market Place or, in the City’s sole
discretion, other recognized publication as a provider of financial projections; and (3) is
not an officer or employee of the Districts or an underwriter of the Districts’ Debt.
Fees: means the fees, rates, tolls, penalties and charges the Districts are authorized to
impose and collect under this Service Plan.
Financial Plan: means the Financial Plan described in Section IX of this Service Plan
9
which was prepared by D.A. Davidson & Company in accordance with the requirements
of this Service Plan and describes (a) how the Public Improvements are to be financed;
(b) how the Debt is expected to be incurred; and (c) the estimated operating revenue
derived from property taxes and any Fees for the first budget year through the year in
which all District Debt is expected to be defeased or paid in the ordinarycourse.
Inclusion Area Boundaries: means the boundaries of the property that is anticipated to be
added to the District Boundaries after the Districts’ organization, which property is
legally described in Exhibit C attached hereto and incorporated by reference and
depicted in the map attached hereto as Exhibit D and incorporated herein by reference.
Initial District Boundaries: means the boundaries of the area legally described in Exhibit
A attached hereto and incorporated by reference and as depicted in the Initial District
Boundary Map.
Initial District Boundary Map: means the map of the District Boundaries attached hereto
as Exhibit B and incorporated by reference.
Maximum Debt Authorization: means the total Debt the Districts are permitted to issue as
set forth in Section IX.B.8 of this Service Plan.
Maximum Debt Mill Levy Imposition Term: means the maximum term during which the
Districts’ Debt Mill Levy may be imposed on property developed in the Service Area for
residential use, which shall include residential properties in a mixed-use development.
This maximum term shall not exceed forty (40) years from December 31 of the year this
Service Plan is approved by City Council.
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding District administration, operations and maintenance as authorized in
this Service Plan, including, without limitation, repair and replacement of Public
Improvements, and imposed at a rate not to exceed the limitations set in Section IX.B of
this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area under an Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the
Planned Development commonly referred to as “Montava”.
Public Improvements: means the improvements and infrastructure the Districts are
authorized by this Service Plan to fund and construct for the Planned Development to
serve the future taxpayers and inhabitants of the Districts, except as specifically limited in
this Service Plan. Public Improvements shall include, without limitation, the
improvements and infrastructure described in Exhibit E attached hereto and incorporated
by reference. Public Improvements do not include Regional Improvements.
10
Regional Improvements: means any regional public improvement identified by the City
as provided in Section X of this Service Plan, for funding, in whole or part, by a Regional
Mill Levy levied by the Districts.
Regional Mill Levy: means the property tax mill tax imposed on Taxable Property for the
purpose of planning, designing, acquiring, funding, constructing, installing, relocating
and/or redeveloping the Regional Improvements and/or to fund the administration and
overhead costs related to the Regional Improvements as provided in Section X of this
Service Plan.
Service Area: means the property within the Initial District Boundaries and the property
in the Inclusion Area Boundaries.
Special District Act: means Article 1 in Title 32 of the Colorado Revised Statutes, as
amended.
Service Plan: means this service plan for the Districts approved by the City Council.
Service Plan Amendment: means a material modification of the Service Plan approved by
the City Council in accordance with the Special District Act, this Service Plan and any
other applicable law.
State: means the State of Colorado.
TABOR: means Colorado’s Taxpayer’s Bill of Rights in Article X, Section 20 of the
Colorado Constitution.
Taxable Property: means the real and personal property within the Initial District
Boundaries and within the Inclusion Area Boundaries when added to the District
Boundaries that will subject to the ad valorem taxes imposed by the Districts.
Vicinity Map: means the map attached hereto as Exhibit F and incorporated by reference
depicting the location of the Service Area within the regional area surrounding it.
III. BOUNDARIES AND LOCATION
The area of the Initial District Boundaries includes approximately 10 acres and the total
area proposed to be included in the Inclusion Area Boundaries is approximately 988.5 acres. A
legal description and map of the Initial District Boundaries are attached hereto as Exhibit A and
Exhibit B, respectively. A legal description and map of the Inclusion Area Boundaries are
attached hereto as Exhibit C and Exhibit D, respectively. It is anticipated that the Districts’
boundaries may expand or contract from time to time as the Districts undertake inclusions or
exclusions pursuant to the Special District Act, subject to the limitations set forth in this Service
Plan. The location of the Service Area is depicted in the vicinity map attached as Exhibit F.
11
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
A. Project and Planned Development.
The Districts are intended to enable the Montava Vision and Master Plan (the “Master
Plan”). The Master Plan is the result of an unprecedented collaborative effort including: public
meetings, a weeklong public charrette, and extensive City Staff involvement. The foundation of
the 860-acre development is the Mountain Vista Sub Area Plan (the MVSAP), City Plan, and the
Climate Action Plan. Montava will be a unique community - the name itself is a combination of
“Mon” for our ever-present mountains and the Ute Indian word “tava,” which means “sun”.
“Mountain Sun” is both a reflection of the history and beauty of our area, and a commitment to
renewable energy which is a foundational principal of the Project.
Montava is planned as an extension of the City by providing a town center connected to
surrounding development with community commercial and retail services including grocery, full
and limited service restaurants, coffee and juice bar, service-oriented businesses like
insurance/hair/legal, City Recreation Center, Poudre Library, and many more uses. The
transportation plan will tie the Project into the surrounding community including downtown Fort
Collins. Any employment that is enabled by the Project will provide opportunity for anyone in
the surrounding areas. Montava is a community that will serve all of Fort Collins. In a study
commissioned by the Developer of the Project, Bob Gibbs Consulting, projects by 2022 that
Montava will have statistical market demand of up to 88,900 square feet and new retail
development producing up to $27.5 million in sales. At full build out, total additional demand
could grow to 218,000 square feet of new retail development and $70.1 million in gross sales
annually.
The Project is currently anticipated to contain between 200,000 and 400,000 square feet
of office for employment opportunity, and between 70-100 acres of light and green industrial
development, and residential development including approximately 2,000 single family homes
and 2,400 multi-family units in a wide variety of types, sizes, and configurations. The
anticipated population at build-out, which is anticipated to occur over 25+ years, is
approximately 11,073 persons. The total assessed value at 5 years (2024) is estimated to be
$36,593,000, and the total assessed value at 10 years (2029) is estimated to be $76,202,500. The
total City tax paid in 5 years is estimated to be $968,739 and total City tax paid in 10 years is
estimated to be $3,643,555.
Approval of this Service Plan by the City Council does not imply approval of the
development of any particular land-use for any specific area within the Districts. Any such
approval must be contained within an Approved Development Plan.
B. Public Benefits.
The organization of the Districts is intended to enable the Project to deliver a number of
extraordinary direct and indirect public benefits, including: smart growth management through
(i) New Urbanist principles, (ii) Argi-Urban development, (iii) Multi-Modal Transportation, and
12
(iv) Zero Energy Ready Homes (collectively, the “Public Benefits”). The purpose of the
Districts is to provide for the planning, design, acquisition, construction, installation, relocation
and redevelopment of the Public Improvements necessary to enable Project to develop as
planned, including the Public Benefits. A detailed description of the Public Benefits and
additional extraordinary benefits of the Project is attached hereto as Exhibit J.
Notwithstanding any provision to the contrary contained in this Service Plan, a District
shall not be authorized to issue any Debt, impose a Debt Mill Levy or any Fees for purpose of
repayment of Debt on any property within the Project unless and until the delivery of the Public
Benefits specifically related to the phase of development or Public Improvements which will be
financed with such Debt, Debt Mill Levy or Fees, are secured in a manner approved by the City
Manager. To satisfy this prerequisite to the issuance of Debt and to the imposition of taxes for
Debt and Fees, delivery of the Public Benefits for each phase of the Project must be secured by
one or both of the following methods, as applicable:
1. For any of the Public Benefits to be provided by one or more of the Districts, each
such District must enter into an intergovernmental agreement with the City agreeing
to provide such Public Benefits as a legally enforceable multiple-fiscal year
obligation of the District under TABOR before the City is required to issue building
permits and/or certificates of occupancy for structures to be built under an applicable
Approved Development Plan for the Project or by securing performance of that
obligation with a surety bond, letter of credit or other security acceptable to the City
Manager; and
2. For any of the Public Benefits to be provided by one or more Developers of the
Project, each such Developer must enter into a development agreement with the City
under the Developer’s applicable Approved Development Plan, which agreement
must legally obligate the Developer to provide those Public Benefits before the City
is required to issue building permits and/or certificates of occupancy for structures to
be built under the Approved Development Plan for the Project or to secure such
obligations with a surety bond, letter of credit or other security acceptable to the City
Manager.
C. Assessed Valuation.
The current assessed valuation of the Service Area is approximately zero $0.00 for
purposes of this Service Planand, at build out, is expected to be One Hundred Forty Five Million
Dollars ($145,000,000). These amounts are expected to be sufficient to reasonably discharge the
Debt as demonstrated in the Financial Plan.
V. INCLUSION OF LAND IN THE SERVICE AREA
Other than the real property in the Inclusion Area Boundaries, the Districts shall not
include any real property into the Districts without the City Council’s prior written approval and
13
in compliance with the Special District Act. Once a District has issued Debt, it shall not exclude
real property from the District’s boundaries without the prior written consent of the City Council.
VI. DISTRICT GOVERNANCE
The Districts’ Boards shall be comprised of persons who are a qualified “eligible
electors” of the Districts as provided in the Special District Act. It is anticipated that over time,
the End Users who are eligible electors will assume direct electoral control of the Districts’
Boards as development within the Service Area progresses. The Districts shall not enter into any
agreement by which the End Users’ electoral control of the Boards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
The Districts shall have the power and authority to provide the Public Improvements, the
Regional Improvements and related operation and maintenance services, within and without the
Service Area, as such powers and authorities are described in the Special District Act, other
applicable State law, common law and the Colorado Constitution, subject to the prohibitions,
restrictions and limitations set forth in this Service Plan.
If, after the Service Plan is approved, any State law is enacted to grant additional powers
or authority to metropolitan districts by amendment of the Special District Act or otherwise, such
powers and authority shall be deemed to be a part hereof and available to or exercised by the
Districts if the City Council first approves the exercise of such powers or authority by the
Districts. Such approval by the City Council shall not constitute a Service Plan Amendment.
B. Prohibited Improvements and Services and other Restrictions and
Limitations.
The Districts’ powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise their other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Section XVII of this Service Plan:
1. Eminent Domain Restriction
The Districts shall not exercise their statutory power of eminent domain without first
obtaining resolution approval from the City Council. This restriction on the Districts’
exercise of their eminent domain power is being exercised voluntarily acquiesced to
by the Districts and shall not be interpreted in any way as a limitation on the Districts’
sovereign powers and shall not negatively affect the Districts’ status as political
subdivision of the State as conferred by the Special District Act.
