HomeMy WebLinkAboutAgenda - Mail Packet - 02/04/2025 - Council Finance Committee Agenda – February 6, 2025Agenda
Council Finance Committee
February 6, 2025 - 4:00 - 6:00 pm
City Hall - CIC Conf. Room
In person with Remote Participation Available
via Teams Join the meeting now
Meeting ID: 247 116 340 034
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A)Call Meeting to Order
B)Roll Call
C)Approval of Minutes from January 2, 2025
D)Foothills Metro District Josh Birks
45 minutes (20 mins. presentation / 25 mins. discussion)
Foothills Mall Metro District Amendment – Amendments to the Foothills Mall metro district would allow bond
refunding, leveraging outside revenue, and extending borrowing capacity to support the proposed project
without altering the redevelopment agreement
E)College & Trilby Dana Hornkohl
20 minutes (10 mins. presentation / 10 mins. discussion) Monica Martinez
A request for a supplemental appropriation for the final construction package for the College and Trilby
Intersection Improvements project. The request comes after a supplemental appropriation last year
Ordinance No. 113, 2024) that was thought to be the final finding needed to complete the project."
F)SE Community Center Dean Klingner
45 minutes LeAnn Williams
Discussion and preview prior to Council Work Sessions in February and April. Capital project costs estimates
and potential scenarios for funding will be presented along with preliminary Operations, Maintenance and
Asset replacement costs
G)Other Business
H)Adjournment
Next Scheduled Committee Meeting: March 6th, 2025
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Council Finance Committee
2025 Agenda Planning Calendar
Revised 01/13/25 ck
February 6th 2025
Foothills Metro District
Foothills Mall Metro District Amendment –
Amendments to the Foothills Mall metro district would
allow bond refunding, leveraging outside revenue,
and extending borrowing capacity to support the
proposed project without altering the redevelopment
agreement.
45
mins Josh Birks
A request for a supplemental appropriation for the
final construction package for the College and Trilby
Intersection Improvements project. The request
comes after a supplemental appropriation last year
Ordinance No. 113, 2024) that was thought to be the
20
mins
Dana Hornkohl
Monica Martinez
Discussion and preview prior to Council Work
Sessions in February and April. Capital project costs
estimates and potential scenarios for funding will be
presented along with preliminary Operations,
45
mins
Dean Klingner
LeAnn Williams
March 6th 2025
CCIP: Affordable Housing Revolving Loan Fund 30 mins Sylvia Tatman-
CCIP Updates 40 mins Joe Wimmer
2025 Reappropriation Ordnance Lawrence
2023 Audit Report – Staff Correction Plan Randy Bailey
DDA IGA Matt Robenalt
April 3rd 2025
Evaluation of Alternative Budget Methodologies Rupa /
Lawrence
Future Topics
E. Mulberry Threshold Analysis
Fleet Management Policies and Practices
2025 Annual Adjustment Ordinance (September)
2026 Budget Revisions (September)
Budget Revision Process for 2026 Budget Lawrence (spring / summer)
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Finance Administration
215 N. Mason
nd Floor
Fort Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
Council Finance Committee Hybrid Meeting
CIC Room / Teams
January 2, 2025
4:00 - 6:00 pm
Council Attendees: Mayor Arndt, Emily Francis, Kelly Ohlson
Staff: Tyler Marr, Gretchen Stanford, Denzel Maxwell, Dianne Criswell, Ginny Sawyer,
Terri Runyan, Max Valadez, Drew Brooks, Joe Wimmer, Randy Bailey, Trevor
Nash, Monica Martinez, Spencer Smith, Dana Hornkohl, Josh Birks, Victoria
Shaw, Joe Wimmer, Zack Mozer, Josh Birks, Carolyn Koontz
Other: Kevin Jones, Chamber of Commerce
Meeting called to order at 4:00 pm
Approval of minutes from the December 5, 2024, Council Finance Committee meeting.
Motion made to approve by Kelly Ohlson and seconded by Emily Francis. Approved via roll call.
A. Bloom Filing One Transportation Capital Expansion Fee Major Reimbursement
Dana Hornkohl, Director, Civil Engineering
Monica Martinez, Planning Development & Transportation Finance Manager
Josh Birks, Deputy Director, Sustainability Services
EXECUTIVE SUMMARY
The Bloom Filing One development (“Bloom”) is located on the north side of Mulberry Street, west of
Greenfields Drive. Bloom’s metro district has funded street improvements to Greenfields Drive, International
Boulevard, Sykes Drive, Donella Drive, and Delozier Road to City standards as part of Bloom’s development plans
and development agreement for and permitted for construction under Bloom’s Development Construction
Permit. Per Section 24-112 of the City Code, these improvements are eligible for reimbursement from
Transportation Capital Expansion Fee (TCEF) funds for the oversized, non-local portion for construction and
right-of-way dedication. Staff is recommending appropriations totaling $2,069,417 from TCEF funds.
This total appropriation of $2,069,417 includes the cost of parkway (landscaping and irrigation) of Greenfields
Drive and International Boulevard, which has not been fully constructed and is planned to be completed in
summer of 2025. This cost was agreed to by Staff to be $44,249 and this amount would not be reimbursed to
the metro district until the construction is completed and Staff has provided acceptance of the same.
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GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Do Finance Committee members support an off-cycle appropriation of Transportation Capital Expansion Fee
fund reserves to reimburse the Bloom’s metro district for its construction of Greenfields Drive, International
Boulevard, Sykes Drive, Donella Drive, and Delozier Road?
BACKGROUND/DISCUSSION
TCEF Program
The TCEF Program (formerly Street Oversizing), instituted by ordinance in 1979, was established to manage the
construction of new arterial and collector streets, and is an “Impact Fee” funded program. The TCEF Program
determines and collects impact fees from development and redevelopment projects. The collection of these
impact fees contributes funding for growth’s related share towards City Capital Projects, including the City’s
Active Modes Plan, and reimburses development for constructing roadway improvements above the local street
access standards. Section 24-112 of the City Code allows for reimbursement for the construction of collector and
arterial streets.
Bloom Filing One is a development on the north side of Mulberry Street and west of Greenfields Drive, directly
east of the East Ridge/Mosaic development. This reimbursement is for the construction above the local street
access standards of Greenfields Drive (2-lane arterial), International Boulevard (2-lane arterial), Sykes Drive
collector), Donella Drive (collector), and Delozier Road (collector) as part of Bloom Filing One. As part of
Bloom’s Filing One development agreement, the developer or its metro district (whichever party pays for the
work) is eligible for reimbursement. Both the Bloom developer and Bloom’s Metro District agree that the Bloom
Metro District as the entity that funded the improvements is entitled to this reimbursement.
Portions of roadway, landscaping, and sidewalk for Greenfields Drive and International Boulevard, and portions
of roadway for Sykes Drive, Donella Drive, and Delozier Road are eligible for reimbursement depicted in
Attachment 1 “Location of Improvements Constructed” and itemized between City (TCEF) and local
responsibility in Attachment 2 “Final Bid Tab of Quantities and Total Cost for Improvements”. Also included as
part of the eligible reimbursement is the land value for right-of-way dedication beyond the local street access
standards.
Staff has reviewed the documentation and agrees that the requested reimbursement meets the requirements
under City Code Section 24-112 for appropriation from TCEF funds. There are presently adequate funds in TCEF
to reimburse the metro district and Staff recommends reimbursement in the amount of $2,069,417.
While this reimbursement is considered routine as part of the Code obligations under the TCEF Program, this
request is coming before Council Finance Committee because of the large dollar amount outside of the typical 2-
year budgeting process. TCEF reimbursements were formerly anticipated and appropriated through the 2-year
budgeting process. As part of the process improvements identified first in the 2021 budget, the TCEF Program
now categorizes TCEF reimbursements as “Major” and “Minor” reimbursements, with “Major” developer
reimbursements brought to Council individually rather than predicting what reimbursements are needed on a 2-
year basis.
This proposed reimbursement is the fourth request under this process with Council Finance Committee having
reviewed Northfield in 2022, Waterfield in 2023, and Water’s Edge in 2024. As part of Council Finance
Committee’s input for both Northfield and Water’s Edge, Council Finance Committee supported TCEF
reimbursing these developers instead of their respective metro districts reimbursing them. Both the Northfield
and Water’s Edge developers provided affidavits from their respective metro districts committing that their
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metro districts would not reimburse them, meaning that both Northfield and Water’s Edge would not “double
dip” and be reimbursed twice for its costs. (Waterfield does not have a metro district.)
Similarly to Northfield and Water’s Edge, Bloom has metro districts that were established with City Council
approving the consolidated service plan for Mulberry Metropolitan Districts Nos. 1-6 by adoption of Resolution
2019-050 on April 16, 2019. Unlike Northfield and Water’s Edge, it is not the developer of Bloom that is seeking
reimbursement, it is the metro district seeking reimbursement as the entity that funded the improvements. By
reimbursing the metro district directly, there is not a similar concern that existed with both the Northfield and
Water’s Edge developers being potentially reimbursed from both their metro districts and TCEF.
DISCUSSION / NEXT STEPS;
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Do Finance Committee members support an off-cycle appropriation of Transportation Capital Expansion Fee
fund reserves to reimburse the Bloom’s metro district for its construction of Greenfields Drive, International
Boulevard, Sykes Drive, Donella Drive, and Delozier Road?
2,069,417 is the full TCEF appropriation
Emily Francis; what is the timeline for the rest of the bike lanes? only on half – is that normal?
Tyler Marr; it is normal for a developer to do part and then finish later – we have different property owners
along the roadway
Kelly Ohlson; regarding the ‘double dipping’ – seemed to come as a surprise – someone was going to check to
see but the players have now changed. Still going to follow up - I don’t believe in metro districts for residential
developments. (referenced articles from The Denver Post regarding Metro Districts from a few years ago). If I
buy in to that development, will I know where my Metro District dollars (almost double property taxes) are
going? Who is paying for the collectors and the arterials?
Josh Birks; what extra taxes are paying for – service plan – requires that there be disclosure – the process
leading up to buying a home when the Metro District organization documents must be made available for home
buyers. They would need to go through that process the same way as for reading their HOA documents. It is
fully transparent in those documents as to what things will be paid for. It will require a buyer to do a little work
to find that, but it is made available to them as part of the homebuying process. Many metro districts also
provide web sites where the try to translate those documents into a more user-friendly format. It is all
discoverable.
Kelly Ohlson; is this process cleaner now and not prone to abuse?
Josh Birks; the process of reimbursing the TCEF dollars to the Metro District is cleaner than reimbursing TCEF
dollars to the developer. Often, the Metro District is the entity that is providing the funding to build the streets,
so it makes sense for them to receive the reimbursement and transfer that on to the developer. This path
doesn’t allow for the double reimbursement to happen.
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Slide #4 - How are TCEF Fees Used? (see above)
Kelly Ohlson; overall and in the future, why doesn’t the developer have to at least pay 50% - it looks like the
development is creating the need for the collector.
Dana Hornkohl; why the collector split is what it is - some communities do not reimburse for collectors.
Emily Francis; what happens if we say they are NOT eligible?
Dana Hornkohl; the ordinance allows for Council to make the decision to not reimburse.
Tyler Marr; we would probably risk the development builder not building these oversized streets.
Emily Francis; what is the oversizing?
Dana Hornkohl; it is often the bike lane(s), sidewalks to a specific width and the buffering space to
accommodate on street parking if needed and the additional width for capacity that TCEF pays for the new
street and the city would be responsible. It is looking at the Master Street Plan and the traffic impact – as part
of the development review process – to look at those streets now as opposed to the future - it is cheaper to
right size those streets now instead of later. Only for the oversizing of the vehicular capacity and the active
modes – bike lanes, etc.
Kelly 0hlson; just to be clear – the developer is responsible for a decent size sidewalk and the bike lane. There is
no oversizing to those.
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Dana Hornkohl; there can be additional sidewalk width and there can be additional buffer depending on what
the traffic impact analysis indicates. Most of the additional capacity is for vehicles.
Tyler Marr; I think Kelly Ohlson’s question is very interesting around collectors versus arterials.
Kelly Ohlson; more of a fairness question
Mayor Arndt; with a deal like this, what percentage of the TCEF are we reimbursing? They pay TCEF fees and
then if they build above and beyond and then we reimburse them.
Dana Hornkohl; I don’t know that answer is for Bloom specifically, but I will find out and circle back.
Mayor Arndt; the TCEF fees that were proposed and then we were like, no, stay with inflation. Just curious
about how it works. I am fine with this today as this seems to be a pattern and standard procedure. I would be
willing to think about how we go forward in this area.
Monica Martinez; it would be a larger percentage now, because construction costs have gone up so much and
we haven’t been increasing to match those necessarily. This is a really saliant point for TCEF specifically, if we
don’t increase in tandem with what we anticipate actual costs to be, we are more likely to run ourselves in a
situation where we will have to ask ourselves will we are able to reimburse.
Mayor Arndt; then in a way we are subsidizing that way.
Kelly Ohlson; if everyone got reimbursed 100% then you don’t do the other things as the whole idea is to create
this pot of money that goes into some other things like new bike lanes. It would be nice when we review these
to know what percentage of the fees someone paid in that they are getting reimbursed. That should be
standard.
Tyler Marr; I think we can pull examples of what TCEF paid for in a development and what the development
holistically paid for TCEF fees. I do think it is a more of a pay as you go system. The fees we are likely
appropriating in this instance were probably paid by previous developments. My hunch is that Bloom has paid
very little in TCEF to date.
Kelly Ohlson; it would be great if someone could explain this to us in a one or two pager.
B. West Elizabeth Matching Funds
Spencer Smith, P.E., Engineering – Special Projects Engineer
Monica Martinez, Planning Development & Transportation Finance Manager
SUBJECT FOR DISCUSSION
West Elizabeth Corridor Final Design – Capital Investment Grant (CIG) Project Development Funds and Local
Match Appropriation
EXECUTIVE SUMMARY
The West Elizabeth travel corridor is currently the highest priority pedestrian/alternative mode corridor for
improvement in the City and was highlighted in City Plan and the Transit Master Plan.
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Additional design/project development funds in the amount of $5.52M are being requested for advancing
design to 100% for the entire corridor, necessary scope additions and design changes such as protected
bike/ped infrastructure, BRT routing revisions and Right-of-Way services. The appropriation would follow the
same minimum grant/local match ratio of 80/20 that would apply to the Small Starts grant. The local funding
source identified for the local match is the “2050 tax”. Details of the amounts requested for grant fund and local
match fund appropriation are included in the Background/Discussion section of this AIS.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Is Council Finance Committee supportive of an out of cycle supplemental appropriation of Capital Investment
Grant (CIG) Project Development funds and the required local match for completion of 100% design for the
West Elizabeth Enhanced Travel Corridor & Right of Way Services?
BACKGROUND/DISCUSSION
Grant Funding Background
The City has been awarded the following grants for design and construction:
1.5M - MMOF (Multi-Modal Options Funding)
o 30% design (COMPLETED)
2.5M - MMOF (Multi-Modal Options Funding)
o Final design (ONGOING)
10.7M RAISE (Rebuilding American Infrastructure w/ Sustainability and Equity)
o Construction of Foothills Transit Station and Roundabout (Overland/Elizabeth)
West Elizabeth Corridor Project Status
With the Foothills Transit Station and Overland/West Elizabeth roundabout construction funded by the RAISE
grant, those elements were removed from the City’s most recent Small Starts grant project rating submittal.
