HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/19/2020 - RESOLUTION 2020-050 APPROVING A DEVELOPMENT AGREEMAgenda Item 20
Item # 20 Page 1
AGENDA ITEM SUMMARY May 19, 2020
City Council
STAFF
Josh Birks, Economic Health Director
Rachel Rogers, Senior Specialist Economic Sustainability
John Duval, Legal
SUBJECT
Resolution 2020-050 Approving a Development Agreement to Secure Public Benefits for Development of the
Northfield Metropolitan District Development Agreement.
EXECUTIVE SUMMARY
This item has been postponed to June 2.
This item meets the following COVID-19 emergency priorities for being on the Council agenda:
Priority 4 - Items that are substantially complete, has completed significant public process, and is ready for
Council consideration. This item is being brought forward to help ensure that work does not have to be
redone and can continue to move forward.
This item is vital to secure necessary project financing and is also related to Council’s previous action of
approving a metropolitan district service plan to be used in this project to help fund certain public benefits, i.e.,
much-needed affordable and attainable housing. The project will also provide additional economic benefits of
construction employment and significant permit fee revenue to the City. These benefits are material, especially
in the midst of the pending economic slowdown as a result of the COVID-19 pandemic.
The purpose of this item is to consider Resolution 2020-050, which will approve the Agreement to Secure Public
Benefits for the Northfield Development (attached as Exhibit A to the Resolution) (Public Benefits Agreement).
The Agreement is contemplated in the Consolidated Service Plan for Northfield Metropolitan Districts Nos. 1-3,
approved by City Council on October 1, 2019. Staff has completed its review of the Public Benefits Agreement
to ensure it conforms to the service plan that was approved by Council.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
BACKGROUND / DISCUSSION
Project Overview
Landmark Homes (“Landmark”) is proposing to construct approximately 442 homes on 56 acres, in total 139
units in brownstones, 180 units in flats style homes, 121 condo units and 2 studio rentals above the commercial
space. The project, called Northfield, will include 65 deed restricted units affordable for low income households
earning no more than 80% of Fort Collins Area Median Income (AMI), with those units offered as for-rent
affordable units affordable, on average, for low income households earning no more than 60% of AMI. The
remaining housing units in the project are expected to be priced in an attainable range, considered to be between
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81% and 120% of AMI. In addition, there will be a mixed-use center that will offer light commercial use on the
first floor, the two residential for-rent units on the second floor, and small amenities open to the public.
Landmark has committed to building healthy, efficient, and local homes. It achieves this goal by:
Healthy - A Heat Recovery Ventilation (HRV) system will be installed in every market rate unit to improve
air quality inside the homes. When homes get very tight due to efficient construction techniques, the air
inside can get stagnant. The HRV system helps bring in fresh outside air and condition it to the inside
temperature through an energy efficient recovery core.
Efficient - All homes are constructed to meet Leadership in Energy and Environmental Design (LEED) Gold
Certification.
Alternative Energy - Landmark plans to include solar panels on every market rate unit. These buildings will
feature a photovoltaic system that will produce approximately 1kW of power for each unit. Thus, a 12-unit
building will have roughly 12kW of solar panels. In addition, Northfield development will also include a 240V
outlet in every garage unit to provide a place for the electric vehicle fast-charging stations and further
encourage residents to drive eco-friendly cars.
Public Benefits
The Service Plan anticipates using the Debt Mill Levy to support the issuance of bonds in the maximum amount
of $16 million to fund all or a portion of the following $18.7 million in public improvements:
1. Water and Energy Conservation
a. LEED Gold Certification - It shall be a condition to the City’s issuance of the certificate of occupancy for
each dwelling unit built that the City is provided with a copy of the final application submitted and signed
by the Green Rater for the LEED Gold certification for that unit (Certification). The Certification issued
for that unit must also be provided to the City within 30 days of the issuance of the certificate of
occupancy as a precondition to the City’s issuance of any new building permits for dwelling units to be
built under the approved Final Development Plan (FDP).
b. Heat Recovery Ventilator (HRV) Systems
c. Solar Photovoltaic (PV) Homes - evidence of one of the following must be provided to the City by a
Green Rater: (i) the installation of a rooftop solar photovoltaic system, or (ii) access to Distributed Energy
Storage. If such evidence is not provided to the City, the City shall not be required to issue a certificate
of occupancy for any new dwelling unit to be built under the approved FDP
d. Home Energy Rating System (HERS) Rating Commitment of 35 to 49.
e. Electric Vehicle (EV) charging stations in each garage - a 240V outlet shall be included in every garage
2. Critical Public Infrastructure
a. Design and construction of Suniga Road as a four-lane major arterial in the dedicated Suniga Road
right-of-way between the existing Redwood Road and the Lemay Avenue.
b. Northfield plans to replace and upsize the sewer line from Vine Drive, around Alta Vista, and along a
portion of Lemay Avenue. It is not clear at this early stage whether the developer or the district will
contract for construction of the upsizing, but they will seek reimbursement from the City for the upsized
portion.
c. Northfield plans to finance and deliver the on-site Regional Trail as well as the off-site pedestrian
connection for the northeastern portion up to the intersection at Lemay Avenue and Conifer Street.
3. Affordable Housing
a. At least 65 units, approximately 15% of the total number of dwelling units approved within the FDP shall
be either for-sale or for-rent affordable housing units (“Required Affordable Units”) affordable for
households earning eighty percent (80%) or less of the area median income for a family of four for the
Fort Collins/Loveland Metropolitan Statistical Area published annually by the U.S. Department of
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Housing and Urban Development (“AMI”). The Required Affordable Units are offered as for-rent units,
such units must be rented at a price affordable in Larimer County, Colorado, for an AMI of 80% or lower
and the average of all rents for those units must be affordable for households earning no more than the
60%.
b. Forty-three (43) of the Required Affordable Units shall be secured through one of the mechanisms
described in Sections I.C.1.a. through c. of the Public Benefits Agreement (or through any other
mechanism agreed upon in writing between the City and the Developer) prior to receipt from the City of
a building permit for more than two hundred twenty-one (221) of the total number of dwelling units
authorized under the approved FDP, and the remaining twenty-two (22) of the Required Affordable Units
shall be so secured prior to receipt from the City of a building permit for the last eighty-eight (88) of the
dwelling units authorized under the approved FDP.
4. Smart Growth Management and Community and Neighborhood Livability
a. Alley access to the garages of the homes.
b. The southeastern edge of Northfield borders the to-be-designated historic Alta Vista neighborhood. To
blend the transition to new development and pay homage to the neighborhood’s history, Northfield will
feature an Interpretive Historical Park and Gateway Features bordering Alta Vista. These additions were
developed in collaboration with neighbors in the Alta Vista neighborhood and would provide an
extraordinary benefit to the City as a whole.
c. Smaller lot sizes.
d. 100% of units will be attached housing types (four to eight-unit townhomes and eight to twelve-unit
condominium buildings).
Performance Assurances
The Northfield Service Plan prohibits the issuance of any debt or imposition of the debt mill levy or fees to pay
debt unless and until the delivery of the Public Benefits area secured for each development phase of the project
in a manner that is approved by Council. This requirement can be satisfied by one or both of the following
methods, as applicable:
Intergovernmental Agreement - For any of the Public Benefits to be provided by one or more of the
Districts, each such District must enter into an intergovernmental agreement with the City agreeing to provide
those Public Benefits as a legally enforceable multiple-fiscal year obligation of the District under TABOR or
by securing performance of that obligation with a surety bond, letter of credit or other security acceptable to
the City and all such intergovernmental agreements must be approved by the City Council by resolution;
Approved Development Plan - For any of the Public Benefits to be provided by one or more Developers of
the Planned Development, each such Developer must enter into a development agreement with the City
under the Developer’s applicable Approved Development Plan, which agreement must legally obligate the
Developer to provide those Public Benefits before the City is required to issue building permits and/or
certificates of occupancy for structures to be built under the Approved Development Plan for that phase of
the Planned Development or to secure such obligations with a surety bond, letter of credit or other security
acceptable to the City and all such development agreements must be approved by the City Council by
resolution.
Here, the method being used to secure the Northfield Public Benefits is as an approved development plan, which
is the proposed Public Benefits Agreement attached to the Resolution.
Funding/Securing of Public Benefits
Although the intent is that one or more of the Districts will ultimately reimburse the Developer for those Public
Benefits they have the legal ability to fund, the Northfield developer shall have the obligation to develop, construct
and/or install the Public Benefits in accordance with the terms and conditions of the Public Benefits Agreement.
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Service Plan Overview Review
The Service Plan calls for the creation of three Metro Districts to work collaboratively to deliver the proposed
Northfield 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 $13.3 million in 2029 at full build-out
Aggregate Mill Levy - 50 mills, subject to Gallagher Adjustments
Debt Mill Levy - 40 mills, may not be levied until an approved development plan or intergovernmental
agreement has been executed that delivers the pledged public benefits
Operating Mill Levy - Up to an additional 10 mills (aggregate mill levy of 50 mills) to fund several on-going
operations, such as but not limited to: (a) a non-potable irrigation system, and (b) road infrastructure. Once
a District imposes a Debt Mill Levy, such District’s Operating Mill Levy cannot exceed ten (10) mills at any
point.
Maximum Debt Authorization - Anticipated to be approximately $16 million to cover a portion of the
estimated $30 million in project costs
Regional Mill Levy - The Regional Mill Levy of 5 mills shall not be counted against the Aggregate Mill Levy
Maximum
Approval of Public Benefits Agreement Contingent on FDP Approval
In April 2019, the City’s Planning and Zoning Board approved Landmark’s project development plan (PDP) for
the development of the property and the City has recently approved the final development plan (FDP) for the
property, Landmark and the City have not yet entered into the development agreement required as part of the
FDP approval (Development Agreement). Therefore, the Council’s approval of the Public Benefits Agreement
in the Resolution is contingent on the City and Landmark hereafter entering into the Development Agreement.
In addition, since Landmark has not yet closed on its purchase of the property for this project, the Public Benefits
Agreement will not be fully effective unless and until Landmark closes on its purchase of the property.
Conclusion
The Public Benefits Agreement conforms to the public benefits outlined in the Service Plan. Staff recommends
adoption of the Resolution, as the Agreement meets both the letter and spirit of the Metropolitan District Policy
and helps the City achieve its strategic objectives. The Metropolitan District Policy speaks to the City’s
commitment to Climate Action Plan (CAP) goals with energy efficiency benefits that exceed the City’s current
code. In addition, the project will create at least 65 units of affordable housing, addressing the City’s objective of
increasing the inventory of affordable units as outlined in the Affordable Housing Strategic Plan.
CITY FINANCIAL IMPACTS
The proposed Public Benefits Agreement will not have an impact on the City’s financials. The applicant has paid
the fees required under the City’s previous metropolitan district policy, which fees are designed to offset the cost
of staff and outside consultant review.
ATTACHMENTS
1. Resolution 2019-101 (PDF)
2. Powerpoint presentation (PDF)
ATTACHMENT 1
CONSOLIDATED SERVICE PLAN
FOR
NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3
CITY OF FORT COLLINS, COLORADO
Prepared by:
WHITE BEAR ANKELE TANAKA & WALDRON
2154 E. Commons Ave., Suite 2000
Centennial, CO 80122
Submitted On: August 7, 2019
Approved on: [__________________]
EXHIBIT A
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TABLE OF CONTENTS
I. INTRODUCTION .............................................................................................................. 1
A. Purpose and Intent................................................................................................... 1
B. Need for the Districts. ............................................................................................. 1
C. Objective of the City Regarding Districts’ Service Plan. ....................................... 2
D. City Approvals. ....................................................................................................... 2
II. DEFINITIONS .................................................................................................................... 2
III. BOUNDARIES AND LOCATION .................................................................................... 5
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFITS &
ASSESSED VALUATION ................................................................................................ 6
A. Project and Planned Development. ......................................................................... 6
B. Public Benefits. ....................................................................................................... 6
C. Assessed Valuation. ................................................................................................ 8
V. INCLUSION OF LAND IN THE SERVICE AREA ......................................................... 8
VI. DISTRICT GOVERNANCE .............................................................................................. 8
VII. AUTHORIZED AND PROHIBITED POWERS ............................................................... 8
A. General Grant of Powers. ........................................................................................ 8
B. Prohibited Improvements and Services and other Restrictions and Limitations. ... 9
1. Eminent Domain Restriction....................................................................... 9
2. Fee Limitation ............................................................................................. 9
3. Operations and Maintenance....................................................................... 9
4. Fire Protection Restriction ........................................................................ 10
5. Public Safety Services Restriction ............................................................ 10
6. Grants from Governmental Agencies Restriction ..................................... 10
7. Golf Course Construction Restriction ....................................................... 10
8. Television Relay and Translation Restriction ........................................... 10
9. Potable Water and Wastewater Treatment Facilities ................................ 10
10. Sales and Use Tax Exemption Limitation ................................................ 11
11. Sub-district Restriction ............................................................................. 11
12. Privately Placed Debt Limitation .............................................................. 11
13. Special Assessments ................................................................................. 11
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS ............................................. 11
A. Development Standards. ....................................................................................... 12
B. Contracting. ........................................................................................................... 13
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C. Land Acquisition and Conveyance. ...................................................................... 13
D. Equal Employment and Discrimination. ............................................................... 13
IX. FINANCIAL PLAN/PROPOSED DEBT......................................................................... 13
A. Financial Plan........................................................................................................ 13
B. Mill Levies. ........................................................................................................... 14
1. Aggregate Mill Levy Maximum ............................................................... 14
2. Regional Mill Levy Not Included in Other Mill Levies ........................... 14
3. Operating Mill Levy ................................................................................. 14
4. Gallagher Adjustments.............................................................................. 14
5. Excessive Mill Levy Pledges .................................................................... 15
6. Refunding Debt ......................................................................................... 15
7. Maximum Debt Authorization .................................................................. 15
C. Maximum Voted Interest Rate and Underwriting Discount. ................................ 15
D. Interest Rate and Underwriting Discount Certification. ....................................... 15
E. Disclosure to Purchasers. ...................................................................................... 16
F. External Financial Advisor. .................................................................................. 16
G. Disclosure to Debt Purchasers. ............................................................................. 16
H. Security for Debt. .................................................................................................. 17
I. TABOR Compliance. ............................................................................................ 17
J. Districts’ Operating Costs. .................................................................................... 17
X. REGIONAL IMPROVEMENTS...................................................................................... 17
A. Regional Mill Levy Authority. ............................................................................. 18
B. Regional Mill Levy Imposition. ............................................................................ 18
C. City Notice Regarding Regional Improvements. .................................................. 18
D. Regional Improvements Authorized Under Service Plan. .................................... 18
E. Expenditure of Regional Mil Levy Revenues. ...................................................... 18
1. Intergovernmental Agreement .................................................................. 18
2. No Intergovernmental Agreement ............................................................ 18
F. Regional Mill Levy Term. .................................................................................... 19
G. Completion of Regional Improvements. ............................................................... 19
H. City Authority to Require Imposition. .................................................................. 19
I. Regional Mill Levy Not Included in Other Mill Levies. ...................................... 19
J. Gallagher Adjustment. .......................................................................................... 19
XI. CITY FEES ....................................................................................................................... 19
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XII. BANKRUPTCY LIMITATIONS ..................................................................................... 19
XIII. ANNUAL REPORTS AND BOARD MEETINGS ......................................................... 20
A. General. ................................................................................................................. 20
B. Board Meetings. .................................................................................................... 20
C. Report Requirements. ........................................................................................... 20
1. Narrative ................................................................................................... 20
2. Financial Statements ................................................................................. 20
3. Capital Expenditures ................................................................................. 20
4. Financial Obligations ................................................................................ 21
5. Board Contact Information ....................................................................... 21
6. Other Information ..................................................................................... 21
D. Reporting of Significant Events. ........................................................................... 21
E. Failure to Submit................................................................................................... 21
XIV. SERVICE PLAN AMENDMENTS ................................................................................. 22
XV. MATERIAL MODIFICATIONS ..................................................................................... 22
XVI. DISSOLUTION ................................................................................................................ 22
XVII. SANCTIONS .................................................................................................................... 23
XVIII. INTERGOVERNMENTAL AGREEMENT WITH CITY .............................................. 23
XIX. CONCLUSION ................................................................................................................. 24
XX. RESOLUTION OF APPROVAL ..................................................................................... 24
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EXHIBITS
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 Improvement Maps
EXHIBIT F Financial Plan
EXHIBIT G Public Benefits
EXHIBIT H Disclosure Notice
EXHIBIT I Form of Intergovernmental Agreement
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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 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 these Public
Improvements by the issuance of Debt.
It is also intended under this Service Plan that no District shall be authorized to
issue any Debt, impose a Debt Mill Levy, or impose any Fees for payment on Debt unless and
until the delivery of the applicable Public Benefits described in Section IV.B of this Service Plan
has been secured in accordance with Section IV.B of this Service Plan.
It is intended that this Service Plan also requires the Districts to pay a portion of the
cost of the Regional Improvements, as provided in Section X of this Service Plan, as part of
ensuring that those privately-owned properties to be developed in the Districts that benefit from
the Regional Improvements pay a reasonable share of the associated costs.
The Districts are not intended to provide ongoing operations and maintenance
services except as expressly authorized in this Service Plan.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt
incurred or upon a court determination that adequate provision has been made for the payment of
all Debt, except that if the Districts are authorized in this Service Plan to perform continuing
operating or maintenance functions, the Districts shall continue in existence for the sole purpose
of providing such functions and shall retain only the powers necessary to impose and collect the
taxes or Fees authorized in this Service Plan to pay for the costs of those functions.
It is intended that the Districts shall comply with the provisions of this Service Plan
and that the City may enforce any non-compliance with these provisions as provided in Sections
XVII and XVIII 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.
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C. Objective of the City Regarding Districts’ Service Plan.
The City’s objective in approving this Service Plan is to authorize the Districts to
provide for the planning, design, acquisition, construction, installation, relocation and
redevelopment of the Public Improvements from the proceeds of Debt to be issued by the Districts
but in doing so, to also establish in the Service Plan the means by which the Regional
Improvements and Public Benefits will be provided. Except as specifically provided in this
Service Plan, all Debt is expected to be repaid by taxes and Fees imposed and collected for no
longer than the Maximum Debt Mill Levy Imposition Term for residential properties and at a tax
mill levy no higher than the Maximum Debt Mill Levy. Fees imposed for the payment of Debt
shall be due no later than upon the issuance of a building permit. 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 the
Districts may each levy for its Debt Mill Levy and Operating Mill Levy, at a rate not to exceed the
limitation set in Section IX.B.1.
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 each of the Districts,
or the Boards of Directors of all of the Districts, in the aggregate.
Bond, Bonds or Debt: means bonds, notes or other multiple fiscal year financial
obligations for the payment of which a District has promised to impose an ad valorem property tax
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mill levy, Fees or other legally available revenue. Such terms do not include contracts through
which a District procures or provides services or tangible property.
City: means the City of Fort Collins, Colorado, a home rule municipality.
City Code: means collectively the City’s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council: means the City Council of the City.
City Manager: means the City Manager of the City.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property within a
District for the purpose of paying Debt as authorized in this Service Plan, at a rate not to exceed
the limitations set in Section IX.B of this Service Plan.
Developer: means a person or entity that is the owner of property or owner of contractual
rights to property in the Service Area that intends to develop the property.
District: means any of the following metropolitan districts: Northfield Metropolitan
District No. 1, Northfield Metropolitan District No. 2 and Northfield Metropolitan District No.
3, as each are organized under and governed by this Service Plan.
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.
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Districts: means Northfield Metropolitan District No. 1, Northfield Metropolitan District
No. 2 and Northfield Metropolitan District No. 3, collectively, organized under and governed by
this Service Plan.
End User: means any owner, or tenant of any owner, of any property within the Districts,
who is intended to become burdened by the imposition of ad valorem property taxes and/or Fees.
By way of illustration, a resident homeowner, renter, commercial property owner or commercial
tenant is an End User. A Developer and any person or entity that constructs homes or commercial
structures is not an End User.
External Financial Advisor: means a consultant that: (1) is qualified to advise Colorado
governmental entities on matters relating to the issuance of securities by Colorado governmental
entities including matters such as the pricing, sales and marketing of such securities and the
procuring of bond ratings, credit enhancement and insurance in respect of such securities; (2) shall
be an underwriter, investment banker, or individual listed as a public finance advisor in the Bond
Buyer’s Municipal Market Place or, in the City’s sole discretion, other recognized publication as
a provider of financial projections; and (3) is not an officer or employee of the Districts or an
underwriter of the Districts’ Debt.
Fees: means the fees, rates, tolls, penalties and charges the Districts are authorized to
impose and collect under this Service Plan.
Financial Plan: means the Financial Plan described in Section IX of this Service Plan
which was prepared by D.A. Davidson & Co., an External Advisor, in accordance with the
requirements of this Service Plan and describes (a) how the Public Improvements are to be
financed; (b) how the Debt is expected to be incurred; and (c) the estimated operating revenue
derived from property taxes and any Fees for the first budget year through the year in which all
District Debt is expected to be defeased or paid in the ordinary course.
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 property developed in the Service Area for
residential use, which shall include residential properties in mixed-use developments. This
maximum term shall not exceed forty (40) years from December 31 of the year this Service Plan
is approved by City Council
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding a District’s administration, operations and maintenance as authorized in this
Service Plan, including, without limitation, repair and replacement of Public Improvements, and
imposed at a rate not to exceed the limitations set in Section IX.B of this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area, commonly referred to as Northfield, under an Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the
Planned Development.
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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 F attached hereto and incorporated by reference. Public
Improvements do not include Regional Improvements.
Regional Improvements: means any regional public improvement identified by the City
for funding, in whole or part, by a Regional Mill Levy levied by the Districts, including, without
limitation, the public improvements described in Exhibit I attached hereto and incorporated by
reference.
Regional Mill Levy: means the property tax mill levy imposed on Taxable Property for
the purpose of planning, designing, acquiring, funding, constructing, installing, relocating and/or
redeveloping the Regional Improvements and/or to fund the administration and overhead costs
related to the Regional Improvements as provided in Section X of this Service Plan.
Service Area: means the property collectively within the District No. 1 Boundaries,
District No. 2 Boundaries, and District No. 3 Boundaries, all 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.
TABOR: means Colorado’s Taxpayer’s Bill of Rights in Article X, Section 20 of the
Colorado Constitution.
Taxable Property: means the real and personal property within the Service Area that will
be subject to the ad valorem property taxes imposed by the Districts.
Vicinity Map: means the map attached hereto as Exhibit E 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 56.3 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
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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
Section V of this Service Plan. The location of the Service Area is depicted in the vicinity map
attached as Exhibit E.
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
A. Project and Planned Development.
Situated within walking distance of the City’s Old Town, the Planned Development
is a proposed 56.3-acre, mixed-use community located west of Lindenmeier Road, southeast of
the Lake Canal and north of the to-be designated historic Alta Vista neighborhood. The Planned
Development targets a number of the City’s stretch outcomes and critical objectives, including
neighborhood livability and social health, environmental health, and transportation. The Planned
Development incorporates goals of the following plans: the City Plan, Transportation Master Plan,
Master Street Plan, Nature in the City Strategic Plan, Natural Areas Master Plan, Paved
Recreational Trail Master Plan, Northside Neighborhoods Plan, Pedestrian Plan, and Bicycle
Master Plan.