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2. Fee Limitation
All Fees imposed for the repayment of Debt, if authorized by this Service Plan, may
imposed by any of the Districts upon all property within their respective boundaries
only if such Fees are due and payable no later than upon the issuance of a building
permit by the City. Notwithstanding any of the foregoing, this Fee limitation shall not
apply to any Fee imposed to fund the operation, maintenance, repair or replacement
of Public Improvements or the administration of the Districts, nor shall this Fee
limitation apply to a District if a majority of the District’s Board is composed of End
Users.
3. Operations and Maintenance
The primary purpose of the Districts is to plan for, design, acquire, construct, install,
relocate, redevelop and finance a portion of the Public Improvements. The Districts
shall dedicate the Public Improvements to the City or other appropriate jurisdiction or
owners’ association in a manner consistent with the Approved Development Plan and
the City Code, provided that nothing herein requires the City to accept a dedication.
The Districts are specifically authorized to operate and maintain any part or all of the
Public Improvements not otherwise conveyed or dedicated to the City or another
appropriate governmental entity. The Districts shall also be specifically authorized to
conduct operations and maintenance functions related to the Public Improvements
that are not provided by the City or other governmental entity, or to the extent that the
Districts’ proposed operational and maintenance functions included services or
activities that exceed those provided by the City or other governmental entity.
Additionally, the Districts are authorized to operate and maintain any part or all of the
Public Improvements not otherwise conveyed or dedicated to the City or another
appropriate governmental entity until such time that the Districts dissolve.
4. Fire Protection Restriction
The Districts are not authorized to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain fire protection facilities or
services, unless such facilities and services are provided pursuant to an
intergovernmental agreement with the Poudre Fire Authority. The authority to plan
for, design, acquire, construct, install, relocate, redevelop, finance, own, operate or
maintain fire hydrants and related improvements installed as part of the water system
shall not be limited by this subsection.
5. Public Safety Services Restriction
The Districts are not authorized to provide policing or other security services.
However, the Districts may, pursuant to C.R.S. § 32-1-1004(7), as amended, furnish
security services pursuant to an intergovernmental agreement with the City.
6. Grants from Governmental Agencies Restriction
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The Districts shall not apply for grant funds distributed by any agency of the United
States Government or the State without the prior written approval of the City
Manager. This does not restrict the collection of Fees for services provided by the
Districts to the United States Government or the State.
7. Golf Course Construction Restriction
Acknowledging that the City has financed public golf courses and desires to
coordinate the construction of public golf courses within the City’s boundaries, the
Districts shall not be authorized to plan, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain a golf course unless such activity is
pursuant to an intergovernmental agreement with the City.
8. Television Relay and Translation Restriction
The Districts are not authorized to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain television relay and translation
facilities and services, other than for the installation of conduit as a part of a street
construction project, unless such facilities and services are provided pursuant to prior
written approval from the City Manager.
9. Sales and Use Tax Exemption Limitation
The Districts shall not exercise any sales and use tax exemption otherwise available
to the Districts under the City Code.
10. Potable Water and Wastewater Treatment Facilities
Acknowledging that the City and other existing special districts operating within the
City currently own and operate treatment facilities for potable water and wastewater
that are available to provide services to the Service Area, the Districts shall not plan,
design, acquire, construct, install, relocate, redevelop, finance, own, operate or
maintain such facilities without obtaining the City Council’s prior written approval.
11. Sub-district Restriction
The Districts shall not create any sub-district pursuant to the Special District Act
without the prior written approval of the City Manager.
12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the issuing District shall obtain the
certification of an External Financial Advisor substantially as follows:
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We are [I am] an External Financial Advisor within the meaning of
the District’s Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as
defined in C.R.S. Section 32-1-103(12)) to be borne by [insert the
designation of the Debt] does not exceed a reasonable current [tax-
exempt] [taxable] interest rate, using criteria deemed appropriate
by us [me] and based upon our [my] analysis of comparable high
yield securities; and (2) the structure of [insert designation of the
Debt], including maturities and early redemption provisions, is
reasonable considering the financial circumstances of the District.
13. Special Assessments
The Districts shall not impose special assessments without the prior
written approval of the City Council.
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS
Exhibit E summarizes the type of Public Improvements that are projected to be
constructed and/or installed by the Districts. The cost, scope, and definition of such Public
Improvements may vary over time. The total estimated costs of Public Improvements, as set
forth in Exhibit G, are approximately Three Hundred Twenty-Five Million One Hundred
Ninety-Four Thousand Five Hundred Forty Three Dollars ($325,194,543) in 2018 dollars. The
cost estimates are based upon preliminary engineering, architectural surveys, and reviews of the
Public Improvements and include all construction cost estimates together with estimates of costs
such as land acquisition, engineering services, legal expenses and other associated expenses.
Maps of the anticipated location, operation, and maintenance of Public Improvements are
attached hereto as Exhibit H. Changes in the Public Improvements or costs, which are approved
by the City in an Approved Development Plan, shall not constitute a Service Plan Amendment.
In addition, due to the preliminary nature of the Project, the City shall not be bound by this
Service Plan in reviewing and approving the Approved Development Plan and the Approved
Development Plan shall supersede the Service Plan with regard to the cost, scope, and definition
of Public Improvements.
The design, phasing of construction, location and completion of Public Improvements
will be determined by the Districts to coincide with the phasing and development of the Planned
Development and the availability of funding sources. The Districts may, in their discretion, phase
the construction, completion, operation, and maintenance of Public Improvements or defer,
delay, reschedule, rephase, relocate or determine not to proceed with the construction,
completion, operation, and maintenance of Public Improvements, and such actions or
determinations shall not constitute a Service Plan Amendment. The Districts shall also be
permitted to allocate costs between such categories of the Public Improvements as deemed
necessary in their discretion.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to
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certain operation activities. Relating to these, the Districts shall comply with the following
requirements:
A. Development Standards.
The Districts shall ensure that the Public Improvements are designed and constructed in
accordance with the standards and specifications of the City Code and of other governmental
entities having proper jurisdiction, as applicable. The Districts directly, or indirectly through any
Developer, will obtain the City’s approval of civil engineering plans and will obtain applicable
permits for construction and installation of Public Improvements prior to performing such work.
Unless waived by the City, the Districts shall be required, in accordance with the City Code, to
post a surety bond, letter of credit, or other approved development security for any Public
Improvements to be constructed by the Districts. Such development security may be released in
the City Manager’s discretion when the constructing District has obtained funds, through Debt
issuance or otherwise, adequate to insure the construction of the Public Improvements, unless
such release is prohibited by or in conflict with any City Code provision or State law. Any
limitation or requirement concerning the time within which the City must review the Districts’
proposals or applications for an Approved Development Plan or other land use approval is
hereby waived by the Districts.
B. Contracting.
The Districts shall comply with all applicable State purchasing, public bidding and
construction contracting.
C. Land Acquisition and Conveyance.
The purchase price of any land or improvements acquired by the Districts from the
Developer shall be no more than the then-current fair market value as confirmed by an
independent MAI appraisal for land and by an independent professional engineer for
improvements. Land, easements, improvements and facilities conveyed to the City shall be free
and clear of all liens, encumbrances and easements, unless otherwise approved by the City
Manager prior to conveyance. All conveyances to the City shall be by special warranty deed,
shall be conveyed at no cost to the City, shall include an ALTA title policy issued to the City,
shall meet the environmental standards of the City and shall comply with any other conveyance
prerequisites required in the City Code.
D. Equal Employment and Discrimination.
In connection with the performance of all acts or activities hereunder, the Districts shall
not discriminate against any person otherwise qualified with respect to its hiring, discharging,
promoting or demoting or in matters of compensation solely because of race, color, religion,
national origin, gender, age, military status, sexual orientation, gender identity or gender
expression, marital status, or physical or mental disability, and further shall insert the foregoing
provision in contracts or subcontracts entered into by the Districts to accomplish the purposes of
this Service Plan.
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IX. FINANCIAL PLAN/PROPOSED DEBT
This Section IX of the Service Plan describes the nature, basis, method of funding and
financing limitations associated with the acquisition, construction, completion, repair,
replacement, operation and maintenance of Public Improvements.
A. Financial Plan.
The Districts’ Financial Plan, attached as Exhibit I and incorporated by reference,
reflects the Districts’ anticipated schedule for incurring Debt to fund Public Improvements in
support of the Project. The Financial Plan also reflects the schedule of all anticipated revenues
flowing to the Districts derived from Districts mill levies, Fees imposed by the Districts, specific
ownership taxes, and all other anticipated legally available revenues. The Financial Plan is based
on economic, political and industry conditions as they exist presently and reasonable projections
and estimates of future conditions. These projections and estimates are not to be interpreted as
the only method of implementation of the Districts’ goals and objectives but rather a
representation of one feasible alternative. Other financial structures may be used so long they
are in compliance with this Service Plan. The Financial Plan incorporates all of the provisions of
this Section IX.
Based upon the assumptions contained therein, the Financial Plan projects the issuance of
Bonds to fund Public Improvements and anticipated Debt repayment based on the development
assumptions and absorptions of the property in the Service Area by End Users. The Financial
Plan anticipates that the District will acquire, construct, and complete all Public Improvements
needed to serve the Service Area.
The Financial Plan demonstrates that the Districts will have the financial ability to
discharge all Debt to be issued as part of the Financial Plan on a reasonable basis. Furthermore,
the Districts will secure the certification of an External Financial Advisor who will provide an
opinion as to whether such Debt issuances are in the best interest of the Districts at the time of
issuance.
B. Mill Levies.
It is anticipated that the Districts will impose a Debt Mill Levy and an Operating Mill
Levy on all property within the Districts’ boundaries. In doing so, the following shall apply:
1. Aggregate Mill Levy Maximum
The Aggregate Mill Levy shall not exceed in any year the Aggregate Mill Levy
Maximum, which is sixty (60) mills.
2. Regional Mill Levy Not Included in Other Mill Levies
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The Regional Mill Levy shall not be counted against the Aggregate Mill Levy
Maximum.
3. Operating Mill Levy
Each District may impose an Operating Mill Levy of up to sixty (60) mills until that
District imposes a Debt Mill Levy. Once the District imposes a Debt Mill Levy, the
District’s Operating Mill Levy shall not exceed twenty (20) mills at any point.
4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the Taxable
Property changes after January 1, 2018, or any constitutionally mandated tax credit,
cut or abatement, the Districts’ Aggregate Mill Levy, Debt Mill Levy, Operating Mill
Levy, and Aggregate Mill Levy Maximum, amounts herein provided may be
increased or decreased to reflect such changes; such increases or decreases shall be
determined by the District’s Board in good faith so that to the extent possible, the
actual tax revenues generated by such mill levies, as adjusted, are neither enhanced
nor diminished as a result of such change occurring after January 1, 2018. For
purposes of the foregoing, a change in the ratio of actual valuation to assessed
valuation will be a change in the method of calculating assessed valuation.