Removing those elements of the corridor from the Small Starts project scope should improve the project rating
scores and the City’s chances of being recommended for Small Starts funding. Those scope items that were
removed from the Small Starts application are no longer eligible for CIG funding, which applies only to the
SmalStarts scope. Several of the items discussed in the following paragraphs are related to the RAISE scope and
the funding for those items is being requested as local funds and not CIG grant funds.
60% Design – Completed June 2024
100% Design of RAISE scope – Fall 2025
100% Design of CIG corridor –Fall 2026
Additional Funding Request Details
The amount budgeted for the final design of the W. Elizabeth BRT Corridor was $2,500,000, which was
estimated during 30% design.
During the 60% design phase, several scope additions were identified that were not include in the final design
budget initially. Those additional scope items include the Transit Maintenance Facility Expansion, EV charging
infrastructure, driver restroom facility and cathodic protection relocation designs at the Foothills Transit Station,
street lighting design on CSU’s main campus, transit technology CDOT approval process, CLOMR (Conditional
Letter of Map Revision), Laurel and Meldrum intersection improvements and BRT routing optimization. The
total estimated cost of these new scope additions is $1,750,000. There were also requested scope additions
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focused on protected infrastructure that were not anticipated during the 30% design, such as a protected
roundabout at Overland Trail and W. Elizabeth, protected intersections and raised protected bike lanes. The
prioritization of the protected infrastructure came from City and CSU leadership and staff who had attended the
ThinkBike Workshop presented by the Dutch Cycling Assembly. As the design progresses to completion, funding
will be needed to prepare for Right-of-Way acquisition for the corridor. Right-of-Way services has been
estimated at $2,020,000.
Additional design funding in the amount of $3,500,000 is being requested to finalize plans and bid documents to
100% for the entire corridor, BRT corridor routing revision (to maximize ridership for Small Starts grant project
rating). Right-of-Way services fees are also being requested as part of this appropriation. The following table
provides a summary of the scope items and estimated costs.
Item Amount
The requested funding breakdown is as follows:
Funding Amount
Supplemental Appropriation $5,520,000
Staff is recommending appropriation of the City’s final design local match for several reasons:
The project funds are highly leveraged in that CSU has contributed significant funding to the project and
the City has been awarded a RAISE grant ($10.7M) for construction of the Foothills Transit Station and
Overland/W. Elizabeth roundabout.
Having a completed final design and this project at a “shovel ready” status could help secure
construction funding.
In line with guiding themes and principles of the City Strategic Plan:
o Multimodal Transportation & Public Transit
o Equity, Inclusion and Diversity
o Environmental Sustainability
DISCUSSION / NEXT STEPS;
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GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Is Council Finance Committee supportive of an out of cycle supplemental appropriation of Capital Investment
Grant (CIG) Project Development funds and the required local match for completion of 100% design for the
West Elizabeth Enhanced Travel Corridor & Right of Way Services?
Mayor Arndt; I think I need to recuse myself from this topic as we just closed on a property on West Elizabeth.
I haven’t checked with the City Attorney yet but would rather be safe than sorry.
ACTION ITEM
Kelly Ohlson; could we get something in writing of what our best estimates are? The total cost of this project to
the best of our ability and as part of that, who has already and how much is left and who is going to pay for that
the federal government, state government or us. I am going to support this.
Spencer Smith; are you talking about the construction piece or the whole thing?
Kelly Ohlson; the whole thing. I went along with Max because it was important to a lot of people. I had
questions about the long-term cost and the direct costs. Are we ever planning on doing an analysis of how it has
worked?
Tyler Marr; I think we have that in buckets for example, ridership both pre and post pandemic. Then there is the
question of did we incentivize what we wanted to through construction alone? I don’t think I have seen this in a
holistic fashion, but I think we can pull that together.
Kelly Ohlson; I would like to see the final Max cost when that is available. I am supportive of this but wondering
why we are paying for lights on the CSU campus.
Tyler Marr; those conversations remain on going with CSU leadership and management around how we want to
split both operations and potential local match. I think we are making progress on that.
Emily Francis; I am supportive but have a couple questions; What is a Capital Investment Grant?
Monica Martinez; they have different grant types; Capital Improvement Grant (CIG) is the type of grant we
would be eligible for due to our size as an organization. Basically, we have to apply for the CIG funds which is
where we would get the largest chunk of our grant funding. The FTA did come back to us about a year and a half
ago and said we had $8M and we know you are still in the application process, but we would like to give this to
you. We have a portion of the grant funding before it is approved.
Emily Francis; is the EV charging design for buses only or also for cars?
Spencer Smith; the charging is just for the buses - on route charging
Emily Francis; would the restrooms be public or just for drivers?
Spencer Smith; the restrooms would be just for the drivers.
Kelly Ohlson; the bathroom thing is new?
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Spencer Smith; it didn’t get captured on the 30% design but was identified as we came to 60% design.
Emily Francis; I took a tour, and the original question was whether it would just be a turnaround for the buses or
an actual stop for the drivers.
OTHER BUSINESS;
Gretchen Stanford; just wanted to get come clarity around follow up memos for Council Finance. Would you like
to receive those as part of the regular Thursday packet or separately?
Kelly Ohlson; I would prefer a stand-alone memo, but I don’t care when we get them.
Meeting adjourned at 4:51 pm
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COUNCIL FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Josh Birks, Deputy Director, Sustainability Services, &
Acting Executive Director, Fort Collins Urban Renewal Authority (FCURA);
Andy Smith, Redevelopment Manager
Date: February 6, 2025
SUBJECT FOR DISCUSSION
Proposed Amendment to the Service Plan for the Foothills Metropolitan District
EXECUTIVE SUMMARY
The City Council approved the Foothills Metropolitan District (the “District”) on May 7, 2013
Resolution No. 2013-044). The District was organized to redevelop the then existing Foothills
Mall. Since the District’s formation and redevelopment, some of the planned activation has
been successful. However, several factors have affected the commercial leasing of all property,
which has impacted the revenues dedicated for debt service payment. To address the
underperforming aspects, MXD Fort Collins, LLC (the “Current Developer”) is currently
designing a new redevelopment plan. The First Amendment supports this new approach to
redevelopment by:
1) Increasing the maximum amount of debt the District can have outstanding.
2) Extending the length of the debt the District is allowed to incur and clarifying refunding.
3) Make other changes to ensure consistency with the new redevelopment plan.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
1) Does the Committee have any additional questions not answered by the materials
provided? Or require any additional information to evaluate the proposed amendment?
2) Does the Committee support sending the proposed First Amendment to the City Council
for consideration?
BACKGROUND/DISCUSSION
History
Prior to redevelopment, the owner of Foothills Mall – Alberta Development Partners, in
partnership with Walton Street Capital (the “Original Developer”) - requested the formation of
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a Metropolitan Districts as allowed by Title 32 of the Colorado Revised Statues. On May 7, 2013,
Council approved, by Resolution 2013-44, an Amended and Restated Service Plan for Foothills
Metropolitan District (the “District”) to operationalize significant components of the
Redevelopment and Reimbursement Agreement (the “Agreement”) between the City of Fort
Collins (the “City”), Fort Collins Urban Renewal Authority, Walton Foothills Holdings VI, LLC and
the District.
The Original Developers undertook a comprehensive redevelopment of the Foothills Fashion
Mall (the “Original Project”). The Original Project included mixed use redevelopment with a
commercial/retail component, a commercial parking structure and 402 multi-family dwelling
units on 76.3 acres. Construction of the Project was completed in 2016.
Previous Public Finance Package
The original redevelopment effort was supported by a bond issued by the District which
facilitated $53 million of net bond proceeds to fund public infrastructure improvements, the
Foothills Mall Activity Center, and an underpass beneath College Avenue connecting the
Original Project to the MAX Bus Rapid Transit. The bond was supported by a public finance
package that included five revenue sources: (a) Metro District Capital Mills; (b) Metro District
Specific Ownership Tax; (c) Property Tax Increment; (d) a Public Improvement Fee; and (e) Sales
Tax Increment.
All revenues were pledged to the District for the duration of the tax increment collection period
2014 to 2038) to support repayment of the bond. The pledge of the sales tax revenue was
intended to support the bond debt service only if needed and to fill a supplemental reserve
account required by bond terms. Any pledged sales tax increment revenue more than that
commitment was to be remitted back to the City. Currently, the City has not received any
excess sales tax increment revenue.
Current Situation
Since its completion, the Original Project has been able to consistently lease out the retail shops
along College Avenue at approximately 90 percent occupancy. However, the interior portion of
the property – the enclosed retail shops – have struggled to achieve similarly high rates of
occupancy with only 49 percent occupancy today. Further, since 2016, there have been
international and national trends that have impacted consumer and other market behaviors
within the bounds of the Current Project, including retail consolidation, the 2020 COVID
pandemic, rising construction costs, increasing housing costs. These international and national
trends are major considerations that factor into renewed investment in the site.
In the near term, activities within Original Project are not generating robust tax and increment
revenues. Presently, the pledged revenues, all together, are just sufficient for repayment of
annual debt service. The Current Developer’s bond underwriter’s forecast indicates that
pledged revenues may not be sufficient for annual debt service payments sometime in calendar
year 2028. To address a potential insufficiency of revenues under the present financing
structure, the Current Developer is proposing changes necessary to refinance the debt. To
accomplish this, the existing principal balance of the original bonds, approximately $62 million,
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would be refunded. Then, to align revenues with the debt obligation, the Current Developer is
requesting the ability to issue new bonds based on revised and to pledge new revenue sources
to support a second approach at redevelopment.
PROPOSED AMENDMENT
The proposed First Amendment to the Amended and Restated Service Plan for the Foothills
Metropolitan District (the “Amendment”) changes several aspects of the Service Plan.
The first set of proposed changes occurs in Section II of the Service Plan (Definitions) and
includes:
Add-On PIF Revenues – Amends the definition (“Add-On PIF Revenues”) by adding the
following in redlines: “has the same meaning as in the Redevelopment Agreement, subject
to adjustment as to amount as provided in the PIF Covenant. Throughout the term of the
Redevelopment Agreement, the amount of the Add-On PIF Revenue shall not be reduced
below 1.00%.” This change enables the Current Developer to adjust the PIF amount to
raise additional revenue to support the District’s ability take on expanded debt. The
Current Developer plans to increase the total Add-On PIF Revenue to 1.25%.
Named Developer – Changes the named developer from Walton Foothills Holding VI, LLC
to MXD Fort Collins, LLC, and from a Colorado limited liability company to a Delaware
limited liability company. This change updates the Service Plan to reflect the Current
Developer/property owner.
Eligible Improvements – Expands the list of improvements eligible to be funded by the
District to include those described in Attachment 1 to this Amendment. With some
additional contingency making the total eligible expenditure $75 million. The original list of
eligible improvements remains intact as they were funded with the Foothills Mall Fund.
This change increases the value of the eligible improvements from the original $53
million to approximately $128 million.
Financial Plan – Updates the definition to reflect the Financial Plan attached to the
Amendment as Attachment 2 rather than the Financial Plan attached to the original District
Service Plan. As the Financial Plan describes how the Eligible Improvements are to be
financed and how the debt is expected to be incurred, it requires updating based on new
revenue sources and other changes. This change swaps out the old Financial Plan for a
revised plan based on the new revenue and debt anticipated by the Current Developer.
The rest of the proposed changes to the District’s Service Plan occur in Section VI (Financial
Plan) and only the stated aspects of this section change the rest remain in effect as written. The
changes are intended to enable the Current Developer to ask the District to incur additional
debt enabling it to finance the updated list of Eligible Improvements. The ability to incur
additional debt is created by the following changes (summarized in Table 1, below):
Maximum Debt Authorization – Increases the previous amount of $72.95 million to
166.00 million. This change enables the District to incur additional debt generating
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approximately $75 million in net new proceeds to fund Eligible Improvements. The net
new proceeds number exceeds the current estimated cost of the Eligible Improvements to
provide cushion for interest rate fluctuations, reserve fund needs, project delays, and
unforeseen cost overruns.
Total & Annual Net Debt Service – Increases the previous amount from $180.00 million to
350.00 million. Net Debt Service is the sum of all principal and interest payments on the
debt. Thus, an increase in the Maximum Debt Authorization requires a corresponding
change to both the total and annual Net Debt Service amounts. This change supports the
District’s ability to incur additional debt to fund additional Eligible Improvements as part
of the proposed redevelopment.
Maximum Debt Maturity Term – Increases the previous maximum term from twenty-five
25) to forty (40) years from the date of issuance of the debt. This change extends the
length of the debt incurred by the District. Allowing the Debt Service Mill Levy of fifty (50)
mills to be leveraged over a longer period resulting in additional revenue and debt
expense. Couple this change with the proposed increase in the Add-On PIF and together
they create the revenue necessary to support additional debt.
Table 1
Amendments to Section VI – Financial Plan
Item Previous Amended
Maximum Debt Authorization
Total Net Debt Service
Maximum Debt Maturity Term
Impact on Redevelopment and Reimbursement Agreement
The Amendment does change the commitments of the Fort Collins Urban Renewal Authority
the “Authority”) under the Agreement, nor does it necessitate an amendment or modification
of the Urban Renewal Plan. Corey Hoffman, of Hoffmann, Parker, Wilson & Carberry, P.C.,
outside legal counsel to the Authority has reviewed the proposed service plan amendment,
Agreement, and Urban Renewal Plan. Additionally, he reviewed a letter submitted by the
Current Developer’s legal counsel regarding the legal basis for the proposed amendment under
the existing Agreement and Urban Renewal Plan. It is his conclusion, that neither the
Agreement nor the Urban Renewal Plan need amendment or modification because of the
proposed service plan amendment. A letter of his legal opinion will be included with the
materials when the Amendment is presented to City Council for consideration. Therefore, for
the Amendment to be effective the required actions are limited to Council’s consideration
alone.
Furthermore, the purpose of the Urban Renewal Plan – the remediation of blight and the
prevention of its further spread – are supported by the Current Developer’s plans. Additional
blight conditions have arisen since the Original Project, namely the vacancy of the former
Macy’s building. Also, the proposed plans revitalize the site by shifting from an outmoded from
Page 18 of 134
of development – enclosed retail space – to a more flexible and viable form of development.
Therefore, both the Amendment and the proposed plans for the site are consistent with the
fundamental mission of the Authority and the Urban Renewal Plan.
IMPACT ON THE CITY’S FINANCES
When City and FCURA originally considered the approval of the Service Plan and associated
public finance package. City staff prepared an estimate of the total amount of incremental sales
tax anticipated to be invested in the project. This estimate relied on several assumptions many
of which have not proven to hold true. Despite this estimate, the agreement entered by both
the City and FCURA at the time pledged 100 percent of the sales tax increment associated
with the then 2.25% General Fund tax rate. Please note that, while the City’s General Fund
sales tax rate increased, the original rate of 2.25% that was committed to the project did not
increase.