The Planned Development is anticipated to include approximately 442 attached
housing units, of which a minimum of sixty-five (65) housing units will be designated and
provided as as either for-sale or for-rent affordable housing (the “Required Affordable Units”),
and the majority of the rest of the units will be sold as attainable housing units. The Planned
Development is also anticipated to include a mixed-use center that will offer light commercial use
on the first floor, residential for-rent units on the second floor, and small amenities open to the
public. The estimated resident population at build-out is 1,139.
Construction of the Planned Development is planned to be completed by year 2026.
In accordance with the Financial Plan, the estimated assessed valuation of the Planned
Development in 2024 is estimated to be $8,525,353 for residential and $181,867 for commercial,
and in 2029 it is estimated to be $13,129,996 for residential and $204,346 for commercial.
Approval of this Service Plan by the City Council does not constitute nor imply
approval of the development of any particular land-use for any specific area within the Districts.
Any such approval must be contained within an Approved Development Plan.
B. Public Benefits.
In addition to providing the Public Improvements described in Exhibit F and the Regional
Improvements, the Districts will deliver several public benefits to the community in accordance
with the City’s Metro District Service Plan Policy. The public benefits include, but are not limited
to, developing critical on-site and off-site public infrastructure, employing high quality and smart
growth practices, creating the Required Affordable Units, creating attainable housing units to
support the workforce, and incorporating environmental sustainability through energy and water
conservation, and enhanced multimodal transportation, all of which are specifically described in
Exhibit I attached hereto and incorporated herein by this reference (collectively, the “Public
Benefits”). In addition to the foregoing, if all or a portion of the Required Affordable Units are
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offered as for-sale units, such units must be sold at a price affordable in Larimer County, Colorado,
for an area median income (“AMI”) of 80% or lower. If all of a portion of the Required Affordable
Units are offered as for-rent units, such units must be rented at a price affordable in Larimer
County, Colorado, for an AMI of 80% or lower and the average of all rents for those units must at
all times reasonably approximate to a Larimer County AMI of 60% or lower. In addition, as
provided in Exhibit I, the Required Affordable Units shall be designed and constructed to the
same energy-efficiency standards as the other housing units built in the Planned Development.
Therefore, notwithstanding any provision to the contrary contained in this Service
Plan, no District shall be authorized to issue any Debt or to impose a Debt Mill Levy or any Fees
for payment of Debt unless and until the delivery of the Public Benefits specifically related to the
phase of the Planned Development or portion of the Project to be financed with such Debt, Debt
Mill Levy or Fees are secured in a manner approved by the City Council. To satisfy this
precondition to the issuance of Debt and to the imposition of the Debt Mill Levy and Fees, delivery
of the Public Benefits for each phase of the Project and the Planned Development must be secured
by one of the following methods, as applicable:
1. For any portion of the Public Benefits to be provided by one or more of the
Districts, each such District must enter into an intergovernmental agreement with the City either
(i) agreeing to provide those Public Benefits as a legally enforceable multiple-fiscal year obligation
of the District under TABOR, or by (ii) securing performance of that obligation with a surety bond,
letter of credit, or other security acceptable to the City, and any such intergovernmental agreement
must be approved by the City Council by resolution;
2. For any portion of the Public Benefits to be provided by one or more
Developers of the Planned Development, each such Developer must either (i) enter into a
development agreement with the City under the Developer’s applicable Approved Development
Plan, which agreement must legally obligate the Developer to provide those Public Benefits before
the City is required to issue building permits and/or certificates of occupancy for structures to be
built under the Approved Development Plan for that phase of the Planned Development, or (ii)
secure such obligations with a surety bond, letter of credit, or other security acceptable to the City,
and all such development agreements must be approved by the City Council by resolution; or
3. For any portion of the Public Benefits to be provided in part by one or more
of the Districts in the Project and in part by one or more of the Developers in the Planned
Development or Project, an agreement between the City, the affected District(s), and the
Developer(s) that secures such Public Benefits as legally binding obligations using the methods
described in subsections 1 and 2 above, and all such agreements must be approved by the City
Council by resolution.
Specifically, with regard to delivery of the Required Affordable Units contemplated
in Section 2 above, the development agreement between the Developer and the City shall include
the following conditions:
The Required Affordable Units may be provided through either of the following two
mechanisms or any other mechanism mutually agreed upon by the Developer and the City, or
any combination of the same:
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a. Construction of the Required Affordable Units by the Developer under the
Approved Development Plan. Only those Developer-constructed Required
Affordable Units for which the City has issued a certificate of occupancy will be
counted toward the satisfaction of the total number of Required Affordable Units
needed.
b. Sale of lots for the Required Affordable Units within the Planned
Development by the Developer to a non-profit or for-profit builder who will
contractually guarantee to the City that the builder will only build Required
Affordable Units on the those lots. At the time any such sale is closed and the
contractual guarantee has been provided to the City to its satisfaction, the number
of housing units approved for construction on such lots shall count toward the
Required Affordable Units.
All sixty-five (65) of the Required Affordable Units shall be secured through one of the
mechanisms described above (or through any other mechanism agreed upon in writing
between the City and the Developer) before the City is required to issue more than two
hundred twenty-one (221) total building permits for dwelling units to be built in the
Planned Development. Once all sixty-five (65) of the Required Affordable Units have
been secured as here required, this restriction on building permits shall terminate.
C. Assessed Valuation.
The current assessed valuation of the Service Area is approximately $2,024 and, at
build out is expected to be $13,334,342. 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
The Districts shall not add any real property to the Service Area without the City’s 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 elector”
of the Districts as provided in the Special District Act. It is anticipated that, over time, the End
Users who are eligible electors will assume direct electoral control of the Districts’ Boards as
development of the Service Area progresses. The Districts shall not enter into any agreement by
which the End Users’ electoral control of the Boards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
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The Districts shall have the power and authority to provide the Public
Improvements, the Regional Improvements and related operation and maintenance services,
including design review and covenant enforcement services, within and without the Service Area,
as such powers and authorities are described in the Special District Act, other applicable State law,
common law and the Colorado Constitution, subject to the prohibitions, restrictions and limitations
set forth in this Service Plan.
If, after the Service Plan is approved, any State law is enacted to grant additional
powers or authority to metropolitan districts by amendment of the Special District Act or
otherwise, such powers and authority shall be deemed to be a part hereof. These new powers and
authority shall only be available to be exercised by the Districts if the City Council first approves
a Service Plan Amendment to specifically allow the exercise of such powers or authority by the
Districts.
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 its other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Sections XVII and XVIII of this Service
Plan:
1. Eminent Domain Restriction
The Districts shall not exercise their statutory power of eminent domain
without first obtaining resolution approval from the City Council. This restriction on the Districts’
exercise of their 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 subdivisions of the State as conferred by the
Special District Act.
2. Fee Limitation
Any Fees imposed for the repayment of Debt, if authorized by this Service
Plan, shall not be imposed by the Districts upon or collected from an End User. In addition, Fees
imposed for the payment of Debt shall not be imposed unless and until the requirements for
securing the delivery of the District’s portion of the Public Benefits have been satisfied in
accordance with Section IV.B of this Service Plan. Notwithstanding the foregoing, this Fee
limitation shall not apply to any Fee imposed to fund the operation, maintenance, repair or
replacement of Public Improvements or the administration of the Districts.
3. Operations and Maintenance
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The primary purpose of the Districts is to plan for, design, acquire,
construct, install, relocate, redevelop and finance the Public Improvements. The Districts shall
dedicate the Public Improvements to the City or other appropriate jurisdiction or owners’
association in a manner consistent with the Approved Development Plan and the City Code,
provided that nothing herein requires the City to accept a dedication. The Districts are each
specifically authorized to operate and maintain all or any part or all of the Public Improvements
not otherwise conveyed or dedicated to the City or another appropriate governmental entity until
such time as the District is dissolved.
4. Fire Protection Restriction
The Districts are not authorized to plan for, design, acquire, construct,
install, relocate, redevelop, finance, own, operate or maintain fire protection facilities or services,
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, operate or maintain fire hydrants and related improvements installed as part of
the Project’s water system shall not be limited by this subsection.
5. Public Safety Services Restriction
The Districts are not authorized to provide policing or other security
services. However, the 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 not restrict the collection of Fees for services provided by the Districts to the United
States Government or the State.
7. Golf Course Construction Restriction
Acknowledging that the City has financed public golf courses and desires
to coordinate the construction of public golf courses within the City’s boundaries, the Districts
shall not be authorized to plan, design, acquire, construct, install, relocate, redevelop, finance, own,
operate or maintain a golf course unless such activity is pursuant to an intergovernmental
agreement with the City approved by the City Council.
8. Television Relay and Translation Restriction
The Districts are not authorized to plan for, design, acquire, construct,
install, relocate, redevelop, finance, own, operate or maintain television relay and translation
facilities and services, other than for the installation of conduit as a part of a street construction
project, unless such facilities and services are provided pursuant to prior written approval from the
City Council as a Service Plan Amendment.
9. Potable Water and Wastewater Treatment Facilities
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Acknowledging that the City and other existing special districts operating
within the City currently own and operate treatment facilities for potable water and wastewater
that are available to provide services to the Service Area, the Districts shall not plan, design,
acquire, construct, install, relocate, redevelop, finance, own, operate or maintain such facilities
without obtaining the City Council’s prior written approval either by intergovernmental agreement
or as a Service Plan Amendment.
10. Sales and Use Tax Exemption Limitation
The Districts shall not exercise any sales and use tax exemption otherwise
available to the Districts under the City Code.
11. Sub-district Restriction
The Districts shall not create any sub-district pursuant to the Special District
Act without the prior written approval of the City Council.
12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the Districts shall obtain
the certification of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within
the meaning of the District’s Service Plan.
We [I] certify that (1) the net effective interest rate
(calculated as defined in C.R.S. Section 32-1-
103(12)) to be borne by [insert the designation of the
Debt] does not exceed a reasonable current [tax-
exempt] [taxable] interest rate, using criteria deemed
appropriate by us [me] and based upon our [my]
analysis of comparable high yield securities; and (2)
the structure of [insert designation of the Debt],
including maturities and early redemption
provisions, is reasonable considering the financial
circumstances of the District.
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 F 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 F,
excluding any improvements paid for by the Regional Mill Levy necessary to serve the Planned
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Development, are approximately $30,131,965 in 2019 dollars. The cost estimates are based upon
preliminary engineering, architectural surveys, and reviews of the Public Improvements set forth
in Exhibit F 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 G. Changes in the Public Improvements or cost, which are approved by the City in an
Approved Development Plan and any agreement approved by the City Council pursuant to Section
IV.B of this Service Plan, shall not constitute a Service Plan Amendment. In addition, due to the
preliminary nature of the Project, the City shall not be bound by this Service Plan in reviewing and
approving the Approved Development Plan and the Approved Development Plan shall supersede
the Service Plan with regard to the cost, scope, and definition of Public Improvements. Provided,
however, any agreement approved and entered into pursuant to Section IV.B of this Service Plan
for the provision of a Public Improvement that is also a Public Benefit shall supersede both this
Service Plan and the Approved Development Plan.
Except as otherwise provided by an agreement approved under Section IV.B of this Service
Plan: (i) the design, phasing of construction, location and completion of Public Improvements will
be determined by the Districts to coincide with the phasing and development of the Planned
Development and the availability of funding sources; (ii) the Districts may, in their discretion,
phase the construction, completion, operation, and maintenance of Public Improvements or defer,
delay, reschedule, rephase, relocate or determine not to proceed with the construction, completion,
operation, and maintenance of Public Improvements, and such actions or determinations shall not
constitute a Service Plan Amendment; (iii) the Districts shall also be permitted to allocate costs
between such categories of the Public Improvements as deemed necessary in their discretion; and
(iv) to the extent that the City reimburses a developer for Public Improvements that would
otherwise be reimbursable under the Special District Act, the District shall not reimburse the
developer for such Public Improvements.
The Public Improvements shall be listed using an ownership and maintenance matrix in
Exhibit F, either individually or categorically, to identify the ownership and maintenance
responsibilities of the Public Improvements.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to certain
operation activities. Relating to these, the Districts shall comply with the following requirements:
A. Development Standards.
The Districts shall ensure that the Public Improvements are designed and
constructed in accordance with the standards and specifications of the City Code and of other
governmental entities having proper jurisdiction, as applicable. The Districts directly, or indirectly
through any Developer, will obtain the City’s approval of civil engineering plans and will obtain
applicable permits for construction and installation of Public Improvements prior to performing
such work. Unless waived by the City Council, the Districts shall be required, in accordance with
the City Code, to post a surety bond, letter of credit, or other approved development security for
any Public Improvements to be constructed by the Districts. Such development security may be
released in the City Manager’s discretion when the constructing District has obtained funds,
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through Debt issuance or otherwise, adequate to insure the construction of the Public
Improvements, unless such release is prohibited by or in conflict with any City Code provision,
State law or any agreement approved and entered into under Section IV.B of this Service Plan.
Any limitation or requirement concerning the time within which the City must review the Districts’
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 requirements and limitations.
C. Land Acquisition and Conveyance.
The purchase price of any land or improvements acquired by the Districts from the
Developer shall be no more than the then-current fair market value as confirmed by an independent
MAI appraisal for land and by an independent professional engineer for improvements. Land,
easements, improvements and facilities conveyed to the City shall be free and clear of all liens,
encumbrances and easements, unless otherwise approved by the City Manager prior to
conveyance. All conveyances to the City shall be by special warranty deed, shall be conveyed at
no cost to the City, shall include an ALTA title policy issued to the City, shall meet the
environmental standards of the City and shall comply with any other conveyance prerequisites
required in the City Code.
D. Equal Employment and Discrimination.
In connection with the performance of all acts or activities hereunder, the Districts
shall not discriminate against any person otherwise qualified with respect to its hiring, discharging,
promoting or demoting or in matters of compensation solely because of race, color, religion,
national origin, gender, age, military status, sexual orientation, gender identity or gender
expression, marital status, or physical or mental disability, and further shall insert the foregoing
provision in contracts or subcontracts entered into by the Districts to accomplish the purposes of
this Service Plan.
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 H 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 the Districts’ mill levies, Fees imposed by the Districts,
specific ownership taxes, and all other anticipated legally available revenues. The Financial Plan
is based on economic, political and industry conditions as they presently exist and reasonable
14
projections and estimates of future conditions. These projections and estimates are not to be
interpreted as the only method of implementation of the District’s goals and objectives but rather
a representation of one feasible alternative. Other financial structures may be used so long as they
are in compliance with this Service Plan. The Financial Plan incorporates all of the provisions of
this 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 Public
Improvements needed to serve the Service Area.
The Financial Plan demonstrates that the Districts will have the financial ability to
discharge all Debt to be issued as part of the Financial Plan on a reasonable basis. Furthermore,
the Districts will secure the certification of an External Financial Advisor who will provide an
opinion as to whether such Debt issuances are in the best interest of the Districts at the time of
issuance.
B. Mill Levies.
It is anticipated that the Districts will impose a Debt Mill Levy and an Operating
Mill Levy on all property within the Service Area. In doing so, the following shall apply:
1. Aggregate Mill Levy Maximum
The Aggregate Mill Levy shall not exceed in any year the Aggregate Mill
Levy Maximum, which is fifty (50) mills.
2. Regional Mill Levy Not Included in Other Mill Levies
The Regional Mill Levy shall not be counted against the Aggregate Mill
Levy Maximum.
3. Operating Mill Levy
The Districts may each impose an Operating Mill Levy of up to fifty (50)
mills until the District imposes a Debt Mill Levy. Once a District imposes a Debt Mill Levy of
any amount, that District’s Operating Mill Levy shall not exceed ten (10) mills at any point.
4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the
Taxable Property changes after January 1, 2019, or any constitutionally mandated tax credit, cut
or abatement takes effect after January 1, 2019, the Districts’ Aggregate Mill Levy, Debt Mill
Levy, Operating Mill Levy, and Aggregate Mill Levy Maximum, amounts herein provided may
be increased or decreased to reflect such changes; such increases or decreases shall be determined
15
by the Districts’ Boards in good faith so that to the extent possible, the actual tax revenues
generated by such mill levies, as adjusted, are neither enhanced nor diminished as a result of such
change occurring after January 1, 2019. For purposes of the foregoing, a change in the ratio of
actual valuation to assessed valuation will be a change in the method of calculating assessed
valuation.
5. Excessive Mill Levy Pledges
Any Debt issued with a mill levy pledge, or which results in a mill levy
pledge, that exceeds the Aggregate Mill Levy Maximum or the Maximum Debt Mill Levy
Imposition Term, shall be deemed a material modification of this Service Plan and shall not be an
authorized issuance of Debt unless and until such material modification has been approved by a
Service Plan Amendment.
6. Refunding Debt
The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt
refunding purposes if: (1) a majority of the issuing District’s Board is composed of End Users and
have voted in favor of a refunding of a part or all of the Debt; or (2) such refunding will result in
a net present value savings.
7. Maximum Debt Authorization
The Districts anticipate approximately $30,131,965 in project costs in 2019
dollars as set forth in Exhibit F and anticipate issuing approximately $16,000,000 in Debt to pay
such costs as set forth in Exhibit H, which Debt issuance amount shall be the amount of the
Maximum Debt Authorization. In addition, a District shall not issue any Debt unless and until
delivery of the District’s Public Benefits have been secured as required in Section IV.B of this
Service Plan. The Districts collectively shall not issue Debt in excess of the Maximum Debt
Authorization. Bonds which have been refunded shall not count against the Maximum Debt
Authorization. The Districts must obtain from the City Council a Service Plan Amendment prior
to issuing Debt in excess of the Maximum Debt Authorization.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt
is issued. The maximum interest rate on any Debt, including any defaulting interest rate, is not
permitted to exceed twelve percent (12%). The maximum underwriting discount shall be three
percent (3%). Debt, when issued, will comply with all relevant requirements of this Service Plan,
the Special District Act, other applicable State law and federal law as then applicable to the
issuance of public securities.
D. Interest Rate and Underwriting Discount Certification.
The Districts shall retain an External Financial Advisor to provide a written opinion
on the market reasonableness of the interest rate on any Debt and any underwriter discount payed
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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 such District 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 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 obligation.
I. TABOR Compliance.
The Districts shall comply with the provisions of TABOR. In the discretion of the
Districts’ Boards, the Districts may set up other qualifying entities to manage, fund, construct and
operate facilities, services, and programs. To the extent allowed by law, any entity created by a
District will remain under the control of the District’s Board.
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 One Hundred Thousand Dollars ($100,000), which will be eligible
for reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year’s operating budget is estimated to be Fifty Thousand Dollars
($50,000).
Ongoing administration, operations and maintenance costs may be paid from
property taxes collected through the imposition of an Operating Mill Levy, subject to the
limitations set forth in Section IX.B.3, as well as from other revenues legally available to the
Districts.
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
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the provision of Regional Improvements. At the discretion of the City, the Districts shall impose
a Regional Improvement Mill Levy on all property within the Districts’ Boundaries and any
properties thereafter included in the Boundaries under the following terms:
A. Regional Mill Levy Authority.
The Districts shall seek the authority to impose an additional Regional Mill Levy
of five (5) mills as part of the Districts’ initial TABOR election. The Districts shall also seek from
the electorate in that election the authority under TABOR to enter into an intergovernmental
agreement with the City obligating the Districts to pay as a multiple-fiscal year obligation the
proceeds from the Regional Mill Levy to the City. Obtaining such voter-approval of this
intergovernmental agreement shall be a precondition to the Districts issuing any Debt and
imposing the Debt Mill Levy, the Operating Mill Levy and Fees for the repayment of Debt under
this Service Plan.
B. Regional Mill Levy Imposition.
The Districts shall each impose the Regional Mill Levy at a rate not to exceed five
(5) mills within one year of receiving written notice from the City Manager to the Districts
requesting the imposition of the Regional Mill Levy and stating the mill 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 Mill Levy, to the extent possible.
D. Regional Improvements Authorized Under Service Plan.
If so notified by the City Manager, the Regional Improvements shall be considered
public improvements that the Districts would otherwise be authorized to design, construct, install
re-design, re-construct, repair or replace pursuant to this Service Plan and applicable law.
E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be
expended as follows:
1. Intergovernmental Agreement
If the City and the Districts have executed an intergovernmental agreement
concerning the Regional Improvements, then the revenue from the Regional Mill Levy shall be
used in accordance with such agreement;
2. No Intergovernmental Agreement
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If no intergovernmental agreement exists between the Districts and the City,
then the revenue from the Regional Mill Levy shall be paid to the City, for use by the City in the
planning, designing, constructing, installing, acquiring, relocating, redeveloping or financing of
Regional Improvements which benefit the End Users of the Districts as prioritized and determined
by the City.
F. Regional Mill Levy Term.
The imposition of the Regional Mill Levy shall not exceed a term of twenty-five
(25) years from December 31 of the tax collection year after which the Regional Mill Levy is first
imposed.
G. Completion of Regional Improvements.
All Regional Improvements shall be completed prior to the end of the twenty-five
(25) year Regional Mill Levy term.
H. City Authority to Require Imposition.
The City’s authority to require a District to initiate the imposition of a Regional
Mill Levy shall expire fifteen (15) years after December 31st of the year in which said District first
imposes a Debt Mill Levy.
I. Regional Mill Levy Not Included in Other Mill Levies.
The Regional Mill Levy imposed shall not be applied toward the calculation of the
Aggregate Mill Levy Maximum.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed January 1,
2019, or any constitutionally mandated tax credit, cut or abatement takes effect after January 1,
2019, the Regional Mill Levy may be increased or shall be decreased to reflect such changes; such
increases or decreases shall be determined by each of the Districts’ Boards in good faith so that to
the extent possible, the actual tax revenues generated by the Regional Mill Levy, as adjusted, are
neither enhanced nor diminished as a result of such change occurring after January 1, 2019. For
purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation will be a
change in the method of calculating assessed valuation.
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
20
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 Orders and Decrees
creating the Districts have been issued. The Districts may file a consolidated annual report. The
annual report(s) may be made available to the public on the City’s website.
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 a District’s
creation. This meeting requirement shall not apply until there is at least one End User of property
within the District. Also, this requirement shall no longer apply when a majority of the directors
on the District’s Board are End Users. Notice for each of these meetings shall be given in
accordance with the requirements of the Special District Act and other applicable State Law.
C. Report Requirements.
Unless waived in writing 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 an exemption from audit has been granted for the report year
under the Local Government Audit Law, the audited financial statements of the District for the
report year including a statement of financial condition (i.e., balance sheet) as of December 31 of
the report year and the statement of operation (i.e., revenue and expenditures) for the report year.
3. Capital Expenditures
Unless disclosed within a separate schedule to the financial statements, a
summary of the capital expenditures incurred by the District in development of improvements in
the report year.
21
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 include information as to any of the
following that occurred during the report year:
1. Boundary changes made or proposed to the District’s Boundaries as of
December 31 of the report year.
2. Intergovernmental Agreements with other governmental entities, either
entered into or proposed as of December 31 of the report year.
3. Copies of the District’s rules and regulations, if any, or substantial changes
to the District’s rules and regulations as of December 31 of the report year.
4. A summary of any litigation which involves the District’s Public
Improvements as of December 31 of the report year.
5. A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the City as of December 31 of the report year.
6. Notice of any uncured events of default by the District, which continue
beyond a ninety (90) day period, under any Debt instrument.
7. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety (90) day period.
