HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/17/2019 - RESOLUTION 2019-092 APPROVING THE NORTHFIELD METROAgenda Item 8
Item # 8 Page 1
AGENDA ITEM SUMMARY September 17, 2019
City Council
STAFF
Rachel Rogers, Senior Specialist Economic Sustainability
Josh Birks, Economic Health Director
John Duval, Legal
SUBJECT
Resolution 2019-092 Approving the Northfield Metro District Nos. 1 through 3 Consolidated Service Plan.
EXECUTIVE SUMMARY
The purpose of this item is for City Council to consider approval of the Northfield Metropolitan District Nos. 1
through 3 Consolidated Service Plan (the “Service Plan”). The developer of the proposed Northfield
Development has submitted the Service Plan to support the proposed development of approximately 56 acres
located north of Vine Street on the west side of Lindenmeier Road/Lemay Avenue (southeast of the Lake
Canal and north of the to-be designated historic Alta Vista neighborhood). The development is anticipated to
include 442 residential units and a mixed-use center that will offer light commercial use on the first floor,
residential for-rent units on the second floor, and small amenities open to the public. The project has
committed to provide approximately 15 percent for-sale affordable housing units. A Mill Levy Cap of 50.00 mills
has been proposed under the Service Plan to support the project.
As per the Council’s Metro District Policy, proceedings for a public hearing for a Metro District Service Plan
public hearing are as follows:
1. Announcement of item
2. Consideration of any procedural issues
3. Explanation of the application by City staff
4. Presentation by the applicant (suggested time: 15 minutes)
5. Public testimony regarding the application
6. Rebuttal testimony by the applicant (suggested time: 10 minutes)
7. Councilmember questions of City staff and the applicant
8. Motion, discussion and vote by City Council.
The public hearing for this Service Plan was previously noticed in accordance with Council’s Metro District
Policy to be conducted at Council’s August 20, 2019, meeting. However, Council voted at that meeting, as
authorized in Section 2.c. of the Council’s Rules of Procedure, to continue this matter to the Council’s next
regular meeting, which is this September 3, 2019, meeting. The applicant mailed on August 22, 2019, notice
of this continuance to the fee-title owners of property within the proposed Districts and published this notice in
the Coloradoan on August 24, 2019.
At its September 3, 2019 meeting, the Council adopted a motion to again continue the hearing, rescheduling
the hearing for this September 17, 2019 meeting.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
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BACKGROUND / DISCUSSION
NOTE: Highlight indicates updated public benefits information from the latest version of the submitted Service
Plan.
Council’s Discretion under its Policy
The Council’s Metro District Policy contemplates that Council will consider favorably those metro district
service plans that will “deliver extraordinary public benefits.” However, the Policy also provides that approval
of service plans is within the Council’s sole discretion. In the exercise of that discretion, the Council may
reject, approve, or conditionally approve service plans on a case-by-case basis. The Council therefore retains
under the Policy the full authority to determine whether the proposed “extraordinary public benefits” proposed
under a particular service plan are sufficient.
Project Overview
Landmark Homes is proposing a residential community situated within walking distance of the City’s Old Town.
The Planned Development incorporates goals of the following plans: City Plan, Transportation Master Plan,
Master Street Plan, Nature in the City Strategic Plan, Natural Areas Master Plan, Paved Recreational Trail
Master Plan, Northside Neighborhoods Plan, Pedestrian Plan, and Bicycle Master Plan.
The proposed Northfield Metro District Nos. 1 through 3 (the “Metro Districts”) will support 56 acres of planned
development located north of Vine Street on the west side of Lindenmeier Road/Lemay Avenue (southeast of
the Lake Canal and north of the to-be designated historic Alta Vista neighborhood). (Attachment 1) The
project anticipates constructing:
• Approximately 442 residential units (a mix of single-family and multi-family).
• Minimum of 14.7% affordable (65 units) either for-sale or for-rent.
• The remaining housing units in the project are expected to be priced in an attainable range, considered by
other cities to be between 80% and 120% of AMI.
Table 1
Proposed Unit Pricing
Residential Units (2019-2025)
Housing Type # Units Price
Brownstones 139 $388,518
Flats 180 359,040
Value Condo 16 316,200
Stacked Condo 40 306,714
Deed Restricted Condo 65 265,200
Studio Rental 2 200,000
Total/Average 442 $347,504
• A mixed-use center that will offer light commercial use on the first floor, residential for-rent units on the
second floor, and small amenities open to the public.
Table 2
Commercial Building Space Pricing
Commercial (2022)
Type Sq Ft Price
Retail 2,679 $225
Total $602,775
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• An enhanced setback from the Lake Canal Wetlands to further protect them from new development; and
• On-site Regional Trail as well as the off- site pedestrian connection for the northeastern portion up to the
intersection at Lemay Avenue and Conifer Street.
Council Finance Review Follow-Up
On July 15, 2019, the Council Finance Committee reviewed the proposed Consolidated Service Plan for Metro
Districts. The Committee requested additional information on a few items:
• Affordable Housing - How does the City ensure the Metro District will provide affordable housing?
Below are some of the manners in which housing could be delivered, however, the list is not exhaustive:
o Traditional Delivery - Existing affordable housing providers could construct units within the district
using their traditional funding approaches. These units would need to be rented or sold at a price point
that complies with the City’s policy. The monthly cost to the user would be no different within the
district than outside the district. Therefore, the housing provider would need to identify and obtain
additional subsidy to cover the resulting lower sales price for a unit that will cost the same inside and
outside of a District.
o Land Trust - A developer could elect to transfer or sell affordable housing lots to a Land Trust
operating in the City. The Land Trust, typically a non-profit, would then reduce the tax burden to the
occupant by removing 25 to 30 percent of property value associated with land. In addition, a Land
Trust would also have to price units following the same principles - meaning that the net cost to the
occupant would be consistent inside and outside a district.
o Land Bank - A developer could elect to sell a portion of their property to the City’s land bank program
at a market or discounted rate. These units would need to be rented or sold at a price point that
complies with the City’s policy. The monthly cost to the user would be no different within the district
than outside the district.
The Economic Health Office understands the concern with the reservation of lots for affordable housing.
Staff is looking into options for ensuring the building of affordable housing units and whether reservations
or some alternative method will better achieve this goal.
• How will the solar in the Metro District be managed?
o Utilities is working on the analysis and management of solar within the system. As part of the broader
system, staff is coordinating a work plan and schedule for the development of a distributed energy
resources roadmap with the Energy Board and community stakeholders. The work plan will maintain
alignment with proposed updates to the Energy Policy, Climate Action Plan Framework and Platte
River Integrated Resources Plan.
o Utilities is planning to incorporate “smart” inverter capabilities into our solar interconnection guidelines
(for all installations). These capabilities will initially enable Utilities to prescribe settings, which will limit
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potential negative impacts of too much solar in specific areas. In the future, the inverters may allow
Utilities to dynamically control settings which will support the electric distribution system.
On September 3, 2019, the Council requested additional information on a few items:
• Are Metro District accelerating the pace of development in Fort Collins?
o The demand for housing in Fort Collins, specifically for attainable housing units, exists with or without
a Metro District. A single Metro District itself will have minimal impact on the pace of development,
especially in an area where development would naturally occur based on the demand for housing.
o Northfield is building at a density of eight units per acre, lower than the allowed density of 12 units per
acre.
o Compared to a “code built”, non-Metro District development, the Northfield Metro District is anticipated
to have a lower environmental impact based on the environmental public benefits they will implement,
thereby helping the City reach its CAP goals.
• Will including amenities such as a pool impact the price of properties across the community?
o Northfield is including a pool and clubhouse in their development, however, these amenities are not
unique to developments in Fort Collins and we don’t believe it will have an impact to overall housing
prices in the surrounding neighborhood or City housing prices on the whole.
Service Plan Overview
Under Landmark Homes’ proposed Service Plan, the Metro Districts would be used to construct critical public
infrastructure and other site costs reducing the overall development costs.
Staff has reviewed the Service Plan and determined that it includes all the information required by Section 32-
1-202(2) of the Colorado Revised Statutes. The required information is:
(a) A description of the Districts’ proposed services;
(b) A financial plan showing how the proposed services are to be financed, including the proposed
operating revenue derived from property taxes for the first budget year of the Districts;
(c) All proposed indebtedness for the Districts displayed together with a schedule indicating the
year or years in which the debt is scheduled to be issued;
(d) A preliminary engineering or architectural survey showing how the proposed services are to be
provided;
(e) A map of the proposed Districts’ boundaries and an estimate of the population and valuation
for assessment of the proposed Districts;
(f) A general description of the facilities to be constructed and the standards of such construction,
including a statement of how the facility and service standards of the proposed Districts will be compatible with
the City’s facility and service standards;
(g) A general description of the estimated cost of acquiring land, engineering services, legal
services, administrative services, initial proposed indebtedness and estimated proposed maximum interest
rates and discounts, and other major expenses related to the organization and initial operation of the Districts;
and
(f) A description of any arrangement or proposed agreement with any political subdivision for the
performance of any services between the proposed Districts and such other political subdivision, and, if the
form contract to be used is available, it shall be attached to the Service Plan.
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The Service Plan calls for the creation of three Metro Districts working collaboratively to deliver the proposed
Northfield development. The phased development is anticipated to occur over the next nine plus years and
support an estimated population of 1,139. A few highlights about the proposed Service Plan, include:
• Assessed Value - Estimated to be approximately $13.3 million in 2029 at full build-out
• Aggregate Mill Levy - 50 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 - Up to an additional 10 mills (aggregate mill levy 50 mills) to fund several on-going
operations, such as but not limited to: (a) a non-potable irrigation system, and (b) road infrastructure. Once
a District imposes a Debt Mill Levy, such District’s Operating Mill Levy cannot exceed ten (10) mills at any
point.
• Maximum Debt Authorization - Anticipated to be approximately $16 million to cover a portion of the
estimated $30 million in project costs
• Regional Mill Levy - The Regional Mill Levy of 5 mills shall not be counted against the Aggregate Mill
Levy Maximum
Public Improvements
The Service Plan anticipates using the Debt Mill Levy to support the issuance of bonds in the maximum
amount of $16 million to fund all or a portion of the following $30 million in public improvements (details
available in Exhibits D and G of the Service Plan):
• Earthwork and Grading - Approximately $5.4 million in earthwork and site preparation costs associated
with the proposed project.
• Roadway Improvements - Approximately $6.4 million in total costs to construct asphalt infrastructure for
streets and parking on the project, including Suniga arterial (costed at $2.5M).
• Potable Water Improvements - Approximately $0.6 million in costs to construct potable water
infrastructure supporting the project.
• Sanitary Sewer Improvement - Approximately $1.3 million constructing the sanitary sewer infrastructure,
including upsizing, both on-site ($0.7M) and off-site ($0.6M) for the project
• Storm Sewer Improvements - Approximately $1.9 million in costs to construct the main storm sewer
system and infrastructure for the project.
• Open Space/Landscaping - Approximately $4.0 million in costs for Regional Trail construction,
neighborhood park development, development of clubhouse/pool, and other landscaping
• Miscellaneous / Amenity - Approximately $5.5 million in miscellaneous costs associated with the project,
such as engineering, inspection, and administrative costs, plus a 20% contingency estimate of $5.1 million.
The subtotal for basic costs associated with public improvements through the Metro Districts is approximately
$20.3 million (previously $19.6); non-basic costs are approximately $9.8 million (previously $10.5) which brings
the project to an approximate total of $30.1 million.
Public Benefits
As required by the City Council’s current Metro District Policy (Metro District Policy), the Service Plan will
deliver several extraordinary development outcomes that support several public benefits. A general list of
benefits and, where available, their estimated value is described below (details in Exhibit G of the Service
Plan):
Table 3
Northfield Metro District Public Benefits Evaluation
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• Affordable Housing - The financing and reimbursement options created by the Metropolitan Districts will
enable the Northfield project to deliver a minimum of 65 units or 14.7% of the total project at affordable
rates. These units will be delivered under the following guidelines:
o A minimum of 65 units (14.7%) will be affordable at the 80% or below AMI level. The developer has
not yet determined if these will be for-sale or for-rent units.
o Landmark has a signed LOI with Mercy Housing, a very well established affordable, for-rent multifamily
builder that has projects around the nation.
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o Enforceability: Prior to or concurrent with Development Agreement, Northfield will create legally
enforceable guarantees within the City for affordable housing commitments. Potential options include,
contract with City for Land Bank, deed restriction, and reservation of acreage.
o Units will be deed restricted for at least 20 years.
• Environmental Sustainability
o Energy Conservation
Solar - Northfield plans to include solar panels on every market rate unit. These buildings will
feature a photovoltaic system that will produce at least 1kW of power for each unit. Thus, a 12-unit
building will have roughly 12kW of solar panels. (previously, solar only on the condo units.)
EV Chargers - Northfield will also deliver a 240V outlet in every garage to provide a place for the
electric vehicle fast-charging stations and further encourage residents to drive eco-friendly cars.
LEED Gold Certification - Northfield will commit all of the 377 market rate units to meeting LEED
Gold certification. LEED measures nine key areas that ensure the entire community, beyond just
the individual homes, are meeting and exceeding green materials and practices. These nines
areas are sustainable sites, water efficiency, energy and atmosphere, materials and resources,
indoor environmental quality, location and linkages, awareness and education, innovation in
design, and regional priority. Northfield has engaged the environmental group The Green Insight to
help achieve this certification and will be responsible for the inspections throughout the building
process to ensure Northfield receives the LEED Gold certifications.
HERS Rating Commitment - All the homes at the attainable price point will commit to HERS
ratings ranging from 35 to 49 (previously 49 to 55) compared to the average Fort Collins HERS
ratings of new home ranging from 58 to 62. Increased energy efficient building materials and
methods were considered to increase the energy efficiency of the homes. According to the HERS
index, these homes in Northfield will be 51-65% (previously 45-51%) more energy efficient than a
standard new home and 81-95% (previously 75-81%) more efficient than the average resale
home. The HERS ratings are incorporated into the LEED scores and are part of the entire LEED
Gold certification and standard. Landmark will contract with a green energy consultant to ensure
the buildings are constructed according to energy efficient standards and that official HERS scores
are certified upon completion.
Energy Recovery Ventilator (ERV) Systems – An ERV system will also be installed on every
market rate unit to improve air quality inside the homes. When homes get very tight due to efficient
construction techniques, the air inside can get stagnant. The ERV system helps bring in fresh
outside air and condition it to the inside temperature through an energy efficient recovery core.
o Environmental Conservation - The project provides an enhanced setback from the Lake Canal
Wetlands to further protect them from new development. The connections over Lake Canal will be
constructed with low impact box culverts and abide by and exceed Army Core of Engineers standards
for historic protected wetlands. Landscaped areas will focus on low-water usage designs. Initial hydro-
zone calculations indicate Northfield will use 6.87 (previously 7.63) gallons of water per square foot,
well below the City’s limit of 15 gallons of water per square foot.
• Off-Site Sewer Improvements - Northfield plans to replace and upsize the sewer line from Vine Drive,
around Alta Vista, and along a portion of Lemay Avenue. It is not clear at this early stage whether the
developer or the district will contract for construction of the upsizing, but they will seek reimbursement from
the city for the upsized portion.
• Regional Trail - Rather than simply designating an on-site easement for the future trail construction by the
City, Northfield plans to finance and deliver the on-site Regional Trail as well as the off-site pedestrian
connection for the northeastern portion up to the intersection at Lemay Avenue and Conifer Street.
• Community Gateway - Northfield will promote the City’s objective of preserving and enhancing historic
resources. The southeastern edge of Northfield borders the to-be-designated historic Alta Vista
neighborhood. To blend the transition to new development and pay homage to the neighborhood’s history,
Northfield will feature an Interpretive Historical Park and Gateway Features bordering Alta Vista. These
additions were developed in collaboration with neighbors in the Alta Vista neighborhood and would provide
an extraordinary benefit to the City as a whole.
