HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/04/2018 - PUBLIC HEARING AND RESOLUTION 2018-082 APPROVING TAgenda Item 16
Item # 16 Page 1
AGENDA ITEM SUMMARY September 4, 2018
City Council
STAFF
Josh Birks, Economic Health Director
John Duval, Legal
SUBJECT
Public Hearing and Resolution 2018-082 Approving the Waterfield Metropolitan District Nos. 1 through 3
Consolidated Plan.
EXECUTIVE SUMMARY
The purpose of this item is to consider a Service Plan for the Waterfield Metro District Nos. 1 through 3 (the
“Metro Districts”). Thrive Home Builders has submitted a service plan for the Metro Districts to support a
proposed development of approximately 500 homes on property generally located at the northwest corner of
Vine Drive and Timberline Road. The project will include 50 lots dedicated for affordable housing construction.
In addition, the project will deliver all units as US Department of Energy Certified Zero Energy Ready and 10
percent of homes with rooftop solar. Each of the Metro Districts is proposed to have a Mill Levy Cap of 50.00
mills to support the project.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
BACKGROUND / DISCUSSION
Thrive Home Builders (“Thrive”) is evaluating a significant project in Fort Collins, generally located at the
northwest corner of Vine Drive and Timberline Road. (Attachment 1) The project would construct
approximately 500 homes in a new urbanist layout-alley loaded and walkable design. The project is evaluating
the ability to deliver up to 50 affordable homes as well as constructing all 500 homes as U.S. Department of
Energy Certified Zero Energy Ready homes.
Thrive is a Colorado grown company that has operated in the metro-Denver area for the past 20 years. Thrive
is committed to building healthy, efficient, and local homes. They achieve this goal by:
• Healthy – All homes are constructed to the Environmental Protection Agency’s Indoor airPLUS program
standards, include active radon ventilation systems, using advanced moisture management practices to
reduce the likelihood of mold, and use low Volatile Organic Compound (“VOC”) products.
• Efficient – All homes are constructed to the U.S. Department of Energy Zero Energy Ready Home
standard, achieve Energy Star Certified status, and include a RESNET HERS score – an independent
energy rating that validates energy efficiency level.
• Local – Locally-sourced products are used when available – an example is blue-stained beetle kill pine.
Thrive also builds affordable homes. Thrive has been building affordable homes, meeting the Denver
Inclusionary Housing guidelines through a deed restriction, for the past 12 years at the Stapleton Airport
Redevelopment. Thrive has built over 380 affordable homes in the Stapleton project. In addition, they have
constructed approximately 500 for-sale homes targeted at 80 percent of Area Median Income (“AMI”) at Belle
Agenda Item 16
Item # 16 Page 2
Creek. In both projects, these homes deliver the same Zero Energy Ready features as Thrive uses in market
rate housing, including trademark double walls, the ability to add solar panels, and other zero energy ready
features.
Project Overview
Thrive is evaluating a project to construct approximately 498 homes on 71 acres (net of the school site; 93
acres total) at the northwest corner of Vine Drive and Timberline Road. (Attachment 1) The project, called
Waterfield, will follow Thrive’s commitment to healthy, efficient, and local home construction, including all their
normal standards and include raw water irrigation, comply with water sense standards, and re-plat the project
to provide urban design and density, alleys, and walkable features. (Attachment 2)
Metro Districts
Thrive has submitted the Consolidated Service Plan for Waterfield Metropolitan District Nos. 1-3 (the Service
Plan). The Metro Districts would be used to construct critical public infrastructure and other site costs reducing
the overall development costs.
Service Plan Overview
The Service Plan calls for the creation of the three Metro Districts to work collaboratively to deliver the
proposed Waterfield Project. The phased development is anticipated to reach build out in 2026 with an
estimated population of 1,145. A few highlights about the proposed Service Plan, include:
• Assessed Value – Estimated to be approximately $19 million in 2028 (the first year of full value after 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 – 10 mills
• Maximum Debt Authorization – Anticipated to be $22,429,750 to cover a total of $43,981,050 in
estimated costs
• Regional Mill Levy – 5 mills, anticipated to be used to fund specific transportation and/or stormwater
improvements
Public Improvements
The Service Plan anticipates using the Debt Mill Levy to support the issuance of bonds in the maximum
amount of $22.4 million to fund all or a portion of the following $37.3 million in public improvements (details
available in Exhibits D and E of the Service Plan):
• Site Preparation/Grading – Up to approximately $7.2 million in site preparation costs and grading
associated with the proposed project
• Roadway Improvements – Up to approximately $6.4 million to fund local residential streets, alleys,
boulevards, and a major extension of Suniga, a 4-lane arterial that bisects the project (estimated roadway
costs of $1.7 million)
• Potable Waterline Improvements – Up to $1.7 million in costs to construct the 8-inch waterline
infrastructure that will be the main potable water infrastructure for the project
• Sanitary Sewer Improvements – Up to $3.2 million in costs associated with constructing the main
sanitary sewer infrastructure for the project
• Storm Drainage Improvements – Up to $1.9 million in costs to construct the main storm drainage system
and infrastructure for the project (costs associated with grading ponds is included in the Site
Preparation/Grading amount above)
• Open Space, Parks and Trails – Up to $3.8 million in costs to construct primarily natural area open space
and regional trails
Agenda Item 16
Item # 16 Page 3
• Administrative, Design, Permitting and Contingency Costs – Up to $13 million in costs associated with
administering, managing, surveying, engineering, inspecting, testing, planning, and permitting the
construction of the public improvements along with approximately $6.2 million in contingency
Of these $37.3 million in potential public improvement costs, the applicant has estimated that approximately
$6.6 million of these costs are non-basic costs. Non-basic costs are assumed to be costs that are not typical
for a development of the proposed project’s type and/or size. These costs are therefore considered
extraordinary infrastructure costs. The estimated $6.6 million in non-basic costs combined with the value of the
indirect public benefits described below represents the City’s enhanced value received from the proposed
Service Plan.
Public Benefits
As required by the City’s recently adopted metro district policy (the Metro District Policy), the Service Plan will
deliver a number of extraordinary development outcomes that support delivery of a number of public benefits.
The benefits and their estimated value are described below (details available in Exhibit G of the Service Plan):
• Zero Energy Ready – The applicant has agreed to construct all 498 homes in the proposed project in
compliance with the Department of Energy’s Zero Energy Ready and Environmental Protection Agency’s
Indoor airPlus standards – the estimated cost of delivering homes at these standards is $14 million
• Net Zero Energy/Distributed Storage – The applicant has agreed to construction either 10 percent of the
homes as Net Zero Energy (with Rooftop Solar) or distributed power storage equivalent to the
consumption by 10 percent of homes at an estimated cost of $2.8 million
• Multimodal Transportation Improvements – The applicant has agreed to deliver buffered bike lanes,
wider than required sidewalks, and enhanced pedestrian crossings as part of the construction of the 4-lane
arterial Suniga at an estimated cost of $212,000
• Smart Growth Management – The applicant has agreed to design and construct the project at the upper-
end of the zoned density by following new urbanist principles, such as alley loading, smaller lot size, and
increasing multi-family density at an estimated cost of $6.1 million
• Walkability/Pedestrian Friendliness – The applicant has agreed to make trail enhancements along the
wetlands and other portions of the project to facilitate connections to the regional trail system at an
estimated cost of $2.1 million
• Public Spaces – The applicant has agreed to construct a number of pocket parks, as well as mixed use
open spaces throughout the project at an estimated cost of $1.7 million
• Affordable Housing – The applicant has agreed to make 10 percent of the homes (approximately 50 lots)
available for the construction of affordable homes targeted at 80 percent of area median income – these
homes will likely be constructed in partnership with either a land trust or similar entity – at an estimated
cost of $3.3 million
The applicant estimates that value of the above public benefits at approximately $30.8 million.
Policy Comparison
A comparison of the proposed use of Metro District revenues to the City’s current Metro District Policy is
provided below in Table 1. For reference, two other proposed Metro Districts are provided for comparison –
Montava and Water’s Edge.
Agenda Item 16
Item # 16 Page 4
Table 1
Metro District Policy Comparison
Waterfield Montava Water's Edge Policy
Mill Levy Caps 50 Mills 60 Mills 50 Mills 50 Mills
Basic Infrastructure Partially Partially Not Supported To enable public benefit
Eminent Domain Will Comply Will Comply Will Comply Prohibited
Debt Limitation Will Comply Will Comply Will Comply 100% of Capacity
Dissolution Limit Will Comply Will Comply Will Comply
40 years (end user
refunding exception)
Citizen Control Will Comply Will Comply Will Comply As early as possible
Multiple Districts Yes Yes Yes
Projected over an
extended period
Commercial/
Residential Ratio
100% Residential Mixed Use
Residential (Phase 1);
Mixed Use (Phase 2)
N/A
Service Plan Review
The applicant has used the City’s Model Service Plan as a basis for drafting it’s Service Plan. The following
changes have been requested by the applicant:
• Financial Plan Alternatives – The applicant has added language to Section IX.A indicating that the
attached financial plan is not the only method of implementation of the District’s goals and objectives and
that other financial structures may be used, but those other structures must still comply with the Service
Plan.
• Operating Mill Levy – The applicant has proposed modifying the language of IX.B.3 related to operating
mill levy to allow for the Districts’ Boards, when composed of a majority of End Users, to exceed the ten
(10) mill cap indicated in the Model Service Plan, while still complying with the Aggregate Mill Levy
Maximum.
• Refunded Debt and Maximum Debt Authorization – The applicant has proposed changes to the
language of the Model Service Plan in Section IX.B.7 to indicate that “bonds, loans, notes or other
instruments which have been refunded shall not count against the Maximum Debt Authorization.”
All other changes in the proposed Service Plan are either refinements in the spirit of the Model Service Plan,
minor in nature, further changes for clarification, or to respond to Council’s requests for clarification on August
21, 2018. A redline version of the Model Service Plan is attached to provide clarity on any changes to the
Model Service Plan. (Attachment 4)
Performance Assurances
The proposed Service Plan prohibits the issuance of any debt or imposition of the debt mill levy or fees to pay
debit unless and until the delivery of the Public Benefits area secured for each development phase of the
project in a manner that is approved by the City Manager. This requirement can be satisfied by one or both of
the following methods, as applicable:
Agenda Item 16
Item # 16 Page 5
• Intergovernmental Agreement - For those public benefits to be provided by one or more of the Districts,
each such District must enter into an intergovernmental agreement with the City agreeing to provide such
public benefits as a legally enforceable multiple-fiscal year obligation of the District under TABOR before
the City is required to issue building permits and/or certificates of occupancy for structures to be built under
an applicable approved development plan for the project, or by securing performance of that obligation
with a surety bond, letter of credit or other security acceptable to the City Manager; and
• Approved Development Plan - For those public benefits to be provided by one or more Developers of the
Project within a District’s boundaries, each such Developer must enter into a development agreement with
the City under the Developer’s applicable approved development plan, which agreement must legally
obligate the Developer to provide those public benefits before the City is required to issue building permits
and certificates of occupancy for structures to be built under the approved development plan for the Project
or to secure such obligations with a surety bond, letter of credit or other security acceptable to the City
Manager.
Policy Evaluation and Triple Bottom Line
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 Waterfield project delivers several proposed policy outcomes, as described in
the attached matrix. (Attachment 3)
Triple Bottom Line – Scan
An interdisciplinary staff team met to prepare a Triple Bottom Line Scan of the proposed Service Plan. For the
proposed project, the TBLs focused on the impact of the difference in residential units delivered in the
community by supporting the proposed Metro Districts. This baseline was used as opposed to vacant or
agricultural land because the property already has an underlying residential plat and zoning. Therefore, the
future use of the property will not be vacant or agricultural but residential. Therefore, comparing the project to
the current state (agricultural land) would be disingenuous to the anticipated future condition.
The TBLs analysis found that in many ways the proposed residential construction enabled by the Metro
Districts is no different from the residential development currently platted and planned for the property.
However, there were a few notable differences – most significant is the anticipated energy and water savings
from the standard of construction proposed and the inclusion of 50 affordable units. The results of the TBLs
reflect this marginal difference between the baseline and the proposed project. (Attachment 5) The highlights
are provided below:
• Economic – Generally considered to have a neutral impact on economic conditions in the community with
potential positive impacts on talent retention due to increased housing supply and cost of living because of
affordable units.
• Environmental – Generally considered to have a neutral impact on environmental conditions compared to
the baseline condition with the potential to have positive impacts on Climate Action Goals due to energy
and water conservation and renewables.
• Social – Largely considered to have a neutral impact on social health conditions with some potential
positive impact on affordable housing opportunities.
Financial Assessment
The Metro District Policy requires all applications for a metro district service plan submit a Financial Plan to the
City for review. Economic & Planning Systems prepared an analysis of the Financial Plan submitted with the
Service Plan for Waterfield. (Attachment 6) The analysis concluded:
Agenda Item 16
Item # 16 Page 6
• The market values and absorption assumptions used in the public revenue estimates are reasonable.
Based on historic permitted and future projections, the proposed buildout implies approximately a 9
percent capture rate, which EPS finds to be a reasonable target.
• Verified the public revenue estimates. The relatively conservative market value and absorption
assumptions used by the Developer help to ensure that the public revenue and debt targets are
achievable. The Developer has identified a total of $30.8 million in public benefits within the project. EPS
has estimated that $24.6 million of the improvements for Energy Conservation Investments, Multimodal
Transportation (including Walkability and Pedestrian Friendliness), Public Spaces and Affordable Housing
Subsidy appear to meet the City’s proposed metro district qualifications for extraordinary public
investments. These benefits exceed the $22.4 million in infrastructure costs offset by the metro district
revenues.
• 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 project, including approval of the development
plan.
Basic Infrastructure vs. Public Benefit
The Metro District Policy allows a metro districts to fund “basic infrastructure”, that which is typically expected
to be provided by a developer (both in type and magnitude), when the inclusion of “basic” infrastructure offsets
higher costs associated with extraordinary development outcomes that cannot directly be provided by a metro
district (Defined in Exhibit A of the Metro District Policy, e.g., rooftop solar, affordable housing, etc.).
The Developer has identified $30.8 million in public benefits, of which EPS has identified $24.6 million that
directly deliver benefit aligned with the Metro District Policy. The remaining $6.4 million are less directly
attributable to the Metro District Policy. The directly attributable public benefits at $24.6 million exceeds the
developer’s request that the metro districts be permitted to finance $22.4 million in basic infrastructure costs.
As a result, staff recommends approval of the Service Plan with the full requested Maximum Debt
Authorization of $22.4 million.
Estimated Property Taxes
Table 2 shows the property tax estimates by proposed unit type from the existing tax mill and for the proposed
Metro Districts. The average increased cost to a home owner is approximately $1,530 annually or $127
monthly. This amount will vary over time based on the underlying assessed value as determined by the County
Assessor.
Agenda Item 16
Item # 16 Page 7
Table 2
Property Tax Estimates
CITY FINANCIAL IMPACTS
The proposed Service Plan will not have an impact on the City’s financials. The applicant has paid the fees
required under the City’s previous metro district policy, which fees are designed to offset the cost of staff and
outside consultant review. In addition, the proposed Service Plan includes a requirement that the following
notice be included in all debt issued by the Metro Districts:
“By acceptance of this instrument, the owner of this Debt agrees and consents to all of the
limitations with respect to the payment of the principal and interest on this Debt contained
herein, in the resolution of the District authorizing the issuance of this Debt and in the Service
Plan of the District. This Debt is not and cannot be a Debt of the City of Fort Collins”
ATTACHMENTS
1. Project Vicinity Map (PDF)
2. Thrive and Waterfield Background Material (PDF)
3. Policy Evaluation Matrix (PDF)
4. Waterfield Consolidated Metro Service Plan (redline showing changes) (PDF)
5. Triple Bottom Line Scan Summary (PDF)
6. Market and Financial Review (PDF)
7. PowerPoint Presentation (PDF)
E VINE DR
PROPOSED
THRIVE - WATERFIELD
METROPOLITAN
DISTRICT
N TIMBERLINE RD
MOUNTAIN VISTA DR
ADRIEL DR
TURNBERRY RD
INTERNATIONAL BLVD
SYKES DR
FORKS DR
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
1000 0 1000 Feet
1000
VICINITY MAP
1" = 1000' C
Attachment 1 - Vicinity Map
About
Thrive Home Builders
Nationally acclaimed Builder
• Of affordable housing
• Of Net Zero housing
• Professional Builder magazine’s
Builder of the Year
ATTACHMENT 2
• Belle Creek: 1000 units, 50% at 80% AMI or less.
• Service enriched with day care, computer lab, rec center and
charter school in the Family Center.
• ULI Top X Affordable Communities in America.
• PCBC Gold Nugget Award, Best in the West.
All accomplished with no public money and under no public
mandate.
We did it with a metro district.
Affordable Housing
Affordable Housing
• Denver’s largest for profit builder of “for
sale” affordable housing.
• Only private builder meeting Stapleton’s
ambitious affordable housing goals.
Smart Growth
Current Waterfield Plan
• 190 Lots
• 10 acre TH site
Smart Growth
Proposed Waterfield Plan
• 498 units
• New urbanist “alley” plan
Critical
Transportation
Improvements
• Suniga transects Waterfield for
about a half mile.
• Suniga/Timberline intersection will
be constructed.
• Merganzer will be realigned.
• Turnberry right of way will be
established.
New request for Turnberry ROW
Realignment of
Merganzer
Suniga Road
Timberline
Critical
Transportation
Improvements
Enhanced Suniga Road Cross Section
Net Zero
We are Colorado’s largest and most
experienced builder of Net Zero
Homes.
Net Zero
• First US DOE Zero Energy Ready Home
program builder in Colorado, 2013
• US DOE Housing Innovation Grand
Award Winner 6 times in the last 5
years.
Healthy Homes
• Most EPA Indoor airPLUS homes in
Colorado
• EPA Indoor Air Quality Leadership
Award, 2016 and 2017
A metro district will enable Waterfield to
achieve Ft. Collins’ aspirations.
We wish it weren’t so, but…..
• We know affordable homes require subsidy, because we build them everyday.
• We know net zero homes cost more, because we build them every day.
• “Backbone” transportation facilities are expensive.
A metro district enables Waterfield to become a great example of the Ft. Collins of tomorrow
that you envision.
How a Metro District Helps
Old Plan New Plan
Total Number of Units 390 498
Affordable Units 10% 0 50
Subtotal Market Rate Units 390 448
Zero Energy Ready Units 100% 0 498
Net Zero Units 10% 0 50
GHG Reduction
100% Zero Energy
Ready;
10% Zero Energy;
10% Rooftop Solar;
Possibly Distributed
Storage
Increase Density Yes, New
Urbanist Affordable Housing
10% of units;
Approx. 50 lots
Water/Energy
Conservation
100% Zero Energy
Ready;
10% Zero Energy;
10% Rooftop Solar;
Possibly Distributed
Storage
Walkability/
Pedestrian
Infrastructure
Wider sidewalks
on Suniga Workforce Housing N/A
Multimodal
Transportation
Buffered Bike Lanes on
Suniga
Availability of
Transit N/A
Infill/
Redevelopment N/A
Enhance
Resiliency N/A Public Space
Pocket Parks;
Mixed‐Use Open
Space
Increase
Renewable
Capacity
10% Rooftop Solar; or
Distributed Storage Mixed‐Use N/A
Off‐Site N/A
Economic Health N/A
PUBLIC BENEFIT/POLICY ASSESSMENT MATRIX
Environmental Sustainability Critical Public Infrastructure Smart Growth Management Strategic Priorities
On‐Site
4‐Lane
Arterial
(Suniga)
ATTACHMENT 3
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City of Fort Collins
Title 32 Metropolitan District Model Service Plan
This model service plan template should be referenced in conjunction with the
City of Fort Collins Policy for Reviewing Service Plans for Title 32
Metropolitan Districts.
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ATTACHMENT 4
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CONSOLIDATED SERVICE PLAN
FOR
WATERFIELD METROPOLITAN DISTRICT NOS. 1-3
CITY OF FORT COLLINS, COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
748 Whalers Way, Suite 210
Fort Collins, Colorado 80525
Submitted On: August 29, 2018
Approved On: September 4, 2018
i
Table of Contents
INTRODUCTION ........................................................................................................................................
INTRODUCTION ...........................................................................................................................1
Purpose and Intent ..................................................................................................................... Intent
......................................................................................................................................................1
Need for District .................................................................................................................... Districts
......................................................................................................................................................1
Objective of the City regarding District’sDistricts’ Service Plan ............................................... Plan
......................................................................................................................................................2
Relevant Intergovernmental Agreements………………………………………………………………………………………………
City Approvals……………………………………………………………………………………………………………………………………….
DEFINITIONS .............................................................................................................................................
City Approvals .............................................................................................................................2
DEFINITIONS .................................................................................................................................2
BOUNDARIES AND LOCATION ...................................................................................... LOCATION
..........................................................................................................................................................5
DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFIT &
ASSESSED VALUATION ................................................................................................ VALUATION
..........................................................................................................................................................5
Project and Planned Development ................................................................................ Development
......................................................................................................................................................5
Public Benefits ....................................................................................................................... Benefits
......................................................................................................................................................6
Assessed Valuation ............................................................................................................... Valuation
......................................................................................................................................................6
INCLUSION OF LAND IN THE SERVICE AREA .................................................................. AREA
..........................................................................................................................................................7
DISTRICT GOVERNANCE .......................................................................................... GOVERNANCE
..........................................................................................................................................................7
AUTHORIZED AND PROHIBITED POWERS ................................................................... POWERS
..........................................................................................................................................................7
General Grant of Powers………………………………………………………………………………………………………………………..
Prohibited Improvements and Services and other Restrictions and Limitations ..........................
..............................................................................................................................................7
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ii
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Eminent Domain Restriction ...................................................................................................
..........................................................................................................................................................7
Fee Limitation ..........................................................................................................................
..........................................................................................................................................................8
Operations and Maintenance ...................................................................................................
..........................................................................................................................................................8
Fire Protection Restriction .......................................................................................................
..........................................................................................................................................................8
Public Safety Services Restriction ..........................................................................................
..........................................................................................................................................................8
Grants from Governmental Agencies Restriction ..................................................................
..........................................................................................................................................................8
Golf Course Construction Restriction ...................................................................... Restriction
..........................................................................................................................................................9
Television Relay and Translation Restriction ........................................................................
..........................................................................................................................................................9
Potable Water and Wastewater Treatment Facilities……………………………………………………………………
Sub-district Restriction ............................................................................................................
..........................................................................................................................................................9
Initial Debt Limitation .............................................................................................................
..........................................................................................................................................................9
Privately Placed Debt Limitation ............................................................................................
..........................................................................................................................................................9
Special Assessments……………………………………………………………………………………………………………………..
PUBLIC IMPROVEMENTS AND ESTIMATED COSTS ...................................................... COSTS10
Development Standards ....................................................................................................... Standards10
Contracting ............................................................................................................................................
Land Acquisition and Conveyance ................................................................................. Conveyance11
Equal Employment and Discrimination ...............................................................................................
FINANCIAL PLAN/PROPOSED DEBT .................................................................................... DEBT
........................................................................................................................................................11
Financial Plan................................................................................................................................ Plan
....................................................................................................................................................11
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iii
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Mill Levies ................................................................................................................................. Levies12
Aggregate Mill Levy Maximum .............................................................................................
........................................................................................................................................................12
Regional Mill Levy Not Included in Other Mill Levies ........................................................
........................................................................................................................................................12
Operating Mill Levy ................................................................................................................
........................................................................................................................................................12
Assessed Value and Mill Levies ....................................................................................................
Excessive Mill Levy Pledges ....................................................................................................
........................................................................................................................................................13
Refunding Debt ........................................................................................................................
........................................................................................................................................................13
Maximum Debt Authorization .................................................................................................