E. Failure to Submit.
22
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 and any agreement approved by the
City Council pursuant to the Section IV.B of this Service Plan. Any action of one or more of the
Districts, which is a material modification of this Service Plan requiring a Service Plan
Amendment as provided in in Section XV of this Service Plan or that does not comply with any
provision of this Service Plan, shall be deemed to be a material modification to this Service Plan
unless otherwise expressly provided in this Service Plan. All other departures from the provisions
of this Service Plan shall be considered on a case-by-case basis as to whether such departures are
a material modification under this Service Plan or the Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C.R.S.
Section 32-1-207 as a Service Plan Amendment. No modification shall be required for an action
of the Districts that does not materially depart from the provisions of this Service Plan, unless
otherwise provided in this Service Plan.
Departures from the Service Plan that constitute a material modification requiring a Service
Plan Amendment include, without limitation:
A. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of the Districts;
B. Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement, service, function or
facility authorized in the Service Plan;
C. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
D. Failure to comply with any of the prohibitions, limitations and restrictions of this
Service Plan.
XVI. DISSOLUTION
23
Upon independent determination by the City Council that the purposes for which any
District was created have been accomplished, said District shall file a petition in district court for
dissolution as provided in the Special District Act. In no event shall dissolution occur until the
District has provided for the payment or discharge of all of its outstanding indebtedness and other
financial obligations as required pursuant to State law.
In addition, if within three (3) years from the date of the City Council’s approval of this
Service Plan no agreement contemplated under Section IV.B of this Service Plan has been entered
into by the City with any of the Districts and/or any Developer, despite the parties conducting good
faith negotiations attempting to do so, the City may opt to pursue the remedies available to it under
C.R.S. Section 32-1-701(3) in order to compel the Districts to dissolve in a prompt and orderly
manner. In such event: (i) the limited purposes and powers of the Districts, as authorized herein,
shall automatically terminate and be expressly limited to taking only those actions that are
reasonably necessary to dissolve; (ii) the Board of each of the Districts will be deemed to have
agreed with the City regarding its dissolution without an election pursuant to C.R.S. §32-1-
704(3)(b); (iii) the Districts shall take no action to contest or impede the dissolution of the Districts
and shall affirmatively and diligently cooperate in securing the final dissolution of the Districts,
and (iv) subject to the statutory requirements of the Special District Act, the Districts shall
thereupon dissolve.
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, that constitutes a
material modification to this Service Plan requiring a Service Plan Amendment as provided herein
or under the Special District Act, or that does not otherwise comply with the provisions of this
Service Plan, the City Council may impose one (1) or more of the following sanctions, as it deems
appropriate:
A. Exercise any applicable remedy under the Special District Act;
B. Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District’s development or
construction or operation of improvements or provision of services;
C. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
D. Exercise any other legal and equitable remedy available under the law, including
seeking prohibitory and mandatory injunctive relief against the District, to ensure compliance with
the provisions of the Service Plan or applicable law.
XVIII. INTERGOVERNMENTAL AGREEMENT WITH CITY
Each of the Districts and the City shall enter into an intergovernmental agreement, the form
of which shall be in substantially the form attached hereto as Exhibit I and incorporated by
reference (the “IGA”). However, the City and the Districts may include such additional details,
terms and conditions as they deem necessary in connection with the Project and the construction
24
and funding of the Public Improvements and the Public Benefits. Each of the Districts’ Boards
shall approve the IGA at their first board meeting, unless agreed otherwise by the City Manager.
Entering into this IGA is a precondition to each of the Districts issuing any Debt or imposing any
Debt Mill Levy, Operating Mill Levy or Fee for the payment of Debt under this Service Plan. In
addition, failure of any of the Districts to enter into the IGA as required herein shall constitute a
material modification of this Service Plan and subject the District to the sanctions in Section XVII
of this Service Plan. The City and the Districts may amend the IGA from time-to-time provided
such amendment is not in conflict with any provision of this Service Plan.
XIX. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2), establishes
that:
A. There is sufficient existing and projected need for organized service in the Service
Area to be served by the Districts;
B. The existing service in the Service Area to be served by the Districts is inadequate
for present and projected needs;
C. The Districts are capable of providing economical and sufficient service to the
Service Area; and
D. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XX. RESOLUTION OF APPROVAL
The Districts agree to incorporate the City Council’s resolution approving this Service
Plan, including any conditions on any such approval, into the copy of the Service Plan presented
to the District Court for and in Larimer County, Colorado.
A-1-1
EXHIBIT A-1
LEGAL DESCRIPTION OF DISTRICT NO. 1 BOUNDARIES
Field Date Prepared for: Project#:
Proj. Manager
# Date R e v i s i o n s
Party Chief
Survey Tech
532 West 66th Street
Loveland, Colorado 80538
Office 970.669.2100 - Info@plscorporation.com
PLS Corporation
NOTICE: According to Colorado law you must commence any legal
action based upon any defect in this survey within three years after you
first discover such defect. In no event, may any action based upon any
defect in this survey be commenced more than ten years from the date
of the certification shown hereon.
16057.012-D1
N/A Highland Development Services, Inc.
N/A
MDG
MBS
see sheet 2 for exhibit
sheet 1 of 2
A portion of the Southeast 1
4 of Section 1, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins,
County of Larimer, State of Colorado:
Considering the East line of the Southeast 1
4 of Section 1, Township 7 North, Range 69 West of the 6th P.M., as
bearing N 00°16'34" E, and with all bearings contained herein being relative thereto.
COMMENCING at the Southeast corner of Section 1, Township 7 North, Range 69 West of the 6th P.M.;
thence N 00°16'34" E for a distance of 1067.36 feet along the East line of the Southeast 1
4 of said Section 1;
thence N 89°43'26" W for a distance of 50.00 feet to a point on the Westerly right-of-way line of North Lemay Avenue;
thence N 85°25'31" W for a distance of 1687.59 feet to the POINT OF BEGINNING - D1;
thence N 89°11'25" W for a distance of 19.00 feet;
thence N 00°48'35" E for a distance of 9.00 feet;
thence S 89°11'25" E for a distance of 19.00 feet;
thence S 00°48'35" W for a distance of 9.00 feet to the Point of Beginning - D1.
Containing 171 sq. ft. more or less.
Written by M. Bryan Short, Colorado PLS 32444
N 85°25'31" W 1687.59'
POINT OF
BEGINNING - D1
S 89°11'25" E
N 00°48'35" E 19.00'
9.00'
N 89°11'25" W
19.00'
S 00°48'35" W
9.00'
District 1
±171 sq. ft.
POINT OF COMMENCEMENT,
Southeast Corner of Section 1,
Township 7 North, Range 69 West
N 00°16'34" E 1067.36'
basis of bearings
East line of the Southeast
1
4
of Section 1
50.00'
N 89°43'26" W
West right-of-way line
North Lemay Avenue
North Lemay Avenue
East 1
4 Corner of Section 1,
Township 7 North, Range 69 West
Field Date Prepared for: Project#:
Proj. Manager
# Date R e v i s i o n s
Party Chief
Survey Tech
532 West 66th Street
Loveland, Colorado 80538
Office 970.669.2100 - Info@plscorporation.com
PLS Corporation
NOTICE: According to Colorado law you must commence any legal
action based upon any defect in this survey within three years after you
first discover such defect. In no event, may any action based upon any
defect in this survey be commenced more than ten years from the date
of the certification shown hereon.
16057.012-D1
N/A Highland Development Services, Inc.
N/A
MDG
MBS
Scale 1 inch = 50 feet
50 0 25 50 100
see sheet 1 for description
sheet 2 of 2
A-2-1
EXHIBIT A-2
LEGAL DESCRIPTION OF DISTRICT NO. 2 BOUNDARIES
P:\Project\2016\16057\dwg\16057d012_D2.dwg May 03, 2019 - 9:21am Office 970.669.2100 - Info@plscorporation.com
PLS Corporation
Loveland, Colorado 80538
532 West 66th Street
# Date R e v i s i o n s
Party Chief
Survey Tech
Proj. Manager
Field Date Prepared for: Project#:
NOTICE: According to Colorado law you must commence any legal
action based upon any defect in this survey within three years after you
first discover such defect. In no event, may any action based upon any
defect in this survey be commenced more than ten years from the date
of the certification shown hereon.
Description Exhibit
MBS
MDG
N/A
N/A Highland Development Services, Inc.
16057.012-D2
see sheet 2 for exhibit
sheet 1 of 2
A portion of the Southeast 1
4 of Section 1, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins,
County of Larimer, State of Colorado:
Considering the East line of the Southeast 1
4 of Section 1, Township 7 North, Range 69 West of the 6th P.M., as
bearing N 00°16'34" E, and with all bearings contained herein being relative thereto.
COMMENCING at the Southeast corner of Section 1, Township 7 North, Range 69 West of the 6th P.M.;
thence N 00°16'34" E for a distance of 1067.36 feet along the East line of the Southeast 1
4 of said Section 1;
thence N 89°43'26" W for a distance of 50.00 feet to a point on the Westerly right-of-way line of North Lemay Avenue to
the POINT OF BEGINNING, said point also being "Point A";
thence N 89°43'26" W for a distance of 1543.20 feet to a point of a tangent curve, concave to the North, having a radius
of 8500.00 feet, a chord bearing of N 87°56'46" W and a chord length of 527.39 feet;
thence Westerly along the arc of said curve for a distance of 527.47 feet through a central angle of 3°33'20" to a point
of tangency;
thence N 86°10'06" W for a distance of 60.78 feet to the approximate centerline of Lake Canal Ditch;
thence N 47°26'34" E for a distance of 1872.56 feet along said ditch centerline;
thence S 41°24'11" E for a distance of 160.98 feet to a point of a non-tangent curve, concave to the Southeast, having a
radius of 640.73 feet, a chord bearing N 65°12'14" E and a chord length of 334.72 feet;
thence Northeasterly along the arc of said curve for a distance of 338.65 feet, through a central angle of 30°16'59" to a
point of non-tangency;
thence N 80°24'34" E for a distance of 111.00 feet to a point of a non-tangent curve, concave to the South, having a
radius of 766.41 feet, a chord bearing N 85°20'34" E and a chord length of 131.82 feet;
thence Easterly along the arc of said curve for a distance of 131.98 feet, through a central angle of 9°52'01" to a point
of tangency;
thence S 89°43'26" E for a distance of 106.87 feet to a point on the aforesaid Westerly right-of-way line of North Lemay
Avenue;
thence S 00°16'34" W for a distance of 1345.19 feet along said Westerly right-of-way line to the Point of Beginning.
EXCEPT that portion described as follows;
COMMENCING at the aforesaid "Point A";
thence N 85°25'31" W for a distance of 1687.59 feet to the POINT OF BEGINNING - D1;
thence N 89°11'25" W for a distance of 19.00 feet;
thence N 00°48'35" E for a distance of 9.00 feet;
thence S 89°11'25" E for a distance of 19.00 feet;
thence S 00°48'35" W for a distance of 9.00 feet to the Point of Beginning - D1.
ALSO EXCEPT that potion described as follows;
COMMENCING at the aforesaid "Point A";
thence N 84°48'57" W for a distance of 1688.87 feet to the POINT OF BEGINNING - D3;
N 89°43'26" W
50.00'
POINT OF BEGINNING - D2
POINT OF COMMENCEMENT
"Point A"
N 85°25'31" W 1687.59'
N 84°48'57" W 1688.87'
N 47°26'34" E 1872.56'
L2
C2
L3
C3
L4
S 00°16'34" W 1345.19'
N 89°43'26" W 1543.20'
C1
L1
West right-of-way line
North Lemay Avenue
District 2
±43.074 acres
see Detail
this sheet
approximate centerline of
Lake Canal Ditch
North Lemay Avenue
POINT OF COMMENCEMENT,
Southeast Corner of Section 1,
Township 7 North, Range 69 West
1067.36'
N 0°16'34" E
basis of bearings
East line of the
Southeast
1
4
of
Section 1
Line Table
Line #
L1
L2
L3
L4
L5
L6
L7
L8
L9
L10
L11
L12
Length
60.78'
160.98'
111.00'
106.87'
19.00'
9.00'
19.00'
A-3-1
EXHIBIT A-3
LEGAL DESCRIPTION OF DISTRICT NO. 3 BOUNDARIES
P:\Project\2016\16057\dwg\16057d012_D3.dwg May 03, 2019 - 9:23am Office 970.669.2100 - Info@plscorporation.com
PLS Corporation
Loveland, Colorado 80538
532 West 66th Street
# Date R e v i s i o n s
Party Chief
Survey Tech
Proj. Manager
Field Date Prepared for: Project#:
NOTICE: According to Colorado law you must commence any legal
action based upon any defect in this survey within three years after you
first discover such defect. In no event, may any action based upon any
defect in this survey be commenced more than ten years from the date
of the certification shown hereon.
Description Exhibit
MBS
MDG
N/A
N/A Highland Development Services, Inc.
16057.012-D3
A portion of the Southeast 1
4 of Section 1, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins,
County of Larimer, State of Colorado:
Considering the East line of the Southeast 1
4 of Section 1, Township 7 North, Range 69 West of the 6th P.M., as
bearing N 00°16'34" E, and with all bearings contained herein being relative thereto.
COMMENCING at the Southeast corner of Section 1, Township 7 North, Range 69 West of the 6th P.M.;
thence N 00°16'34" E for a distance of 1067.36 feet along the East line of the Southeast 1
4 of said Section 1;
thence N 89°43'26" W for a distance of 50.00 feet to a point on the Westerly right-of-way line of North Lemay Avenue to
the POINT OF BEGINNING, said point also being "Point A";
thence N 89°43'26" W for a distance of 1543.20 feet to a point of a tangent curve, concave to the North, having a radius
of 8500.00 feet, a chord bearing of N 87°56'46" W and a chord length of 527.39 feet;
thence Westerly along the arc of said curve for a distance of 527.47 feet, through a central angle of 3°33'20" to a point
of tangency;
thence N 86°10'06" W for a distance of 60.78 feet to the approximate centerline of Lake Canal Ditch;
thence S 47°26'34" W for a distance of 129.78 feet along said ditch centerline;
thence S 43°44'54" W for a distance of 174.33 feet along said ditch centerline;
thence S 30°52'19" W for a distance of 74.72 feet along said ditch centerline;
thence S 89°46'46" E for a distance of 1478.15 feet to the West line of the ALTA VISTA SUBDIVISION, public records
County of Larimer, State of Colorado;
thence N 00°22'54" E for a distance of 100.00 feet along said West line to the North line of said ALTA VISTA
SUBDIVISION;
thence S 89°37'06" E for a distance of 625.00 feet along said North line to the East line of said ALTA VISTA
SUBDIVISION;
thence S 00°35'47" W for a distance of 100.26 feet along said East line;
thence S 89°40'17" E for a distance of 281.38 feet to a point on the aforesaid Westerly right-of-way line of North Lemay
Avenue;
thence N 00°16'34" E for a distance of 259.17 feet along said Westerly right-of-way line to the Point of Beginning.
AND that potion described as follows;
COMMENCING at the aforesaid "Point A";
thence N 84°48'57" W for a distance of 1688.87 feet to the POINT OF BEGINNING - D3;
thence N 89°11'25" W for a distance of 19.00 feet;
thence N 00°48'35" E for a distance of 9.00 feet;
thence S 89°11'25" E for a distance of 19.00 feet;
thence S 00°48'35" W for a distance of 9.00 feet to the Point of Beginning - D3.
Containing 12.185 acres more or less.
Written by M. Bryan Short, Colorado PLS 32444
see sheet 2 for exhibit
sheet 1 of 2
N 89°43'26" W
50.00'
POINT OF BEGINNING
POINT OF COMMENCEMENT
"Point A"
see Detail
this sheet
N 89°43'26" W 1543.20'
R=8500.00' L=527.47'
=3°33'20"
Ch=527.39'
CB=N 87°56'46" W
N 86°10'06" W
S 47°26'34" W 60.78'
129.78'
S 43°44'54" W
174.33'
S 30°52'19" W
74.72'
S 89°46'46" E 1478.15'
N 00°22'54" E
100.00'
S 89°37'06" E 625.00'
S 00°35'47" W
100.26'
S 89°40'17" E
281.38'
N 00°16'34" E
259.17'
North Lemay Avenue
N 84°48'57" W 1688.87'
District 3
±12.185 acres
approximate centerline of
Lake Canal Ditch
West right-of-way line
North Lemay Avenue
West line of
ALTA VISTA SUBDIVISION
North line of
ALTA VISTA SUBDIVISION East line of
ALTA VISTA
SUBDIVISION
ALTA VISTA
SUBDIVISION
POINT OF COMMENCEMENT,
Southeast Corner of Section 1,
Township 7 North, Range 69 West
N 00°16'34" E 1067.36'
basis of bearings
East line of the Southeast
1
4
of Section 1
East 1
4 Corner of Section 1,
Township 7 North, Range 69 West
N 84°48'57" W 1688.87'
POINT OF
BEGINNING - D3
B-1-1
EXHIBIT B-1
DISTRICT NO. 1 BOUNDARY MAP
LAKE CANAL
N. LEMAY AVENUE
E. SUNIGA ROAD
N
W E
S
LEGEND
NORTHFIELD METRO DISTRICT BOUNDARY
DISTRICT 1
171 SQ. FT.
0.004 AC.
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
DISTRICT 1 AREA BOUNDARY MAP
04/26/2019
1" = 300'
KRB
18-1000-00
B-1
1 3
SCALE 1" =
150 0
300'
300
DISTRICT 1 ENLARGEMENT
SCALE: 1" = 100'
B-2-1
EXHIBIT B-2
DISTRICT NO. 2 BOUNDARY MAP
LAKE CANAL
DISTRICT 2
1,876,098 SQ. FT.
43.07 AC.
N. LEMAY AVENUE
E. SUNIGA ROAD
N
W E
S
LEGEND
NORTHFIELD METRO DISTRICT BOUNDARY
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
DISTRICT 2 AREA BOUNDARY MAP
04/26/2019
1" = 300'
KRB
18-1000-00
B-2
2 3
SCALE 1" =
150 0
300'
300
B-3-1
EXHIBIT B-3
DISTRICT NO. 3 BOUNDARY MAP
LAKE CANAL
DISTRICT 3
531,283 SQ. FT.
12.20 AC.
N. LEMAY AVENUE
E. SUNIGA ROAD
N
W E
S
LEGEND
NORTHFIELD METRO DISTRICT BOUNDARY
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
DISTRICT 3 AREA BOUNDARY MAP
04/26/2019
1" = 300'
KRB
18-1000-00
B-3
3 3
SCALE 1" =
150 0
300'
300
DISTRICT 3
171 SQ. FT.
0.004 AC.
DISTRICT 3 ENLARGEMENT
SCALE: 1" = 100'
C-1
EXHIBIT C
VICINITY MAP
PROPOSED NORTHFIELD
METRO DISTRICT
N
W E
S
DEVELOPMENT HIGHLAND SERVCIES
6355 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
VICINITY MAP
04/30/2019
1" = 1000'
KRB
18-1000-00
EXHIBIT C
1 1
0
SCALE: 1" = 1000'
500 1000
D-1
EXHIBIT D
PUBLIC IMPROVEMENT COST ESTIMATES
Summary Estimate of Preliminary District Expenditures
Design Engineer: K. Brigman
Design Firm: Highland Development Services
Project Number: 18-1000-00
Date: August 23, 2019
No. Quantity Units Unit Cost Total
1
0.805 LS $ 1,500,000.00 $ 1,207,500.00
Clearing, Grubbing, and Topsoil Stripping 45 AC $ 12,000.00 $ 540,960.00
201,250 CY $ 6.00 $ 1,207,500.00
Import Fill Dirt 161,000 CY $ 15.00 $ 2,415,000.00
0.805 LS $ 25,000.00 $ 20,125.00
$ 5,391,085.00
2
Metro District Owned Drives (24' Section) LF $ 205.00 $ -
LF $ 225.00 $ -
4,264 LF $ 430.00 $ 1,833,520.00
Connector Local Street with Median (65' Section) 450 LF $ 550.00 $ 247,500.00
2,160 LF $ 346.00 $ 747,360.00
On-Site Suniga Rd 4-lane Arterial Upsizing (83' Section) LF $ 779.00 $ -
LF $ 715.00 $ -
1 LS $ 250,000.00 $ 250,000.00
Signage and Striping 1 LS $ 25,000.00 $ 25,000.00
$ 3,103,380.00
3
2,260 LF $ 50.00 $ 113,000.00
8" Waterline 7,760 LF $ 65.00 $ 504,400.00
- LF $ 85.00 -
- LF $ 100.00 -
- LF $ 2,000.00 -
- LS $ - -
$ 617,400.00
4
6,356 LF $ 90.00 $ 572,040.00
1,484 LF $ 100.00 $ 148,400.00
12" Sanitary Sewer - LF $ 112.00 -
8" Subdrain - LF $ 75.00 -
Existing 15" to 18" Sanitary Sewer Upsize LF $ 150.00 $ -
LF $ 180.00 $ -
$ 720,440.00
5
7,890 LF $ 190.00 $ 1,499,100.00
Outlet/Control Structure 9 EA $ 10,000.00 $ 90,000.00
LID Infiltration Galleries 3 EA $ 100,000.00 $ 300,000.00
$ 1,889,100.00
Subtotal
Subtotal
Sanitary Sewer Improvements
8" Sanitary Sewer
RCP Storm Sewer
Subtotal
10" Sanitary Sewer
10" Waterline
On-Site Suniga Rd 2-lane Connector w/ Median (65' Section)
Storm Drainage Improvements
12" Waterline
Utility Borings
Raw Water Requirements
Existing 18" to 24" Sanitary Sewer Upsize
Potable Waterline Improvements
6
AC $ -
Landscaped Open Space 8.5 AC $ 110,000.00 $ 935,000.00
SF $ 15.00 $ -
1 LS $ 75,000.00 $ 75,000.00
LS $ 125,000.00 -
Clubhouse/Pool LS $ 2,000,000.00 $ -
$ 1,010,000.00
7
1 LS $ 1,274,000.00 $ 1,274,000.00
Construction Management / Inspection / Testing 1 LS $ 1,910,000.00 $ 1,910,000.00
1 LS $ 382,000.00 $ 382,000.00
$ 3,566,000.00
$ 16,297,405.00
Contingency (20%) $ 3,259,485.00
Total Cost $ 19,556,890.00
Subtotal
Alta Vista Subdivision Buffer Area
Monument Signs
Regional Trails
Engineering / Surveying
Admin. / Planning / Permitting
Natural Area Open Space
Subtotal
Admin. / Design / Permitting / Etc.