• Economic Health Outcomes - Northfield is located within walking and/or biking distance to some of the
largest employment hubs in the City, including City of Fort Collins Municipal Offices, Colorado State
University, Woodward, and New Belgium Brewing. Northfield's proximity to these hubs and affordable and
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its attainable price points set the project apart from other recent residential developments in Fort Collins.
Through Northfield, the City will gain high-quality, attainable housing near the City’s economic and cultural
core, helping reduce congestion in the City and provide workforce housing.
Policy Comparison
The conceptual use of a Metro District at Northfield complies with the City’s existing policy.
Northfield Proposal Mulberry Waterfield Montava Current Policy
Mill Levy Caps 50 Mills 50 Mills 50 Mills 60 Mills 50 Mills
Basic Infrastructure Partially Partially Partially Partially
To enable public
benefit
Eminent Domain Will Comply Will Comply Will Comply Will Comply Prohibited
Debt Limitation Will Comply Will Comply Will Comply Will Comply 100% of Capacity
Dissolution Limit Ongoing for O&M Ongoing for O&M Will Comply Will Comply
40 years (end user
refunding exception)
Citizen Control Will Comply Will Comply Will Comply Will Comply As early as possible
Multiple Districts Yes Yes Yes Yes
Projected over an
extended period
Commercial/
Residential Ratio
Residential and
Commercial
Residential and
Commercial
100% Residential Mixed Use N/A
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 are secured for each development phase of the project
in a manner that is approved by City Council, as outlined in the February 2019 updated City Metro District
Policy. This requirement can be satisfied by one or both of the following methods, as applicable:
• Intergovernmental Agreement - For any of the Public Benefits to be provided by one or more of the
Metro Districts, each such District must enter into an intergovernmental agreement with the City agreeing
to provide those Public Benefits as a legally enforceable multiple-fiscal year obligation of the District under
TABOR or by securing performance of that obligation with a surety bond, letter of credit or other security
acceptable to the City and all such intergovernmental agreements must be approved by the City Council
by resolution;
• Approved Development Plan - For any of the Public Benefits to be provided by one or more Developers
of the Planned Development, 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 that phase of
the Planned Development or to secure such obligations
Public Benefits and Triple Bottom Line
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 Northfield Project delivers several proposed policy outcomes. (Attachment 3)
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Triple Bottom Line - Scan
An interdisciplinary staff team prepared a Triple Bottom Line Scan (TBL Scan) of the proposed Service Plan.
(Attachment 4) The net analysis is generally neutral to slightly positive. Note that the TBL Scan is not for the
development itself, but for the difference between the Metro District benefits and a non-Metro District
development. The highlights are provided below:
• Economic - The proposed affordable housing is expected to have a positive impact on retaining and
attracting talent to strengthen our local labor force for employers. The pricing of the remaining homes at
80-120% of AMI meets the community’s needs for housing at that income level. Northfield is located within
walking and/or biking distance to some of the largest employment hubs.
• Environmental - Some benefit is expected from the proposed solar, but overall the proposed
environmental public benefits were interpreted as weak by staff under the current proposal. Additional
clarity is needed to assess any improved benefit. However, the applicant completed additional HERs
testing after the TBL Scan was completed, and the positive results of the testing are not included in the
Triple Bottom Line Report.
• Social - This area is expected to have the most positive impact due to the commitments to affordable
housing.
Financial Assessment
Utilizing the District’s Financial Plan, the City reviewed the Financial Plan in partnership with Economic &
Planning Systems. (Attachment 5) The review concluded the following:
• The proposed mill levies are in line with the City’s policy.
• The market values used in the public revenue estimates are reasonable.
• EPS expressed concern about residential absorption of Northfield in the context of other new North
College developments: Waterfield, Water’s Edge, and Montava.
• EPS found it difficult to assess if there would be “extraordinary benefits” with the following: clubhouse and
swimming pool, allowed density/more open space, and increased landscaped area.
Basic Infrastructure and Public Benefit
The Metro District Policy allows a metro district 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 identified an estimated $18.7 million in public benefits which are outlined in Table 3. After
reviewing the Service Plan, estimated public benefits, and the Maximum Debt Authorization of $16 million, staff
recommends approval of the Service Plan.
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Estimated Property Taxes
Table 4
Annual Tax Levied on Residential Property with $300,000 Actual Value within the District
(Assuming Maximum District Mill Levy)
Taxing Entity
Mill Levies
(2018)
Annual tax
levied
Northfield Metropolitan District No. 50.00 $1,080.00
Poudre R-1 General Fund 40.30 $870.48
Larimer County 22.40 $483.90
Poudre R-1 Bond Payment 12.33 $266.33
City of Fort Collins 9.80 $211.62
Poudre River Public Library District 3.00 $64.80
Health District of Northern Larimer County 2.17 $46.81
Northern Colorado Water Cons. District 1.00 $21.60
Larimer County Pest Control District 0.14 $3.07
TOTAL: 141.14 $3,048.61
Applicant Supplied Materials
The applicant requesting consideration of the Service Plan has submitted a PowerPoint presentation for
Council’s review. (Attachment 8)
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 Metro District Policy, which fees are designed to offset the cost of staff and outside
consultant and legal review. In addition, the proposed Service Plan includes a requirement that the following
notice be included in all debt issued by the 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. Northfield Service Plan Compare to Model (PDF)
3. Public Benefit Matrix (PDF)
4. Triple Bottom Line Summary (PDF)
5. EPS Northfield Metro District Review (PDF)
6. Combined Vicinity Map (PDF)
7. PowerPoint Presentation (PDF)
8. Applicant Presentation (PDF)
PROPOSED NORTHFIELD
METRO DISTRICT
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DRAWN BY
DATE
SCALE (H)
HDS PROJ
SHEET OF
NORTHFIELD
VICINITY MAP
04/30/2019
1" = 1000'
KRB
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EXHIBIT C
1 1
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SCALE: 1" = 1000'
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ATTACHMENT 1
City of Fort Collins
Title 32 Metropolitan
CONSOLIDATED SERVICE PLAN
FOR
NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3
CITY OF FORT COLLINS, COLORADO
Prepared by:
WHITE BEAR ANKELE TANAKA & WALDRON
2154 E. Commons Ave., Suite 2000
ATTACHMENT 2
Centennial, CO 80122
Submitted On: August 7, 2019
Approved on: [__________________]
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TABLE OF CONTENTS
I. INTRODUCTION .............................................................................................................. 1
A. Purpose and Intent................................................................................................... 1
B. Need for the Districts. ............................................................................................. 2
C. Objective of the City Regarding Districts’ Service Plan. ....................................... 2
D. City Approvals. ....................................................................................................... 2
II. DEFINITIONS .................................................................................................................... 2
III. BOUNDARIES AND LOCATION .................................................................................... 6
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFITS &
ASSESSED VALUATION ................................................................................................ 6
A. Project and Planned Development. ......................................................................... 7
B. Public Benefits. ....................................................................................................... 7
C. Assessed Valuation. ................................................................................................ 8
V. INCLUSION OF LAND IN THE SERVICE AREA ......................................................... 9
VI. DISTRICT GOVERNANCE .............................................................................................. 9
VII. AUTHORIZED AND PROHIBITED POWERS ............................................................... 9
A. General Grant of Powers. ........................................................................................ 9
B. Prohibited Improvements and Services and other Restrictions and Limitations. ... 9
1. Eminent Domain Restriction..................................................................... 10
2. Fee Limitation ........................................................................................... 10
3. Operations and Maintenance..................................................................... 10
4. Fire Protection Restriction ........................................................................ 10
5. Public Safety Services Restriction ............................................................ 11
6. Grants from Governmental Agencies Restriction ..................................... 11
7. Golf Course Construction Restriction ....................................................... 11
8. Television Relay and Translation Restriction ........................................... 11
9. Potable Water and Wastewater Treatment Facilities ................................ 11
10. Sales and Use Tax Exemption Limitation ................................................ 12
11. Sub-district Restriction ............................................................................. 12
12. Privately Placed Debt Limitation .............................................................. 12
13. Special Assessments ................................................................................. 12
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS ............................................. 12
A. Development Standards. ....................................................................................... 13
B. Contracting. ........................................................................................................... 14
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C. Land Acquisition and Conveyance. ...................................................................... 14
D. Equal Employment and Discrimination. ............................................................... 14
IX. FINANCIAL PLAN/PROPOSED DEBT......................................................................... 14
A. Financial Plan........................................................................................................ 14
B. Mill Levies. ........................................................................................................... 15
1. Aggregate Mill Levy Maximum ............................................................... 15
2. Regional Mill Levy Not Included in Other Mill Levies ........................... 15
3. Operating Mill Levy ................................................................................. 15
4. Gallagher Adjustments.............................................................................. 16
5. Excessive Mill Levy Pledges .................................................................... 16
6. Refunding Debt ......................................................................................... 16
7. Maximum Debt Authorization .................................................................. 16
C. Maximum Voted Interest Rate and Underwriting Discount. ................................ 16
D. Interest Rate and Underwriting Discount Certification. ....................................... 17
E. Disclosure to Purchasers. ...................................................................................... 17
F. External Financial Advisor. .................................................................................. 17
G. Disclosure to Debt Purchasers. ............................................................................. 18
H. Security for Debt. .................................................................................................. 18
I. TABOR Compliance. ............................................................................................ 18
J. Districts’ Operating Costs. .................................................................................... 18
X. REGIONAL IMPROVEMENTS...................................................................................... 19
A. Regional Mill Levy Authority. ............................................................................. 19
B. Regional Mill Levy Imposition. ............................................................................ 19
C. City Notice Regarding Regional Improvements. .................................................. 19
D. Regional Improvements Authorized Under Service Plan. .................................... 19
E. Expenditure of Regional Mil Levy Revenues. ...................................................... 20
1. Intergovernmental Agreement .................................................................. 20
2. No Intergovernmental Agreement ............................................................ 20
F. Regional Mill Levy Term. .................................................................................... 20
G. Completion of Regional Improvements. ............................................................... 20
H. City Authority to Require Imposition. .................................................................. 20
I. Regional Mill Levy Not Included in Other Mill Levies. ...................................... 20
J. Gallagher Adjustment. .......................................................................................... 20
XI. CITY FEES ....................................................................................................................... 21
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XII. BANKRUPTCY LIMITATIONS ..................................................................................... 21
XIII. ANNUAL REPORTS AND BOARD MEETINGS ......................................................... 21
A. General. ................................................................................................................. 21
B. Board Meetings. .................................................................................................... 21
C. Report Requirements. ........................................................................................... 22
1. Narrative ................................................................................................... 22
2. Financial Statements ................................................................................. 22
3. Capital Expenditures ................................................................................. 22
4. Financial Obligations ................................................................................ 22
5. Board Contact Information ....................................................................... 22
6. Other Information ..................................................................................... 22
D. Reporting of Significant Events. ........................................................................... 22
E. Failure to Submit................................................................................................... 23
XIV. SERVICE PLAN AMENDMENTS ................................................................................. 23
XV. MATERIAL MODIFICATIONS ..................................................................................... 24
XVI. DISSOLUTION ................................................................................................................ 24
XVII. SANCTIONS .................................................................................................................... 25
XVIII. INTERGOVERNMENTAL AGREEMENT WITH CITY .............................................. 25
XIX. CONCLUSION ................................................................................................................. 25
XX. RESOLUTION OF APPROVAL ..................................................................................... 26
iv
EXHIBITS
EXHIBIT A-1 Legal Description of District Model Service Plan for Multiple
DistrictsNo. 1 Boundaries
REVISED EXHIBIT A-2-5-19
This model service plan template should be referenced in conjunction with the
City Legal Description of Fort Collins Policy for Reviewing Service Plans
for Metropolitan Districts.
v
Table of Contents
INTRODUCTION................................................................................................................5
Purpose and Intent ..............................................................................................................5
Need for District 5No. 2 Boundaries
Objective of the City regarding District’s Service Plan .....................................................6
Relevant Intergovernmental Agreements ..........................................................................6
City Approvals ...................................................................................................................6
DEFINITIONS .....................................................................................................................6
BOUNDARIES AND LOCATION ....................................................................................9
DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFIT &
ASSESSED VALUATION10
Project and Planned Development .....................................................................................10
EXHIBIT A-3 Legal Description of District No. 3 Boundaries
EXHIBIT B-1 District No. 1 Boundary Map
EXHIBIT B-2 District No. 2 Boundary Map
EXHIBIT B-3 District No. 3 Boundary Map
EXHIBIT C Vicinity Map
EXHIBIT D Public Benefits 10Improvement Cost Estimates
Assessed Valuation ............................................................................................................11
INCLUSION OF LAND IN THE SERVICE AREA ........................................................11
DISTRICT GOVERNANCE ..............................................................................................11
AUTHORIZED AND PROHIBITED POWERS ..............................................................11
General Grant of Powers ....................................................................................................11
Prohibited Improvements and Services and other Restrictions and Limitations................12
Eminent Domain Restriction .....................................................................................12
Fee Limitation ...........................................................................................................12
Operations and Maintenance......................................................................................12
Fire Protection Restriction .........................................................................................13
EXHIBIT E Public Safety Services Restriction 13Improvement Maps
Grants from Governmental Agencies Restriction ......................................................13
Golf Course Construction Restriction ........................................................................13
Television Relay and Translation Restriction ............................................................13
Potable Water and Wastewater Treatment Facilities .................................................13
Sales and Use Tax Exemption Limitation .................................................................13
Sub-district Restriction .............................................................................................14
Privately Placed Debt Limitation ..............................................................................14
Special Assessments ..................................................................................................14
PUBLIC IMPROVEMENTS AND ESTIMATED COSTS .............................................14
vi
Development Standards ......................................................................................................15
Contracting .........................................................................................................................15
Land Acquisition and Conveyance ....................................................................................15
Equal Employment and Discrimination .............................................................................16
FINANCIAL PLAN/PROPOSED DEBT ..........................................................................16
EXHIBIT F Financial Plan 16
Mill Levies .........................................................................................................................16
Aggregate Mill Levy Maximum ................................................................................17
Regional Mill Levy Not Included in Other Mill Levies ............................................17
Operating Mill Levy ..................................................................................................17
Gallagher Adjustments...............................................................................................17
Excessive Mill Levy Pledges .....................................................................................17
Refunding Debt ..........................................................................................................17
Maximum Debt Authorization ...................................................................................17
Maximum Voted Interest Rate and Underwriting Discount ..............................................18
Interest Rate and Underwriting Discount Certification ......................................................18
EXHIBIT G Public Benefits
EXHIBIT H ........................................................................................................................
............................................................................................................................................Disclos
ure to Purchasers ................................................................................................................18
External Financial Advisor .................................................................................................18
Disclosure to Debt Purchasers ............................................................................................19
Security for Debt ................................................................................................................19
TABOR Compliance ..........................................................................................................19
District’s Operating Costs ..................................................................................................19
Regional Improvements.......................................................................................................20
Regional Mill Levy Authority ............................................................................................20
Regional Mill Levy Imposition ..........................................................................................20
City Notice Regarding Regional Improvements 20
Regional Improvements Authorized Under Service Plan ..................................................20
Expenditure of Regional Mill Levy Revenues ...................................................................20
Intergovernmental Agreement ...................................................................................20
No EXHIBIT I Form of Intergovernmental Agreement 21
Regional Mill Levy Term ...................................................................................................21
Completion of Regional Improvements .............................................................................21
City Authority to Require Imposition ................................................................................21
Regional Mill Levy Not Included in Other Mill Levies .....................................................21
vii
Gallagher Adjustment ........................................................................................................21
City Fees ................................................................................................................................21
Bankruptcy Limitations ......................................................................................................21
Annual Reports and Board Meetings .................................................................................22
General ...............................................................................................................................22
Board Meetings ..................................................................................................................22
Report Requirements ..........................................................................................................22
Narrative ....................................................................................................................22
Financial Statements .................................................................................................22
Capital Expenditures .................................................................................................22
Financial Obligations .................................................................................................22
Board Contact Information ........................................................................................23
Other Information ......................................................................................................23
Reporting of Significant Events .........................................................................................23
Failure to Submit ................................................................................................................23
Service Plan Amendments ...................................................................................................23
Material Modifications ........................................................................................................24
Dissolution ............................................................................................................................24
Sanctions ...............................................................................................................................25
Intergovernmental Agreement with City...........................................................................25
Conclusion ............................................................................................................................25
Resolution of Approval ........................................................................................................26
viii
1
I. INTRODUCTION
B.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 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
DistrictDistricts. The primary purpose of the Districts will be to finance the construction of these
Public Improvements by the issuance of Debt.