In May 2013, staff estimated that the total incremental sales tax invested in the project would
total approximately $8.8 million, see Table 2 below. To date, the City has contributed $3.5
million significantly below the original estimate, which may be due to several factors, including:
Lower than expected financing costs – the original bond closed at 5.92%, which was lower
than the rate assumption of 7.00% when estimates were developed.
Higher than expected property values – Actual property values of the Original Project were
assessed higher than original estimates resulting in higher-than-expected property tax
revenue collections – both increment and metro district – from 2015 to 2023.
Lower than expected sales tax increment revenue – Due to the market conditions
described below, actual retail sales performance of the project from 2015 to 2023 came in
much lower than originally estimated resulting in less sales tax increment revenue to remit
to the project.
Table 2
Original Sales Tax Estimates, May 2013
TOTAL 15.4 6.6 8.8
Original Assumptions
To evaluate the impact on the City, the following were evaluated: (1) the impacts of the
Amendment on revenues pledged to repayment of Debt through the Redevelopment and
Reimbursement Agreement (the “Agreement”), and (2) the estimated sales tax “invested”
towards repayment of debt because of the tax increment pledge.
Page 19 of 134
Impact on the City’s Debt Obligation
The Service Plan Amendment does not alter the nature of the obligation of the City to
participate in the repayment of the debt. It does not change the pledged amount nor the term.
The property tax increment pledge remains 100 percent until the plan area expires in 2038.
Additionally, the sales tax increment remains limited to the 2.25 percent portion of the rate,
excluding recent increases to the General Fund rate and all dedicated sales taxes. The pledge of
sales tax also remains 100 percent of the increment until the plan expires. Therefore, the
Service Plan Amendment does not change the City’s or Authority’s obligation to participate in
the repayment of the debt; however, please see the below discussion on revenues.
Impact on Estimated Sales Tax
While the City’s obligation is not changed in the Service Plan Amendment, the estimated City
sales tax revenues that will be applied towards the repayment of the project debt requires
additional evaluation.
Please note that the May 2013 estimates of sales tax revenue necessary to meet the City’s
pledge were presented to provide context and perspective for policymakers. Widely accepted
economic assumptions that were applied in 2013 did not include the subsequent structural
changes in national and international retail markets, such as the growing share of retail sales by
remote sellers and other global shifts in consumer behavior. The May 2013 estimates were
conservative and based on general economic assumptions during the term of the debt
repayment; but the estimate was not a limit on the City’s sales tax revenue obligation. The
assumed early “retirement” of the sales tax increment, in whole or part, beginning in 2018 were
not realized. With or without the Service Plan Amendment, the City’s pledge of its sales tax
increment will extend well into the debt repayment term.
The activities and properties within the District do not currently generate robust sales and
property tax revenue for debt payment under the current financing structure. When actual
pledge revenues are less than those forecasted, it is common to consider restructuring debt,
including refunding the initial bonds and then refinancing the project. Here, refunding the initial
bonds would likely increase the City revenues pledged for its sales tax increment – in part
because the overall cost of financing will increase based on rate assumptions. Therefore, the
City’s pledged sales tax revenues from the current agreement will likely exceed the original
estimate of $8.8 million – its unclear by how much. Again, the City’s pledge will likely exceed
this amount, with or without the Service Plan Amendment.
We can, however, more clearly estimate the amount of City sales tax revenue necessary to
meet its pledge under the proposed Amendment. Based on the Financial Plan attached to the
Amendment, the estimated sales tax increment “invested” into the project is approximately
30.5 million, see Table 3 below. However, it should be noted that the same conditions apply
to the sales tax pledge that applied in 2013. This estimate assumes that we can know the
economic conditions for the entire term of the pledge – through 2038.
Page 20 of 134
As additional context, it is important to note that the City’s sales tax increment pledge was
designed to increase overall revenue to the City, both in the near and long term, from increased
retail sales. Currently, it is estimated that the City will realize $78.4 million in non-pledged and
base sales tax; however, if vacancy rates and other trends in the area continue, the City may
not receive the estimated non-pledged sales tax receipts. The purpose served, in part, in
refinancing the debt would be to increase the likelihood of continued, robust activities in this
area.
Table 3
Revised Sales Tax Estimates, 2025
Tax Revenue
Year
Est. Taxable
Sales
City Sales Tax
Revenue
@4.35%)
Dedicated &
Non-Pledged
Taxes
2.10% rate)
Pledged
Sales Tax
2.25% rate)
LESS:
Collection
Admin Fee
LESS: Base
Collections
2.25% rate)
Pledged
Increment
2.25% Rate)
2025 119.7$ 5.2$ 2.5$ 2.7$ 0.0$ 1.8$ 0.8$
2026 75.3$ 3.3$ 1.6$ 1.7$ 0.0$ 1.8$ -$
2027 75.3$ 3.3$ 1.6$ 1.7$ 0.0$ 1.8$ -$
2028 164.3$ 7.1$ 3.5$ 3.7$ 0.1$ 1.8$ 1.8$
2029-2038
Annually)
208.1$ 9.1$ 4.4$ 4.7$ 0.1$ 1.8$ 2.8$
Total 2,515.6$ 109.4$ 52.8$ 56.6$ 0.8$ 25.6$ 30.5$
METRO DISTRICT POLICY
The City has an adopted policy for reviewing service plans for metropolitan districts that was
originally adopted in 2008 and revised in both 2018 and 2021. The 2021 policy revisions focused
on emphasizing disclosure and transparency requirements and add an evaluation points system
for the public benefits provided by metropolitan districts (“Metro Districts”) serving primarily
residential development.
Residential Evaluation Point System
The Foothills Metropolitan District was approved by Council in 2012 and later amended in 2013.
The District primarily exists as a financial conduit to create public financing to offset the cost of
infrastructure required by the redevelopment project. As such, its primary purpose is not to
serve residential development; however, it clearly funds significant infrastructure that will
support residential development. The original project included 402 multifamily units, and the
current proposal will increase that number by approximately 300 units.
The original District was adopted before the 2021 policy revisions. Additionally, the proposed
project builds upon a previous redevelopment not starting from scratch. As such, staff does not
recommend strictly enforcing the residential evaluation point system. However, the project
Page 21 of 134
vision does deliver on several aspects of the residential point evaluation system. Below is an
overview of the public benefits delivered by the proposed project:
Environmental Sustainability Outcomes
1. Green House Gas Reduction: shifting to a walkable urban-scaled village potentially
reducing reliance on the car and reducing overall greenhouse gas emissions; adaptive
re-use of existing structure over demolition; focus on recycling and re-use programs.
2. Water and/or Energy Conservation: committed to LEED certification of new
construction.
3. Multimodal Transportation: Strengthen pedestrian and bike connections to College Ave
underpass to Max BRT; provide additional dedicated bike lanes and related bike
infrastructure; provide six new “bike gardens” throughout the site; 20-30% reduction
in overall surface parking.
4. Enhance Community Resiliency: Repair and improve existing Low-Impact Development
and district-wide stormwater management systems; dramatically increase precent of
permeable area.
Smart Growth Management
1. Increase Density: Densify a designated TOD site with approximately 300 new attached
housing units (range of product types: townhomes, stacked condominiums, and
affordable rental); leverage existing parking structure to achieve higher densities.
2. Walkability & Pedestrian Friendliness: Remove sprawling surface parking lots that act as
a barrier between the commercial core and surrounding residential areas; provide new
protected pedestrian connections between commercial core and College Avenue
Shops.
3. Public Space: Re-envision east plaza; provide a new flexible “band shell” adjacent to the
village green to enhance opportunities for activation; remove portions of the mall roof
to create more outdoor shopping experience.
Strategic Priorities
1. Affordable Housing: Commitment to set aside approximately 30,000 square foot lot
adjacent to the existing parking structure at no cost for a 50–60-unit affordable housing
project; project can leverage the district owned garage reducing the cost to construct
higher density product.
2. Attainable Housing: No deed restricted for-sale homes are proposed; however, the
project is anticipated to provide a range of attached housing types at a range of price
points.
3. Infill/Redevelopment: Focus on 15-minute city design; redevelopment of 62 acres in the
heart of midtown; consistent with Midtown Plan (2013); served by existing
infrastructure; no threat to open space, farmland, or other greenfield sites that
contribute to sprawl.
Page 22 of 134
ATTACHMENTS
1. Staff Presentation
2. Developer Project Overview
3. First Amendment to the Amended and Restated Service Plan for Foothills
Metropolitan District
Page 23 of 134
Headline Copy Goes Here
Deputy Director, Sustainability Services
Josh Birks
Proposed
Amendment to the
Service Plan for the
Foothills Metro
District
02.06.2025
Page 24 of 134
Headline Copy GoesHereDirectionSought & Committee Questions
1.Do you have any additional questions not answered
by the materials? Or require additional information to
evaluate the proposed Amendment?
2.Do you support sending the proposed Amendment to
City Council for consideration?
2Page25of134
Headline Copy GoesHereHistory
3
District formed May 2013 at request of the Original
Developer
Intended to support a comprehensive
redevelopment of the site
53 million in net bond proceeds to fund:
Public infrastructure improvements
The Foothills Mall Activity Center
An underpass connecting to the MAX Bus Rapid Transit
Bond Supported by five revenue sources
Metro District Capital Mills (50)
Metro District Specific Ownership Tax
Property Tax Increment
Add-On Public Improvement Fee Revenue
Sales Tax Increment
Incremental revenues were pledged 100% from 2014
to 2038
Page 26 of 134
Headline Copy GoesHereCurrentSituation
4
College Avenue shops ~ 90% leased (consistent)
Enclosed retail shops ~ 49% occupancy
Since 2016 significant international and national
trends have impacted consumer behaviors
Five revenue sources currently are just sufficient
for debt service
Current Developer’s underwriter forecasts
revenues may not be sufficient by 2028
Requesting refunding and additional debt to
facilitate a renewed attempt at redevelopment
and repositioning of the site
Page 27 of 134
Headline Copy GoesHereProposedProject: McWhinney Representatives
5Page28of134
Headline Copy GoesHereProposedAmendment
6
Definitions:
Add-On PIF Revenues – allows the Current Developer to
adjust the amount to raise additional revenue; 1.0%
percent floor
Eligible Improvements – expands the list to include
additional improvements associated with the proposed
plan; total now $113 million
Financial Plan – swaps for a revised plan based on the
proposed development plan, revenue, and debt anticipated
Financial Plan:
Maximum Debt Authorization – increased to $166 million
Annual & Total Net Debt Service – increased to an
average of $11.5 & $350 million, respectively
Maximum Debt Maturity Term – increased from 25 to 40
years
Page 29 of 134
Headline Copy GoesHereImpactonUrbanRenewal Plan & Agreement
7
Reviewed by outside legal Counsel for the
Authority
Conclusion: Neither the Plan nor the
Agreement require changes
The purpose of Urban Renewal continues to be
achieved:
Blight Remediation: Vacant Macy’s Building
Prevention: Reposition an out-of-date and
underperforming retail center with additional
housing and a broader mixture of uses
Page 30 of 134
Headline Copy GoesHereCity/Authority Debt Obligation
8
Amendment does not alter the obligations:
Property Tax Increment: Remains 100%;
terminates in 2038
Sales Tax Increment: Remains 100% of the
2.25% rate; terminates in 2038; first dollars out if
no longer needed for debt service
Page 31 of 134
Headline Copy GoesHereEstimatedSalesTax: Original
9
Year
Metro
District
Revenue
City Sales Tax
Revenue
Non-Pledged
Sales Tax
Pledged
Increment
Bond
Payments &
Reserve
Increment
Returned to City
City
Contribution
2012 4.8
2015 2.1 5.0 5.0 2.5 4.6 - 2.5
2016 2.3 5.3 5.3 3.1 5.4 - 3.1
2017 6.5 5.4 5.4 3.2 9.7 - 3.2
2018 6.5 8.8 5.5 3.3 6.0 3.3 -
2019 6.7 9.0 5.6 3.4 5.7 3.4 -
TOTAL 15.4 6.6 8.8
Original Assumptions
May 2013 estimates provided context and perspective
Assumed early “retirement” of sales tax increment in 2018; not realized
Significant market challenges (international and national trends; consumer behavior; COVID)
Despite estimate, the pledge has always been 100% of increment – 2014 to 20238
Without renewed redevelopment efforts, remains likely the pledge will exceed 2013 estimate
Page 32 of 134
Headline Copy Goes Here
10
Estimated Sales Tax: Proposed Amendment
Tax Revenue
Year
Est. Taxable
Sales
City Sales Tax
Revenue
@ 4.35%)
Dedicated &
Non-Pledged
Taxes
2.10% rate)
Pledged
Sales Tax
2.25% rate)
LESS:
Collection
Admin Fee
LESS: Base
Collections
2.25% rate)
Pledged
Increment
2.25% Rate)
2025 119.7$ 5.2$ 2.5$ 2.7$ 0.0$ 1.8$ 0.8$
2026 75.3$ 3.3$ 1.6$ 1.7$ 0.0$ 1.8$ -$
2027 75.3$ 3.3$ 1.6$ 1.7$ 0.0$ 1.8$ -$
2028 164.3$ 7.1$ 3.5$ 3.7$ 0.1$ 1.8$ 1.8$
2029-2038
Annually)
208.1$ 9.1$ 4.4$ 4.7$ 0.1$ 1.8$ 2.8$
Total 2,515.6$ 109.4$ 52.8$ 56.6$ 0.8$ 25.6$ 30.5$
Updated estimate: $30.5 Million Anticipated non-pledged & base revenues: $78.4millionPage33of134
Headline Copy GoesHereMetroDistrictPolicy
11
Staff does not recommend strictly enforcing the
2021 Metro District policy:
District approved in 2013 prior policy revisions and serves
primarily as a financial conduit; primary purpose is not to
serve residential development
Project vision delivers on several aspects of the
residential point evaluation system, notably:
Increased density: additional residential units
Enhanced public space
Affordable housing: set aside land for 50-60 affordable
housing units in the project
Attainable housing: no deed restrictions but pricing anticipated
to provide a range of offerings included missing middle
Infill/Redevelopment: 15-minute city design, 62 acres in the
heart of midtown; consistent with Midtown Plan (2013)
Page 34 of 134
Headline Copy GoesHereDirectionSought & Committee Questions
1.Do you have any additional questions not answered
by the materials? Or require additional information to
evaluate the proposed Amendment?
2.Do you support sending the proposed Amendment to
City Council for consideration?
12Page35of134
FOOTHILLS REDEVELOPMENT – METRO DISTRICT SERVICE PLAN AMENDMENT REQUEST
Background
The prior Foothills Mall redevelopment effort completed nearly ten years ago fell short of expectations both financially and in
terms of creating a vibrant community hub for Midtown
While the shops along College Ave have experienced relative success and currently stand at ~90% occupancy, the interior mall
represents a generic, likely unsalvageable real estate use. Without major intervention, the interior mall – which sits at 49%
occupancy – will continue to deteriorate into obsolescence, not unlike similar suburban malls across the country.
As part of the 2014 redevelopment effort, the developer at the time created the Foothills Metropol itan District (“the District”).
Voters approved District spending of up to $600M. The gross debt cap, however, was set at $72.95M to facilitate $53M of net bond
proceeds to fund solely the public improvements contemplated at the time.