Open Space, Parks, and Trails
Infrastructure Subtotal
Summary Estimate of Preliminary District Expenditures
Design Engineer: K. Brigman
Design Firm: Highland Development Services
Project Number: 18-1000-00
Date: August 23, 2019
No. Quantity Units Unit Cost Total
1
LS $ 1,500,000.00 $ -
Clearing, Grubbing, and Topsoil Stripping AC $ 12,000.00 $ -
CY $ 6.00 $ -
Import Fill CY $ 15.00 $ -
LS $ 25,000.00 $ -
$ -
2
Metro District Owned Drives (24' Section) 3,960 LF $ 112.00 $ 443,520.00
2,880 LF $ 131.00 $ 377,280.00
LF $ 430.00 $ -
Connector Local Street with Median (65' Section) LF $ 550.00 $ -
LF $ 346.00 $ -
On-Site Suniga Rd 4-lane Arterial Upsizing (83' Section) 2,160 LF $ 779.00 $ 1,682,640.00
520 LF $ 1,490.00 $ 774,800.00
LS $ 250,000.00 $ -
Signage and Striping LS $ 25,000.00 $ -
$ 3,278,240.00
3
LF $ 50.00 $ -
8" Waterline LF $ 65.00 $ -
- LF $ 85.00 -
- LF $ 100.00 -
- LF $ 2,000.00 -
- LS $ - -
$ -
4
LF $ 90.00 $ -
LF $ 100.00 $ -
12" Sanitary Sewer - LF $ 112.00 -
8" Subdrain - LF $ 75.00 -
Existing 15" to 18" Sanitary Sewer Upsize 565 LF $ 176.00 $ 99,440.00
2,130 LF $ 206.00 $ 438,780.00
- LS -
$ 538,220.00
5
LF $ 190.00 $ -
Outlet/Control Structure EA $ 10,000.00 $ -
LID Infiltration Galleries EA $ 100,000.00 $ -
$ -
Grading/Miscellaneous
On-Site Suniga Rd 2-lane Connector w/ Median (65' Section)
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR NORTHFIELD METRO DISTRICT NOS. 1-3
The units and cost below are best assumptions based on the level of information available at this time in design. Street section in reference to LCUASS
Connector Local street section, and pavement section in reference to geotech report
Public Improvements
Description
Potable Waterline Improvements
Mobilization / General Conditions
Earthwork (cut/fill/place)
Erosion Control / Traffic Control
Subtotal
Roadway Improvements
Metro District Owned Drives (26' Section)
6
- AC $ -
Landscaped Open Space 6.6 AC $ 110,000.00 $ 723,800.00
13,270 SF $ 15.00 $ 199,050.00
LS $ 75,000.00 $ -
1 LS $ 125,000.00 $ 125,000.00
1 LS $ 2,000,000.00 $ 2,000,000.00
$ 3,047,850.00
7
1 LS $ 687,000.00 $ 687,000.00
Construction Management / Inspection / Testing 1 LS $ 1,030,000.00 $ 1,030,000.00
1 LS $ 206,000.00 $ 206,000.00
$ 1,923,000.00
$ 8,787,310.00
Contingency (20%) $ 1,757,465.00
Total Cost $ 10,544,775.00
Open Space, Parks, and Trails
Natural Area Open Space
Subtotal
Infrastructure Subtotal
Monument Signs
Alta Vista Subdivision Buffer Area
Subtotal
Admin. / Design / Permitting / Etc.
Engineering / Surveying
Admin. / Planning / Permitting
Clubhouse/Pool
Regional Trails
E-1
EXHIBIT E
PUBLIC IMPROVEMENT MAPS
N. LEMAY AVENUE
E. SUNIGA ROAD
LEGEND
COLLECTOR LOCAL STREETS
(57' WIDE PUBLIC RIGHT-OF-WAY)
NORTHFIELD METRO DISTRICT BOUNDARY
4-LANE ARTERIAL
(115' WIDE PUBLIC RIGHT-OF-WAY)
COLLECTOR LOCAL STREET WITH MEDIAN
(86' WIDE PUBLIC RIGHT-OF-WAY)
N
W E
S
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
STREETS MAP
04/29/2019
1" = 300'
KRB
18-1000-00
E-1
1 5
SCALE 1" =
150 0
300'
300
PRIVATE DRIVES (26' WIDE SECTION)
PRIVATE DRIVES (24' WIDE SECTION)
N. LEMAY AVENUE
E. SUNIGA ROAD
LAKE CANAL
LEGEND
WATER LINE - 8" PVC
ALL WATER OWNED AND MAINTAINED
BY FORT COLLINS UTILITIES
NORTHFIELD METRO DISTRICT BOUNDARY
N
W E
S
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
POTABLE WATER MAP
04/30/2019
1" = 300'
KRB
18-1000-00
E-2
2 5
SCALE 1" =
150 0
300'
EXISTING WATER LINE (SIZE AS LABELED) 300
N. LEMAY AVENUE
E. SUNIGA ROAD
LAKE CANAL
LEGEND
SEWER LINE - 8" PVC
ALL SEWER OWNED AND MAINTAINED
BY FORT COLLINS UTILITIES
NORTHFIELD METRO DISTRICT BOUNDARY
EXISTING SEWER LINE (SIZE AS LABELED)
SEWER LINE - 10" PVC
ALL SEWER OWNED AND MAINTAINED
BY FORT COLLINS UTILITIES
N
W E
S
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
SANITARY SEWER MAP
04/30/2019
1" = 300'
KRB
18-1000-00
E-3
3 5
SCALE 1" =
150 0
300'
300
LAKE CANAL
N. LEMAY AVENUE
E. SUNIGA ROAD
LEGEND
RCP STORM DRAIN LINE (SIZES TO BE
DETERMINED AT FINAL DESIGN)
NORTHFIELD METRO DISTRICT BOUNDARY
EXISTING STORM DRAIN LINE
DETENTION AREAS
LOW IMPACT DEVELOPMENT (LID) AREAS
N
W E
S
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
STORM DRAINAGE MAP
04/30/2019
1" = 300'
KRB
18-1000-00
E-4
4 5
SCALE 1" =
150 0
300'
300
LAKE CANAL
N. LEMAY AVENUE
E. SUNIGA ROAD
LEGEND
CONNECTIVITY LANDSCAPING WITH TRAILS
NORTHFIELD METRO DISTRICT BOUNDARY
STREETS WITH TREE LAWN AREAS
LANDSCAPED OPEN SPACE
N
W E
S
DEVELOPMENT HIGHLAND SERVCIES
6341 FAIRGROUNDS AVENUE, SUITE 100 | WINDSOR, CO 80550
PHONE: 970.674.7550 | FAX: 970.674.7568 | www.Highland-DS.com
DRAWN BY
DATE
SCALE (H)
HDS PROJ #
SHEET OF
NORTHFIELD
OPEN SPACE, PARKS, & TRAILS MAP
04/30/2019
1" = 300'
KRB
18-1000-00
E-5
5 5
SCALE 1" =
150 0
300'
300
F-1
EXHIBIT F
FINANCIAL PLAN
NORTHFIELD METROPOLITAN DISTRICT
1
Development Projection at 40.000 (target) Mills for Debt Service -- Service Plan
2050
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020 + New Money, Assumes Investment Grade, 100x, 30-yr. Maturity
2049
0
< < < < < < < < Residential > > > > > > > > < Platted/Developed Lots > < < < < < < < < < < Commercial > > > > > > > > > >
Mkt Value As'ed Value As'ed Value Mkt Value As'ed Value District District District
Biennial @ 7.20% @ 29.00% Biennial @ 29.00% Total D/S Mill Levy D/S Mill Levy S.O. Taxes Total
Total Reasses'mt Cumulative of Market Cumulative of Market Total Comm'l Reasses'mt Cumulative of Market Assessed [40.000 Target] Collections Collected Available
YEAR Res'l Units @ 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Sq. Ft. @ 6.0% Market Value (2-yr lag) Value [40.000 Cap] @ 98% @ 6% Revenue
2018 0 0 0 0 0 0
2019 0 0 1,070,551 0 0 0
2020 34 0 10,705,512 0 4,858,199 0 0 0 0 0 $0 40.000 0 0 0
2021 145 60,259,140 0 4,032,990 310,460 0 0 0 310,460 40.000 12,170 730 12,900
2022 115 3,615,548 105,206,784 770,797 3,277,464 1,408,878 2,679 0 627,127 0 2,179,675 40.000 85,443 5,127 90,570
2023 88 139,987,494 4,338,658 1,965,346 1,169,567 0 627,127 0 5,508,225 40.000 215,922 12,955 228,878
2024 54 8,399,250 169,660,283 7,574,888 215,424 950,465 0 37,628 664,755 181,867 8,707,220 40.000 341,323 20,479 361,802
2025 6 172,038,738 10,079,100 0 569,950 0 664,755 181,867 10,830,917 40.000 424,572 25,474 450,046
2026 0 10,322,324 182,361,062 12,215,540 0 62,473 0 39,885 704,640 192,779 12,470,792 40.000 488,855 29,331 518,186
2027 0 182,361,062 12,386,789 0 0 0 704,640 192,779 12,579,568 40.000 493,119 29,587 522,706
2028 0 10,941,664 193,302,726 13,129,996 0 0 0 42,278 746,918 204,346 13,334,342 40.000 522,706 31,362 554,069
2029 0 193,302,726 13,129,996 0 0 0 746,918 204,346 13,334,342 40.000 522,706 31,362 554,069
2030 0 11,598,164 204,900,890 13,917,796 0 0 0 44,815 791,734 216,606 14,134,403 40.000 554,069 33,244 587,313
2031 0 204,900,890 13,917,796 0 0 0 791,734 216,606 14,134,403 40.000 554,069 33,244 587,313
2032 0 12,294,053 217,194,943 14,752,864 0 0 0 47,504 839,238 229,603 14,982,467 40.000 587,313 35,239 622,551
2033 0 217,194,943 14,752,864 0 0 0 839,238 229,603 14,982,467 40.000 587,313 35,239 622,551
2034 0 13,031,697 230,226,639 15,638,036 0 0 0 50,354 889,592 243,379 15,881,415 40.000 622,551 37,353 659,905
2035 0 230,226,639 15,638,036 0 0 0 889,592 243,379 15,881,415 40.000 622,551 37,353 659,905
2036 0 13,813,598 244,040,238 16,576,318 0 0 0 53,376 942,967 257,982 16,834,300 40.000 659,905 39,594 699,499
2037 0 244,040,238 16,576,318 0 0 0 942,967 257,982 16,834,300 40.000 659,905 39,594 699,499
2038 0 14,642,414 258,682,652 17,570,897 0 0 0 56,578 999,545 273,461 17,844,358 40.000 699,499 41,970 741,469
2039 258,682,652 17,570,897 0 0 999,545 273,461 17,844,358 40.000 699,499 41,970 741,469
2040 15,520,959 274,203,611 18,625,151 0 0 59,973 1,059,518 289,868 18,915,019 40.000 741,469 44,488 785,957
2041 274,203,611 18,625,151 0 0 1,059,518 289,868 18,915,019 40.000 741,469 44,488 785,957
2042 16,452,217 290,655,828 19,742,660 0 0 63,571 1,123,089 307,260 20,049,920 40.000 785,957 47,157 833,114
2043 290,655,828 19,742,660 0 0 1,123,089 307,260 20,049,920 40.000 785,957 47,157 833,114
2044 17,439,350 308,095,178 20,927,220 0 0 67,385 1,190,474 325,696 21,252,915 40.000 833,114 49,987 883,101
2045 308,095,178 20,927,220 0 0 1,190,474 325,696 21,252,915 40.000 833,114 49,987 883,101
2046 18,485,711 326,580,888 22,182,853 0 0 71,428 1,261,903 345,238 22,528,090 40.000 883,101 52,986 936,087
2047 326,580,888 22,182,853 0 0 1,261,903 345,238 22,528,090 40.000 883,101 52,986 936,087
2048 19,594,853 346,175,742 23,513,824 0 0 75,714 1,337,617 365,952 23,879,776 40.000 936,087 56,165 992,252
2049 346,175,742 23,513,824 0 0 1,337,617 365,952 23,879,776 40.000 936,087 56,165 992,252
2050 20,770,544 366,946,286 24,924,653 0 0 80,257 1,417,874 387,909 25,312,562 40.000 992,252 59,535 1,051,788
2051 366,946,286 24,924,653 0 0 1,417,874 387,909 25,312,562 40.000 992,252 59,535 1,051,788
2052 22,016,777 388,963,063 26,420,133 0 0 85,072 1,502,947 411,184 26,831,316 40.000 1,051,788 63,107 1,114,895
2053 388,963,063 26,420,133 0 0 1,502,947 411,184 26,831,316 40.000 1,051,788 63,107 1,114,895
2054 23,337,784 412,300,847 28,005,341 0 0 90,177 1,593,123 435,855 28,441,195 40.000 1,114,895 66,894 1,181,789
2055 412,300,847 28,005,341 0 0 1,593,123 435,855 28,441,195 40.000 1,114,895 66,894 1,181,789
2056 24,738,051 437,038,898 29,685,661 0 0 95,587 1,688,711 462,006 30,147,667 40.000 1,181,789 70,907 1,252,696
2057 437,038,898 29,685,661 0 0 1,688,711 462,006 30,147,667 40.000 1,181,789 70,907 1,252,696
2058 26,222,334 463,261,232 31,466,801 0 0 101,323 1,790,033 489,726 31,956,527 40.000 1,252,696 75,162 1,327,858
2059 463,261,232 31,466,801 0 0 1,790,033 489,726 31,956,527 40.000 1,252,696 75,162 1,327,858
2060 27,795,674 491,056,906 33,354,809 0 0 107,402 1,897,435 519,110 33,873,918 40.000 1,327,858 79,671 1,407,529
______ __________ __________ __________ __________ __________ __________
442 331,032,966 2,679 1,270,308 30,227,642 1,813,659 32,041,301
4/25/2019 C NMD Fin Plan 19 NR SP Fin Plan+2030 IG Refg
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
1
2050
2049
0
YEAR
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
NORTHFIELD METROPOLITAN DISTRICT
Development Projection at 40.000 (target) Mills for Debt Service -- Service Plan
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020 + New Money, Assumes Investment Grade, 100x, 30-yr. Maturity
Series 2020 Ser. 2030
$10,020,000 Par $14,870,000 Par Surplus Senior Senior Cov. of Net DS: Cov. of Net DS:
[Net $7.098 MM] [Net $5.829 MM] Total Annual Release Cumulative Debt/ Debt/ @ 40.000 Target @ 40.000 Cap
Net Available Net Debt [Escr $9.790 MM] Net Debt Funds on Hand* Surplus 50% D/A Surplus Assessed Act'l Value & 0.0 U.R.A. Mills & 0.0 U.R.A. Mills
for Debt Svc Service Net Debt Service Service Used as Source to $1,487,000 $1,487,000 Target Ratio Ratio & Sales PIF Revs & Sales PIF Revs
0 n/a
0 n/a
0 $0 0 0 0 3227% 16% 0.0% 0.0%
12,900 0 0 12,900 0 12,900 460% 9% 0.0% 0.0%
1
2050
2049
0
YEAR
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
NORTHFIELD METROPOLITAN DISTRICT
Operations Revenue and Expense Projection
Total Total S.O. Tax Total
Assessed Oper'ns Collections Collections Available Total
Value Mill Levy @ 98% @ 98% For O&M Mills
0 10.000 0 0 0 50.000
310,460 10.000 3,043 2,982 6,024 50.000
2,179,675 10.000 21,361 20,934 42,294 50.000
5,508,225 10.000 53,981 52,901 106,882 50.000
8,707,220 10.000 85,331 83,624 168,955 50.000
10,830,917 10.000 106,143 104,020 210,163 50.000
12,470,792 10.000 122,214 119,769 241,983 50.000
NORTHFIELD METROPOLITAN DISTRICT
Development Summary
Development Projection -- Buildout Plan (updated 4/25/19)
Residential Development Commercial Development
Product Type
Stacked Condos Flats Brownstones Value Condo
Deed Restricted
Condo
MU - Studio Apts
(For Rent)
MU - Retail
Base $ ('20) $306,714 $359,040 $388,518 $316,200 $265,200 $200,000 $225/sf
Res'l Totals Comm'l Totals
2018 - - - - - - - - -
2019 - - - - - - - - -
2020 12 - 8 4 10 - 34 - -
2021 28 36 42 8 31 - 145 - -
2022 - 45 40 4 24 2 115 2,679 2,679
2023 - 48 40 - - - 88 - -
2024 - 45 9 - - - 54 - -
2025 - 6 - - - - 6 - -
2026 - - - - - - - - -
2027 - - - - - - - - -
2028 - - - - - - - - -
2029 - - - - - - - - -
2030 - - - - - - - - -
40 180 139 16 65 2 442 2,679 2,679
MV @ Full Buildout $12,268,560 $64,627,200 $54,004,002 $5,059,200 $17,238,000 $400,000 $153,596,962 $602,775 $602,775
(base prices;un-infl.)
notes:
Platted/Dev Lots = 10% MV; one-yr prior
Base MV $ inflated 2% per annum
4/25/2019 C NMD Fin Plan 19 Dev Summ Prepared by D.A. Davidson & Co.
4
NORTHFIELD METROPOLITAN DISTRICT
2050 Development Projection -- Buildout Plan (updated 4/25/19)
100%
0 Ph
Residential Development
Stacked Condos Flats Brownstones Value Condo
Incr/(Decr) in Incr/(Decr) in Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Finished Lot # Units Price Finished Lot # Units Price
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market
YEAR Devel'd 10% 40 target 2% Value Devel'd 10% 180 target 2% Value Devel'd 10% 139 target 2% Value Devel'd 10% 16 target 2% Value
2018 0 0 $306,714 0 0 0 $359,040 0 0 0 $388,518 0 0 0 $316,200 0
2019 12 368,057 306,714 0 0 0 359,040 0 8 310,814 388,518 0 4 126,480 316,200 0
2020 28 490,742 12 306,714 3,680,568 36 1,292,544 0 359,040 0 42 1,320,961 8 388,518 3,108,144 8 126,480 4 316,200 1,264,800
2021 0 (858,799) 28 312,848 8,759,752 45 323,136 36 366,221 13,183,949 40 (77,704) 42 396,288 16,644,111 4 (126,480) 8 322,524 2,580,192
2022 0 0 0 319,105 0 48 107,712 45 373,545 16,809,535 40 0 40 404,214 16,168,565 0 (126,480) 4 328,974 1,315,898
2023 0 0 0 325,487 0 45 (107,712) 48 381,016 18,288,774 9 (1,204,406) 40 412,298 16,491,936 0 0 0 335,554 0
2024 0 0 0 331,997 0 6 (1,400,256) 45 388,636 17,488,640 0 (349,666) 9 420,544 3,784,899 0 0 0 342,265 0
2025 0 0 0 338,637 0 0 (215,424) 6 396,409 2,378,455 0 0 0 428,955 0 0 0 0 349,110 0
2026 0 0 0 345,410 0 0 0 0 404,337 0 0 0 0 437,534 0 0 0 0 356,093 0
2027 0 0 0 352,318 0 0 0 0 412,424 0 0 0 0 446,285 0 0 0 0 363,214 0
2028 0 0 0 359,364 0 0 0 0 420,673 0 0 0 0 455,211 0 0 0 0 370,479 0
2029 0 0 0 366,552 0 0 0 0 429,086 0 0 0 0 464,315 0 0 0 0 377,888 0
2030 0 0 0 373,883 0 0 0 0 437,668 0 0 0 0 473,601 0 0 0 0 385,446 0
2031 0 0 0 381,360 0 0 0 0 446,421 0 0 0 0 483,073 0 0 0 0 393,155 0
2032 0 0 0 388,988 0 0 0 0 455,350 0 0 0 0 492,735 0 0 0 0 401,018 0
2033 0 0 0 396,767 0 0 0 0 464,457 0 0 0 0 502,589 0 0 0 0 409,038 0
2034 0 0 0 404,703 0 0 0 0 473,746 0 0 0 0 512,641 0 0 0 0 417,219 0
2035 0 0 0 412,797 0 0 0 0 483,221 0 0 0 0 522,894 0 0 0 0 425,564 0
2036 0 0 0 421,053 0 0 0 0 492,885 0 0 0 0 533,352 0 0 0 0 434,075 0
2037 0 0 0 429,474 0 0 0 0 502,743 0 0 0 0 544,019 0 0 0 0 442,756 0
2038 0 0 438,063 0 0 0 512,798 0 0 0 554,899 0 0 0 451,611 0
______ _________ ______ _________ ______ _________ ______ _________ _____ _________ ______ _________ _____ _________ ______ _________
40 0 40 12,440,320 180 (0) 180 68,149,352 139 (0) 139 56,197,656 16 0 16 5,160,890
4/25/2019 C NMD Fin Plan 19 Abs
Prepared by D.A. Davidson & Co.
5
2050
100%
0 Ph
YEAR
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
NORTHFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 4/25/19)
Residential Summary
Deed Restricted Condo MU - Studio Apts (For Rent)
Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Total
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market Residential Total Total Total Total
Devel'd 10% 65 target 2% Value Devel'd 10% 2 target 2% Value Market Value SFD Units SFA Units MFD Units Res'l Units
0 0 $265,200 0 0 0 $200,000 0 $0 0 0 0 0
10 265,200 265,200 0 0 0 200,000 0 0 0 0 0 0
31 556,920 10 265,200 2,652,000 0 0 200,000 0 10,705,512 0 34 0 34
24 (185,640) 31 270,504 8,385,624 2 40,000 204,000 0 49,553,628 0 145 0 145
0 (636,480) 24 275,914 6,621,938 0 (40,000) 2 208,080 416,160 41,332,096 0 113 2 115
0 0 0 281,432 0 0 0 0 212,242 0 34,780,710 0 88 0 88
0 0 0 287,061 0 0 0 0 216,486 0 21,273,539 0 54 0 54
0 0 0 292,802 0 0 0 0 220,816 0 2,378,455 0 6 0 6
0 0 0 298,658 0 0 0 0 225,232 0 0 0 0 0 0
0 0 0 304,631 0 0 0 0 229,737 0 0 0 0 0 0
0 0 0 310,724 0 0 0 0 234,332 0 0 0 0 0 0
0 0 0 316,939 0 0 0 0 239,019 0 0 0 0 0 0
0 0 0 323,277 0 0 0 0 243,799 0 0 0 0 0 0
0 0 0 329,743 0 0 0 0 248,675 0 0 0 0 0 0
0 0 0 336,338 0 0 0 0 253,648 0 0 0 0 0 0
0 0 0 343,064 0 0 0 0 258,721 0 0 0 0 0 0
0 0 0 349,926 0 0 0 0 263,896 0 0 0 0 0 0
0 0 0 356,924 0 0 0 0 269,174 0 0 0 0 0 0
0 0 0 364,063 0 0 0 0 274,557 0 0 0 0 0 0
0 0 0 371,344 0 0 0 0 280,048 0 0 0 0 0 0
0 0 378,771 0 0 0 285,649 0 0 0 0 0 0
____ _________ ______ _________ _____ ________ ______ _________ ___________ ______ ______ ______ ______
65 (0) 65 17,659,562 2 0 2 416,160 160,023,940 0 440 2 442
4/25/2019 C NMD Fin Plan 19 Abs
Prepared by D.A. Davidson & Co.