It is also intended under this Service Plan that no District shall be authorized to
issue any Debt, impose a Debt Mill Levy, Operating Mill Levy or impose any Fees for payment
of theon Debt unless and until the delivery of the applicable Public Benefits described in Section
IV.B. of this Service Plan has been secured in accordance with Section IV.B. of this Service Plan.
It is further intended that this Service Plan also requires the Districts to pay a
portion of the cost of the Regional Improvements, as provided in Section X of this Service Plan,
as part of ensuring that those privately-owned properties to be developed in the DistrictDistricts
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 with the provisions of this Service Plan
and that the City may enforce any non-compliance with these provisions as provided in
SectionSections XVII and XVIII of this Service Plan.
2
D.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.
F.C. Objective of the City Regarding Districts’ Service Plan.
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
but in doing so, to also establish in thisthe Service Plan the means by which both the Regional
Improvements and the Public Benefits will be provided. 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.
A. Relevant Intergovernmental Agreements.
[Add description of any relevant intergovernmental agreements.]
I.D. E. 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.
III.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:
3
Aggregate Mill Levy: means the total mill levy resulting from adding the Districts’a
District’s Debt Mill Levy and Operating Mill Levy. The Districts’ 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 the
Districts may each levy for theirits 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 development agreement required by the City
Code.
Board or Boards: means the duly constituted board or Boards of directors of each 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 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.
City Manager: means the City Manager of the City.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property by the
Districtswithin 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 [Names of Districts], individually,following metropolitan
districts: Northfield Metropolitan District No. 1, Northfield Metropolitan District No. 2 and
Northfield Metropolitan District No. 3, as each are organized under and governed by this Service
Plan.
Districts: means the [Names of Districts], collectively, organized and governed under this
Service Plan.
4
District No. 1 Boundaries: means the boundaries of the area legally described in Exhibit
“A-1” attached hereto and incorporated by reference and as depicted in the District No. 1 Boundary
Map.
District No. 2 Boundaries: means the boundaries of the area legally described in Exhibit
“A-2” attached hereto and incorporated by reference and as depicted in the District No. 2 Boundary
Map.
District No. 3 Boundaries: means the boundaries of the area legally described in Exhibit
“A-3” attached hereto and incorporated by reference and as depicted in the District No. 3 Boundary
Map.
District No. 1 Boundary Map: means the map of the District No. 1 Boundaries attached
hereto as Exhibit “B-1” and incorporated by reference.
District No. 2 Boundary Map: means the map of the District No. 2 Boundaries attached
hereto as Exhibit “B-2” and incorporated by reference.
District No. 3 Boundary Map: means the map of the District No. 3 Boundaries attached
hereto as Exhibit “B-3” and incorporated by reference.
Districts: means Northfield Metropolitan District No. 1, Northfield Metropolitan District
No. 2 and Northfield Metropolitan District No. 3, 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
which was prepared or approved by [Name],D.A. Davidson & Co., an External Financial Advisor,
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
5
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 ordinary course.
Inclusion Area Boundaries: means the boundaries of the property that is anticipated to be
added to the Districts’ 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.
Maximum Debt Authorization: means the total Debt the Districts are permitted to issue
as set forth in Section IX.B.7 of this Service Plan.
Maximum Debt Mill Levy Imposition Term: means the maximum term during which
the Districts’a District’s Debt Mill Levy may be imposed on property developed in the Service
Area for residential use, which shall include residential properties in mixed-use developments.
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 the Districts’a District’s 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, commonly referred to as the [Name] developmentNorthfield, under an
Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the
Planned Development.
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 prohibited or limited in this
Service Plan. Public Improvements shall include, without limitation, the improvements and
infrastructure described in Exhibit “E”F attached hereto and incorporated by reference. Public
Improvements do not include Regional Improvements.
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, including, without limitation, the public improvements described in
Exhibit “F”I attached hereto and incorporated by reference.
Regional Mill Levy: means the property tax mill levy 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.
6
Service Area: means the property collectively within the District No. 1 Boundaries, the
District No. 2 Boundaries, theand District No. 3 Boundaries and the property, all as may be
amended from time to time as further set forth in the Inclusion Area Boundaries when it is added,
in whole or partthis Service Plan and the Special District Act.
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 Service Area that will
be subject to the ad valorem property taxes imposed by the Districts.
TABOR: means Colorado’s Taxpayer’s Bill of Rights in Article X, Section 20 of the
Colorado Constitution.
Vicinity Map: means the map attached hereto as Exhibit “G”E and incorporated by
reference depicting the location of the Service Area within the regional area surrounding it.
IV.III. BOUNDARIES AND LOCATION
The area of the Service Area, without the Inclusion Area Boundaries, includes
approximately [Insert Number] 56.3 acres and the total area proposed to be included in the
Inclusion Area Boundaries is approximately [Insert Number] acres.. A legal description and map
of each of the Districts’District No. 1 Boundaries are attached hereto as ExhibitsExhibit A-1, A-
2 and A-3 and Exhibit B-1, B-2 and B-3, respectively.; a legal description and map of the
Inclusion AreaDistrict No. 2 Boundaries are attached hereto as Exhibit CA-2 and Exhibit DB-2,
respectively.; and a legal description and map of the District No. 3 Boundaries are attached hereto
as Exhibit A-3 and Exhibit B-3, respectively. It is anticipated that the boundaries of the
DistrictsDistricts’ 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
Section V of this Service Plan. The location of the Service Area is depicted in the vicinity map
attached as Exhibit GE.
VI.IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
7
B.A. Project and Planned Development.
[Describe the nature of the Project and Planned Development, estimated population at
build out, timeline for development, estimated assessed value after 5 and 10 years and estimated
sales tax revenue. Also, please identify all plans, including but not limited to Citywide Plans,
Small Area Plans, and General Development Plans that apply to any portion of the Districts’
Boundaries or Inclusion Area Boundaries and describe how the Project and Planned
Development are consistent with the applicable plans. Please state if the proposed Districts are
to be located within an urban renewal area and if the proposed development is anticipating the
use of tax increment financing (TIF). If the Districts intend to pursue TIF, please provide
information on how the TIF financing will interact with the Districts’ financing and how the
necessary Public Improvements will be shared across the two funding sources.]
Situated within walking distance of the City’s Old Town, the Planned Development
is a proposed 56.3-acre, mixed-use community located west of Lindenmeier Road, southeast of
the Lake Canal and north of the to-be designated historic Alta Vista neighborhood. The Planned
Development targets a number of the City’s stretch outcomes and critical objectives, including
neighborhood livability and social health, environmental health, and transportation. The Planned
Development incorporates goals of the following plans: the City Plan, Transportation Master Plan,
Master Street Plan, Nature in the City Strategic Plan, Natural Areas Master Plan, Paved
Recreational Trail Master Plan, Northside Neighborhoods Plan, Pedestrian Plan, and Bicycle
Master Plan.
The Planned Development is anticipated to include approximately 442 attached
housing units, of which a minimum of sixty-five (65) housing units will be designated as affordable
housing, either for-sale or for-rent, and the majority of the rest of the units will be sold as attainable
housing units. The Planned Development is also anticipated to include a mixed-use center that
will offer light commercial use on the first floor, residential for-rent units on the second floor, and
small amenities open to the public. The estimated resident population at build-out is 1,139.
Construction of the Planned Development is planned to be completed by year 2026.
In accordance with the Financial Plan, the estimated assessed valuation of the Planned
Development in 2024 is estimated to be $8,525,353 for residential and $181,867 for commercial,
and in 2029 it is estimated to be $13,129,996 for residential and $204,346 for commercial.
Approval of this Service Plan by the City Council does not constitute nor 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.
D.B. Public Benefits.
In addition to providing a portion of the Public Improvements described in Exhibit
D and the Regional Improvements, the organization of the Districts is intended to enable the
Project towill deliver a number of extraordinary direct and indirectseveral public benefits,
including: [Describe Public Benefits] (collectively, the “Public Benefits”). to the community in
8
accordance with the City’s Metro District Service Plan Policy. The public benefits include, but
are not limited to, developing critical on-site and off-site public infrastructure, employing high
quality and smart growth practices, creating affordable housing units, creating attainable housing
units to be enabled under this Service Plan support the workforce, and incorporating environmental
sustainability through energy and water conservation, and enhanced multimodal transportation, all
of which are specifically described in Exhibit JG attached hereto and incorporated herein by this
reference. (collectively, the “Public Benefits”).
Therefore, notwithstanding any provision to the contrary contained in this Service
Plan, no District shall be authorized to issue any Debt or to impose a Debt Mill Levy or any Fees
for payment of Debt unless and until the delivery of the Public Benefits specifically related to the
phase of the Planned Development of aor portion of the Project to be financed with such Debt,
Debt Mill Levy or Fees, are secured in a manner approved by the City Council. To satisfy this
precondition to the issuance of Debt and to the imposition of the Debt Mill Levy and Fees, delivery
of the Public Benefits for each phase of the Project and the Planned Development must be secured
by one of the following methods, as applicable:
2.1. For any portion 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 by either
(i) agreeing to provide those Public Benefits as a legally enforceable multiple-fiscal year obligation
of the District under TABOR, or by (ii) securing performance of that obligation with a surety bond,
letter of credit, or other security acceptable to the City, and any such intergovernmental agreement
must be approved by the City Council by resolution;
4.2. For any portion of the Public Benefits to be provided by one or more
Developers of the Planned Development, each such Developer must either (i) 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 that phase of the Planned Development, or (ii)
secure such obligations with a surety bond, letter of credit, or other security acceptable to the City,
and all such development agreements must be approved by the City Council by resolution; or
6.3. For any portion of the Public Benefits to be provided in part by one or more
of the Districts in the Project and in part by one or more of the Developers in the Planned
Development or Project, an agreement between the City and, the affected District(s)), and
Developersthe Developer(s) that secures such Public Benefits as legally binding obligations using
the methods described in subsections 1 and 2 above, and all such agreements must be approved by
the City Council by resolution.
F.C. Assessed Valuation.
9
The current assessed valuation of the Service Area is approximately [Dollar
Amount]$2,024 and, at build out, is expected to be [Dollar Amount].$13,334,342. These amounts
are expected to be sufficient to reasonably discharge the Debt as demonstrated in the Financial
Plan.
VII.V. INCLUSION OF LAND IN THE SERVICE AREA
Other than the real property in the Inclusion Area Boundaries, the DistrictThe Districts
shall not includeadd any real property intoto the Service Area without the City Council’s prior
writtenCity’s approval and in compliance with the Special District Act. Once thea District has
issued Debt, it shall not exclude real property from the Districts’District’s boundaries without the
prior written consent of the City Council.
VIII.VI. DISTRICT GOVERNANCE
The Districts’ Boards shall be comprised of persons who are a qualified “eligible
electorselector” 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 of the Service Area progresses. The Districts shall not enter into any
agreement by which the End Users’ electoral control of any of the Boards is removed or
diminished.
IX.VII. AUTHORIZED AND PROHIBITED POWERS
B.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,
including design review and covenant enforcement 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 not be deemed to be a part hereof. These new powers
and authority shall only be available to be exercised by the Districts if the City Council first
approves a Service Plan Amendment to specifically allow the exercise of such powers or authority
by the Districts.
C.B. B. Prohibited Improvements and Services and other Restrictions and
Limitations.
10
The Districts’ powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise its 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 Sections XVII and XVIII 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 thetheir eminent domain power is being 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 a political subdivisionsubdivisions of the State as conferred
by the Special District Act.
2. Fee Limitation
Any Fees imposed for the repayment of Debt, if authorized by this Service
Plan, shall not be imposed by the Districts upon or collected from an End User. In addition, Fees
imposed for the payment of Debt shall not be imposed unless and until the requirements for
securing the delivery of the District’s portion of the Public Benefits have been satisfied in
accordance with Section IV.B of this Service Plan. Notwithstanding 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.
3. Operations and Maintenance
The primary purpose of the Districts is to plan for, design, acquire,
construct, install, relocate, redevelop and finance 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 each
specifically authorized to operate and maintain all or any part or all of the Public Improvements
not otherwise conveyed or dedicated to the City or another appropriate governmental entity until
the such time as the District is dissolved.
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,
11
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 Project’s 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 DistrictDistricts 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
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 approved by the City Council.
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 Council as a Service Plan Amendment.
9. 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 either by intergovernmental agreement
or as a Service Plan Amendment.
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11.10. 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.
12.11. 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 Council.
13.12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the Districts shall obtain
the certification of an External Financial Advisor substantially as follows:
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.
14.13. Special Assessments
The Districts shall not impose special assessments without the prior written
approval of the City Council.
XI.VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS
Exhibit ED 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 HD, excluding any improvements paid for by the Regional Mill Levy necessary to
serve the Planned Development, are approximately [Dollar Amount] in [Year] dollars and total
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approximately [Dollar Amount] in the anticipated year of construction dollars.$30,101,665 in
2019 dollars. The cost estimates are based upon preliminary engineering, architectural surveys,
and reviews of the Public Improvements set forth in Exhibit ED 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 I.E. Changes in the Public
Improvements or cost, which are approved by the City in an Approved Development Plan and any
agreement approved by the City Council pursuant to Section IV.B of this Service 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. Provided, however, any
agreement approved and entered into underpursuant to Section IV.B of this Service Plan for the
provision of a Public Improvement that is also a Public Benefit, shall supersede both this Service
Plan and the applicable Approved Development Plan.
Except as otherwise provided by an agreement approved under Section IV.B of this Service
Plan: (i) 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; (ii) 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; and (iii) the DistrictDistricts shall also be permitted to
allocate costs between such categories of the Public Improvements as deemed necessary in its
discretiontheir discretion; and (iv) to the extent that the City reimburses a developer for Public
Improvements that would otherwise be reimbursable under the Special District Act, the District
shall not reimburse the developer for such Public Improvements.
The Public Improvements shall be listed using an ownership and maintenance matrix in
Exhibit ED, either individually or categorically, to identify the ownership and maintenance
responsibilities of the Public Improvements.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to 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 Council, 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
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released in the City ManagersManager’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,
State law or any agreement approved and entered into under Section IV.B of this Service Plan.
Any limitation or requirement concerning the time within which the City must review the Districts’
proposalsproposal or applicationsapplication 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 requirements and limitations.
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.
XIII.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 JF and incorporated by reference,
reflects the Districts’ anticipated schedule for incurring Debt to fund Public Improvements in
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support of the Project. The Financial Plan also reflects the schedule of all anticipated revenues
flowing to the Districts derived from the 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 presently exist 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 District’s goals and objectives but rather
a representation of one feasible alternative. Other financial structures may be used so long as they
are in compliance with this Service Plan. The Financial Plan incorporates all of the provisions of
this ArticleSection 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 Districts 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 Service Area. 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 fifty (50) mills.
2. Regional Mill Levy Not Included in Other Mill Levies
The Regional Mill Levy shall not be counted against the Aggregate Mill
Levy Maximum.
3. Operating Mill Levy
The Districts may each impose an Operating Mill Levy of up to fifty (50)
mills until the DistrictsDistrict imposes a Debt Mill Levy. Once a District imposes a Debt Mill
Levy of any amount, that District’s Operating Mill Levy shall not exceed ten (10) mills at any
point.