........................................................................................................................................................13
Maximum Voted Interest Rate and Underwriting Discount ............................................... Discount
....................................................................................................................................................13
Interest Rate and Underwriting Discount Certification ................................................. Certification
....................................................................................................................................................14
Disclosure to Purchasers .................................................................................................... Purchasers
....................................................................................................................................................14
External Financial Advisor ..................................................................................................... Advisor
....................................................................................................................................................14
Disclosure to Debt Purchasers........................................................................................... Purchasers
....................................................................................................................................................14
Security for Debt ......................................................................................................................... Debt
....................................................................................................................................................15
TABOR Compliance ........................................................................................................ Compliance
....................................................................................................................................................15
District’sDistricts’ Operating Costs ............................................................................................. Costs
....................................................................................................................................................15
Regional Improvements .................................................................................................. Improvements
........................................................................................................................................................15
Regional Mill Levy Authority ....................................................................................................15
Regional Mill Levy Authority ........................................................................................... Imposition
....................................................................................................................................................16
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Regional Mill Levy Imposition ................................................................................................................
Regional Improvements Authorized Under Service Plan .......................................................... Plan
....................................................................................................................................................16
Expenditure of Regional Mill Levy Revenues ................................................................... Revenues
....................................................................................................................................................16
Intergovernmental Agreement .................................................................................................
........................................................................................................................................................16
No Intergovernmental Agreement ..........................................................................................
........................................................................................................................................................16
Regional Mill Levy Term ........................................................................................................... Term
....................................................................................................................................................16
Completion of Regional Improvements ...................................................................... Improvements
....................................................................................................................................................16
City Authority to Require Imposition ............................................................................... Imposition
....................................................................................................................................................17
Regional Mill Levy Not Included in Other Mill Levies ......................................................... Levies
....................................................................................................................................................17
Gallagher Adjustment ....................................................................................................... Adjustment
....................................................................................................................................................17
City Fees .......................................................................................................................................... Fees
........................................................................................................................................................17
Bankruptcy Limitations ........................................................................................................ Limitations
........................................................................................................................................................17
Annual Reports and Board Meetings ......................................................................................Meetings
........................................................................................................................................................17
General..................................................................................................................................................
General .......................................................................................................................................17
Board
Meetings…………………………………………………………………………………………………………………………………….
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Report Requirements ..................................................................................................... Requirements
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Narrative ....................................................................................................................................
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Financial Statements .................................................................................................................
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Capital Expenditures ................................................................................................................ 18
Financial Obligations ................................................................................................................
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Board Contact Information …………………………………………………………………………………………………………..
Reporting of Significant Events ............................................................................................... Events
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Failure to Submit ...................................................................................................................... Submit
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Service Plan Amendments ................................................................................................ Amendments19
Material Modifications ..................................................................................................... Modifications
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Dissolution ................................................................................................................................................
Sanctions ........................................................................................................................................20
Conclusion .....................................................................................................................................20
Resolution of Approval ...........................................................................................................................
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EXHIBIT
EXHIBIT A-1 Legal Description of District No. 1 Boundaries
EXHIBIT A-2 Legal Description of District No. 2 Boundaries
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 Improvement Cost Estimates
EXHIBIT E Public Improvements Maps
EXHIBIT F Financial Plan
EXHIBIT G Public Benefits
EXHIBIT H Disclosure Notice
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I. INTRODUCTION
A. Purpose and Intent.
The DistrictDistricts, which isare intended to be an independent unitunits of local
government separate and distinct from the City, isare governed by this Service Plan, the
Special District Act and other applicable State law. Except as may otherwise be provided for
by State law, City Code or this Service Plan, the District'sDistricts’ 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 DistrictDistricts 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 DistrictDistricts will be to
finance the construction of a portion of these Public Improvements by the issuance of Debt.
[Add if Applicable] It is intended that this Service Plan also requires the DistrictDistricts
to pay a portion of the cost of the Regional Improvements as part of ensuring that those privately-
owned properties to be developed in the District that benefit from the Regional Improvements pay
a reasonable share of the associated costs.
The District isDistricts are not intended to provide ongoing operations and
maintenance services except as expressly authorized in this Service Plan.
It is the intent of the DistrictDistricts 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 District isDistricts are authorized in this Service Plan to perform
continuing operating or maintenance functions, the DistrictDistricts 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 DistrictDistricts shall comply with the provisions of this Service
Plan and that the City may enforce any non-compliance with these provisions as provided in
Section XVII of this Service Plan.
B. Need for the DistrictDistricts.
There are currently no other governmental entities, including the City, located in the
immediate vicinity of the DistrictDistricts 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
DistrictDistricts is therefore necessary in order for the Public Improvements required for the
Project to be provided in the most economic manner possible.
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C. Objective of the City Regarding District'sDistricts’ Service Plan.
The City’s objective in approving this Service Plan is to authorize the DistrictDistricts 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 DistrictDistricts. 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. A, and at a tax mill levy may not exceedno 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. 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.
Relevant Intergovernmental Agreements.
D. City Approvals.
Any provision in this Service Plan requiring “City” or “City Council” approval or consent
shall require the City Council’s prior written approval or consent exercised in its sole discretion.
Any provision in this Service Plan requiring “City Manager” approval or consent shall require the
City Manager’s prior written approval or consent exercised in the City Manager’s sole discretion.
In this Service Plan, the following words, terms and phrases which appear in a capitalized
format shall have the meaning indicated below, unless the context clearly requires otherwise:
Aggregate Mill Levy: means the total mill levy resulting from adding thea District’s Debt
Mill Levy and Operating Mill Levy. TheA 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
theeach District may each levy for itstheir 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 Boardboard of Directorsdirectors of any of the DistrictDistricts, 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.
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City Code: means collectively the City’s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council: means the City Council of the City of Fort Collins, Colorado.
City Manager: means the City Manager of the City of Fort Collins, Colorado.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property by thewithin
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.
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.
Developer ObligationDistrict: means any agreement executed by the District for the
purpose of borrowing funds from any Developer or related party developing or selling land
within the Service Area or who is a member of the Board.
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.
DistrictDistrict 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 Waterfield Metropolitan District No. 1, Waterfield Metropolitan District
No. 2 and Waterfield 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
DistrictDistricts, 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
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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 DistrictDistricts or an underwriter of the
District’sDistricts’ Debt.
Fees: means the fees, rates, tolls, penalties and chargerscharges the District isDistricts 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
iswas prepared or approved by an External Financial AdvisorD.A. Davidson and Co. in
accordance with the requirements of this Service Plan and describes (a) how the Public
Improvements are to be financed; (b) how the Debt is expected to be incurred; and (c) the
estimated operating revenue derived from property taxes and any Fees for the first budget
year through the year in which all Districtof the Districts’ Debt is expected to be defeased or
paid in the ordinary course. In the event the Financial Plan is not prepared by an External
Financial Advisor, the Financial Plan is to be accompanied by a letter of support from an External Financial Advisor.
Inclusion Area Boundaries: means the boundaries of the property that is anticipated to be
added to the District Boundaries after the District 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 Mill Levy Imposition Term: means the maximum term during which thea
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
developmentsproperty within its boundaries. This maximum term shall not exceed forty
(40) years from December 31 of the year this Service Plan is approved by City Council.
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding District administration, operations and maintenance as authorized in
this Service Plan, including, without limitation, repair and replacement of Public
Improvements, and imposed at a rate not to exceed the limitations set in Section IX.B of
this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area under an Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the Planned
Development., commonly referred to as “Waterfield”.
Public Improvements: means the improvements and infrastructure the District isDistricts
are authorized by this Service Plan to fund and construct for the Planned Development to
serve the future taxpayers and inhabitants of the DistrictDistricts, except as specifically
prohibited or limited in this Service Plan. Public Improvements shall include, without
limitation, the improvements and infrastructure described in Exhibit “ED” 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
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Mill Levy levied by the District, including, without limitation, the public improvements described in Exhibit “F” attached hereto and incorporated by referenceDistricts.
Regional Mill Levy: means the property tax mill levytax imposed on Taxable Property for
the purpose of planning, designing, acquiring, funding, constructing, installing, relocating
and/or redeveloping the Regional Improvements and/or to fund the administration and
overhead costs related to the Regional Improvements as provided in Section X of this
Service Plan.
Service Area: means the property within the District No. 1 Boundaries and the property in
the Inclusion Area, District No. 2 Boundaries when it is added, in whole or part, to theand
District No. 3 Boundaries., collectively, as may be amended from time to time as further
set forth in this 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 DistrictDistricts 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.
Taxable Property: means the real and personal property within the District Boundaries and
within the InclusionService Area Boundaries when added to the District Boundaries that
will be subject to the ad valorem property taxes imposed by the DistrictDistricts.
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 “GC” and incorporated by
reference depicting the location of the Service Area within the regional area surrounding
it.
III. BOUNDARIES AND LOCATION
The area of the District Boundaries Service Area includes approximately [Insert
Number]93 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 the District No. 1
Boundaries are attached hereto as
Exhibit A-1 and Exhibit B-1, respectively. A, 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 District’s BoundariesDistricts’ boundaries may expand or contract
from time to time as the District undertakesDistricts undertake inclusions or exclusions pursuant to the Special District
Act, subject to the limitations set forth in this Service Plan. The location of the Service Area is
further depicted in the vicinity mapVicinity Map attached as Exhibit G.“C”.
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
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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 Distirct’s
Boundaries or Inclusion Area Boundaries and describe how the Project and Planned Development are consistent with the applicable plans. Please state if the proposed District is to be
located wthiin an urban renewal area and if the proposed development is anticipating the use of tax increment financing (TIF). If the District intends to pursue TIF, please provide information
no how the TIF financing will interact with the District’s financing and how the necessary Public Improvements will be shared across the two funding sources.]
nationally acclaimed builder which emphasizes environmental conservation, and is currently
Denver’s largest builder of “for sale” affordable housing. The current Preliminary Development
Plan for the Planned Development includes approximately 190 total residential units and is
intended to be revised to include 498 residential units. Of the planned 498 residential units, 50
units are intended to be “affordable housing”. All of the 498 residential units are planned to be
zero energy ready units or net zero energy units. The Planned Development is currently intended
to reach build out in 2026, with an estimated population of 1,145 persons. In accordance with
the Financial Plan, the estimated assessed valuation of the Planned Development in 2023 will be
$9,989,117, and in 2028 will be $18,743,620.
Approval of this Service Plan by the City Council does not imply approval of the
development of any particular land-use for any specific area within the DistrictDistricts. Any
such approval must be contained within an Approved Development Plan.
B. Public Benefits.
[Described the public benefits to be delivered by the Service Plan that comply with the
requirements of the City’s Metro District Service Plan Policy. The description must include
specific and measurable objectives for the public benefits to be delivered by the Service Plan.
Examples of specific and measurable approaches can be found in the City’s Metro District
Service Plan Policy.]
Notwithstanding any provision to the contrary contained in this Service Plan, a District
shall not be authorized to issue any Debt, impose a Debt Mill Levy or any Fees for the purpose of
repayment of Debt on any property within the Project unless and until the delivery of the Public
Benefits specifically related to the phase of development or Public Improvements which will be
financed with such Debt, Debt Mill Levy or Fees, are secured in a manner approved by the City
Manager. To satisfy this prerequisite to the issuance of Debt and to the imposition of taxes and
Fees, delivery of the Public Benefits for each phase of the Project must be secured by one or both
of the following methods, as applicable:
1. For any of the Public Benefits to be provided by one or more of the Districts, each such
District must enter into an intergovernmental agreement with the City agreeing to
provide such Public Benefits as a legally enforceable multiple-fiscal year obligation of
the District under TABOR before the City is required to issue building permits and/or
certificates of occupancy for structures to be built under an applicable Approved
Development Plan for the Project or by securing performance of that obligation with a
surety bond, letter of credit or other security acceptable to the City Manager; and
2. For any of the Public Benefits to be provided by one or more Developers of the Project,
each such Developer must enter into a development agreement with the City under the
Developer’s applicable Approved Development Plan, which agreement must legally
obligate the Developer to provide those Public Benefits before the City is required to
issue building permits and/or certificates of occupancy for structures to be built under
the Approved Development Plan for the Project or to secure such obligations with a
surety bond, letter of credit or other security acceptable to the City Manager.
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C. Assessed Valuation.
The current assessed valuation of the Service Area is approximately [Dollar Amount]One
Million Two Hundred Sixty-Seven Thousand Two Hundred Dollars ($1,267,200) and, at build
out, is expected to be [Dollar Amount].approximately Nineteen Million Dollars ($19,000,000).
These amounts are expected to be sufficient to reasonably discharge the Debt as demonstrated in
the Financial Plan.
V. INCLUSION OF LAND IN THE SERVICE AREA
Other than the real property in the Inclusion Area Boundaries, the DistrictThe Districts
shall not add any real property to the Service Area without the City’sCity Council’s prior written
approval and in compliance with the Special District Act. Once thea District has issued Debt, it
shall not exclude real property from the District’s boundaries without the prior written consent of
the City Council.
VI. DISTRICT GOVERNANCE
The District’s BoardDistricts’ Boards shall be comprised of persons who are a qualified
“eligible electorelectors” of the DistrictDistricts 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 District’s BoardDistricts’ Boards as development ofwithin the Service Area
progresses. The DistrictDistricts shall not enter into any agreement by which the End Users’
electoral control of the BoardBoards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
The DistrictDistricts shall have the power and authority to provide the Public
Improvements, the Regional Improvements and related operation and maintenance services, within
and without the District BoundariesService Area, as such powers and authorities are described in
the Special District Act, other applicable State law, common law and the Colorado Constitution,
subject to the prohibitions, restrictions and limitations set forth in this Service Plan.
If, after the Service Plan is approved, any State law is enacted to grant additional powers
or authority to metropolitan districts by amendment of the Special District Act or otherwise, such
powers and authority shall be deemed to be a part hereof and available to be exercised by the
Districts if the City Council first approves the exercise of such powers or authority by the
DistrictDistricts. Such approval by the City Council shall not constitute a Service Plan
Amendment.
B. B. Prohibited Improvements and Services and other Restrictions and Limitations.
The District’sDistricts’ powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise itstheir other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Section XVII of this Service Plan:
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1. Eminent Domain Restriction
The DistrictDistricts shall not exercise itstheir statutory power of eminent domain without
first obtaining resolution approval from the City Council. This restriction on the
District’sDistricts’ exercise of itsthe eminent domain power is being voluntarily
acquiesced to by the DistrictDistricts and shall not be interpreted in any way as a limitation
on the District’sDistricts’ sovereign powers and shall not negatively affect the
District’sDistricts’ status as a political subdivision of the State as conferred by the Special
District Act.
2. Fee Limitation
All Fees imposed for the repayment of Debt, ifas authorized by this Service Plan, shall be authorized tomay be
imposed by the DistrictDistricts upon all property within the District Boundariestheir respective boundaries only if such
Fees are due and payable no later than upon the issuance of a building permit by the City.
for those properties. Notwithstanding any of the foregoing, this Fee limitation shall not
apply to any Fee imposed to fund the operation, maintenance, repair or replacement of
Public Improvements or the administration of the DistrictDistricts, nor shall this Fee limitation
apply to a District if a majority of the District’s Board imposing such Fee is composed of
End Users.
3. Operations and Maintenance
The primary purpose of the DistrictDistricts is to plan for, design, acquire, construct, install,
relocate, redevelop and finance a portion of the Public Improvements. The DistrictDistricts 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. TheEach District
is specifically authorized to operate and maintain any part or all of the Public
Improvements not otherwise conveyed or dedicated to the City or another appropriate
governmental entity. The DistrictDistricts shall also be specifically authorized to conduct
operations and maintenance functions related to the Public Improvements that are not
provided by the City or other governmental entity, or to the extent that the District’sDistricts’
proposed operational and maintenance functions included services or activities that exceed
those provided by the City or other governmental entity. Additionally, the District shall beDistricts are
authorized to operate and maintain any part or all of the Public Improvements not otherwise
conveyed or dedicated to the City or another appropriate governmental entity until such
time that the District dissolvesDistricts dissolve.
4. Fire Protection Restriction
The District isDistricts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain fire protection facilities or services, unless
such facilities and services are provided pursuant to an intergovernmental agreement with
the Poudre Fire Authority. The authority to plan for, design, acquire, construct, install,
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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 District isDistricts 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 DistrictDistricts 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 DistrictDistricts 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 DistrictDistricts shall
not be authorized to plan, design, acquire, construct, install, relocate, redevelop, finance,
own, operate or maintain a golf course unless such activity is pursuant to an
intergovernmental agreement with the City.
8. Television Relay and Translation Restriction
The District isDistricts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain television relay and translation facilities and
services, other than for the installation of conduit as a part of a street construction project,
unless such facilities and services are provided pursuant to prior written approval from the
City Manager.
9. 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 DistrictDistricts 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.
10. Sales and Use Tax Exemption Limitation
The DistrictDistricts shall not exercise any City sales and use tax exemption otherwise available
to the DistrictDistricts under the City Code.
11. Sub-district Restriction
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The DistrictDistricts shall not create any sub-district pursuant to the Special District Act without
the prior written approval of the City Manager.
12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the DistrictDistricts 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.
13. Special Assessments
The DistrictDistricts shall not impose special assessments without the prior written approval of the
City Council.
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 DistrictDistricts. 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
approximately [Dollar Amount] in the anticipated year of construction dollars.Forty-Three
Million Nine Hundred Eighty One Thousand Fifty Dollars ($43,981,050) in project costs in 2018
dollars. The cost estimates are based upon preliminary engineering, architectural surveys, and
reviews of the Public Improvements set forth in Exhibit E 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 IE. Changes in the Public
Improvements or costcosts, which are approved by the City in an Approved Development Plan,
shall not constitute a Service Plan Amendment. In addition, due to the preliminary nature of the
Project, the City shall not be bound by this Service Plan in reviewing and approving the Approved
Development Plan and the Approved Development Plan shall supersede the Service Plan with
regard to the cost, scope, and definition of Public Improvements.
The design, phasing of construction, location and completion of Public Improvements will
be determined by the DistrictDistricts to coincide with the phasing and development of the Planned
Development and the availability of funding sources. The DistrictDistricts may, in itstheir
discretion, phase the construction, completion, operation, and maintenance of Public
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Improvements or defer, delay, reschedule, rephase, relocate or determine not to proceed with the
construction, completion, operation, and maintenance of Public Improvements, and such actions
or determinations shall not constitute a Service Plan Amendment. The DistrictDistricts shall also
be permitted to allocate costs between such categories of the Public Improvements as deemed
necessary in its discretion.
The Public Improvements shall be listed using an ownership and maintenance matrix in
Exhibit E, either individually or categorically, to identify the ownership and maintenance
responsibilities of the Public Improvements.
A. Development Standards.
The DistrictDistricts 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 DistrictDistricts directly, or
indirectly through any Developer, will obtain the City’s approval of civil engineering plans and
will obtain applicable permits for construction and installation of Public Improvements prior to
performing such work. Unless waived by the City, the DistrictDistricts 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 DistrictDistricts. Such
development security may be released in the City Managers discretion when the constructing
District has obtained funds, through Debt issuance or otherwise, adequate to insure the
construction of the Public Improvements, unless such release is prohibited by or in conflict with
any City Code provision or State law. Any limitation or requirement concerning the time within
which the City must review the District’sDistricts’ proposal or application for an Approved
Development Plan or other land use approval is hereby waived by the DistrictDistricts.
B. Contracting.
The DistrictDistricts 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 DistrictDistricts 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 DistrictDistricts
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
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provision in contracts or subcontracts entered into by the DistrictDistricts to accomplish the purposes of
this Service Plan.
Notwithstanding any provision to the contrary contained in this Service Plan, the District
shall not be authorized to impose the Debt Mill Levy, the Operating Mill Levy or any other taxes
or Fees for any purpose unless and until (a) the District and/or the Developer has obtained an
Approved Development Plan that secures the Public Benefits described in Section IV.B of this
Service Plan, or (b) the City and District, at the City’s option, have entered into an
intergovernmental agreement securing the delivery of the Public Benefits described in Section
IV.B Failure to comply with this provision shall constitute a material modification under this
Service Plan and shall entitle the City to all remedies available at law and in equity as provided in
Section XVII of this Service Plan.
The District’sDistricts’ Financial Plan, attached as Exhibit JF and incorporated by
reference, reflects the District’sDistricts’ anticipated schedule for incurring Debt to fund Public
Improvements in support of the Project. The Financial Plan also reflects the schedule of all
anticipated revenues flowing to the DistrictDistricts derived from DistrictDistricts’ mill levies,
Fees imposed by the DistrictDistricts, specific ownership taxes, and all other anticipated legally
available revenues. The Financial Plan is based on economic, political and industry conditions as
they exist presently and reasonable projections and estimates of future conditions. These
projections and estimates are not to be interpreted as the only method of implementation of the
Districts’ goals and objectives but rather a representation of one feasible alternative. Other
financial structures may be used so long they are in compliance with this Service Plan. The
Financial Plan incorporates all of the provisions of this Section IX.
Based upon the assumptions contained therein, the Financial Plan projects the issuance of
Bonds to fund Public Improvements and anticipated Debt repayment based on the development
assumptions and absorptions of the property in the Service Area by End Users. The Financial Plan
anticipates that the DistrictDistricts will acquire, construct, and complete all of the Public
Improvements needed to serve the Service Area.
The Financial Plan demonstrates that the DistrictDistricts will have the financial ability to
discharge all Debt to be issued as part of the Financial Plan on a reasonable basis. Furthermore,
the DistrictDistricts 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 DistrictDistricts at the
time of issuance.
B. Mill Levies.
It is anticipated that the DistrictDistricts 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
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The Regional Mill Levy shall not be counted against the Aggregate Mill Levy
Maximum.
3. Operating Mill Levy
TheEach District may impose an Operating Mill Levy of up to fifty (50) mills until
thesuch District imposes a Debt Mill Levy. Once thea District imposes a Debt Mill
Levy, thesuch District’s Operating Mill Levy shall cannotnot exceed ten (10) mills at
any point. Notwithstanding any of the foregoing, the Operating Mill Levy limitation
set forth in this Section IX.B.3 shall not apply if the majority of the District’s Board
imposing such Operating Mill Levy is composed of End Users, subject to continual
compliance with the Aggregate Mill Levy Maximum.
4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the Taxable
Property changes after approval of this Service Plan, the District’sJanuary 1, 2018, or
any subsequent constitutionally mandated tax credit, cut or abatement, the Districts’
Aggregate Mill Levy, Debt Mill Levy, Operating Mill Levy, and Aggregate Mill Levy
Maximum, amounts herein provided may be increased or decreased to reflect such
changes; such increases or decreases shall be determined by the District’s Board in
good faith so that to the extent possible, the actual tax revenues generated by such mill
levies, as adjusted, are neither enhanced nor diminished as a result of such change
occurring after January 1, 2018. For purposes of the foregoing, a change in the ratio of
actual valuation to assessed valuation will be a change in the method of calculating
assessed valuation.
5. Excessive Mill Levy Pledges
Any Debt issued with a mill levy pledge, or which results in a mill levy pledge, that
exceeds the Aggregate Mill Levy Maximum or the Maximum Debt Mill Levy
Imposition Term, shall be deemed a material modification of this Service Plan and shall
not be an authorized issuance of Debt unless and until such material modification has
been approved by a Service Plan Amendment.
6. Refunding Debt
The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt refunding
purposes if: (1) a majority of the Districtissuing 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 District anticipates Districts anticipate approximately [Dollar Amount]Forty
Three Million Nine Hundred Eighty One Thousand Fifty Dollars ($43,981,050) in
project costs in [Year]2018 dollars as set forth in Exhibit ED, and anticipate issuing
approximately [Dollar Amount]Twenty Two Million Four Hundred Twenty Nine
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Thousand Seven Hundred Fifty Dollars ($22,429,750) 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. The DistrictDistricts collectively shall not issue Debt in excess of
the Maximum Debt Authorization. The DistrictBonds, loans, notes or other instruments
which have been refunded shall not count against the Maximum Debt Authorization.
