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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 01/14/2020 - RESOLUTION 2020-007 APPROVING A DEVELOPMENT AGREEMAgenda Item 3 Item # 3 Page 1 AGENDA ITEM SUMMARY January 14, 2020 City Council STAFF Rachel Rogers, Senior Specialist Economic Sustainability Josh Birks, Economic Health Director John Duval, Legal SUBJECT Resolution 2020-007 Approving a Development Agreement to Secure Public Benefits for Development of the Montava Planned Unit Development Master Plan. EXECUTIVE SUMMARY The purpose of this item is to consider approval of the “Development Agreement to Secure Public Benefits for Montava Planned Unit Development Master Plan” (Public Benefits Agreement). The Public Benefits Agreement is between the City and HF2M, Inc., a Texas corporation and real estate developer (Developer). The Developer is seeking to develop approximately 999 acres of land in northeast Fort Collins (Montava Property) as a planned unit development (PUD) under the City’s Land Use Code to be known as the Montava PUD Master Plan (Montava PUD). The City Council is considering at this meeting in Agenda Item No. 1, Ordinance No. 014, 2020, which, if adopted, will approve the Montava PUD. In connection with its development of the Montava Property, in 2018 the Developer submitted to the City its application to organize Montava Metropolitan District Nos. 1-7 (Metro Districts). At a public hearing on September 25, 2018, the City Council adopted Resolution 2018-083 approving the “Consolidated Service Plan for Montava Metropolitan District Nos. 1-7,” the document which outlines and governs the Metro Districts’ powers and authority (Service Plan). The Metro Districts have been organized by the Developer primarily for the purpose of financing many of the public improvements needed to develop the Montava Property, such as streets, utilities and parks. However, the Service Plan also provides that before the Metro Districts can impose a property tax mill levy or borrow any money to finance the construction of these public improvements, the Developer must enter into an agreement with the City to secure the provision of certain “Public Benefits.” These Public Benefits are described in the Service Plan as: (i) large-scale comprehensive master planning; (ii) new urbanism; (iii) agri-urban development; (iv) zero energy ready homes; (v) non-potable water system; and (vi) affordable/workforce housing. The proposed Public Benefits Agreement, which is attached as Exhibit D to the Resolution, sets forth the terms and conditions by which the Developer’s provision of these Public Benefits is secured as contemplated in the Service Plan. Staff has reviewed the Public Benefits Agreement to ensure it conforms to the Service Plan. The Council process for considering this item is as follows: • City staff presentation • Applicant presentation (suggested time: 10 minutes) • Public comment • Council deliberation Agenda Item 3 Item # 3 Page 2 STAFF RECOMMENDATION Staff recommends adoption of the Resolution. BACKGROUND / DISCUSSION Project Overview The Metro Districts will serve a large-scale (999 acres) planned development, representing one of the City’s largest remaining undeveloped contiguous areas in the City. The project anticipates constructing: • Approximately 4,000 residential units (a mix of single-family and multi-family) • A town center, including 88,900 square feet of retail • Approximately 200,000 to 400,000 square feet of office • Allocating land for natural areas, schools, and a community park • A 47-acre farm; and • A variety of other public open spaces and trails. The project is generally located between Mountain Vista on the south, Richards Lake Road on the north, Timberline Road on the West and the train tracks on the east. (Attachment 1) The project, called Montava, “Mon” for mountains and “tava” the Ute Indian work for “sun,” uses the Mountain Vista Sub-Area Plan (MVSAP) as its basis for design and development approach. Performance Assurances The Service Plan prohibits the Metro Districts from issuing any debt or imposing any property taxes or fees to pay the debt unless and until the delivery of the Public Benefits are secured in a manner that is approved by City Council. The Service Plan provides that one way the Developer can satisfy this requirement is to enter into an agreement with the City 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 to be built under the Montava PUD and that this agreement must be approved by the City Council, in the exercise of its sole discretion, by resolution. The proposed Public Benefits Agreement, attached as Exhibit D to the Resolution, sets out the terms and conditions under which the Developer, and its successor and assigns, will be obligated to secure the provisions of the Public Benefits under the Montava PUD. Public Benefits The Public Benefits and