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4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the
Taxable Property changes after January 1, [current year]2019, or any constitutionally mandated
tax credit, cut or abatement takes effect after January 1, 2019, 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 Districts’ Boards 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, [current year].2019. 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 [Dollar Amount]$30,101,665 in
project costs in [Year]2019 dollars as set forth in Exhibit ED and anticipate issuing approximately
[Dollar Amount]$16,000,000 in Debt to pay such costs as set forth in Exhibit JF, which Debt
issuance amount shall be the amount of the Maximum Debt Authorization. In addition, thea
District shall not issue any Debt unless and until delivery of the District’s Public Benefits have
been secured as required in Section IV.B of this Service Plan. The Districts collectively shall not
issue Debt in excess of the Maximum Debt Authorization. Bonds, loans, notes or other instruments
Bonds which have been refunded shall not count against the Maximum Debt Authorization. The
Districts must obtain from the City Council a Service Plan Amendment prior to issuing Debt in
excess of the Maximum Debt Authorization.
C. Maximum Voted Interest Rate and Underwriting Discount.
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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, including any defaulting interest rate, 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 payed
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, the 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 KH (the “Disclosure Notice”);
3.2. 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
5.3. 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 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.
G.F. External Financial Advisor.
An External Financial Advisor shall be retained by the Districts to provide a written
opinion as to whether any Debt issuance is in the best interest of the Districtsissuing District once
the total amount of Debt issued by the Districtssuch District exceeds Five Million Dollars
($5,000,000). The External Financial Advisor is to provide advice to the Districts’ Boardsissuing
District’s Board regarding the proposed terms and whether Debt conditions are reasonable based
upon the status of development within the DistrictsDistrict, the projected tax base increase in the
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DistrictsDistrict, the security offered and other considerations as may be identified by the Advisor.
The Districtsissuing 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 Districtsissuing District.
Debt shall not be undertaken by the Districts if found to be unreasonable by the
External Financial Advisor.
H.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.
I.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 obligationsobligation.
J.I. TABOR Compliance.
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.
K.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
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operations, are anticipated to be [Dollar Amount],One Hundred Thousand Dollars ($100,000),
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 [Dollar Amount].Fifty
Thousand Dollars ($50,000).
Ongoing administration, operations and maintenance costs may be paid from
property taxes collected through the imposition of an Operating Mill Levy, subject to the
limitations set forth in Section IX.B.3, as well as from other revenues legally available to the
Districts.
XIV.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 and any
properties thereafter included in the 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 the Regional
Mill Levy and this intergovernmental agreement shall be a precondition to the Districts issuing
any Debt and imposing the Debt Mill Levy, the Operating Mill Levy and any Fees for the
repayment of 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 levy rate to be imposed.
C. City Notice Regarding Regional Improvements.
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 that
planned developments that (i) are adjacent to the Service Area and (ii) will benefit from the
Regional Improvement also impose a Regional MillyMill Levy, to the extent possible.
D. Regional Improvements Authorized Under Service Plan.
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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 MillMil 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.
The City’s authority to require the initiation ofa District to initiate the imposition
of a Regional Mill Levy shall expire fifteen (15) years after December 31st of the year in which
the Districtssaid District 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 Maximum.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed January 1,
[current year],2019, or any constitutionally mandated tax credit, cut or abatement takes effect after
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January 1, 2019, the Regional Mill Levy may be increased or shall be decreased to reflect such
changes; such increases or decreases shall be determined by each of 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, [current year].2019. 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.
XV.XI. CITY FEES
The Districts shall pay all applicable City fees as required by the City Code.
XVI.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).
XVIII.XIII. ANNUAL REPORTS AND BOARD MEETINGS
B.A. General.
Each of ththe 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 OrderOrders
and DecreeDecrees creating the Districts hashave been issued. The Districts may file a
consolidated annual report. The annual report(s) may be made available to the public on the City’s
website.
C.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.a District’s creation. 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. Notice for each of these meetings shall be given in accordance
with the requirements of the Special District Act and other applicable State Law.
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D.C. Report Requirements.
Unless waived in writing by the City Manager, each of the Districts’ annual
reportsreport must include the following:
1. Narrative
A narrative summary of the progress of the District in implementing theits
Service Plan for the report year.
2. Financial Statements
Except when an 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 report. The
District’s current office address, phone number, email address and any website address shall also
be listed in the report.
7.6. Other Information
Any other information deemed relevant by the City Council or deemed
reasonably necessary by the City Manager.
E.D. Reporting of Significant Events.
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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.
F.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 thisthe Service
Plan, inat the discretion of the City Manager.
XIX.XIV. SERVICE PLAN AMENDMENTS
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 provided such
Public Improvements are consistent with the then-current Approved Development Plans for the
Project and any agreement approved by the City Council pursuant to the Section IV.B of this
Service Plan. 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 in Section XV of this Service
Plan or that does not comply with provisionsany 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
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a case-by-case basis as to whether such departures are a material modification under this Service
Plan or the Special District Act.
XX.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:
A. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the Districts;
B. 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;
C. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
D. Failure to comply with any of the prohibitions, limitations and restrictions of this
Service Plan.
XXI.XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which the
Districts wereany District was created have been accomplished, the Districtssaid 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 Districts haveDistrict has provided for the payment or discharge of all
of its outstanding indebtedness and other financial obligations as required pursuant to State law.
In addition, if within three (3) years from the date of the City Council’s approval of this
Service Plan no agreement contemplated under Section IV.B of this Service Plan has been entered
into by the City with any of the Districts and/or any Developer, despite the parties conducting good
faith negotiations attempting to do so, the City may opt to pursue the remedies available to it under
C.R.S. Section 32-1-701(3) in order to compel the Districts to dissolve in a prompt and orderly
manner. In such event: (i) the limited purposes and powers of the Districts, as authorized herein,
shall automatically terminate and be expressly limited to taking only those actions that are
reasonably necessary to dissolve; (ii) the Board of each of the Districts will be deemed to have
agreed with the City regarding its dissolution without an election pursuant to C.R.S. §32-1-
704(3)(b); (iii) the Districts shall take no action to contest or impede the dissolution of the Districts
and shall affirmatively and diligently cooperate in securing the final dissolution of the Districts,
and (iv) subject to the statutory requirements of the Special District Act, the Districts shall
thereupon dissolve.
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XXIII.XVII. SANCTIONS
Should any of the Districts undertake any act without obtaining prior City Council
approval or consent or City Manager approval or consent underas required in this Service Plan,
that constitutes a material modification to this Service Plan requiring a Service Plan Amendment
as provided herein or under the Special DistrictsDistrict Act, or that does not otherwise comply
with the provisions of this Service Plan, the City Council may impose one (1) or more of the
following sanctions, as it deems appropriate:
A. Exercise any applicable remedy under the Special District Act;
B. 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;
C. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
D. Exercise any other legal and equitable remedy available under the law, including
seeking prohibitory and mandatory injunctive relief against the District, to ensure compliance with
the provisions of the Service Plan or applicable law.
XXIV.XVIII. INTERGOVERNMENTAL AGREEMENT WITH CITY
Each of the Districts and the City shall enter into an intergovernmental agreement, the form
of which shall be in substantially the form attached hereto as Exhibit “L”I and incorporated by
reference (the “IGA”). However, the City and the Districts may include such additional details,
terms and conditions as they deem necessary in connection with the Project and the construction
and funding of the Public Improvements and the Public Benefits. Each of the Districts’ Boards
shall approve the IGA at their first board meeting, unless agreed otherwise by the City Manager.
Entering into this IGA is a precondition to each of the Districts issuing any Debt or imposing any
Debt Mill Levy, Operating Mill Levy or Fee for the payment of Debt under this Service Plan. In
addition, failure of any of the Districts to enter into the IGA as required herein shall constitute a
material modification of this Service Plan and subject the District to the sanctions in ArticleSection
XVII of this Service Plan. The City and the Districts may amend the IGA from time-to-time
provided such amendment is not in conflict with any provision of this Service Plan.
XXVI.XIX. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2), establishes
that:
A. There is sufficient existing and projected need for organized service in the Service
Area to be served by the Districts;
26
C.B. The existing service in the Service Area to be served by the Districts is inadequate
for present and projected needs;
D.C. The Districts are capable of providing economical and sufficient service to the
Service Area; and
F.D. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XXVIII.XX. RESOLUTION OF APPROVAL
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.
A-1-1
EXHIBIT A-1
LEGAL DESCRIPTION OF DISTRICT NO. 1 BOUNDARIES
A-2-1
EXHIBIT A-2
LEGAL DESCRIPTION OF DISTRICT NO. 2 BOUNDARIES
A-3-1
EXHIBIT A-3
LEGAL DESCRIPTION OF DISTRICT NO. 3 BOUNDARIES
B-1-1
EXHIBIT B-1
DISTRICT NO. 1 BOUNDARY MAP
B-2-1
EXHIBIT B-2
DISTRICT NO. 2 BOUNDARY MAP
B-3-1
EXHIBIT B-3
DISTRICT NO. 3 BOUNDARY MAP
C-1
EXHIBIT C
VICINITY MAP
D-1
EXHIBIT D
PUBLIC IMPROVEMENT COST ESTIMATES
E-1
EXHIBIT E
PUBLIC IMPROVEMENT MAPS
F-1
EXHIBIT F
FINANCIAL PLAN
G-1
EXHIBIT G
PUBLIC BENEFITS
H-1
EXHIBIT H
DISCLOSURE NOTICE
I-
1
EXHIBIT I
FORM OF INTERGOVERNMENTAL AGREEMENT
Solar panels on every market
rate unit. These buildings will
feature a photovoltaic system
that will produce at least 1kW
of power for each unit.
Thus, a 12-unit building will
have roughly 12kW of solar
panels.
Affordable
Housing
15% of homes will be 80%
AMI or less (65 units) with 20-
year deed restriction.
240V outlet in every garage
Northfield will commit all of
the 377 market rate units to
meeting LEED Gold
certification. Northfield has
engaged the environmental
group The Green Insight to
help achieve this
certification and will be
responsible for the
inspections throughout the
building process to ensure
Northfield receives the
LEED Gold certifications
Energy recovery ventilator
(ERV) systems will also be
installed on every market
rate unit to improve air
quality inside the homes.
All the homes at the
attainable price point will
commit to HERS ratings
ranging from 35 to 49.
Water/Energy
Conservation
Vine & Timberline
contributions
Walkability/
Pedestrian
Infrastructure
Interpretive Historical Park
and Gateway Features
bordering Alta Vista.
Multimodal
Transportation
Availability of
Transit
Enhance
Resiliency Public Space
Neighborhood parks;
Clubhouse/Swimming pool.
Increase
Renewable
Capacity
See GHG reduction Mixed-Use
Clubhouse will offer light
commercial use on the first
Northfield Metro District Proposal: Landmark Homes
Service Plan proposal to create a metro district of approximately 56 acres located north of Vine Street
on the west side of Lindenmeier Road/Lemay Avenue (southeast of the Lake Canal and north of the to-
be designated historic Alta Vista neighborhood). The developer proposes that metro district tax benefits
make it easier for the Landmark Homes to create increased public benefits in the areas of
infrastructure, smart growth, affordable housing, attainable housing, and building with environmental
sustainability practices. This scan assumes that development would happen regardless of the Metro
District and analyzes the impact of a metro district compared to a business-as-usual development
scenario.
Positive
• Inclusion of solar panels on 40% of
homes. Solar will help power the
community center.
• EV chargers will be installed in all
homes.
Negative
• None Identified
Positive
• 85% of the homes will be priced at
attainable price levels, targeting
families making 80-120% of AMI,
“the missing middle”.
• Pricing structure will reduce costs
of living in the community.
• Additional housing at this level may
impact workforce talent attraction
and retention.
• May promote additional
redevelopment in that corridor
along Vine and accelerating
connectivity through Transfort.
Negative
• None Identified
Positive
• Build out of regional trail will help
promote access to nature and
physical activity.
• Attainability and affordable housing
in proximity to jobs may promote
economic mobility.
• Includes 15% of units designated
and restricted affordable ownership
product.
• Attainable price point introduces
more opportunity to enter
homeownership and lock in stable
housing cost.
Negative
• None Identified
Tradeoffs
• Development is located near the intersection of Vine/Lemay and will likely exacerbate existing traffic challenges.
• While there are obvious benefits of affordable housing to economic and social sustainability, the environmental benefits
proposed are not as strong as they could be.
Mitigations
• The Service Plan could benefit from committing to more specific environmental public benefits (e.g. DOE Net Zero Ready
homes, LEED standards) and water conservation efforts.
Key Alignment: NLSH 1.1: Improve access to quality housing that is affordable to a board range of income levels; ENV
4.1: Achieve Climate Action Plan (CAP) 2020 goals and continue progress toward the 2030 goals; ECON 3.4 - Foster infill
and redevelopment that enhances the community.
ATTACHMENT 4
• Impacts within environmental area are neutral to positive and largely indirect because Landmark
Homes’ proposal demonstrates only some benefits to these areas. Their proposal could
implement additional energy and water savings initiatives.
• Economic impacts are driven mostly by the development pricing, as well as it’s proximity to
major employers.
• The social impacts were strongest, as they were more direct and positive due to the promise of
15% affordable for-sale housing and pricing of the remaining 85% at 80-120% AMI.
M EMORANDUM
To: Josh Birks and Rachel Rogers
Economic Health & Redevelopment, City of Fort Collins
From: Dan Guimond and Elliot Kilham
Economic & Planning Systems
Subject: Northfield Metro District Market and Financial Review
EPS #193074
Date: July 2, 2019
This memorandum summarizes Economic & Planning System’s
(EPS) evaluation of the Financial Plan section of the Consolidated
Service Plan (Service Plan) for the Northfield Metropolitan
Service District (District). The City is required to approve the
Service Plan for a Title 32 Metropolitan District prior to it being
submitted for a vote by the electorate of the district. EPS’s third-
party evaluation includes a review of the market and financial
assumptions underlying the application as well as the feasibility
of the District’s Financial Plan, including public revenue and bond
proceed forecasts. The evaluation also reviews the proposal
against the City’s metro district public benefit policy requirements.
Development Program
Northfield is a proposed 56.3-acre mixed-use community in
North Fort Collins located west of North Lemay Avenue,
southeast of the Lake Canal and north of East Vine Drive and the
Alta Vista neighborhood, as shown in Figure 1.
The District is proposed to be primarily a residential project
with 442 housing units and approximately 2,700 square feet of
commercial space. The residential component incorporates both
for-sale and rental product, and the commercial component is
oriented towards community serving retail and service uses. The
project is estimated to be completed over the next six years.
ATTACHMENT 5
Economic & Planning Systems
Page | 2
Figure 1. Northfield Metro District Vicinity Map Diagram
N
W E
S
PROPOSED NORTHFIELD
METRO DISTRICT
500
0
SCALE: 1" = 1000'
1000
Northfield Metro District Market and Financial Review
Page | 3
The Developer provided a preliminary development program to D.A. Davidson, the
District’s bond underwriter, as shown in Table 1. This preliminary program includes:
• 40 stacked condos with a projected market value of $306,714.
• 180 flats with a projected market value of $359,040.
• 139 brownstones with a projected market value of $388,518.
• 16 condominiums with a projected market value of $316,200.
• 65 deed-restricted affordable condominiums with a projected market value
of $265,200.
• 2 studio apartments (for rent) with a projected market value of $200,000.
• 2,679 square feet of commercial space with a projected market value of $225 per
square foot. The District proposal suggests targeted uses for the commercial space
include a daycare center, coffee shop, bike repair shop, or another community
serving venture.
Table 1. Proposed Northfield Development Program and Market Values
Description Amount % Total Market Value
Base $ ('20)
Residential
For-Sale Units $/Unit
Stacked Condos 40 9% $306,714
Flats 180 41% $359,040
Brownstones 139 31% $388,518
Condominiums 16 4% $316,200
Affordable Condo (Deed-Restricted) 65 15% $265,200
Subtotal/Weighted Avg. 440 99.5% $348,175
Rental Units $/Unit
MU - Studio Apts 2 0.5% $200,000
Subtotal/Weighted Avg. 2 0.5% $200,000
Total/Weighted Avg. 442 100% $347,504
Commercial Sq. Ft. $/Sq. Ft.