5. Excessive Mill Levy Pledges
Any Debt issued with a mill levy pledge, or which results in a mill levy pledge, that
exceeds the Aggregate Mill Levy Maximum or the Maximum Debt Mill Levy
Imposition Term, shall be deemed a material modification of this Service Plan and
shall not be an authorized issuance of Debt unless and until such material
modification has been approved by a Service Plan Amendment.
6. Refunding Debt
The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt refunding
purposes if: (1) a majority of the issuing District’s Board is composed of End Users
and have voted in favor of a refunding of a part or all of the Debt; or (2) such
refunding will result in a net present value savings.
7. Maximum Debt Authorization
The Districts anticipate approximately Three Hundred Twenty Five Million One
Hundred Ninety Four Thousand Five Hundred Forty Three Dollars ($325,194,543) in
project costs in 2018 dollars as set forth in Exhibit G, and anticipate issuing
approximately Two Hundred Three Million Dollars ($203,000,000) in Debt to pay
such costs as set forth in Exhibit I, which Debt issuance amount shall be the amount
of the Maximum Debt Authorization. The Districts collectively shall not issue Debt
in excess of the Maximum Debt Authorization. Bonds, loans, notes or other
instruments which have been refunded shall not count against the Maximum Debt
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Authorization. Intergovernmental Capital Pledge Agreements among two or more of
the Districts pledging the collection and payment of property taxes or Fees by one
District for the repayment of Debt by a separate issuing District shall not count
against the Maximum Debt Authorization. The Districts must seek prior resolution
approval by the City Council to issue Debt in excess of the Maximum Debt
Authorization to pay the actual costs of the Public Improvements set forth in Exhibit
G plus inflation, contingencies and other unforeseen expenses associated with such
Public Improvements. Such approval by the City Council shall not constitute a
material modification of this Service Plan requiring a Service Plan Amendment so
long as increases are reasonably related to the Public Improvements set forth in
Exhibit E and any Approved Development Plan.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is
issued. The maximum interest rate on any Debt is not permitted to exceed Twelve Percent
(12%). The maximum underwriting discount shall be three percent (3%). Debt, when issued,
will comply with all relevant requirements of this Service Plan, the Special District Act, other
applicable State law and federal law as then applicable to the issuance of public securities.
D. Interest Rate and Underwriting Discount Certification.
The Districts shall retain an External Financial Advisor to provide a written opinion on
the market reasonableness of the interest rate on any Debt and any underwriter discount paid by
the Districts as part of a Debt financing transaction. The Districts shall provide this written
opinion to the City before issuing any Debt based on it.
E. Disclosure to Purchasers.
In order to notify future End Users who are purchasing residential lots or dwellings units
in the Service Area that they will be paying, in addition to the property taxes owed to other
taxing governmental entities, the property taxes imposed under the Debt Mill Levy, the
Operating Mill Levy and possibly the Regional Mill Levy, Districts shall not be authorized to
issue any Debt under this Service Plan until there is included in the Developer’s Approved
Development Plan provisions that require the following:
1. That the Developer, and its successors and assigns, shall prepare and submit to the
City Manager for his approval a disclosure notice in substantially the form
attached hereto as Exhibit K (the “Disclosure Notice”);
2. That when the Disclosure Notice is approved by the City Manager, the Developer
shall record the Disclosure Notice in the Larimer County Clerk and Recorders
Office; and
3. That the approved Disclosure Notice shall be provided by the Developer, and by
its successors and assigns, to each potential End User purchaser of a residential lot
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or dwelling unit in the Service Area before that purchaser enters into a written
agreement for the purchase and sale of that residential lot or dwelling unit.
F. External Financial Advisor.
An External Financial Advisor shall be retained by the issuing Districts to provide a
written opinion as to whether any Debt issuance is in the best interest of the issuing Districts
once the total amount of Debt issued by the Districts exceeds Five Million Dollars ($5,000,000).
The External Financial Advisor is to provide advice to the issuing Districts’ Boards regarding the
proposed terms and whether Debt conditions are reasonable based upon the status of
development within the Districts, the projected tax base increase in the Districts, the security
offered and other considerations as may be identified by the Advisor. Each issuing District shall
include in the transcript of any Bond transaction, or other appropriate financing documentation
for related Debt instrument, a signed letter from the External Financial Advisor providing an
official opinion on the structure of the Debt, stating the Advisor’s opinion that the cost of
issuance, sizing, repayment term, redemption feature, couponing, credit spreads, payment,
closing date, and other material transaction details of the proposed Debt serve the best interest of
the Districts.
Debt shall not be undertaken by the Districts if found to be unreasonable by the External
Financial Advisor.
G. Disclosure to Debt Purchasers.
Any Debt of the Districts shall set forth a statement in substantially the following form:
“By acceptance of this instrument, the owner of this Debt agrees
and consents to all of the limitations with respect to the payment of
the principal and interest on this Debt contained herein, in the
resolution of the District authorizing the issuance of this Debt and
in the Service Plan of the District. This Debt is not and cannot be a
Debt of the City of Fort Collins”
Similar language describing the limitations with respect to the payment of the principal
and interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a Developer of property
within the Service Area.
H. Security for Debt.
The Districts shall not pledge any revenue or property of the City as security for the
indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed
as a guarantee by the City of payment of any of the Districts’ obligations; nor shall anything in
the Service Plan be construed so as to create any responsibility or liability on the part of the City
in the event of default by the Districts in the payment of any such obligations.
I. TABOR Compliance.
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The Districts shall comply with the provisions of TABOR. In the discretion of the
Districts’ Boards, the Districts may set up other qualifying entities to manage, fund, construct
and operate facilities, services, and programs. To the extent allowed by law, any entity created
by a District will remain under the control of the District’s Board.
J. Districts’ Operating Costs.
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts’ organization and initial
operations, are anticipated to be $200,000, which will be eligible for reimbursement from Debt
proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year’s operating budget is estimated to be $100,000.
Ongoing administration, operations and maintenance costs may be paid from property
taxes collected through the imposition of an Operating Mill Levy as set forth in Section IX.B.3,
as well as other revenues legally available to the Districts.
X. REGIONAL IMPROVEMENTS
The Districts shall be authorized to provide for the planning, design, acquisition, funding,
construction, installation, relocation, redevelopment, administration and overhead costs related to
the provision of Regional Improvements. At the discretion of the City, the Districts shall impose
a Regional Improvement Mill Levy on all property within the Districts’ boundaries under the
following terms:
A. Regional Mill Levy Authority.
The Districts shall seek the authority to impose an additional Regional Mill Levy of five
(5) mills as part of the Districts’ initial TABOR election. The Districts shall also seek from the
electorate in that election the authority under TABOR to enter into an intergovernmental
agreement with the City obligating the Districts to pay as a multiple-fiscal year obligation the
proceeds from the Regional Mill Levy to the City. Obtaining such voter-approval of this
intergovernmental agreement shall be a precondition to the Districts issuing any Debt under this
Service Plan.
B. Regional Mill Levy Imposition.
The Districts shall each impose the Regional Mill Levy at a rate not to exceed five (5)
mills within one year of receiving written notice from the City Manager to the Districts
requesting the imposition of the Regional Mill Levy and stating the mill rate to be imposed.
C. City Notice Regarding Regional Improvements.
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Such notice from the City shall provide a description of the Regional Improvements to be
constructed and an analysis explaining how the Regional Improvements will be beneficial to
property owners within the Service Area. The City shall make a good faith effort to require
planned developments that (i) are adjacent to the Service Area and (ii) will benefit from the
Regional Improvement also impose a Regional Mill Levy, to the extent possible.
D. Regional Improvements Authorized Under Service Plan.
If so notified by the City Manager, the Regional Improvements shall be considered public
improvements that the Districts would otherwise be authorized to design, construct, install re-
design, re-construct, repair or replace pursuant to this Service Plan and applicable law.
E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be expended as
follows:
1. Intergovernmental Agreement
If the City and the Districts have executed an intergovernmental agreement
concerning the Regional Improvements, then the revenue from the Regional Mill
Levy shall be used in accordance with such agreement;
2. No Intergovernmental Agreement
If no intergovernmental agreement exists between the Districts and the City, then
the revenue from the Regional Mill Levy shall be paid to the City, for use by the
City in the planning, designing, constructing, installing, acquiring, relocating,
redeveloping or financing of Regional Improvements which benefit the End Users
of the Districts as prioritized and determined by the City.
F. Regional Mill Levy Term.
The imposition of the Regional Mill Levy shall not exceed a term of twenty-five (25)
years from December 31 of the tax collection year after which the Regional Mill Levy is first
imposed.
G. Completion of Regional Improvements.
All Regional Improvements shall be completed prior to the end of the twenty-five (25)
year Regional Mill Levy term.
H. City Authority to Require Imposition.
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The City’s authority to require the initiation of the imposition of a Regional Mill Levy
shall expire fifteen (15) years after December 31st of the year in which the Districts first imposes
a Debt Mill Levy.
I. Regional Mill Levy Not Included in Other Mill Levies.
The Regional Mill Levy imposed shall not be applied toward the calculation of the
Aggregate Mill Levy.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed after January 1,
2018, or any constitutionally mandated tax credit, cut or abatement, the Regional Mill Levy may
be increased or shall be decreased to reflect such changes; such increases or decreases shall be
determined by the Districts’ Boards in good faith so that to the extent possible, the actual tax
revenues generated by the Regional Mill Levy, as adjusted, are neither enhanced nor diminished
as a result of such change occurring after January 1, 2018. For purposes of the foregoing, a
change in the ratio of actual valuation to assessed valuation will be a change in the method of
calculating assessed valuation.
XI. CITY FEES
The Districts shall pay all applicable City fees as required by the City Code.
XII. BANKRUPTCY LIMITATIONS
All of the limitations contained in this Service Plan, including, but not limited to, those
pertaining to the Aggregate Mill Levy Maximum, Maximum Debt Mill Levy Imposition Term
and Fees, have been established under the authority of the City in the Special District Act to
approve this Service Plan. It is expressly intended that by such approval such limitations: (i) shall
not be set aside for any reason, including by judicial action, absent a Service Plan Amendment;
and (ii) are, together with all other requirements of State law, included in the “political or
governmental powers” reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section
903, and are also included in the “regulatory or electoral approval necessary under applicable
non-bankruptcy law” as required for confirmation of a Chapter 9 Bankruptcy Plan under
Bankruptcy Code Section 943(b)(6).