how they are secured in the Public Benefits Agreement are summarized below: • Large-Scale Comprehensive Master Planning - The Montava Property, through the City’s new Planned Unit Development process, will be comprehensively master-planned, with an emphasis on multi-modal transportation. The Montava PUD provides designs for coordinated, interconnecting trail, street, sidewalk, transit and storm drainage systems. The Public Benefits Agreement acknowledges that the City Council’s approval of the Montava PUD satisfies the provision of this Public Benefit. • New Urbanism - The applicant has designed the project following several key New Urbanist principles which promote environmentally friendly habits, create walkable neighborhoods, and a variety of housing types and job opportunities. These principles will be implemented by one or more of the following: o a wide variety of housing types and intensities within neighborhoods; o walkable streets and trails that connect to meaningful destinations; and o distributing traffic through a network of connected streets. Again, the City Council’s approval of the Montava PUD satisfies the provision of this Public Benefit. Agenda Item 3 Item # 3 Page 3 • Agri-Urban Development - The MVSAP calls for integration of urban agricultural uses with development. The Developer is proposing that the project have a 47-acre farm. The land will either be donated or sold by the Developer at a substantially discounted amount to the Poudre Valley Cooperative, which entity will in turn enter into a long-term lease with the farmers. The primary business model of the farm will be to provide a wide variety of organic, high-quality, locally-grown produce available for purchase by the public. If after a 5-year period the Developer determines it is not feasible to operate the farm as proposed, the City will have the option to purchase the farm from the Developer at the lesser of fair market value or $10,000 per acre, to be used for by the City for an urban agricultural use, a natural area, open space, a park or similar public use. If the City elects not to exercise its purchase option, the Developer can use the farm property for any use authorized under the Montava PUD. • Zero Energy Ready - All single-family detached, single-family attached, two-family and two-family attached dwelling units within the Montava Property (“Residential Development”) must be built to the stricter of either: (i) the Federal Department of Energy’s “Zero Energy Ready Home” standard in effect as of the date this Agreement is fully executed (the “ZERH Standard”); or (ii) any City legislatively-imposed energy efficiency or conservation standards on new residential construction throughout the City. It will be a prerequisite to the City being required to issue a certificate of occupancy for any of the Residential Development that a written certification of compliance with the ZERH Standard or the City’s stricter standard, as applicable, shall be provided to the City in a form reasonably satisfactory to the City for each such unit of Residential Development. • Non-potable Water System - The Developer must install or acquire and operate and maintain a system of irrigation wells, supplemented by other water sources as may be needed, supplying irrigation water for a water distribution network within the Montava Property, which network will transport such water to delivery points for irrigation of the landscaping within common areas and the private yard of any “Feasible Residential Units” with the Montava PUD which are within the “Potential Service Area,” as this area is depicted in Exhibit H of the Public Benefits Agreement, to serve those phases of the Montava Property that can be feasibly served by such system (the “Non-potable Water System”). A “Feasible Residential Unit” is defined as any single-family attached, single-family detached, two-family, two-family attached and multi- family dwelling units within the Montava Property that is reasonably estimated to use more than one thousand five hundred (1,500) gallons of water per year for irrigation purposes and uses any irrigation system other than drip irrigation. The City will not be required to issue a building permit for any structure within the boundaries of an “Individual Project” that is either wholly or partially within the Potential Service Area until the City has approved the Non-potable Water System plans for that Individual Project pursuant to all applicable City ordinances, regulations, standards and policies and such plans shall also be in compliance with all applicable county, state and federal laws and regulations therefor. An “Individual Project” is any portion of the Montava Property that has received approval for a project development plan and final plan under the City’s Land Use Code. Before the City is required to issue a certificate of occupancy for any such