Retail/Commercial 2,679 100% $225
Total/Weighted Avg. 2,679 100% $225
Source: DA Davidson; Economic & Planning Systems
Economic & Planning Systems
Page | 4
The proposed buildout of the Northfield development is estimated to take place over a
six-year period from 2020 to 2025, as shown in Table 2. In total, the Developer
proposes to build an average of 74 residential units per year from 2020 to 2025. The
proposed commercial development is projected to occur in 2022 as shown.
The project is shown with the initial development focused on 34 residences in 2020 (12
stacked condominiums, 8 brownstones, 4 condominiums, and 10 deed restricted
condominiums). The remaining 408 units, including the 2 for-rent studio apartments, are
expected to be built the following five years (2021 to 2025). The last phase of the project
is the final flats and brownstones built in 2023 to 2025.
It is important to note that this preliminary program is used as inputs into D.A. Davidson’s
estimate of bond proceeds and draft bond series offerings. As the basis for the Financial
Plan, EPS focused its market assessment on these inputs.
Table 2. Proposed Northfield Absorption Schedule
Residential (Units)
Apt. Stacked Brown- Condo- Affordable Commercial
Description Studio Condos Flats stone miniums Condo [2] Total (Sq. Ft.)
Year
2019 0 0 0 0 0 0 0 0
2020 0 12 0 8 4 10 34 0
2021 0 28 36 42 8 31 145 0
2022 2 0 45 40 4 24 115 2,679
2023 0 0 48 40 0 0 88 0
2024 0 0 45 9 0 0 54 0
2025 0 0 6 0 0 0 6 0
Summary
Total 2 40 180 139 16 65 442 2,679
Average [1] 0 7 30 23 3 11 74 447
[1] Average betw een 2020 to 2025.
[2] Deed-restricted affordable condo.
Source: DA Davidson; Economic & Planning Systems
Northfield Metro District Market and Financial Review
Page | 5
Metro District Proposal
Summary
The Service Plan proposes to form three separate metro districts. The districts will have
the ability to impose an aggregate mill levy of 50 mills, which includes a Debt Mill Levy
and an Operating Mill Levy. The operating mill levy can equal up to 50 mills until the
District imposes a debt mill levy, at which point the operating mill levy cannot exceed 10
mills. While District levies are capped at 50 mills, the Service Plan allows for adjustments
to the mill levies in the event that there are changes to the method of calculating
assessed value or any other changes impacting the revenue generating capabilities of the
District. In such cases, the District may increase or decrease mill levies to ensure that
actual tax revenues generated are not diminished. This ability helps to further guarantee
future revenue streams and reduce the risk for bond holders.
The debt mill levy is expected to be used to finance public improvements listed in Exhibit
D of the Service Plan. The financial projections are based on a debt mill levy of 40 mills
for residential and commercial districts. In total, according to the Service Plan, the
Developer anticipates issuing approximately $16 million in debt to fund a portion of these
public improvement costs. The Developer’s engineering consultant estimates that the
total cost of the public improvements will be approximately $31 million.
Metro District Policy
In August 2018, the City updated its policy originally adopted in 2008 for reviewing
proposed metro district service plans. The new policy removes previous limitations for
metro district to be 90 percent commercial and not to be used to fund “basic
infrastructure improvements normally required from new development.” In their place,
the policy requires that developers deliver “extraordinary public benefits” to the city. In
addition, the new policy increased the recommended maximum mill levy for both debt
service and O&M to 50 mills—up from 40 mills in the 2008 resolution. The proposed
Northfield maximum aggregate mill levy of 50 mills is in-line with this recommended
maximum mill levy. The Public Benefits section of this memo provides more detailed
information on the proposed public benefits provided by the development.
Economic & Planning Systems
Page | 6
Market Assessment
This section reviews market values and buildout/absorption assumptions used to estimate
the potential public financing revenues and debt capacity of the project, as described in
the proposed Financial Plan. The section is organized into the residential and commercial
land uses. The residential section further delineates between for-sale and rental product,
while the commercial section outlines proposed retail uses.
Residential
To help determine their reasonableness, EPS compared the market value assumptions
used in the Financial Plan’s debt capacity estimates with recent sales in Fort Collins. In
addition, EPS compared Northfield’s proposed market values with other comparable
developments in the Fort Collins area.
For-Sale Market Values
The Developer’s proposed market values fall near the average of recent sales in the Fort
Collins market. The Fort Collins Board of Realtors (FCBR) reports that the average price
of a single family home sold in Fort Collins through May 2019 was $467,303 and that the
average price of a townhome/condominium was $308,640, as shown in Table 3. The
Northfield proposal does not include single family housing. As a result, proposed market
values are compared to the average price of townhomes/condos in the Fort Collins market.
• Stacked Condos: The Financial Plan uses a market value of $306,714 or 0.6 percent
less than the average of recent sales. As a result, the proposed values are in line with
market averages.
• Flats: The Financial Plan uses a market value of $359,040 or 16.3 percent higher
than the average of recent sales. The market average sales price includes both new
construction sales and sales of older, existing homes. A premium for new construction
in Northfield is to be expected. Moreover, the recent average sales price includes
condo sales, which may bring down the average when looking at a flat, which is
closer to a townhome. While perhaps higher than average, in EPS’s professional
experience, the market values are within an acceptable range. In particular, a market
value higher than the average of recent sales for townhomes but lower than the
average for single family homes is reasonable.
• Brownstones: The Financial Plan uses a market value of $388,518 or 25.9 percent
higher than the average of recent sales. Brownstones are typically categorized as
townhomes, however they offer features more similar to single family homes. Similar
to flats, a market value higher than the average of recent sales for townhomes but
lower than the average for single family homes is reasonable.
• Condominiums: The Financial Plan uses a market value of $316,200 or 2.4 percent
higher than the average of recent townhome/condo sales. As a result, the proposed
values are in line with market averages.
Northfield Metro District Market and Financial Review
Page | 7
• Deed-Restricted Condos: The Financial Plan uses a market value of $265,200 or 14.1
percent less than the average of recent sales. As a result, the proposed values are in
line with market averages.
Table 3. Proposed Northfield Market Values Compared to Fort Collins Average Prices
This section also compares Northfield to other recent for-sale residential projects in the
North Fort Collins market area. This comparison reveals that Northfield’s price points for
townhomes and condos largely overlap with the price ranges proposed in recent
residential projects, as shown Table 4 and Figure 2.
Table 4. For-Sale Residential Projects in the North Fort Collins Market
Description Stacked Condos Flats Brownstones Condominiums Deed-Restricted
$306,714 $359,040 $388,518 $316,200 $265,200
$308,640 $308,640 $308,640 $308,640 $308,640
Difference -$1,926 $50,400 $79,878 $7,560 -$43,440
% Difference -0.6% 16.3% 25.9% 2.4% -14.1%
Source: DA Davidson; FCBR; CoStar; Economic & Planning Systems
Average Price (May 2019 YTD)
Service Plan (Base $ '20)
Project IStatus Project Start Product Units Price
Compable Projects
Single Family $350,000-$1,300,000
Townhomes $450,000-$550,000
Condos $150,000-$450,000
Single Family 18 $575,000-$600,000
Townhomes 37 $460,000-$500,000
Single Family 567 $400,000-$530,000
Townhomes 110 $330,000-$430,000
Condos 192 $330,000-$400,000
Brownes on Howes Complete 2016 Townhomes 6 $750,000-$1,000,000
Single Family --
Townhomes --
Condos --
Townhomes at Library Park Complete 2017 Townhomes 10 $1,195,000-$1,500,000
The Park at Fossil Ridge Complete 2017 Townhomes 23 $356,000-$415,000
Northfield
Condos $265,000-$316,000
Townhomes $350,000-$390,000
[1] Total housing units for all product types.
Source: Zillow; CoStar; FCBR; DA Davidson; Economic & Planning Systems
Service Plan Proposed 2020 442 [1]
Montava Planning Review-Round 4 2020 4,200 [1]
Old Town North Third Phase 2007 450-500 [1]
Revive Under Construction 2015
Mosaic (formerly Eastridge) Under Construction 2016
Economic & Planning Systems
Page | 8
Figure 2. Price Range in Comparable Residential Projects and Northfield
Rental Housing Market Values
The Northfield Financial Plan assumes that the average value for apartments in the
development will have a market value of $200,000 per unit. To benchmark this
assumption, EPS compared it to the historical five-year average sales price per unit of
apartments in Fort Collins and to the capitalized value of apartments. Capitalized value was
calculated by dividing the five-year average rent by the five-year average capitalization
rate in the Fort Collins market. As shown in Table 5, the five-year average sales price was
approximately $179,000 per unit or 11 percent less that the market value assumption,
and the capitalization value was approximately $301,000 or 51 percent more than the
market value assumption. As a result of these comparisons, EPS concludes that the
market value used in the Financial Plan falls within an acceptable range and is appropriate.
Table 5. Market Rate Apartment Market Value Comparison
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
Old Town North Mosaic (formerly Eastridge) Brownes on Howes Townhomes at Library Park Northfield
Price Range
NorthfieldAverage
Sales Price Capitalized Northfield
Description Per Unit [1] Value [2] Assumption
Apartment
Market Value ($/Sq. Ft.) $178,844 $301,154 $200,000
% Difference [3] 11% -51% 0%
[1] 5-year average sales price per unit.
[3] Percent difference from the market value assumption.
Source: CoStar; Economic & Planning Systems
[2] Capitalized value equals the 5-year average rent divided by the 5-year average capitalization
rate.
Northfield Metro District Market and Financial Review
Page | 9
Absorption
EPS compared the planned buildout to forecast future demand for specific housing
products. We calculated future housing demand as part of our work on the update to
Fort Collins City Plan, organizing these estimates into low density (single family homes),
middle density (2- to 20-unit buildings), and high density (20 or more unit buildings)
housing products. More detail on EPS’s housing demand estimate is shown in Table 8
on the following page. Based on this comparison, EPS calculated an implied capture rate
by Northfield to gain a perspective on the size and reasonableness of the proposed
building plan.
From 2016 to 2040, EPS estimates that there will be a demand of 570 low density units,
254 middle density units, and 446 high density units per year, for a total annual average
of 1,270 units. In comparison, the Developer proposes to develop the Northfield project
at an average of 74 middle density units (multifamily and townhomes) per year from
2020 to 2025. This development schedule implies a capture rate of approximately 30
percent for middle density units. A capture rate of 30 percent is a significant portion of the
residential development market in the Fort Collins market. However, the fact that the
development is targeting the middle of the market in terms of prices and has a variety of
housing types should help it attract a wider market demand segment.
Implied Affordability of Deed Restricted Condo
To understand the affordability benefits offered by the proposed deed restrict condos,
EPS calculated the household income needed to afford the market value of the unit,
assuming 30 percent of this income is dedicated to housing, as shown in Table 6.
EPS calculated an income of approximately $49,000 was needed. To put this in
perspective, this is under 60 percent of the area median income (AMI) for a family of
four in Larimer County and approximately equal to 70 percent of the AMI for a family
of two.
Table 6. Household Income Implied by Deed Restricted Unit
Description Units Amount
Market Value $ $265,200
Mortgage Payment
Term years 30
Down Payment % 10.00%
Interest Rate % 4.50%
Mortgage Payment $/year $14,653
Income Calculation
Housing Costs % Income 30%
HH Income $/year $48,843
Source: DA Davidson; Economic & Planning Systems
Economic & Planning Systems
Page | 10
Ultimately, Northfield’s ability to meet this implied capture rate will depend on the size of
the pipeline and its competitive position against other projects. There are currently a
number of proposed large-scale residential developments in North Fort Collins, including
Mulberry, Waterfield, Water’s Edge, and Montava that will compete with Northfield.
However, North Fort Collins is one of the few remaining growth areas of the city, meaning
it may have less competition from other areas of the city. The Fort Collins market is also
a very attractive area that competes regionally and even nationally. Finally, in the past,
growth may have been constrained by supply.
Table 7. Northfield Development Implied Residential Capture Rate
Table 8. Fort Collins City Plan Future Housing Demand Estimates, 2016-2040
Northfield Fort Collins Implied
Description Average Annual Avg [2] Capture % [3]
2016-2040
Middle Density [1] 74 254 29%
Subtotal 74 254 29%
[2] Annual average from CityPlan housing demand forecast completed by EPS.
[3] Capture % = Northfield Average / Fort Collins Average.
Source: Economic & Planning Systems
[1] Based on definitions from the CityPlan estimate, middle density includes tow nhomes and multifamily
homes.
Description Amount % Total Amount % Total Total Ann. # Ann. %
Low Density 42,254 66% 55,926 59% 13,672 570 1.2%
Middle Density 14,891 23% 20,998 22% 6,108 254 1.4%
High Density 6,590 10% 17,296 18% 10,706 446 4.1%
Total 63,735 100% 94,220 100% 30,485 1,270 1.6%
Source: Economic & Planning Systems
2016 2040 2016-2040
Northfield Metro District Market and Financial Review
Page | 11
Commercial Development
The Northfield Financial Plan assumes that the commercial space in the development will
have an average value of $225 per square foot. To benchmark this assumption, EPS
compared it to the historical five-year average sales price per square foot of retail space
in the Fort Collins market and to the capitalized value of retail and office space.
Capitalized value was calculated by dividing the five-year average rent per square foot by
the five-year average capitalization rate for the respective product types, as shown in
Table 9. The five-year average sales price was $200 per square foot or 11 percent less
than the market value assumption used in the Financial Plan, and the capitalized value
was approximately $255 per square foot or 13 percent higher than the market value. As
a result of these comparisons, EPS concludes that the market value used in the Financial
Plan is relatively moderate and generally within a range set by the sales price and
capitalized value benchmarks.
Table 9. Retail Market Value Comparison
Absorption
Northfield proposes to build a total of 2,680 square feet of community serving retail. EPS
finds that this is a reasonable amount of retail for a development of this size. To help
provide context, EPS benchmarked Northfield’s proposed retail development against
historic retail development in the city to calculate an implied capture rate, as shown in
Table 10. Over the last 11 years, from 2006 to 2017, the city delivered an average
127,365 square feet of retail space per year. As a result, the Northfield proposal implies a
capture rate of 2.1 percent relative to the historic annual average.
Table 10. Northfield Development Implied Retail Capture Rate
Sales Price Capitalized Northfield
Description Per Sq. Ft. [1] Value [2] Assumption
Retail
Market Value ($/Sq. Ft.) $200.00 $255.07 $225.00
% Difference [3] 11% -13% 0%
[1] 5-year average sales price per sq. ft.
[3] Percent difference from the market value assumption.
Source: CoStar; Economic & Planning Systems
[2] Capitalized value equals the 5-year average rent divided by the 5-year average capitalization rate.
Northfield Fort Collins Northfield
Description Annual Avg Annual Avg Capture %
2019-2027 2006-2017
Retail 2,680 127,365 2.1%
[1] Capture % = Northfield / Fort Collins Average.
Source: City of Fort Collins; Economic & Planning Systems
Economic & Planning Systems
Page | 12
Metro District Competition in North Fort Collins
Northfield is one of five major planned developments in North Fort Collins, all
proposing metro districts (others include Mulberry, Montava, Water’s Edge, and
Waterfield). At buildout (from 2018 to 2042), the four proposed districts are projected
to result in 7,853 additional housing units. This is 26 percent of the estimated growth
of approximately 30,500 households in Fort Collins from 2016 to 2040, as shown in
Table 8.