6
2050
100%
0 Ph
YEAR
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
NORTHFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 4/25/19)
Commercial Development
MU - Retail
Incr/(Decr) in
Finished Lot Square Ft per Sq Ft, Total Total Value of Platted &
SF Value @ Completed Inflated @ Market Commercial Commercial Developed Lots
Devel'd 10% 2,679 2% Value Market Value Sq Ft Adjustment
1
Adjusted Value
0 0 $225.00 $0 0 0 0 0
0 0 225.00 0 0 0 0 1,070,551
0 0 225.00 0 0 0 0 3,787,648
2,679 60,278 229.50 0 0 0 0 (825,209)
0 (60,278) 2,679 234.09 627,127 627,127 2,679 0 (755,526)
0 0 0 238.77 0 0 0 0 (1,312,118)
0 0 0 243.55 0 0 0 0 (1,749,922)
0 0 0 248.42 0 0 0 0 (215,424)
0 0 0 253.39 0 0 0 0 0
0 0 0 258.45 0 0 0 0 0
0 0 0 263.62 0 0 0 0 0
0 0 0 268.90 0 0 0 0 0
0 0 0 274.27 0 0 0 0 0
0 0 0 279.76 0 0 0 0 0
0 0 0 285.35 0 0 0 0 0
0 0 0 291.06 0 0 0 0 0
0 0 0 296.88 0 0 0 0 0
0 0 0 302.82 0 0 0 0 0
0 0 0 308.88 0 0 0 0 0
0 0 0 315.05 0 0 0 0 0
0 0 321.36 0 0 0 0 0
______ _________ ________ _________ _________ _________ _________ _________
2,679 0 2,679 627,127 627,127 2,679 0 0
[1] Adj. to actual/prelim. AV
Commercial Summary
Apr 25, 2019 11:06 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-20NRSPC)
SOURCES AND USES OF FUNDS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Dated Date 12/01/2020
Delivery Date 12/01/2020
Sources:
Bond Proceeds:
Par Amount 10,020,000.00
10,020,000.00
Uses:
Project Fund Deposits:
Project Fund 7,098,193.75
Other Fund Deposits:
Capitalized Interest Fund 1,503,000.00
Debt Service Reserve Fund 918,406.25
2,421,406.25
Cost of Issuance:
Other Cost of Issuance 300,000.00
Delivery Date Expenses:
Underwriter's Discount 200,400.00
10,020,000.00
8
Apr 25, 2019 11:06 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-20NRSPC)
BOND SUMMARY STATISTICS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Dated Date 12/01/2020
Delivery Date 12/01/2020
First Coupon 06/01/2021
Last Maturity 12/01/2050
Arbitrage Yield 5.000000%
True Interest Cost (TIC) 5.148899%
Net Interest Cost (NIC) 5.000000%
All-In TIC 5.380240%
Average Coupon 5.000000%
Average Life (years) 23.996
Weighted Average Maturity (years) 23.996
Duration of Issue (years) 13.855
Par Amount 10,020,000.00
Bond Proceeds 10,020,000.00
Total Interest 12,021,750.00
Net Interest 12,222,150.00
Bond Years from Dated Date 240,435,000.00
Bond Years from Delivery Date 240,435,000.00
Total Debt Service 22,041,750.00
Maximum Annual Debt Service 1,968,750.00
Average Annual Debt Service 734,725.00
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 20.000000
Total Underwriter's Discount 20.000000
Bid Price 98.000000
Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change
Term Bond due 2050 10,020,000.00 100.000 5.000% 23.996 11/29/2044 15,531.00
10,020,000.00 23.996 15,531.00
All-In Arbitrage
TIC TIC Yield
Par Value 10,020,000.00 10,020,000.00 10,020,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount -200,400.00 -200,400.00
- Cost of Issuance Expense -300,000.00
- Other Amounts
Target Value 9,819,600.00 9,519,600.00 10,020,000.00
Target Date 12/01/2020 12/01/2020 12/01/2020
Yield 5.148899% 5.380240% 5.000000%
9
Apr 25, 2019 11:06 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-20NRSPC)
BOND DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2021 250,500 250,500
12/01/2021 250,500 250,500 501,000
06/01/2022 250,500 250,500
12/01/2022 250,500 250,500 501,000
06/01/2023 250,500 250,500
12/01/2023 250,500 250,500 501,000
06/01/2024 250,500 250,500
12/01/2024 250,500 250,500 501,000
06/01/2025 250,500 250,500
12/01/2025 250,500 250,500 501,000
06/01/2026 250,500 250,500
12/01/2026 15,000 5.000% 250,500 265,500 516,000
06/01/2027 250,125 250,125
12/01/2027 20,000 5.000% 250,125 270,125 520,250
06/01/2028 249,625 249,625
12/01/2028 50,000 5.000% 249,625 299,625 549,250
06/01/2029 248,375 248,375
12/01/2029 55,000 5.000% 248,375 303,375 551,750
06/01/2030 247,000 247,000
12/01/2030 90,000 5.000% 247,000 337,000 584,000
06/01/2031 244,750 244,750
12/01/2031 95,000 5.000% 244,750 339,750 584,500
06/01/2032 242,375 242,375
12/01/2032 135,000 5.000% 242,375 377,375 619,750
06/01/2033 239,000 239,000
12/01/2033 140,000 5.000% 239,000 379,000 618,000
06/01/2034 235,500 235,500
12/01/2034 185,000 5.000% 235,500 420,500 656,000
06/01/2035 230,875 230,875
12/01/2035 195,000 5.000% 230,875 425,875 656,750
06/01/2036 226,000 226,000
12/01/2036 245,000 5.000% 226,000 471,000 697,000
06/01/2037 219,875 219,875
12/01/2037 255,000 5.000% 219,875 474,875 694,750
06/01/2038 213,500 213,500
12/01/2038 310,000 5.000% 213,500 523,500 737,000
06/01/2039 205,750 205,750
12/01/2039 325,000 5.000% 205,750 530,750 736,500
06/01/2040 197,625 197,625
12/01/2040 390,000 5.000% 197,625 587,625 785,250
06/01/2041 187,875 187,875
12/01/2041 410,000 5.000% 187,875 597,875 785,750
06/01/2042 177,625 177,625
12/01/2042 475,000 5.000% 177,625 652,625 830,250
06/01/2043 165,750 165,750
12/01/2043 500,000 5.000% 165,750 665,750 831,500
06/01/2044 153,250 153,250
12/01/2044 575,000 5.000% 153,250 728,250 881,500
06/01/2045 138,875 138,875
Apr 25, 2019 11:06 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-20NRSPC)
NET DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Capitalized
Period Total Debt Service Interest Net
Ending Principal Interest Debt Service Reserve Fund Fund Debt Service
12/01/2021 501,000 501,000 501,000
12/01/2022 501,000 501,000 501,000
12/01/2023 501,000 501,000 501,000
12/01/2024 501,000 501,000 501,000.00
12/01/2025 501,000 501,000 501,000.00
12/01/2026 15,000 501,000 516,000 516,000.00
12/01/2027 20,000 500,250 520,250 520,250.00
12/01/2028 50,000 499,250 549,250 549,250.00
12/01/2029 55,000 496,750 551,750 551,750.00
12/01/2030 90,000 494,000 584,000 584,000.00
12/01/2031 95,000 489,500 584,500 584,500.00
12/01/2032 135,000 484,750 619,750 619,750.00
12/01/2033 140,000 478,000 618,000 618,000.00
12/01/2034 185,000 471,000 656,000 656,000.00
12/01/2035 195,000 461,750 656,750 656,750.00
12/01/2036 245,000 452,000 697,000 697,000.00
12/01/2037 255,000 439,750 694,750 694,750.00
12/01/2038 310,000 427,000 737,000 737,000.00
12/01/2039 325,000 411,500 736,500 736,500.00
12/01/2040 390,000 395,250 785,250 785,250.00
12/01/2041 410,000 375,750 785,750 785,750.00
12/01/2042 475,000 355,250 830,250 830,250.00
12/01/2043 500,000 331,500 831,500 831,500.00
12/01/2044 575,000 306,500 881,500 881,500.00
12/01/2045 605,000 277,750 882,750 882,750.00
12/01/2046 685,000 247,500 932,500 932,500.00
12/01/2047 720,000 213,250 933,250 933,250.00
12/01/2048 815,000 177,250 992,250 992,250.00
12/01/2049 855,000 136,500 991,500 991,500.00
12/01/2050 1,875,000 93,750 1,968,750 918,406.25 1,050,343.75
10,020,000 12,021,750 22,041,750 918,406.25 1,503,000 19,620,343.75
11
Apr 25, 2019 11:06 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-20NRSPC)
BOND SOLUTION
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills
Non-Rated, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Serv
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2021 501,000 -501,000 12,900 12,900
12/01/2022 501,000 -501,000 90,570 90,570
12/01/2023 501,000 -501,000 228,878 228,878
12/01/2024 501,000 501,000 361,802 -139,198 72.21605%
12/01/2025 501,000 501,000 450,046 -50,954 89.82959%
12/01/2026 15,000 516,000 516,000 518,186 2,186 100.42371%
12/01/2027 20,000 520,250 520,250 522,706 2,456 100.47212%
12/01/2028 50,000 549,250 549,250 554,069 4,819 100.87730%
12/01/2029 55,000 551,750 551,750 554,069 2,319 100.42022%
12/01/2030 90,000 584,000 584,000 587,313 3,313 100.56724%
12/01/2031 95,000 584,500 584,500 587,313 2,813 100.48121%
12/01/2032 135,000 619,750 619,750 622,551 2,801 100.45203%
12/01/2033 140,000 618,000 618,000 622,551 4,551 100.73648%
12/01/2034 185,000 656,000 656,000 659,905 3,905 100.59521%
12/01/2035 195,000 656,750 656,750 659,905 3,155 100.48033%
12/01/2036 245,000 697,000 697,000 699,499 2,499 100.35851%
12/01/2037 255,000 694,750 694,750 699,499 4,749 100.68353%
12/01/2038 310,000 737,000 737,000 741,469 4,469 100.60634%
12/01/2039 325,000 736,500 736,500 741,469 4,969 100.67464%
12/01/2040 390,000 785,250 785,250 785,957 707 100.09002%
12/01/2041 410,000 785,750 785,750 785,957 207 100.02633%
12/01/2042 475,000 830,250 830,250 833,114 2,864 100.34499%
12/01/2043 500,000 831,500 831,500 833,114 1,614 100.19414%
12/01/2044 575,000 881,500 881,500 883,101 1,601 100.18164%
12/01/2045 605,000 882,750 882,750 883,101 351 100.03978%
12/01/2046 685,000 932,500 932,500 936,087 3,587 100.38469%
12/01/2047 720,000 933,250 933,250 936,087 2,837 100.30401%
12/01/2048 815,000 992,250 992,250 992,252 2 100.00025%
12/01/2049 855,000 991,500 991,500 992,252 752 100.07589%
12/01/2050 1,875,000 1,968,750 -918,406 1,050,344 1,051,788 1,444 100.13746%
10,020,000 22,041,750 -2,421,406 19,620,344 19,827,510 207,167
12
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
SOURCES AND USES OF FUNDS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Dated Date 12/01/2030
Delivery Date 12/01/2030
Sources:
Bond Proceeds:
Par Amount 14,870,000.00
Other Sources of Funds:
Funds on Hand* 155,000.00
Series 2020 - DSRF 918,406.00
1,073,406.00
15,943,406.00
Uses:
Project Fund Deposits:
Project Fund 5,829,489.33
Refunding Escrow Deposits:
Cash Deposit* 9,790,000.00
Other Fund Deposits:
Capitalized Interest Fund 49,566.67
Cost of Issuance:
Other Cost of Issuance 200,000.00
Delivery Date Expenses:
Underwriter's Discount 74,350.00
15,943,406.00
[*] Estimated balances, (tbd).
13
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
BOND SUMMARY STATISTICS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
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) 4.035170%
Net Interest Cost (NIC) 4.000000%
All-In TIC 4.131013%
Average Coupon 4.000000%
Average Life (years) 22.217
Weighted Average Maturity (years) 22.217
Duration of Issue (years) 14.526
Par Amount 14,870,000.00
Bond Proceeds 14,870,000.00
Total Interest 13,214,800.00
Net Interest 13,289,150.00
Bond Years from Dated Date 330,370,000.00
Bond Years from Delivery Date 330,370,000.00
Total Debt Service 28,084,800.00
Maximum Annual Debt Service 1,404,000.00
Average Annual Debt Service 936,160.00
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 14,870,000.00 100.000 4.000% 22.217 02/17/2053 25,873.80
14,870,000.00 22.217 25,873.80
All-In Arbitrage
TIC TIC Yield
Par Value 14,870,000.00 14,870,000.00 14,870,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount -74,350.00 -74,350.00
- Cost of Issuance Expense -200,000.00
- Other Amounts
Target Value 14,795,650.00 14,595,650.00 14,870,000.00
Target Date 12/01/2030 12/01/2030 12/01/2030
Yield 4.035170% 4.131013% 4.000000%
14
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
BOND DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2031 297,400 297,400
12/01/2031 297,400 297,400 594,800
06/01/2032 297,400 297,400
12/01/2032 25,000 4.000% 297,400 322,400 619,800
06/01/2033 296,900 296,900
12/01/2033 25,000 4.000% 296,900 321,900 618,800
06/01/2034 296,400 296,400
12/01/2034 65,000 4.000% 296,400 361,400 657,800
06/01/2035 295,100 295,100
12/01/2035 65,000 4.000% 295,100 360,100 655,200
06/01/2036 293,800 293,800
12/01/2036 110,000 4.000% 293,800 403,800 697,600
06/01/2037 291,600 291,600
12/01/2037 115,000 4.000% 291,600 406,600 698,200
06/01/2038 289,300 289,300
12/01/2038 160,000 4.000% 289,300 449,300 738,600
06/01/2039 286,100 286,100
12/01/2039 165,000 4.000% 286,100 451,100 737,200
06/01/2040 282,800 282,800
12/01/2040 220,000 4.000% 282,800 502,800 785,600
06/01/2041 278,400 278,400
12/01/2041 225,000 4.000% 278,400 503,400 781,800
06/01/2042 273,900 273,900
12/01/2042 285,000 4.000% 273,900 558,900 832,800
06/01/2043 268,200 268,200
12/01/2043 295,000 4.000% 268,200 563,200 831,400
06/01/2044 262,300 262,300
12/01/2044 355,000 4.000% 262,300 617,300 879,600
06/01/2045 255,200 255,200
12/01/2045 370,000 4.000% 255,200 625,200 880,400
06/01/2046 247,800 247,800
12/01/2046 440,000 4.000% 247,800 687,800 935,600
06/01/2047 239,000 239,000
12/01/2047 455,000 4.000% 239,000 694,000 933,000
06/01/2048 229,900 229,900
12/01/2048 530,000 4.000% 229,900 759,900 989,800
06/01/2049 219,300 219,300
12/01/2049 550,000 4.000% 219,300 769,300 988,600
06/01/2050 208,300 208,300
12/01/2050 630,000 4.000% 208,300 838,300 1,046,600
06/01/2051 195,700 195,700
12/01/2051 660,000 4.000% 195,700 855,700 1,051,400
06/01/2052 182,500 182,500
12/01/2052 745,000 4.000% 182,500 927,500 1,110,000
06/01/2053 167,600 167,600
12/01/2053 775,000 4.000% 167,600 942,600 1,110,200
06/01/2054 152,100 152,100
12/01/2054 875,000 4.000% 152,100 1,027,100 1,179,200
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
NET DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Total Capitalized Net
Ending Principal Interest Debt Service Interest Fund Debt Service
12/01/2031 594,800 594,800 49,566.67 545,233.33
12/01/2032 25,000 594,800 619,800 619,800.00
12/01/2033 25,000 593,800 618,800 618,800.00
12/01/2034 65,000 592,800 657,800 657,800.00
12/01/2035 65,000 590,200 655,200 655,200.00
12/01/2036 110,000 587,600 697,600 697,600.00
12/01/2037 115,000 583,200 698,200 698,200.00
12/01/2038 160,000 578,600 738,600 738,600.00
12/01/2039 165,000 572,200 737,200 737,200.00
12/01/2040 220,000 565,600 785,600 785,600.00
12/01/2041 225,000 556,800 781,800 781,800.00
12/01/2042 285,000 547,800 832,800 832,800.00
12/01/2043 295,000 536,400 831,400 831,400.00
12/01/2044 355,000 524,600 879,600 879,600.00
12/01/2045 370,000 510,400 880,400 880,400.00
12/01/2046 440,000 495,600 935,600 935,600.00
12/01/2047 455,000 478,000 933,000 933,000.00
12/01/2048 530,000 459,800 989,800 989,800.00
12/01/2049 550,000 438,600 988,600 988,600.00
12/01/2050 630,000 416,600 1,046,600 1,046,600.00
12/01/2051 660,000 391,400 1,051,400 1,051,400.00
12/01/2052 745,000 365,000 1,110,000 1,110,000.00
12/01/2053 775,000 335,200 1,110,200 1,110,200.00
12/01/2054 875,000 304,200 1,179,200 1,179,200.00
12/01/2055 910,000 269,200 1,179,200 1,179,200.00
12/01/2056 1,015,000 232,800 1,247,800 1,247,800.00
12/01/2057 1,060,000 192,200 1,252,200 1,252,200.00
12/01/2058 1,175,000 149,800 1,324,800 1,324,800.00
12/01/2059 1,220,000 102,800 1,322,800 1,322,800.00
12/01/2060 1,350,000 54,000 1,404,000 1,404,000.00
14,870,000 13,214,800 28,084,800 49,566.67 28,035,233.33
16
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
SUMMARY OF BONDS REFUNDED
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
4/25/19: Ser 20 NR SP, 5.00%, 100x, 40mls, FG+6% BiRe:
TERM50 12/01/2031 5.000% 95,000.00 12/01/2030 100.000
12/01/2032 5.000% 135,000.00 12/01/2030 100.000
12/01/2033 5.000% 140,000.00 12/01/2030 100.000
12/01/2034 5.000% 185,000.00 12/01/2030 100.000
12/01/2035 5.000% 195,000.00 12/01/2030 100.000
12/01/2036 5.000% 245,000.00 12/01/2030 100.000
12/01/2037 5.000% 255,000.00 12/01/2030 100.000
12/01/2038 5.000% 310,000.00 12/01/2030 100.000
12/01/2039 5.000% 325,000.00 12/01/2030 100.000
12/01/2040 5.000% 390,000.00 12/01/2030 100.000
12/01/2041 5.000% 410,000.00 12/01/2030 100.000
12/01/2042 5.000% 475,000.00 12/01/2030 100.000
12/01/2043 5.000% 500,000.00 12/01/2030 100.000
12/01/2044 5.000% 575,000.00 12/01/2030 100.000
12/01/2045 5.000% 605,000.00 12/01/2030 100.000
12/01/2046 5.000% 685,000.00 12/01/2030 100.000
12/01/2047 5.000% 720,000.00 12/01/2030 100.000
12/01/2048 5.000% 815,000.00 12/01/2030 100.000
12/01/2049 5.000% 855,000.00 12/01/2030 100.000
12/01/2050 5.000% 1,875,000.00 12/01/2030 100.000
9,790,000.00
17
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
ESCROW REQUIREMENTS
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Dated Date 12/01/2030
Delivery Date 12/01/2030
4/25/19: Ser 20 NR SP, 5.00%, 100x, 40mls, FG+6% BiRe
Period Principal
Ending Redeemed Total
12/01/2030 9,790,000.00 9,790,000.00
9,790,000.00 9,790,000.00
18
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
PRIOR BOND DEBT SERVICE
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2031 244,750 244,750
12/01/2031 95,000 5.000% 244,750 339,750 584,500
06/01/2032 242,375 242,375
12/01/2032 135,000 5.000% 242,375 377,375 619,750
06/01/2033 239,000 239,000
12/01/2033 140,000 5.000% 239,000 379,000 618,000
06/01/2034 235,500 235,500
12/01/2034 185,000 5.000% 235,500 420,500 656,000
06/01/2035 230,875 230,875
12/01/2035 195,000 5.000% 230,875 425,875 656,750
06/01/2036 226,000 226,000
12/01/2036 245,000 5.000% 226,000 471,000 697,000
06/01/2037 219,875 219,875
12/01/2037 255,000 5.000% 219,875 474,875 694,750
06/01/2038 213,500 213,500
12/01/2038 310,000 5.000% 213,500 523,500 737,000
06/01/2039 205,750 205,750
12/01/2039 325,000 5.000% 205,750 530,750 736,500
06/01/2040 197,625 197,625
12/01/2040 390,000 5.000% 197,625 587,625 785,250
06/01/2041 187,875 187,875
12/01/2041 410,000 5.000% 187,875 597,875 785,750
06/01/2042 177,625 177,625
12/01/2042 475,000 5.000% 177,625 652,625 830,250
06/01/2043 165,750 165,750
12/01/2043 500,000 5.000% 165,750 665,750 831,500
06/01/2044 153,250 153,250
12/01/2044 575,000 5.000% 153,250 728,250 881,500
06/01/2045 138,875 138,875
12/01/2045 605,000 5.000% 138,875 743,875 882,750
06/01/2046 123,750 123,750
12/01/2046 685,000 5.000% 123,750 808,750 932,500
06/01/2047 106,625 106,625
12/01/2047 720,000 5.000% 106,625 826,625 933,250
06/01/2048 88,625 88,625
12/01/2048 815,000 5.000% 88,625 903,625 992,250
06/01/2049 68,250 68,250
12/01/2049 855,000 5.000% 68,250 923,250 991,500
06/01/2050 46,875 46,875
12/01/2050 1,875,000 5.000% 46,875 1,921,875 1,968,750
9,790,000 7,025,500 16,815,500 16,815,500
19
Apr 25, 2019 11:11 am Prepared by D.A, Davidson & Co Quantitative Group~PM (Northfield MD 18:CAPR2519-30IGSPC,30IGSPC)
BOND SOLUTION
NORTHFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discussion only ]
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Serv
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2031 594,800 -49,567 545,233 587,313 42,079 107.71768%
12/01/2032 25,000 619,800 619,800 622,551 2,751 100.44393%
12/01/2033 25,000 618,800 618,800 622,551 3,751 100.60625%
12/01/2034 65,000 657,800 657,800 659,905 2,105 100.31994%
12/01/2035 65,000 655,200 655,200 659,905 4,705 100.71803%
12/01/2036 110,000 697,600 697,600 699,499 1,899 100.27219%
12/01/2037 115,000 698,200 698,200 699,499 1,299 100.18602%
12/01/2038 160,000 738,600 738,600 741,469 2,869 100.38840%
12/01/2039 165,000 737,200 737,200 741,469 4,269 100.57905%
12/01/2040 220,000 785,600 785,600 785,957 357 100.04543%
12/01/2041 225,000 781,800 781,800 785,957 4,157 100.53171%
12/01/2042 285,000 832,800 832,800 833,114 314 100.03774%
12/01/2043 295,000 831,400 831,400 833,114 1,714 100.20619%
12/01/2044 355,000 879,600 879,600 883,101 3,501 100.39804%
12/01/2045 370,000 880,400 880,400 883,101 2,701 100.30681%
12/01/2046 440,000 935,600 935,600 936,087 487 100.05207%
12/01/2047 455,000 933,000 933,000 936,087 3,087 100.33089%
12/01/2048 530,000 989,800 989,800 992,252 2,452 100.24777%
12/01/2049 550,000 988,600 988,600 992,252 3,652 100.36946%
12/01/2050 630,000 1,046,600 1,046,600 1,051,788 5,188 100.49566%
12/01/2051 660,000 1,051,400 1,051,400 1,051,788 388 100.03686%
12/01/2052 745,000 1,110,000 1,110,000 1,114,895 4,895 100.44098%
12/01/2053 775,000 1,110,200 1,110,200 1,114,895 4,695 100.42288%
12/01/2054 875,000 1,179,200 1,179,200 1,181,789 2,589 100.21952%
12/01/2055 910,000 1,179,200 1,179,200 1,181,789 2,589 100.21952%
12/01/2056 1,015,000 1,247,800 1,247,800 1,252,696 4,896 100.39236%
12/01/2057 1,060,000 1,252,200 1,252,200 1,252,696 496 100.03960%
12/01/2058 1,175,000 1,324,800 1,324,800 1,327,858 3,058 100.23080%
12/01/2059 1,220,000 1,322,800 1,322,800 1,327,858 5,058 100.38234%
12/01/2060 1,350,000 1,404,000 1,404,000 1,407,529 3,529 100.25136%
14,870,000 28,084,800 -49,567 28,035,233 28,160,762 125,528
20
G-1
EXHIBIT G
PUBLIC BENEFITS
NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3
PUBLIC BENEFITS NARRATIVE
The City of Fort Collins (the “City”) and surrounding Larimer County face a significant
affordable and attainable housing shortage. Situated on one of the last undeveloped parcels of land
within walking distance of Old Town Fort Collins, Northfield Metropolitan District Nos. 1-3
(“Northfield”) will create an affordable and attainable neighborhood woven into the fabric of
central Fort Collins and advancing the City’s vision for the future.