The bond underwriter recently retained by the Foothills Metro District forecasts that the existing bonds will go into default in 2028.
As a result, the City will continue to receive no revenue beyond its share of 2015 base year property and sales taxes.
Today, the City and other stakeholders have a potential second chance to make right on the promise of Midtown. After 3+ years of
surveys, market research, town halls, and community outreach, McWhinney and Prism present a new vision to transform the 62
acres (consisting of both private and metro district owned parcels) from a failing, car-centric, single-use, suburban-style property
to a thriving, walkable, mixed-use district that would become the undisputed new heart of Midtown.
Executing on this vision will require significant new investment in horizontal and community-focused infrastructure that the
project cannot support financially. This includes new streets, re-routing of utilities, creation of buildable pads for new vertical
development, landscaping, programmed open space, parking enhancements and community amenities. The estimated cost of
this public, metro district eligible work is ~$58M.
Additionally, the existing bonds – with a current principal balance of ~$62M – must be refinanced, a challenge that has become
even more significant given the dramatic increase in interest rates between today and when the McWhinney/Prism venture
purchased the site in June of 2021.
Page 36 of 134
The Request
McWhinney/Prism are now seeking approval of an Amendment to the existing Metro District Service Plan to raise the previously
imposed gross debt cap from $72.95M to $166M, an increase of $93M but still well below the $600M approved by voters. While
current cost estimates contemplate approximately $59M of new public improvements, the requested increase represents a gross
number, intended to provide cushion for interest, reserve funds, cost of issuance plus $75M of net new proceeds should the
project be delayed and/or experience unforeseen cost overruns.
Previously, McWhinney/Prism believed that the only path to generating the necessary bonding capacity was for the City to adopt a
new urban renewal plan and “restart the clock” on the existing property and sales tax increment financing . Based on the latest
underwriting by Wells Fargo, however, McWhinney/Prism now believe that the additional bonding capacity to 1) refinance existing
bonds, and 2) provide the $75M of additional net bonding capacity can be achieved solely by extending the existing District Mill
levy and the existing 1.0% add-on public improvement fee (“PIF”). The only change includes a request to increase the PIF to
1.25%. Under this scenario, the existing URA agreement remains untouched and will continue to sunset in 2038 as originally
contemplated. Neither the City nor FCURA are being asked to contribute any more than they otherwise would have under existing
agreements.
Current Debt Cap 72,950,000
Net Proceeds 53,000,000
Requested Cap 166,000,000
Refinance existing bonds 62,700,000
Capitalized Interest 12,700,000
Reserve Fund 13,400,000
Costs of Issuance 2,200,000
Net New Proceeds 75,000,000
Total 166,000,000
Page 37 of 134
Community Benefits
The new bond proceeds are critical to facilitating the vision of transforming the site into a vibrant, walkable, environmentally and
economically sustainable urban-scaled neighborhood featuring the latest thinking in smart growth management. Additionally, the
amended service plan would allow McWhinney/Prism to deliver on a broad range of community benefits that would not be
possible otherwise. Further, as described below, the proposed project and corresponding benefits are consistent with the city’s
policy objectives described in the new metro district policy adopted in 2021.
Category / Sub-Category
Environmental Sustainability Outcomes – USE A GRAPHIC SHOWING PERMEABLE SURFACE AREA TODAY VS PROJECT
1. Green House Gas Reductions
Transform the car-centric, single-use suburban-style property into a vibrant, walkable,
urban-scaled village featuring a mix of uses that will naturally promote walkability and use of
other micro-modes of transportation (bike, e-bike, etc.), thereby reducing reliance on the car
and reducing overall greenhouse gas emissions
Focus on adaptive re-use of existing structures over demolition, only removing portions of
structures needed to make room for alternative uses
Where selective demolition is required, implement robust steel recycling and re-use
program
2. Water and/or Energy Conservations
Irrigation system will be designed for maximum water conservation including rain sensors,
target hydrozones and contouring pipe layout
Landscape species will be native to the area or ecological appropriate for low water
consumption. An emphasis on front planting zones that are compatible for the context of
the region: Urban Forest, Mountain Meadow, Wildflower Meadow, and Front Range
Pollinator being examples
Commit to LEED certification of new mixed-use retail/office building in the heart of the
commercial area
3. Multimodal Transportation Based on survey responses, 99% of visitors to Foothills arrive by car. To change this pattern, the
project will
Page 38 of 134
Strengthen pedestrian and bike connections to existing College Ave underpass to Max BRT
Provide dedicated bike lanes and related bike infrastructure throughout the site, connecting
to existing bike network surrounding the property
Provide six new “bike gardens” strategically located throughout the site
Replace sprawling surface parking in NE section of the site surrounding Macy’s with new
uses = 20%-30% reduction in overall surface parking
4. Enhance Community Resiliency
Repair existing LID and district-wide stormwater management systems
Re-wild” the site… dramatically increase percent of permeable area, removing acres of
impermeable roofing and surface parking; to be replaced with acres of new landscaped
open space, community gathering areas and native planting
Promote environmental stewardship and healthy living through integrated landscape design
and interactive learning opportunities and play areas
5. Increase Renewable Energy Capacity District-wide systems not practical given existing improvements
Critical Public Infrastructure
1. Within District Area
Build new streets/reconfigure existing streets to increase access through the site
Re-route existing/provide new utilities
Provide pads for new uses, and create a more permeable, urban-scaled block experience
Nearly triple amount of outdoor open space for both active and passive uses
Upgrade public parking structure, including new vertical circulation, EV chargers and
enhanced pedestrian connections
Re-organize/re-stripe surface parking with 90-degree parking stalls to create more logical
parking experience
Provide alleys and internal landscaping for alley-loaded product in the residential district
Provide funding to renovate the exterior of the Foothills Activity Center (“FAC”), which is
currently buried within the Macy’s building; following demolition of the Macy’s building and
NE section of the mall, the FAC will be free-standing with improved visibility and access
Page 39 of 134
2. Adjacent to District Area • Allowance for stronger pedestrian connection to Marriott Hotel
Smart Growth Management
1. Increase density
Densify a designated TOD site with ~300 new attached housing units featuring a wide range
of product types, including townhomes, stacked condominiums and affordable rental
housing
Existence of under-utilized district-owned parking structure allows for greater density by
reducing amount of on-site parking necessary to serve new office and residential uses
2. Walkability & Pedestrian Friendliness
Dramatically increase walkability and pedestrian infrastructure, prioritizing the pedestrian
experience over the car:
Introduce mix of uses, co-locating jobs, housing, retail, services and dining, all within a ~5
min walk
Introduce thousands of linear ft of new sidewalks, walking trails and pedestrian
infrastructure throughout the site
Remove sprawling surface parking lots that act as a psychological barrier between the
commercial core and surrounding residential areas
Provide new protected pedestrian connections between mall and College Ave Shops
Introduce raised, curbless street crossings at strategic areas in commercial core
3. Increase availability of transit
Strengthen connection between property and Max BRT
Create enhanced ride share drop off zones at strategic locations throughout the site,
adjacent to both commercial and residential areas
4. Public Spaces
Re-envision the east plaza, removing artificial berms between restaurants and green space,
to create a true village green atmosphere and community gathering spot for midtown
Provide a new flexible “band shell” adjacent to village green to enhance opportunities for
activation, special events and on-going programming
Selectively remove portions of the mall roof to create a more compelling outdoor lifestyle
shopping experience
Page 40 of 134
Re-wild” the site, weaving nature and native plantings into former interior mall corridors,
consistent with “Nature in the City Plan” 2015
Include outdoor adventure themed landscaped elements and opportunities for interactive
learning, such as bouldering, play areas integrated into nature, range of seating types/areas,
fire pits, hammock stands and related strategies to promote gathering and social interaction
Strategic Priorities
1. Affordable Housing
Commitment to set aside a ~30,000 SF lot adjacent to existing parking structure at no cost
for a 50-60 unit affordable housing project
Affordable project can utilize district-owned garage, thereby increasing density and reducing
costs by not having to provide on-site parking
2. Attainable Housing
Although no deed restricted for-sale homes are proposed, the project shall provide a range
of attached housing types, including stacked condominiums, townhomes and brownstones
at a range of price points
Given the number of condominiums contemplated (70-100), a portion of the product type
will naturally represent an entry-level price point for first time buyers and those wishing to
live a car-light lifestyle within walking distance of jobs, retail, dining and daily services
To meet absorption targets, townhomes and brownstones, too, are envisioned to represent
a range of price points, from attainable, smaller (<1,500 SF) townhomes to larger (>2,000 sf),
luxury brownstone options
3. Infill/Redevelopment
Few properties within the city offer a more compelling infill redevelopment opportunity,
consistent with City Plan – not just a “15-min city” but a “5-min city:”
62 acres in the heart of midtown, surrounded by existing high density housing, office and
retail uses
Consistent with Midtown Plan 2013 – “Urban, Transit-oriented, vibrant”
Leverage existing district-owned parking structure to reduce amount of new on-site parking
required for new residential and office uses
Served by existing infrastructure
No threat to open space, farmland or other greenfield sites that contribute to sprawl
Page 41 of 134
No environmental remediation concerns
4. Economic Health Outcomes
The proposed plan not only will create new jobs and preserve existing jobs. Without major
intervention, the existing interior mall will continue to languish, lose tenants and ultimate
become fully obsolete
Existing bonds issued to fund the prior redevelopment effort are nearing distress; Wells
Fargo forecasts the bonds going into default in 2028
the proposed District amendment would create the bonding capacity to refinance the
existing bonds at par and provide additional capacity for new bonds to fund critical
infrastructure work and public benefits described herein
Conclusion
Executing on the new vision for Foothills will require significant new investment in horizontal infrastructure and public benefits that
the project cannot support financially, absent the proposed District amendment. The vision presented by McWhinney/Prism provides
stakeholders with a second chance to salvage what works of the existing project and create new uses that will ultimately help lead to
the financial benefits contemplated in the existing redevelopment agreement.
A new vision for the site and right-sizing of the retail will be critical to attracting the types of tenants the Fort Collins community wants.
Based on preliminary market feedback, McWhinney/Prism are confident that the project as envisioned will be appeal ing to best-in-
class adventure retail brands, entertainment uses and innovative food & beverage concepts. Without redevelopment, the options
will be limited to attempting to backfill vacant space with discount retailers and potentially selling off of the Macy’s pad, both of which
will likely preclude future redevelopment
Page 42 of 134
FIRST AMENDMENT TO
AMENDED AND RESTATED SERVICE PLAN
FOR
FOOTHILLS METROPOLITAN DISTRICT
City of Fort Collins, Colorado
Prepared by:
Icenogle Seaver Pogue, P.C.
4725 South Monaco Street, Suite 360
Denver, Colorado 80237
December 18, 2024
Page 43 of 134
I. INTRODUCTION
The Amended and Restated Service Plan dated May 7, 2013 (the “Service Plan”) for the
Foothills Metropolitan District (the “District”) was approved by the Council of the City of Fort
Collins (the “City”) on May 7, 2013, pursuant to Resolution No. 2013-044. The District was
organized by Order of the District Court in Larimer County on November 30, 2012, and
subsequently recoded in the office of the Larimer County Clerk and Recorder on January 10, 2013.
The District was organized to redevelop the existing Foothills Mall in order to adapt to changing
market demands and maintain the Foothills Mall as a competitive retail development.
Redevelopment of the Foothills Mall has not gone as anticipated and MXD Fort Collins, LLC (the
Developer”) is currently working on a new redevelopment plan better suited to accomplish the
goals of the District.
The Board of Directors of the District (the “Board”) is requesting that the City approve this
First Amendment to allow the Board to adapt to the unanticipated changes required for the
redevelopment of the Foothills Mall. This includes: 1) increasing the Maximum Debt
Authorization, the total Net Debt Service, the annual Net Debt Service; 2) extending the Maximum
Debt Maturity Term and clarifying refundings of Debt; and 3) making corresponding changes to
ensure consistency with the revised redevelopment plans, the Service Plan and the Redevelopment
Agreement.
This First Amendment to the Amended and Restated Service Plan for Foothills Metropolitan
District (the “First Amendment”) is intended to be read in conjunction with the Service Plan.
The District seeks to make these changes in accordance with Service Plan Section XI,
Material Modifications.
II. FIRST AMENDMENT
1. Section II of the Service Plan (Definitions) is hereby amended and replaces the
following terms in the Service Plan, which appear in a capitalized format and shall have the
meanings indicated below, unless the context clearly requires otherwise. All capitalized terms not
otherwise defined herein shall have the meaning given them in the Service Plan and
Redevelopment Agreement.
Add-On PIF Revenues: has the same meaning as in the Redevelopment Agreement,
subject to adjustment as to amount as provided in the PIF Covenant. Throughout the term
of the Redevelopment Agreement, the amount of the Add-On PIF Revenues shall not be
reduced below 1.00%.
Developer: means MXD Fort Collins, LLC, a Delaware limited liability company.
Eligible Improvements: means those improvements, activities and costs described
in the Redevelopment Agreement and as further depicted and described in Attachment 1
to this First Amendment, as well as those improvements and purposes permitted to be
Page 44 of 134
funded by the District through the Foothills Mall Fund.
Financial Plan: means a Financial Plan, including the provisions of Section VI and
the attached Attachment 2, as well as those provisions included herein by reference to
the Redevelopment Agreement. The Financial Plan describes how the Eligible
Improvements are to be financed and how the Debt is expected to be incurred. The
Financial Plan is intended to represent an example of debt issuance and financing structure
that may be used by the District. The Finance Plan attached as Attachment 2 amends
and replaces Exhibit E to the Service Plan.
2. The following provisions of Section VI of the Service Plan (Financial Plan) are
hereby amended and replaced in their entirety as set forth below. All provisions of Section VI
of the Service Plan not amended as set forth below shall remain in effect as written in the Service
Plan.
A. General
The District shall be authorized to provide for the planning, design, acquisition,
construction, installation, relocation and/or redevelopment of the Financed Eligible
Improvements, as defined in the Redevelopment Agreement, from the Pledged Revenue,
by and through the Proceeds of Debt to be issued by the District, as is generally described
in Attachment 2, and all other legally available revenues of the District. The Financial
Plan is summarized as follows:
1. The District may issue Debt in an amount not-to-exceed (a) One Hundred
Sixty-Six Million One Hundred Thousand Dollars ($166,100,000) to fund the
costs of the Eligible Improvements, as defined in the Service Plan and the
Redevelopment Agreement, and (b) the Costs of Issuance (the “Maximum Debt
Authorization”).
2. The Debt shall be paid from the Pledged Revenue and other legally available
revenues of the District.
3. The total Net Debt Service shall not exceed Two Hundred Sixty Million
Dollars ($260,000,000).
4. The annual Net Debt Service shall not exceed the amounts set forth in
Attachment 2.
5. The Maximum Debt Service Mill Levy is fifty (50) mills, as may be
adjusted in accordance with the Service Plan and the Redevelopment Agreement.
6. The Maximum Debt Maturity Term is forty (40) years from the date of
issuance of the Debt.