structure, the portion of the Non-potable Water System needed to serve the Individual Project in which the structure is located must have been installed in accordance with such plans and approved by the City to the extent required by applicable City ordinances, regulations, standards and policies. • Affordable Housing - The Developer has agreed in the Public Benefits Agreement to: o Construct 15% of the 4,000 residential units to be built under the Montava PUD as affordable or workforce housing, whether owner-occupied or leased. These 600 units must be affordable for households earning from 30% to 120% 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”), whether owner-occupied or leased (“Required Affordable Units”). At least 50% of the Required Affordable Units (300 Units) must be affordable for households earning 30% to 80% of AMI (Affordable Units) and the other half must at least be affordable for households earning from 81% to 120% of AMI (Workforce Units). Agenda Item 3 Item # 3 Page 4 o Each Required Affordable Unit must continue to satisfy this standard for at least twenty (20) years from the date of issuance of the first certificate of occupancy for the Unit, meaning that the initial and subsequent conveyances and leases of each Required Affordable Unit during the twenty (20)-year period must be to purchasers or lessees with incomes that can afford Affordable Units or Workforce Units as applicable (20-Year Covenant). o The Required Affordable Units may be provided through any of the following five (5) mechanisms or any other mechanism mutually agreed upon by the Developer and the City, or any combination of the same: (1) Development by the Developer of any portion of the Required Affordable Units within the Development Property. (2) An affiliate entity of the Developer has executed an option contract with the City for the purchase of five (5) acres within the Montava Property, at a mutually acceptable location, for development by the City as part of its Affordable Housing Land Bank Program at a time the City chooses. The City has estimated that approximately one hundred (100) housing units could be approved on such five (5) acres. If the City exercises its option, the Developer will be given credit for these Required Affordable Units. (3) The Developer will continue to participate in a collaborative effort with developers within the boundaries of the Mountain Vista Subarea Plan, the City, a community land trust and entities such as Housing Catalyst and Habitat for Humanity on a strategy for long-term affordability of the Required Affordable Units. In order for the Developer to be given credit for providing Required Affordable Units under this mechanism, the City must first reasonably determine that the proposal will deliver the proposed Affordable Units and/or Workforce Units. (4) Sale of land within the Montava Property by the Developer to a non-profit or for-profit builder and the ultimate development of that land by such builder as part or all of the Required Affordable Units and to impose the 20-Year Covenant for each Required Affordable Unit. The provision of such Required Affordable Units must be legally enforceable under a contract obligation to the City in a form reasonably acceptable to the City. (5) A reservation of acreage within the Development Property 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. o 65% of the Required Affordable Units (390 Units) must be secured through one of the mechanisms described above (or through any other mechanism agreed upon in writing between the City and the Developer) prior to the City being required to issue a building permit for more than 50% of the total residential units (beginning with the 2001st Unit) approved within the Montava Property, and the remaining 35% of the Required Affordable Units must be so secured prior to the City being required to issue a building permit for the last 100 of the total residential units approved within the Montava Property. In addition, the Developer will not be entitled to receive from the City any building permits for the last 100 residential units unless the required 300 Affordable Units have been provided. Conclusion The Public Benefits Agreement satisfies the requirement in the Service Plan that the Public Benefits be secured. Staff recommends adoption of the Resolution, as the Public Benefits Agreement meets both the spirit of the Metro District Policy and helps the City achieve its strategic objectives. For example, some of the Public Benefits speak to the City’s commitment to Climate Action Plan goals with energy efficiency benefits that exceed the City’s current code requirements. In addition, the Montava project has the potential of creating at least 15% affordable and workforce housing units, addressing the City’s objective of increasing the inventory of affordable units as outlined in the City’s