The Metropolitan District structure will provide the financing mechanisms that make
attaining the City’s stretch outcomes and development objectives possible. Metropolitan District
financing would mitigate increased front-end costs of modern development, meaning increased
costs are not passed directly to residents at the point of sale, and thus keeping housing unit prices
in the affordable and attainable range. Northfield will deliver on these City objectives: Affordable
and Attainable Housing; Environmental Sustainability; Critical Public Infrastructure; and Smart
Growth Management.
1. Affordable and Attainable Housing
The shortage of affordable and attainable housing in Fort Collins is one of the City’s most
pressing concerns. Annual housing starts in Fort Collins priced under $400,000 have dropped 45%
in the past year. Northfield plans to create housing for the community at prices that are well below
average for the area. The Metropolitan District structure is a critical tool for facilitating the
2
delivery of attainable and affordable housing considering Northfield’s proximity to downtown Fort
Collins and higher-than-average land and development costs in this area.
Northfield plans to offer 65 units or approximately 15% of the total project as affordable
housing units at 80% AMI or lower. These units would be delivered with legally enforceable
guarantees for affordable housing commitments, such as deed restrictions for a minimum of 20
years. As of the submittal of this service plan, Landmark has a signed LOI with Mercy Housing,
a very well established affordable, for-rent multifamily builder that has projects around the nation.
Although non-binding, this LOI poses a great way that Landmark can deliver on its promise of
affordable homes with the approval of a Metro District. A copy of the LOI has been included as
an exhibit below. If the affordable housing units are offered as for-rent units, such units will be
rented at a price affordable in Larimer County, Colorado, for an AMI of 80% or lower and the
average of all rents for those units will at all times reasonably approximate to a Larimer County
AMI of 60% or lower.
Additionally, the remaining housing units in the project are expected to be priced in an
attainable range, considered by other cities to be between 80% and 120% of AMI.
Proximity to Employment Centers (Employee Counts Shown on Map)
Affordable and attainable housing in Northfield’s central location would provide an
extraordinary benefit to the City and its residents. Northfield is located within walking and/or
biking distance to some of the largest employment hubs in the City, including City of Fort Collins
Municipal Offices, Colorado State University, Woodward, and New Belgium Brewing.
3
Northfield's proximity to these hubs and its affordable and attainable price points set the project
apart from other recent residential developments in Fort Collins. Through Northfield, the City will
gain high-quality, attainable housing near the City’s economic and cultural core, helping reduce
congestion in the City and provide workforce housing.
2. Environmental Sustainability
(a) Energy Conservation
The Metro District structure will enable the construction of more energy efficient
homes. Northfield will commit every home to meeting LEED Gold certification, including the
affordable units. LEED measures nine key areas that ensure the entire community, beyond just
the individual homes, are meeting and exceeding green materials and practices. These nines areas
are sustainable sites, water efficiency, energy and atmosphere, materials and resources, indoor
environmental quality, location and linkages, awareness and education, innovation in design, and
regional priority. Northfield has engaged the environmental group The Green Insight to help
achieve this certification and will be responsible for the inspections throughout the building
process to ensure Northfield receives the LEED Gold certifications.
4
All floorplans for the market rate home have gone through HERS analysis to
determine their energy efficiency. The results are very efficient ratings ranging from 35 to 49.
Increased energy efficient building materials and methods were considered to increase the energy
efficiency of the homes as well as the use of approximately 1kW of solar power for every unit.
According to the HERS index, these homes in Northfield will be 51-65% more energy efficient
than a standard new home and 81-95% more efficient than the average resale home. The HERS
ratings are incorporated into the LEED scores and are part of the entire LEED Gold certification
and standard. The HERS ratings for each product type are as follows:
The City does not currently require the project to include solar power capability or
charging stations for electric vehicles. Northfield plans to include solar panels on every unit.
These buildings will feature a photovoltaic system that will produce approximately 1kW of power
for each unit (3 panels per home at +/- 330 watts per panel). Thus, a 12-unit building will have
roughly 12kW of solar panels.
Energy recovery ventilator (ERV) systems will also be installed on every market
rate unit to improve air quality inside the homes. When homes get very tight due to efficient
5
construction techniques, the air inside can get stagnant. The ERV system helps bring in fresh
outside air and condition it to the inside temperature through an energy efficient recovery core.
Northfield will also deliver a 240V outlet in every garage to provide a place for the
electric vehicle fast-charging stations and further encourage residents to drive eco-friendly cars.
In addition to the outlets, Northfield will provide electrical vehicle charging stations at parking
locations throughout the project, which will be available to residents and the greater community.
These charging stations and electrical outlets demonstrate that Northfield is an environmentally
friendly community and encourages the use of electric vehicles to help reduce greenhouse gas
emissions.
(b) Environmental Conservation
Bordering the Lake Canal Wetlands, Northfield’s design protects and enhances this
important ecosystem. The project provides an enhanced setback from the Lake Canal Wetlands to
further protect them from new development. The connections over Lake Canal will be constructed
with low impact box culverts and abide by and exceed Army Core of Engineers standards for
historic protected wetlands.
Northfield will include approximately 26 acres of parks and green spaces, covering
approximately 46.9% of the entire project and far exceeding the City’s requirements for open
space. These landscaped areas will focus on low-water usage designs. Initial hydro-zone
calculations indicate Northfield will use 6.87 gallons of water per square foot, well below the
City’s limit of 15 gallons of water per square foot.
(c) Enhanced Community Resiliency
Northfield is located within the City’s Northside Neighborhoods Plan area. One of
the City’s goals under that plan is improving stormwater drainage for the Dry Creek and Poudre
River Basins to remove lands from the floodplain. The property within Northfield has a high water
table and, through the use of the Metropolitan District structure and financing tools, the site would
be de-watered using a perforated underdrain system, which will facilitate the City’s goal of
improving stormwater drainage in the Dry Creek and Poudre River Basins.
More specifically, Northfield anticipates implementing infiltration galleries and
utilizing both below grade StormTech chambers and a rain garden to enhance stormwater runoff
quantity and quality. These features are in addition to the City’s standard stormwater detention
requirements and water quality capture volumes. The infiltration galleries and rain garden are
Low-Impact Development (LID) features that allow sediment to be filtered out while providing
infiltration to protect the environment and reduce the volume of developed runoff. These
measures, combined with the de-watering efforts, will make Northfield and the surrounding
neighborhoods less susceptible to future flooding.
3. Critical Public Infrastructure
(a) Construction of Suniga Road as an Arterial Road
6
Under the City’s building and zoning rules, a standard project does not require
regional road access bisecting the site. However, Northfield is willing to fulfill the City’s request
that the project include a 4-lane arterial road in order to improve the access to the entire northeast
region of the City. This regional connection will run from Redwood Street to Lemay Avenue,
connecting to the existing portion of Suniga Road to the west of the project.
The Metropolitan District financing tools will help enable the construction of
Suniga Road as an arterial road for the City, which is a much more significant regional
transportation contribution than is typically delivered by projects of Northfield’s size. The
Metropolitan District structure and finance tools facilitate delivery of this stretch outcome by
offsetting the costs and loss of developable space that Northfield faces by dedicating increased
right-of-way to the arterial road. See images below for cross-section comparisons of the ROW
required for an Arterial Street vs a Connector Local Street.
The community gains a vital piece of regional connectivity that alleviates many
traffic concerns in the area, particularly at the intersection of Vine & Lemay, in the North
College/Vine Drive Enhanced Travel Corridor.
7
(b) Off-Site Sewer Improvements
Through the Metropolitan District structure, Northfield is able to advance funds to
improve a dilapidated off-site sewer line at the onset of the project and provide improved sewer
service to Northfield and surrounding neighborhoods when the improvements are needed, allowing
the City to reimburse a portion of those expenditures at a future date. Northfield plans to replace
and upsize the sewer line from Vine Drive, around Alta Vista, and along a portion of Lemay
Avenue. This amounts to 2,694 linear feet of sewer line. Given the City's capital improvements
schedule, it is unlikely that that a City-constructed line upsizing project at this location could be
completed until long after Northfield is built. Northfield and the Metropolitan District structure
would make it possible to finance and replace the failing sewer line during horizontal construction,
providing immediate public benefit to the community.
8
(c) Regional Trail
Rather than simply designating an on-site easement for the future trail construction
by the City, Northfield plans to finance and deliver the on-site Regional Trail as well as the off-
site pedestrian connection for the northeastern portion up to the intersection at Lemay Avenue and
Conifer Street. The site will also feature buffered bike lanes and wider than required sidewalks.
Given Northfield’s proximity to many employment centers, as well as downtown Fort Collins, the
immediate construction of the Regional Trail will give our residents and the surrounding
community enhanced pedestrian access, thus reducing the need for automobile trips. The
Metropolitan District Structure enables the Regional Trail to be built concurrently with vertical
construction and frees the City to allocate funds that would have been used to construct the trail to
other valuable projects.
9
4. Smart Growth Management and Community and Neighborhood
Livability
Northfield furthers the City’s objectives for Smart Growth Management and Community
and neighborhood Livability. Although Northfield will meet the City’s definition of an “affordable
housing project,” which would allow for increased density to 12 units per acre, Northfield plans to
keep density at 8 units per acre. Remaining at this lower density enables Northfield’s other stretch
outcomes, including constructing Suniga Road as an arterial road and increasing the buffer zone
to protect the Lake Canal Wetlands.
Lower project-wide density also provides Northfield’s residents and the surrounding
community with a more attractive residential area, including more landscaped and open space area
than similarly sized projects. Current area coverage calculations put the amount of landscaped and
open space at 25.9 acres, or 46.9% of the entire site. This is a much higher proportion of open
space compared to similar residential projects, and especially compared to single-family
developments. Northfield’s density is also the lowest of any recent project with similar product
types that Landmark Homes has developed in Northern Colorado (See table below).
The amount of outdoor space greatly increases the amount of landscaping required,
creating a development challenge because pro forma revenue is lost due to both lost units and
increased landscaping costs. Metropolitan District financing tools help mitigate this challenge and
enable the delivery of enhanced livability and a desirable, defining new urbanist community near
Downtown Fort Collins. The Metropolitan District structure is also a more efficient vehicle for
maintaining the landscaping and open space than a common interest ownership association.
The project will focus on alley-loaded units, which is a major tenant of New Urbanism
planning values and techniques. Residents not situated on right-of-ways will face landscaped open
space as well. Alley-loaded product results in a far superior aesthetic benefit to its residents than
in a code-minimum project, but there are increased costs associated with this design, and the
proposed structure will help fill that funding gap. The Metropolitan District structure is also a
much more efficient vehicle to maintain these alleys than a common interest ownership association
would be.
10
Northfield will also feature a clubhouse and a mixed-use building near the regional trail to
serve the community at large. The clubhouse will provide amenities including a swimming pool,
workout facility, kitchen, and gathering space for residents and public. The mixed-use center will
offer light commercial use on the first floor, residential for-rent units on the second floor, and small
amenities open to the public (e.g. bike repair station, doggie station). Targeted uses for the
commercial space include a day care center, coffee shop, and bike repair shop. Neither amenity is
required by the City, and both are categorized as extraordinary costs that the development is
incurring for the benefit of the residents of Northfield and the community at large. See renderings
of the clubhouse and the mixed-use building below.
11
Northfield will also promote the City’s objective of preserving and enhancing historic
resources. The southeastern edge of Northfield borders the to-be-designated historic Alta Vista
neighborhood. To blend the transition to new development and pay homage to the neighborhood’s
history, Northfield will feature an Interpretive Historical Park and Gateway Features bordering
Alta Vista. These additions were developed in collaboration with neighbors in the Alta Vista
neighborhood and would provide an extraordinary benefit to the City as a whole.
12
PUBLIC BENEFITS NARRATIVE
Exhibit 1: Mercy Housing LOI
12
PUBLIC BENEFITS NARRATIVE
Exhibit 1: Mercy Housing LOI
Total Benefit Per-Unit Benefit Notes
Environmental Sustainability
Energy Efficient Neighborhood
1) LEED Gold Certification $1,933,750 $4,375 Energy efficient building materials/practices and certification fees
2) Energy Recovery Ventilator (ERV) Systems $645,000 $1,459 In every market rate home; meets ASHRAE 62.2 & FC Code
Solar Energy
1) Appoximately 1 kW of Solar Per Unit $1,219,310 $2,759 On every home (3 panels per home at +/- 330 watts per panel)
Electric Vehicles
1) 240V wiring and outlets $375,000 $848 In every garage
2) EV charging stations $30,000 $68 6 dual charging ports
Critical Public Infrastructure
Major Arterial Development
1) On-Site Suniga Road Upsizing $1,682,640 $3,807 Upsizing cost from a typical 2-lane connector
1) Off-Site Suniga Road $774,800 $1,753 Offsite construction from Redwood to Lake Canal
Pedestrian Connectivity
1) Regional Trail Construction $199,050 $450
Off-Site Infrastructure
1) Off-Site Sewer Construction & Upsizing $538,220 $1,218 To benefit Northfield and the surrounding areas from a failing sewer line
Smart Growth Management
Increased Density
1) Alley-Loaded Homes $820,800 $1,857 Metro District maintained
Public Spaces
1) Reduction in Allowed Density/ More Open Space $4,474,100 $10,122
Northfield is at 8 units/acre vs the allowed 12 units/acre per the "affordable
housing project" land use definition
2) Clubhouse & Swimming Pool $2,000,000 $4,525
3) Increased Landscaped Area (46.9% of site) $723,800 $1,638 Landscaped area beyond a typical project
4) Alta Vista Buffer Area $125,000 $283 Seperates and protects the Alta Vista neighborhood from Suniga
5) Public amenity area $5,000 $11 Public use amenities stationed along regional trail
Strategic Priorities
Affordable Housing
1) 14.7% (65 units) of deed-restricted affordable housing $4,420,000 $10,000 $68,000 subsidy per unit to price below 80% AMI
Attainable Housing
1) 85.3% (377 units) of attainably priced housing Difficult to Quant. Difficult to Quan.
Remainder of project will be priced in a range that someone making 80% to
120% of AMI could afford
TOTAL PUBLIC BENEFITS $19,966,470 $45,173
Units: 442
Non-Basic Improvements
Disclaimer: The benefits listed above respresent a preliminary estimate in order to provide illustrative representation of the value for public benefit. The illustration is non-binding
pending the execution of a development agreement
Northfield Metro District Public Benefits Evaluation
H-1
EXHIBIT H
DISCLOSURE NOTICE
NOTICE OF INCLUSION IN A RESIDENTIAL METROPOLITAN DISTRICT
AND POSSIBLE PROPERTY TAX CONSEQUENCES
Legal description of the property and address:
Attached hereto as Exhibit A.
This property is located in the following metropolitan district:
Northfield Metropolitan District No. __.
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:
Fifty (50) Mills.
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:
$1,080.00
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:
Northfield Metropolitan District No. __
C/O WHITE BEAR ANKELE TANAKA &WALDRON
Attention: Robert G. Rogers
2154 E. Commons Ave., Suite 2000
Centennial, CO 80122
Phone: 303-858-1800.
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.
2
ESTIMATE OF PROPERTY TAXES
Annual Tax Levied on Residential Property With $300,000 Actual Value Without the District
Taxing Entity Mill Levies (2018) Annual tax levied
Poudre R-1 General Fund 40.300 $ 870.48
Larimer County 22.403 $ 483.90
Poudre R-1 Bond Payment 12.330 $266.33
City of Fort Collins 9.797 $ 211.62
Poudre River Public Library District 3 $ 64.80
Health District of Northern Larimer County 2.167 $ 46.81
Northern Colorado Water Cons. District 1 $ 21.60
Larimer County Pest Control District .142 $3.07
TOTAL: 91.139 $ 1,968.61
Annual Tax Levied on Residential Property With $300,000 Actual Value With the District (Assuming
Maximum District Mill Levy)
Taxing Entity Mill Levies (2018) Annual tax levied
Northfield Metropolitan District No. __ 50.000 $1,080
Poudre R-1 General Fund 40.300 $ 870.48
Larimer County 22.403 $ 483.90
Poudre R-1 Bond Payment 12.330 $266.33
City of Fort Collins 9.797 $ 211.62
Poudre River Public Library District 3 $ 64.80
Health District of Northern Larimer County 2.167 $ 46.81
Northern Colorado Water Cons. District 1 $ 21.60
Larimer County Pest Control District .142 $3.07
TOTAL: 141.139 $3,048.61
3
**This estimate of mill levies is based upon mill levies certified by the Larimer County Assessor’s Office in December
2018 for collection in 2019, 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.
Exhibit A
Property
H-2
EXHIBIT I
FORM OF INTERGOVERNMENTAL AGREEMENT
INTERGOVERNMENTAL AGREEMENT
THIS INTERGOVERNMENTAL AGREEMENT (this “Agreement”) is made and entered
into by and between the City of Fort Collins, Colorado, a Colorado home rule municipality (the
“City”), and Northfield Metropolitan District Nos. 1-3, quasi-municipal corporations and
political subdivisions of the State of Colorado (collectively, the “Districts”). The City and the
Districts shall be collectively referred to as the “Parties.”
RECITALS
WHEREAS, the Districts were organized to provide those services and to exercise powers
as are more specifically set forth in the Districts’ Service Plan dated ___________________, 2019,
which may be amended from time to time as set forth therein (the “Service Plan”); and
WHEREAS, the Service Plan requires the execution of an intergovernmental agreement
between the City and the Districts to provide the City with contract remedies to enforce the
requirements and limitations imposed on the Districts in the Service Plan; and
WHEREAS, the City and the Districts have determined it to be in their best interests to
enter into this Agreement as provided in the Service Plan.
NOW, THEREFORE, for and in consideration of the covenants and mutual agreements
herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows:
COVENANTS AND AGREEMENTS
1. Incorporation by Reference. The Service Plan is hereby incorporated in this
Agreement by this reference. The Districts agree to comply with all provisions of the Service Plan,
as it may be amended from time to time in accordance with the provisions thereof, and the
provisions of Article 1 of Title 31 of the Colorado Revised Statutes (the "Special District Act").
Capitalized terms used herein not otherwise defined in this Agreement shall have the meanings,
respectfully, specified in the Service Plan.
2. City Prior Approvals. The Districts shall obtain any prior City, City Manager or
City Council approvals as required in the Service Plan before undertaking any action requiring
such approval.
3. Enforcement. The Parties agree that this Agreement may be enforced at law or in
equity, including actions seeking specific performance, mandamus, prohibitory or mandatory
injunctive relief, or other appropriate relief. The Parties also agree that this Agreement may be
enforced pursuant to C. R. S. Section 32-1-207 and other provisions of the Special District Act
granting rights to municipalities or counties approving a service plan of a special district.
4. Amendment. This Agreement may be amended, modified, changed, or terminated
in whole or in part only by a written agreement duly authorized and executed by the Parties hereto.
5. Governing Law; Venue. This Agreement shall be governed by and construed under
the applicable laws of the State of Colorado. Venue for any judicial action to interpret or enforce
this Agreement shall be in Larimer County District Court of the Eighth Judicial District for the
State of Colorado.
6. Beneficiaries. Except as otherwise stated herein, this Agreement is intended to only
describe the rights and responsibilities of and between the named Parties and is not intended to
and shall not be deemed to confer any rights upon any other persons or entities not named as parties
in this Agreement.
7. Effect of Invalidity. If any portion of this Agreement is held invalid or
unenforceable for any reason by a court of competent jurisdiction as to any or all the Parties, such
portion shall be deemed severable and its invalidity or its unenforceability shall not cause the entire
Agreement to be terminated.
8. Assignability. Neither the City nor the Districts shall assign their rights or delegate
their duties hereunder without the prior written consent of the other Parties. Any assignment of
rights or delegation of duties without such prior written consent shall be deemed null and void and
of no effect. Notwithstanding the foregoing, the City and the Districts may enter into contracts or
other agreements with third parties to perform any of their respective duties required under this
Agreement.
9. Successors and Assigns. This Agreement and the rights and obligations created
hereby shall be binding upon and inure to the benefit of the Parties and their respective successors
and assigns.
NORTHFIELD METROPOLITAN
DISTRICT NO. 1
By:
President
ATTEST:
NORTHFIELD METROPOLITAN
DISTRICT NO. 2
By:
President
ATTEST:
NORTHFIELD METROPOLITAN
DISTRICT NO. 3
By:
President
ATTEST:
CITY OF FORT COLLINS
By:
Mayor
ATTEST:
City Clerk
2165.0003: 983698
CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
CERTIFICATION OF MAILING NOTICE OF PUBLIC HEARING
IN RE NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3, CITY OF FORT COLLINS,
COUNTY OF LARIMER, STATE OF COLORADO
I, Catherine V. Will, of lawful age and duly sworn, state:
1. I am a paralegal at the law firm of White Bear Ankele Tanaka & Waldron acting
on behalf of the proposed District in the above captioned matter.
2. That, pursuant to Section 3(H) of the City of Fort Collins Policy for Reviewing
Service Plans for Metropolitan Districts, the Notice of Public Hearing on Service Plan, a copy of
which is attached hereto as Exhibit A, was provided by U.S. first class mail on July 19, 2019, to
the owners of record of all real property within the District as such owners of record are listed in
the proposed service plan, as set forth on the list attached hereto as Exhibit B.
Signed this 7th
day of August, 2019.
By:
Catherine V. Will
EXHIBIT B
EXHIBIT A
NOTICE OF PUBLIC HEARING ON SERVICE PLAN
NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF A SPECIAL DISTRICT
IN RE THE ORGANIZATION OF NORTHFIELDMETROPOLITAN DISTRICT NOS. 1-3, CITY
OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
NOTICE IS HEREBY GIVEN that, pursuant to § 32-1-204(1), C.R.S., a Service Plan (the “Service
Plan”) for the proposed Northfield Metropolitan District Nos. 1-3 (“Districts”) has been filed and is
available for public inspection in the office of the City Clerk of the City of Ft. Collins.
A public hearing on the Service Plan will be held by the City Council of the City of Ft. Collins (the
“City Council”) on Tuesday, August 20, 2019, at 6:00 p.m., at City Council Chambers, City Hall
West, 300 LaPorte Avenue, Ft. Collins, Colorado, or as soon thereafter as the City Council may hear
such matter.
The Districts are metropolitan districts. Public improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed, specifically including related
eligible costs for acquisition and administration, as authorized by the Special District Act, except as
specifically limited in the Districts’ Service Plan to serve the future taxpayers and property owners of
the Districts as determined by the Board of the Districts in its discretion. The maximum mill levy
each District is permitted to impose upon the taxable property within its boundaries and shall be Fifty
(50) mills for district improvements and operating costs, subject to certain terms as set forth in the
Service Plan.