Intergovernmental Capital Pledge Agreements among two or more of the Districts
pledging the collection and payment of property taxes or Fees by one District for the
repayment of Debt by a separate issuing District shall not count against the Maximum
Debt Authorization. The Districts must seek prior resolution approval by the City
Council to issue Debt in excess of the Maximum Debt Authorization to pay the actual
costs of the Public Improvements set forth in Exhibit ED plus inflation, contingencies
and other unforeseen expenses associated with such Public Improvements. Such
approval by the City Council shall not constitute a material modification of this Service
Plan requiring a Service Plan Amendment so long as increases are reasonably related
to the Public Improvements set forth in Exhibit ED and any Approved Development
Plan.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
The maximum interest rate on any Debt is not permitted to exceed Twelve Percent (12%). The
maximum underwriting discount shall be three percent (3%). Debt, when issued, will comply with
all relevant requirements of this Service Plan, the Special District Act, other applicable State law
and federal law as then applicable to the issuance of public securities.
D. Interest Rate and Underwriting Discount Certification.
The DistrictDistricts 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
payedpaid by the DistrictDistricts as part of a Debt financing transaction. The DistrictDistricts
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 DistrictDistricts 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”);
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
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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.
F. External Financial Advisor.
An External Financial Advisor shall be retained by the DistrictDistricts to provide a written
opinion as to whether any Debt issuance is in the best interest of the issuing District once the total
amount of Debt issued by the DistrictDistricts exceeds Five Million Dollars ($5,000,000). The
External Financial Advisor is to provide advice to the Districtissuing District’s Board regarding
the proposed terms and whether Debt conditions are reasonable based upon the status of
development within the District, the projected tax base increase in the District, the security offered
and other considerations as may be identified by the Advisor. The issuing District shall include in
the transcript of any Bond transaction, or other appropriate financing documentation for related
Debt instrument, a signed letter from the External Financial Advisor providing an official opinion
on the structure of the Debt, stating the Advisor’s opinion that the cost of issuance, sizing,
repayment term, redemption feature, couponing, credit spreads, payment, closing date, and other
material transaction details of the proposed Debt serve the best interest of the issuing District.
Debt shall not be undertaken by the DistrictDistricts if found to be unreasonable by the
External Financial Advisor.
G. Disclosure to Debt Purchasers.
DistrictAny Debt of the Districts shall set forth a statement in substantially the following
form:
“By acceptance of this instrument, the owner of this Debt agrees and
consents to all of the limitations with respect to the payment of the
principal and interest on this Debt contained herein, in the resolution
of the District authorizing the issuance of this Debt and in the
Service Plan of the District. This Debt is not and cannot be a Debt
of the City of Fort Collins”
Similar language describing the limitations with respect to the payment of the principal and
interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a Developer of property
within the Service Area.
H. Security for Debt.
The DistrictDistricts 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 District’sDistricts’ 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 DistrictDistricts in the payment of any such
obligationobligations.
I. TABOR Compliance.
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The DistrictDistricts shall comply with the provisions of the Taxpayer’s Bill of Rights in
Article X, § 20 of the Colorado Constitution (“TABOR”).. In the discretion of the BoardBoards,
the DistrictDistricts may set up other qualifying entities to manage, fund, construct and operate
facilities, services, and programs. To the extent allowed by law, any entity created by a District
will remain under the control of the District’s Board.
J. District’sDistricts’ Operating Costs.
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts’ organization and initial
operations, are anticipated to be [Dollar Amount],$200,000, which will be eligible for
reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year’s operating budget is estimated to be [Dollar Amount].$100,000.
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 as set
forth in Section IX.B.3 of this Service Plan, as well as from other revenues legally available to the
DistrictDistricts.
X. REGIONAL IMPROVEMENTS
The DistrictDistricts 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
DistrictDistricts shall impose a Regional Improvement Mill Levy on all property within the
DistrictDistricts’ boundaries under the following terms:
A. Regional Mill Levy Authority.
The DistrictDistricts shall seek the authority to impose an additional Regional Mill Levy
of five (5) mills as part of the District’sDistricts’ initial TABOR election. The DistrictDistricts
shall also seek from the electorate in that election the authority under TABOR to enter into an
intergovernmental agreement with the City obligating the DistrictDistricts to pay as a multiple-
fiscal year obligation the proceeds from the Regional Mill Levy to the City. Obtaining such voter-
approval of this intergovernmental agreement shall be a precondition to the DistrictDistricts
issuing any Debt under this Service Plan.
B. Regional Mill Levy Imposition.
The DistrictDistricts 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 DistrictDistricts
requesting the imposition of the Regional Mill Levy and stating the mill 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.
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D. Regional Improvements Authorized Under Service Plan.
IfIf the Districts are so notified by the City Manager, the Regional Improvements shall be
considered public improvements that the DistrictDistricts would otherwise be authorized to design,
construct, install re-design, re-construct, repair or replace pursuant to this Service Plan and
applicable law.
E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be expended as follows:
1. Intergovernmental Agreement
If the City and the DistrictDistricts 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; or
2. No Intergovernmental Agreement
If no intergovernmental agreement exists between the DistrictDistricts 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 DistrictDistricts 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 of the imposition of a Regional Mill Levy shall
expire fifteen (15) years after December 31st of the year in which thea 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.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed after the date of
approval of this Service PlanJanuary 1, 2018, or any subsequent constitutionally mandated tax
credit, cut or abatement, the Regional Mill Levy may be increased or shall be decreased to reflect
such changes; such increases or decreases shall be determined by the DistrictDistricts’ 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
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January 1, 2018. For purposes of the foregoing, a change in the ratio of actual valuation to assessed
valuation will be a change in the method of calculating assessed valuation
XI. CITY FEES
The DistrictDistricts shall pay all applicable City fees as required by the City Code.
XII. BANKRUPTCY LIMITATIONS
All of the limitations contained in this Service Plan, including, but not limited to, those
pertaining to the Aggregate Mill Levy Maximum, Maximum Debt Mill Levy Imposition Term and
Fees, have been established under the authority of the City in the Special District Act to approve
this Service Plan. It is expressly intended that by such approval such limitations: (i) shall not be
set aside for any reason, including by judicial action, absent a Service Plan Amendment; and (ii)
are, together with all other requirements of State law, included in the “political or governmental
powers” reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section 903, and are
also included in the “regulatory or electoral approval necessary under applicable non-bankruptcy
law” as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section
943(b)(6).
A. General.
The DistrictEach of the Districts shall be responsible for submitting an annual report to the
City Clerk no later than September 1st of each year following the year in which the Order and
Decree creating the District hasDistricts have been issued. These documentsThe Districts may file
a consolidated annual report. The annual report may be made available to the public on the City’s
website.
B. Board Meetings.
The District’s boardEach of directorsthe 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 District’sDistricts’ creation. Notice for each of these meetings shall be given in
accordance with the requirements of the Special District Act and other applicable State Law. This
meeting requirement shall not apply until there is at least one End User of property within the
District. Also, this requirement shall no longer apply when a majority of the board of directors on
the District’s Board are End Users.
C. Report Requirements.
Unless waived in writing by the City Manager, each of the DistrictDistricts’ annual report
must include the following in the Annual Report:
1. Narrative
A narrative summary of the progress of the District in implementing its Service
Plan for the report year.
2. Financial Statements
Except when exemption from audit has been granted for the report year under the
Local Government Audit Law, the audited financial statements of the District for
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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 board membersdirectors 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.
6. Other Information
Any other information deemed relevant by the City Council or deemed reasonably
necessary by the City Manager.
D. Reporting of Significant Events.
The annual report of each District shall also include information as to any of the following
that occurred during the report year:
1. Boundary changes made or proposed to the District BoundariesDistrict’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.
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7. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety
(90) day period.
E. Failure to Submit.
In the event the annual report is not timely received by the City Clerk or is not fully
responsive, notice of such default shall be given to the DistrictDistrict’s Board at its last known
address. The failure of the District to file the annual report within forty-five (45) days of the
mailing of such default notice by the City Clerk may constitute a material modification of the
Service Plan, at the discretion of the City Manager.
XIV. SERVICE PLAN AMENDMENTS
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 DistrictDistricts to
provide required improvements, services and facilities under evolving circumstances without the
need for numerous amendments. Modification of the general types of improvements and facilities
making up the Public Improvements, and changes in proposed configurations, locations or
dimensions of the Public Improvements, shall be permitted to accommodate development needs
consistent with the then-current Approved Development Plans for the Project. Any action of one
or more of the DistrictDistricts, which is a material modification of this Service Plan requiring a
Service Plan Amendment as provided in in Section XV belowof this Service Plan or any other
applicable provision of this Service Plan, shall be deemed to be a material modification to this
Service Plan unless otherwise expressly provided in this Service Plan. All other departures from
the provisions of this Service Plan shall be considered on a case-by-case basis as to whether such
departures are a material modification under this Service Plan or the Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C.R.S.
Section 32-1-207 as a Service Plan Amendment. No modification shall be required for an action
of the DistrictDistricts that does not materially depart from the provisions of this Service Plan,
unless otherwise provided in this Service Plan.
Departures from the Service Plan by any of the Districts that constitute a material
modification requiring a Service Plan Amendment include, without limitation:
1. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the DistrictDistricts;
2. Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement, service,
function or facility authorized in the Service Plan;
3. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
4. Failure to comply with any of the prohibitions, limitations and restrictions of this
Service Plan.
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Actions that are not to be considered material modifications include, without limitation,
changes in quantities of improvements, facilities or equipment; immaterial cost differences; and
actions expressly authorized in this Service Plan.
XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which theany
District was created have been accomplished, the District shall file a petition in district court for
dissolution as provided in the Special District Act. In no event shall dissolution occur until thesuch
District has provided for the payment or discharge of all of its outstanding indebtedness and other
financial obligations as required pursuant to the Special District Act or any other applicable State
law.
XVII. SANCTIONS
Should any of the DistrictDistricts undertake any act without obtaining prior City Council
approval or consent or City Manager approval or consent, as required in this Service Plan, or that
constitutes a material modification to this Service Plan requiring a Service Plan Amendment as
provided herein or under the Special Districts Act, the City Council may impose one (1) or more
of the following sanctions, as it deems appropriate:
1. Exercise any applicable remedy under the Special District Act;
2. Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District’s
development or construction or operation of improvements or provision of services;
3. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
4. Exercise any other legal and equitable remedy available under the law, including
seeking injunctive relief against the District, to ensure compliance with the
provisions of the Service Plan or applicable law.
XVIII. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2), establishes
that:
1. There is sufficient existing and projected need for organized service in the Service Area
to be served by the DistrictDistricts;
2. The existing service in the Service Area to be served by the DistrictDistricts is
inadequate for present and projected needs;
3. The District isDistricts are capable of providing economical and sufficient service to
the Service Area; and
4. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XIX. RESOLUTION OF APPROVAL
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The District agreesDistricts agree to incorporate the City Council’s resolution approving
this Service Plan, including any conditions on anyimposed by the City Council on such approval,
into the copy of the Service Plan presented to the District Court for and in Larimer County,
Colorado.
EXHIBIT A-1
Legal Description of District No. 1 Boundaries
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EXHIBIT A-2
Legal Description of District No. 2 Boundaries
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EXHIBIT A-3
Legal Description of District No. 3 Boundaries
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EXHIBIT B-1
District No. 1 Boundary Map
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EXHIBIT B-2
District No. 2 Boundary Map
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EXHIBIT B-3
District No. 3 Boundary Map
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EXHIBIT C
Vicinity Map
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EXHIBIT D
Public Improvement Cost Estimates
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EXHIBIT E
Public Improvement Maps
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EXHIBIT F
Financial Plan
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Expanded by / Condensed by
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EXHIBIT G
Public Benefits
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EXHIBIT H
Disclosure Notice
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Waterfield Metro District Nos. 1-3
The proposed Consolidated Service Plan for Waterfield Metropolitan District Nos. 1-3 will support the construction
of approximately 498 homes on 71 acres at the northwest corner of Vine Drive and Timberline Road. The project,
called Waterfield (the “Project”), will follow Thrive’s commitment to healthy, efficient, and local home construction,
including all their normal standards and re-plat the project to provide urban design and density, alleys, and
walkable features.
The Project was compared to the currently platted development assuming basic code standards. Therfore, this
Triple Bottom Line Scan (“TBLs”) evaluates the difference between the two forms of development and does not
compare the Project against the current vacant land as that condition is not anticipated to persist.
Positive
Consumes less land for the same
number of units due to higher
density new urbanist approach to
lot layout
Supports Climate Action Plan 2020
goals by constructing all homes at
Zero Energy Ready standard, 10
percent at net zero energy, and 10
percent with solar or distributed
storage equivalent
Will provide indirect education of
environmental stewardship
principles by providing 500 new
homeowners with a greater
understanding of their own energy
and water usage
Negative
All other conditions are neutral
Positive
Supports future infrastructure
needs by constructing a significant
portion of Suniga a new 4-lane
arterial
Supports talent development in the
community by providing additional
housing opportunity – some
affordable (10 percent)
Negative
Impacts the cost of living by
increasing property taxes for the
500 home owners, offset in part by
energy efficiency and affordable
housing (Slightly Negative to
Neutral)
All other conditions are neutral
Positive
Homes will be constructed to a
higher standard for indoor air quality
The Project will be constructed to
encourage walkability
Project will provide 50 affordable
units dispersed throughout the
project – supporting the City’s
affordable housing goals and
enhancing the inclusivity of the
community
Negative
All other conditions are neutral
Tradeoffs
• Increased property tax may discourage some buyers from considering the Project – lower utility costs through
Waterfield Metro District Nos. 1-3
City Council adopted a revised policy for Reviewing Metropolitan District Service Plans (the “Metro District
Policy”) on August 21, 2018. The Metro District Policy allows for a wide range of projects to apply for the
use of Metro Districts to offset either extraordinary costs or basic costs that enable the delivery of
extraordinary development outcomes. These extraordinary outcomes cover a range of possibilities
generally grouped into four categories: Environmental Sustainability, Critical Infrastructure, Smart Growth
Management, and Strategic Priorities. In addition, the Metro District Policy requires that each proposed
use of the public finance tool undergo a TBLs.
For the proposed Project, the TBLs focused on the impact of the difference in residential units delivered in
the community by supporting the proposed Metro District. This baseline was used as opposed to vacant
or agricultural land because the property already has an underlying residential plat and zoning. Therefore,
the future use of the property will not be vacant or agricultural but residential. Therefore, comparing the
project to the current state (agricultural land) would be disingenuous to the anticipated future condition.
The TBLs analysis found that in many ways the proposed residential construction enabled by a Metro
District is no different from the residential development currently platted and planned for the property.
However, there were a few notable differences – most significant is the anticipated energy and water
savings from the standard of construction proposed and the inclusion of 50 affordable units. The results of
the TBLs reflect this marginal difference between the baseline and the proposed Project.
M EMORANDUM
To: Josh Birks and Patrick Rowe
Economic Health & Redevelopment, City of Fort Collins
From: Dan Guimond and Elliot Kilham
Economic & Planning Systems
Subject: Waterfield Metro District Market and Financial Review
EPS #183080
Date: August 17, 2018
This memorandum summarizes Economic & Planning System’s (EPS)
evaluation of the Financial Plan section of the Consolidated Service Plan
(Service Plan) for the Waterfield Metropolitan Service District (District).
The City is required to approve the Service Plan for a Title 32
Metropolitan District (metro district) prior to it being submitted for a
vote by the electorate of the district. EPS’s third-party analysis will help
inform the City’s review and approval decision as it relates to the
Financial Plan. The evaluation includes a review of the market and
financial assumptions underlying the application as well as the general
feasibility of the District’s Financial Plan, including public revenue and
bond proceed forecasts. The evaluation also reviews the proposal
against City metro district policy considerations as well as the proposed
public benefits of the project.
Development Program
Waterfield is a planned 93-acre residential development proposed by
Thrive Home Builders (Developer) located on the northwest corner of
E. Vine Drive and Timberline Road in North Fort Collins. The District is
bounded by Vine Drive to the south; Timberline Road to the West; the
Larimer and Weld County Canal to the north; and a future extension of
Turnberry Road to the east, as shown in Figure 1 and Figure 2.
The proposed development program currently includes 498 units of for-
sale housing as well as park and open space. The development is
proposed to be a “new urbanist” development with energy efficient units
meeting the United States Department of Energy’s Zero Energy Ready
standards. In addition, the Developer plans for 50 units to be affordable
for-sale housing at 80 percent of the area median income (AMI) and for
50 units to be net zero energy buildings. Construction is expected to
occur between 2019 and 2026.
ATTACHMENT 6
Memorandum August 17, 2018
Waterfield Metro District Review Page 2
Figure 1
Waterfield Metro District Vicinity Map Diagram
Memorandum August 17, 2018
Waterfield Metro District Review Page 3
Figure 2
Waterfield Metro District Vicinity Map Aerial
The Developer provided a detailed development program to D.A. Davidson, the District’s bond
underwriter, as inputs to the preliminary Financial Plan. While the program is subject to change,
it does provide the basis for the estimates of bond proceeds and draft bond series offerings
completed by DA Davidson and outlined in the Service Plan. The proposed development plan
currently includes five different housing product options and estimated market values, as shown
in Table 1:
• 89 3-story townhomes with a
projected market value of
$380,900
• 80 single family detached
homes with a projected market
value of $510,900
• 200 cottage homes with a
projected market value of
$441,900
• 101 2-story townhomes with a
projected market value of
$359,000
• 28 duplexes with a projected
market value of $410,000
Table 1
Proposed Development Program and Market Values
Description Units % Total Market Value
2017 $
3-Story Townhome 89 18% $380,900
Single Family Detached 80 16% $510,900
Cottage 200 40% $441,900
2-Story Townhome 101 20% $359,900
Duplex 28 6% $410,900
Total / Weighted Avg. 498 100% $423,709
Source: D.A. Davidson; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 4
The Developer plans to begin platting Waterfield so that the first finished lot is completed in
2019. The buildout or vertical construction of Waterfield is proposed to take place over a seven
year period from 2020 to 2026 at an average of 71 units per year, as shown in Table 2 and
Figure 3. The majority of the units are proposed to be developed in the first three years
between 2020 and 2022, including all of the 2- and 3-story townhomes, duplexes; all but eight
of the single family homes (72 units); and a little less than half of the cottages (90 units). In
2022, the Developer proposes to build the remaining single family homes (8 units) and, from
2023 to 2026, build the rest of the cottages (110 units).
Table 2
Proposed Waterfield Buildout
Figure 3
Proposed Waterfield Buildout
Description 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total Avg. [1]
3-Story Townhome 0 0 36 36 17 0 0 0 0 89 13
Single Family Detached 0 0 24 24 24 8 0 0 0 80 11
Cottage 0 0 30 30 30 30 30 30 20 200 29
2-Story Townhome 0 0 36 36 29 0 0 0 0 101 14
Duplex 0 0 28 0 0 0 0 0 0 28 4
Total 0 0 154 126 100 38 30 30 20 498 71
[1] Average from 2020-2026.
Source: DA Davidson; Economic & Planning Systems
154
126
100
38
30 30
20
0
20
40
60
80
100
120
140
160
180
2020 2021 2022 2023 2024 2025 2026
Units
Total Average
Source: DA Davidson; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 5
Metro District Proposal
Summary
The Service Plan includes three separate districts: two financing districts (District No. 1 and No. 2)
and a service district (District No. 3). The financing districts will have the ability to impose an
aggregate maximum mill levy of 50 mills. Of this aggregate levy, the District can impose an
Operating Mill Levy not to exceed 10 mills, and a Debt Service Mill Levy that is the difference
between the maximum aggregate and the Operating Mill Levy—or a minimum of 40 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 revenues generated are not diminished. This ability helps to further guarantee
future revenue streams and reduce the risk for the bond holders. In addition to the mill levies,
the Service Plan allows the District to impose a one-time facility fee of no greater than $10,000
per unit (or per end user) as a source of revenue for the repayment of debt.
The Debt Service Mill Levy as well as the one-time fees are expected to be used to finance public
improvements listed in Exhibit D of the Service Plan. The Developer’s engineering consultant
estimates that the total cost of the public improvements will be approximately $44 million. The
Developers anticipates issuing $22 million in debt or approximately 50 percent of total cost to
fund these public improvement costs.
Policy Review
The City is currently considering updating its policy originally adopted in 2008 for reviewing
proposed metro district service plans. The new policy proposes to remove 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 would require
developers to deliver extraordinary public benefits to the city. In addition, the new policy
increases 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 Waterfield maximum aggregate District Mill
Levy of 50 mills is greater than the previous recommended mill levy maximum, but equal to the
proposed updated mill levy maximum. The Public Benefits section of this memorandum
describes the proposed public benefits that the Developer is offering in more detail.
Market Assessment
This section reviews market values and absorption assumptions used by D.A. Davidson to
estimate the potential public financing revenues and debt capacity of the project.
Market Values
To help determine their reasonableness, EPS compared the market value assumption used the in
the Service Plan’s debt capacity estimates with recent sales in Fort Collins. In addition, EPS
compared Waterfield’s proposed market values with other comparable developments in the Fort
Collins area.
Memorandum August 17, 2018
Waterfield Metro District Review Page 6
Recent Sales
The Developer’s proposed market values generally fall near the central tendency 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 was $457,002 in 2018, and the average price for
a townhome/condo was $304,778 for the same time period, as illustrated in Figure 4.
• Single Family: The market values for the single family homes in the proposed development
are $510,900 or 12 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 Waterfield is to be expected. In EPS’s professional
experience, a 12 percent premium for the new construction sales is within an acceptable
range.
• Cottages: The market values for the proposed cottages is $441,900 or 3 percent lower than
the average of recent single family home sales. The cottages in Waterfield likely will be
smaller than typical single family homes, and thus will have a slightly lower price point.
• Townhomes: The market value for the 2- and 3-story townhomes are $359,900 and
$380,900 or between 18 percent and 25 percent higher than the market average of recent
sales in the Fort Collins market. Again, as with the single family homes, new construction in
the proposed development will trade at a premium to the average of new and existing homes
sales.
• Duplexes: The market value for a duplex in the development is proposed to be $410,900.
This market value is 10 percent less than the average for recent single family homes sales
and 35 percent more than the average of recent townhome sales. This value generally falls
within EPS’s expectation of the relative pricing for duplexes compared to townhomes and
single family homes.
Figure 4
Proposed Waterfield Market Values Compared to Average Prices in Fort Collin’s Market
$380,900
$510,900
$441,900
$359,900
$410,900
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
3-Story Townhome Single Family Cottage 2-Story Townhome Duplex
2017 $
Service Plan Waterfield Weighted Avg. Average Single Family Average Townhome/Condo
Source: DA Davidson; FCBR; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 7
North Fort Collins Projects
This section compares the proposed Waterfield development to other recent, for-sale residential
projects in the North Fort Collins market area. This comparison reveals that Waterfield’s price
points largely overlap with the price ranges of recent residential projects and, more specifically,
are at a mid-price point compared to recent developments, as shown Table 3 and Figure 5. At
a proposed 498 units, Waterfield is of similar size to the other larger recent residential
development projects in Fort Collins, including Old Town North and East Ridge.
Table 3
Comparable For-Sale Residential Projects in the North Fort Collins Market
Figure 5
Price Range in Comparable Residential Projects and Waterfield
Project Status Project Start Product Units Price
Compable Projects
Single-Family $350,000-$650,000
Townhomes $300,000-$430,000
Condos $230,000-$450,000
Single-Family 18 $540,000-$570,000
Townhomes 37 $327,500-$360,000
Timbervine Under Construction 2017 Single-Family 146 $346,000-$390,000
East Ridge Approved --- Single-Family 568 $300,000-$400,000
Brownes on Howes Complete 2016 Townhomes 6 $850,000-$1,000,000
Townhomes at Library Park Under Construction 2017 Townhomes 10 $1,195,000-$1,500,000
Waterfield
Single-Family 280 $441,900-$510,900
Townhomes 190 $359,900-$380,900
Duplex 28 $410,900
*Total housing units for all product types
Source: Zillow; FCBR; DA Davidson; Economic & Planning Systems
450-500*
Revive Under Construction 2015
Proposed Development Proposed 2018
Old Town North Third Phase 2007
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
Old Town North Revive Timbervine East Ridge Brownes on Howes Townhomes at
Library Park
Waterfield
Price Range
Source: Zillow; FCBR; DA Davidson; Economic & Planning Systems
Waterfield
Weighted Average
Memorandum August 17, 2018
Waterfield Metro District Review Page 8
Absorption
EPS compared the planned buildout to forecasted future demand for specific housing products
estimated as part of EPS’s work on the update to Fort Collins City Plan. EPS organized these
estimates into low density (single family homes), middle density (2- to 20-unit buildings), and
high density (20 or more unit buildings). (More detailed information on EPS’s housing demand
estimate is shown in Table 5.) Based on this comparison, EPS calculated an implied capture rate
by Waterfield to gain a perspective on the relative 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 and 254
middle density units per year, for a total annual average of 824 units. In comparison, the
Developer proposes to build out Waterfield at an average of 40 low density homes (including
single family homes and cottages and 31 middle density units (including townhomes and
duplexes) per year for a total annual average of 71 units per year. This development schedule
implies a capture rate of 7 percent for low density products and 12 percent for middle density. In
total, the proposed schedule implies a 9 percent capture rate. Ultimately, Waterfield’s ability to
meet this implied capture rate will depend on the size of the pipeline as well as its competitive
position compared to other projects in the market. In our experience, EPS finds that a capture
rate of 9 percent is a reasonable target for the development. The fact that North Fort Collins is
one of the few remaining growth areas of the city is also supportive of the proposed
development’s ability to capture forecasted growth.