Given that North Fort Collins is one of the few remaining growth areas in the city, an
expected capture rate of 26 percent is not unreasonable. However, on a year-to-year
basis the four developments will compete for absorption. If the developments happen
to each deliver a large number of units at the same time, it may take months or even
years for these units to be absorbed. This will in turn impact the bond revenue
projections of the four districts. Figure 4 below compares the combined estimated
residential buildout of each of the districts with the total average annual growth rate
for the city in Table 8. The figure illustrates that while from 2019 to 2042 the four
districts will need to capture 24 percent of total growth, in certain years the buildout
schedules imply a much higher capture rate, including 107 percent in 2021.
Figure 3. Implied Capture Rate Four Metro Districts
7%
40%
107%
58%
50%
39%
73%
40%
25% 28%
20% 20%
10% 11%
20% 19%
9% 9% 8% 9% 6%
0% 6% 6%
0%
20%
40%
60%
80%
100%
120%
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
Northfield Metro District Market and Financial Review
Page | 13
Financial Analysis
The Service Plan proposes to issue metro district revenue bonds to pay for eligible public
improvements. This section reviews proposed public improvement costs and the revenue
and debt estimates described in the metro district Service Plan.
Public Improvement Costs
The Developer provided the preliminary public improvement cost estimates in Exhibit D of
the Service Plan. Overall, public improvements associated with the development are
estimated to be approximately $31 million, as shown in Table 11. The Developer
grouped the improvements into two categories, $21 million in “Basic” infrastructure costs
and $10 million in “Non-basic” costs.
• Basic: The Developer included the following items in the estimate of Basic public
improvements: grading, roadway, potable waterline, sanitary sewer, and storm
drainage improvements; open space, parks, and trails; and administrative/design/
permitting, and contingency costs. The Basic improvements generally include in-tract
improvements that are normal costs of development.
• Non-basic: The Developer included the following items in its Non-basic
infrastructure: arterial upsizing and private drive construction, sanitary sewer
upsizing, park and other amenities including a community pool and clubhouse. The
Non-basic improvements include some off-site improvements such as arterial and
sewer upsizing.
Some of these costs categorized as Non-basic should not necessarily be categorized as
public improvements. For example, the non-basic infrastructure includes $2 million for a
community pool and clubhouse. It is unclear from the Service Plan how this will be open
to and serve the public and wider Fort Collins community. However, it will be an amenity
to the development, and help both attract buyers and add value. As a result, it likely
should not count as a public benefit.
The Developer proposes to issue debt generating approximately $13 million in project
proceeds, as shown in Table 11. This debt would cover approximately 41 percent of the
total public improvement costs. The Developer would need to cover the remaining $18.3
million with other funds.
Economic & Planning Systems
Page | 14
Table 11. Public Infrastructure and Estimated Costs
Description Basic % Non-Basic % Total % Total
Public Improvement Costs
Grading/Miscellaneous $6,697,000 32% $0 0% $6,697,000 21%
Roadway Improvements $3,122,630 15% $3,278,240 31% $6,400,870 20%
Potable Waterline Improvements $617,400 3% $0 0% $617,400 2%
Sanitary Sewer Improvements $148,400 1% $538,220 5% $686,620 2%
Sorm Drainage Improvements $1,889,100 9% $0 0% $1,889,100 6%
Open Space, Parks, and Trails $1,010,000 5% $3,047,850 29% $4,057,850 13%
Admin./Design/Permitting/Etc. $3,777,000 18% $1,923,000 18% $5,700,000 18%
Contingency (20%) $3,452,310 17% $1,757,465 17% $5,209,775 17%
Total $20,713,840 100% $10,544,775 100% $31,258,616 83%
Metro District Project Funds
Series 2020 $7,098,194 55%
Series 2030 $5,829,489 45%
Total $12,927,683 100%
Source: Highland Development Services; Economic & Planning Systems
Northfield Metro District Market and Financial Review
Page | 15
Revenue Estimates
Proposed Mill Levies and Facility Fee
The proposed maximum District mill levy of 50 mills is relatively common and within the
distribution of similar metro districts in Colorado. The 50 mills would be added to the
existing property tax levy of 91.139 mills and increase the property tax burden. Based on
information in the Financial Plan and D.A. Davidson’s bond projections, the Developer
plans to charge 50 mills (40 mills as debt levy and 10 mills for operations) to the District.
For the residential portion of the property, the maximum District mill levy of 50 mills
would result in an average of $1,242 per year or $104 per month of additional cost to the
tenant. For the commercial portion of the property, the 50 mills would result in an
average of $3.26 per square feet of additional property tax cost per year, as shown.
Table 12. Metro District Mill Levies
Market Assessed Property Tax
Description Value Value Existing District Total
Residential (Units) 7.15% 91.139 mills 50.000 mills 141.139 mills
Stacked Condos $306,714 $21,930 $1,999 $1,097 $3,095
Flats $359,040 $25,671 $2,340 $1,284 $3,623
Brownstones $388,518 $27,779 $2,532 $1,389 $3,921
Value Condo $316,200 $22,608 $2,060 $1,130 $3,191
Affordable Condo (Deed-Restricted) $265,200 $18,962 $1,728 $948 $2,676
MU - Studio Apts $200,000 $14,300 $1,303 $715 $2,018
Weighted Average $347,504 $24,847 $2,264 $1,242 $3,507
% Total 65% 35% 100%
Commercial ($/SF) 29.00% 91.139 mills 50.000 mills 141.139 mills
Retail/Commercial $225 $65 $5.95 $3.26 $9.21
% Total 65% 35% 100%
Source: DA Davidson; Economic & Planning Systems
Economic & Planning Systems
Page | 16
Public Revenue Forecasts and Bond Proceeds
D.A. Davidson estimates that the metro district will generate a total of approximately $50
million in revenues from debt mill levy collections, as shown in Table 13. The market
value and absorption assumptions described in the Market Assessment section of this
memorandum are the main drivers of these revenue estimates. A reduction in the
proposed market values for the residential and commercial development and/or extended
buildout and absorption schedule will reduce the total bond proceeds. The underwriting
process and bond structure include reserve funds and capitalized interest mitigate
difference between forecasted and actual values relating to market values, buildout
schedule, and other variables.
These public revenues will be used to issue two bond series, one in 2020 and one in 2030
to generate approximately $13 million that can be used to reimburse the Developer for
infrastructure expenditures related to the public improvements.
Table 13. Northfield Metro District Public Revenue and Project Funds
Description Series 2020 Series 2030 Total
Public Revenues
Par Value $10,020,000 $14,870,000 $24,890,000
Interest $12,021,750 $13,214,800 $25,236,550
Total $22,041,750 $28,084,800 $50,126,550
Project Proceeds
Par Value $10,020,000 $14,870,000 $24,890,000
Other Source of Funds [1] $0 $1,073,406 $1,073,406
Refunding Escrow Deposits [2] $0 -$9,790,000 -$9,790,000
Capitalized Interest Fund -$1,503,000 -$49,567 -$1,552,567
Debt Service Reserve Fund -$918,406 $0 -$918,406
Cost of Issuance -$300,000 -$200,000 -$500,000
Unerwriter's Discount -$200,400 -$74,350 -$274,750
Total $7,098,194 $5,829,489 $12,927,683
[1] Funds on hand and previous series reserve funds.
[1] Refinancing previous series and paying off principal of the bond.
Source: DA Davidson; Economic & Planning Systems
Northfield Metro District Market and Financial Review
Page | 17
Public Benefits
The City’s policy for reviewing metro districts supports the formation of a district “where
it will deliver extraordinary public benefits that align with the goals and objectives of the
City.” The policy goes on to define four focus areas or types of benefits that meet this
policy as follows:
• Environmental Sustainability Outcomes – defined as public improvements that
provide environmental benefits including reduction in greenhouse gases, water or
energy conservation, community resiliency against natural disasters, renewable
energy capacity, and/or other environmental outcomes.
• Critical Public Infrastructure – public improvements that address significant
infrastructure needs previously identified by the City.
• Smart Growth Management – public improvements that facilitate design that
increases development density, enhances walkability, increases the availability of
transit or multimodal facilities, and/or encourages mixed use development patterns.
• Strategic Priorities – public improvements that address City priorities including
affordable housing, infill or redevelopment, and economic health improvements (e.g.,
job growth business retention, or construction of a missing economic resource).
Exhibit G of the Service Plan describes the proposed public benefits of the Northfield
project. The Developer is able to provide these public benefits in part due to the District
bonds that reimburse the Developer for public improvement costs. More specifically, by
reimbursing basic infrastructure investments typically associated with development with
District bond proceeds, the Developer is able to invest more money into public benefits
the City views as priorities.
The Service Plan describes a number of public benefits for the project. These include
creating a New Urbanist community with low-impact development features. They also
include:
• Critical Public Infrastructure – including construction of Suniga Road as an arterial
road and off-site sewer improvements.
• Parks, Open Space, and Trails – including a community pool, regional trail
delivery, and 26 acres of parks and green spaces covering approximately 46.9
percent of the entire project.
• Affordable Housing – approximately 15 percent of units sold at 80 percent of the
area median income (AMI) or lower.
• Attainable Housing – by offering the remaining housing units between 80 percent
and 120 percent of AMI.
Economic & Planning Systems
Page | 18
• Environmental Sustainability – including a commitment to 14 kW of solar capacity
per “Flats” building, 240V outlets in every garage (excluding the affordable homes)
for electric vehicle fast-charging stations, and using an estimated 7.63 gallons of
water per square foot, well below the City’s limit of 15 gallons of water per square foot.
• Smart Growth Management – including enabling stretch outcomes in other
categories by keeping density at 8 units per acre, despite qualifying for a density of
12 units per acre through Northfield’s classification as an “affordable housing project.”
Table 14 shows the Developer’s estimates of the value for different public benefits in the
four focus areas outlined by the City. Overall, the Developer estimates that the District is
providing approximately $17 million of public benefits. This amount is greater than the
total estimated bond proceeds of approximately $13 million. Overall, the Service Plan
does not guarantee the delivery of public benefits. Public benefits will have to be vetted
and guaranteed through additional approval steps for the metro district, including
approval of the development plan.
After reviewing the Service Plan’s description of public benefits, EPS finds that it is
difficult to determine whether certain District features should be categorized as a public
benefit for the wider community or if they are arguably more appropriately categorized as
an amenity for future homebuyers—thus not a benefit to the public at large. This is
particularly true for the benefits described below, which the Developer has listed under
the Smart Growth Management category.
• Clubhouse and Swimming Pool: The Developer has included $2 million in cost for
the construction of a clubhouse and swimming that potentially will primarily serve
residents of the development. While the Developer gestures at benefits to the wider
community, the clubhouse will definitely serve as an amenity for residents and will in
turn increase home values.
• Reduction in Allowed Density/More Open Space: The Developer includes a
reduction in density from 12 dwelling units per acre to 8 dwelling units per acre,
which the Developer values at approximately $4.5 million. This reduction in density
increases the amount of open space in the project. However, while the Developer
plans to use some increased open space as a buffer to the Lake Canal Wetlands,
much of it will be spread throughout the development. While this open space may
have some environmental benefits, including benefits for stormwater drainage, it
does not preserve habitat. Instead, similar to the clubhouse and swimming pool, this
open space will serve as an amenity to the project, presumably increasing home
values. In addition, smart growth policies are more often associated with increases in
density not reductions. Finally, how the Developer determined the value of this
amenity is not substantiated.
Northfield Metro District Market and Financial Review
Page | 19
• Increased Landscaped Area: The Developer includes increased landscaped area
with an estimated cost of approximately $720,000 as a public benefit. Again, this
increased landscape area serves as an amenity to the development. It is unclear how
landscaped areas would count as “a compelling public space”—an example of benefit
listed in the City’s policy.
Table 14. Northfield Development Public Benefit Estimates
Description Category Benefit % Total
Enivronmental Sustainability
13-14 kW of solar power per "Flats" building Solar Energy $448,000 2.66%
240 V outlets Electric Vehicles $375,000 2.22%
EV charging stations Electric Vehicles $30,000 0.18%
Subtotal $853,000 5.06%
Critical Public Infrastructure
On-Site Suniga Road Upsizing Major Arterial Development $1,682,640 9.98%
Off-Site Suniga Road Major Arterial Development $774,800 4.59%
Regional Trail Construction Pedestrian Connectivity $199,050 1.18%
Off-Site Sewer Construction and Upsizing Off-Site Infrastructure $538,220 3.19%
Lemay Overpass Contribution Off-Site Infrastructure $250,000 1.48%
Subtotal $3,444,710 20.42%
Smart Growth Management
Alley-Loaded Homes Increased Density $820,800 4.87%
Reduction in Allowed Density/ More Open Space Public Spaces $4,474,100 26.53%
Clubhouse and Swimming Pool Public Spaces $2,000,000 11.86%
Increased Landscaped Area (46.9% of site) Public Spaces $723,800 4.29%
Alta Vista Buffer Area Public Spaces $125,000 0.74%
Public Amenity Area Public Spaces $5,000 0.03%
Subtotal $8,148,700 48.31%
Strategic Priorities
14.7% (65 units) of deed-restricted affordable housing Affordable Housing $4,420,000 26.21%
85.3% (377 units) of attainably priced housing Attainable Housing N/A [1] N/A [1]
Subtotal $4,420,000 26.21%
TOTAL $16,866,410 100%
Source: Landmark Homes; Economic & Planning Systems
[1] Developer did not provide an estimate for value of attainable housing due to the variability in pricing of housing in a range betw een 80% and 120% of AMI
Economic & Planning Systems
Page | 20
Summary and Conclusions
• Proposed Mill Levies: The proposed Northfield maximum aggregate mill levy of 50
mills is equal to the maximum allowed under the City’s current metro district policy.
• Market Values: EPS generally finds that the market values used in the public
revenue estimates to be reasonable. These assumptions align with market averages,
given a new construction premium, and the residential market values are comparable
to other recent developments in North Fort Collins.
• Affordable and Attainable Housing: EPS finds that the deed-restricted affordable
condos are priced at or below 80 percent of AMI. The planned market rates units are
also currently priced towards the middle of the market and should be affordable for
someone earning between 80 and 120 percent of the AMI—so called “attainable”
housing.” However, it is important to note that only the deed-restricted affordable
units have guaranteed affordability. Other units will be priced based on the market.
• Residential Absorption: Overall, EPS finds that Northfield’s proposed absorption is
reasonable. Housing is priced toward the middle of the market and includes a number
of different housing options, which will attract a wider market demand segment.
However, Northfield will need to compete with other residential developments planned
for North Fort Collins, including Mulberry, Waterfield, Water’s Edge, and Montava. The
fact that North Fort Collins is one of the only remaining growth areas of the city
should help each of these developments achieve a significant market share. However,
in aggregate, the cumulative absorption of these large developments may exceed
overall market demand and result in slower absorption for one or more of the projects.
• Public Benefits: As outlined in Exhibit G Public Benefits, the Service Plan proposes a
number of public improvement that potentially meet the City’s proposed metro
district criteria for extraordinary public benefits. The estimated value of these benefits
is greater than the estimate project fund proceeds from a bond issuance. However,
there are at least three public benefits for which the categorization as a public benefit
is questionable and/or the value is either unsubstantiated, including Clubhouse and
Swimming Pool, Reduction in Allowed Density/More Open Space, and Increased
Landscaped Area.
METRO DISTRICTS
COMBINED VICINITY MAP
Waterfield
Mulberry
Montava
Water’s Edge
Phase 1 & 2
Northfield
ATTACHMENT 6
1
Northfield Metro District Request Preview
September 17, 2019 Josh Birks
ATTACHMENT 7
Project Description
• 6+ Year Multi
Phase Master
Planned Project
• 442 Residential
Units
• 14.7%
affordable
2
Policy Comparison – Key Provisions
3
Project Current Policy
Mill Levy Caps 50 Mills 50 Mills
Basic Infrastructure Partially To enable public benefit
Eminent Domain Will Comply Prohibited
Debt Limitation Will Comply 100% of Capacity
Dissolution Limit Ongoing for O&M 40 years (end user
refunding exception)
Citizen Control Will Comply As early as possible
Multiple Districts Yes Projected over an
extended period
Commercial/
Residential Ratio Residential
N/A
Public Improvements
4
Improvement Description Estimated Cost
(millions)
Earthwork and Grading Primarily grading $5.4
Roadway Improvements Roads, Parking Lots, Signage, Lighting $6.4
Water Improvements Waterlines $0.6
Sanitary Sewer Improvements Sewer infrastructure, including upsizing,
both on- and off-site for the project $1.3
Storm Sewer Improvements Main infrastructure $1.9
Landscaping
Regional Trail construction, neighborhood
park development, development of
clubhouse/pool, and other landscaping
$4.0
Misc. / Amenity Engineering, inspection, and administrative
costs $5.5
Contingency Costs Contingency (20% of construction) $5.1
Total $30.1
Sum is slightly off due to rounding.