The proposed districts will be generally located west of North Lemay Avenue, south of the Lake
Canal, and north of the Alta Vista neighborhood, City of Fort Collins, Larimer County, Colorado,
currently known as Assessor Parcel Number 9701400002, containing approximately 56.3 acres, as
further described in the Service Plan.
NOTICE IS FURTHER GIVEN that pursuant to § 32-1-203(3.5), C.R.S., any person owning property
in the proposed Districts may request that such property be excluded from the Districts by submitting
such request to the Fort Collins City Council no later than ten days prior to the public hearing.
All protests and objections must be submitted in writing to the City Manager at or prior to the
public hearing or any continuance or postponement thereof in order to be considered. All
protests and objections to the Districts shall be deemed to be waived unless presented at the
time and in the manner specified herein.
BY ORDER OF THE CITY COUNCIL OF
THE CITY OF FORT COLLINS
EXHIBIT B
MAILING LIST OF PROPERTY OWNERS
Mailing List of Property Owners
SCHLAGEL DONALD E/LL/RH
M H/ARVIDSON SL/ROBERTO EG/EJ
1131 LINDENMEIER RD
FORT COLLINS, CO 80524
EXHIBIT C
2165.0003: 987085
CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
CERTIFICATION OF MAILING NOTICE OF PUBLIC HEARING
IN RE NORTHFIELD METROPOLITAN DISTRICT NOS. 1-3, CITY OF FORT COLLINS,
COUNTY OF LARIMER, STATE OF COLORADO
I, Catherine V. Will, of lawful age and duly sworn, state:
1. I am a paralegal at the law firm of White Bear Ankele Tanaka & Waldron acting
on behalf of the proposed District in the above captioned matter.
2. That, pursuant to Section 3(H) of the City of Fort Collins Policy for Reviewing
Service Plans for Metropolitan Districts, the Notice of Public Hearing on Service Plan, a copy of
which is attached hereto as Exhibit A, was provided by U.S. first class mail on August 22, 2019,
to the owners of record of all real property within the District as such owners of record are listed
in the proposed service plan, as set forth on the list attached hereto as Exhibit B.
Signed this 27th
day of August, 2019.
By:
Catherine V. Will
EXHIBIT D
EXHIBIT A
NOTICE OF PUBLIC HEARING ON SERVICE PLAN
NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF A SPECIAL DISTRICT
IN RE THE ORGANIZATION OF NORTHFIELDMETROPOLITAN DISTRICT NOS. 1-3, CITY
OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO
NOTICE IS HEREBY GIVEN that, pursuant to § 32-1-204(1), C.R.S., a Service Plan (the “Service
Plan”) for the proposed Northfield Metropolitan District Nos. 1-3 (“Districts”) has been filed and is
available for public inspection in the office of the City Clerk of the City of Ft. Collins.
A public hearing on the Service Plan that was scheduled to be held by the City Council of the City of
Ft. Collins (the “City Council”) on Tuesday, August 20, 2019, at 6:00 p.m., was continued by the
City Council. A public hearing on the Service Plan will be held by the City Council on Tuesday,
September 3, 2019, at 6:00 p.m. at City Council Chambers, City Hall West, 300 LaPorte Avenue, Ft.
Collins, Colorado, or as soon thereafter as the City Council may hear such matter.
The Districts are metropolitan districts. Public improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed, specifically including related
eligible costs for acquisition and administration, as authorized by the Special District Act, except as
specifically limited in the Districts’ Service Plan to serve the future taxpayers and property owners of
the Districts as determined by the Board of the Districts in its discretion. The maximum mill levy
each District is permitted to impose upon the taxable property within its boundaries and shall be Fifty
(50) mills for district improvements and operating costs, subject to certain terms as set forth in the
Service Plan.
The proposed districts will be generally located west of North Lemay Avenue, south of the Lake
Canal, and north of the Alta Vista neighborhood, City of Fort Collins, Larimer County, Colorado,
currently known as Assessor Parcel Number 9701400002, containing approximately 56.3 acres, as
further described in the Service Plan.
NOTICE IS FURTHER GIVEN that pursuant to § 32-1-203(3.5), C.R.S., any person owning property
in the proposed Districts may request that such property be excluded from the Districts by submitting
such request to the Fort Collins City Council no later than ten days prior to the public hearing.
All protests and objections must be submitted in writing to the City Manager at or prior to the
public hearing or any continuance or postponement thereof in order to be considered. All
protests and objections to the Districts shall be deemed to be waived unless presented at the
time and in the manner specified herein.
BY ORDER OF THE CITY COUNCIL OF
THE CITY OF FORT COLLINS
EXHIBIT B
MAILING LIST OF PROPERTY OWNERS
Mailing List of Property Owners
SCHLAGEL DONALD E/LL/RH
M H/ARVIDSON SL/ROBERTO EG/EJ
1131 LINDENMEIER RD
FORT COLLINS, CO 80524
EXHIBIT E
Northfield Metro District – Development Agreement
April 21, 2020 Josh Birks and Rachel Rogers
ATTACHMENT 2
Presentation Overview
1) Project Overview
2) Metro District Commitments
3) Answers to Council Questions
4) Staff Recommendation
2
Project Description
• 6+ Year Multi
Phase Master
Planned Project
• 442 Residential
Units
• 14.7%
affordable
3
Community Wide Benefits
Affordable Housing
Energy Efficiency
Renewables
Infrastructure
4
Developer Commitments
Environmental
Sustainability
GHG Reduction
Water/Energy
Conservation
Multimodal
Transportation
Enhance Resiliency
Increase Renewable
Capacity
Critical Public
Infrastructure
Existing significant
infrastructure
challenges
On-site
Off-site
Smart Growth
Management
Increase density
Walkability/Pedestrian
Infrastructure
Availability of Transit
Public Spaces
Mixed-Use
Strategic
Priorities
Affordable Housing
Workforce Housing
Infill/Redevelopment
Economic Health
Outcomes
5
Conclusions
1) Development Agreement Conforms to the Public Benefits outlined in
the Service Plan
2) Project will create at least 65 units of affordable housing at 60%
average AMI
3) Development Agreement includes performance measures that could
delay issuance of building permits on failure to perform
Affordable housing is front loaded – 2/3 in first half of permits
Gold LEED Certification & Solar – prerequisite to the City’s issuance of the
C of O for each dwelling unit built under the approved FDP that evidence
of final application submittal for the LEED for Homes Certification for such
dwelling unit be provided to the City by a HERS Rater.
6
Staff Recommendation
Staff recommends adoption of the resolution
7
8
Northeast Fort Collins
Water’s Edge
Phase 1 & 2
Montava
Waterfield
Mulberry
Northfield
Affordable Housing
9
Source: Housing & Urban Development, US Gov’t, effective 6/28/19
Attainable/Workforce Housing
10
Workforce Housing units is defined as units affordable to a
household earning between 81 percent and 120 percent of AMI.
Residential Units (2020 Base Price)
Housing Type # Units Price
Brownstones 139 $388,518
Flats 180 359,040
Value Condo 16 316,200
Stacked Condo 40 306,714
Deed Restricted Condo 65 265,200
Studio Rental 2 200,000
Total/Average 442 $347,504
LEED Certification
11
LEED (Leadership in Energy and
Environmental Design): An internationally
recognized green building certification
system:
• third-party verification
• energy savings
• water efficiency
• CO2 emissions reduction
• improved indoor environmental quality
• stewardship of resources
Northfield Metro District Homes (all
homes):
• All units must meet LEED Gold
certification.
• The Green Insight has been engaged to
achieve this certification and will inspect
throughout the building.
HERS Certification
Baseline Home:
• 2015 IECC Code with local options
Northfield Metro District Homes (all
homes):
• Increased energy efficient building
materials and methods will increase the
energy efficiency of the homes.
• Landmark will contract with a green energy
consultant to ensure the buildings are
constructed according to energy efficient
standards and that official HERS scores
are certified upon completion.
12
Average Fort Collins HERS Rating – 58
to 62
Average Proposed HERS Rating for All
Housing – 35-49
Energy Recovery Ventilator (ERV) Systems
13
Energy recovery ventilator (ERV)
systems on every market rate unit
to improve air quality inside the
homes.
Solar and EV Charging
14
• Northfield plans to include solar panels on market rate units. These
buildings will feature a photovoltaic system that will produce at least
1kW of power for each unit. Thus, a 12-unit building will have
roughly 12kW of solar panels.
• Northfield will also deliver a 240V outlet in every garage to provide a
place for the electric vehicle fast-charging stations and further
encourage residents to drive eco-friendly cars.
-1-
RESOLUTION 2020-050
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AN AGREEMENT TO SECURE PUBLIC
BENEFITS FOR THE NORTHFIELD DEVELOPMENT
WHEREAS, Northfield Land, LLC, a Colorado limited liability company (the
“Developer”) is currently under contract to purchase the 55.263 acres of real property legally
described in the Northfield Final Plat, City of Fort Collins, recorded on April 28, 2020, at
Reception No. 20200029164 in the real property records of the Larimer County Clerk and
Recorder (the “Property”); and
WHEREAS, the Northfield First Filing Project Development Plan for development of the
Property was approved by the City’s Planning and Zoning Board on April 19, 2019 (the “PDP”);
and
WHEREAS, the Developer has submitted to the City the plat and all plans (including
utility plans), reports and other documents required for the approval of the Northfield First Filing
Final Development Plan (the “FDP”) for the Property consistent with the PDP and according to
the City’s development application submittal requirements master list, copies of which are on file
with the City in the office of the City Engineer; and
WHEREAS, the FDP has been recently approved by the City; and
WHEREAS, the Developer will also be entering into a development agreement with the
City under Section 3.3.2(B) of the City’s Land Use Code as part of the City’s approval process
for the FDP, but this agreement has not yet been entered into by the City and the Developer (the
“Development Agreement”); and
WHEREAS, the Developer desires to develop the Property under the FDP and the
Development Agreement for the construction of 442 dwelling units; and
WHEREAS, pursuant to the provisions of Colorado’s Special District Act, the Developer
previously submitted to the City an application for the Fort Collins City Council’s approval of a
Consolidated Service Plan for the Northfield Metropolitan District Nos. 1-3 (the “Service Plan”),
which Service Plan the City Council approved on October 1, 2019, in Resolution 2019-101; and
WHEREAS, the Developer sought the organization of Northfield Metropolitan District
Nos. 1-3 (the “Districts”) to enable development of the Property in a manner that will provide the
public benefits described in Exhibit “G” of the Service Plan, which are: (1) affordable and
attainable housing; (2) environmental sustainability; (3) critical public infrastructure; and (4)
smart growth management and community and neighborhood livability (collectively, the “Public
Benefits”); and
WHEREAS, Section IV.B.2. of the Service Plan requires that Developer’s provision of
the Public Benefits be secured by a development agreement between the City and the Developer
-2-
that has been approved by resolution of the City Council before the Districts can, among other
things, impose any property taxes or issue any debt; and
WHEREAS, City staff and the Developer have negotiated the “Agreement to Secure
Public Benefits for the Northfield Development” attached as Exhibit “A” and incorporated herein
by reference (the “Public Benefits Agreement”), which sets forth the terms and conditions by
which the Developer’s provision of the Public Benefits will be secured for the City; and
WHEREAS, the City Council hereby finds that approval of the Public Benefits
Agreement is in the City’s best interest and will serve the public’s health, safety and welfare.
NOW, THEREFORE, BE IT RESOLVED BY THE 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 approves the Public Benefits Agreement, but
this approval shall not be fully effective unless and until the City and the Developer have entered
into the Development Agreement.
Section 3. That provided the City and the Developer have entered into the
Development Agreement, the City Manager is authorized to enter into the Public Benefits
Agreement on the City’s behalf in substantially the form attached as Exhibit “A,” subject to
minor modifications as the City Manager, in consultation with the City Attorney, may determine
to be necessary and appropriate to protect the interests of the City or to the effectuate the
purposes of this Resolution.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this
19th day of May, A.D. 2020.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
1
AGREEMENT TO
SECURE PUBLIC BENEFITS FOR THE
NORTHFIELD DEVELOPMENT
THIS AGREEMENT TO SECURE PUBLIC BENEFITS FOR THE NORTHFIELD
DEVELOPMENT (this “Agreement”) is made and entered into this ______ day of
___________, 2020, by and between the CITY OF FORT COLLINS, COLORADO, a home
rule municipality of the State of Colorado (“City”); NORTHFIELD LAND, LLC, a Colorado
limited liability company (“Developer”). The City and the Developer shall be referred to
herein jointly as the “Parties” and sometimes individually as the “Party.”
WITNESSETH:
WHEREAS, the Developer is currently under contract to purchase from the
“Owners” hereafter described, the 55.263 acres of real property legally described in
Northfield Final Plat, City of Fort Collins, recorded on April 28, 2020, at Reception No.
20200029164 in the real property records of the Larimer County Clerk and Recorder (the
“Property”); and
WHEREAS, the Property is owned in undivided fractional interests by Donald E.
Schlagel, Leonard L. Schlagel, Sandra Lee Arvidson, Eugene G. Roberto, Elizabeth J.
Roberto and Michael H. Schlagel (collectively, the “Owners”); and
WHEREAS, on April __, 2020, the City approved for the Property a final
development plan (the “Development Plan”); and
WHEREAS, the Development Plan is approved for a total of 442 dwelling units, of
which a minimum of 65 dwelling units will be designated and provided as either for-sale
or for-rent ”Affordable Housing Units” (as hereafter defined) and the remaining dwelling
units will be sold as “Attainable Housing Units” (as hereafter defined); and
WHEREAS, the Developer desires to develop the Property to include 442 dwelling
units to be constructed as energy efficient homes, employing high quality and smart
growth practices; and
WHEREAS, pursuant to the provisions of Article 1 of Title 32 of the Colorado
Revised Statutes (the “Special District Act”), the City Council of the City (the “Council”),
by Resolution 2019-101, approved the Consolidated Service Plan (the “Service Plan”) for
the Northfield Metropolitan District Nos. 1-3 (each a “District” and collectively the
“Districts”); and
WHEREAS, organization of the Districts is intended to enable development of the
Property in a manner that will provide the public benefits generally described in Exhibit G
EXHIBIT A
2
of the Service Plan (Exhibit G is mistakenly identified in Section IV.B. of the Service Plan
as Exhibit I, but correctly attached to the Service Plan as Exhibit G), and more particularly
defined and described in Paragraph I.B. below (the “Public Benefits”); and
WHEREAS, Section IV.B. of the Service Plan requires that the Public Benefits be
secured in manner approved by the Council by resolution before the Districts are
authorized under the Service Plan to issue any Debt or impose any Debt Mill Levy or Fees
for the payment of Debt (as these italicized terms are defined in the Service Plan); and
WHEREAS, Section IV.B.2. of the Service Plan also requires that if the Public
Benefits are to be provided by a developer of the Property, the provision of the Public
Benefits must be secured by a development agreement between the City and such
developer that legally obligates the developer to provide the Public Benefits before the
City is required to issue building permits and/or certificates of occupancy for structures
be built under the Development Plan; and
WHEREAS, on May __, 2020, the Council approved this Agreement by Resolution
2020-____ to establish the manner by which the Public Benefits are to be secured as
contemplated in Section IV.B. of the Service Plan.
NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements of the Parties contained herein, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, it is agreed as follows:
I. SECURING OF PUBLIC BENEFITS
A. Method of Securing Public Benefits. Although the intent is that one or more
of the Districts will ultimately reimburse the Developer for those Public Benefits they have
the legal ability to fund, the Developer shall have the obligation to develop, construct
and/or install the Public Benefits in accordance with the terms and conditions of this
Agreement.
B. Public Benefits Summary. Exhibit G to the Service Plan generally
summarizes the four (4) categories constituting the Public Benefits which are required to
be secured by this Agreement: (1) Affordable and Attainable Housing; (2) Environmental
Sustainability; (3) Critical Public Infrastructure; and (4) Smart Growth Management and
Community and Neighborhood Livability; each of which is defined and addressed in
Sections I.C. through I.F. below.
C. Affordable and Attainable Housing.
1. The Development Plan authorizes a total of four hundred forty-two
(442) dwelling units to be constructed on the Property (“Total Dwelling Units”). For
purposes of determining compliance with this Section I.C., at least sixty-five (65)
of the Total Dwelling Units must each be a dwelling unit affordable for households
3
earning eighty percent (80%) or less of the area median income for a family of four
for the Fort Collins/Loveland Metropolitan Statistical Area published annually by
the U.S. Department of Housing and Urban Development (“AMI”), which units may
be offered for-sale or for-rent (“Required Affordable Units”). However, the
Required Affordable Units offered for-rent must on average be affordable to
households earning no more than sixty percent (60%) of the AMI. This sixty
percent (60%) average shall be calculated using the averaging methodology
adopted by the Colorado Housing and Finance Authority in response to the United
States Congress’ Fiscal Year 2018 Omnibus Spending Bill signed into law by
President Trump on March 23, 2018.
2. Each of the remaining three hundred seventy-seven (377) Total
Dwelling Units are expected, but not required under this Agreement, to be
developed by the Developer under the Development Plan as attainable housing
affordable for households earning from eighty-one percent (81%) to one hundred
twenty percent (120%) of AMI.
3. Each of the Required Affordable Units must continue to satisfy its
affordability standard as defined in Section I.C.1. above for at least twenty (20)
years from the date of issuance of the first certificate of occupancy for each such
unit. This means that it is the intent of the Parties that the initial and subsequent
conveyances and leases of each of the Required Affordable Units during the
twenty (20)-year period must be to purchasers or lessees whose AMI qualifies
them for that Required Affordable Unit as defined in Section I.C.1 above. This
requirement shall be secured and deemed satisfied upon recording of a restrictive
covenant or deed restriction for each of the Required Affordable Units in a form
reasonably acceptable to the City that is for the City’s benefit and enforceable by
the City at law and in equity and recorded with the Larimer County Clerk and
Recorder (the “20-Year Covenant”). When recorded, the 20-Year Covenant shall
not be subordinate to any lien or other financial encumbrance other than liens for
real property taxes. Notwithstanding the foregoing, the Developer may use
methods other than the 20-Year Covenant to secure for twenty (20) years the
affordability of the Required Affordable Units if the method is first approved in
writing by the City.
4. The Required Affordable Units may be provided through any of the
following three (3) mechanisms or by any other mechanism mutually agreed upon
in writing by the Developer and the City, or any combination of the same:
a. The Developer has developed any portion of the Required
Affordable Units within the Property under the Development Plan.
b. Execution of a contract for the sale of land of any portion of
the Property by the Developer to a non-profit or for-profit builder with a
legally enforceable contract obligation to the City in a form reasonably
4
acceptable to the City to develop such land as part or all of the Required
Affordable Units, and the subsequent development of that land under the
Development Plan by such builder as part or all of the Required Affordable
Units. At the time any such sale is closed and relevant documentation
provided to the City by the Developer for each such sale, the City shall
determine the number and type of Required Affordable Units which
reasonably could be expected to develop on such acreage pursuant to the
Development Plan and all other applicable City ordinances, regulations,
standards and policies and, upon such determination, those units shall
count toward the Required Affordable Units.
c. A reservation of any portion of the Property to be developed
under the Development Plan by the Developer for the benefit of and legally
enforceable by the City at law and in equity for the eventual sale to an entity
for development of all or a portion of the Required Affordable Units. At the
time such reservation is made by the Developer and the reservation is in a
form reasonably acceptable to the City that is for the City’s benefit and
enforceable by the City at law and in equity and recorded with the Larimer
County Clerk and Recorder, the City shall determine the number and type
of Required Affordable Units which could reasonably be expected to
develop on such acreage pursuant to the Development Plan and all other
applicable City ordinances, regulations, standards and policies. Upon such
determination, those units shall count toward the Required Affordable Units.
5. At least forty-three (43) of the Required Affordable Units shall be
secured through one of the mechanisms described in Sections I.C.4.a. through c.
above (or through any other mechanism agreed upon in writing between the City
and the Developer) before the City is required to issue any building permit that will
authorize the construction of more than two hundred twenty-one (221) of the Total
Dwelling Units, and the remaining twenty-two (22) of the Required Affordable Units
shall be so secured prior to the City being required to issue a building permit that
will authorize the construction of any of the last eighty-eight (88) of the Total
Dwelling Units.
D. Environmental Sustainability.
1. LEED Certification. All of the Total Dwelling Units shall achieve
LEED Gold Certification, including the Required Affordable Units. Accordingly, the
Developer shall provide the City for each of the Total Dwelling Units (“Dwelling
Unit”) before the City is required to issue a certificate of occupancy for that Dwelling
Unit, a copy of the final application submitted and signed by the Green Rater for
the LEED Gold for Homes Certification for that Dwelling Unit (the “Certification”).
In addition, the Developer shall provide the Certification issued for that Dwelling
Unit to the City within thirty (30) days of the City’s issuance of the certificate of
occupancy for the Dwelling Unit. In the event the Developer does not provide such
5
Certification for that Dwelling Unit within thirty (30) days of the City’s issuance of
the certificate of occupancy of the Dwelling Unit, the City may make the provision
of such Certification a prerequisite to issuing additional building permits for the
remaining Total Dwelling Units until such Certification is provided to the City. Heat
recovery ventilator systems (“HRV Systems”) shall also be installed on all of the
Total Dwelling Units to improve air quality inside the homes before the City is
required to issue a certificate of occupancy for the dwelling unit, but this
requirement to install HRV Systems shall not be applicable to the Required
Affordable Units.
2. Solar Photovoltaic Energy. Each of the Total Dwelling Units shall be
constructed with a rooftop solar photovoltaic system that will produce
approximately 1kW of power for the dwelling unit using about three (3) panels per
dwelling unit at approximately 330 watts per panel (“Solar System”) or, as an
alternative, shall include access to a battery storage system installed within the
dwelling unit or access to an installed battery storage system which has the
capability to serve multiple dwelling units and the system used has the capability
of providing the equivalent amount of energy for each of the Total Dwelling Units
as would the Solar System (“Distributed Energy Storage”). Accordingly, evidence
satisfactory to the City of one of the following must be provided to the City by a
Green Rater for each of the Total Dwelling Units before the City shall be required
to issue a certificate of occupancy: (i) the installation of a Solar System, or (ii)
access to Distributed Energy Storage.
3. Electric Vehicle Charging. The Developer agrees that a 240V outlet
shall be installed in each garage associated with the Total Dwelling Units.
Accordingly, evidence satisfactory to the City of the installation in each garage of
a 240V outlet must be provided to the City for each of the Total Dwelling Units
before the City is required to issue a certificate of occupancy for such dwelling unit.
In addition, Developer shall install electric vehicle charging stations providing at
least six (6) charging-enabled parking spaces within the Property. Accordingly,
evidence satisfactory to the City that such electrical vehicle charging stations shall
be installed must be provided to the City before the City is required to issue any
building permit that will authorize the construction of more than two hundred
twenty-one (221) of the Total Dwelling Units.