Table 4
Waterfield Development Implied Future Capture Rate
Table 5
Fort Collins City Plan Future Housing Demand Estimates
Waterfield Fort Collins Waterfield
Description Average Annual Avg [3] Capture % [4]
2019-2025 2016-2040
Low Density [1] 40 570 7%
Middle Density [2] 31 254 12%
Subtotal 71 824 9%
[1] Based on definitions from the CityPlan estimate, low density housing includes Single Family and Cottages.
[2] Based on definitions from the CityPlan estimate, middle density includes Tow nhomes and Duplexes.
[3] Annual average from CityPlan housing demand forecast completed by EPS.
[4] Capture % = Waterfield Average / Fort Collins Average.
Source: Economic & Planning Systems
2016 2040
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
Memorandum August 17, 2018
Waterfield Metro District Review Page 9
Financial Analysis
The Service Plan proposes to use the stream of revenues raised from mill levies and one-time
facility fees to issue debt in the form of bonds. These bond proceeds will be used to reimburse
the Developer for public improvement costs. This section reviews proposed public improvement
costs and the revenue and debt estimates described in the metro district Service Plan.
Public Improvement Costs
Northern Engineering provided the public improvement cost estimates used in the Service Plan.
Overall, public improvements associated with the development are estimated to equal
approximately $43.9 million, as shown in Table 6. Basic infrastructure that would typically be
required is estimated to be $37.3 million or 85 percent of the total public improvement costs.
Non-basic infrastructure that provides more of a public benefit comprises $6.6 million or 15
percent of total public improvements costs. Non-basic infrastructure may include more regional
roadway improvements; non-potable waterline improvements; and sanitary sewer improvements.
The Developer proposes to issue approximately $22 million in metro district debt to help fund
infrastructure improvements, as shown in Table 6. This debt would cover 51 percent of the total
proposed public improvements costs. The Developer will need to cover the remaining costs with
other funds.
Table 6
Estimated Public Improvement Costs
Description Basic Non-Basic Total %
Public Improvements Costs
Grading/Miscellaneous $7,228,074 $0 $7,228,074 16%
Roadway Improvements $6,429,511 $2,921,814 $9,351,325 21%
Potable Waterline Improvements $1,730,880 $723,296 $2,454,176 6%
Sanitary Sewer and Subdrain Improvements $3,219,298 $671,088 $3,890,386 9%
Storm Drainage Improvements $1,865,183 $0 $1,865,183 4%
Non-Potable Irrigation Improvements $0 $0 $0 0%
Open Space, Parks and Trails $3,841,730 $0 $3,841,730 9%
Admin./Design/Permitting/Etc. $6,810,000 $1,210,000 $8,020,000 18%
Subtotal $31,124,676 $5,526,198 $36,650,874 83%
Contingency (20%) $6,224,936 $1,105,240 $7,330,176 17%
Total $37,349,612 $6,631,438 $43,981,050 100%
Metro District Impact
District Project Funds $22,429,750 51%
Other Funds $21,551,300 49%
Public Improvement $43,981,050 100%
Source: Northern Engineering; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 10
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. It is also equal to the updated recommended
maximum mill levy for metro districts proposed by the City. The existing property tax mill levy is
90.828 mills. The District would increase the total property tax burden by 55 percent. Overall,
the maximum mill levy would result in a total average monthly cost of $127 per month per
residential unit, as shown in Table 7.
In addition to the District Debt Mill Levy, the Developer will impose a one-time facility fee of
$10,000 for each unit type. These facility fees are also pledged to debt and essentially increase
the price of the development products.
Table 7
Metro District Mill Levies
Public Revenue Forecasts
D.A. Davidson, the District’s external financial advisor, estimates that the metro district will
general a total of approximately 50 million in revenues from Debt Mill Levy collections, Special
Ownership Taxes, and Facility Fees, as shown in Table 8. The market value and absorption
assumptions described in the Market Assessment section of this memorandum are the main
drivers of these revenue estimates along with assumptions about price appreciation. EPS
independently modeled and confirmed these public revenue estimates, which will be generated
through 2060 and used by the District to issue bonds.
As will be described in more detail in the next section, these public revenues will be used to
generate approximately $22 million in projects that can be used to reimburse the Developer for
infrastructure expenditures related to the public improvements.
Market Assessed Property Tax District
Description Value Value Existing District Total Monthly Cost
7.20% 90.828 mills 50.000 mills 140.828 mills
Residential Unit
Single Family $510,900 $36,785 $3,341 $1,839 $5,180 $153
Cottage $441,900 $31,817 $2,890 $1,591 $4,481 $133
Duplex $410,900 $29,585 $2,687 $1,479 $4,166 $123
3-Story Townhome $380,900 $27,425 $2,491 $1,371 $3,862 $114
2-Story Townhome $359,900 $25,913 $2,354 $1,296 $3,649 $108
Weighted Average $424,800 $30,586 $2,778 $1,529 $4,307 $127
% Total 64% 36% 100%
Source: DA Davidson; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 11
Table 8
Waterfield Metro District Revenue Forecasts
Bond Proceeds
D.A. Davidson estimated the potential public finance revenues and bond capacity for Waterfield,
which are reported in the Financial Plan of the Service Plan. In the Financial Plan, D.A. Davidson
proposes to sell two series of bonds, as shown in Table 9. The first series will be issued in 2020
and generate approximately $13.7 million in project funds. The second series will be issued in
2030 and will be used to pay-off the outstanding debt service in the Series 2020 issuance, and
then generate an additional $9.4 million in project funds. Together, D.A. Davidson estimates that
the issuances will generate $23.1 million in project funds—covering, and even slightly greater
than, the Developer proposed maximum debt issuance.
A reduction in the proposed market values for the residential and commercial development would
reduce the total bond proceeds. An extended buildout and absorption schedule would also reduce
the value of the total bond proceeds. The underwriting process and bond structure includes
reserve funds and capitalized interest to help mitigate differences between forecasted and actual
values relating to market values, buildout schedule, and other variables.
Table 9
Estimated Bond Proceeds
Description Amount % Total
Debt Mill Levy Collections [1] $42,691,916 85%
S.O. Taxes Collected $2,561,515 5%
Facililty Fee $4,980,000 10%
Total Revenue $50,233,431 100%
[1] Assumes a collection rate of 98 percent.
Source: DA Davidson; Economic & Planning Systems
Description Series 2020 Series 2030 Total
Bond Proceeds $15,655,000 $20,930,000 $36,585,000
Other Funds [1] -$1,367,229 $2,917,229 $1,550,000
Refunding Deposits [2] $0 -$14,155,250 -$14,155,250
Cost of Issuance -$300,000 -$200,000 -$500,000
Underwriter's Discount -$313,100 -$104,650 -$417,750
Project Funds $13,674,671 $9,387,329 $23,062,000
[1] Debt reserves and other funds available.
[2] Refinancing previous bond series.
Source: DA Davidson; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 12
Public Benefits
The City’s proposed 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 proposed 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).
The Developer has identified a total of $30.8 million in public improvements grouped in
categories responding to the proposed metro district policies as shown in Table 11 at the end of
this section. The majority of the improvements appear to meet the policy goals outlined above
including the Water and Energy Conservation Investments, Multimodal Transportation (including
Walkability and Pedestrian Friendliness), Public Spaces and Affordable Housing Subsidy which
together total $24.4 million.
It is more difficult to determine if the Critical Public Infrastructure cost items, including ROW for
Suniga and Vine and LeMay improvements, are extraordinary or would otherwise be required
under a development agreement. Similarly, it is unclear whether the on-site infrastructure
improvements listed under High Quality and Smart Growth Management (including alleys and
utilities for smaller lots) qualify as extraordinary public investments. Specifically, the lot
revenues for smaller lots would be expected to be more than offset the additional on-site
infrastructure costs. These more questionable benefits total $6.4 million.
Memorandum August 17, 2018
Waterfield Metro District Review Page 13
Table 10 shows the programmatic public benefits of the new plan compared to the old plan. The
new plan includes 498 units, which is 108 units more than the old plan. This increased density
would fall under smart growth management benefits promoted by the City. The new plan also
includes 50 affordable units, which is one of the City’s strategic priorities. Finally, falling under
the category of an environmental sustainability public benefit, the proposed units are more
energy efficient than the old plan, including 50 net zero units.
Table 10
Proposed Programmatic Public Benefits
Old Plan New Plan
Description Amount % Total Amount % Total Difference
Total Units 390 100% 498 100% 108
Affordability
Market Rate 0 0% 448 90% 448
Affordable 0 0% 50 10% 50
Energy Efficiency
Zero Energy Ready Units 0 0% 498 100% 498
Net Zero Units 0 0% 50 10% 50
Source: Thrive Homebuilders; Economic & Planning Systems
Memorandum August 17, 2018
Waterfield Metro District Review Page 14
Table 11
Developer Public Benefit Estimate
Description Per Unit Total Notes
Water and Energy Conservation
DOE Zero Energy Ready & EPA Indoor Air Plus [1] $28,135 $14,039,185 All homes
LEED Certified [2] $400 $199,600
Delivery of 10% Net Zero Energy [3] $47,540 $2,376,995 50 units and/or distributed storage
Delivery of 10% rooftop solar $8,600 $430,000 50 units and/or distributed storage
Subtotal $84,675 $17,045,780
Multimodal Transportation
Buffered Bike Lane $286 $142,923 ROW Land Cost - Suniga
Wider than Required Sidewalks $90 $45,134 ROW Land Cost - Suniga
Enhanced Pedestrian Crossing $50 $24,840 2 proposed crossings on Suniga, 6 ft
wide each
Subtotal $426 $212,897
Critical Public Infrastructure
Major arterial development $490 $244,474 ROW Land Cost - Suniga
Vine and Lemay [4] $800 $160,000
Subtotal $1,290 $404,474
High Quality and Smart Growth Management
Alley Construction [5] $3,324 $1,658,818 All units
Smaller lot size $8,755 $4,368,740 Additional utility, water dedication
Subtotal $12,079 $6,027,558
Walkability & Pedestrian Friendliness
Trail system enhancements [5] $4,207 $2,099,520 Wetland perimeter trail, paseos
Subtotal $4,207 $2,099,520
Public Spaces
Pocket parks, neighborhood parks, mixed use open
space [6]
$3,491 $1,742,210 Green courts, community plaza, pocket
parks
Affordable Housing [7] $65,000 $3,250,000 10% of homes at 80% of AMI
Subtotal $68,491 $4,992,210
TOTAL $171,168 $30,782,439
[1] Compared to 2015 code per Rip Reid study
[2] Thrive's added cost for LEED Certified
[3] 3.5 kW system
[4] Difficult to quantify pending APF policy determination. Based on an estimated value for units above w hat w as already approved for APF.
[5] As per Exhibit D by Northern Engineering
[6] As per Exhibit D by Northern Engineering (Open Space & Signage)
[7] $65,000 per unit subsidy for 50 units
Source: Economic & Planning Systems
C:\Users\leytcheson\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\HFX6YFZQ\[183080-Waterfield Public Finance-08-14-2018.xlsx]T-Public Benefits Summary
DISCLAIMER: Preliminary estimates designed to provide illustrative representation for value of public benefit. This illustration is non-binding pending execution of
a Development Agreement.
Memorandum August 17, 2018
Waterfield Metro District Review Page 15
Summary and Conclusions
• The proposed maximum aggregate mill levy of 50 mills exceeds the maximum mill levy of 40
mills in the current metro district policy but is equal to the proposed maximum mill levy of 50
mills in the proposed new policy.
• EPS generally finds that the market values and absorption assumptions used in the public
revenue estimates to be reasonable. These assumptions align with market averages, given a
new construction premium, and are comparable to other recent developments in North Fort
Collins. Based on historic permitted and future projections, the proposed buildout implies
approximately a 9 percent capture rate, which EPS finds to be a reasonable target.
• The Financial Plan identifies $37.35 million of basic (in-tract) infrastructure costs and $6.63
million of non-basic (off-site) infrastructure costs totaling $43.98 million. The proposed metro
district would generate $22.43 million in available revenues, reimbursing the Developer for
approximately 50 percent of total infrastructure costs.
• EPS independently verified the public revenue estimates. The relatively conservative market
value and absorption assumptions used by the Developer help to ensure that the public
revenue and debt targets are achievable. In turn, this helps to ensure that there will be
funding available to pay for basic public improvements, allowing the Developer to fund the
added public benefits.
• The Developer has identified a total of $30.8 million in public benefits within the project. EPS
has estimated that $24.6 million of the improvements for Energy Conservation Investments,
Multimodal Transportation (including Walkability and Pedestrian Friendliness), Public Spaces
and Affordable Housing Subsidy appear to meet the City’s proposed metro district
qualifications for extraordinary public investments. These benefits exceed the $22.4 million in
infrastructure costs offset by the metro district revenues.
• 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.
1
Waterfield Metro District Service Plan
Josh Birks
9-4-18
ATTACHMENT 7
Project Description
New Urbanist Alley
Load project
Increased density
498 units vs. 190
units + 9.9 ac MMN
50 affordable units
2
Policy Comparison – Key Provisions
3
Waterfield Montava Water's Edge Policy
Mill Levy Caps 50 Mills 60 Mills 50 Mills 50 Mills
Basic Infrastructure Partially Partially Not Supported To enable public benefit
Eminent Domain Will Comply Will Comply Will Comply Prohibited
Debt Limitation Will Comply Will Comply Will Comply 100% of Capacity
Dissolution Limit Will Comply Will Comply Will Comply
40 years (end user
refunding exception)
Citizen Control Will Comply Will Comply Will Comply As early as possible
Multiple Districts Yes Yes Yes
Projected over an
extended period
Commercial/
Residential Ratio
100% Residential Mixed Use
Residential (Phase 1);
Mixed Use (Phase 2)
N/A
Public Improvements
Improvement Description Estimated Cost
Site Prep/Grading Primarily grading $7.2 Million
Roadway Improvements Local streets, alleys,
boulevards, Suniga
$6.4 Million
Potable Water 8” Water mains $1.7 Million
Sanitary Sewer 8” Sewer mains $3.2 Million
Storm Drainage Backbone System $1.9 Million
Open Space, Parks, Trails Natural Area, Regional Trail $3.8 Million
Admin/Design/Permitting &
Contingency
$13 Million
Total $37.3 Million
4
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
Infill/Redevelopment
Economic Health
Outcomes
5
Estimated Net Public Benefits
6
$24.4 Million
Public Benefits
$22.4 Million
Debt Cap
$2.0
Million
Net
Benefit
Environmental
Economic
Social
High confidence
Negative Impact Positive Impact
Low Confidence
7
Triple Bottom Line Scan Results
Takeaways:
• Considered difference created by
metro district proposal
• Generally neutral impacts
• Energy & Water Efficiency =
Positive
• Property Tax Cost = Negative
(+) Consumes less
land
(+) Supports Climate
Action Goals
8
Triple Bottom Line Scan Results
Environmental Economic Social
(+) Constructs a
portion of Suniga
(+) Supports workforce
through added
housing
(-) Increases property
tax
(+) Indoor air quality
(+) Walkability
(+) Affordable Housing
Staff Recommendation
Staff recommends adoption of the resolution
9
-1-
RESOLUTION 2018-082
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE CONSOLIDATED SERVICE PLAN FOR
WATERFIELD 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 August 21, 2018, City Council adopted Resolution 2018-079 approving
the “City of Fort Collins Policy for Reviewing Service Plans for Metropolitan Districts” (the
“2018 Policy”) setting forth guidelines, requirements and criteria applicable to the City’s
consideration a metropolitan district service plan to replace and supersede those in the 2008
Policy, except for the fee and notice requirements when they have been satisfied by a service
plan applicant under the 2008 Policy before the adoption of the 2018 Policy; and
WHEREAS, pursuant to the provisions of Article 1 of Title 32 of the Colorado Revised
Statutes (the “Special District Act”), TH Waterfield LLC (the “Petitioner”) has submitted to the
City a Consolidated Service Plan (the “Service Plan”) for the Waterfield 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 certain public improvements, as more specifically described in the Service Plan; and
WHEREAS, the 2008 Policy includes the requirement that the Petitioner must cause
notice of the public hearing at which the approval resolution for the Service Plan is to be
considered by the City Council, to be mailed by first class mail to the owners of record all
property within the proposed Districts and within any inclusion area specifically identified in the
Service Plan (the “Property Owners”) at least 10 days in advance of the public hearing; and
WHEREAS, in lieu of mailing the notice required in the 2008 Policy, the Petitioner has
published and provided actual notice to each of the Property Owners at least 10 days in advance
of the City Council’s September 4, 2018, public hearing on the Service Plan (the “Public
Hearing”), and the Petitioner has secured and provided to the City Clerk before the Public
Hearing copies of an “Acknowledgment of Notice” from each of the Property Owners; and
WHEREAS, each of the Property Owners has expressly waived in their respective
Acknowledgement of Notice all rights to any additional notice under the 2008 Policy, the 2018
Policy and Resolution 2018-079; and
-2-
WHEREAS, the City Council has reviewed the Service Plan, the Acknowledgements of
Notice and considered the testimony and evidence presented at the Public 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 Petitioner has
substantially complied with the City’s notice requirements in the 2008 Policy, the 2018 Policy
and Resolution 2018-079 with regard to the Public Hearing on the Service Plan, and that the
Property Owners have each received actual notice of the Public Hearing and expressly waived
any further notice of the Public Hearing that might otherwise be required under the 2008 Policy,
the 2018 Policy and Resolution 2018-079.
Section 3. That the City Council hereby finds that the Service Plan contains, or
sufficiently provides for, the items described in Section 32-1-202(2), C.R.S., and that:
(a) There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed Districts;
(b) The existing service in the area to be served by the proposed Districts is
inadequate for present and projected needs;
(c) The proposed Districts are capable of providing economical and sufficient
service to the area within their proposed boundaries; and
(d) The area to be included within the proposed Districts has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable
basis.
Section 4. The City Council’s findings are based solely upon the evidence in the
Service Plan as presented at the Public Hearing and the City has not conducted any independent
investigation of the evidence. The City makes no guarantee as to the financial viability of the
Districts or the achievability of the desired results.
Section 5. That the City Council hereby approves the Service Plan.
Section 6. That the City Council’s approval of the Service Plan is not a waiver or a
limitation upon any power that the City Council is legally permitted to exercise regarding the
property within the Districts.
-3-
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 4th
day of September, A.D. 2018.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
CONSOLIDATED SERVICE PLAN
FOR
WATERFIELD METROPOLITAN DISTRICT NOS. 1-3
CITY OF FORT COLLINS, COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
748 Whalers Way, Suite 210
Fort Collins, Colorado 80525
Submitted On: August 29, 2018
Approved On: September 4, 2018
EXHIBIT A
i
Table of Contents
INTRODUCTION ...........................................................................................................................1
Purpose and Intent ........................................................................................................................1
Need for Districts .........................................................................................................................1
Objective of the City regarding Districts’ Service Plan ...............................................................2
City Approvals .............................................................................................................................2
DEFINITIONS .................................................................................................................................2
BOUNDARIES AND LOCATION .................................................................................................5
DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFIT &
ASSESSED VALUATION .............................................................................................................5
Project and Planned Development ...............................................................................................5
Public Benefits .............................................................................................................................6
Assessed Valuation ......................................................................................................................6
INCLUSION OF LAND IN THE SERVICE AREA ......................................................................7
DISTRICT GOVERNANCE ...........................................................................................................7
AUTHORIZED AND PROHIBITED POWERS ............................................................................7
Prohibited Improvements and Services and other Restrictions and Limitations ........................7
Eminent Domain Restriction ..............................................................................................7
Fee Limitation ....................................................................................................................8
Operations and Maintenance ..............................................................................................8
Fire Protection Restriction .................................................................................................8
Public Safety Services Restriction .....................................................................................8
Grants from Governmental Agencies Restriction ..............................................................8
Golf Course Construction Restriction ..................................................................................9
Television Relay and Translation Restriction ....................................................................9
Sales and Use Tax Exemption Limitation .........................................................................9
Sub-district Restriction ......................................................................................................9
Initial Debt Limitation .......................................................................................................9
Privately Placed Debt Limitation .......................................................................................9
Special Assessments ..........................................................................................................10
PUBLIC IMPROVEMENTS AND ESTIMATED COSTS ..........................................................10
ii
Development Standards ..............................................................................................................10
Contracting .................................................................................................................................11
Land Acquisition and Conveyance ............................................................................................11
Equal Employment and Discrimination .....................................................................................11
FINANCIAL PLAN/PROPOSED DEBT......................................................................................11
Financial Plan .............................................................................................................................11
Mill Levies .................................................................................................................................12
Aggregate Mill Levy Maximum ......................................................................................12
Regional Mill Levy Not Included in Other Mill Levies ..................................................12
Operating Mill Levy ........................................................................................................12
Gallagher Adjustments .....................................................................................................12
Excessive Mill Levy Pledges ............................................................................................13
Refunding Debt ................................................................................................................13
Maximum Debt Authorization ..........................................................................................13
Maximum Voted Interest Rate and Underwriting Discount ......................................................13
Interest Rate and Underwriting Discount Certification ..............................................................14
Disclosure to Purchasers ............................................................................................................14
External Financial Advisor .........................................................................................................14
Disclosure to Debt Purchasers ....................................................................................................14
Security for Debt ........................................................................................................................15
TABOR Compliance ..................................................................................................................15
Districts’ Operating Costs ..........................................................................................................15
Regional Improvements .................................................................................................................15
Regional Mill Levy Authority ....................................................................................................15
Regional Mill Levy Imposition ..................................................................................................16
City Notice Regarding Regional Improvements ........................................................................16
Regional Improvements Authorized Under Service Plan ..........................................................16
Expenditure of Regional Mill Levy Revenues ...........................................................................16
Intergovernmental Agreement .........................................................................................16
No Intergovernmental Agreement ...................................................................................16
Regional Mill Levy Term ...........................................................................................................16
iii
Completion of Regional Improvements .....................................................................................16
City Authority to Require Imposition ........................................................................................17
Regional Mill Levy Not Included in Other Mill Levies .............................................................17
Gallagher Adjustment ................................................................................................................17
City Fees ........................................................................................................................................17
Bankruptcy Limitations .................................................................................................................17
Annual Reports and Board Meetings .............................................................................................17
General .......................................................................................................................................17
Board Meetings ………………………………………………………………………………..17
Report Requirements ..................................................................................................................18
Narrative ...........................................................................................................................18
Financial Statements .........................................................................................................18
Capital Expenditures ........................................................................................................18
Financial Obligations ........................................................................................................18
Other Information ............................................................................................................18
Reporting of Significant Events .................................................................................................18
Failure to Submit ........................................................................................................................19
Service Plan Amendments .............................................................................................................19
Material Modifications...................................................................................................................19
Dissolution .....................................................................................................................................20
Sanctions ........................................................................................................................................20
Conclusion .....................................................................................................................................20
Resolution of Approval ..................................................................................................................21
iv
EXHIBIT
EXHIBIT A-1 Legal Description of District No. 1 Boundaries
EXHIBIT A-2 Legal Description of District No. 2 Boundaries
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 Improvement Cost Estimates
EXHIBIT E Public Improvements Maps
EXHIBIT F Financial Plan
EXHIBIT G Public Benefits
EXHIBIT H Disclosure Notice
1
I. INTRODUCTION
A. Purpose and Intent.
The Districts, which are intended to be independent units of local government separate
and distinct from the City, are governed by this Service Plan, the Special District Act and
other applicable State law. Except as may otherwise be provided for by State law, City Code
or this Service Plan, the Districts’ activities are subject to review and approval by the City
Council only insofar as they are a material modification of this Service Plan under C.R.S.