XIII. ANNUAL REPORTS AND BOARD MEETINGS
A. General.
Each of the Districts shall be responsible for submitting an annual report to the City Clerk
no later than September 1st of each year following the year in which the Order and Decree
creating the Districts has been issued. They Districts may file a consolidated annual report. The
annual report may be made available to the public on the City’s website.
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B. Board Meetings.
Each of the Districts’ Boards shall hold at least one public board meeting in three of the
four quarters of each calendar year, beginning in the first full calendar year after the Districts’
creation. Notice for each of these meetings shall be given in accordance with the requirements
of the Special District Act and other applicable State Law. This meeting requirement shall not
apply until there is at least one End User of property within the District. Also, this requirement
shall no longer apply when a majority of the directors on the District’s Board are End Users.
C. Report Requirements.
Unless waived by the City Manager, each of the Districts’ annual report must include the
following:
1. Narrative
A narrative summary of the progress of the District in implementing its Service
Plan for the report year.
2. Financial Statements
Except when exemption from audit has been granted for the report year under the
Local Government Audit Law, the audited financial statements of the District for
the report year including a statement of financial condition (i.e., balance sheet) as
of December 31 of the report year and the statement of operation (i.e., revenue
and expenditures) for the report year.
3. Capital Expenditures
Unless disclosed within a separate schedule to the financial statements, a
summary of the capital expenditures incurred by the District in development of
improvements in the report year.
4. Financial Obligations
Unless disclosed within a separate schedule to the financial statements, a
summary of financial obligations of the District at the end of the report year,
including the amount of outstanding Debt, the amount and terms of any new
District Debt issued in the report year, the total assessed valuation of all Taxable
Property within the Service Area as of January 1 of the report year and the current
total District mill levy pledged to Debt retirement in the report year.
5. Board Contact Information
The names and contact information of the current directors on the District’s
Board, any District manager and the attorney for the District shall be listed in the
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report. The District’s current office address, phone number, email address and
any website address shall also be listed in the report.
6. Other Information
Any other information deemed relevant by the City Council or deemed reasonably
necessary by the City Manager.
D. Reporting of Significant Events.
The annual report of each District shall also include information as to any of the
following that occurred during the report year:
1. Boundary changes made or proposed to the District’s boundaries as of
December 31 of the report year.
2. Intergovernmental Agreements with other governmental entities, either
entered into or proposed as of December 31 of the report year.
3. Copies of the District’s rules and regulations, if any, or substantial changes to
the District’s rules and regulations as of December 31 of the report year.
4. A summary of any litigation which involves the District’s Public
Improvements as of December 31 of the report year.
5. A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the City as of December 31 of the report
year.
6. Notice of any uncured events of default by the District, which continue
beyond a ninety (90) day period, under any Debt instrument.
7. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a
ninety (90) day period.
E. Failure to Submit.
In the event the annual report is not timely received by the City Clerk or is not fully
responsive, notice of such default shall be given to the District’s Board at its last known address.
The failure of the District to file the annual report within forty-five (45) days of the mailing of
such default notice by the City Clerk may constitute a material modification of the Service Plan,
at the discretion of the City Manager.
XIV. SERVICE PLAN AMENDMENTS
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This Service Plan is general in nature and does not include specific detail in some
instances. The Service Plan has been designed with sufficient flexibility to enable the Districts to
provide required improvements, services and facilities under evolving circumstances without the
need for numerous amendments. Modification of the general types of improvements and
facilities making up the Public Improvements, and changes in proposed configurations, locations
or dimensions of the Public Improvements, shall be permitted to accommodate development
needs consistent with the then-current Approved Development Plans for the Project. Any action
of one or more of the Districts, which is a material modification of this Service Plan requiring a
Service Plan Amendment as provided in Section XV of this Service Plan or any other applicable
provision of this Service Plan, shall be deemed to be a material modification to this Service Plan
unless otherwise expressly provided in this Service Plan. All other departures from the
provisions of this Service Plan shall be considered on a case-by-case basis as to whether such
departures are a material modification under this Service Plan or the Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C.R.S.
Section 32-1-207 as a Service Plan Amendment. No modification shall be required for an action
of the Districts that does not materially depart from the provisions of this Service Plan, unless
otherwise provided in this Service Plan.
Departures from the Service Plan that constitute a material modification requiring a
Service Plan Amendment include, without limitation:
1. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the Districts;
2. Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement,
service, function or facility authorized in the Service Plan;
3. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
4. Failure to comply with any of the prohibitions, limitations and restrictions of this
Service Plan.
Actions that are not to be considered material modifications include without limitation
changes in quantities of improvements, facilities or equipment; immaterial cost differences; and
actions expressly authorized in this Service Plan.
XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which any
District was created have been accomplished, the District shall file a petition in district court for
dissolution as provided in the Special District Act. In no event shall dissolution occur until the
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District has provided for the payment or discharge of all of its outstanding indebtedness and
other financial obligations as required pursuant to the Special District Act and any other
applicable State law.
XVII. SANCTIONS
Should any of the Districts undertake any act without obtaining prior City Council
approval or consent or City Manager approval or consent, as required in this Service Plan, or that
constitutes a material modification to this Service Plan requiring a Service Plan Amendment as
provided herein or under the Special Districts Act, the City Council may impose one (1) or more
of the following sanctions, as it deems appropriate:
1. Exercise any applicable remedy under the Special District Act;
2. Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District’s
development or construction or operation of improvements or provision of
services;
3. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
4. Exercise any other legal and equitable remedy available under the law, including
seeking injunctive relief against the District, to ensure compliance with the
provisions of the Service Plan or applicable law.
XVIII. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2),
establishes that:
1. There is sufficient existing and projected need for organized service in the Service
Area to be served by the Districts;
2. The existing service in the Service Area to be served by the Districts is inadequate for
present and projected needs;
3. The Districts are capable of providing economical and sufficient service to the
Service Area; and
4. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XIX. RESOLUTION OF APPROVAL
29
The Districts agree to incorporate the City Council’s resolution approving this Service
Plan, including any conditions on any such approval, into the copy of the Service Plan presented
to the District Court for and in Larimer County, Colorado.
30
EXHIBIT A
Legal Description of Initial District Boundaries
31
EXHIBIT B
Initial District Boundary Map
32
EXHIBIT C
Legal Description of Inclusion Area Boundaries
33
EXHIBIT D
Inclusion Area Boundary Map
34
EXHIBIT E
Public Improvements
Description of Public Improvements
a. Streets.
On-site and off-site streets, curbs, gutters, culverts, other drainage facilities, sidewalks, bridges,
parking facilities, paving, lighting, grading, utility relocation necessitated by public rights-of-
way, monumentation, signage, snow removal, streetscapes and related landscaping and irrigation
improvements, together with all necessary, incidental and appurtenant facilities, equipment, land
and easements and extensions of and improvements to such facilities.
b. Water.
On-site and off-site potable and non-potable water supply improvements, including water rights,
storage facilities, transmission and distribution lines, pumping stations, fire hydrants, meters,
facilities, equipment, and related landscaping and irrigation improvements, together with all
necessary, incidental and appurtenant facilities, equipment, land and easements, and extensions
of and improvements to such facilities.
c. Storm and Sanitary Sewer.
On-site and Off-site storm and sanitary sewer collection and transmission improvements,
including storage facilities, collection mains and laterals, pumping stations, lift stations,
transmission lines, storm sewer, flood and surface drainage facilities and systems, and related
landscaping and irrigation improvements, together with all necessary, incidental and appurtenant
facilities, equipment, land and easements and extensions of and improvements to such facilities.
d. Parks and Recreation.
On-site and off-site public park, open space and recreation facilities or services, including parks,
bike paths, pedestrian ways, public plazas and courtyards, water features, signage,
monumentation, art, gardens, farm facilities, orchards, picnic areas, recreation facilities,
playground equipment/areas, park shelters, public area landscaping and weed control,
streetscaping, outdoor lighting of all types, and related landscaping and irrigation improvements,
together with all necessary, incidental and appurtenant facilities, equipment, land and easements,
and extensions of and improvements to such facilities.
35
EXHIBIT F
Vicinity Map
36
EXHIBIT G
Public Improvement Cost Estimates
JOB NO. DATE: BY:
1230.0001.00 6/27/2018 JAZ
No. Item Quantity Units Unit Cost Total
$11,000,000
$21,499,312
$105,255,350
$15,732,500
$11,081,500
$13,814,500
$10,286,290
$8,000,000
$44,215,395
$240,884,847
$48,176,969
$36,132,727
$325,194,543
This is a conceptual opinion of cost and supplied only as a guide. TST is not responsible for fluctuation in costs of material,
labor or unforeseen contingencies.