Affordable Housing Strategic Plan. Agenda Item 3 Item # 3 Page 5 CITY FINANCIAL IMPACTS The proposed Public Benefits Agreement will not have an impact on the City’s financials. The Developer has paid the fees required under the City’s previous Metro District Policy, which fees are designed to offset the cost of staff and outside consultant review. ATTACHMENTS 1. Vicinity map (PDF) 2. Powerpoint Presentation (PDF) I 8 § ATTACHMENT 1 - MONTAYA METRO DISTRICT FORT COLLINS, COLORADO 0 0:::: U) ROJEC �--------�� OCATION ---11 0 C) z ��R�l�C�H�A�R�D�S,..,.;;;�=mw��===;�-�- 2000 1000 0 - - 2000 --- scale 1"=2000' feet N- I w- 1- <( 1-- U) 0:::: w- r------1-z FORT COWNS, CO DA TE: JULY 2018 JOB NO. 1230.0001.00 SHEET 1 OF 1 748 Whalers Way, Suite 200 Fort Colline, Colorado Phone: 970.228.0557 il!, ______________________ rax:_e_01.22&__.0204 _ _ 1 Montava Metro District Development Agreement Josh Birks ATTACHMENT 2 Tonight’s Action Consider a Resolution approving the Public Benefits Agreement § A required step to fully utilize the Service Plan § Legally obligates the developer to satisfy the public benefit requirements of the Service Plan § Creates enforcement mechanisms 2 Project Description • 25+ Year Multi Phase Master Planned Project • Increased density • 4,000 Residential Units • 15% affordable 3 Community Wide Benefits • Affordable Housing • Energy Efficiency • Non-potable Water • Agri-Urban Development • New Urbanism • Large-Scale Comprehensive Plan 4 Commitments: Affordable Housing Commitment 15% of Units; Approx. 600 units 300 @ 30% to 80% of AMI 300 @ 81% to 120% of AMI 20+ Years Ownership & Rental Delivery Developer Constructed Land Bank Option (5 Acres; approx. 100 units) Sale of land to Affordable Builder Collaborate with City and Strategic Partners Reservation for Sales to Affordable Developer Performance 65% of units (390) before issuing second half of Building Permits Remaining 35% before final 100 building permits 20 Year Deed Restrictions on all Affordable Units 5 Commitments: Energy Efficiency Commitment DOE Zero Energy Ready Standard at time of Execution ~13,200 Metric Tons C02e Avoided HERS Rating in Low 40s Delivery All Single-Family Units (Detached, attached, two-family, and two- family attached) Enforcement 3rd Party Verification Prerequisite to Issue Certificate Of Occupancy 6 Commitments: Non-Potable Water Commitment Non-potable used for common-areas Private Yards of “Feasible” Residential Units “Feasible” = 1,500 Gallons Per Year for Non-drip Irrigation Delivery Acquire and Operate a System of Irrigation Wells and other water To “Feasible” Units within Potential Service Area Enforcement City Review of Non- potable Water System Plans Withhold Certificate of Occupancy if Non- potable plan not constructed 7 Commitments: Agri-Urban Development Commitment 47-acre farm Managed by the Poudre Valley Cooperative Delivery Donate or Sell property to Cooperative Primary Business Model Organic Produce Enforcement 5-Year period to operate City has option to purchase at lessor of Market Value or $10,000 per acre If City chooses not to exercise option, then use for any authorized use 8 Commitments: Other New Urbanism Designed following New Urbanist principles Walkable Neighborhood Variety of Housing Types Job Opportunities Large-Scale Master Plan Use new Planned Unit Development (PUD) process Comprehensively Master-Planned Council’s approval of PUD satisfies this provision 9 Staff Recommendation ⇒ Staff recommends adoption of the Resolution 10 11 Back-up Slides 12 Northeast Fort Collins Affordable Housing 13 2019, 4 Person Household Source: Housing & Urban Development, US Gov’t; Social Sustainability Percent AMI Area Median Income (AMI) HUD Classification 100% $87,200 Moderate Income 80% $69,760 Low Income 60% $52,320 Low Income 50% $43,600 Very Low Income 30% $26,160 Extremely Low Income Item Household 3 Person 4 Person 80% AMI $62,800 $69,760 Monthly Income $5,230 $5,810 Available for Housing (38%) $1,987 $2,208 Property Taxes (.072%) $200 $230 Metro Taxes/HOA Fees ($200/mo) $200 $200 Insurance (.038%) $110 $120 Monthly Mortgage Payment $1,477 $1,658 Loan Amount $275,100 $308,900 Down Payment $11,500 $12,900 Total Purchase Price $286,600 $321,800 Zero Energy Ready Home Baseline Home: • 2015 IECC Code with local options Zero Energy Ready Home: • Generates as much energy as consumes • Certified Energy Star Ver. 3 or 3.1 • Duct Systems in thermal and air boundary • Lights & Appliances – Energy Star Qualified (80% of lighting) • Meet DOE PV-Ready checklist 14 Average HERS Rating – 58 to 62 Average HERS Rating – Low 40s Zero Energy Ready Home Zero Energy Ready Home (ZEHR) – Impact • Approximate kWh saving / year = 1,350 kWh • Approximate Therms saving / year = 300 th • Estimated Metric Tons of CO2 equivalent avoided / year = 3 • Total Annual savings compared to Baseline home: $450 (Assumptions: Baseline was 2015 IECC code, with gas thermal heating. 