The Redevelopment Agreement sets forth the sources of revenues available to the
District to satisfy the District’s financial obligations arising out of its administrative and
operations and maintenance activities. The Redevelopment Agreement further
Page 45 of 134
establishes the Foothills Mall Fund, which fund revenues shall be available to the District
to finance continued upgrades and enhancements within the boundaries of the District,
as limited by the “Permitted Uses of Foothills Mall Fund” Exhibit to the Redevelopment
Agreement; provided, however, that improvements funded through the Foothills Mall
Fund are only permitted to be funded from those revenue sources identified for the
Foothills Mall Fund in the Redevelopment Agreement and not from District Debt.
Debt that is refunded shall not count against the Maximum Debt Authorization.
The District anticipates issuing Debt in fiscal year 2026 in a par amount of One Hundred
Sixty Six Million One Hundred Thousand Dollars ($166,100,000) for the financing of
the Eligible Improvements and refunding existing Bonds. All Bonds and other Debt
issued by the District may be payable from the Pledged Revenue and all other legally
available revenues of the District, except as otherwise limited in the Redevelopment
Agreement.
D. Debt Issuance and Maturity.
The scheduled final maturity of any Debt or series of Debt issued by the District
from time to time shall be limited to forty (40) years (the “Maximum Debt Maturity
Term”). Refundings of the Debt are permitted in accordance with the provisions of the
Redevelopment Agreement, while such Redevelopment Agreement is in effect. The
Maximum Debt Maturity Term shall apply to refundings, from the date of issuing the
refunding bonds such that the scheduled final maturity of all refundings shall be forty
40) years from the date of issuance of the refunding obligations.
The District shall not issue new Debt except as provided in the Redevelopment
Agreement, so long as the Redevelopment Agreement is in effect, or as otherwise
approved by the City Council during the term of the Redevelopment Agreement.
III. EFFECT OF FIRST AMENDMENT
Except as specifically amended as set forth above, all other provisions of the Service Plan
shall remain in full force and effect. To the extent there are any inconsistencies between this First
Amendment and the Service Plan, this First Amendment shall control. This First Amendment
shall be effective on the date of the effective date of the City’s Resolution approving this First
Amendment.
Page 46 of 134
Attachment 1
Eligible Improvements
Page 47 of 134
07.16.2024
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Page 48 of 134
Attachment 2
Finance Plan
Page 49 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Indicative Financing Results
Refunding -
Seniors Seniors Subordinates
Issuance Date 9/1/2026 9/1/2026 9/1/2026
First Call Date 12/1/2031 12/1/2031 12/1/2031
Final Maturity 12/1/2056 12/1/2056 12/15/2056
Discharge Date 12/1/2066 12/1/2066 12/15/2066
Par Amount $69,940,000 $78,000,000 $18,160,000 $166,100,000
Premium / Discount $0 $0 $0 $0
Funds on Hand $0 $0 $0 $0
69,940,000 $78,000,000 $18,160,000 $166,100,000
New Money Proceeds $756 $57,170,742 $17,832,934 $75,004,431
Refunding Escrows $62,692,556 $0 $0 $62,692,556
Capitalized Interest $0 $12,747,450 $0 $12,747,450
Debt Service Reserve Fund $6,336,752 $7,067,010 $0 $13,403,763
Costs of Issuance $210,536 $234,798 $54,666 $500,000
Underwriter's Discount $699,400 $780,000 $272,400 $1,751,800
69,940,000 $78,000,000 $18,160,000 $166,100,000
Senior Debt Service Coverage 1.25x 1.25x N/A
Tax Status Tax-Exempt Tax-Exempt Tax-Exempt
Bond Rating Non-Rated Non-Rated Non-Rated
All-in TIC 5.00-5.50%5.00-5.50%7.50%6.66%
District Debt Mill Levy 50 mills (adjusted)
District Debt Mill Levy Expiration N/A
Property Tax TIF Expiration 2038
Property Tax TIF Mills 91.274 Mills
Sales Tax Increment Expiration 2038
Sales Tax Increment Rate 2.250%
PIF Expiration 2055
PIF Rate 1.250%
SOT 3.000%
11/14/2024 Page 50 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Coverage Analysis - 2026 Bonds
Series 2026 Senior Bonds
Year
Revenues
Available for Rated 2026A Refunding 2026A New Money Interest on 2014
Coverage at
Aggregate
2025 4,378,469 6,068,325 - - - -
2026 3,575,676 6,129,009 874,716 1,062,288 3,534,238 1,811,791 83,774 3,575,676 1.00
2027 3,569,159 6,190,299 3,498,863 4,249,150 3,843,760 335,094 3,569,159 1.00
2028 8,224,530 6,252,202 3,498,863 4,249,150 - 335,094 7,412,918 1.11
2029 11,617,964 6,314,724 8,603,863 4,249,150 7,091,899 335,094 5,426,019 2.14
2030 14,715,388 6,377,871 7,903,613 4,249,150 335,094 11,817,668 1.25
2031 15,348,940 6,441,650 8,410,613 4,249,150 335,094 12,324,668 1.25
2032 15,646,001 6,506,066 8,650,613 4,249,150 335,094 12,564,668 1.25
2033 15,634,651 6,571,127 8,640,113 4,249,150 335,094 12,554,168 1.25
2034 15,851,264 6,636,838 8,815,363 4,249,150 335,094 12,729,418 1.25
2035 15,839,686 6,703,206 8,806,363 4,249,150 335,094 12,720,418 1.25
2036 16,060,630 6,770,238 8,981,113 4,249,150 335,094 12,895,168 1.25
2037 16,048,819 6,837,941 8,974,613 4,249,150 335,094 12,888,668 1.25
2038 16,274,182 6,906,320 9,154,613 4,249,150 335,094 13,068,668 1.25
2039 7,774,307 6,975,383 2,330,863 4,249,150 335,094 6,244,918 1.24
2040 7,877,910 7,045,137 2,412,113 4,249,150 335,094 6,326,168 1.25
2041 7,877,910 7,115,589 784,113 5,879,150 335,094 6,328,168 1.24
2042 7,983,586 7,186,744 - 6,748,575 335,094 6,413,481 1.24
2043 7,983,586 7,258,612 - 6,747,863 335,094 6,412,768 1.24
2044 8,091,375 7,331,198 - 6,835,063 335,094 6,499,968 1.24
2045 8,091,375 7,404,510 - 6,830,188 335,094 6,495,093 1.25
2046 8,201,320 7,478,555 - 6,922,438 335,094 6,587,343 1.25
2047 8,201,320 7,553,341 - 6,921,300 335,094 6,586,206 1.25
2048 8,313,464 7,628,874 - 7,012,150 335,094 6,677,056 1.25
2049 8,313,464 7,705,163 - 7,012,325 335,094 6,677,231 1.25
2050 8,427,850 7,782,214 - 7,100,950 335,094 6,765,856 1.25
2051 8,427,850 7,860,037 - 7,102,525 335,094 6,767,431 1.25
2052 8,544,525 7,938,637 - 7,195,900 335,094 6,860,806 1.25
2053 8,544,525 8,018,023 - 7,195,300 335,094 6,860,206 1.25
2054 8,663,533 8,098,204 - 7,289,850 335,094 6,954,756 1.25
2055 8,734,641 8,179,186 - 7,348,500 335,094 7,013,406 1.25
2056 8,857,451 8,260,977 - 20,852,075 13,738,857 7,113,218 1.25
2057 8,857,451 8,343,587 - -
2058 6,381,588 8,427,023 - -
2059 6,381,588 8,511,293 - -
2060 6,509,360 8,596,406 - -
2061 6,509,360 8,682,370 - -
Total 356,334,700 100,340,403 185,544,538 12,747,450 23,540,358 253,131,370
11/14/2024 Page 51 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Surplus Analysis - 2026 Bonds
Year
Revenues
Cumulative Interest on
2025 - 0 - -
2026 3,575,676 3,575,676 - 0 - -
2027 3,569,159 3,569,159 - 0 - -
2028 8,224,530 7,412,918 811,612 0 811,612 -
2029 11,617,964 5,426,019 6,191,945 0 7,003,557 -
2030 14,715,388 11,817,668 2,897,720 0 9,901,277 -
2031 15,348,940 12,324,668 3,024,272 0 12,925,549 -
2032 15,646,001 12,564,668 3,081,333 2,938,213 13,068,668 -
2033 15,634,651 12,554,168 3,080,482 3,080,482 13,068,668 -
2034 15,851,264 12,729,418 3,121,846 3,121,846 13,068,668 -
2035 15,839,686 12,720,418 3,119,267 3,119,267 13,068,668 -
2036 16,060,630 12,895,168 3,165,462 3,165,462 13,068,668 -
2037 16,048,819 12,888,668 3,160,151 3,160,151 13,068,668 -
2038 16,274,182 13,068,668 3,205,513 3,205,513 13,068,668 -
2039 7,774,307 6,244,918 1,529,388 1,529,388 13,068,668 -
2040 7,877,910 6,326,168 1,551,742 1,551,742 13,068,668 -
2041 7,877,910 6,328,168 1,549,742 1,549,742 13,068,668 -
2042 7,983,586 6,413,481 1,570,105 1,570,105 13,068,668 -
2043 7,983,586 6,412,768 1,570,818 1,570,818 13,068,668 -
2044 8,091,375 6,499,968 1,591,407 1,591,407 13,068,668 -
2045 8,091,375 6,495,093 1,596,282 1,596,282 13,068,668 -
2046 8,201,320 6,587,343 1,613,977 1,613,977 13,068,668 -
2047 8,201,320 6,586,206 1,615,114 1,615,114 13,068,668 -
2048 8,313,464 6,677,056 1,636,408 1,636,408 13,068,668 -
2049 8,313,464 6,677,231 1,636,233 1,636,233 13,068,668 -
2050 8,427,850 6,765,856 1,661,995 1,661,995 13,068,668 -
2051 8,427,850 6,767,431 1,660,420 1,660,420 13,068,668 -
2052 8,544,525 6,860,806 1,683,719 1,683,719 13,068,668 -
2053 8,544,525 6,860,206 1,684,319 1,684,319 13,068,668 -
2054 8,663,533 6,954,756 1,708,777 1,708,777 13,068,668 -
2055 8,734,641 7,013,406 1,721,235 1,721,235 13,068,668 -
2056 8,857,451 7,113,218 1,744,233 14,812,901 - -
2057 8,857,451 - 8,857,451 - - -
2058 6,381,588 - 6,381,588 - - -
2059 6,381,588 - 6,381,588 - - -
2060 6,509,360 - 6,509,360 - - -
2061 6,509,360 - 6,509,360 - - -
351,956,231 253,131,370 98,824,861 64,185,513 344,290,037 0
11/14/2024 Page 52 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Subordinate Cash Flow - 2026 Bonds
Available for
Subordinate Debt Subordinate
Less Payments
Toward Sub Bond Interest on
Less Payments
Toward Accrued Balance of
Less Payments
Toward Bond
Balance of
Subordinated Surplus Cash
2025 0 0 0 0 0 0 18,160,000 0 0
2026 0 340,500 0 0 0 340,500 0 18,160,000 0 0
2027 0 1,362,000 0 25,538 0 1,728,038 0 18,160,000 0 0
2028 0 1,362,000 0 129,603 0 3,219,640 0 18,160,000 0 0
2029 0 1,362,000 0 241,473 0 4,823,113 0 18,160,000 0 0
2030 0 1,362,000 0 361,734 0 6,546,847 0 18,160,000 0 0
2031 0 1,362,000 0 491,014 0 8,399,860 0 18,160,000 0 0
2032 2,938,213 1,362,000 1,362,000 629,990 1,576,213 7,453,637 0 18,160,000 0 2,938,213
2033 3,080,482 1,362,000 1,362,000 559,023 1,718,482 6,294,178 0 18,160,000 0 3,080,482
2034 3,121,846 1,362,000 1,362,000 472,063 1,759,846 5,006,395 0 18,160,000 0 3,121,846
2035 3,119,267 1,362,000 1,362,000 375,480 1,757,267 3,624,608 0 18,160,000 0 3,119,267
2036 3,165,462 1,362,000 1,362,000 271,846 1,803,462 2,092,991 0 18,160,000 0 3,165,462
2037 3,160,151 1,362,000 1,362,000 156,974 1,798,151 451,815 0 18,160,000 0 3,160,151
2038 3,205,513 1,362,000 1,362,000 33,886 485,701 0 1,357,812 16,802,188 0 3,205,513
2039 1,529,388 1,260,164 1,260,164 0 0 0 269,224 16,532,964 0 1,529,388
2040 1,551,742 1,239,972 1,239,972 0 0 0 311,770 16,221,194 0 1,551,742
2041 1,549,742 1,216,590 1,216,590 0 0 0 333,152 15,888,042 0 1,549,742
2042 1,570,105 1,191,603 1,191,603 0 0 0 378,502 15,509,540 0 1,570,105
2043 1,570,818 1,163,215 1,163,215 0 0 0 407,602 15,101,938 0 1,570,818
2044 1,591,407 1,132,645 1,132,645 0 0 0 458,761 14,643,176 0 1,591,407
2045 1,596,282 1,098,238 1,098,238 0 0 0 498,043 14,145,133 0 1,596,282
2046 1,613,977 1,060,885 1,060,885 0 0 0 553,092 13,592,041 0 1,613,977
2047 1,615,114 1,019,403 1,019,403 0 0 0 595,711 12,996,330 0 1,615,114
2048 1,636,408 974,725 974,725 0 0 0 661,683 12,334,647 0 1,636,408
2049 1,636,233 925,099 925,099 0 0 0 711,134 11,623,513 0 1,636,233
2050 1,661,995 871,763 871,763 0 0 0 790,231 10,833,282 0 1,661,995
2051 1,660,420 812,496 812,496 0 0 0 847,923 9,985,359 0 1,660,420
2052 1,683,719 748,902 748,902 0 0 0 934,817 9,050,542 0 1,683,719
2053 1,684,319 678,791 678,791 0 0 0 1,005,528 8,045,013 0 1,684,319
2054 1,708,777 603,376 603,376 0 0 0 1,105,401 6,939,612 0 1,708,777
2055 1,721,235 520,471 520,471 0 0 0 1,200,764 5,738,848 0 1,721,235
2056 14,812,901 430,414 430,414 0 0 0 5,738,848 0 8,643,639 6,169,262
2057 0 0 0 0 0 0 0 0 0 0
2058 0 0 0 0 0 0 0 0 0 0
2059 0 0 0 0 0 0 0 0 0 0
2060 0 0 0 0 0 0 0 0 0 0