Total Infrastructure Cost
EARTHWORK
NONPOTABLE WATER (ONSITE & OFFSITE)
ADMINISTRATIVE & MISCELLANEOUS
Contingency (20% of Costs)
Engineering / Survey / C. M. (15% of Costs)
CONCEPTUAL OPINION OF COST
PROJECT:
Montava Metropolitan Districts
Additional Costs
Construction Costs
WATER (ONSITE & OFFSITE)
LANDSCAPING, TRAILS, OPEN SPACE, AND FARM FACILITIES
STORM SEWER (ONSITE & OFFSITE)
RECREATION FACILITIES
SANITARY SEWER (ONSITE & OFFSITE)
STREETS (ONSITE & OFFSITE)
37
EXHIBIT H
Public Improvements Maps
38
EXHIBIT I
Financial Plan
MONTAVA METROPOLITAN DISTRICT
1 Development Projection -- Total Available Revenues -- Service Plan
2050
Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds
2082
SP#1 SP#2 SP#3 SP#4 SP#5 SP#6 [All Plans]
Total Total Total Total Total Total Total
Available Available Available Available Available Available Available
YEAR Revenue Revenue Revenue Revenue Revenue Revenue Revenue
20170000000
20180000000
2019 0 0 0 0 0 0 0
2020 230,000 0 0 0 0 0 230,000
2021 504,915 0 0 0 0 0 504,915
2022 904,411 0 0 0 0 0 904,411
2023 1,421,428 0 0 0 0 0 1,421,428
2024 1,674,813 205,000 0 0 0 0 1,879,813
2025 2,078,593 542,656 0 0 0 0 2,621,249
2026 2,203,309 889,802 0 0 0 0 3,093,111
2027 2,203,309 1,522,869 0 0 0 0 3,726,178
2028 2,335,507 1,783,146 365,000 0 0 0 4,483,653
2029 2,335,507 2,163,700 486,881 0 0 0 4,986,088
2030 2,475,638 2,293,522 905,929 0 0 0 5,675,089
2031 2,475,638 2,293,522 1,527,124 0 0 0 6,296,284
2032 2,624,176 2,431,134 1,740,041 160,000 0 0 6,955,350
2033 2,624,176 2,431,134 2,108,769 429,413 0 0 7,593,492
2034 2,781,627 2,577,002 2,235,295 842,626 0 0 8,436,549
2035 2,781,627 2,577,002 2,235,295 1,341,070 0 0 8,934,993
2036 2,948,524 2,731,622 2,369,413 1,810,499 110,000 0 9,970,058
2037 2,948,524 2,731,622 2,369,413 1,969,969 197,280 0 10,216,808
2038 3,125,436 2,895,519 2,511,578 2,088,167 295,876 0 10,916,576
2039 3,125,436 2,895,519 2,511,578 2,088,167 537,699 0 11,158,398
2040 3,312,962 3,069,250 2,662,272 2,213,458 632,734 95,000 11,985,676
2041 3,312,962 3,069,250 2,662,272 2,213,458 756,274 41,443 12,055,659
2042 3,511,739 3,253,405 2,822,009 2,346,265 801,651 297,214 13,032,283
2043 3,511,739 3,253,405 2,822,009 2,346,265 801,651 258,163 12,993,232
2044 3,722,444 3,448,610 2,991,329 2,487,041 849,750 475,094 13,974,267
2045 3,722,444 3,448,610 2,991,329 2,487,041 849,750 514,518 14,013,691
2046 3,945,790 3,655,526 3,170,809 2,636,263 900,735 592,608 14,901,731
2047 3,945,790 3,655,526 3,170,809 2,636,263 900,735 592,608 14,901,731
2048 4,182,538 3,874,858 3,361,057 2,794,439 954,779 628,164 15,795,835
2049 4,182,538 3,874,858 3,361,057 2,794,439 954,779 628,164 15,795,835
2050 4,433,490 4,107,349 3,562,721 2,962,106 1,012,065 665,854 16,743,585
2051 4,433,490 4,107,349 3,562,721 2,962,106 1,012,065 665,854 16,743,585
2052 4,699,500 4,353,790 3,776,484 3,139,832 1,072,789 705,805 17,748,200
2053 4,699,500 4,353,790 3,776,484 3,139,832 1,072,789 705,805 17,748,200
2054 0 4,615,017 4,003,073 3,328,222 1,137,157 748,153 13,831,622
2055 0 4,615,017 4,003,073 3,328,222 1,137,157 748,153 13,831,622
2056 0 4,891,919 4,243,257 3,527,915 1,205,386 793,043 14,661,520
2057 0 4,891,919 4,243,257 3,527,915 1,205,386 793,043 14,661,520
2058 0 0 4,497,853 3,739,590 1,277,709 840,625 10,355,777
2059 0 0 4,497,853 3,739,590 1,277,709 840,625 10,355,777
2060 0 0 4,767,724 3,963,965 1,354,372 891,063 10,977,124
2061 0 0 4,767,724 3,963,965 1,354,372 891,063 10,977,124
2062 0 0 0 4,201,803 1,435,634 944,527 6,581,964
2063 0 0 0 4,201,803 1,435,634 944,527 6,581,964
2064 0 0 0 4,453,911 1,521,772 1,001,198 6,976,882
2065 0 0 0 4,453,911 1,521,772 1,001,198 6,976,882
2066 0 0 0 0 1,613,078 1,061,270 2,674,348
2067 0 0 0 0 1,613,078 1,061,270 2,674,348
1
2050
2082
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
1
2050
2082
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
MONTAVA METROPOLITAN DISTRICT
Development Summary (Aggregate)
Development Projection -- Buildout Plan (updated 6/20/18)
Residential Development Commercial Development
Product Type
SFDs MF Retail Office Industrial
Base $ ('18) $450,000 $225,000 $150/sf $200/sf $100/sf
Res'l Totals Comm'l SF Total*
2017 - - - - - - -
2018 - - - - - - -
2019 - - - - - - -
2020 160 50 210 20,000 - - 20,000
2021 175 150 325 20,000 - 30,000 50,000
2022 170 125 295 20,000 - 40,000 60,000
2023 180 100 280 25,000 15,000 20,000 60,000
2024 180 - 180 25,000 - - 25,000
2025 180 180 360 - 25,000 30,000 55,000
2026 180 90 270 10,000 10,000 - 20,000
2027 160 90 250 10,000 10,000 40,000 60,000
2028 175 180 355 10,000 - - 10,000
2029 175 80 255 - 10,000 40,000 50,000
2030 160 100 260 10,000 10,000 - 20,000
2031 130 - 130 10,000 - 40,000 50,000
2032 140 - 140 20,000 - - 20,000
2033 150 100 250 - 30,000 50,000 80,000
2034 140 100 240 10,000 20,000 50,000 80,000
2035 - 120 120 - - 30,000 30,000
2036 - 110 110 - - - -
2037 - 100 100 10,000 - 50,000 60,000
2038 - 110 110 - 10,000 - 10,000
2039 - 75 75 - - 25,000 25,000
2040 - - - - 20,000 - 20,000
2041 - 75 75----
2042 - 75 75 10,000 20,000 - 30,000
2043 - - - - 10,000 - 10,000
2044 - - - - 10,000 - 10,000
2045 - - - - - - -
2046 - - - - - - -
2047 - - - - - - -
2,455 2,010 4,465 210,000 200,000 445,000 855,000
MV @ Full Buildout $1,104,750,000 $452,250,000 $1,557,000,000 $31,500,000 $40,000,000 $44,500,000 $116,000,000
(base prices;un-infl.)
AV @ Full Buildout $112,104,000 $33,640,000
(base prices;un-infl.) 77% of AV 23% of AV
notes:
Platted/Dev Lots = 10% MV; one-yr prior
Base MV $ inflated 2% per annum
6/21/2018 D MMD Fin Plan 18.xlsx Dev Summary Prepared by D.A. Davidson & Co.
4
Jun 20, 2018 4:45 pm Prepared by D.A. Davidson & Co Quantitative Group~MK (Montava MD 17:SPLBD)
SOURCES AND USES OF FUNDS
MONTAVA METROPOLITAN DISTRICT
Combined Results
~~~~~~~~
GENERAL OBLIGATION BONDS, SERIES 2023, 2027, 2031, 2035, 2039 & 2044
SUBORDINATE BONDS, SERIES 2019B
~~~
[ Preliminary -- for discussion only ]
Dated Date 12/01/2023 12/01/2027 12/01/2031 12/01/2035 12/01/2039 12/01/2044 12/01/2019
Delivery Date 12/01/2023 12/01/2027 12/01/2031 12/01/2035 12/01/2039 12/01/2044 12/01/2019
Sources: SERIES 2023A SERIES 2027A SERIES 2031A SERIES 2035A SERIES 2039A SERIES 2044A SERIES 2019B Total
Bond Proceeds:
Par Amount 40,425,000.00 42,075,000.00 40,995,000.00 38,300,000.00 14,635,000.00 11,160,000.00 15,157,000.00 202,747,000.00
40,425,000.00 42,075,000.00 40,995,000.00 38,300,000.00 14,635,000.00 11,160,000.00 15,157,000.00 202,747,000.00
Uses: SERIES 2023A SERIES 2027A SERIES 2031A SERIES 2035A SERIES 2039A SERIES 2044A SERIES 2019B Total
Project Fund Deposits:
Project Fund 35,572,991.67 37,024,791.67 36,074,391.67 33,702,866.67 12,880,858.33 9,819,950.00 14,702,290.00 179,778,140.01
Other Fund Deposits:
Debt Service Reserve Fund 3,235,008.33 3,367,208.33 3,280,808.33 3,065,133.33 1,168,741.67 893,650.00 15,010,549.99
Delivery Date Expenses:
Cost of Issuance 1,617,000.00 1,683,000.00 1,639,800.00 1,532,000.00 585,400.00 446,400.00 454,710.00 7,958,310.00
40,425,000.00 42,075,000.00 40,995,000.00 38,300,000.00 14,635,000.00 11,160,000.00 15,157,000.00 202,747,000.00
5
39
EXHIBIT J
“PUBLIC BENEFITS”
1. New Urbanism: New Urbanism is an urban design movement which promotes
environmentally friendly habits by creating walkable neighborhoods containing a wide range of
housing and job types. Montava has been designed by the industry leaders in New Urbanist
design, DPZ, and it influences every aspect of the Project.
The Project may implement New Urbanism by one or more of the following:
a. Creating a mixed-use town center integrated with surrounding neighborhood
fabric;
b. Developing the site as a series of neighborhoods with centers, based on a 5-
minute walk shed;
c. Mixing housing types and intensities within each neighborhood;
d. Creating walkable streets and trails that connect meaningful destinations;
e. Distributing traffic through a network of connected streets;
f. Integrating market rate and affordable housing.
2. Agri-Urban Development: Montava will have an approximately 40 acre organic farm.
The farm will serve the entire community of the City with the highest quality, wide variety of
locally grown organic vegetables. While there may be other uses on the farm in the long term,
the primary business model is intended to be organic vegetables.
3. Zero Energy Ready Homes: Montava’s residential development will be built to the
Department of Energy’s Zero Energy Ready Home “ZERH” standard.
4. Multi-Modal Transportation: Montava will include multi-modal transportation design and
integration with the entire community of the City from the beginning, which may include bicycle
paths to future transit integration. Activating the community trail system and integrating that
into the overall City trail network, is an area of direct impact the Montava will make. The
Districts may build and maintain the trail system that is internal to Montava and can also be used
to facilitate the construction of “off site” trail systems to integrate Montava with the rest of the
City.
OTHER EXTRAORDINARY BENEFITS OF THE PROJECT*
Energy and Water Conservation:
x The developer is working with the City of Fort Collins Utility to create a community that
is founded on renewable energy use, energy conservation, with community wide impact.
An example we are working on could include every home having a battery which is
charged at night by the city’s wind turbine power generation, and used during the day by
the Utility for solar smoothing.
40
x 85% of the irrigation needs will be met by non-potable water sources, and the community
overall will be managed from a “we conserve resources” perspective though the Districts.
x The Developer is exploring management by the a community wide “in home” water
conservation effort by acting as the middle man between ELCO and individual home
owners. By purchasing water with a master meter, the District can remove the excessive
water dedication needed to account for individual variation in use. By implementing a
community wide water conservation approach managed by the Districts, the developer
expects to achieve a substantial savings in overall water use.
Community Park: Integration is at the heart of what Montava represents. The developer is
working with the City’s Parks department to create an 80+ acre community park that will be an
activity and enjoyment hub for all NE Fort Collins. The intention is to activate this park from
the beginning of Montava’s life, not 20+ years in the future as the current plan dictates. This
allows an entire generation of City residents to enjoy it. The Districts are anticipated to fund
portions of this effort directly, and it’s use for traditional infrastructure offers flexibility for
additional developer investment and flexible terms that can make this early development
possible.