2,400 Square foot home with 4 Bedrooms, 2 Baths, and a full basement. Utility rates are default rates.) 15 Metro Districts Public Benefits Summary 16 Public Benefit Montava Mulberry Northfield Waterfield Water's Edge Environmental Sustainability Indoor Air Quality No No Energy recovery ventilator (ERV) systems EPA Indoor airPLUS Program Construction Specifications. No Zero Energy Ready Home “ZERH” standard. Yes No No Yes No LEED Certification No No Yes Yes No Renewable Capacity Yes Yes Yes Yes No Reduced Water Usage Yes Yes Yes Yes High Quality and Smart Growth Management Multimodal Transportation No A secondary bicycle path No No No Public Spaces There will be an approximately 40-acre organic farm in the Montava development. Community Center and pool Senior activities center. Strategic Priorities Affordable Housing Units 10% units for families earning 30% - 120% of the Fort Collins’ AMI for a family of four 15% at affordable rates: 40 for sale, 200 rental for families earning 80% of the Fort Collins’ AMI for a family of four 15% of homes will be 30-80% AMI 10% units shall be affordable for- sale dwelling units at 80% of the Fort Collins AMI for a family of four The City’s Affordable Housing Strategic Plan dated October 6, 2015 states: There is also a need for 55+ for-sale communities. Affordable Deed Restriction 20-year deed restriction. 20-year deed restriction. 20-year deed restriction. 20-year deed restriction. 20-year deed restriction. Attainable/Workforce Housing See above No The remaining 85 of units will be priced for sale for someone making 80% to 120% of AMI No N/A Metro Districts Public Benefits Summary 17 District Name Date Approved Development Agreement Required (Y/N) Affordable Housing Information: Maximum Included Debt (Y/N) Percent & Unit Count Rental vs. For- Sale Performance Commitments Gateway at Prospect 3/6/2018 No No N/A N/A N/A $125 Million SW Prospect I- 25 3/6/2018 No No N/A N/A N/A $103.5 Million Rudolph Farms 3/6/2018 No No N/A N/A N/A $111 Million Montava 9/25/2018 Yes Yes 10% or 436 Units Both 65% of affordable units prior to final 50% of building permits; 100% of affordable units prior to last 100 building permits $163 Million Water’s Edge 9/18/2018 Yes Yes 6% or 47 Units For-Sale None yet; at Development Agreement will finalize $31.5 Million Waterfield 9/18/2018 Approved Yes 10% or 50 Units For-Sale 2/3 of affordable units prior to final 50% of permits; remaining affordable units prior to last 100 permits $22.5 Million Mulberry 4/16/2019 Yes Yes 15% or 240 Units Both None yet; at Development Agreement will finalize $65 Million Northfield 10/1/2019 Yes Yes 15% or 65 Units Rental 100% of affordable units secured prior to second 50% of building permits $30 Million -1- RESOLUTION 2020-007 OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS APPROVING A DEVELOPMENT AGREEMENT TO SECURE PUBLIC BENEFITS FOR DEVELOPMENT OF THE MONTAVA PLANNED UNIT DEVELOPMENT MASTER PLAN WHEREAS, HF2M, Inc., a Texas corporation, (the “Developer”) has entered into an agreement with Anheuser-Busch Foundation, a Missouri charitable trust, to acquire ownership of the approximately 844 acres of real property described in Exhibit “A” attached hereto and incorporated herein (the “AB Property”); and WHEREAS, the Developer has also entered into an agreement with the Poudre R-1 School District (the “School District”) to convey 108 acres of the AB Property to the School District for a future school site, which real property is legally described in Exhibit “B” attached hereto and incorporated herein, (the “School Site”) in exchange for the School District conveying to the Developer 108 acres owned by the School District, which real property is legally described on Exhibit “C” attached hereto and incorporated herein (the “School District Property”); and WHEREAS, the AB Property and the School District Property, together with certain public rights-of-way, shall together be referred to as the “PUD Property,” and the PUD Property less the School Site shall be referred to as the “Montava Development Property”; and WHEREAS, the Developer desires to develop the PUD Property and has submitted to the City all plans, reports and other documents required for the approval of a planned unit development (“PUD”) overlay and a PUD master plan for the PUD Property titled the “Montava – PUD Master Plan” (the “PUD Master Plan”); and WHEREAS, the City Council will consider approval of the PUD Master Plan with first reading of Ordinance No. 014, 2020, on January 14, 2020, which Ordinance, if adopted, will approve the PUD Master Plan (the “PUD Ordinance”); and WHEREAS, pursuant to the provisions of Colorado’s Special District Act, the Developer previously submitted to the City an application for the City Council’s approval of a Consolidated Service Plan for Montava Metropolitan District Nos. 1-7 