Section 32-1-207 of the Special District Act.
It is intended that the Districts will provide all or part of the Public Improvements for
the Project for the use and benefit of all anticipated inhabitants and taxpayers of the Districts.
The primary purpose of the Districts will be to finance the construction of a portion of these
Public Improvements by the issuance of Debt.
It is intended that this Service Plan also requires the Districts to pay a portion of the cost
of the Regional Improvements as part of ensuring that those privately-owned properties to be
developed in the District that benefit from the Regional Improvements pay a reasonable share of
the associated costs.
The Districts are not intended to provide ongoing operations and maintenance services
except as expressly authorized in this Service Plan.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt incurred
or upon a court determination that adequate provision has been made for the payment of all Debt,
except that if the Districts are authorized in this Service Plan to perform continuing operating or
maintenance functions, the Districts shall continue in existence for the sole purpose of providing
such functions and shall retain only the powers necessary to impose and collect the taxes or Fees
authorized in this Service Plan to pay for the costs of those functions.
It is intended that the Districts shall comply the provisions of this Service Plan and that
the City may enforce any non-compliance with these provisions as provided in Section XVII
of this Service Plan.
B. Need for the Districts.
There are currently no other governmental entities, including the City, located in the
immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the
planning, design, acquisition, construction, installation, relocation, redevelopment and financing
of the Public Improvements needed for the Project. Formation of the Districts is therefore
necessary in order for the Public Improvements required for the Project to be provided in the most
economic manner possible.
2
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. 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. Debt which is issued within these parameters and, as further described in the
Financial Plan, will insulate property owners from excessive tax and Fee burdens to support the
servicing of the Debt and will result in a timely and reasonable discharge of the Debt.
D. City Approvals.
Any provision in this Service Plan requiring “City” or “City Council” approval or consent
shall require the City Council’s prior written approval or consent exercised in its sole discretion.
Any provision in this Service Plan requiring “City Manager” approval or consent shall require the
City Manager’s prior written approval or consent exercised in the City Manager’s sole discretion.
II. DEFINITIONS
In this Service Plan, the following words, terms and phrases which appear in a capitalized
format shall have the meaning indicated below, unless the context clearly requires otherwise:
Aggregate Mill Levy: means the total mill levy resulting from adding a District’s Debt Mill
Levy and Operating Mill Levy. A District’s Aggregate Mill Levy does not include any
Regional Mill Levy that the District may levy.
Aggregate Mill Levy Maximum: means the maximum number of combined mills that each
District may each levy for their 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 of directors of any of the Districts, or
the boards of directors of all of the Districts, in the aggregate.
Bond, Bonds or Debt: means bonds, notes or other multiple fiscal year financial obligations
for the payment of which a District has promised to impose an ad valorem property tax
mill levy, Fees or other legally available revenue. Such terms do not 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.
3
City Code: means collectively the City’s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council: means the City Council of the City of Fort Collins, Colorado.
City Manager: means the City Manager of the City of Fort Collins, Colorado.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property within a
District for the purpose of paying Debt as authorized in this Service Plan, at a rate not to
exceed the limitations set in Section IX.B.
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 Waterfield Metropolitan District No. 1, Waterfield Metropolitan District
No. 2 or Waterfield Metropolitan District No. 3, individually, each organized under and
governed by this Service Plan.
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 Waterfield Metropolitan District No. 1, Waterfield Metropolitan District
No. 2 and Waterfield 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
4
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 by D.A. Davidson and Co. in accordance with the requirements of this
Service Plan and describes (a) how the Public Improvements are to be financed; (b) how
the Debt is expected to be incurred; and (c) the estimated operating revenue derived from
property taxes and any Fees for the first budget year through the year in which all of the
Districts’ Debt is expected to be defeased or paid in the ordinary course.
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 a
District’s Debt Mill Levy may be imposed on residential property within its boundaries.
This maximum term shall not exceed forty (40) years from December 31 of the year this
Service Plan is approved by City Council.
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding District administration, operations and maintenance as authorized in
this Service Plan, including, without limitation, repair and replacement of Public
Improvements, and imposed at a rate not to exceed the limitations set in Section IX.B of
this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area under an Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the Planned
Development, commonly referred to as “Waterfield”.
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 “D” 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.
Regional Mill Levy: means the property tax mill tax imposed on Taxable Property for the
purpose of planning, designing, acquiring, funding, constructing, installing, relocating
and/or redeveloping the Regional Improvements and/or to fund the administration and
overhead costs related to the Regional Improvements as provided in Section X of this
Service Plan.
5
Service Area: means the property within the District No. 1 Boundaries, District No. 2
Boundaries and District No. 3 Boundaries, collectively, as may be amended from time to
time as further set forth in this 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.
Taxable Property: means the real and personal property within the Service Area that will
subject to the ad valorem 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 “C” and incorporated by
reference depicting the location of the Service Area within the regional area surrounding
it.
III. BOUNDARIES AND LOCATION
The area of the Service Area includes approximately 93 acres. A legal description and map
of the District No. 1 Boundaries are attached hereto as Exhibit A-1 and Exhibit B-1, respectively,
a legal description and map of the District No. 2 Boundaries are attached hereto as Exhibit A-2
and Exhibit B-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 Districts’
boundaries may expand or contract from time to time as the Districts undertake inclusions or
exclusions pursuant to the Special District Act, subject to the limitations set forth in this Service
Plan. The location of the Service Area is further depicted in the Vicinity Map attached as Exhibit
“C”.
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
A. Project and Planned Development.
The current Developer of the Project and Planned Development, Thrive Home Builders, is
a nationally acclaimed builder which emphasizes environmental conservation, and is currently
Denver’s largest builder of “for sale” affordable housing. The current Preliminary Development
Plan for the Planned Development includes approximately 190 total residential units and is
intended to be revised to include 498 residential units. Of the planned 498 residential units, 50
units are intended to be “affordable housing”. All of the 498 residential units are planned to be
zero energy ready units or net zero energy units. The Planned Development is currently intended
to reach build out in 2026, with an estimated population of 1,145 persons. In accordance with
the Financial Plan, the estimated assessed valuation of the Planned Development in 2023 will be
$9,989,117, and in 2028 will be $18,743,620.
6
Approval of this Service Plan by the City Council does not imply approval of the
development of any particular land-use for any specific area within the Districts. Any such
approval must be contained within an Approved Development Plan.
B. Public Benefits.
The organization of the Districts is intended to enable the Project and Planned
Development to deliver a number of public benefits, including but not limited to affordable
housing, energy and water conservation, community services, multi-modal transportation, zero
energy ready and net zero energy homes, housing variety, new urbanist alley load planning
concepts and other innovation. The purpose of the Districts is to provide for the planning, design,
acquisition, construction, installation, relocation and redevelopment of the Public Improvements
necessary to enable the Project and Planned Development to develop as planned. A detailed
description of the public benefits is attached hereto as Exhibit G (collectively, the “Public
Benefits”).
Notwithstanding any provision to the contrary contained in this Service Plan, a District
shall not be authorized to issue any Debt, impose a Debt Mill Levy or any Fees for the purpose of
repayment of Debt on any property within the Project unless and until the delivery of the Public
Benefits specifically related to the phase of development or Public Improvements which will be
financed with such Debt, Debt Mill Levy or Fees, are secured in a manner approved by the City
Manager. To satisfy this prerequisite to the issuance of Debt and to the imposition of taxes and
Fees, delivery of the Public Benefits for each phase of the Project must be secured by one or both
of the following methods, as applicable:
1. For any of the Public Benefits to be provided by one or more of the Districts, each such
District must enter into an intergovernmental agreement with the City agreeing to
provide such Public Benefits as a legally enforceable multiple-fiscal year obligation of
the District under TABOR before the City is required to issue building permits and/or
certificates of occupancy for structures to be built under an applicable Approved
Development Plan for the Project or by securing performance of that obligation with a
surety bond, letter of credit or other security acceptable to the City Manager; and
2. For any of the Public Benefits to be provided by one or more Developers of the Project,
each such Developer must enter into a development agreement with the City under the
Developer’s applicable Approved Development Plan, which agreement must legally
obligate the Developer to provide those Public Benefits before the City is required to
issue building permits and/or certificates of occupancy for structures to be built under
the Approved Development Plan for the Project or to secure such obligations with a
surety bond, letter of credit or other security acceptable to the City Manager.
C. Assessed Valuation
The current assessed valuation of the Service Area is approximately One Million Two
Hundred Sixty-Seven Thousand Two Hundred Dollars ($1,267,200) and, at build out, is expected
to be approximately Nineteen Million Dollars ($19,000,000). These amounts are expected to be
sufficient to reasonably discharge the Debt as demonstrated in the Financial Plan.
7
V. INCLUSION OF LAND IN THE SERVICE AREA
The Districts shall not add any property to the Service Area without the City Council’s
prior written approval and in compliance with the Special District Act. Once a District has issued
Debt, it shall not exclude real property from the District’s boundaries without the prior written
consent of the City Council.
VI. DISTRICT GOVERNANCE
The Districts’ Boards shall be comprised of persons who are a qualified “eligible electors”
of the Districts as provided in the Special District Act. It is anticipated that over time, the End
Users who are eligible electors will assume direct electoral control of the Districts’ Boards as
development within the Service Area progresses. The Districts shall not enter into any agreement
by which the End Users’ electoral control of the Boards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
The Districts shall have the power and authority to provide the Public Improvements, the
Regional Improvements and related operation and maintenance services, within and without the
Service Area, as such powers and authorities are described in the Special District Act, other
applicable State law, common law and the Colorado Constitution, subject to the prohibitions,
restrictions and limitations set forth in this Service Plan.
If, after the Service Plan is approved, any State law is enacted to grant additional powers
or authority to metropolitan districts by amendment of the Special District Act or otherwise, such
powers and authority shall be deemed to be a part hereof and available to be exercised by the
Districts if the City Council first approves the exercise of such powers or authority by the
Districts. Such approval by the City Council shall not constitute a Service Plan Amendment.
B. Prohibited Improvements and Services and other Restrictions and Limitations.
The Districts’ powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise their other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Section XVII of this Service Plan:
1. Eminent Domain Restriction
The Districts shall not exercise their statutory power of eminent domain without first
obtaining resolution approval from the City Council. This restriction on the Districts’
exercise of the 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 political subdivision of the State as
conferred by the Special District Act.
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2. Fee Limitation
All Fees imposed for the repayment of Debt, as authorized by this Service Plan, may be
imposed by the Districts upon all property within their respective boundaries only if such
Fees are due and payable no later than upon the issuance of a building permit by the City
for those properties. Notwithstanding any of the foregoing, this Fee limitation shall not
apply to any Fee imposed to fund the operation, maintenance, repair or replacement of
Public Improvements or the administration of the Districts, nor shall this Fee limitation
apply to a District if a majority of the District’s Board imposing such Fee is composed of
End Users.
3. Operations and Maintenance
The primary purpose of the Districts is to plan for, design, acquire, construct, install,
relocate, redevelop and finance a portion of the Public Improvements. The Districts shall
dedicate the Public Improvements to the City or other appropriate jurisdiction or owners’
association in a manner consistent with the Approved Development Plan and the City
Code, provided that nothing herein requires the City to accept a dedication. Each District
is specifically authorized to operate and maintain any part or all of the Public
Improvements not otherwise conveyed or dedicated to the City or another appropriate
governmental entity. The Districts shall also be specifically authorized to conduct
operations and maintenance functions related to the Public Improvements that are not
provided by the City or other governmental entity, or to the extent that the Districts’
proposed operational and maintenance functions included services or activities that exceed
those provided by the City or other governmental entity. Additionally, the Districts are
authorized to operate and maintain any part or all of the Public Improvements not otherwise
conveyed or dedicated to the City or another appropriate governmental entity until such
time that the Districts dissolve.
4. Fire Protection Restriction
The Districts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain fire protection facilities or services, unless
such facilities and services are provided pursuant to an intergovernmental agreement with
the Poudre Fire Authority. The authority to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain fire hydrants and related
improvements installed as part of the water system shall not be limited by this subsection.
5. Public Safety Services Restriction
The Districts are not authorized to provide policing or other security services. However,
the Districts may, pursuant to C.R.S. § 32-1-1004(7), as amended, furnish security services
pursuant to an intergovernmental agreement with the City.
6. Grants from Governmental Agencies Restriction
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
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not restrict the collection of Fees for services provided by the Districts to the United States
Government or the State.
7. Golf Course Construction Restriction
Acknowledging that the City has financed public golf courses and desires to coordinate the
construction of public golf courses within the City’s boundaries, the Districts shall not be
authorized to plan, design, acquire, construct, install, relocate, redevelop, finance, own,
operate or maintain a golf course unless such activity is pursuant to an intergovernmental
agreement with the City.
8. Television Relay and Translation Restriction
The Districts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain television relay and translation facilities and
services, other than for the installation of conduit as a part of a street construction project,
unless such facilities and services are provided pursuant to prior written approval from the
City Manager.
9. 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.
10. Sales and Use Tax Exemption Limitation
The Districts shall not exercise any City sales and use tax exemption otherwise available
to the Districts under the City Code.
11. Sub-district Restriction
The Districts shall not create any sub-district pursuant to the Special District Act without
the prior written approval of the City Manager.
12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the 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
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[me] and based upon our [my] analysis of comparable high yield
securities; and (2) the structure of [insert designation of the Debt],
including maturities and early redemption provisions, is reasonable
considering the financial circumstances of the District.
13. Special Assessments
The Districts shall not impose special assessments without the prior written approval of the
City Council.
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS
Exhibit D 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 D,
excluding any improvements paid for by the Regional Mill Levy necessary to serve the Planned
Development, are approximately Forty-Three Million Nine Hundred Eighty One Thousand Fifty
Dollars ($43,981,050) in project costs in 2018 dollars. The cost estimates are based upon
preliminary engineering, architectural surveys, and reviews of the Public Improvements and
include all construction cost estimates together with estimates of costs such as land acquisition,
engineering services, legal expenses and other associated expenses. Maps of the anticipated
location, operation, and maintenance of Public Improvements are attached hereto as Exhibit E.
Changes in the Public Improvements or costs, which are approved by the City in an Approved
Development Plan, shall not constitute a Service Plan Amendment. In addition, the City shall not
be bound by this Service Plan in reviewing and approving the Approved Development Plan and
the Approved Development Plan shall supersede the Service Plan with regard to the cost, scope,
and definition of Public Improvements.
The design, phasing of construction, location and completion of Public Improvements will
be determined by the Districts to coincide with the phasing and development of the Planned
Development and the availability of funding sources. The Districts may, in their discretion, phase
the construction, completion, operation, and maintenance of Public Improvements or defer, delay,
reschedule, rephase, relocate or determine not to proceed with the construction, completion,
operation, and maintenance of Public Improvements, and such actions or determinations shall not
constitute a Service Plan Amendment. The Districts shall also be permitted to allocate costs
between such categories of the Public Improvements as deemed necessary in its discretion.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to certain
operation activities. Relating to these, the Districts shall comply with the following requirements:
A. Development Standards.
The Districts shall ensure that the Public Improvements are designed and constructed in
accordance with the standards and specifications of the City Code and of other governmental
entities having proper jurisdiction, as applicable. The Districts directly, or indirectly through any
Developer, will obtain the City’s approval of civil engineering plans and will obtain applicable
permits for construction and installation of Public Improvements prior to performing such work.
Unless waived by the City, the Districts shall be required, in accordance with the City Code, to
post a surety bond, letter of credit, or other approved development security for any Public
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Improvements to be constructed by the Districts. Such development security may be released in
the City Managers discretion when the constructing District has obtained funds, through Debt
issuance or otherwise, adequate to insure the construction of the Public Improvements, unless such
release is prohibited by or in conflict with any City Code provision or State law. Any limitation or
requirement concerning the time within which the City must review the Districts’ proposal or
application for an Approved Development Plan or other land use approval is hereby waived by the
Districts.
B. Contracting.
The Districts shall comply with all applicable State purchasing, public bidding and
construction contracting.
C. Land Acquisition and Conveyance.
The purchase price of any land or improvements acquired by the Districts from the
Developer shall be no more than the then-current fair market value as confirmed by an independent
MAI appraisal for land and by an independent professional engineer for improvements. Land,
easements, improvements and facilities conveyed to the City shall be free and clear of all liens,
encumbrances and easements, unless otherwise approved by the City Manager prior to
conveyance. All conveyances to the City shall be by special warranty deed, shall be conveyed at
no cost to the City, shall include an ALTA title policy issued to the City, shall meet the
environmental standards of the City and shall comply with any other conveyance prerequisites
required in the City Code.
D. Equal Employment and Discrimination.
In connection with the performance of all acts or activities hereunder, the Districts shall
not discriminate against any person otherwise qualified with respect to its hiring, discharging,
promoting or demoting or in matters of compensation solely because of race, color, religion,
national origin, gender, age, military status, sexual orientation, gender identity or gender
expression, marital status, or physical or mental disability, and further shall insert the foregoing
provision in contracts or subcontracts entered into by the Districts to accomplish the purposes of
this Service Plan.
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 F and incorporated by reference, reflects
the Districts’ anticipated schedule for incurring Debt to fund Public Improvements in support of
the Project. The Financial Plan also reflects the schedule of all anticipated revenues flowing to the
Districts derived from Districts’ mill levies, Fees imposed by the Districts, specific ownership
taxes, and all other anticipated legally available revenues. The Financial Plan is based on
economic, political and industry conditions as they exist presently and reasonable projections and
estimates of future conditions. These projections and estimates are not to be interpreted as the only
method of implementation of the Districts’ goals and objectives but rather a representation of one
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feasible alternative. Other financial structures may be used so long they are in compliance with
this Service Plan. The Financial Plan incorporates all of the provisions of this Section IX.
Based upon the assumptions contained therein, the Financial Plan projects the issuance of
Bonds to fund Public Improvements and anticipated Debt repayment based on the development
assumptions and absorptions of the property in the Service Area by End Users. The Financial Plan
anticipates that the Districts will acquire, construct, and complete all of the 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
Each District may impose an Operating Mill Levy of up to fifty (50) mills until such
District imposes a Debt Mill Levy. Once a District imposes a Debt Mill Levy, such
District’s Operating Mill Levy shall not exceed ten (10) mills at any point.
Notwithstanding any of the foregoing, the Operating Mill Levy limitation set forth in
this Section IX.B.3 shall not apply if the majority of the District’s Board imposing such
Operating Mill Levy is composed of End Users, subject to continual compliance with
the Aggregate Mill Levy Maximum.
4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the Taxable
Property changes after January 1, 2018, or any subsequent constitutionally mandated
tax credit, cut or abatement, the Districts’ Aggregate Mill Levy, Debt Mill Levy,
Operating Mill Levy, and Aggregate Mill Levy Maximum, amounts herein provided
may be increased or decreased to reflect such changes; such increases or decreases shall
be determined by the District’s Board in good faith so that to the extent possible, the
actual tax revenues generated by such mill levies, as adjusted, are neither enhanced nor
diminished as a result of such change occurring after January 1, 2018. For purposes of
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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 Forty Three Million Nine Hundred Eighty One
Thousand Fifty Dollars ($43,981,050) in project costs in 2018 dollars as set forth in
Exhibit D, and anticipate issuing approximately Twenty Two Million Four Hundred
Twenty Nine Thousand Seven Hundred Fifty Dollars ($22,429,750) in Debt to pay such
costs as set forth in Exhibit F, which Debt issuance amount shall be the amount of the
Maximum Debt Authorization. The Districts collectively shall not issue Debt in excess
of the Maximum Debt Authorization. Bonds, loans, notes or other instruments which
have been refunded shall not count against the Maximum Debt Authorization.
Intergovernmental Capital Pledge Agreements among two or more of the Districts
pledging the collection and payment of property taxes or Fees by one District for the
repayment of Debt by a separate issuing District shall not count against the Maximum
Debt Authorization. The Districts must seek prior resolution approval by the City
Council to issue Debt in excess of the Maximum Debt Authorization to pay the actual
costs of the Public Improvements set forth in Exhibit D plus inflation, contingencies
and other unforeseen expenses associated with such Public Improvements. Such
approval by the City Council shall not constitute a material modification of this Service
Plan requiring a Service Plan Amendment so long as increases are reasonably related
to the Public Improvements set forth in Exhibit D and any Approved Development
Plan.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
The maximum interest rate on any Debt is not permitted to exceed Twelve Percent (12%). The
maximum underwriting discount shall be three percent (3%). Debt, when issued, will comply with
all relevant requirements of this Service Plan, the Special District Act, other applicable State law
and federal law as then applicable to the issuance of public securities.
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D. Interest Rate and Underwriting Discount Certification.
The Districts shall retain an External Financial Advisor to provide a written opinion on the
market reasonableness of the interest rate on any Debt and any underwriter discount paid by the
Districts as part of a Debt financing transaction. The Districts shall provide this written opinion
to the City before issuing any Debt based on it.
E. Disclosure to Purchasers.
In order to notify future End Users who are purchasing residential lots or dwellings units
in the Service Area that they will be paying, in addition to the property taxes owed to other taxing
governmental entities, the property taxes imposed under the Debt Mill Levy, the Operating Mill
Levy and possibly the Regional Mill Levy, 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 H (the “Disclosure Notice”);
2. That when the Disclosure Notice is approved by the City Manager, the Developer
shall record the Disclosure Notice in the Larimer County Clerk and Recorders
Office; and
3. That the approved Disclosure Notice shall be provided by the Developer, and by its
successors and assigns, to each potential End User purchaser of a residential lot or
dwelling unit in the Service Area before that purchaser enters into a written
agreement for the purchase and sale of that residential lot or dwelling unit.
F. External Financial Advisor.
An External Financial Advisor shall be retained by the Districts to provide a written
opinion as to whether any Debt issuance is in the best interest of the issuing District once the total
amount of Debt issued by the Districts exceeds Five Million Dollars ($5,000,000). The External
Financial Advisor is to provide advice to the issuing District’s Board regarding the proposed terms
and whether Debt conditions are reasonable based upon the status of development within the
District, the projected tax base increase in the District, the security offered and other considerations
as may be identified by the Advisor. The issuing District shall include in the transcript of any Bond
transaction, or other appropriate financing documentation for related Debt instrument, a signed
letter from the External Financial Advisor providing an official opinion on the structure of the
Debt, stating the Advisor’s opinion that the cost of issuance, sizing, repayment term, redemption
feature, couponing, credit spreads, payment, closing date, and other material transaction details of
the proposed Debt serve the best interest of the issuing District.
Debt shall not be undertaken by the Districts if found to be unreasonable by the External
Financial Advisor.
G. Disclosure to Debt Purchasers.
Any Debt of the Districts shall set forth a statement in substantially the following form:
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“By acceptance of this instrument, the owner of this Debt agrees and
consents to all of the limitations with respect to the payment of the
principal and interest on this Debt contained herein, in the resolution
of the District authorizing the issuance of this Debt and in the
Service Plan of the District. This Debt is not and cannot be a Debt
of the City of Fort Collins”
Similar language describing the limitations with respect to the payment of the principal and
interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a Developer of property
within the Service Area.
H. Security for Debt.
The Districts shall not pledge any revenue or property of the City as security for the
indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed
as a guarantee by the City of payment of any of the Districts’ obligations; nor shall anything in the
Service Plan be construed so as to create any responsibility or liability on the part of the City in
the event of default by the Districts in the payment of any such obligations.