2061 0 0 0 0 0 0 0 0 0 0
Total 26,482,752 10,899,122 18,160,000 55,541,874
11/14/2024 Page 53 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Aggregate Revenues
Available for Debt Service
Tax Rev Property Tax - Sales Taxes - Less: Trustee Projected
0 2024 2025 816,196 410,014 1,084,259 825,000 1,250,000 4,385,469 -7,000 4,378,469
1 2025 2026 981,903 418,215 1,240,944 0 941,614 3,582,676 -7,000 3,575,676
2 2026 2027 981,903 418,215 1,234,427 0 941,614 3,576,159 -7,000 3,569,159
3 2027 2028 1,892,801 426,579 2,044,551 1,813,375 2,054,225 8,231,530 -7,000 8,224,530
4 2028 2029 2,708,966 426,579 3,105,254 2,783,037 2,601,129 11,624,964 -7,000 11,617,964
5 2029 2030 3,854,034 621,514 4,862,674 2,783,037 2,601,129 14,722,388 -7,000 14,715,388
6 2030 2031 3,854,034 895,637 5,222,103 2,783,037 2,601,129 15,355,940 -7,000 15,348,940
7 2031 2032 3,931,115 950,282 5,387,438 2,783,037 2,601,129 15,653,001 -7,000 15,646,001
8 2032 2033 3,931,115 950,282 5,376,087 2,783,037 2,601,129 15,641,651 -7,000 15,634,651
9 2033 2034 4,009,737 969,287 5,495,073 2,783,037 2,601,129 15,858,264 -7,000 15,851,264
10 2034 2035 4,009,737 969,287 5,483,495 2,783,037 2,601,129 15,846,686 -7,000 15,839,686
11 2035 2036 4,089,932 988,673 5,604,859 2,783,037 2,601,129 16,067,630 -7,000 16,060,630
12 2036 2037 4,089,932 988,673 5,593,048 2,783,037 2,601,129 16,055,819 -7,000 16,048,819
13 2037 2038 4,171,731 1,008,447 5,716,838 2,783,037 2,601,129 16,281,182 -7,000 16,274,182
14 2038 2039 4,171,731 1,008,447 0 0 2,601,129 7,781,307 -7,000 7,774,307
15 2039 2040 4,255,165 1,028,616 0 0 2,601,129 7,884,910 -7,000 7,877,910
16 2040 2041 4,255,165 1,028,616 0 0 2,601,129 7,884,910 -7,000 7,877,910
17 2041 2042 4,340,269 1,049,188 0 0 2,601,129 7,990,586 -7,000 7,983,586
18 2042 2043 4,340,269 1,049,188 0 0 2,601,129 7,990,586 -7,000 7,983,586
19 2043 2044 4,427,074 1,070,172 0 0 2,601,129 8,098,375 -7,000 8,091,375
20 2044 2045 4,427,074 1,070,172 0 0 2,601,129 8,098,375 -7,000 8,091,375
21 2045 2046 4,515,616 1,091,575 0 0 2,601,129 8,208,320 -7,000 8,201,320
22 2046 2047 4,515,616 1,091,575 0 0 2,601,129 8,208,320 -7,000 8,201,320
23 2047 2048 4,605,928 1,113,407 0 0 2,601,129 8,320,464 -7,000 8,313,464
24 2048 2049 4,605,928 1,113,407 0 0 2,601,129 8,320,464 -7,000 8,313,464
25 2049 2050 4,698,046 1,135,675 0 0 2,601,129 8,434,850 -7,000 8,427,850
26 2050 2051 4,698,046 1,135,675 0 0 2,601,129 8,434,850 -7,000 8,427,850
27 2051 2052 4,792,007 1,158,388 0 0 2,601,129 8,551,525 -7,000 8,544,525
28 2052 2053 4,792,007 1,158,388 0 0 2,601,129 8,551,525 -7,000 8,544,525
29 2053 2054 4,887,848 1,181,556 0 0 2,601,129 8,670,533 -7,000 8,663,533
30 2054 2055 4,924,033 1,216,479 0 0 2,601,129 8,741,641 -7,000 8,734,641
31 2055 2056 5,022,514 1,240,808 0 0 2,601,129 8,864,451 -7,000 8,857,451
32 2056 2057 5,022,514 1,240,808 0 0 2,601,129 8,864,451 -7,000 8,857,451
33 2057 2058 5,122,964 1,265,624 0 0 0 6,388,588 -7,000 6,381,588
34 2058 2059 5,122,964 1,265,624 0 0 0 6,388,588 -7,000 6,381,588
35 2059 2060 5,225,423 1,290,937 0 0 0 6,516,360 -7,000 6,509,360
36 2060 2061 5,225,423 1,290,937 0 0 0 6,516,360 -7,000 6,509,360
Totals $151,316,761 $36,736,942 $57,451,049 $30,468,743 $80,620,205 $356,593,700 -$259,000 $356,334,700
11/14/2024 Page 54 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Assessed Value - Commercial Existing
Bi-Re Rate 2%
Y AV Set
Tax Rev Beginning Comm Value Biennial Cumulative
Total
Assessed
1 2024 2025 54,835,893 0 54,835,893 15,902,409 64,351 15,966,760
2 2025 2026 54,835,893 11,178,024 66,013,917 19,144,036 64,351 19,208,387
3 2026 2027 66,013,917 0 66,013,917 19,144,036 64,351 19,208,387
4 2027 2028 66,013,917 61,667,982 127,681,899 37,027,751 0 37,027,751
5 2028 2029 127,681,899 0 127,681,899 37,027,751 0 37,027,751
6 2029 2030 127,681,899 0 2,553,638 130,235,537 37,768,306 0 37,768,306
7 2030 2031 130,235,537 0 130,235,537 37,768,306 0 37,768,306
8 2031 2032 130,235,537 0 2,604,711 132,840,248 38,523,672 0 38,523,672
9 2032 2033 132,840,248 0 132,840,248 38,523,672 0 38,523,672
10 2033 2034 132,840,248 0 2,656,805 135,497,053 39,294,145 0 39,294,145
11 2034 2035 135,497,053 0 135,497,053 39,294,145 0 39,294,145
12 2035 2036 135,497,053 0 2,709,941 138,206,994 40,080,028 0 40,080,028
13 2036 2037 138,206,994 0 138,206,994 40,080,028 0 40,080,028
14 2037 2038 138,206,994 0 2,764,140 140,971,134 40,881,629 0 40,881,629
15 2038 2039 140,971,134 0 140,971,134 40,881,629 0 40,881,629
16 2039 2040 140,971,134 0 2,819,423 143,790,556 41,699,261 0 41,699,261
17 2040 2041 143,790,556 0 143,790,556 41,699,261 0 41,699,261
18 2041 2042 143,790,556 0 2,875,811 146,666,367 42,533,247 0 42,533,247
19 2042 2043 146,666,367 0 146,666,367 42,533,247 0 42,533,247
20 2043 2044 146,666,367 0 2,933,327 149,599,695 43,383,911 0 43,383,911
21 2044 2045 149,599,695 0 149,599,695 43,383,911 0 43,383,911
22 2045 2046 149,599,695 0 2,991,994 152,591,689 44,251,590 0 44,251,590
23 2046 2047 152,591,689 0 152,591,689 44,251,590 0 44,251,590
24 2047 2048 152,591,689 0 3,051,834 155,643,522 45,136,622 0 45,136,622
25 2048 2049 155,643,522 0 155,643,522 45,136,622 0 45,136,622
26 2049 2050 155,643,522 0 3,112,870 158,756,393 46,039,354 0 46,039,354
27 2050 2051 158,756,393 0 158,756,393 46,039,354 0 46,039,354
28 2051 2052 158,756,393 0 3,175,128 161,931,521 46,960,141 0 46,960,141
29 2052 2053 161,931,521 0 161,931,521 46,960,141 0 46,960,141
30 2053 2054 161,931,521 0 3,238,630 165,170,151 47,899,344 0 47,899,344
31 2054 2055 165,170,151 0 165,170,151 47,899,344 0 47,899,344
32 2055 2056 165,170,151 0 3,303,403 168,473,554 48,857,331 0 48,857,331
33 2056 2057 168,473,554 0 168,473,554 48,857,331 0 48,857,331
34 2057 2058 168,473,554 0 3,369,471 171,843,025 49,834,477 0 49,834,477
35 2058 2059 171,843,025 0 171,843,025 49,834,477 0 49,834,477
36 2059 2060 171,843,025 0 3,436,861 175,279,886 50,831,167 0 50,831,167
37 2060 2061 175,279,886 0 175,279,886 50,831,167 0 50,831,167
Totals $72,846,006 $47,597,987
11/14/2024 Page 55 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Revenues Available for Debt Service - Commercial
Tax Rev
Total
Assessed
Debt
Service Specific
Less Fees and
Collections
Tax Revenue
Available for
1 2024 2025 15,966,760 50.363 804,134 24,124 12,062 816,196
2 2025 2026 19,208,387 50.363 967,392 29,022 14,511 981,903
3 2026 2027 19,208,387 50.363 967,392 29,022 14,511 981,903
4 2027 2028 37,027,751 50.363 1,864,829 55,945 27,972 1,892,801
5 2028 2029 37,027,751 50.363 1,864,829 55,945 27,972 1,892,801
6 2029 2030 37,768,306 50.363 1,902,125 57,064 28,532 1,930,657
7 2030 2031 37,768,306 50.363 1,902,125 57,064 28,532 1,930,657
8 2031 2032 38,523,672 50.363 1,940,168 58,205 29,103 1,969,270
9 2032 2033 38,523,672 50.363 1,940,168 58,205 29,103 1,969,270
10 2033 2034 39,294,145 50.363 1,978,971 59,369 29,685 2,008,656
11 2034 2035 39,294,145 50.363 1,978,971 59,369 29,685 2,008,656
12 2035 2036 40,080,028 50.363 2,018,550 60,557 30,278 2,048,829
13 2036 2037 40,080,028 50.363 2,018,550 60,557 30,278 2,048,829
14 2037 2038 40,881,629 50.363 2,058,921 61,768 30,884 2,089,805
15 2038 2039 40,881,629 50.363 2,058,921 61,768 30,884 2,089,805
16 2039 2040 41,699,261 50.363 2,100,100 63,003 31,501 2,131,601
17 2040 2041 41,699,261 50.363 2,100,100 63,003 31,501 2,131,601
18 2041 2042 42,533,247 50.363 2,142,102 64,263 32,132 2,174,233
19 2042 2043 42,533,247 50.363 2,142,102 64,263 32,132 2,174,233
20 2043 2044 43,383,911 50.363 2,184,944 65,548 32,774 2,217,718
21 2044 2045 43,383,911 50.363 2,184,944 65,548 32,774 2,217,718
22 2045 2046 44,251,590 50.363 2,228,643 66,859 33,430 2,262,072
23 2046 2047 44,251,590 50.363 2,228,643 66,859 33,430 2,262,072
24 2047 2048 45,136,622 50.363 2,273,216 68,196 34,098 2,307,314
25 2048 2049 45,136,622 50.363 2,273,216 68,196 34,098 2,307,314
26 2049 2050 46,039,354 50.363 2,318,680 69,560 34,780 2,353,460
27 2050 2051 46,039,354 50.363 2,318,680 69,560 34,780 2,353,460
28 2051 2052 46,960,141 50.363 2,365,054 70,952 35,476 2,400,529
29 2052 2053 46,960,141 50.363 2,365,054 70,952 35,476 2,400,529
30 2053 2054 47,899,344 50.363 2,412,355 72,371 36,185 2,448,540
31 2054 2055 47,899,344 50.363 2,412,355 72,371 36,185 2,484,725
32 2055 2056 48,857,331 50.363 2,460,602 73,818 36,909 2,534,420
33 2056 2057 48,857,331 50.363 2,460,602 73,818 36,909 2,534,420
34 2057 2058 49,834,477 50.363 2,509,814 75,294 37,647 2,585,108
35 2058 2059 49,834,477 50.363 2,509,814 75,294 37,647 2,585,108
36 2059 2060 50,831,167 50.363 2,560,010 76,800 38,400 2,636,810
37 2060 2061 50,831,167 50.363 2,560,010 76,800 38,400 2,636,810
Totals $77,377,083 $2,321,312 $1,160,656 $78,799,837
11/14/2024 Page 56 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Assessed Value - Residential
Bi-Re Rate 2%
Vacant
Tax Rev Beginning Market New Market Market Value Biennial Gross Market Market Value Market Value
Total
Assessed
1 2024 2025 112,179,985 0 112,179,985 8,020,869 0 0 0 8,020,869
2 2025 2026 112,179,985 0 0 2,243,600 114,423,585 8,181,286 0 0 8,181,286
3 2026 2027 114,423,585 0 0 114,423,585 8,181,286 0 0 8,181,286
4 2027 2028 114,423,585 0 0 2,288,472 116,712,056 8,344,912 0 0 8,344,912
5 2028 2029 116,712,056 51,000,000 0 116,712,056 8,344,912 0 0 8,344,912
6 2029 2030 116,712,056 75,000,000 51,000,000 2,334,241 170,046,298 12,158,310 0 0 12,158,310
7 2030 2031 170,046,298 10,050,000 75,000,000 245,046,298 17,520,810 0 0 17,520,810
8 2031 2032 245,046,298 0 10,050,000 4,900,926 259,997,224 18,589,801 0 0 18,589,801
9 2032 2033 259,997,224 0 0 259,997,224 18,589,801 0 0 18,589,801
10 2033 2034 259,997,224 0 5,199,944 265,197,168 18,961,598 0 0 18,961,598
11 2034 2035 265,197,168 0 265,197,168 18,961,598 0 0 18,961,598
12 2035 2036 265,197,168 0 5,303,943 270,501,111 19,340,829 0 0 19,340,829
13 2036 2037 270,501,111 0 270,501,111 19,340,829 0 0 19,340,829
14 2037 2038 270,501,111 0 5,410,022 275,911,134 19,727,646 0 0 19,727,646
15 2038 2039 275,911,134 0 275,911,134 19,727,646 0 0 19,727,646
16 2039 2040 275,911,134 0 5,518,223 281,429,356 20,122,199 0 0 20,122,199
17 2040 2041 281,429,356 0 281,429,356 20,122,199 0 0 20,122,199
18 2041 2042 281,429,356 0 5,628,587 287,057,943 20,524,643 0 0 20,524,643
19 2042 2043 287,057,943 0 287,057,943 20,524,643 20,524,643
20 2043 2044 287,057,943 0 5,741,159 292,799,102 20,935,136 20,935,136
21 2044 2045 292,799,102 0 292,799,102 20,935,136 20,935,136
22 2045 2046 292,799,102 0 5,855,982 298,655,084 21,353,839 21,353,839
23 2046 2047 298,655,084 0 298,655,084 21,353,839 21,353,839
24 2047 2048 298,655,084 0 5,973,102 304,628,186 21,780,915 21,780,915
25 2048 2049 304,628,186 0 304,628,186 21,780,915 21,780,915
26 2049 2050 304,628,186 0 6,092,564 310,720,750 22,216,534 22,216,534
27 2050 2051 310,720,750 0 310,720,750 22,216,534 22,216,534
28 2051 2052 310,720,750 0 6,214,415 316,935,165 22,660,864 22,660,864
29 2052 2053 316,935,165 0 316,935,165 22,660,864 22,660,864
30 2053 2054 316,935,165 0 6,338,703 323,273,868 23,114,082 23,114,082
31 2054 2055 323,273,868 0 323,273,868 23,114,082 23,114,082
32 2055 2056 323,273,868 0 6,465,477 329,739,345 23,576,363 23,576,363
33 2056 2057 329,739,345 0 329,739,345 23,576,363 23,576,363
34 2057 2058 329,739,345 0 6,594,787 336,334,132 24,047,890 24,047,890