Natural Areas: The developer is working to provide natural areas in serval ways, including the
naturalization of over 150 acres of storm water land that will become a beautiful natural amenity
to the entire area, while protecting all of east Fort Collins from floods. The developer will also
be incorporating, where possible, nature in the City throughout Montava. Both of these efforts
can be activated and supported if necessary by Districts.
Affordable Housing: Affordable housing is a national crisis, and is not new to the City real
estate reality. Montava has been designed from the very beginning to incorporate substantial
affordable housing options including both innovative single site multi family, and creative
distributed ownership model affordable housing. The developer intend for at least 10% of the
housing units in Montava to be affordable, distributed between both owned and “for rent” units.
The developer intends to partner with the City, Housing Catalyst, Land Trusts like Elevations,
and many other partners to attack this challenging problem. Every aspect of this costs additional
money beyond traditional development costs. In this area, the Districts have a strong but indirect
benefit. Having the Districts to help offset traditional infrastructure costs enables more flexible
and aggressive approaches to integrating affordable housing into the community by enabling
land sales below market, the offset of infrastructure costs in lot costs, and other areas.
Housing Variety: Housing variety is a critical element of building a Traditional Neighborhood
Design community. DPZ specializes in designing communities with tremendous, and beautiful,
integration of diverse and wide ranging housing options. When done intentionally, and with the
best expertise which we have hired, creates an incredible living environment that is unlike 99%
of what has been built in the past 50+ years in our country. This costs more money in all phases
of planning, designing, and execution of development. The Districts have an indirect impact on
our ability to close the gap on these additional costs.
Innovation: Innovation is taking many forms in Montava. The developer is working with CSU
in multiple areas including agriculture, waste water, energy and affordable housing. The
41
developer is working with global leader Siemens in partnership with the City of Fort Collins
Utility to create an incredibly innovative integration of technology around both energy and daily
life. The developer intends to make the Fort Collins Broadband a foundational technology for
every home owner from day-one.
Employment: Employment opportunities exist where highly educated and innovative people
live, and community services and amenities are offered to those employees. The developer is
working to create a place where employers will want to open businesses, and their innovative
employees will want to live. The developer has made room in the appropriate areas of its Master
Plan for this type of use.
Community Services: The town center is intended to include things like community retail and
commercial opportunities. The developer intends to partner with the City to develop a
Community Rec Center, and with the Poudre Library District to develop a library for the next
generation. The Districts may be used to help fund various aspects of public facilities like the
Rec Center.
*(Not considered “Public Benefits” for the purpose of this Service Plan)
Description of New Urbanist Principles Which May Be Implemented in Montava
1. Creating a mixed-use town center integrated with surrounding neighborhood fabric.
Montava intends to include a wide range of uses and housing, specifically on display in
the town center and early development phases. The town center includes stand-alone
commercial, incubator commercial, office, entertainment, mixed-use, multi-family, and high
intensity single family. It is located along the southern edge of Montava to knit together both
development in Montava and future development to the south. The town center is in a traditional
town center format, with walkable streets that extend beyond the center, into the surrounding
neighborhood fabric. While accessible by car, the town center is located at the convergence of
major and minor streets, trails, and open space amenities. Within the core of the town center,
more dense development is planned, including non-residential and multi-family residential at
relatively high densities. Moving out from the town center towards the adjacent neighborhoods,
the density steps down slightly and a variety of different housing types mix together. To achieve
this intensity and connected network of streets and trails, careful planning, engineering, and
financing are necessary to implement dense infrastructure, a tight grid of streets, on and off-street
trails, and stormwater, including existing and future ditches.
2. Developing the site as a series of neighborhoods with centers, based on a 5-minute walk shed.
Montava is intended to be phased as a series of neighborhoods, varying in character and
intensity. While the site is intended to appear to be a continual grid, natural topographic features,
trails, streets, and stormwater facilities divide it into sub-areas that will develop their own
42
identity within the whole of Montava. Each neighborhood is intended to be designed to include a
mix of housing types and intensities. Neighborhoods may be located to either address a series of
amenities along its edge, such as parks, schools, and gardens, or a strong amenity within its
boundaries. Each neighborhood is intended to be analyzed on the scale of a 5-minute walk (more
or less), within which smaller amenities and playgrounds are planned, near to housing. The town
center, the farm, and the City park may serve as major amenities, drawing people together with
the majority able to reach one or more easily by foot. Achieving this structure requires a
connected grid of streets that move from one neighborhood to another, and the ability to vary
density and use within each. Connections between and through neighborhoods are necessary for
the success of Montava’s major amenities, including the town center.
3. Mixing housing types and intensities within each neighborhood.
Each neighborhood is intended to include at least 3 zones of intensity, which is a key
New Urban metric for achieving diverse and walkable communities. While some neighborhoods
overall may be lower in intensity and others higher, within each neighborhood housing types are
intended to be mixed. This mixing allows for an overall higher intensity of housing by ensuring
distribution of higher intensity housing which can be problematic when concentrated. In addition
to density through mixed-use, Montava seeks to achieve density through smaller lots and houses,
arranged in courts and clusters. These are mixed into each neighborhood, adding intensity while
integrating into neighborhood character. A key to achieving intensity and a mix of housing is
having a consistent system of alleys. Higher intensity housing does not work without a system of
alleys, and the alley allows housing of different types and scales to coexist by removing the
eyesores of parking and service from streets.
4. Creating walkable and bike able streets and trails that connect meaningful destinations.
Walkability relies upon well designed streets, systems of trails, and distributed
destinations to encourage walking and biking rather than driving. Creating a walkable place isn’t
only about travel mode either, it is about connecting neighbors with each other and promoting
public health by encouraging residents to spend time out in the community. Walkability begins
with a pattern of development that moves cars from the front to the back, behind homes and
businesses usually accessed by alleys. The design of the street space makes pedestrians feel
comfortable by reducing the amount of street space given to cars and providing quality street
trees, lighting scaled and designed for pedestrians, and comfortable sidewalks. Sidewalks must
also be scaled to the intensity of the area. In lower intensity areas, two people should be able to
walk abreast. In higher intensity areas, room for 3 or 4 people next to each other is necessary.
On-street parking is another key feature of walkability, shielding pedestrians from moving cars.
Reducing pavement width and car speed makes most streets bike able, but key routes are also
configured as bike boulevards and others with dedicated facilities. Combined with walkable
streets, the regional trail network is connected into the core of Montava, and additional trails are
provided through the center and along the edge. Destinations in Montava are distributed to
encourage pedestrian and bike movement throughout the site, and to encourage neighborliness.
The farm anchors the NE corner, along with farm-related retail and services in a small
neighborhood center. The high school and middle school anchor the SE corner. The western edge
is anchored by the City park and the elementary school. And the core of Montava is anchored by
43
the town center, central square, and a grand avenue connecting the farm and town center to each
other.
5. Distributing traffic through a network of connected streets.
A connected grid of streets is a core new urbanist principle. Montava has a strong street
grid that creates walkable blocks and distributes traffic throughout the site. The street network
makes key connections to existing neighbors and along significant arterials. Within Montava the
street network is primarily made up of low-speed, pedestrian-centric streets, meant to distribute
and slow traffic while creating a significant amount of capacity. The grid integrates Timberline,
Mountain Vista, Giddings, Country Club, and Richard’s Lake, with numerous connections in-
between.
6. Integrating market rate and affordable housing.
Along with mixing housing types, Montava strives to include affordable housing
throughout. Housing affordability is achieved within the market and through subsidy. On the
market side, the range of housing will include large, expensive housing as well as small,
inexpensive housing, and everything in-between. Market rate housing is made more affordable
by limiting the lot size and building size, and arranging housing in courts and on pedestrian ways
that reduce infrastructure cost per unit. Subsidized housing is also integrated into Montava, using
a strategy of dispersion rather than concentration. Historically areas of concentrated poverty
create self-perpetuating cycles and are targets for community pushback. Distributing subsidized
housing throughout Montava reduces any associated negative impacts while it also helps break
the cycle of poverty by removing social barriers. Both market-based and subsidized housing
benefit from reduced or deferred infrastructure costs, lowering the base cost of improved
property.
44
EXHIBIT K
Disclosure Notice
ªª NOTICE OF INCLUSION IN A RESIDENTIAL METROPOLITAN DISTRICT
AND POSSIBLE PROPERTY TAX CONSEQUENCES
Legal description of the property and address:
(Insert legal description and property address).
This property is located in the following metropolitan district:
(Insert District Name).
In addition to standard property taxes identified on the next page, this property is subject to a
metropolitan district mill levy (another property tax) of up to:
(Insert mill levy maximum).
Based on the property’s inclusion in the metropolitan district, an average home sales price of
$300,000 could result in ADDITIONAL annual property taxes up to:
(Insert amount).
The next page provides examples of estimated total annual property taxes that could be due on
this property, first if located outside the metropolitan district and next if located within the
metropolitan district. Note: property that is not within a metropolitan district would not pay
the ADDITIONAL amount.
The metropolitan district board can be reached as follows:
(Insert contact information).
You may wish to consult with: (1) the Larimer County Assessor’s Office, to determine the
specific amount of metropolitan district taxes currently due on this property; and (2) the
metropolitan district board, to determine the highest possible amount of metropolitan district
property taxes that could be assessed on this property.
ESTIMATE OF PROPERTY TAXES
Annual Tax Levied on Residential Property With $300,000 Actual Value Without the District
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert amount
Annual Tax Levied on Residential Property With $300,000 Actual Value With the District
(Assuming Maximum District Mill Levy)
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert District Name Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert total
**This estimate of mill levies is based upon mill levies certified by the Larimer County Assessor’s Office in
December 20__ for collection in 20__, and is intended only to provide approximations of the total overlapping mill
levies within the District. The stated mill levies are subject to change and you should contact the Larimer County
Assessor’s Office to obtain accurate and current information.
FINANCIAL HEALTH OF METROPOLITAN DISTRICT
Financial information for (Insert District Name Here) as of (Insert Date of Last Annual Report
Here):
Notes Amount
Total Assessed Value Insert Notes Insert Amount
Current Mill Levy & Annual Revenue Insert Mill Insert Amount
Current Debt Mill Levy & Annual Revenue Insert Mill Insert Amount
Outstanding Debt Insert Term Insert Amount
Anticipated Payoff Year Insert Notes Insert Amount
Additional information regarding (Insert District Name Here) financial health and formation can
be found at the City of Fort Collins website, available at: fcgov.com.