I. TABOR Compliance.
The Districts shall comply with the provisions of TABOR. In the discretion of the Boards,
the Districts may set up other qualifying entities to manage, fund, construct and operate facilities,
services, and programs. To the extent allowed by law, any entity created by a District will remain
under the control of the District’s Board.
J. Districts’ Operating Costs.
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts’ organization and initial
operations, are anticipated to be $200,000, which will be eligible for reimbursement from Debt
proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year’s operating budget is estimated to be $100,000.
Ongoing administration, operations and maintenance costs may be paid from property
taxes collected through the imposition of an Operating Mill Levy as set forth in Section IX.B.3 of
this Service Plan, as well as other revenues legally available to the Districts.
X. REGIONAL IMPROVEMENTS
The Districts shall be authorized to provide for the planning, design, acquisition, funding,
construction, installation, relocation, redevelopment, administration and overhead costs related to
the provision of Regional Improvements. At the discretion of the City, the Districts shall impose
a Regional Improvement Mill Levy on all property within the Districts’ boundaries under the
following terms:
A. Regional Mill Levy Authority.
The Districts shall seek the authority to impose an additional Regional Mill Levy of five
(5) mills as part of the Districts’ initial TABOR election. The Districts shall also seek from the
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electorate in that election the authority under TABOR to enter into an intergovernmental
agreement with the City obligating the Districts to pay as a multiple-fiscal year obligation the
proceeds from the Regional Mill Levy to the City. Obtaining such voter-approval of this
intergovernmental agreement shall be a precondition to the Districts issuing any Debt under this
Service Plan.
B. Regional Mill Levy Imposition.
The Districts shall each impose the Regional Mill Levy at a rate not to exceed five (5) mills
within one year of receiving written notice from the City Manager to the Districts requesting the
imposition of the Regional Mill Levy and stating the mill rate to be imposed.
C. City Notice Regarding Regional Improvements.
Such notice from the City shall provide a description of the Regional Improvements to be
constructed and an analysis explaining how the Regional Improvements will be beneficial to
property owners within the Service Area. The City shall make a good faith effort to require planned
developments that (i) are adjacent to the Service Area and (ii) will benefit from the Regional
Improvement also impose a Regional Mill Levy, to the extent possible.
D. Regional Improvements Authorized Under Service Plan.
If the Districts are so notified by the City Manager, the Regional Improvements shall be
considered public improvements that the Districts would otherwise be authorized to design,
construct, install re-design, re-construct, repair or replace pursuant to this Service Plan and
applicable law.
E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be expended as follows:
1. Intergovernmental Agreement
If the City and the Districts have executed an intergovernmental agreement
concerning the Regional Improvements, then the revenue from the Regional Mill
Levy shall be used in accordance with such agreement; or
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.
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H. City Authority to Require Imposition.
The City’s authority to require the initiation of the imposition of a Regional Mill Levy shall
expire fifteen (15) years after December 31st of the year in which a 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.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed after January 1, 2018,
or any subsequent constitutionally mandated tax credit, cut or abatement, the Regional Mill Levy
may be increased or shall be decreased to reflect such changes; such increases or decreases shall
be determined by the Districts’ Boards in good faith so that to the extent possible, the actual tax
revenues generated by the Regional Mill Levy, as adjusted, are neither enhanced nor diminished
as a result of such change occurring after January 1, 2018. For purposes of the foregoing, a change
in the ratio of actual valuation to assessed valuation will be a change in the method of calculating
assessed valuation
XI. CITY FEES
The Districts shall pay all applicable City fees as required by the City Code.
XII. BANKRUPTCY LIMITATIONS
All of the limitations contained in this Service Plan, including, but not limited to, those
pertaining to the Aggregate Mill Levy Maximum, Maximum Debt Mill Levy Imposition Term and
Fees, have been established under the authority of the City in the Special District Act to approve
this Service Plan. It is expressly intended that by such approval such limitations: (i) shall not be
set aside for any reason, including by judicial action, absent a Service Plan Amendment; and (ii)
are, together with all other requirements of State law, included in the “political or governmental
powers” reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section 903, and are
also included in the “regulatory or electoral approval necessary under applicable non-bankruptcy
law” as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section
943(b)(6).
XIII. ANNUAL REPORTS AND BOARD MEETINGS
A. General.
Each of the Districts shall be responsible for submitting an annual report to the City Clerk
no later than September 1st of each year following the year in which the Order and Decree creating
the Districts have been issued. The Districts may file a consolidated annual report. The annual
report may be made available to the public on the City’s website.
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
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the Special District Act and other applicable State Law. This meeting requirement shall not apply
until there is at least one End User of property within the District. Also, this requirement shall no
longer apply when a majority of the directors on the District’s Board are End Users.
C. Report Requirements.
Unless waived by the City Manager, each of the Districts’ annual report must include the
following:
1. Narrative
A narrative summary of the progress of the District in implementing its Service
Plan for the report year.
2. Financial Statements
Except when exemption from audit has been granted for the report year under the
Local Government Audit Law, the audited financial statements of the District for
the report year including a statement of financial condition (i.e., balance sheet) as
of December 31 of the report year and the statement of operation (i.e., revenue and
expenditures) for the report year.
3. Capital Expenditures
Unless disclosed within a separate schedule to the financial statements, a summary
of the capital expenditures incurred by the District in development of improvements
in the report year.
4. Financial Obligations
Unless disclosed within a separate schedule to the financial statements, a summary
of financial obligations of the District at the end of the report year, including the
amount of outstanding Debt, the amount and terms of any new District Debt issued
in the report year, the total assessed valuation of all Taxable Property within the
Service Area as of January 1 of the report year and the current total District mill
levy pledged to Debt retirement in the report year.
5. Board Contact Information
The names and contact information of the current directors on the District’s Board,
any District manager and the attorney for the District shall be listed in the report.
The District’s current office address, phone number, email address and any website
address shall also be listed in the report.
6. Other Information
Any other information deemed relevant by the City Council or deemed reasonably
necessary by the City Manager.
D. Reporting of Significant Events.
The annual report of each District shall also include information as to any of the following
that occurred during the report year:
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1. Boundary changes made or proposed to the District’s boundaries as of
December 31 of the report year.
2. Intergovernmental Agreements with other governmental entities, either entered
into or proposed as of December 31 of the report year.
3. Copies of the District’s rules and regulations, if any, or substantial changes to
the District’s rules and regulations as of December 31 of the report year.
4. A summary of any litigation which involves the District’s Public Improvements
as of December 31 of the report year.
5. A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the City as of December 31 of the report
year.
6. Notice of any uncured events of default by the District, which continue beyond
a ninety (90) day period, under any Debt instrument.
7. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety
(90) day period.
E. Failure to Submit.
In the event the annual report is not timely received by the City Clerk or is not fully
responsive, notice of such default shall be given to the District’s Board at its last known address.
The failure of the District to file the annual report within forty-five (45) days of the mailing of
such default notice by the City Clerk may constitute a material modification of the Service Plan,
at the discretion of the City Manager.
XIV. SERVICE PLAN AMENDMENTS
This Service Plan is general in nature and does not include specific detail in some instances.
The Service Plan has been designed with sufficient flexibility to enable the Districts to provide
required improvements, services and facilities under evolving circumstances without the need for
numerous amendments. Modification of the general types of improvements and facilities making
up the Public Improvements, and changes in proposed configurations, locations or dimensions of
the Public Improvements, shall be permitted to accommodate development needs consistent with
the then-current Approved Development Plans for the Project. Any action of one or more of the
Districts, which is a material modification of this Service Plan requiring a Service Plan
Amendment as provided in Section XV of this Service Plan or any other applicable provision of
this Service Plan, shall be deemed to be a material modification to this Service Plan unless
otherwise expressly provided in this Service Plan. All other departures from the provisions of this
Service Plan shall be considered on a case-by-case basis as to whether such departures are a
material modification under this Service Plan or the Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C.R.S.
Section 32-1-207 as a Service Plan Amendment. No modification shall be required for an action
of the Districts that does not materially depart from the provisions of this Service Plan, unless
otherwise provided in this Service Plan.
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Departures from the Service Plan by any of the Districts that constitute a material
modification requiring a Service Plan Amendment include, without limitation:
1. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the Districts;
2. Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement, service,
function or facility authorized in the Service Plan;
3. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
4. Failure to comply with any of the prohibitions, limitations and restrictions of this
Service Plan.
Actions that are not to be considered material modifications include, without limitation,
changes in quantities of improvements, facilities or equipment; immaterial cost differences; and
actions expressly authorized in this Service Plan.
XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which any
District was created have been accomplished, the District shall file a petition in district court for
dissolution as provided in the Special District Act. In no event shall dissolution occur until such
District has provided for the payment or discharge of all of its outstanding indebtedness and other
financial obligations as required pursuant to the Special District Act or any other applicable State
law.
XVII. SANCTIONS
Should any of the Districts undertake any act without obtaining prior City Council approval
or consent or City Manager approval or consent, as required in this Service Plan, or that constitutes
a material modification to this Service Plan requiring a Service Plan Amendment as provided
herein or under the Special Districts Act, the City Council may impose one (1) or more of the
following sanctions, as it deems appropriate:
1. Exercise any applicable remedy under the Special District Act;
2. Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District’s
development or construction or operation of improvements or provision of services;
3. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
4. Exercise any other legal and equitable remedy available under the law, including
seeking injunctive relief against the District, to ensure compliance with the
provisions of the Service Plan or applicable law.
XVIII. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2), establishes
that:
21
1. There is sufficient existing and projected need for organized service in the Service Area
to be served by the Districts;
2. The existing service in the Service Area to be served by the Districts is inadequate for
present and projected needs;
3. The Districts are capable of providing economical and sufficient service to the Service
Area; and
4. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XIX. RESOLUTION OF APPROVAL
The Districts agree to incorporate the City Council’s resolution approving this Service
Plan, including any conditions imposed by the City Council on such approval, into the copy of the
Service Plan presented to the District Court for and in Larimer County, Colorado.
EXHIBIT A-1
Legal Description of District No. 1 Boundaries
Page 1 of 1
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 | 970.221.4158
GREELEY: 820 8th Street, 80631 | 970.395.9880 | WEB: www.northernengineering.com
Exhibit A-1
DESCRIPTION: THRIVE-WATERFIELD METROPOLITAN DISTRICT 1 BOUNDARY
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of
Fort Collins, County of Larimer, State of Colorado being more particularly described as follows:
Considering the South line of the Southwest Quarter of said Section 5 as bearing South 88°53'23"
East and with all bearings contained herein relative thereto:
COMMENCING at the Southwest Corner of said Section 5; thence along the West line of said
Southwest Quarter, North 00° 43' 26" East, 176.00 feet to the POINT OF BEGINNING; thence
along said West line, North 00° 43' 26" East, 583.78 to the Northerly line of Tract A, Waterfield
Third Subdivision; thence along said Northerly line, South 89° 21' 34" East, 76.81 feet; thence
along the Easterly right-of-way line of Larimer County Road 11 and along a curve concave to the
East having a central angle of 06° 27' 15" with a radius of 1032.00 feet, an arc length of 116.25
feet and the chord of which bears North 07° 34' 25" West, 116.19 feet; thence along the North
right-of-way line of New Vine Drive the following 5 courses and distances: South 89° 21' 34" East,
315.58 feet; thence along a curve concave to the North having a central angle of 10° 20' 29" with
a radius of 1017.50 feet, an arc length of 183.65 feet and the chord of which bears North 85° 28'
12" East, 183.40 feet; thence, North 80° 17' 57" East, 788.29 feet; thence along a curve concave
to the South having a central angle of 10° 43' 43" with a radius of 1132.50 feet, an arc length of
212.06 feet and the chord of which bears North 85° 39' 49" East, 211.75 feet; thence, South 88°
58' 20" East, 1021.66 feet to the West right-of-way line of Timberline Drive; thence along said
West right-of-way line, South 00° 16' 52" West, 130.01 feet; thence along the South line of Tract
J, Waterfield Third Filing, North 88° 58' 20" West, 991.58 feet; thence along the Easterly line of
Merganser Drive the following 4 courses and distances: along a curve concave to the Southeast
having a central angle of 04° 17' 22" with a radius of 1361.68 feet, an arc length of 101.94 feet
and the chord of which bears South 17° 03' 36" West, 101.92 feet; thence along a curve concave
to the Northwest having a central angle of 04° 47' 14" with a radius of 1361.68 feet, an arc length
of 113.77 feet and the chord of which bears South 17° 18' 32" West, 113.74 feet; thence along a
curve concave to the Southeast having a central angle of 18° 39' 57" with a radius of 662.94 feet,
an arc length of 215.97 feet and the chord of which bears South 10° 22' 10" West, 215.02 feet;
thence, South 01° 02' 11" West, 478.43 feet; thence along the North right-of-way line of East Vine
Drive, North 88° 53' 23" West, 1425.13 feet; thence along the Southerly portion of Tract A,
Waterfield Third Filing the following 2 courses and distances: North 00° 43' 26" East, 140.34 feet;
thence, North 89° 16' 22" West, 50.67 feet to the POINT OF BEGINNING, containing 1,484,373
square feet or 34.077 acres more or less.
AND
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of
Fort Collins, County of Larimer, State of Colorado being more particularly described as follows:
Considering the West line of the Southwest Quarter of said Section 5 as bearing North 00°43'27”
East and with all bearings contained herein relative thereto:
COMMENCING at the Southwest Corner of said Section 5; thence along the West line of said
Southwest Quarter, North 00°43’27” East, 1126.91 feet; thence departing said West line, South
89°16’33” East, 1073.16 feet to the POINT OF BEGINNING; thence, North 05°42’56” East,
75.54 feet; thence, North 06°55’57” West, 37.26 feet; thence, North 10°39’38” West, 79.30
feet; thence, North 62°38’46” East, 226.84 feet; thence, South 27°21’14” East, 174.18 feet;
thence, South 62°38’46” West, 303.84 feet to the POINT OF BEGINNING, containing 44,969
square feet or 1.03 acres more or less.
The above described Tracts of land contains 1,529,342 square feet or 35.11 acres more or less
and is subject to all easements and rights-of-way now on record or existing.
August 27, 2018
CNS
D:\Projects\1496-001\Metro District\Exhibit A\1496-001z_District 1.docx
EXHIBIT A-2
Legal Description of District No. 2 Boundaries
Page 1 of 2
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 | 970.221.4158
GREELEY: 820 8th Street, 80631 | 970.395.9880 | WEB: www.northernengineering.com
Exhibit A-2
DESCRIPTION: THRIVE-WATERFIELD METROPOLITAN DISTRICT 2 BOUNDARY
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of
Fort Collins, County of Larimer, State of Colorado being more particularly described as follows:
Considering the South line of the Southwest Quarter of said Section 5 as bearing South 88°53'23"
East and with all bearings contained herein relative thereto:
COMMENCING at the West Quarter Corner of said Section 5; thence, South 78° 52' 45" East,
56.93 feet to the POINT OF BEGINNING; thence along the South right-of-way line of Conifer Street
the following 3 courses and distances: along a curve concave to the Southeast having a central
angle of 89° 34' 44" with a radius of 15.00 feet, an arc length of 23.45 feet and the chord of
which bears North 45° 30' 48" East, 21.14 feet; thence, South 89° 41' 50" East, 143.70 feet;
thence along a curve concave to the North having a central angle of 25° 31' 24" with a radius of
1075.00 feet, an arc length of 478.87 feet and the chord of which bears North 77° 32' 29" East,
474.92 feet; thence along the Northeasterly line of Tract R and the Northeasterly line of Tract K the
following 6 courses and distances: South 61° 27' 39" East, 97.20 feet; thence, South 70° 16' 39"
East, 260.00 feet; thence, South 59° 46' 39" East, 389.00 feet; thence, South 53° 31' 39" East,
176.30 feet; thence, South 55° 39' 22" East, 234.78 feet; thence, South 63° 17' 47" East,
104.72 feet; thence along the Northerly line of Tract A, Waterfield P.U.D. First Filing the following
8 courses and distances: thence, South 30° 54' 04" West, 0.29 feet; thence, South 65° 28' 27"
East, 13.60 feet; thence, South 83° 09' 44" East, 187.84 feet; thence, North 88° 03' 21" East,
295.91 feet; thence, North 84° 51' 19" East, 153.85 feet; thence, North 74° 44' 55" East, 133.22
feet; thence along the West right-of-way line of Timberline Road the following 3 courses and
distances: South 00° 17' 16" West, 54.54 feet; thence, South 79° 42' 44" East, 1.91 feet; thence,
South 00° 16' 52" West, 1025.14 feet; thence along the North right-of-way line of New Vine Drive
the following 3 courses and distances: North 88° 58' 20" West, 1021.66 feet; thence along a
curve concave to the South having a central angle of 10° 43' 43" with a radius of 1132.50 feet, an
arc length of 212.06 feet and the chord of which bears South 85° 39' 49" West, 211.75 feet;
thence, South 80° 17' 57" West, 479.85 feet; thence along the Westerly line of Tract I, Waterfield
Third Filing the following 8 courses and distances: thence, North 09° 42' 03" West, 29.65 feet;
thence along a curve concave to the Northeast having a central angle of 65° 36' 07" with a radius
of 133.55 feet, an arc length of 152.91 feet and the chord of which bears North 48° 28' 48" West,
144.70 feet; thence along a curve concave to the Southwest having a central angle of 60° 52' 28"
with a radius of 254.53 feet, an arc length of 270.43 feet and the chord of which bears North 46°
44' 16" West, 257.89 feet; thence along a curve concave to the Northeast having a central angle of
85° 15' 54" with a radius of 276.97 feet, an arc length of 412.18 feet and the chord of which
bears North 32° 37' 02" West, 375.18 feet; thence, North 13° 37' 13" East, 264.08 feet; thence
along a curve concave to the Southeast having a central angle of 75° 39' 02" with a radius of
132.37 feet, an arc length of 174.77 feet and the chord of which bears North 52° 17' 36" East,
162.35 feet; thence along a curve concave to the North having a central angle of 36° 41' 13" with
a radius of 440.75 feet, an arc length of 282.22 feet and the chord of which bears North 77° 40'
27" East, 277.42 feet; thence, North 00° 17' 33" East, 382.29 feet; thence along the South line of
Tract N, Waterfield Third Filing, North 85° 41' 52" West, 749.41 feet; thence, North 00° 43' 26"
East, 154.17 feet to the POINT OF BEGINNING.
The above described Tract of land contains 2,607,911 square feet or 59.87 acres more or less and
is subject to all easements and rights-of-way now on record or existing.
August 27, 2018
CNS
D:\Projects\1496-001\Metro District\Exhibit A\1496-001_District 2.docx
Page 2 of 2
EXHIBIT A-3
Legal Description of District No. 3 Boundaries
Page 1 of 1
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 | 970.221.4158
GREELEY: 820 8th Street, 80631 | 970.395.9880 | WEB: www.northernengineering.com
Exhibit A-3
DESCRIPTION: THRIVE-WATERFIELD METROPOLITAN DISTRICT 3 BOUNDARY
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of
Fort Collins, County of Larimer, State of Colorado being more particularly described as follows:
Considering the West line of the Southwest Quarter of said Section 5 as bearing North 00°43'27”
East and with all bearings contained herein relative thereto:
COMMENCING at the Southwest Corner of said Section 5; thence along the West line of said
Southwest Quarter, North 00°43’27” East, 1126.91 feet; thence departing said West line, South
89°16’33” East, 1073.16 feet to the POINT OF BEGINNING; thence, North 05°42’56” East,
75.54 feet; thence, North 06°55’57” West, 37.26 feet; thence, North 10°39’38” West, 79.30
feet; thence, North 62°38’46” East, 226.84 feet; thence, South 27°21’14” East, 174.18 feet;
thence, South 62°38’46” West, 303.84 feet to the POINT OF BEGINNING.
The above described Tract of land contains 44,969 square feet or 1.03 acres more or less and is
subject to all easements and rights-of-way now on record or existing.
August 27, 2018
CNS
D:\Projects\1496-001\Metro District\Exhibit A\1496-001z_District 1.docx
EXHIBIT B-1
District No. 1 Boundary Map
OVERALL DISTRICT
BOUNDARY
E VINE DR
SOUTHWEST CORNER
SECTION 5-T7-R68W
WEST QUARTER CORNER
SECTION 5-T7N-R68W
DISTRICT 1
1,484,373 sq.ft.
34.08 ac
N TIMBERLINE RD
DISTRICT 1
BOUNDARY
DISTRICT 1
44,969 sq.ft.
1.03 ac
DISTRICT 1
BOUNDARY
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 27, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
DISTRICT 1
AREA BOUNDARY MAP
1" = 400' B-1
( US SURVEY FEET )
1 inch = ft.
0 Feet
NOTE: THIS EXHIBIT IS NOT INTENDED TO BE A
MONUMENTED LAND SURVEY. ITS SOLE PURPOSE IS AS A
GRAPHIC REPRESENTATION TO AID IN THE VISUALIZATION
OF THE WRITTEN PROPERTY DESCRIPTION WHICH IT
ACCOMPANIES. THE WRITTEN PROPERTY DESCRIPTION
SUPERCEDES THE EXHIBIT DRAWING.
400
400 400
EXHIBIT B-2
District No. 2 Boundary Map
N TIMBERLINE RD
OVERALL DISTRICT
BOUNDARY
E VINE DR
DISTRICT 2
BOUNDARY
SOUTHWEST CORNER
SECTION 5-T7-R68W
WEST QUARTER CORNER
SECTION 5-T7N-R68W
DISTRICT 2
2,607,911 sq.ft.
59.87 ac
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 27, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
DISTRICT 2
AREA BOUNDARY MAP
1" = 400' B-2
( US SURVEY FEET )
1 inch = ft.
0 Feet
NOTE: THIS EXHIBIT IS NOT INTENDED TO BE A
MONUMENTED LAND SURVEY. ITS SOLE PURPOSE IS AS A
GRAPHIC REPRESENTATION TO AID IN THE VISUALIZATION
OF THE WRITTEN PROPERTY DESCRIPTION WHICH IT
ACCOMPANIES. THE WRITTEN PROPERTY DESCRIPTION
SUPERCEDES THE EXHIBIT DRAWING.
400
400 400
EXHIBIT B-3
District No. 3 Boundary Map
N TIMBERLINE RD
OVERALL DISTRICT
BOUNDARY
E VINE DR
DISTRICT 3
BOUNDARY
DISTRICT 3
44,969 sq.ft.