Policy Evaluation & Public Benefits
Environmental
Sustainability
GHG Reduction
Water/Energy
Conservation
Multimodal
Transportation
Enhance Resiliency
Increase Renewable
Capacity
Critical Public
Infrastructure
Existing significant
infrastructure
challenges
On-site
Off-site
Smart Growth
Management
Increase density
Walkability/Pedestrian
Infrastructure
Availability of Transit
Public Spaces
Mixed-Use
Strategic
Priorities
Affordable Housing
Workforce Housing
Infill/Redevelopment
Economic Health
Outcomes
5
LEED Certification
6
LEED (Leadership in Energy and
Environmental Design): An internationally
recognized green building certification
system:
• third-party verification
• energy savings
• water efficiency
• CO2 emissions reduction
• improved indoor environmental quality
• stewardship of resources
Northfield Metro District Homes (only
market rate homes):
• All 377 of the market rate units must meet
LEED Gold certification.
• The Green Insight has been engaged to
achieve this certification and will inspect
throughout the building.
HERS Certification
Baseline Home:
• 2015 IECC Code with local options
Northfield Metro District Homes (only
market rate homes):
• Increased energy efficient building
materials and methods will increase the
energy efficiency of the homes.
• Landmark will contract with a green energy
consultant to ensure the buildings are
constructed according to energy efficient
standards and that official HERS scores
are certified upon completion.
7
Average Fort Collins HERS Rating – 58
to 62
Average Proposed HERS Rating for
Attainable Housing – 35-49
Energy Recovery Ventilator (ERV) Systems
8
Energy recovery ventilator (ERV)
systems on every market rate unit
to improve air quality inside the
homes.
Solar and EV Charging
9
• Northfield plans to include solar panels on every market rate unit. These
buildings will feature a photovoltaic system that will produce at least 1kW
of power for each unit. Thus, a 12-unit building will have roughly 12kW of
solar panels.
• Northfield will also deliver a 240V outlet in every garage to provide a place
for the electric vehicle fast-charging stations and further encourage
residents to drive eco-friendly cars.
Affordable Housing
10
Source: Housing & Urban Development, US Gov’t, effective 6/28/19
Percent
AMI
Area Median
Income (AMI) -
4 person HH
Area Median
Income (AMI) -
3 person HH
HUD Classification
100% $85,100 $78,500 Moderate Income
80% $68,100 $62,800 Low Income
60% $51,060 $47,100 Low Income
50% $42,550 $39,250 Very Low Income
30% $25,550 $23,550 Extremely Low Income
Item 4 Person
w/MD
4 Person no
MD
3 Person
w/MD
3 Person no
MD
80% AMI $69,750 $69,750 $62,800 $62,800
Monthly Income $5,813 $5,813 $5,233 $5,233
Available for Housing (38%) $2,209 $2,209 $1,942 $1,942
Monthly Property Taxes (0.072%) $200 $240 $180 $200
Monthly Metro Taxes $140 $0 $125 $0
Monthly Insurance (0.038%) $106 $133 $95 $105
Monthly Mortgage Payment $1,763 $1,836 $1,542 $1,637
Loan Amount (@ 6%) $282,292 $293,980 $266,800 $304,000
Down Payment (@ 4%) $11,762 $12,249 $11,100 -$30,962
Total Purchase Price $294,054 $306,229 $257,193 $273,038
Attainable/Workforce Housing
11
Workforce Housing units is defined as units affordable to a household
earning between 81 percent and 120 percent of AMI.
Residential Units (2019-2025)
Housing Type # Units Price
Brownstones 139 $388,518
Flats 180 359,040
Value Condo 16 316,200
Stacked Condo 40 306,714
Deed Restricted Condo 65 265,200
Studio Rental 2 200,000
Total/Average 442 $347,504
Comparison of Prior to Current Service Plan
12
Sept. 3rd Sept. 17th
Previous
Service Plan
Current Service
Plan
LEED Gold Certification on market rate units No Yes
HERS Certification Average 49-55 Average 35-49
Only on condo
units
On all market rate
units
56kW total 377kW total
Energy Recovery Ventilator (ERV) Systems None Included on
market rate units
Water usage per square foot 7.63 gallons 6.87 gallons
Solar Power
Policy Evaluation & Public Benefits
13
Solar panels on every market rate unit.
These buildings will feature a photovoltaic
system that will produce at least 1kW of
power for each unit. Thus, a 12-unit
building will have roughly 12kW of
solar panels.
On-Site The Metro District will finance and
deliver the on-site Regional Trail as
well as the off-site pedestrian
connection for the northeastern
portion up to the intersection at
Lemay Avenue and Conifer Street.
Increase
Density
Alley load homes.
Affordable
Housing
15% of homes will be 80% AMI or
less (65 units) with 20-year deed
restriction.
Northfield will commit all of the 377
market rate units to meeting LEED
Gold certification. Northfield has
engaged the environmental group The
Green Insight to help achieve this
certification and will be responsible
for the inspections throughout the
building process to ensure Northfield
receives the LEED Gold certifications
Workforce
Housing
The remaining 85.3% (377) of the
total number of dwelling units will be
priced for sale for someone making
80% to 120% of AMI for attainable
housing option.
Energy recovery ventilator (ERV)
systems will also be installed on every
market
rate unit to improve air quality inside
the homes.
Vine & Timberline contributions Public Space Neighborhood parks;
Clubhouse/Swimming pool.
A Public Amenity Area would be
next to the mixed-use building and
offer amenities such as a dog-wash
station, bike repair or pump station,
or other similar public use features.
All the homes at the attainable price point
will commit to HERS ratings ranging from
35 to 49.
Interpretive Historical Park and
Gateway Features bordering Alta
Vista.
240V outlet in every garage Economic Health
Northfield is located within walking
and/or biking distance to some of
the largest employment hubs.
14
Triple Bottom Line Scan (TBL-S) Results
Key TBL-S Results
• The proposed 15% affordable housing (65 units) would
have positive impacts for both economic and social
sustainability.
• 85% of the homes will be priced at attainable price
levels, targeting families making 80-120% of AMI, “the
missing middle”.
• Inclusion of solar panels on 40% of homes. Solar will
help power the community center.
Mitigation Strategies
• Could benefit from committing to more specific
environmental public benefits (e.g. DOE Net Zero Ready
homes, LEED standards) and water conservation
efforts.
Questions for the Council
• What additional information does the Council
have in the evaluation of the proposed Northfield
Metro District Service Plan?
15
Designed for your lifestyle. Built to last.
ATTACHMENT 8
APPLICANT PRESENTATION
Who We Are
Local Home Builder, 25 Years in Northern Colorado
2014, 2016, & 2018 Northern Colorado Home Builder of the Year
To Build Homes And Communities That Inspire
92% of our sales are attached homes in Northern Colorado
priced from $250,000 to $450,000
ATTACHMENT 8
APPLICANT PRESENTATION
Area Map
WHITEWATER
PARK
Future
Lemay
Overpass
ATTACHMENT 8
APPLICANT PRESENTATION
Planned Development
Districts’ boundaries include approximately 56 acres
Planned development to include about 442 attached homes
At least 65 affordable homes
377 attainable homes
Mixed-use center with light commercial
Community clubhouse and swimming pool
Estimated assessed valuation of Districts at full buildout:
$13,334,342
ATTACHMENT 8
APPLICANT PRESENTATION
Site Rendering
ATTACHMENT 8
APPLICANT PRESENTATION
Powers and Mill Levies
Debt Details
Total Debt of Districts shall not
exceed: $16,000,000
Mill Levies
Aggregate Maximum: 50 mills
Operating Mill Levy limited to 10
mills once a District imposes a Debt
Mill Levy
Districts’ Powers
Plan, Design, Acquire, Construct, Install,
Operate, Maintain, and Finance: streets,
traffic safety controls, landscaping, storm
sewers, drainage, and park and recreation
facilities
Estimated Cost of Public Improvements
$30,101,665
Any improvements not funded by the Districts
remain the responsibility of the developer
City not responsible for assuming costs of
improvements funded by the Districts
ATTACHMENT 8
APPLICANT PRESENTATION
A Metro District Will Allow Northfield
to Deliver The Following Public Benefits:
Affordable Homes: At least 65 units (14.7%) will priced as affordable for <80% of
AMI and deed-restricted
Attainable Homes: The remaining 377 units will be priced in an attainable range
$290,000 - $440,000
Energy Efficiency: HERS energy ratings ranging from 49-55
Solar Panels and EV charging locations
Connectivity: Onsite Regional Trail will be built for the city
15-min walk to Old Town Fort Collins and many top employment hubs
One of the last infill sites this close to Downtown Fort Collins
Critical Public Infrastructure: Replacement and upsizing of a dilapidated offsite
sewer line and construction of a major 4-lane arterial road, Suniga Road.
Community Areas: A clubhouse and swimming pool as well as 26 acres of parks
and open spaces (47% of site).
ATTACHMENT 8
APPLICANT PRESENTATION
Fort Collins Affordability
Housing starts under $400,000 have dropped 45% in the past year.
Northfield’s sales prices fill in the gaps.
Source: Metrostudy
ATTACHMENT 8
APPLICANT PRESENTATION
Affordable Housing (14.7%)
Northfield’s Stretch Outcome:
Minimum of 65 (14.7%) deed-restricted affordable units
Affordable for residents making less then 80% of AMI for a minimum of 20 years
Advantages:
Provide housing solutions to low-middle income
families currently underserved.
Northfield’s location provides walk and bike-ability
to some of Fort Collins largest employment centers,
entertainment, and recreation.
ATTACHMENT 8
APPLICANT PRESENTATION
Attainable Housing (Remaining 85.3%)
Many cities consider “attainable housing” be to between 80% -
120% of HUD’s Area Median Income (AMI).
Using Northfield’s expense assumptions (i.e. mortgage, taxes,
and utilities), the “attainable” ranges are as follows:
Household Size Attainable Price Range
2 $250,000 - $385,000
3 $285,000 - $440,000
4 $320,000 - $485,000
Remaining 377 units (85.3%) of homes fit within the attainable price range
Northfield Base Sales Prices
Row Houses $305,000 - $325,000
Residences $290,000 - $305,000
Flats $295,000 - $395,000
Brownstones $390,000 - $440,000
ATTACHMENT 8
APPLICANT PRESENTATION
Energy Efficiency: HERS Score
45-51% more energy efficient then a standard new home
75-81% more efficient then the average resale home
In working with The Green Insight, we’ve incorporated energy
efficient materials/methods to achieve the following HERS ratings:
Row Houses
HERS Floorplan Ratings: 50-52
Residences
HERS Floorplan Ratings: 50-52
HERS Floorplan Ratings: 49-52 HERS Floorplan Ratings: 53-55
Flats Brownstones
ATTACHMENT 8
APPLICANT PRESENTATION
Solar Panels & EV Charging
Solar panels will be installed on all the 12-unit condos
and the clubhouse supplying 13-14 kilowatts of power.
Electrical vehicle 250V wiring and outlets will be
provided in every garage.
EV dual-port charging stations will be available for
residents and guests in parking throughout the project
ATTACHMENT 8
APPLICANT PRESENTATION
Connectivity
Trails:
Landmark will construct the onsite regional trail along western edge of
the project connecting:
Southwest to Downtown Fort Collins (15 min walk)
Northeast to Lemay & Conifer (5 min walk)
Bike/Ped Connections to Alta Vista neighborhood
Regional Roads:
Suniga Road, a major 4-lane arterial road, bisects the
project
Northfield looses a considerable amount of
developable space when compared to a
typical 2-lane Connector Local Street.
Suniga Road
ATTACHMENT 8
APPLICANT PRESENTATION
Proximity to Employment
15-minute walk to Old Town Square
Walk/Bike to many of the top employment centers in Fort Collins
(employee counts shown on map)
ATTACHMENT 8
APPLICANT PRESENTATION
Sewer Upsizing
2,694 feet of off-site
dilapidated sewer needs to
be replaced from Vine Dr
(see red line)
Northfield will replace and
upsize the sewer as well as
finance it until the city is
able to reimburse per the
city’s reimbursement policy
Fixes a critical and nearly
failing piece of public
infrastructure
ATTACHMENT 8
APPLICANT PRESENTATION
Remaining Metro District
Enabled Benefits
Community Areas:
Clubhouse with swimming pool, kitchen, fitness center, and BBQ
area.
Mixed-use center – Light commercial use on first floor with
daycare, coffee shop, or bike repair shop as possible tenants
Public Amenity area along regional trail – bike repair or dog
wash stations are possible uses
Parks/Open Spaces:
26 acres of parks and open spaces (47% of the
site)
NOTE: A typical Landmark project has 33%
of open space
Alta Vista buffer area
Alley-loaded homes
ATTACHMENT 8
APPLICANT PRESENTATION
Fort Collins New City Plan
How we meet each Core Value:
Livability
Creating affordable & attainable
housing prices
A distinct & attractive community
through many different building
materials & elevations
Sustainability
Energy efficient homes (HERS 49-55)
Solar Panels on “Flats” buildings
Electric vehicle charging outlets in
every garage and stations located
throughout
Community
Diverse neighborhood featuring
many different price points, product
types, and configurations
Bringing workforce housing within
walking/biking distance to
employment
Source: Fort Collins City Plan “Neighborhood Livability and Social Health”
ATTACHMENT 8
APPLICANT PRESENTATION
Clubhouse Rendering
ATTACHMENT 8
APPLICANT PRESENTATION
-1-
RESOLUTION 2019-092
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE CONSOLIDATED SERVICE PLAN FOR
NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3
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 February 5, 2019, City Council adopted Resolution 2019-016 approving
the “City of Fort Collins Revised Policy for Reviewing Service Plans for Metropolitan Districts”
(the “2019 Policy”) setting forth guidelines, requirements and criteria applicable to the City’s
consideration of 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 2019 Policy; and
WHEREAS, pursuant to the provisions of Article 1 of Title 32 of the Colorado Revised
Statutes (the “Special District Act”), Hartford Investments, LLC (the “Petitioner”) has submitted
to the City a Consolidated Service Plan (the “Service Plan”) for the Northfield Metropolitan
District Nos. 1-3 (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 2019 Policy, the Petitioner has complied with the
requirement for mailed notice of the City Council’s August 20, 2019 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 evidenced by the “Affidavit of Publication” attached as Exhibit “C” and incorporated herein
by reference; and
WHEREAS, on August 20, 2019, the City Council took action which, under Section 2.c.
of City Council’s Rules of Procedure (May 21, 2019), continued its consideration of the Service
Plan to its September 3, 2019, regular meeting; and
-2-
WHEREAS, additional notice of this continued consideration was mailed on August 22,
2019, as evidenced in the “Certificate of Mailing of Public Hearing” dated August 27, 2019,
attached hereto as Exhibit “D” and incorporated herein by reference, and such notice was also
published in the Coloradoan on August 24, 2019, as evidenced by the “Affidavit of Publication”
attached as Exhibit “E” and incorporated herein by reference; and
WHEREAS, at its September 3, 2019, the City Council adopted a motion to again
continue the hearing on the Service Plan to be held at City Council’s September 17, 2019,
meeting; and
WHEREAS, on September 17, 2019, the City Council conducted its public hearing on the
Service Plan, in which it reviewed the Service Plan and considered the testimony and evidence
concerning it presented at the hearing; and
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 substantially complied with regarding the City Council’s public hearing
on the Service Plan conducted on September 17, 2019.