In addition, the Colorado Department of Local Affairs may have the following materials
available:
Audited Financial Statements
Annual Budget
Annual Report on the Service Plan
Certification of Election Results
Certification of Tax Levies
Notice of Authorization of General Obligation Debt
Notice of Issuance of General Obligation Debt
Transparency – Notice to Electors
Available at:
https://dola.colorado.gov/lgis/lgFinances.jsf
Or
Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203
(303) 864-7720
Fax: (303) 864-0751
OR
Contact the District at:
_________Metropolitan District ______
_________[Address]________________
_________[Address]________________
_________[Phone]__________________
_________[Fax]____________________
_________[Email]___________________
CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
CERTIFICATION OF MAILING NOTICE OF PUBLIC HEARING
IN RE MONTAVA METROPOLITAN DISTRICT NOS. 1-7, CITY OF FORT COLLINS,
COUNTY OF LARIMER, STATE OF COLORADO
I, Hayley M. Budzinski, of lawful age and duly sworn, state:
1. I am a paralegal at the law firm of White Bear Ankele Tanaka & Waldron acting
on behalf of the proposed District in the above captioned matter.
2. That, pursuant to Section 32-1-204(1.5), C.R.S., the Notice of Public Hearing on
Service Plan, a copy of which is attached hereto as Exhibit A, was provided by U.S. first class
mail on August 21, 2018, to the owners of record of all real property within the District as such
owners of record are listed in the proposed service plan, as set forth on the list attached hereto as
Exhibit B.
Signed this 21st
day of August, 2018.
By:
Hayley M. Budzinski
1938.0003; 921444
EXHIBIT B
EXHIBIT A
NOTICE OF PUBLIC HEARING ON SERVICE PLAN
NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF SPECIAL DISTRICTS
IN RE THE ORGANIZATION OF THE MONTAVA METROPOLITAN DISTRICT NOS. 1-7, CITY OF
FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
NOTICE IS HEREBY GIVEN that, pursuant to § 32-1-204(1), C.R.S., a Service Plan (the “Service Plan”)
for the proposed Montava Metropolitan District Nos. 1-7 (“Districts”) has been filed and is available for
public inspection in the office of the City Clerk of the City of Fort Collins.
A public hearing on the Service Plan will be held by the City Council of the City of Fort Collins (the “City
Council”) on Tuesday, September 4, 2018, at 6:00 p.m., at City Council Chambers, City Hall West, 300
LaPorte Avenue, Fort Collins, Colorado, or as soon thereafter as the City Council may hear such matter.
The Districts are metropolitan districts. Public improvements authorized to be planned, designed, acquired,
constructed, installed, relocated, redeveloped and financed, specifically including related eligible costs for
acquisition and administration, as authorized by the Special District Act, except as specifically limited in the
Service Plan to serve the future taxpayers and property owners of the Districts as determined by the Board of
the Districts in its discretion. The proposed maximum mill levy each District is permitted to impose upon the
taxable property within its boundaries and shall be sixty (60) mills for district improvements and operating
costs, plus up to five (5) mills for regional improvements if required by the City, subject to the limitations set
forth in the Service Plan.
The proposed districts will be located generally on the undeveloped property south of Richards Lake Road,
west of I-25 Intersection, north of E. Vine Drive, and east of Turnberry Road. A description of the land
contained within the boundaries of the proposed Districts is as follows: A parcel of land located in east half
of Section 32, and the west half of Section 33, Township 8 North, Range 68 West of the Sixth Principal
Meridian, and the north half of Section 4, Township 7 North, Range 68 West of the Sixth Principal Meridian,
City of Fort Collins, County of Larimer, State of Colorado, containing approximately 998.49 acres, as further
described in the Service Plan.
NOTICE IS FURTHER GIVEN that pursuant to § 32-1-203(3.5), C.R.S., any person owning property in the
proposed Districts may request that such property be excluded from the Districts by submitting such request
to the Fort Collins City Council no later than ten days prior to the public hearing.
All protests and objections must be submitted in writing to the City Manager at or prior to the public
hearing or any continuance or postponement thereof in order to be considered. All protests and
objections to the Districts shall be deemed to be waived unless presented at the time and in the manner
specified herein.
BY ORDER OF THE CITY COUNCIL OF THE
CITY OF FORT COLLINS AS PROVIDED IN
COUNCIL RESOLUTION 2008-069
Published in: Fort Collins Coloradan
Published on: August 21, 2018
EXHIBIT B
MAILING LIST
Parcel Owner Address City State Zip
88320‐00‐001 Anheuser‐Busch Foundation c/o Anheuser‐Busch Companies 1 Busch Place St. Louis CO 63118‐1849
88320‐00‐905 Poudre R‐1 School District 2407 LaPorte Ave Fort CollinsCO 80521‐2211
EXHIBIT C
2073
2074
MONTAVA METROPOLITAN DISTRICT
Development Projection -- Total Available Revenues -- Service Plan
Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds
Cash-Flow Bonds >>>
Surplus Total CF Bond Less Payments Accrued
Available for Application Available for Date Bond Interest Toward Interest Less Payments Balance of Sub Bonds Less Payments Balance of Total Surplus Surplus Cum. Surplus
CF Bond of Prior Year CF Bond Bonds on Balance Sub Bond + Int. on Bal. @ Toward Accrued Accrued Principal Toward Bond CF Bond CF Bond Cash Flow Release
Debt Service Surplus Debt Service Issued 7.00% Interest 7.00% Interest Interest Issued Principal Principal Pmts.
0 0 12/1/19 41,261 0 41,261 0 41,261 15,157,000 0 15,157,000 0 0 0
0 0 0 1,060,990 0 1,063,878 0 1,105,139 0 15,157,000 0 0 0 0
0001,060,9900 1,138,3500 2,243,489 0 15,157,0000000
0001,060,9900 1,218,0340 3,461,523 0 15,157,0000000
0001,060,9900 1,303,2970 4,764,820 0 15,157,0000000
0 0 0 1,060,990 0 1,394,527 0 6,159,347 0 15,157,000 0 0 0 0
0 0 0 1,060,990 0 1,492,144 0 7,651,491 0 15,157,000 0 0 0 0
0 0 0 1,060,990 0 1,596,594 0 9,248,086 0 15,157,000 0 0 0 0
0 0 0 1,060,990 0 1,708,356 0 10,956,442 0 15,157,000 0000
0001,060,9900 1,827,9410 12,784,382 0 15,157,0000000
0001,060,9900 1,955,8970 14,740,279 0 15,157,0000000
0 0 0 1,060,990 0 2,092,810 0 16,833,089 0 15,157,000 0000
0 0 0 1,060,990 0 2,239,306 0 19,072,395 0 15,157,000 0000
0 0 0 1,060,990 0 2,396,058 0 21,468,453 0 15,157,000 0000
0001,060,9900 2,563,7820 24,032,234 0 15,157,0000000
2,262,012 0 2,262,012 1,060,990 1,060,990 1,682,256 1,201,022 24,513,469 0 15,157,000 2,262,012000
3,104,793 0 3,104,793 1,060,990 1,060,990 1,715,943 2,043,803 24,185,609 0 15,157,000 3,104,793 0 0 0
2,254,258 0 2,254,258 1,060,990 1,060,990 1,692,993 1,193,268 24,685,334 0 15,157,000 2,254,258 0 0 0
2,503,208 0 2,503,208 1,060,990 1,060,990 1,727,973 1,442,218 24,971,089 0 15,157,000 2,503,208000
2,762,376 0 2,762,376 1,060,990 1,060,990 1,747,976 1,701,386 25,017,680 0 15,157,000 2,762,376000
2,993,5980 2,993,5981,060,990 1,060,990 1,751,238 1,932,608 24,836,309 0 15,157,000 2,993,598000
2,753,476 0 2,753,476 1,060,990 1,060,990 1,738,542 1,692,486 24,882,365 0 15,157,000 2,753,476 0 0 0
2,819,059 0 2,819,059 1,060,990 1,060,990 1,741,766 1,758,069 24,866,062 0 15,157,000 2,819,059000
3,250,683 0 3,250,683 1,060,990 1,060,990 1,740,624 2,189,693 24,416,993 0 15,157,000 3,250,683 0 0 0
3,212,832 0 3,212,832 1,060,990 1,060,990 1,709,189 2,151,842 23,974,340 0 15,157,000 3,212,832000
3,605,467 0 3,605,467 1,060,990 1,060,990 1,678,204 2,544,477 23,108,067 0 15,157,000 3,605,467000
3,194,291 0 3,194,291 1,060,990 1,060,990 1,617,565 2,133,301 22,592,331 0 15,157,000 3,194,291 0 0 0
3,455,131 0 3,455,131 1,060,990 1,060,990 1,581,463 2,394,141 21,779,654 0 15,157,000 3,455,131 0 0 0
3,455,131 0 3,455,131 1,060,990 1,060,990 1,524,576 2,394,141 20,910,088 0 15,157,000 3,455,131 0 0 0
3,662,635 0 3,662,635 1,060,990 1,060,990 1,463,706 2,601,645 19,772,150 0 15,157,000 3,662,635000
3,662,235 0 3,662,235 1,060,990 1,060,990 1,384,050 2,601,245 18,554,956 0 15,157,000 3,662,235000
3,879,785 0 3,879,785 1,060,990 1,060,990 1,298,847 2,818,795 17,035,008 0 15,157,000 3,879,785000
3,879,385 0 3,879,385 1,060,990 1,060,990 1,192,451 2,818,395 15,409,063 0 15,157,000 3,879,385 0 0 0
4,110,800 0 4,110,800 1,060,990 1,060,990 1,078,634 3,049,810 13,437,888 0 15,157,000 4,110,800 0 0 0
4,111,208 0 4,111,208 1,060,990 1,060,990 940,652 3,050,218 11,328,322 0 15,157,000 4,111,208 0 0 0