1.03 ac
SOUTHWEST CORNER
SECTION 5-T7-R68W
WEST QUARTER CORNER
SECTION 5-T7N-R68W
WEST LINE OF
SECTION 5
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 27, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
400 0 400 Feet
400
DISTRICT 3
AREA BOUNDARY MAP
1" = 400' B-3
EXHIBIT C
Vicinity Map
E VINE DR
PROPOSED
THRIVE - WATERFIELD
METROPOLITAN
DISTRICT
N TIMBERLINE RD
MOUNTAIN VISTA DR
ADRIEL DR
TURNBERRY RD
INTERNATIONAL BLVD
SYKES DR
FORKS DR
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
1000 0 1000 Feet
1000
VICINITY MAP
1" = 1000' C
EXHIBIT D
Public Improvement Cost Estimates
Public Improvements Unit Cost Extended Cost
I. Grading/Miscellaneous
Mobilization / General Conditions 1 LS $1,455,000.00 $ 1,455,000.00
Clearing and Grubbing and Topsoil Stripping 25 Ac $11,900.00 $ 293,930.00
Earthwork (cut/fill/place) 150,024 CY $6.00 $ 900,144.00
Import Fill Dirt 250,000 CY $10.00 $ 2,500,000.00
Erosion Control / Traffic Control 1 LS $2,079,000.00 $ 2,079,000.00
Subtotal $ 7,228,074.00
II. Roadway Improvements
Parking Lots 490 SY $70.00 $ 34,277.00
Access Road (24' Section) - LF $205.00 $ -
Local Residential Street (51' Section) 13,428 LF $282.00 $ 3,786,696.00
Local Industrial Street (66' Section) - LF $321.00 $ -
Major Collector Street (66' Section) - LF $372.00 $ -
Minor Collector Street (76' Section) - LF $431.00 $ -
Alley (20' Section) 12,472 EA $133.00 $ 1,658,818.00
4-Lane Arterial - EA $715.00 $ -
Boulvard (Custom) 2,120 LF $331.00 $ 701,720.00
Traffic Signal Improvements - EA $500,000.00 $ -
Street Lighting 1 LS $248,000.00 $ 248,000.00
Signing and Striping - LS $271,000.00 $ -
Subtotal $ 6,429,511.00
III. Potable Waterline Improvements
8" Waterline 19,232 LF $90.00 $ 1,730,880.00
10" Waterline - LF $100.00 $ -
12" Waterline - LF $112.00 $ -
Utility Borings - LF $1,900.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Off-Site Waterline Reimbursement to Loveland Water and Power - LS $750,000.00 $ -
Subtotal $ 1,730,880.00
IV. Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer 15,697 LF $109.00 $ 1,710,973.00
10" Sanitary Sewer - LF $114.00 $ -
12" Sanitary Sewer - LF $124.00 $ -
15" Sanitary Sewer - LF $131.80 $ -
8" Subdrain 20,111 LF $75.00 $ 1,508,325.00
Subdrain Connection Fee - LS $0.00 $ -
Sanitary Sewer Repayment - LS $0.00 $ -
Subtotal $ 3,219,298.00
V. Storm Drainage Improvements
8" Underdrain 4,354 LF $75.00 $ 326,550.00
18" RCP Storm Sewer 1,864 LF $181.00 $ 337,384.00
24" RCP Storm Sewer 4,051 LF $191.00 $ 773,741.00
30" RCP Storm Sewer 80 LF $222.00 $ 17,760.00
Outlet Structure 3 EA $10,000.00 $ 30,000.00
Water Quality 63,291 CF $6.00 $ 379,748.00
Subtotal $ 1,865,183.00
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
Page 1 of 2
Public Improvements Unit Cost Extended Cost
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
VI. Non-Potable Irrigation Improvements
6" Non-Potable Waterline - LF $56.00 $ -
Non-Potable Waterline Pumphouse - LS $450,000.00 $ -
Non-Potable Pond and Delivery Improvements - LS $250,000.00 $ -
Flood Irrigation System and Appurtences - LS $0.00 $ -
Well Head Replacement - EA $27,500.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Subtotal $ -
VII. Open Space, Parks and Trails
Structural Demolition - LS $0.00 $ -
Natural Area Open Space 14.62 AC $108,900.00 $ 1,592,210.00
Landscaped Open Space - AC $239,580.00 $ -
Regional Trails 13,122 LF $160.00 $ 2,099,520.00
Monument Signs 2 EA $75,000.00 $ 150,000.00
Pocket Park and Park Amenities - EA $150,000.00 $ -
Open Space Acquisition - AC $20,000.00 $ -
Subtotal $ 3,841,730.00
VIII. Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $2,432,000.00 $ 2,432,000.00
Construction Management / Inspection / Testing 1 LS $3,648,000.00 $ 3,648,000.00
Admin. / Planning / Permitting 1 LS $730,000.00 $ 730,000.00
Subtotal $ 6,810,000.00
Infrastructure Subtotal $ 31,124,676.00
Contingency (20%) $ 6,224,936.00
Total Cost $ 37,349,612.00
Page 2 of 2
Public Improvements Unit Cost Extended Cost
I. Grading/Miscellaneous
Mobilization / General Conditions - LS $1,820,000.00 $ -
Clearing and Grubbing and Topsoil Stripping - Ac $11,900.00 $ -
Earthwork (cut/fill/place) - CY $6.00 $ -
Import Fill Dirt - CY $10.00 $ -
Erosion Control / Traffic Control - LS $2,600,000.00 $ -
Subtotal $ -
II. Roadway Improvements
Parking Lots - SY $70.00 $ -
Access Road (24' Section) - LF $205.00 $ -
Local Residential Street (51' Section) - LF $282.00 $ -
Local Industrial Street (66' Section) - LF $321.00 $ -
Major Collector Street (66' Section) 1,458 LF $372.00 $ 542,376.00
Minor Collector Street (76' Section) 1,003 LF $431.00 $ 432,293.00
Alley (20' Section) - EA $133.00 $ -
4-Lane Arterial 2,603 EA $715.00 $ 1,861,145.00
Boulvard (Custom) - LF $331.00 $ -
Traffic Signal Improvements - EA $500,000.00 $ -
Street Lighting - LS $246,000.00 $ -
Signing and Striping 1 LS $271,000.00 $ 86,000.00
Subtotal $ 2,921,814.00
III. Potable Waterline Improvements
8" Waterline - LF $90.00 $ -
10" Waterline - LF $100.00 $ -
12" Waterline 6,458 LF $112.00 $ 723,296.00
Utility Borings - LF $1,900.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Off-Site Waterline Reimbursement to Loveland Water and Power - LS $750,000.00 $ -
Subtotal $ 723,296.00
IV. Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer - LF $109.00 $ -
10" Sanitary Sewer - LF $114.00 $ -
12" Sanitary Sewer 5,412 LF $124.00 $ 671,088.00
15" Sanitary Sewer - LF $131.80 $ -
8" Subdrain - LF $75.00 $ -
Subdrain Connection Fee - LS $0.00 $ -
Sanitary Sewer Repayment - LS $0.00 $ -
Subtotal $ 671,088.00
V. Storm Drainage Improvements
8" Underdrain - LF $75.00 $ -
18" RCP Storm Sewer - LF $181.00 $ -
24" RCP Storm Sewer - LF $191.00 $ -
30" RCP Storm Sewer - LF $222.00 $ -
Outlet Structure - EA $10,000.00 $ -
Water Quality - CF $6.00 $ -
Subtotal $ -
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
Page 1 of 2
Public Improvements Unit Cost Extended Cost
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
VI. Non-Potable Irrigation Improvements
6" Non-Potable Waterline - LF $56.00 $ -
Non-Potable Waterline Pumphouse - LS $450,000.00 $ -
Non-Potable Pond and Delivery Improvements - LS $250,000.00 $ -
Flood Irrigation System and Appurtences - LS $0.00 $ -
Well Head Replacement - EA $27,500.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Subtotal $ -
VII. Open Space, Parks and Trails
Structural Demolition - LS $0.00 $ -
Natural Area Open Space - AC $108,900.00 $ -
Landscaped Open Space - AC $239,580.00 $ -
Regional Trails - LF $160.00 $ -
Monument Signs - EA $75,000.00 $ -
Pocket Park and Park Amenities - EA $150,000.00 $ -
Open Space Acquisition - AC $20,000.00 $ -
Subtotal $ -
VIII. Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $432,000.00 $ 432,000.00
Construction Management / Inspection / Testing 1 LS $648,000.00 $ 648,000.00
Admin. / Planning / Permitting 1 LS $130,000.00 $ 130,000.00
Subtotal $ 1,210,000.00
Infrastructure Subtotal $ 5,526,198.00
Contingency (20%) $ 1,105,240.00
Total Cost $ 6,631,438.00
Page 2 of 2
EXHIBIT E
Public Improvement Maps
E VINE DR
N TIMBERLINE RD
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
400 0 400 Feet
400
STREET MAP
1" = 400' E
FIGURE 1 OF 5
LEGEND:
MAJOR COLLECTOR
4-LANE ARTERIAL
BOULEVARD
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
STREETS OWNED AND
MAINTAINED BY THE CITY OF
FORT COLLINS
RESIDENTIAL LOCAL
ALLEYWAY
MINOR COLLECTOR
W
W
W
W
W
12" WATER
8" WATER
W
W
W
W
W
W
W
W
W
W
W
W
W
W
8" WATER
8" WATER
12" WATER
E VINE DR
N TIMBERLINE RD
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
400 0 400 Feet
400
POTABLE WATER MAP
1" = 400' E
FIGURE 2 OF 5
LEGEND:
WATER LINE - 12 INCH PVC.
ALL WATER TO BE OWNED
AND MAINTAINED BY ELCO
WATER DISTRICT.
W
WATER LINE - 8 INCH PVC.
ALL WATER TO BE OWNED
AND MAINTAINED BY ELCO
SS
SS
SD SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SS
SS
SS
SS
SS
SS
SS
SS
SS
SS
SS
SS
SS SS
SS
SS
SS
SS
SS
8" SANITARY
SEWER
12" SANITARY
SEWER
8" SUBDRAIN
8" SUBDRAIN
8" SUBDRAIN
8" SANITARY
SEWER
8" SANITARY
SEWER
E VINE DR
N TIMBERLINE RD
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
UD
UD UD
UD
UD
UD
ST
ST
24" RCP
24" RCP
18" RCP
18" RCP
30" RCP
18" RCP
24" RCP
E VINE DR
N TIMBERLINE RD
UD
UD UD UD
8" PERF. PIPE
8" PERF. PIPE
8" PERF. PIPE
18" RCP
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
400 0 400 Feet
400
STORM DRAINAGE MAP
1" = 400' E
FIGURE 4 OF 5
NOTE: LOCAL STREETS LEGEND:
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS. 24" RCP STORM
DRAIN LINE
ST
DIRECTION OF
CONVEYANCE
DETENTION AREAS
18" RCP STORM
DRAIN LINE
ST
E VINE DR
N TIMBERLINE RD
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NGINEER ING
N O R T H E RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
400 0 400 Feet
400
OPEN SPACE, PARKS,
& TRAILS MAP
1" = 400' E
FIGURE 5 OF 5
LEGEND:
CONNECTIVITY
LANDSCAPING w/
TRAILS
NATURAL AREA
OPEN SPACE
STREETS w/
TREE LAWN AREAS
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
EXHIBIT F
Financial Plan
WATERFIELD METROPOLITAN DISTRICT
1 Development Projection at 40.000 (target) District Mills, plus Fees -- SERVICE PLAN -- 07/30/2018
2050
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020+New, Assumes Investment Grade, 100x, 30-yr. Maturity
2050
< < < < < < < < Residential > > > > > > > > < Platted/Developed Lots >
Mkt Value As'ed Value* As'ed Value District District District
Biennial @ 7.20% @ 29.00% Total D/S Mill Levy D/S Mill Levy S.O. Taxes Total Total
Total Reasses'mt Cumulative of Market Cumulative of Market Assessed [40.000 Target] Collections Collected Facility Fees Available
YEAR Res'l Units @ 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Value [40.000 Cap] @ 98% @ 6% Collections Revenue
2017 0 0 $0 $0 0 $0 $0 $0
2018 0 0 0 0 0 0 0 0
2019 0 0 0 6,369,260 0 0 0 0 0 0
2020 154 0 66,265,781 0 5,218,740 0 0 40.000 0 0 1,540,000 1,540,000
2021 126 121,647,467 0 4,243,100 1,847,085 1,847,085 40.000 72,406 4,344 1,260,000 1,336,750
2022 100 7,298,848 174,874,994 4,771,136 1,734,420 1,513,435 6,284,571 40.000 246,355 14,781 1,000,000 1,261,136
2023 38 194,024,393 8,758,618 1,325,700 1,230,499 9,989,117 40.000 391,573 23,494 380,000 795,068
2024 30 11,641,464 220,595,391 12,591,000 1,325,700 502,982 13,093,981 40.000 513,284 30,797 300,000 844,081
2025 30 235,823,517 13,969,756 883,800 384,453 14,354,209 40.000 562,685 33,761 300,000 896,446
2026 20 14,149,411 260,328,054 15,882,868 0 384,453 16,267,321 40.000 637,679 38,261 200,000 875,940
2027 0 260,328,054 16,979,293 0 256,302 17,235,595 40.000 675,635 40,538 0 716,173
2028 0 15,619,683 275,947,737 18,743,620 0 0 18,743,620 40.000 734,750 44,085 0 778,835
2029 0 275,947,737 18,743,620 0 0 18,743,620 40.000 734,750 44,085 0 778,835
2030 0 16,556,864 292,504,601 19,868,237 0 0 19,868,237 40.000 778,835 46,730 0 825,565
2031 0 292,504,601 19,868,237 0 0 19,868,237 40.000 778,835 46,730 0 825,565
2032 0 17,550,276 310,054,878 21,060,331 0 0 21,060,331 40.000 825,565 49,534 0 875,099
2033 0 310,054,878 21,060,331 0 0 21,060,331 40.000 825,565 49,534 0 875,099
2034 0 18,603,293 328,658,170 22,323,951 0 0 22,323,951 40.000 875,099 52,506 0 927,605
2035 0 328,658,170 22,323,951 0 0 22,323,951 40.000 875,099 52,506 0 927,605
2036 0 19,719,490 348,377,660 23,663,388 0 0 23,663,388 40.000 927,605 55,656 0 983,261
2037 0 348,377,660 23,663,388 0 0 23,663,388 40.000 927,605 55,656 0 983,261
2038 20,902,660 369,280,320 25,083,192 0 0 25,083,192 40.000 983,261 58,996 1,042,257
2039 369,280,320 25,083,192 0 0 25,083,192 40.000 983,261 58,996 1,042,257
2040 22,156,819 391,437,139 26,588,183 0 0 26,588,183 40.000 1,042,257 62,535 1,104,792
2041 391,437,139 26,588,183 0 0 26,588,183 40.000 1,042,257 62,535 1,104,792
2042 23,486,228 414,923,368 28,183,474 0 0 28,183,474 40.000 1,104,792 66,288 1,171,080
2043 414,923,368 28,183,474 0 0 28,183,474 40.000 1,104,792 66,288 1,171,080
2044 24,895,402 439,818,770 29,874,482 0 0 29,874,482 40.000 1,171,080 70,265 1,241,344
2045 439,818,770 29,874,482 0 0 29,874,482 40.000 1,171,080 70,265 1,241,344
2046 26,389,126 466,207,896 31,666,951 0 0 31,666,951 40.000 1,241,344 74,481 1,315,825
2047 466,207,896 31,666,951 0 0 31,666,951 40.000 1,241,344 74,481 1,315,825
2048 27,972,474 494,180,370 33,566,969 0 0 33,566,969 40.000 1,315,825 78,950 1,394,775
2049 494,180,370 33,566,969 0 0 33,566,969 40.000 1,315,825 78,950 1,394,775
2050 29,650,822 523,831,192 35,580,987 0 0 35,580,987 40.000 1,394,775 83,686 1,478,461
2051 523,831,192 35,580,987 0 0 35,580,987 40.000 1,394,775 83,686 1,478,461
2052 31,429,872 555,261,063 37,715,846 0 0 37,715,846 40.000 1,478,461 88,708 1,567,169
2053 555,261,063 37,715,846 0 0 37,715,846 40.000 1,478,461 88,708 1,567,169
2054 33,315,664 588,576,727 39,978,797 0 0 39,978,797 40.000 1,567,169 94,030 1,661,199
2055 588,576,727 39,978,797 0 0 39,978,797 40.000 1,567,169 94,030 1,661,199
2056 35,314,604 623,891,331 42,377,524 0 0 42,377,524 40.000 1,661,199 99,672 1,760,871
2057 623,891,331 42,377,524 0 0 42,377,524 40.000 1,661,199 99,672 1,760,871
2058 37,433,480 661,324,811 44,920,176 0 0 44,920,176 40.000 1,760,871 105,652 1,866,523
2059 661,324,811 44,920,176 0 0 44,920,176 40.000 1,760,871 105,652 1,866,523
2060 39,679,489 701,004,299 47,615,386 0 0 47,615,386 40.000 1,866,523 111,991 1,978,515
______ __________ __________ __________ __________ __________
498 473,765,968 42,691,916 2,561,515 4,980,000 50,233,431
[*] RAR @ 7.96% thru 2017, Subject to future changes per Colorado General Assembly.
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SP
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
1
2050
2050
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
WATERFIELD METROPOLITAN DISTRICT
Development Projection at 40.000 (target) District Mills, plus Fees -- SERVICE PLAN -- 07/30/2018
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020+New, Assumes Investment Grade, 100x, 30-yr. Maturity
Series 2020 Series 2030
$15,655,000 Par $20,930,000 Par Surplus Senior Senior Cov. of Net DS: Cov. of Net DS:
[Net $13.675 MM] [Net $9.387 MM] Total Annual Release @ Cumulative Debt/ Debt/ @ 40.000 Target @ 40.000 Cap
Net Available Net Debt Net Debt 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 Service Service Used as Source to $2,093,000 $2,093,000 Target Ratio Ratio + PIF Revs (net) + PIF Revs (net)
$0 n/a n/a n/a 0% 0%
0 n/a n/a n/a 0% 0%
0 n/a n/a n/a 0% 0%
1,540,000 $0 $0 1,540,000 $1,540,000 0% 0% 0% 0%
1
2050
2050
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
WATERFIELD METROPOLITAN DISTRICT
Operations Revenue and Expense Projection -- 07/30/2018
Total Total S.O. Taxes Total
Assessed Oper'ns Collections Collected Available Total
Value Mill Levy @ 98% @ 6% For O&M Mills
0 10.000000 50.000
1,847,085 10.000 18,101 1,086 19,188 50.000
6,284,571 10.000 61,589 3,695 65,284 50.000
9,989,117 10.000 97,893 5,874 103,767 50.000
13,093,981 10.000 128,321 7,699 136,020 50.000
14,354,209 10.000 140,671 8,440 149,112 50.000
16,267,321 10.000 159,420 9,565 168,985 50.000
WATERFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 7/30/18)
2050
100%
0 Residential Development
3-Story TH SFD Cottage
Incr/(Decr) in Incr/(Decr) in Incr/(Decr) in
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
YEAR Devel'd 10% 89 target 2% Value Devel'd 10% 80 target 2% Value Devel'd 10% 200 target 2% Value
2017 0 0 $380,900 0 0 0 $510,900 0 0 0 $441,900 0
2018 0 0 380,900 0 0 0 510,900 0 0 0 441,900 0
2019 36 1,371,240 388,518 0 24 1,226,160 521,118 0 30 1,325,700 450,738 0
2020 36 0 36 396,288 14,266,381 24 0 24 531,540 12,756,969 30 0 30 459,753 13,792,583
2021 17 (723,710) 36 404,214 14,551,709 24 0 24 542,171 13,012,108 30 0 30 468,948 14,068,434
2022 0 (647,530) 17 412,298 7,009,073 8 (817,440) 24 553,015 13,272,350 30 0 30 478,327 14,349,803
2023 0 0 0 420,544 0 0 (408,720) 8 564,075 4,512,599 30 0 30 487,893 14,636,799
2024 0 0 0 428,955 0 0 0 0 575,356 0 30 0 30 497,651 14,929,535
2025 0 0 0 437,534 0 0 0 0 586,864 0 20 (441,900) 30 507,604 15,228,126
2026 0 0 0 446,285 0 0 0 0 598,601 0 0 (883,800) 20 517,756 10,355,126
2027 0 0 0 455,211 0 0 0 0 610,573 0 0 0 0 528,111 0
2028 0 0 0 464,315 0 0 0 0 622,784 0 0 0 0 538,674 0
2029 0 0 0 473,601 0 0 0 0 635,240 0 0 0 0 549,447 0
2030 0 0 0 483,073 0 0 0 0 647,945 0 0 0 0 560,436 0
2031 0 0 0 492,735 0 0 0 0 660,904 0 0 0 0 571,645 0
2032 0 0 0 502,589 0 0 0 0 674,122 0 0 0 0 583,078 0
2033 0 0 0 512,641 0 0 0 0 687,604 0 0 0 0 594,739 0
2034 0 0 0 522,894 0 0 0 0 701,356 0 0 0 0 606,634 0
2035 0 0 0 533,352 0 0 0 0 715,383 0 0 0 0 618,767 0
2036 0 0 0 544,019 0 0 0 0 729,691 0 0 0 0 631,142 0
2037 0 0 554,899 0 0 0 744,285 0 0 0 643,765 0
______ _________ ______ _________ ______ _________ ______ _________ _____ _________ ______ _________
89 (0) 89 35,827,163 80 0 80 43,554,026 200 0 200 97,360,406
7/30/2018 F WMD Fin Plan 18 Abs
Prepared by D.A. Davidson & Co.
4
2050
100%
0
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
WATERFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 7/30/18)
Residential Summary
2-Story TH Duplex
Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Total Total Res'l Value +/- of Platted &
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market Residential Total Facility Fees Developed Lots
Devel'd 10% 101 target 2% Value Devel'd 10% 28 target 2% Value Market Value Res'l Units @ $10,000/unit Adjustment Adjusted Value
0 0 $359,900 0 0 0 $410,900 0 $0 0 0 0 0
0 0 359,900 0 0 0 410,900 0 0 0 0 0 0
36 1,295,640 367,098 0 28 1,150,520 419,118 0 0 0 0 0 6,369,260
36 0 36 374,440 13,479,839 0 (1,150,520) 28 427,500 11,970,010 66,265,781 154 1,540,000 0 (1,150,520)
29 (251,930) 36 381,929 13,749,435 0 0 0 436,050 0 55,381,686 126 1,260,000 0 (975,640)
0 (1,043,710) 29 389,567 11,297,453 0 0 0 444,771 0 45,928,679 100 1,000,000 0 (2,508,680)
0 0 0 397,359 0 0 0 0 453,667 0 19,149,398 38 380,000 0 (408,720)
0 0 0 405,306 0 0 0 0 462,740 0 14,929,535 30 300,000 0 0
0 0 0 413,412 0 0 0 0 471,995 0 15,228,126 30 300,000 0 (441,900)
0 0 0 421,680 0 0 0 0 481,435 0 10,355,126 20 200,000 0 (883,800)
0 0 0 430,114 0 0 0 0 491,064 0 0 0 0 0 0
0 0 0 438,716 0 0 0 0 500,885 0 0 0 0 0 0
0 0 0 447,490 0 0 0 0 510,903 0 0 0 0 0 0
0 0 0 456,440 0 0 0 0 521,121 0 0 0 0 0 0
0 0 0 465,569 0 0 0 0 531,543 0 0 0 0 0 0
0 0 0 474,880 0 0 0 0 542,174 0 0 0 0 0 0
0 0 0 484,378 0 0 0 0 553,017 0 0 0 0 0 0
0 0 0 494,066 0 0 0 0 564,078 0 0 0 0 0 0
0 0 0 503,947 0 0 0 0 575,359 0 0 0 0 0 0
0 0 0 514,026 0 0 0 0 586,866 0 0 0 0 0 0
0 0 524,306 0 0 0 598,604 0 0 0 0 0 0
_____ _________ ______ _________ ______ _________ ________ _________ ___________ ______ ______ _________ _________
101 0 101 38,526,727 28 0 28 11,970,010 227,238,331 498 4,980,000 0 0
7/30/2018 F WMD Fin Plan 18 Abs
Prepared by D.A. Davidson & Co.
5
Jul 30, 2018 11:40 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-20NRSPF)
SOURCES AND USES OF FUNDS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills, plus Fees
Non-Rated, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2020
Delivery Date 12/01/2020
Sources:
Bond Proceeds:
Par Amount 15,655,000.00
15,655,000.00
Uses:
Project Fund Deposits:
Project Fund 13,674,670.83
Other Fund Deposits:
Debt Service Reserve Fund 1,367,229.17
Cost of Issuance:
Other Cost of Issuance 300,000.00
Delivery Date Expenses:
Underwriter's Discount 313,100.00
15,655,000.00
6
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
SOURCES AND USES OF FUNDS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2030
Delivery Date 12/01/2030
Sources:
Bond Proceeds:
Par Amount 20,930,000.00
Other Sources of Funds:
Funds on Hand* 1,550,000.00
Series 2020 - DSRF 1,367,229.17
2,917,229.17
23,847,229.17
Uses:
Project Fund Deposits:
Project Fund 9,387,329.17
Refunding Escrow Deposits:
Cash Deposit* 14,155,250.00
Cost of Issuance:
Other Cost of Issuance 200,000.00
Delivery Date Expenses:
Underwriter's Discount 104,650.00
23,847,229.17
Note: [*] Estimated balances, (tbd).