Section 3. That the City Council hereby finds and determines that the Service Plan
contains, or sufficiently provides for, the items described in C.R.S. Section 32-1-202(2), which
are:
(a) A description of the Districts’ proposed services;
(b) A financial plan showing how the proposed services are to be financed,
including the proposed operating revenue derived from property taxes for the first budget
year of the Districts;
(c) All proposed indebtedness for the Districts displayed together with a
schedule indicating the year or years in which the debt is scheduled to be issued;
(d) A preliminary engineering or architectural survey showing how the
proposed services are to be provided;
(e) A map of the proposed Districts’ boundaries and an estimate of the
population and valuation for assessment of the proposed Districts;
-3-
(f) A general description of the facilities to be constructed and the standards
of such construction, including a statement of how the facility and service standards of
the proposed Districts will be compatible with the City’s facility and service standards;
(g) A general description of the estimated cost of acquiring land, engineering
services, legal services, administrative services, initial proposed indebtedness and
estimated proposed maximum interest rates and discounts, and other major expenses
related to the organization and initial operation of the Districts; and
(f) A description of any arrangement or proposed agreement with any
political subdivision for the performance of any services between the proposed Districts
and such other political subdivision, and, if the form contract to be used is available, it
shall be attached to the Service Plan.
Section 4. That the City Council hereby further finds and determines with respect to
the Service Plan and in accordance with C.R.S. Sections 32-1-203(2) and 32-1-204.5(1), 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 the proposed boundaries; and
(d) The area to be included in the proposed Districts has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
Section 5. 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 6. That the City Council hereby approves the Service Plan.
Section 7. That the City Council’s approval of the Service Plan is not a waiver or a
limitation upon any power that the City or the City Council is legally permitted to exercise
regarding the property within the Districts.
-4-
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this
17th day of September, A.D. 2019.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
CONSOLIDATED SERVICE PLAN
FOR
NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3
CITY OF FORT COLLINS, COLORADO
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EXHIBIT A
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I. INTRODUCTION
A. Purpose and Intent.
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B. Need for the Districts.
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C. Objective of the City Regarding Districts’ Service Plan.
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D. City Approvals.
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II. DEFINITIONS
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City Code PHDQVFROOHFWLYHO\WKH&LW\¶V0XQLFLSDO&KDUWHU0XQLFLSDO&RGH/DQG8VH
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City Council PHDQVWKH&LW\&RXQFLORIWKH&LW\
City Manager PHDQVWKH&LW\0DQDJHURIWKH&LW\
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District No. 2 Boundaries PHDQVWKHERXQGDULHVRIWKHDUHDOHJDOO\GHVFULEHGLQExhibit
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District No. 1 Boundary Map PHDQVWKHPDSRIWKH'LVWULFW1R%RXQGDULHVDWWDFKHG
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EXHIBIT E
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EXHIBIT F
),1$1&,$/3/$1
NORTHFIELD METROPOLITAN DISTRICT
1 Development Projection at 40.000 (target) Mills for Debt Service -- Service Plan
2050 Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020 + New Money, Assumes Investment Grade, 100x, 30-yr. Maturity
2049
0
< < < < < < < < Residential > > > > > > > > < Platted/Developed Lots > < < < < < < < < < < Commercial > > > > > > > > > >
Mkt Value As'ed Value As'ed Value Mkt Value As'ed Value District District District
Biennial @ 7.20% @ 29.00% Biennial @ 29.00% Total D/S Mill Levy D/S Mill Levy S.O. Taxes Total
Total Reasses'mt Cumulative of Market Cumulative of Market Total Comm'l Reasses'mt Cumulative of Market Assessed [40.000 Target] Collections Collected Available
YEAR Res'l Units @ 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Sq. Ft. @ 6.0% Market Value (2-yr lag) Value [40.000 Cap] @ 98% @ 6% Revenue
BBBBBB BBBBBBBBBB BBBBBBBBBB BBBBBBBBBB BBBBBBBBBB BBBBBBBBBB BBBBBBBBBB
&10')LQ3ODQ 1563)LQ3ODQ,*5HIJ
3UHSDUHGE\'$'DYLGVRQ &R
'UDIW )RUGLVFXVVLRQSXUSRVHVRQO\
1
1
2050
2049
0
YEAR
NORTHFIELD METROPOLITAN DISTRICT
Development Projection at 40.000 (target) Mills for Debt Service -- Service Plan
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020 + New Money, Assumes Investment Grade, 100x, 30-yr. Maturity
Series 2020 Ser. 2030
$10,020,000 Par $14,870,000 Par Surplus Senior Senior Cov. of Net DS: Cov. of Net DS:
[Net $7.098 MM] [Net $5.829 MM] Total Annual Release Cumulative Debt/ Debt/ @ 40.000 Target @ 40.000 Cap
Net Available Net Debt [Escr $9.790 MM] Net Debt Funds on Hand* Surplus 50% D/A Surplus Assessed Act'l Value & 0.0 U.R.A. Mills & 0.0 U.R.A. Mills
for Debt Svc Service Net Debt Service Service Used as Source to $1,487,000 $1,487,000 Target Ratio Ratio & Sales PIF Revs & Sales PIF Revs
QD
QD
1
2050
2049
0
YEAR
NORTHFIELD METROPOLITAN DISTRICT
Operations Revenue and Expense Projection
Total Total S.O. Tax Total
Assessed Oper'ns Collections Collections Available Total
Value Mill Levy @ 98% @ 98% For O&M Mills
NORTHFIELD METROPOLITAN DISTRICT
Development Summary
'HYHORSPHQW3URMHFWLRQ%XLOGRXW3ODQ XSGDWHG
Residential Development Commercial Development
Product Type
Stacked Condos Flats Brownstones Value Condo Deed Restricted
Condo
MU - Studio Apts
(For Rent) MU - Retail
Base $ ('20) $306,714 $359,040 $388,518 $316,200 $265,200 $200,000 $225/sf
Res'l Totals Comm'l Totals
442
2,679
09#)XOO%XLOGRXW $12,268,560 $64,627,200 $54,004,002 $5,059,200 $17,238,000 $400,000 $153,596,962 $602,775 $602,775
EDVHSULFHV XQLQIO
QRWHV
3ODWWHG'HY/RWV 09 RQH\USULRU
%DVH09LQIODWHGSHUDQQXP
&10')LQ3ODQ 'HY6XPP 3UHSDUHGE\'$'DYLGVRQ &R
4
NORTHFIELD METROPOLITAN DISTRICT
2050 Development Projection -- Buildout Plan (updated 4/25/19)
100%
0 Ph
Residential Development
Stacked Condos Flats Brownstones Value Condo
Incr/(Decr) in Incr/(Decr) in Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Finished Lot # Units Price Finished Lot # Units Price
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market
YEAR Devel'd 10% 40 target 2% Value Devel'd 10% 180 target 2% Value Devel'd 10% 139 target 2% Value Devel'd 10% 16 target 2% Value
BBBBBB BBBBBBBBB BBBBBB BBBBBBBBB BBBBBB BBBBBBBBB BBBBBB BBBBBBBBB BBBBB BBBBBBBBB BBBBBB BBBBBBBBB BBBBB BBBBBBBBB BBBBBB BBBBBBBBB
&10')LQ3ODQ $EV
3UHSDUHGE\'$'DYLGVRQ &R
5
2050
100%
0 Ph
YEAR
NORTHFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 4/25/19)
Residential Summary
Deed Restricted Condo MU - Studio Apts (For Rent)
Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Total
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market Residential Total Total Total Total
Devel'd 10% 65 target 2% Value Devel'd 10% 2 target 2% Value Market Value SFD Units SFA Units MFD Units Res'l Units
BBBB BBBBBBBBB BBBBBB BBBBBBBBB BBBBB BBBBBBBB BBBBBB BBBBBBBBB BBBBBBBBBBB BBBBBB BBBBBB BBBBBB BBBBBB
&10')LQ3ODQ $EV
3UHSDUHGE\'$'DYLGVRQ &R
6
2050
100%
0 Ph
YEAR
NORTHFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 4/25/19)
Commercial Development
MU - Retail
Incr/(Decr) in
Finished Lot Square Ft per Sq Ft, Total Total Value of Platted &
SF Value @ Completed Inflated @ Market Commercial Commercial Developed Lots
Devel'd 10% 2,679 2% Value Market Value Sq Ft Adjustment1 Adjusted Value
BBBBBB BBBBBBBBB BBBBBBBB BBBBBBBBB BBBBBBBBB BBBBBBBBB BBBBBBBBB BBBBBBBBB
>@$GMWRDFWXDOSUHOLP$9
Commercial Summary
&10')LQ3ODQ $EV
3UHSDUHGE\'$'DYLGVRQ &R
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 1563&
SOURCES AND USES OF FUNDS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
'DWHG'DWH
'HOLYHU\'DWH
Sources:
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3DU$PRXQW
Uses:
3URMHFW)XQG'HSRVLWV
3URMHFW)XQG
2WKHU)XQG'HSRVLWV
&DSLWDOL]HG,QWHUHVW)XQG
'HEW6HUYLFH5HVHUYH)XQG
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8
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 1563&
BOND SUMMARY STATISTICS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
'DWHG'DWH
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7RWDO'HEW6HUYLFH
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Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change
7HUP%RQGGXH
$OO,Q $UELWUDJH
7,& 7,& <LHOG
3DU9DOXH
$FFUXHG,QWHUHVW
3UHPLXP 'LVFRXQW
8QGHUZULWHU
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<LHOG
9
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 1563&
BOND DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 1563&
NET DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Capitalized
Period Total Debt Service Interest Net
Ending Principal Interest Debt Service Reserve Fund Fund Debt Service
11
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 1563&
BOND SOLUTION
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Serv
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 ,*63&,*63&
SOURCES AND USES OF FUNDS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
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Sources:
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Uses:
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BOND SUMMARY STATISTICS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
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BOND DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 ,*63&,*63&
NET DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Total Capitalized Net
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16
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 ,*63&,*63&
SUMMARY OF BONDS REFUNDED
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
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17
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NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
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18
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PRIOR BOND DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
19
$SU DP3UHSDUHGE\'$'DYLGVRQ &R4XDQWLWDWLYH*URXSa30 1RUWKILHOG0' &$35 ,*63&,*63&
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NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Serv
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20
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AND POSSIBLE PROPERTY TAX CONSEQUENCES
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2165.0003: 983698
CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
CERTIFICATION OF MAILING NOTICE OF PUBLIC HEARING
IN RE NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3, CITY OF FORT COLLINS,
COUNTY OF LARIMER, STATE OF COLORADO
I, Catherine V. Will, 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 3(H) of the City of Fort Collins Policy for Reviewing
Service Plans for Metropolitan Districts, 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 July 19, 2019, 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 7th
day of August, 2019.
By:
Catherine V. Will
EXHIBIT B
EXHIBIT A
NOTICE OF PUBLIC HEARING ON SERVICE PLAN
NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF A SPECIAL DISTRICT
IN RE THE ORGANIZATION OF NORTHFIELDMETROPOLITAN DISTRICT NOS. 1-3, 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 Northfield Metropolitan District Nos. 1-3 (“Districts”) has been filed and is
available for public inspection in the office of the City Clerk of the City of Ft. Collins.
A public hearing on the Service Plan will be held by the City Council of the City of Ft. Collins (the
“City Council”) on Tuesday, August 20, 2019, at 6:00 p.m., at City Council Chambers, City Hall
West, 300 LaPorte Avenue, Ft. 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 Districts’ 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 maximum mill levy
each District is permitted to impose upon the taxable property within its boundaries and shall be Fifty
(50) mills for district improvements and operating costs, subject to certain terms as set forth in the
Service Plan.
The proposed districts will be generally located west of North Lemay Avenue, south of the Lake
Canal, and north of the Alta Vista neighborhood, City of Fort Collins, Larimer County, Colorado,
currently known as Assessor Parcel Number 9701400002, containing approximately 56.3 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
EXHIBIT B
MAILING LIST OF PROPERTY OWNERS
Mailing List of Property Owners
SCHLAGEL DONALD E/LL/RH
M H/ARVIDSON SL/ROBERTO EG/EJ
1131 LINDENMEIER RD
FORT COLLINS, CO 80524
EXHIBIT C
2165.0003: 987085
CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
CERTIFICATION OF MAILING NOTICE OF PUBLIC HEARING
IN RE NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3, CITY OF FORT COLLINS,
COUNTY OF LARIMER, STATE OF COLORADO
I, Catherine V. Will, 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 3(H) of the City of Fort Collins Policy for Reviewing
Service Plans for Metropolitan Districts, 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 22, 2019,
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 27th
day of August, 2019.
By:
Catherine V. Will
EXHIBIT D
EXHIBIT A
NOTICE OF PUBLIC HEARING ON SERVICE PLAN
NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF A SPECIAL DISTRICT
IN RE THE ORGANIZATION OF NORTHFIELDMETROPOLITAN DISTRICT NOS. 1-3, 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 Northfield Metropolitan District Nos. 1-3 (“Districts”) has been filed and is
available for public inspection in the office of the City Clerk of the City of Ft. Collins.
A public hearing on the Service Plan that was scheduled to be held by the City Council of the City of
Ft. Collins (the “City Council”) on Tuesday, August 20, 2019, at 6:00 p.m., was continued by the
City Council. A public hearing on the Service Plan will be held by the City Council on Tuesday,
September 3, 2019, at 6:00 p.m. at City Council Chambers, City Hall West, 300 LaPorte Avenue, Ft.
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 Districts’ 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 maximum mill levy
each District is permitted to impose upon the taxable property within its boundaries and shall be Fifty
(50) mills for district improvements and operating costs, subject to certain terms as set forth in the
Service Plan.
The proposed districts will be generally located west of North Lemay Avenue, south of the Lake
Canal, and north of the Alta Vista neighborhood, City of Fort Collins, Larimer County, Colorado,
currently known as Assessor Parcel Number 9701400002, containing approximately 56.3 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
EXHIBIT B
MAILING LIST OF PROPERTY OWNERS
Mailing List of Property Owners
SCHLAGEL DONALD E/LL/RH
M H/ARVIDSON SL/ROBERTO EG/EJ
1131 LINDENMEIER RD
FORT COLLINS, CO 80524
EXHIBIT E
LVPDGHDQGHQWHUHG
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GHG Reduction
Off-Site
Northfield plans to replace
and upsize the sewer line from Vine
Drive, around Alta Vista, and along
a portion of Lemay Avenue.
Mixed-Use
Clubhouse will offer light
commercial use on the first
floor.
Infill/
Redevelopment
Environmental Sustainability Critical Public Infrastructure Smart Growth Management Strategic Priorities
2038
2039
2040
2041
2042
Implied Catpure Rate
Source: DA Davidson; Economic & Planning Systems
floor.
Off-Site Northfield plans to replace
and upsize the sewer line
from Vine Drive, around Alta
Vista, and along a portion of
Lemay Avenue.
Infill/
Redevelopment
A Public Amenity Area would
be next to the mixed-use
building and offer amenities
such as a dog-wash station,
bike repair or pump station, or
other similar public use
features.
PUBLIC BENEFIT/POLICY ASSESSMENT MATRIX
Environmental Sustainability Critical Public Infrastructure Smart Growth Management Strategic Priorities
GHG Reduction
On-Site The Metro District will finance
and deliver the on-site
Regional Trail as well as the
off-site pedestrian connection
for the northeastern portion
up to the intersection at
Lemay Avenue and Conifer
Street.
Increase
Density
Alley load homes.
Workforce
Housing
The remaining 85.3% (377) of
the total number of dwelling
units will be priced for sale for
someone making 80% to
120% of AMI for attainable
housing option.
Economic Health
Northfield is located within
walking and/or biking distance
to some of the largest
employment hubs.
ATTACHMENT 3