3,203,8220 3,203,8221,060,990 1,060,990 792,983 2,142,832 9,978,472 0 15,157,000 3,203,822000
3,198,422 0 3,198,422 1,060,990 1,060,990 698,493 2,137,432 8,539,533 0 15,157,000 3,198,422 0 0 0
3,399,120 0 3,399,120 1,060,990 1,060,990 597,767 2,338,130 6,799,170 0 15,157,000 3,399,120 0 0 0
3,393,728 0 3,393,728 1,060,990 1,060,990 475,942 2,332,738 4,942,374 0 15,157,000 3,393,728 0 0 0
2,395,9770 2,395,9771,060,990 1,060,990 345,966 1,334,987 3,953,353 0 15,157,000 2,395,977000
2,402,977 0 2,402,977 1,060,990 1,060,990 276,735 1,341,987 2,888,101 0 15,157,000 2,402,977 0 0 0
2,544,9240 2,544,9241,060,990 1,060,990 202,167 1,483,934 1,606,334 0 15,157,000 2,544,924000
2,544,732 0 2,544,732 1,060,990 1,060,990 112,443 1,483,742 235,035 0 15,157,000 2,544,732000
1,529,364 0 1,529,364 1,060,990 1,060,990 16,452 251,487 0 216,887 14,940,113 1,529,364000
1,524,564 0 1,524,564 1,045,808 1,045,808 0 0 0 478,756 14,461,357 1,524,564000
1,620,8820 1,620,8821,012,295 1,012,295000 608,587 13,852,771 1,620,882000
1,620,615 0 1,620,615 969,694 969,694 0 0 0 650,921 13,201,849 1,620,615 0 0 0
622,148 0 622,148 924,129 622,148 301,981 0 301,981 0 13,201,849 622,148 0 0 0
623,748 0 623,748 924,129 623,748 321,520 0 623,501 0 13,201,849 623,748 0 0 0
636,425 0 636,425 924,129 636,425 331,350 0 954,850 0 13,201,849 636,425 0 0 0
638,766 0 638,766 924,129 638,766 352,203 0 1,307,053 0 13,201,849 638,766 0 0 0
277,443 0 277,443 924,129 277,443 738,180 0 2,045,233 0 13,201,849 277,443 0 0 0
276,043 0 276,043 924,129 276,043 791,253 0 2,836,486 0 13,201,849 276,043 0 0 0
292,390 0 292,390 924,129 292,390 830,294 0 3,666,780 0 13,201,849 292,390 0 0 0
295,590 0 295,590 924,129 295,590 885,214 0 4,551,994 0 13,201,849 295,590 0 0 0
19,068,479 0 19,068,479 924,129 924,129 318,640 4,870,634 0 13,201,849 0 18,996,613 71,866 71,866 0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ _________ __________
117,042,521 0 117,042,521 57,008,793 38,383,190 63,430,465 63,430,465 15,157,000 15,157,000 116,970,655 71,866 71,866
6/20/2018 D MMD Fin Plan 18.xlsx D1-6 SP LB Sum+CFS
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
3
2073
2074
MONTAVA METROPOLITAN DISTRICT
Development Projection -- Total Available Revenues -- Service Plan
Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds
Total Par: $187,590,000
Total Project: $165,075,850
Ser. 2023 Ser. 2027 Ser. 2031 Ser. 2035 Ser. 2039 Ser. 2044
$40,425,000 Par $42,075,000 Par $40,995,000 Par $38,300,000 Par $14,635,000 Par $11,160,000 Par Surplus
[Net $35.573 MM] [Net $37.025 MM] [Net $36.074 MM] [Net $33.703 MM] [Net $12.881 MM] [Net $9.820 MM] Total Annual Release Cumulative Cov. of Net DS:
Net Available Net Debt Net Debt Net Debt Net Debt Net Debt Net Debt Net Debt Surplus 0% D/A Surplus
for Debt Svc Service Service Service Service Service Service Service to $18,759,000 $18,759,000 Target
$0 0.0%
0 00.0%
0 $0 0 0 0 0.0%
230,000 0 230,000 0 230,000 0.0%
504,915 0 504,915 0 734,915 0.0%
904,411 0 904,411 0 1,639,326 0.0%
1,421,428 $0 0 1,421,428 0 3,060,754 0.0%
1,879,813 1,617,000 1,617,000 262,813 0 3,323,568 116.3%
2,621,249 1,617,000 1,617,000 1,004,249 0 4,327,816 162.1%
3,093,111 1,692,000 1,692,000 1,401,111 0 5,728,927 182.8%
3,726,178 1,694,000 $0 1,694,000 2,032,178 0 7,761,105 220.0%
4,483,653 1,795,800 1,683,000 3,478,800 1,004,853 0 8,765,959 128.9%
4,986,088 1,793,400 1,683,000 3,476,400 1,509,688 0 10,275,647 143.4%
5,675,089 1,900,800 1,763,000 3,663,800 2,011,289 0 12,286,936 154.9%
6,296,284 1,903,600 1,759,800 $0 3,663,400 2,632,884 0 14,919,821 171.9%
6,955,350 2,015,800 1,866,600 1,639,800 5,522,200 1,433,150 0 16,352,971 126.0%
7,593,492 2,018,000 1,869,000 1,639,800 5,526,800 2,066,692 0 18,419,663 137.4%
8,436,549 2,139,400 1,981,000 1,714,800 5,835,200 2,601,349 2,262,012 18,759,000 144.6%
8,934,993 2,135,200 1,978,200 1,716,800 $0 5,830,200 3,104,793 3,104,793 18,759,000 153.3%
9,970,058 2,265,200 2,100,000 1,818,600 1,532,000 7,715,800 2,254,258 2,254,258 18,759,000 129.2%
10,216,808 2,264,000 2,096,400 1,821,200 1,532,000 7,713,600 2,503,208 2,503,208 18,759,000 132.5%
10,916,576 2,401,600 2,222,200 1,928,400 1,602,000 8,154,200 2,762,376 2,762,376 18,759,000 133.9%
11,158,398 2,402,400 2,227,200 1,931,000 1,604,200 $0 8,164,800 2,993,598 2,993,598 18,759,000 136.7%
11,985,676 2,546,600 2,356,000 2,043,000 1,701,200 585,400 9,232,200 2,753,476 2,753,476 18,759,000 129.8%
12,055,659 2,548,400 2,358,600 2,045,000 1,699,200 585,400 9,236,600 2,819,059 2,819,059 18,759,000 130.5%
13,032,283 2,698,200 2,499,800 2,166,200 1,802,000 615,400 9,781,600 3,250,683 3,250,683 18,759,000 133.2%
12,993,232 2,700,000 2,499,000 2,166,800 1,800,400 $614,200 9,780,400 3,212,832 3,212,832 18,759,000 132.8%
13,974,267 2,859,400 2,651,600 2,296,400 1,908,400 653,000 $0 10,368,800 3,605,467 3,605,467 18,759,000 134.8%
14,013,691 2,860,000 2,651,400 2,299,800 1,911,600 650,200 446,400 10,819,400 3,194,291 3,194,291 18,759,000 129.5%
14,901,731 3,032,800 2,809,200 2,436,800 2,024,000 692,400 451,400 11,446,600 3,455,131 3,455,131 18,759,000 130.2%
14,901,731 3,030,800 2,808,600 2,437,000 2,026,200 692,800 451,200 11,446,600 3,455,131 3,455,131 18,759,000 130.2%
15,795,835 3,215,600 2,975,600 2,580,600 2,147,400 733,000 481,000 12,133,200 3,662,635 3,662,635 18,759,000 130.2%
15,795,835 3,214,600 2,978,400 2,581,800 2,147,800 731,400 479,600 12,133,600 3,662,235 3,662,235 18,759,000 130.2%
16,743,585 3,409,800 3,158,200 2,736,000 2,277,000 774,600 508,200 12,863,800 3,879,785 3,879,785 18,759,000 130.2%
16,743,585 3,408,200 3,157,800 2,737,000 2,274,800 775,800 510,600 12,864,200 3,879,385 3,879,385 18,759,000 130.2%
17,748,200 3,612,200 3,349,000 2,900,600 2,411,200 821,600 542,800 13,637,400 4,110,800 4,110,800 18,759,000 130.1%
17,748,200 3,613,392 3,349,000 2,900,200 2,410,600 825,200 538,600 13,636,992 4,111,208 4,111,208 18,759,000 130.1%
13,831,622 0 3,545,000 3,077,000 2,558,200 873,200 574,400 10,627,800 3,203,822 3,203,822 18,759,000 130.1%
13,831,622 0 3,549,000 3,078,800 2,558,000 873,800 573,600 10,633,200 3,198,422 3,198,422 18,759,000 130.1%
14,661,520 0 3,758,200 3,262,200 2,710,600 923,800 607,600 11,262,400 3,399,120 3,399,120 18,759,000 130.2%
14,661,520 0 3,761,992 3,259,800 2,709,800 926,200 610,000 11,267,792 3,393,728 3,393,728 18,759,000 130.1%
10,355,777 0 0 3,458,600 2,876,400 982,800 642,000 7,959,800 2,395,977 2,395,977 18,759,000 130.1%
10,355,777 0 0 3,455,400 2,873,600 981,400 642,400 7,952,800 2,402,977 2,402,977 18,759,000 130.2%
10,977,124 0 0 3,662,800 3,047,800 1,039,200 682,400 8,432,200 2,544,924 2,544,924 18,759,000 130.2%
10,977,124 0 0 3,666,392 3,046,800 1,038,800 680,400 8,432,392 2,544,732 2,544,732 18,759,000 130.2%
6,581,964 0 0 0 3,227,200 1,102,400 723,000 5,052,600 1,529,364 1,529,364 18,759,000 130.3%
6,581,964 0 0 0 3,231,600 1,102,400 723,400 5,057,400 1,524,564 1,524,564 18,759,000 130.1%
6,976,882 0 0 0 3,421,600 1,166,200 768,200 5,356,000 1,620,882 1,620,882 18,759,000 130.3%
6,976,882 0 0 0 3,424,467 1,166,200 765,600 5,356,267 1,620,615 1,620,615 18,759,000 130.3%
2,674,348 0 0 0 0 1,239,800 812,400 2,052,200 622,148 622,148 18,759,000 130.3%
2,674,348 0 0 0 0 1,239,000 811,600 2,050,600 623,748 623,748 18,759,000 130.4%
2,738,025 0 0 0 0 1,236,600 865,000 2,101,600 636,425 636,425 18,759,000 130.3%
2,738,025 0 0 0 0 1,238,858 860,400 2,099,258 638,766 638,766 18,759,000 130.4%
1,192,443 0 0 0 0 0 915,000 915,000 277,443 277,443 18,759,000 130.3%
1,192,443 916,400 916,400 276,043 276,043 18,759,000 130.1%
1,263,990 971,600 971,600 292,390 292,390 18,759,000 130.1%
1,263,990 968,400 968,400 295,590 295,590 18,759,000 130.5%
1,339,829 1,030,350 1,030,350 309,479 19,068,479 0 130.0%
_________ _________ _________ _________ _________ _________ _________ _________ _________ _________
462,285,171 74,405,192 77,445,792 75,458,592 70,498,067 26,881,058 20,553,950 345,242,650 117,042,521 117,042,521
[ DJun2018 23splbD ] [ DJun2018 27splbD ] [ DJun2018 31splbD ] [ DJun2018 35splbD ] [ DJun2018 39splbD ] [ DJun2018 44splbD ]
6/20/2018 D MMD Fin Plan 18.xlsx D1-6 SP LB Sum+CFS
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
2
2068 0 0 0 0 1,613,078 1,124,946 2,738,025
2069 0 0 0 0 1,613,078 1,124,946 2,738,025
2070 0 0 0 0 0 1,192,443 1,192,443
2071 1,192,443 1,192,443
2072 1,263,990 1,263,990
2073 1,263,990 1,263,990
2074 1,339,829 1,339,829
__________ __________ __________ __________ __________ __________ __________
99,419,519 103,504,218 101,083,490 94,319,532 36,029,773 27,928,639 462,285,171
6/20/2018 D MMD Fin Plan 18.xlsx D1-6 SP LB Sum+CFS
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
1