for the Montava Development Property (the “Service Plan”), which Service Plan the City Council approved on September 25, 2018, in Resolution 2018-083; and WHEREAS, the purpose of Montava Metropolitan District Nos. 1-7 (the “Districts”) is to provide for the Montava Development Property the planning, financing, construction, operation and maintenance of the public improvements authorized in the Service Plan; and WHEREAS, Section IV.B. of the Service Plan contemplates that the Developer and the Districts, individually or jointly, will deliver as part of the development of the Montava Development Property certain direct and indirect public benefits described as: (i) large scale comprehensive master planning; (ii) new urbanism; (iii) agri-urban development; (iv) zero energy ready homes; (v) non-potable water system; and (vi) and affordable/workforce housing, -2- as these public benefits are specifically described in Exhibit J attached to the Service Plan (collectively, the “Public Benefits”); and WHEREAS, Section IV.B. of the Service Plan provides that the Districts are not “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 . . . are secured in a manner approved by the City Council,” which may include a development agreement between the City and the Developer under which the Developer is legally obligated to provide the Public Benefits before the City is required to issue building permits and/or certificates of occupancy for structures to be built within the Montava Development Property and which agreement must be approved by City Council resolution; and WHEREAS, City staff and the Developer have negotiated the “Development Agreement to Secure Public Benefits for Montava Planned Unit Development ” attached as Exhibit “D” and incorporated herein by reference, which sets forth the terms and conditions by which the Developer’s provision of the Public Benefits will be secured (the “Public Benefits Agreement”); and WHEREAS, this Public Benefits Agreement will be in addition to the usual development agreements the Developer will be required to enter into with the City as various portions of the Montava Development Property receive project development plan and final plan approvals under City’s Land Use Code and in compliance with the PUD Master Plan; 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 CITY COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, as follows: Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. That the City Council hereby approves the Public Benefits Agreement. In the event the PUD Ordinance has not been approved on second reading by March 25, 2020, this Resolution shall automatically become null and void. Section 3. That the Mayor is authorized to enter into the Public Benefits Agreement on the City’s behalf in substantially the form attached as Exhibit “D,” subject to minor modifications as the Mayor, in consultation with the City Manager and 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. -3- Passed and adopted at an adjourned meeting of the Council of the City of Fort Collins this 14th day of January, A.D. 2020. _________________________________ Mayor ATTEST: _____________________________ City Clerk S Description of School District Property A TRACT OF LAND LOCATED IN THE SW QUARTER OF SECTION 32, T8N, R68W of 6th PM, BEG AT W 1/4 COR, N 89 50' 10" E 2622.74 FT TO CEN 1/4 COR, S 0 51' 56" E 2649.77 FT TO S 1/4 COR, S 89 44' 44" W 1339.28 FT ALG S LN, N 0 15' 16" W 911.83 FT, S 89 44' 44" W 459.73 FT, N 60 15' W 117 FT, N 65 47' 7" W 176.13 FT TO SE CO As described in that certain warranty deed from MARILYN SHERWIN, STORYBOOK FARM LLC, and CAROL STORY UTHMANN to POUDRE SCHOOL DISTRICT R-1, recorded 10/05/1998, at Reception No. 19980086672, County of Larimer, State of Colorado; and in that certain quit claim deed from MIDTOWN HOMES AT STORYBOOK LLC to POUDRE SCHOOL DISTRICT R-1, recorded 04/30/2014, at Reception No. 20140021323, County of Larimer, State of Colorado, consisting of approximately 108.06 acres (+/-). For informational purposes only: Assessor Parcel Number :8832000905 Schedule Number: R1589140 EXHIBIT B Description of School Site A parcel of land, approximately 108 acres (+/-) in size, which is a portion of and located in Section 4, T7N, R68W, 6 th P.M., County of Larimer, State of Colorado. Such land is generally depicted as two parcels (1 – High School Site, 72 acres with off-site detention; and 2 – Middle school Site, 36 acres with off- site detention) on the next page attached hereto and incorporated herein by reference. The parties acknowledge that the description above is a general description only, and the foregoing is not intended to constitute a newly created legal description of a subdivided parcel (§38-35-106.5, D.R.S.), and is not intended to create a subdivision in violation of any applicable law. 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