35 2058 2059 336,334,132 0 336,334,132 24,047,890 24,047,890
36 2059 2060 336,334,132 0 6,726,683 343,060,815 24,528,848 24,528,848
37 2060 2061 343,060,815 0 343,060,815 24,528,848 24,528,848
Totals $136,050,000 $136,050,000 $94,830,830 $0 $0
11/14/2024 Page 57 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Revenues Available for Debt Service - Residential
Tax Rev
Total
Assessed
Debt
Service
Debt Service
Mill Levy
Less Fees
and
Collections
Tax Revenue
Available for
1 2024 2025 8,020,869 50.363 403,955 12,119 6,059 410,014
2 2025 2026 8,181,286 50.363 412,034 12,361 6,181 418,215
3 2026 2027 8,181,286 50.363 412,034 12,361 6,181 418,215
4 2027 2028 8,344,912 50.363 420,275 12,608 6,304 426,579
5 2028 2029 8,344,912 50.363 420,275 12,608 6,304 426,579
6 2029 2030 12,158,310 50.363 612,329 18,370 9,185 621,514
7 2030 2031 17,520,810 50.363 882,401 26,472 13,236 895,637
8 2031 2032 18,589,801 50.363 936,238 28,087 14,044 950,282
9 2032 2033 18,589,801 50.363 936,238 28,087 14,044 950,282
10 2033 2034 18,961,598 50.363 954,963 28,649 14,324 969,287
11 2034 2035 18,961,598 50.363 954,963 28,649 14,324 969,287
12 2035 2036 19,340,829 50.363 974,062 29,222 14,611 988,673
13 2036 2037 19,340,829 50.363 974,062 29,222 14,611 988,673
14 2037 2038 19,727,646 50.363 993,543 29,806 14,903 1,008,447
15 2038 2039 19,727,646 50.363 993,543 29,806 14,903 1,008,447
16 2039 2040 20,122,199 50.363 1,013,414 30,402 15,201 1,028,616
17 2040 2041 20,122,199 50.363 1,013,414 30,402 15,201 1,028,616
18 2041 2042 20,524,643 50.363 1,033,683 31,010 15,505 1,049,188
19 2042 2043 20,524,643 50.363 1,033,683 31,010 15,505 1,049,188
20 2043 2044 20,935,136 50.363 1,054,356 31,631 15,815 1,070,172
21 2044 2045 20,935,136 50.363 1,054,356 31,631 15,815 1,070,172
22 2045 2046 21,353,839 50.363 1,075,443 32,263 16,132 1,091,575
23 2046 2047 21,353,839 50.363 1,075,443 32,263 16,132 1,091,575
24 2047 2048 21,780,915 50.363 1,096,952 32,909 16,454 1,113,407
25 2048 2049 21,780,915 50.363 1,096,952 32,909 16,454 1,113,407
26 2049 2050 22,216,534 50.363 1,118,891 33,567 16,783 1,135,675
27 2050 2051 22,216,534 50.363 1,118,891 33,567 16,783 1,135,675
28 2051 2052 22,660,864 50.363 1,141,269 34,238 17,119 1,158,388
29 2052 2053 22,660,864 50.363 1,141,269 34,238 17,119 1,158,388
30 2053 2054 23,114,082 50.363 1,164,094 34,923 17,461 1,181,556
31 2054 2055 23,114,082 50.363 1,164,094 34,923 17,461 1,216,479
32 2055 2056 23,576,363 50.363 1,187,376 35,621 17,811 1,240,808
33 2056 2057 23,576,363 50.363 1,187,376 35,621 17,811 1,240,808
34 2057 2058 24,047,890 50.363 1,211,124 36,334 18,167 1,265,624
35 2058 2059 24,047,890 50.363 1,211,124 36,334 18,167 1,265,624
36 2059 2060 24,528,848 50.363 1,235,346 37,060 18,530 1,290,937
37 2060 2061 24,528,848 50.363 1,235,346 37,060 18,530 1,290,937
Totals $35,944,817 $1,078,344 $539,172 $36,736,942
11/14/2024 Page 58 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Assessed Value - Commercial
Bi-Re Rate 2%
Y AV Set
Tax Rev Beginning Market New Market Market Value Biennial Gross Market
1 2024 2025 0 0 0 0 0
2 2025 2026 0 0 0 0 0 0
3 2026 2027 0 0 0 0 0
4 2027 2028 0 53,475,125 0 0 0 0
5 2028 2029 0 71,475,125 53,475,125 53,475,125 15,507,786
6 2029 2030 53,475,125 0 71,475,125 1,069,503 126,019,753 36,545,728
7 2030 2031 126,019,753 0 0 126,019,753 36,545,728
8 2031 2032 126,019,753 0 2,520,395 128,540,148 37,276,643
9 2032 2033 128,540,148 0 128,540,148 37,276,643
10 2033 2034 128,540,148 0 2,570,803 131,110,951 38,022,176
11 2034 2035 131,110,951 0 131,110,951 38,022,176
12 2035 2036 131,110,951 0 2,622,219 133,733,170 38,782,619
13 2036 2037 133,733,170 0 133,733,170 38,782,619
14 2037 2038 133,733,170 0 2,674,663 136,407,833 39,558,272
15 2038 2039 136,407,833 0 136,407,833 39,558,272
16 2039 2040 136,407,833 0 2,728,157 139,135,990 40,349,437
17 2040 2041 139,135,990 0 139,135,990 40,349,437
18 2041 2042 139,135,990 0 2,782,720 141,918,709 41,156,426
19 2042 2043 141,918,709 0 141,918,709 41,156,426
20 2043 2044 141,918,709 0 2,838,374 144,757,084 41,979,554
21 2044 2045 144,757,084 0 144,757,084 41,979,554
22 2045 2046 144,757,084 0 2,895,142 147,652,225 42,819,145
23 2046 2047 147,652,225 0 147,652,225 42,819,145
24 2047 2048 147,652,225 0 2,953,045 150,605,270 43,675,528
25 2048 2049 150,605,270 0 150,605,270 43,675,528
26 2049 2050 150,605,270 0 3,012,105 153,617,375 44,549,039
27 2050 2051 153,617,375 0 153,617,375 44,549,039
28 2051 2052 153,617,375 0 3,072,348 156,689,723 45,440,020
29 2052 2053 156,689,723 0 156,689,723 45,440,020
30 2053 2054 156,689,723 0 3,133,794 159,823,517 46,348,820
31 2054 2055 159,823,517 0 159,823,517 46,348,820
32 2055 2056 159,823,517 0 3,196,470 163,019,987 47,275,796
33 2056 2057 163,019,987 0 163,019,987 47,275,796
34 2057 2058 163,019,987 0 3,260,400 166,280,387 48,221,312
35 2058 2059 166,280,387 0 166,280,387 48,221,312
36 2059 2060 166,280,387 0 3,325,608 169,605,995 49,185,739
37 2060 2061 169,605,995 0 169,605,995 49,185,739
Totals $124,950,250 $124,950,250 $44,655,745
11/14/2024 Page 59 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Projected Revenues Available for Debt Service - New Commercial
Tax Rev
Total
Assessed
Debt
Service
Debt Service
Mill Levy
Less Fees and
Collections
Tax Revenue
Available for
1 2024 2025 0 50.363 0 0 0 0
2 2025 2026 0 50.363 0 0 0 0
3 2026 2027 0 50.363 0 0 0 0
4 2027 2028 0 50.363 0 0 0 0
5 2028 2029 15,507,786 50.363 781,019 23,431 11,715 816,164
6 2029 2030 36,545,728 50.363 1,840,553 55,217 27,608 1,923,377
7 2030 2031 36,545,728 50.363 1,840,553 55,217 27,608 1,923,377
8 2031 2032 37,276,643 50.363 1,877,364 56,321 28,160 1,961,845
9 2032 2033 37,276,643 50.363 1,877,364 56,321 28,160 1,961,845
10 2033 2034 38,022,176 50.363 1,914,911 57,447 28,724 2,001,082
11 2034 2035 38,022,176 50.363 1,914,911 57,447 28,724 2,001,082
12 2035 2036 38,782,619 50.363 1,953,209 58,596 29,298 2,041,103
13 2036 2037 38,782,619 50.363 1,953,209 58,596 29,298 2,041,103
14 2037 2038 39,558,272 50.363 1,992,273 59,768 29,884 2,081,926
15 2038 2039 39,558,272 50.363 1,992,273 59,768 29,884 2,081,926
16 2039 2040 40,349,437 50.363 2,032,119 60,964 30,482 2,123,564
17 2040 2041 40,349,437 50.363 2,032,119 60,964 30,482 2,123,564
18 2041 2042 41,156,426 50.363 2,072,761 62,183 31,091 2,166,035
19 2042 2043 41,156,426 50.363 2,072,761 62,183 31,091 2,166,035
20 2043 2044 41,979,554 50.363 2,114,216 63,426 31,713 2,209,356
21 2044 2045 41,979,554 50.363 2,114,216 63,426 31,713 2,209,356
22 2045 2046 42,819,145 50.363 2,156,501 64,695 32,348 2,253,543
23 2046 2047 42,819,145 50.363 2,156,501 64,695 32,348 2,253,543
24 2047 2048 43,675,528 50.363 2,199,631 65,989 32,994 2,298,614
25 2048 2049 43,675,528 50.363 2,199,631 65,989 32,994 2,298,614
26 2049 2050 44,549,039 50.363 2,243,623 67,309 33,654 2,344,586
27 2050 2051 44,549,039 50.363 2,243,623 67,309 33,654 2,344,586
28 2051 2052 45,440,020 50.363 2,288,496 68,655 34,327 2,391,478
29 2052 2053 45,440,020 50.363 2,288,496 68,655 34,327 2,391,478
30 2053 2054 46,348,820 50.363 2,334,266 70,028 35,014 2,439,308
31 2054 2055 46,348,820 50.363 2,334,266 70,028 35,014 2,439,308
32 2055 2056 47,275,796 50.363 2,380,951 71,429 35,714 2,488,094
33 2056 2057 47,275,796 50.363 2,380,951 71,429 35,714 2,488,094
34 2057 2058 48,221,312 50.363 2,428,570 72,857 36,429 2,537,856
35 2058 2059 48,221,312 50.363 2,428,570 72,857 36,429 2,537,856
36 2059 2060 49,185,739 50.363 2,477,141 74,314 37,157 2,588,613
37 2060 2061 49,185,739 50.363 2,477,141 74,314 37,157 2,588,613
Totals $69,394,185 $2,081,826 $1,040,913 $72,516,924
11/14/2024 Page 60 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Tax Increment Revenues - Property Tax
Tax Rev Base Year Aggregate Net Total Gross URA Admin & Adjustments to
Tax Revenue
Available for
1 2024 2025 23,987,629 8,296,803 15,690,826 91.274 1,432,165 -21,482 -326,424 1,084,259
2 2025 2026 27,389,673 9,431,372 17,958,301 91.274 1,639,126 -24,587 -373,595 1,240,944
3 2026 2027 27,389,673 9,525,686 17,863,988 91.274 1,630,518 -24,458 -371,633 1,234,427
4 2027 2028 45,372,663 15,784,986 29,587,677 91.274 2,700,586 -40,509 -615,527 2,044,551
5 2028 2029 60,880,449 15,942,836 44,937,613 91.274 4,101,637 -61,525 -934,859 3,105,254
6 2029 2030 86,472,344 16,102,264 70,370,080 91.274 6,422,961 -96,344 -1,463,942 4,862,674
7 2030 2031 91,834,844 16,263,287 75,571,557 91.274 6,897,720 -103,466 -1,572,151 5,222,103
8 2031 2032 94,390,116 16,425,920 77,964,197 91.274 7,116,106 -106,742 -1,621,927 5,387,438
9 2032 2033 94,390,116 16,590,179 77,799,937 91.274 7,101,113 -106,517 -1,618,509 5,376,087
10 2033 2034 96,277,918 16,756,081 79,521,838 91.274 7,258,278 -108,874 -1,654,331 5,495,073
11 2034 2035 96,277,918 16,923,641 79,354,277 91.274 7,242,984 -108,645 -1,650,845 5,483,495
12 2035 2036 98,203,477 17,092,878 81,110,599 91.274 7,403,291 -111,049 -1,687,383 5,604,859
13 2036 2037 98,203,477 17,263,807 80,939,670 91.274 7,387,690 -110,815 -1,683,827 5,593,048
14 2037 2038 100,167,546 17,436,445 82,731,102 91.274 7,551,201 -113,268 -1,721,095 5,716,838
15 2038 2039 100,167,546 17,610,809 0
16 2039 2040 102,170,897 17,786,917 0
17 2040 2041 102,170,897 17,964,786 0
18 2041 2042 104,214,315 18,144,434 0
19 2042 2043 104,214,315 18,325,879 0
20 2043 2044 106,298,602 18,509,137 0
21 2044 2045 106,298,602 18,694,229 0
22 2045 2046 108,424,574 18,881,171 0
23 2046 2047 108,424,574 0
24 2047 2048 110,593,065 0
25 2048 2049 110,593,065
26 2049 2050 112,804,926
27 2050 2051 112,804,926
28 2051 2052 115,061,025
29 2052 2053 115,061,025
30 2053 2054 71,013,425
31 2054 2055 71,013,425
32 2055 2056 72,433,694
33 2056 2057 72,433,694
34 2057 2058 73,882,368
35 2058 2059 73,882,368
36 2059 2060 75,360,015
37 2060 2061 75,360,015
Totals $75,885,377 -$1,138,281 -$17,296,047 $57,451,049
11/14/2024 Page 61 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
Sales Tax Revenues - Increment
Tax Rev New Taxable Total Sales Tax
1 2024 2025 119,741,255 0 119,741,255 2.25%2,694,178 1,828,766 40,413 825,000
2 2025 2026 119,741,255 0 75,329,128 2.25%1,694,905 1,828,766 25,424 0
3 2026 2027 75,329,128 0 75,329,128 2.25%1,694,905 1,828,766 25,424 0
4 2027 2028 75,329,128 43,752,375 164,337,975 2.25%3,697,604 1,828,766 55,464 1,813,375
5 2028 2029 164,337,975 43,752,375 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
6 2029 2030 208,090,350 0 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
7 2030 2031 208,090,350 0 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
8 2031 2032 208,090,350 0 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
9 2032 2033 208,090,350 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
10 2033 2034 208,090,350 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
11 2034 2035 208,090,350 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
12 2035 2036 208,090,350 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
13 2036 2037 208,090,350 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
14 2037 2038 208,090,350 208,090,350 2.25%4,682,033 1,828,766 70,230 2,783,037
15 2038 2039 208,090,350 0
16 2039 2040 0 0
17 2040 2041 0 0
18 2041 2042 0 0
19 2042 2043 0 0
20 2043 2044 0 0
21 2044 2045 0 0
22 2045 2046 0 0
23 2046 2047 0 0
24 2047 2048 0 0
25 2048 2049 0 0
26 2049 2050 0 0
27 2050 2051 0 0