7
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
BOND SUMMARY STATISTICS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2030
Delivery Date 12/01/2030
First Coupon 06/01/2031
Last Maturity 12/01/2060
Arbitrage Yield 4.000000%
True Interest Cost (TIC) 4.035168%
Net Interest Cost (NIC) 4.022503%
All-In TIC 4.103068%
Average Coupon 4.000000%
Average Life (years) 22.220
Weighted Average Maturity (years) 22.220
Duration of Issue (years) 14.527
Par Amount 20,930,000.00
Bond Proceeds 20,930,000.00
Total Interest 18,602,200.00
Net Interest 18,706,850.00
Bond Years from Dated Date 465,055,000.00
Bond Years from Delivery Date 465,055,000.00
Total Debt Service 39,532,200.00
Maximum Annual Debt Service 1,976,000.00
Average Annual Debt Service 1,317,740.00
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 5.000000
Total Underwriter's Discount 5.000000
Bid Price 99.500000
Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change
Term Bond due 2060 20,930,000.00 100.000 4.000% 22.220 02/18/2053 36,418.20
20,930,000.00 22.220 36,418.20
All-In Arbitrage
TIC TIC Yield
Par Value 20,930,000.00 20,930,000.00 20,930,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount -104,650.00 -104,650.00
- Cost of Issuance Expense -200,000.00
- Other Amounts
Target Value 20,825,350.00 20,625,350.00 20,930,000.00
Target Date 12/01/2030 12/01/2030 12/01/2030
Yield 4.035168% 4.103068% 4.000000%
8
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
BOND DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2031 418,600 418,600
12/01/2031 418,600 418,600 837,200
06/01/2032 418,600 418,600
12/01/2032 35,000 4.000% 418,600 453,600 872,200
06/01/2033 417,900 417,900
12/01/2033 35,000 4.000% 417,900 452,900 870,800
06/01/2034 417,200 417,200
12/01/2034 90,000 4.000% 417,200 507,200 924,400
06/01/2035 415,400 415,400
12/01/2035 95,000 4.000% 415,400 510,400 925,800
06/01/2036 413,500 413,500
12/01/2036 155,000 4.000% 413,500 568,500 982,000
06/01/2037 410,400 410,400
12/01/2037 160,000 4.000% 410,400 570,400 980,800
06/01/2038 407,200 407,200
12/01/2038 225,000 4.000% 407,200 632,200 1,039,400
06/01/2039 402,700 402,700
12/01/2039 235,000 4.000% 402,700 637,700 1,040,400
06/01/2040 398,000 398,000
12/01/2040 305,000 4.000% 398,000 703,000 1,101,000
06/01/2041 391,900 391,900
12/01/2041 320,000 4.000% 391,900 711,900 1,103,800
06/01/2042 385,500 385,500
12/01/2042 400,000 4.000% 385,500 785,500 1,171,000
06/01/2043 377,500 377,500
12/01/2043 415,000 4.000% 377,500 792,500 1,170,000
06/01/2044 369,200 369,200
12/01/2044 500,000 4.000% 369,200 869,200 1,238,400
06/01/2045 359,200 359,200
12/01/2045 520,000 4.000% 359,200 879,200 1,238,400
06/01/2046 348,800 348,800
12/01/2046 615,000 4.000% 348,800 963,800 1,312,600
06/01/2047 336,500 336,500
12/01/2047 640,000 4.000% 336,500 976,500 1,313,000
06/01/2048 323,700 323,700
12/01/2048 745,000 4.000% 323,700 1,068,700 1,392,400
06/01/2049 308,800 308,800
12/01/2049 775,000 4.000% 308,800 1,083,800 1,392,600
06/01/2050 293,300 293,300
12/01/2050 890,000 4.000% 293,300 1,183,300 1,476,600
06/01/2051 275,500 275,500
12/01/2051 925,000 4.000% 275,500 1,200,500 1,476,000
06/01/2052 257,000 257,000
12/01/2052 1,050,000 4.000% 257,000 1,307,000 1,564,000
06/01/2053 236,000 236,000
12/01/2053 1,095,000 4.000% 236,000 1,331,000 1,567,000
06/01/2054 214,100 214,100
12/01/2054 1,230,000 4.000% 214,100 1,444,100 1,658,200
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
NET DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Period Total Net
Ending Principal Interest Debt Service Debt Service
12/01/2031 837,200 837,200 837,200
12/01/2032 35,000 837,200 872,200 872,200
12/01/2033 35,000 835,800 870,800 870,800
12/01/2034 90,000 834,400 924,400 924,400
12/01/2035 95,000 830,800 925,800 925,800
12/01/2036 155,000 827,000 982,000 982,000
12/01/2037 160,000 820,800 980,800 980,800
12/01/2038 225,000 814,400 1,039,400 1,039,400
12/01/2039 235,000 805,400 1,040,400 1,040,400
12/01/2040 305,000 796,000 1,101,000 1,101,000
12/01/2041 320,000 783,800 1,103,800 1,103,800
12/01/2042 400,000 771,000 1,171,000 1,171,000
12/01/2043 415,000 755,000 1,170,000 1,170,000
12/01/2044 500,000 738,400 1,238,400 1,238,400
12/01/2045 520,000 718,400 1,238,400 1,238,400
12/01/2046 615,000 697,600 1,312,600 1,312,600
12/01/2047 640,000 673,000 1,313,000 1,313,000
12/01/2048 745,000 647,400 1,392,400 1,392,400
12/01/2049 775,000 617,600 1,392,600 1,392,600
12/01/2050 890,000 586,600 1,476,600 1,476,600
12/01/2051 925,000 551,000 1,476,000 1,476,000
12/01/2052 1,050,000 514,000 1,564,000 1,564,000
12/01/2053 1,095,000 472,000 1,567,000 1,567,000
12/01/2054 1,230,000 428,200 1,658,200 1,658,200
12/01/2055 1,280,000 379,000 1,659,000 1,659,000
12/01/2056 1,430,000 327,800 1,757,800 1,757,800
12/01/2057 1,490,000 270,600 1,760,600 1,760,600
12/01/2058 1,655,000 211,000 1,866,000 1,866,000
12/01/2059 1,720,000 144,800 1,864,800 1,864,800
12/01/2060 1,900,000 76,000 1,976,000 1,976,000
20,930,000 18,602,200 39,532,200 39,532,200
10
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
SUMMARY OF BONDS REFUNDED
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
7/30/18: Ser 20 NR SP, 5.00%, 100x, 40mls+fees, FG+6% BiRe:
TERM50 12/01/2031 5.000% 135,000.00 12/01/2030 100.000
12/01/2032 5.000% 190,000.00 12/01/2030 100.000
12/01/2033 5.000% 200,000.00 12/01/2030 100.000
12/01/2034 5.000% 260,000.00 12/01/2030 100.000
12/01/2035 5.000% 275,000.00 12/01/2030 100.000
12/01/2036 5.000% 345,000.00 12/01/2030 100.000
12/01/2037 5.000% 360,000.00 12/01/2030 100.000
12/01/2038 5.000% 440,000.00 12/01/2030 100.000
12/01/2039 5.000% 460,000.00 12/01/2030 100.000
12/01/2040 5.000% 545,000.00 12/01/2030 100.000
12/01/2041 5.000% 570,000.00 12/01/2030 100.000
12/01/2042 5.000% 665,000.00 12/01/2030 100.000
12/01/2043 5.000% 700,000.00 12/01/2030 100.000
12/01/2044 5.000% 805,000.00 12/01/2030 100.000
12/01/2045 5.000% 845,000.00 12/01/2030 100.000
12/01/2046 5.000% 960,000.00 12/01/2030 100.000
12/01/2047 5.000% 1,010,000.00 12/01/2030 100.000
12/01/2048 5.000% 1,140,000.00 12/01/2030 100.000
12/01/2049 5.000% 1,195,000.00 12/01/2030 100.000
12/01/2050 5.000% 2,710,000.00 12/01/2030 100.000
13,810,000.00
11
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
ESCROW REQUIREMENTS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2030
Delivery Date 12/01/2030
7/30/18: Ser 20 NR SP, 5.00%, 100x, 40mls+fees, FG+6% BiRe
Period Principal
Ending Interest Redeemed Total
12/01/2030 345,250.00 13,810,000.00 14,155,250.00
345,250.00 13,810,000.00 14,155,250.00
12
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
PRIOR BOND DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
12/01/2030 345,250 345,250
06/01/2031 345,250 345,250
12/01/2031 135,000 5.000% 345,250 480,250 1,170,750
06/01/2032 341,875 341,875
12/01/2032 190,000 5.000% 341,875 531,875 873,750
06/01/2033 337,125 337,125
12/01/2033 200,000 5.000% 337,125 537,125 874,250
06/01/2034 332,125 332,125
12/01/2034 260,000 5.000% 332,125 592,125 924,250
06/01/2035 325,625 325,625
12/01/2035 275,000 5.000% 325,625 600,625 926,250
06/01/2036 318,750 318,750
12/01/2036 345,000 5.000% 318,750 663,750 982,500
06/01/2037 310,125 310,125
12/01/2037 360,000 5.000% 310,125 670,125 980,250
06/01/2038 301,125 301,125
12/01/2038 440,000 5.000% 301,125 741,125 1,042,250
06/01/2039 290,125 290,125
12/01/2039 460,000 5.000% 290,125 750,125 1,040,250
06/01/2040 278,625 278,625
12/01/2040 545,000 5.000% 278,625 823,625 1,102,250
06/01/2041 265,000 265,000
12/01/2041 570,000 5.000% 265,000 835,000 1,100,000
06/01/2042 250,750 250,750
12/01/2042 665,000 5.000% 250,750 915,750 1,166,500
06/01/2043 234,125 234,125
12/01/2043 700,000 5.000% 234,125 934,125 1,168,250
06/01/2044 216,625 216,625
12/01/2044 805,000 5.000% 216,625 1,021,625 1,238,250
06/01/2045 196,500 196,500
12/01/2045 845,000 5.000% 196,500 1,041,500 1,238,000
06/01/2046 175,375 175,375
12/01/2046 960,000 5.000% 175,375 1,135,375 1,310,750
06/01/2047 151,375 151,375
12/01/2047 1,010,000 5.000% 151,375 1,161,375 1,312,750
06/01/2048 126,125 126,125
12/01/2048 1,140,000 5.000% 126,125 1,266,125 1,392,250
06/01/2049 97,625 97,625
12/01/2049 1,195,000 5.000% 97,625 1,292,625 1,390,250
06/01/2050 67,750 67,750
12/01/2050 2,710,000 5.000% 67,750 2,777,750 2,845,500
13,810,000 10,269,250 24,079,250 24,079,250
13
EXHIBIT G
Public Benefits
Category Public Benefit
Per Unit Total
Water and Energy
Conservation
1 All homes DOE Zero Energy
Ready & EPA Indoor Air
Plus
$28,135 $14,039,185
2 LEED Certified $400 $199,600
1
Delivery of 10% Net Zero
Energy (50 units) and/or
distributed storage
$47,540 $2,376,995
3 Delivery of 10% rooftop
solar (50 units) and/or
distributed storage
$8,600 $430,000
Multimodal Transportation
Buffered Bike Lane (ROW
Land Cost - Suniga)
$286 $142,923
Wider than Required
Sidewalk (ROW Land Cost -
Suniga)
$90 $45,134
Enhanced Pedestrian
Crossing (2 proposed
crossings on Suniga 6 ft
wide each)
$50 $24,840
Critical Public
Infrastructure
Major arterial
development (ROW Land
Cost - Suniga)
$490 $244,474
4 Vine and Lemay (200
Units)
$800 $160,000
High Quality and Smart
Growth Management
5 Alley Construction (all
units)
$3,324.28 $1,658,818
Smaller lot size (additional
utility, water dedication)
$8,755 $4,368,740
Increased multifamily
development
There are 17 DU over the
original 200 units in MMN
Zone
Walkability & Pedestrian
Friendliness
5 Trail system
enhancements (wetland
perimeter trail, paseos)
$4,207 $2,099,520
Public Spaces
EXHIBIT H
Disclosure Notice
NOTICE OF INCLUSION IN A RESIDENTIAL METROPOLITAN DISTRICT
AND POSSIBLE PROPERTY TAX CONSEQUENCES
Legal description of the property and address:
(Insert legal description and property address).
This property is located in the following metropolitan district:
(Insert District Name).
In addition to standard property taxes identified on the next page, this property is subject to a
metropolitan district mill levy (another property tax) of up to:
(Insert mill levy maximum).
Based on the property’s inclusion in the metropolitan district, an average home sales price of
$300,000 could result in ADDITIONAL annual property taxes up to:
(Insert amount).
The next page provides examples of estimated total annual property taxes that could be due on
this property, first if located outside the metropolitan district and next if located within the
metropolitan district. Note: property that is not within a metropolitan district would not pay
the ADDITIONAL amount.
The metropolitan district board can be reached as follows:
(Insert contact information).
You may wish to consult with: (1) the Larimer County Assessor’s Office, to determine the
specific amount of metropolitan district taxes currently due on this property; and (2) the
metropolitan district board, to determine the highest possible amount of metropolitan district
property taxes that could be assessed on this property.
ESTIMATE OF PROPERTY TAXES
Annual Tax Levied on Residential Property With $300,000 Actual Value Without the District
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert amount
Annual Tax Levied on Residential Property With $300,000 Actual Value With the District
(Assuming Maximum District Mill Levy)
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert District Name Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert total
**This estimate of mill levies is based upon mill levies certified by the Larimer County Assessor’s Office in
December 20__ for collection in 20__, and is intended only to provide approximations of the total overlapping mill
levies within the District. The stated mill levies are subject to change and you should contact the Larimer County
Assessor’s Office to obtain accurate and current information.
FINANCIAL HEALTH OF METROPOLITAN DISTRICT
Financial information for (Insert District Name Here) as of (Insert Date of Last Annual Report
Here):
Notes Amount
Total Assessed Value Insert Notes Insert Amount
Current Mill Levy & Annual Revenue Insert Mill Insert Amount
Current Debt Mill Levy & Annual Revenue Insert Mill Insert Amount
Outstanding Debt Insert Term Insert Amount
Anticipated Payoff Year Insert Notes Insert Amount
Additional information regarding (Insert District Name Here) financial health and formation can
be found at the City of Fort Collins website, available at: fcgov.com.
In addition, the Colorado Department of Local Affairs may have the following materials
available:
Audited Financial Statements
Annual Budget
Annual Report on the Service Plan
Certification of Election Results
Certification of Tax Levies
Notice of Authorization of General Obligation Debt
Notice of Issuance of General Obligation Debt
Transparency – Notice to Electors
Available at:
https://dola.colorado.gov/lgis/lgFinances.jsf
Or
Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203
(303) 864-7720
Fax: (303) 864-0751
OR
Contact the District at:
_________Metropolitan District ______
_________[Address]________________
_________[Address]________________
_________[Phone]__________________
_________[Fax]____________________
_________[Email]___________________
6
Pocket parks,
neighborhood parks,
mixed use open space
(green courts, community
plaza, pocket parks)
$3,491 $1,742,210
Affordable Housing
7
10% of homes at 80% AMI $7,222 $3,250,000
TOTAL $61,688 $30,782,439
Footnotes:
1 Compared to 2015 code per Rip Reid study
2 Thrive's added cost for LEED Certified
3 3.5 kW system
4
5 As per Exhibit D by Northern Engineering
6 As per Exhibit D by Northern Engineering (Open Space & Signage)
7 $65,000 per unit subsidy distributed over 450 units
Difficult to quantify pending APF policy determination. Based on an estimated value for units above what was
already approved for APF.
Non Basic Costs
Environmental Sustainability Outcomes
DISCLAIMER: Preliminary estimates designed to provide illustrative representation for value of public benefit. This
illustration is non-binding pending execution of a Development Agreement.
06/01/2055 189,500 189,500
12/01/2055 1,280,000 4.000% 189,500 1,469,500 1,659,000
06/01/2056 163,900 163,900
12/01/2056 1,430,000 4.000% 163,900 1,593,900 1,757,800
06/01/2057 135,300 135,300
12/01/2057 1,490,000 4.000% 135,300 1,625,300 1,760,600
06/01/2058 105,500 105,500
12/01/2058 1,655,000 4.000% 105,500 1,760,500 1,866,000
06/01/2059 72,400 72,400
12/01/2059 1,720,000 4.000% 72,400 1,792,400 1,864,800
06/01/2060 38,000 38,000
12/01/2060 1,900,000 4.000% 38,000 1,938,000 1,976,000
20,930,000 18,602,200 39,532,200 39,532,200
9
17,235,595 10.000 168,909 10,135 179,043 50.000
18,743,620 10.000 183,687 11,021 194,709 50.000
18,743,620 10.000 183,687 11,021 194,709 50.000
19,868,237 10.000 194,709 11,683 206,391 50.000
19,868,237 10.000 194,709 11,683 206,391 50.000
21,060,331 10.000 206,391 12,383 218,775 50.000
21,060,331 10.000 206,391 12,383 218,775 50.000
22,323,951 10.000 218,775 13,126 231,901 50.000
22,323,951 10.000 218,775 13,126 231,901 50.000
23,663,388 10.000 231,901 13,914 245,815 50.000
23,663,388 10.000 231,901 13,914 245,815 50.000
25,083,192 10.000 245,815 14,749 260,564 50.000
25,083,192 10.000 245,815 14,749 260,564 50.000
26,588,183 10.000 260,564 15,634 276,198 50.000
26,588,183 10.000 260,564 15,634 276,198 50.000
28,183,474 10.000 276,198 16,572 292,770 50.000
28,183,474 10.000 276,198 16,572 292,770 50.000
29,874,482 10.000 292,770 17,566 310,336 50.000
29,874,482 10.000 292,770 17,566 310,336 50.000
31,666,951 10.000 310,336 18,620 328,956 50.000
31,666,951 10.000 310,336 18,620 328,956 50.000
33,566,969 10.000 328,956 19,737 348,694 50.000
33,566,969 10.000 328,956 19,737 348,694 50.000
35,580,987 10.000 348,694 20,922 369,615 50.000
35,580,987 10.000 348,694 20,922 369,615 50.000
37,715,846 10.000 369,615 22,177 391,792 50.000
37,715,846 10.000 369,615 22,177 391,792 50.000
39,978,797 10.000 391,792 23,508 415,300 50.000
39,978,797 10.000 391,792 23,508 415,300 50.000
42,377,524 10.000 415,300 24,918 440,218 50.000
42,377,524 10.000 415,300 24,918 440,218 50.000
44,920,176 10.000 440,218 26,413 466,631 50.000
44,920,176 10.000 440,218 26,413 466,631 50.000
47,615,386 10.000 466,631 27,998 494,629 50.000
_______ ________ _______
10,672,979 640,379 11,313,358
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SP
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
3
1,336,750 1,332,750 1,332,750 4,000 0 1,544,000 249% 9% 100% 100%
1,261,136 1,260,250 1,260,250 886 0 1,544,887 151% 8% 100% 100%
795,068 790,000 790,000 5,068 0 1,549,954 112% 7% 101% 101%
844,081 842,000 842,000 2,081 0 1,552,035 101% 6% 100% 100%
896,446 896,250 896,250 196 0 1,552,232 89% 6% 100% 100%
875,940 872,500 872,500 3,440 0 1,555,671 83% 5% 100% 100%
716,173 714,500 714,500 1,673 0 1,557,345 75% 5% 100% 100%
778,835 774,000 774,000 4,835 0 1,562,180 75% 5% 101% 101%
778,835 775,500 775,500 3,335 15 1,565,500 71% 5% 100% 100%
825,565 821,750 $0 821,750 $1,550,000 (1,546,185) 0 19,315 70% 5% 101% 101%
825,565 [ Ref'd by Ser. '30 ] 837,200 837,200 (11,635) 0 7,680 99% 7% 99% 99%
875,099 872,200 872,200 2,899 0 10,579 99% 7% 100% 100%
875,099 870,800 870,800 4,299 0 14,878 94% 6% 101% 101%
927,605 924,400 924,400 3,205 0 18,083 93% 6% 100% 100%
927,605 925,800 925,800 1,805 0 19,887 88% 6% 100% 100%
983,261 982,000 982,000 1,261 0 21,148 87% 6% 100% 100%
983,261 980,800 980,800 2,461 0 23,610 82% 6% 100% 100%
1,042,257 1,039,400 1,039,400 2,857 0 26,466 81% 6% 100% 100%
1,042,257 1,040,400 1,040,400 1,857 0 28,323 76% 5% 100% 100%
1,104,792 1,101,000 1,101,000 3,792 0 32,115 75% 5% 100% 100%
1,104,792 1,103,800 1,103,800 992 0 33,108 70% 5% 100% 100%
1,171,080 1,171,000 1,171,000 80 0 33,187 68% 5% 100% 100%
1,171,080 1,170,000 1,170,000 1,080 0 34,267 63% 4% 100% 100%
1,241,344 1,238,400 1,238,400 2,944 0 37,211 62% 4% 100% 100%
1,241,344 1,238,400 1,238,400 2,944 0 40,156 57% 4% 100% 100%
1,315,825 1,312,600 1,312,600 3,225 0 43,381 55% 4% 100% 100%
1,315,825 1,313,000 1,313,000 2,825 0 46,206 50% 3% 100% 100%
1,394,775 1,392,400 1,392,400 2,375 0 48,581 48% 3% 100% 100%
1,394,775 1,392,600 1,392,600 2,175 0 50,756 43% 3% 100% 100%
1,478,461 1,476,600 1,476,600 1,861 0 52,617 41% 3% 100% 100%
1,478,461 1,476,000 1,476,000 2,461 0 55,078 37% 2% 100% 100%
1,567,169 1,564,000 1,564,000 3,169 0 58,247 34% 2% 100% 100%
1,567,169 1,567,000 1,567,000 169 0 58,416 30% 2% 100% 100%
1,661,199 1,658,200 1,658,200 2,999 0 61,415 27% 2% 100% 100%
1,661,199 1,659,000 1,659,000 2,199 0 63,613 22% 2% 100% 100%
1,760,871 1,757,800 1,757,800 3,071 0 66,684 19% 1% 100% 100%
1,760,871 1,760,600 1,760,600 271 0 66,955 15% 1% 100% 100%
1,866,523 1,866,000 1,866,000 523 0 67,478 12% 1% 100% 100%
1,866,523 1,864,800 1,864,800 1,723 0 69,202 8% 1% 100% 100%
1,978,515 1,976,000 1,976,000 2,515 71,716 0 4% 0% 100% 100%
_________ _________ _________ _________ _________ _________ _________
50,233,431 9,079,500 39,532,200 48,611,700 1,550,000 71,731 71,731
[ FJul3018 20lfspF ] [ FJul3018 30igr20nF] [*] Estimated balance (tbd)
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SP
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
2
1
18" HDPE STORM
DRAIN LINE
ST
30" RCP STORM
DRAIN LINE
ST
UD 8" UNDER DRAIN
LID AREAS
DRAWN BY
DATE PROJECT
1496-001
DRAWN BY SCALE EXHIBIT
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521
GREELEY: 820 8th Street, 80631
970.221.4158
northernengineering.com
( IN FEET )
1 inch = ft.
400 0 400 Feet
400
SANITARY SEWER &
SUBDRAIN MAP
1" = 400' E
FIGURE 3 OF 5
LEGEND:
SS
SEWER LINE - 12 INCH PVC.
ALL SEWER TO BE OWNED
AND MAINTAINED BY
BOXELDER SANITATION
DISTRICT
SEWER LINE - 8 INCH PVC.
ALL SEWER TO BE OWNED
AND MAINTAINED BY
BOXELDER SANITATION
DISTRICT
SS
SUBDRAIN - 8 INCH HDPE.
ALL SUBDRAINS TO BE
OWNED AND MAINTAINED BY
THE METRO DISTRICT.
SD
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
WATER DISTRICT.
W
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
energy and water efficiency may offset higher property tax costs
Mitigations
• No proposed mitigations
Key Alignment: NLSH 1.1: Improve access to quality housing that is affordable to a board range of income levels; NLSH
1.6, Protect and preserve the quality of life in neighborhoods; ENV 4.1: Achieve Climate Action Plan (CAP) 2020 goals and
continue progress toward the 2030 goals;
ATTACHMENT 5