E. Critical Public Infrastructure. The Parties acknowledge and agree that the
Development Plan and the related development agreement between the City and
Developer require that the following critical public infrastructure be provided by the
Developer:
1. Design and construction of Suniga Road as a four-lane major
arterial in the dedicated Suniga Road right-of-way between Redwood Street and
Lemay Avenue, as defined in the approved public improvement construction plans
of the Development Plan (“Suniga Road Improvements”), and subject to
6
reimbursement by the City to the Developer for the oversized portion of such
improvements in accordance with City regulations therefor;
2. Design and construction of upsizing of the existing sewer line from
Vine Drive, around Alta Vista, and along a portion of Lemay Avenue, as defined in
the approved public improvement construction plans of the Development Plan
(“Sewer Line Improvements”), and subject to reimbursement by the City to the
Developer for the oversized portion of such improvements in accordance with City
regulations therefor; and
3. Design and construction of the Regional Trail within the boundaries
of the Development Plan and the off-site pedestrian connection for the northern
portion up to the intersection at Lemay Avenue and Conifer Street, as defined in
the Development Plan (“Regional Trail Improvements”).
The Parties further acknowledge and agree that including the Suniga Road
Improvements, Sewer Line Improvements and Regional Trail Improvements in the
Development Plan and the Developer agreeing in the related development agreement to
construct these, has secured for the City the provision of this critical public infrastructure.
The locations of the Suniga Road Improvements, Sewer Line Improvements and Regional
Trail Improvements are generally depicted in the Development Plan on file with the City.
F. Smart Growth Management and Community and Neighborhood Livability.
The Parties acknowledge and agree that the Development Plan includes the following
elements for smart growth management and community and neighborhood livability: (i)
alley access to the garages of each of the Total Dwelling Units (with the possible
exception of the Required Affordable Units); (ii) smaller lot sizes; and (iii) 100% of Total
Dwelling Units will be attached housing types (four to eight- unit townhomes and eight to
twelve-unit condominium buildings). The Development Plan also includes a clubhouse
and a mixed-use building near the Regional Trail Improvements. The clubhouse will
provide amenities including a swimming pool, workout facility, kitchen, and gathering
space, as well as landscaped open space around the building. The mixed-use center will
offer light commercial use on the first floor, residential for-rent units on the second floor,
and small amenities open to the public (e.g. bike repair station, doggie station). The
Developer will also include an Interpretive Historical Park and Gateway Features
bordering the to-be-designated historic Alta Vista neighborhood. The Development Plan
generally depicts the location of the features described in this Section I.F.
G. City and Developer Acknowledgement. The City and the Developer
specifically acknowledge and agree that the Public Benefits described and secured in
paragraphs I.C. through I.F. above, shall not be deemed to have satisfied the requirement
of Section IV.B.2. of the Service Plan for securing the Public Benefits as generally
described in Exhibit G of the Service Plan unless and until this Agreement goes into full
effect as provided in Section II.R. below.
7
II. MISCELLANEOUS
A. City Findings. The City hereby finds and determines that the approval of
this Agreement is in the best interests of the City and the public’s health, safety and
general welfare.
B. Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.
C. Covenants/Binding Effect. This Agreement shall run with the Property,
including any subsequent replatting of all, or a portion of the Property. This Agreement
shall also be binding upon and inure to the benefit of the Parties and their respective
personal representatives, heirs, successors, grantees and assigns. It is agreed that all
improvements required pursuant to this Agreement touch and concern the Property
regardless of whether such improvements are located on the Property. Assignment of
interest within the meaning of this paragraph shall specifically include, but not be limited
to, a conveyance or assignment of any portion of the Developer's legal or equitable
interest in the Property, as well as any assignment of the Developer's rights to develop
the Property under the terms and conditions of this Agreement and the Development
Plan.
D. Default.
1. Notice; Cure. If either Party defaults under this Agreement, the non-
defaulting Party shall deliver written notice to the defaulting Party of such default
in accordance with Section II.L, and the defaulting Party shall have thirty (30) days
from and after receipt of such notice to cure such default. If such default is not of
a type which can be cured within such thirty (30) day period and the defaulting
Party gives written notice to the non-defaulting Party within such thirty (30) day
period that it is actively and diligently pursuing such cure, the defaulting Party shall
have a reasonable period of time given the nature of the default following the end
of such thirty (30) day period to cure such default, provided that such defaulting
Party is at all times within such additional time period actively and diligently
pursuing such cure and provided further that in no event shall such cure period
exceed a total of six (6) months. Notwithstanding the cure period set forth in this
Section II.D.1, Developer, its successors and assigns, shall have the right to
include a claim for breach of this Agreement in any action brought under C.R.C.P.
Rule 106 if Developer, its successors and assigns, believes that the failure to
include such claim may jeopardize its ability to exercise its remedies with respect
to this Agreement at a later date. Any claim for breach of this Agreement brought
before the expiration of the applicable cure period set forth in this Section II.D. shall
not be prosecuted by Developer, its successors and assigns, until the expiration
of such cure period except as set forth in this Agreement, and shall be dismissed
8
by Developer, its successors and assigns, if the default is cured in accordance with
this Section II.D.
2. Remedies. If any default under this Agreement is not cured as
described above, the non-defaulting Party shall have the right to enforce the
defaulting Party’s obligation hereunder by an action at law or in equity, including,
without limitation, injunction and/or specific performance, and shall be entitled to
an award of any damages available at law or in equity.
E. Governing Law. This Agreement shall be construed under and governed
by the laws of the State of Colorado.
F. Integration; Amendment. This Agreement represents the entire agreement
between the Parties with respect to the subject matter hereof and there are no oral or
collateral agreements or understandings. The Parties agree that this Agreement may be
amended only by an instrument in writing signed by the City and the Developer, and
successors and permitted assigns of the Developer to whom the Developer has granted
in writing the right to consent to any such amendments. Notwithstanding the foregoing,
this Agreement shall be in addition to and supplemented by the development agreement
entered into by the Developer with the City for the Property under the Development Plan
as required in Section 3.3.2.(B) of the City’s Land Use Code.
G. Jurisdiction and Venue. The City and the Developer, its successors and
assigns, stipulate and agree that in the event of any dispute arising out of this Agreement,
the courts of the State of Colorado shall have exclusive jurisdiction over such dispute and
venue shall only be proper in Larimer County, Colorado. The Parties hereby submit
themselves to jurisdiction of the State District Court, 8th Judicial District, County of
Larimer, State of Colorado.
H. City Approvals. Where this Agreement requires the City’s future approval
or consent, such approval or consent may be given by the City Manager of the City within
his or her sole discretion. Where this Agreement requires the City Council’s approval or
consent, such approval or consent shall be within the Council’s sole discretion.
I. Multiple-Fiscal Year Obligations. To the extent that any of the obligations
of the City contained in this Agreement are or should be considered multiple-fiscal year
obligations, such obligations shall be subject to annual appropriation by the Fort Collins
City Council, in its sole discretion.
J. No Joint Venture or Partnership. No form of joint venture or partnership
exists between the Developer and the City, and nothing contained in this Agreement shall
be construed as making the Developer and the City joint venturers or partners.
K. No Third-Party Beneficiaries. Except as otherwise provided in this
Agreement, enforcement of the terms and conditions of this Agreement, and all rights of
action relating to such enforcement, shall be strictly reserved to the City and the
9
Developer, and its successors and assigns, and nothing contained in this Agreement shall
give or allow any such claim or right of action by any third party.
L. Notices. Any notice or communication required under this Agreement
between the City and the Developer, and its successors and assigns, must be in writing
and may be given either personally, by registered or certified mail, return receipt
requested, by Federal Express or other reliable courier service that guarantees next day
delivery or by facsimile transmission (followed by an identical hard copy via registered or
certified mail). If personally delivered, a notice shall be deemed to have been given when
delivered to the Party to whom it is addressed. If given by any other method, a notice
shall be deemed to have been given and received on the first to occur of: (a) actual
receipt by any of the addressees designated below as the Party to whom notices are to
be sent; or (b) as applicable: (i) three (3) days after a registered or certified letter, return
receipt requested, containing such notice, properly addressed, with postage prepaid, is
deposited in the United States mail; (ii) the following business day after being sent via
Federal Express or other reliable courier service that guarantees next day delivery; or (iii)
the following business day after being sent by facsimile transmission (provided that such
facsimile transmission is promptly followed by an identical hard copy sent via registered
or certified mail, return receipt requested). Any Party hereto may at any time, by giving
written notice to the other party hereto as provided in this Section II.L, designate additional
persons to whom notices or communications shall be given and designate any other
address in substitution of the address to which such notice or communication shall be
given. Such notices or communications shall be given to the Parties at their addresses
set forth below:
If to City: City of Fort Collins
ATTN: City Manager
300 LaPorte Avenue
Fort Collins, CO 80521
With a copy to: City of Fort Collins
ATTN: City Attorney
300 LaPorte Avenue
Fort Collins, CO 80521
If to Developer: Northfield Land, LLC
ATTN: Jason Sherrill
6341 N Fairgrounds Ave
Windsor, CO 80550
M. Paragraph Captions. The captions of the paragraphs are set forth only for
the convenience and reference of the Parties and are not intended in any way to define,
limit or describe the scope or intent of this Agreement.
10
N. Recordation. The Developer agrees to record this Agreement with the
Larimer County Clerk and Recorder immediately after the deed conveying the Property
from the Owners to the Developer is recorded with the Larimer County Clerk and
Recorder, and the Developer shall pay the cost of the same.
O. Severability. If any term, provision, covenant or condition of this Agreement
is held by a court of competent jurisdiction to be invalid, void or unenforceable, the
remaining provisions of this Agreement shall continue in full force.
P. Survival. The covenants, representations and warranties and agreements
to be performed or complied with under this Agreement by the Parties shall be continuing
obligations of the Parties until fully complied with or performed, respectively.
Q. Waiver. No waiver of one or more of the terms of this Agreement shall
constitute a waiver of other terms. No waiver of any provision of this Agreement in any
instance shall constitute a waiver of such provision in other instances.
R. Effective Date and Termination. This Agreement shall not go into full effect
unless and until all the following have occurred: (i) the Property has been deeded to the
Developer by the Owners, (ii) that deed has been duly recorded with the Larimer County
Clerk and Recorder, and (iii) this Agreement has been duly recorded as provided in
Section II.N. above. However, if such deed and this Agreement are not so recorded on
or before November 19, 2020, this Agreement shall terminate, and the Parties shall be
released from all obligations hereunder.
IN WITNESS WHEREOF, the Parties have executed this Agreement the day and
year first written above.
CITY: CITY OF FORT COLLINS, COLORADO,
a Municipal Corporation
By: _______________________________
Darin A. Atteberry, City Manager
Date: _____________, 2020
ATTEST:
____________________________
Delynn Coldiron, City Clerk
11
APPROVED AS TO FORM:
_____________________________
John R. Duval, Deputy City Attorney
STATE OF COLORADO )
) ss
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this ______ day of
_________, 2020, by Darin A. Atteberry as City Manager of the City of Fort Collins.
Witness my hand and official seal.
My Commission expires:
Notary Public
12
DEVELOPER: NORTHFIELD LAND, LLC, a Colorado limited
liability company
By: _____________________________
Jason Sherrill, Manager
Date: _____________, 2020
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
The foregoing Agreement was acknowledged before me this ___ day of
___________, 2020, by Jason Sherrill, Manager of Northfield Land, LLC.
WITNESS my hand and official seal.
_____________________________
Notary Public
My commission expires: ______________
06/01/2055 134,600 134,600
12/01/2055 910,000 4.000% 134,600 1,044,600 1,179,200
06/01/2056 116,400 116,400
12/01/2056 1,015,000 4.000% 116,400 1,131,400 1,247,800
06/01/2057 96,100 96,100
12/01/2057 1,060,000 4.000% 96,100 1,156,100 1,252,200
06/01/2058 74,900 74,900
12/01/2058 1,175,000 4.000% 74,900 1,249,900 1,324,800
06/01/2059 51,400 51,400
12/01/2059 1,220,000 4.000% 51,400 1,271,400 1,322,800
06/01/2060 27,000 27,000
12/01/2060 1,350,000 4.000% 27,000 1,377,000 1,404,000
14,870,000 13,214,800 28,084,800 28,084,800
15
12/01/2045 605,000 5.000% 138,875 743,875 882,750
06/01/2046 123,750 123,750
12/01/2046 685,000 5.000% 123,750 808,750 932,500
06/01/2047 106,625 106,625
12/01/2047 720,000 5.000% 106,625 826,625 933,250
06/01/2048 88,625 88,625
12/01/2048 815,000 5.000% 88,625 903,625 992,250
06/01/2049 68,250 68,250
12/01/2049 855,000 5.000% 68,250 923,250 991,500
06/01/2050 46,875 46,875
12/01/2050 1,875,000 5.000% 46,875 1,921,875 1,968,750
10,020,000 12,021,750 22,041,750 22,041,750
10
4/25/2019 C NMD Fin Plan 19 Abs
Prepared by D.A. Davidson & Co.
7
12,579,568 10.000 123,280 120,814 244,094 50.000
13,334,342 10.000 130,677 128,063 258,740 50.000
13,334,342 10.000 130,677 128,063 258,740 50.000
14,134,403 10.000 138,517 135,747 274,264 50.000
14,134,403 10.000 138,517 135,747 274,264 50.000
14,982,467 10.000 146,828 143,892 290,720 50.000
14,982,467 10.000 146,828 143,892 290,720 50.000
15,881,415 10.000 155,638 152,525 308,163 50.000
15,881,415 10.000 155,638 152,525 308,163 50.000
16,834,300 10.000 164,976 161,677 326,653 50.000
16,834,300 10.000 164,976 161,677 326,653 50.000
17,844,358 10.000 174,875 171,377 346,252 50.000
17,844,358 10.000 174,875 171,377 346,252 50.000
18,915,019 10.000 185,367 181,660 367,027 50.000
18,915,019 10.000 185,367 181,660 367,027 50.000
20,049,920 10.000 196,489 192,559 389,049 50.000
20,049,920 10.000 196,489 192,559 389,049 50.000
21,252,915 10.000 208,279 204,113 412,392 50.000
21,252,915 10.000 208,279 204,113 412,392 50.000
22,528,090 10.000 220,775 216,360 437,135 50.000
22,528,090 10.000 220,775 216,360 437,135 50.000
23,879,776 10.000 234,022 229,341 463,363 50.000
23,879,776 10.000 234,022 229,341 463,363 50.000
25,312,562 10.000 248,063 243,102 491,165 50.000
25,312,562 10.000 248,063 243,102 491,165 50.000
26,831,316 10.000 262,947 257,688 520,635 50.000
26,831,316 10.000 262,947 257,688 520,635 50.000
28,441,195 10.000 278,724 273,149 551,873 50.000
28,441,195 10.000 278,724 273,149 551,873 50.000
30,147,667 10.000 295,447 289,538 584,985 50.000
30,147,667 10.000 295,447 289,538 584,985 50.000
31,956,527 10.000 313,174 306,910 620,084 50.000
31,956,527 10.000 313,174 306,910 620,084 50.000
33,873,918 10.000 331,964 325,325 657,290 50.000
_______ ________ _______
7,556,911 7,405,772 14,962,683
4/25/2019 C NMD Fin Plan 19 NR SP Fin Plan+2030 IG Refg
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
3
90,570 0 0 90,570 0 103,470 182% 7% 0.0% 0.0%
228,878 0 0 228,878 0 332,348 115% 6% 0.0% 0.0%
361,802 501,000 501,000 (139,198) 0 193,150 93% 6% 72.2% 72.2%
450,046 501,000 501,000 (50,954) 0 142,196 80% 5% 89.8% 89.8%
518,186 516,000 516,000 2,186 0 144,383 80% 5% 100.4% 100.4%
522,706 520,250 520,250 2,456 0 146,839 75% 5% 100.5% 100.5%
554,069 549,250 549,250 4,819 0 151,658 75% 5% 100.9% 100.9%
554,069 551,750 551,750 2,319 0 153,976 70% 5% 100.4% 100.4%
587,313 584,000 $0 584,000 155,000 (151,687) 0 2,289 105% 7% 100.6% 100.6%
587,313 [Ref'd by ser. '30] 545,233 545,233 42,079 0 44,368 99% 7% 107.7% 107.7%
622,551 619,800 619,800 2,751 0 47,120 99% 7% 100.4% 100.4%
622,551 618,800 618,800 3,751 0 50,871 93% 6% 100.6% 100.6%
659,905 657,800 657,800 2,105 0 52,976 93% 6% 100.3% 100.3%
659,905 655,200 655,200 4,705 0 57,680 87% 6% 100.7% 100.7%
699,499 697,600 697,600 1,899 0 59,579 87% 6% 100.3% 100.3%
699,499 698,200 698,200 1,299 0 60,878 81% 6% 100.2% 100.2%
741,469 738,600 738,600 2,869 0 63,747 80% 6% 100.4% 100.4%
741,469 737,200 737,200 4,269 0 68,015 75% 5% 100.6% 100.6%
785,957 785,600 785,600 357 0 68,372 74% 5% 100.0% 100.0%
785,957 781,800 781,800 4,157 0 72,529 68% 5% 100.5% 100.5%
833,114 832,800 832,800 314 0 72,843 67% 5% 100.0% 100.0%
833,114 831,400 831,400 1,714 0 74,558 62% 4% 100.2% 100.2%
883,101 879,600 879,600 3,501 0 78,059 60% 4% 100.4% 100.4%
883,101 880,400 880,400 2,701 0 80,760 55% 4% 100.3% 100.3%
936,087 935,600 935,600 487 0 81,247 53% 4% 100.1% 100.1%
936,087 933,000 933,000 3,087 0 84,334 48% 3% 100.3% 100.3%
992,252 989,800 989,800 2,452 0 86,787 46% 3% 100.2% 100.2%
992,252 988,600 988,600 3,652 0 90,439 41% 3% 100.4% 100.4%
1,051,788 1,046,600 1,046,600 5,188 0 95,627 39% 3% 100.5% 100.5%
1,051,788 1,051,400 1,051,400 388 0 96,015 34% 2% 100.0% 100.0%
1,114,895 1,110,000 1,110,000 4,895 0 100,909 31% 2% 100.4% 100.4%
1,114,895 1,110,200 1,110,200 4,695 0 105,604 27% 2% 100.4% 100.4%
1,181,789 1,179,200 1,179,200 2,589 0 108,193 24% 2% 100.2% 100.2%
1,181,789 1,179,200 1,179,200 2,589 0 110,781 19% 1% 100.2% 100.2%
1,252,696 1,247,800 1,247,800 4,896 0 115,677 16% 1% 100.4% 100.4%
1,252,696 1,252,200 1,252,200 496 0 116,173 12% 1% 100.0% 100.0%
1,327,858 1,324,800 1,324,800 3,058 0 119,231 8% 1% 100.2% 100.2%
1,327,858 1,322,800 1,322,800 5,058 0 124,288 4% 0% 100.4% 100.4%
1,407,529 1,404,000 1,404,000 3,529 127,817 0 0% 0% 100.3% 100.3%
_________ _________ _________ _________ _________ _________ _________
32,041,301 3,723,250 28,035,233 31,758,483 155,000 127,817 127,817
[CApr2519 20nrspC] [CApr2519 30igspC]
[*] Estimated balance (tbd).
4/25/2019 C NMD Fin Plan 19 NR SP Fin Plan+2030 IG Refg
Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
2
1
Connector Local Street (36' Section)
Off-Site Suniga Rd 4-lane Arterial (83' Section)
Street Lighting
Subtotal
Storm Drainage Improvements
RCP Storm Sewer
Subtotal
6" Waterline
10" Waterline
12" Waterline
Utility Borings
Raw Water Requirements
Subtotal
Sanitary Sewer Improvements
8" Sanitary Sewer
10" Sanitary Sewer
Existing 18" to 24" Sanitary Sewer Upsize
Subtotal
6" Waterline
Earthwork (cut/fill/place)
Erosion Control / Traffic Control
Roadway Improvements
Note: Quantities in this subcategory reflect public portion of site (80.5%)
Grading/Miscellaneous
Mobilization / General Conditions
BASIC PUBLIC IMPROVEMENT COSTS FOR NORTHFIELD METRO DISTRICT NOS. 1-3
The units and cost below are best assumptions based on the level of information available at this time in design. Street section in reference to LCUASS
Connector Local street section, and pavement section in reference to geotech report
Public Improvements
Description
Connector Local Street (36' Section)
Off-Site Suniga Rd 4-lane Arterial (83' Section)
Street Lighting
Metro District Owned Drives (26' Section)
Subtotal
Subtotal
S 89°11'25" E
19.00'
N 00°48'35" E
9.00'
N 89°11'25" W
19.00'
S 00°48'35" W
9.00'
P:\Project\2016\16057\dwg\16057d012_D3.dwg May 03, 2019 - 9:23am Office 970.669.2100 - Info@plscorporation.com
PLS Corporation
Loveland, Colorado 80538
532 West 66th Street
# Date R e v i s i o n s
Party Chief
Survey Tech
Proj. Manager
Field Date Prepared for: Project#:
NOTICE: According to Colorado law you must commence any legal
action based upon any defect in this survey within three years after you
first discover such defect. In no event, may any action based upon any
defect in this survey be commenced more than ten years from the date
of the certification shown hereon.
Description Exhibit
MBS
MDG
N/A
N/A Highland Development Services, Inc.
16057.012-D3
Detail
1" = 50'
Scale 1 inch = 200 feet
200 0 100 200 400
see sheet 1 for description
sheet 2 of 2
9.00'
19.00'
9.00'
19.00'
9.00'
Bearing
N 86°10'06" W
S 41°24'11" E
N 80°24'34" E
S 89°43'26" E
N 89°11'25" W
N 00°48'35" E
S 89°11'25" E
S 00°48'35" W
N 89°11'25" W
N 00°48'35" E
S 89°11'25" E
S 00°48'35" W
Curve Table
Curve #
C1
C2
C3
Length
527.47'
338.65'
131.98'
Radius
8500.00'
640.73'
766.41'
Delta
3°33'20"
30°16'59"
9°52'01"
Chord Bearing
N 87°56'46" W
N 65°12'14" E
N 85°20'34" E
Chord Length
527.39'
334.72'
131.82'
N 84°48'57" W 1688.87'
N 85°25'31" W 1687.59'
L11
L10
L9
L12
L7
L6
L5
L8
POINT OF
BEGINNING - D1
POINT OF
BEGINNING - D3
East 1
4 Corner of Section 1,
Township 7 North, Range 69 West
P:\Project\2016\16057\dwg\16057d012_D2.dwg May 03, 2019 - 9:21am Office 970.669.2100 - Info@plscorporation.com
PLS Corporation
Loveland, Colorado 80538
532 West 66th Street
# Date R e v i s i o n s
Party Chief
Survey Tech
Proj. Manager
Field Date Prepared for: Project#:
NOTICE: According to Colorado law you must commence any legal
action based upon any defect in this survey within three years after you
first discover such defect. In no event, may any action based upon any
defect in this survey be commenced more than ten years from the date
of the certification shown hereon.
Description Exhibit
MBS
MDG
N/A
N/A Highland Development Services, Inc.
16057.012-D2
Scale 1 inch = 200 feet
200 0 100 200 400
Detail
1" = 50'
see sheet 1 for description
sheet 2 of 2
thence N 89°11'25" W for a distance of 19.00 feet;
thence N 00°48'35" E for a distance of 9.00 feet;
thence S 89°11'25" E for a distance of 19.00 feet;
thence S 00°48'35" W for a distance of 9.00 feet to the Point of Beginning - D3.
Containing 43.074 acres more or less.
Written by M. Bryan Short, Colorado PLS 32444