28 2051 2052 0
29 2052 2053 0
30 2053 2054 0
31 2054 2055 0
32 2055 2056 0
33 2056 2057 0
34 2057 2058 0
35 2058 2059
36 2059 2060
37 2060 2061
Totals $87,504,750 $2,515,640,986 $56,601,922 $25,602,718 $849,029 $30,468,743
11/14/2024 Page 62 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
PIF Revenues
Tax Rev New Taxable
1 2024 2025 100,000,000 0 100,000,000 1.25%1,250,000 1,250,000
2 2025 2026 100,000,000 0 75,329,128 1.25%941,614 941,614
3 2026 2027 75,329,128 0 75,329,128 1.25%941,614 941,614
4 2027 2028 75,329,128 43,752,375 164,337,975 1.25%2,054,225 2,054,225
5 2028 2029 164,337,975 43,752,375 208,090,350 1.25%2,601,129 2,601,129
6 2029 2030 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
7 2030 2031 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
8 2031 2032 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
9 2032 2033 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
10 2033 2034 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
11 2034 2035 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
12 2035 2036 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
13 2036 2037 208,090,350 0 208,090,350 1.25%2,601,129 2,601,129
14 2037 2038 208,090,350 208,090,350 1.25%2,601,129 2,601,129
15 2038 2039 208,090,350 208,090,350 1.25%2,601,129 2,601,129
16 2039 2040 208,090,350 208,090,350 1.25%2,601,129 2,601,129
17 2040 2041 208,090,350 208,090,350 1.25%2,601,129 2,601,129
18 2041 2042 208,090,350 208,090,350 1.25%2,601,129 2,601,129
19 2042 2043 208,090,350 208,090,350 1.25%2,601,129 2,601,129
20 2043 2044 208,090,350 208,090,350 1.25%2,601,129 2,601,129
21 2044 2045 208,090,350 208,090,350 1.25%2,601,129 2,601,129
22 2045 2046 208,090,350 208,090,350 1.25%2,601,129 2,601,129
23 2046 2047 208,090,350 208,090,350 1.25%2,601,129 2,601,129
24 2047 2048 208,090,350 208,090,350 1.25%2,601,129 2,601,129
25 2048 2049 208,090,350 208,090,350 1.25%2,601,129 2,601,129
26 2049 2050 208,090,350 208,090,350 1.25%2,601,129 2,601,129
27 2050 2051 208,090,350 208,090,350 1.25%2,601,129 2,601,129
28 2051 2052 208,090,350 208,090,350 1.25%2,601,129 2,601,129
29 2052 2053 208,090,350 208,090,350 1.25%2,601,129 2,601,129
30 2053 2054 208,090,350 208,090,350 1.25%2,601,129 2,601,129
31 2054 2055 208,090,350 208,090,350 1.25%2,601,129 2,601,129
32 2055 2056 208,090,350 208,090,350 1.25%2,601,129 2,601,129
33 2056 2057 208,090,350 208,090,350 1.25%2,601,129 2,601,129
34 2057 2058
35 2058 2059
36 2059 2060
37 2060 2061
Totals $87,504,750 $6,449,616,381 $80,620,205 $80,620,205
11/14/2024 Page 63 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
12/31/1901 12/31/1901 12/31/1901 $540,000 $600,000 $750,000
24 24 24 0.00%0.00%0.00%
Total Condos Townhomes Brownstones Condos Townhomes Brownstones Total Market Value
2024 - 1.00 2024 $0 $0 $0 $0
2025 - 2.00 2025 $0 $0 $0 $0
2026 - 0 3.00 2026 $0 $0 $0 $0
2027 - 0 4.00 2027 $0 $0 $0 $0
2028 86 50 20 16 5.00 2028 $27,000,000 $12,000,000 $12,000,000 $51,000,000
2029 122 50 40 32 6.00 2029 $27,000,000 $24,000,000 $24,000,000 $75,000,000
2030 15 8 7 7.00 2030 $0 $4,800,000 $5,250,000 $10,050,000
2031 - 8.00 2031 $0 $0 $0 $0
2032 - 9.00 2032 $0 $0 $0 $0
2033 - 10.00 2033 $0 $0 $0 $0
2034 - 11.00 2034 $0 $0 $0 $0
2035 - 12.00 2035 $0 $0 $0 $0
223 100 68 55 $54,000,000 $40,800,000 $41,250,000 $136,050,000
11/14/2024 Page 64 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
29%
AV Set
Collection
Year
Value of New
Lots
Less: Lots to
Final
Net Value with
Lag Adjustments
Cumulative
Finished Lot Value 100% Lot Value
Assessed
Value of Lots
2023 2024 $0 $0 $0 $0 $0 $0
2024 2025 $0 $0 $0 $0 $0 $0
2025 2026 $0 $0 $0 $0 $0 $0
2026 2027 $0 $0 $0 $0 $0 $0
2027 2028 $5,100,000 $0 $0 $0 $0 $0
2028 2029 $7,500,000 -$5,100,000 $5,100,000 $5,100,000 $5,100,000 $1,479,000
2029 2030 $1,005,000 -$7,500,000 $2,400,000 $7,500,000 $7,500,000 $2,175,000
2030 2031 $0 -$1,005,000 -$6,495,000 $1,005,000 $1,005,000 $291,450
2031 2032 $0 $0 -$1,005,000 $0 $0 $0
2032 2033 $0 $0 $0 $0 $0 $0
2033 2034 $0 $0 $0 $0 $0 $0
2034 2035 $0 $0 $0 $0 $0 $0
13,605,000 -$13,605,000
11/14/2024 Page 65 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
12/31/1901 12/31/1901 $450 $550
24 24 0.00%0.00%
Total Office Retail Office Retail Total Market Value
2023 - #2023 $0 $0 $0
2024 - #2024 $0 $0 $0
2025 - #2025 $0 $0 $0
2026 - #2026 $0 $0 $0
2027 97,228 97,228 #2027 $0 $53,475,125 $53,475,125
2028 137,228 40,000 97,228 #2028 $18,000,000 $53,475,125 $71,475,125
2029 - #2029 $0 $0 $0
2030 - #2030 $0 $0 $0
2031 - #2031 $0 $0 $0
2032 - #2032 $0 $0 $0
2033 - #2033 $0 $0 $0
2034 - #2034 $0 $0 $0
2035 - #2035 $0 $0 $0
234,455 40,000 194,455 $18,000,000 $106,950,250 $124,950,250
11/14/2024 Page 66 of 134
Preliminary Financing Analysis:
Foothills Metropolitan District
City of Fort Collins, Colorado
29%
AV Set
Collection
Year
Value of New
Lots
Less: Lots to
Homes
Net Value with
Lag Adjustments
Cumulative
Finished Lot Value 100% Lot Value
Assessed
Value of Lots
2022 2023 $0 $0 $0 $0 $0 $0
2023 2024 $0 $0 $0 $0 $0 $0
2024 2025 $0 $0 $0 $0 $0 $0
2025 2026 $0 $0 $0 $0 $0 $0
2026 2027 $5,347,513 $0 $0 $0 $0 $0
2027 2028 $7,147,513 -$5,347,513 $5,347,513 $5,347,513 $5,347,513 $1,550,779
2028 2029 $0 -$7,147,513 $1,800,000 $7,147,513 $7,147,513 $2,072,779
2029 2030 $0 $0 -$7,147,513 $0 $0 $0
2030 2031 $0 $0 $0 $0 $0 $0
2031 2032 $0 $0 $0 $0 $0 $0
2032 2033 $0 $0 $0 $0 $0 $0
2033 2034 $0 $0 $0 $0 $0 $0
2034 2035 $0 $0 $0 $0 $0 $0
12,495,025 -$12,495,025
11/14/2024 Page 67 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 1
SOURCES AND USES OF FUNDS
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
Dated Date 09/01/2026
Delivery Date 09/01/2026
2026A Senior 2026A New 2026B
Sources:Refunding Money Subordinate Total
Bond Proceeds:
Par Amount 69,940,000.00 78,000,000.00 18,160,000.00 166,100,000.00
69,940,000.00 78,000,000.00 18,160,000.00 166,100,000.00
2026A Senior 2026A New 2026B
Uses:Refunding Money Subordinate Total
Project Fund Deposits:
New Money 57,167,065.87 17,832,934.13 75,000,000.00
Refunding Escrow Deposits:
Cash Deposit 62,692,556.25 62,692,556.25
Other Fund Deposits:
DSRF 6,336,752.39 7,067,010.11 13,403,762.50
Reserve/Capitalized Interest Fund 12,747,450.00 12,747,450.00
6,336,752.39 19,814,460.11 26,151,212.50
Delivery Date Expenses:
Cost of Issuance 210,535.82 234,798.31 54,665.87 500,000.00
Underwriter's Discount 699,400.00 780,000.00 272,400.00 1,751,800.00
909,935.82 1,014,798.31 327,065.87 2,251,800.00
Other Uses of Funds:
Contingency (COI or Bond Fund)755.54 3,675.71 4,431.25
69,940,000.00 78,000,000.00 18,160,000.00 166,100,000.00
Page 68 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 2
UNIVERSAL BOND SOLUTION
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
Universal Bond Solution Component
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/15/2026 1,937,003 (1,146,061)790,942 3,575,676 2,784,734 452.08%
12/15/2027 7,748,013 (4,584,244)3,163,768 3,569,159 405,390 112.81%
12/15/2028 7,748,013 (4,584,244)3,163,768 8,224,530 5,060,762 259.96%
12/15/2029 5,105,000 12,853,013 (3,521,957)9,331,056 11,617,964 2,286,908 124.51%
12/15/2030 4,660,000 12,152,763 (335,094)11,817,668 14,715,388 2,897,720 124.52%
12/15/2031 5,400,000 12,659,763 (335,094)12,324,668 15,348,940 3,024,272 124.54%
12/15/2032 5,910,000 12,899,763 (335,094)12,564,668 15,646,001 3,081,333 124.52%
12/15/2033 6,195,000 12,889,263 (335,094)12,554,168 15,634,651 3,080,482 124.54%
12/15/2034 6,680,000 13,064,513 (335,094)12,729,418 15,851,264 3,121,846 124.52%
12/15/2035 7,005,000 13,055,513 (335,094)12,720,418 15,839,686 3,119,267 124.52%
12/15/2036 7,530,000 13,230,263 (335,094)12,895,168 16,060,630 3,165,462 124.55%
12/15/2037 7,900,000 13,223,763 (335,094)12,888,668 16,048,819 3,160,151 124.52%
12/15/2038 8,475,000 13,403,763 (335,094)13,068,668 16,274,182 3,205,513 124.53%
12/15/2039 2,075,000 6,580,013 (335,094)6,244,918 7,774,307 1,529,388 124.49%
12/15/2040 2,260,000 6,661,263 (335,094)6,326,168 7,877,910 1,551,742 124.53%
12/15/2041 2,375,000 6,663,263 (335,094)6,328,168 7,877,910 1,549,742 124.49%
12/15/2042 2,585,000 6,748,575 (335,094)6,413,481 7,983,586 1,570,105 124.48%
12/15/2043 2,720,000 6,747,863 (335,094)6,412,768 7,983,586 1,570,818 124.50%
12/15/2044 2,950,000 6,835,063 (335,094)6,499,968 8,091,375 1,591,407 124.48%
12/15/2045 3,100,000 6,830,188 (335,094)6,495,093 8,091,375 1,596,282 124.58%
12/15/2046 3,355,000 6,922,438 (335,094)6,587,343 8,201,320 1,613,977 124.50%
12/15/2047 3,530,000 6,921,300 (335,094)6,586,206 8,201,320 1,615,114 124.52%
12/15/2048 3,815,000 7,012,150 (335,094)6,677,056 8,313,464 1,636,408 124.51%
12/15/2049 4,025,000 7,012,325 (335,094)6,677,231 8,313,464 1,636,233 124.50%
12/15/2050 4,335,000 7,100,950 (335,094)6,765,856 8,427,850 1,661,995 124.56%
12/15/2051 4,575,000 7,102,525 (335,094)6,767,431 8,427,850 1,660,420 124.54%
12/15/2052 4,920,000 7,195,900 (335,094)6,860,806 8,544,525 1,683,719 124.54%
12/15/2053 5,190,000 7,195,300 (335,094)6,860,206 8,544,525 1,684,319 124.55%
12/15/2054 5,570,000 7,289,850 (335,094)6,954,756 8,663,533 1,708,777 124.57%
12/15/2055 5,935,000 7,348,500 (335,094)7,013,406 8,734,641 1,721,235 124.54%
12/15/2056 19,765,000 20,852,075 (13,738,857)7,113,218 8,857,451 1,744,233 124.52%
147,940,000 285,884,941 (36,287,808)249,597,133 317,316,883 67,719,751
Page 69 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 3
BOND PRICING
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
Maturity
Bond Component Date Amount Rate Yield Price
2026A Senior Refunding, 2040:
12/01/2029 5,105,000 5.000% 5.000% 100.000
12/01/2030 4,660,000 5.000% 5.000% 100.000
12/01/2031 5,400,000 5.000% 5.000% 100.000
12/01/2032 5,910,000 5.000% 5.000% 100.000
12/01/2033 6,195,000 5.000% 5.000% 100.000
12/01/2034 6,680,000 5.000% 5.000% 100.000
12/01/2035 7,005,000 5.000% 5.000% 100.000
12/01/2036 7,530,000 5.000% 5.000% 100.000
12/01/2037 7,900,000 5.000% 5.000% 100.000
12/01/2038 8,475,000 5.000% 5.000% 100.000
12/01/2039 2,075,000 5.000% 5.000% 100.000
12/01/2040 2,260,000 5.000% 5.000% 100.000
69,195,000
2026A Senior Refunding, 2046:
12/01/2041 745,000 5.250% 5.250% 100.000
12/01/2046 5.250% 5.250% 100.000
745,000
2026A New Money, 2046:
12/01/2041 1,630,000 5.250% 5.250% 100.000
12/01/2042 2,585,000 5.250% 5.250% 100.000
12/01/2043 2,720,000 5.250% 5.250% 100.000
12/01/2044 2,950,000 5.250% 5.250% 100.000
12/01/2045 3,100,000 5.250% 5.250% 100.000
12/01/2046 3,355,000 5.250% 5.250% 100.000
16,340,000
2026A New Money, 2056 Term Bond (Senior):
12/01/2047 3,530,000 5.500% 5.500% 100.000
12/01/2048 3,815,000 5.500% 5.500% 100.000
12/01/2049 4,025,000 5.500% 5.500% 100.000
12/01/2050 4,335,000 5.500% 5.500% 100.000
12/01/2051 4,575,000 5.500% 5.500% 100.000
12/01/2052 4,920,000 5.500% 5.500% 100.000
12/01/2053 5,190,000 5.500% 5.500% 100.000
12/01/2054 5,570,000 5.500% 5.500% 100.000
12/01/2055 5,935,000 5.500% 5.500% 100.000
12/01/2056 19,765,000 5.500% 5.500% 100.000
61,660,000
2026B Subordinate, 2053 Cash Flow Bond (Subordinate):
12/15/2056 18,160,000 7.500% 7.500% 100.000
166,100,000
Dated Date 09/01/2026
Delivery Date 09/01/2026
Par Amount 166,100,000.00
Original Issue Discount
Production 166,100,000.00 100.000000%
Underwriter's Discount (1,751,800.00) (1.054666%)
Purchase Price 164,348,200.00 98.945334%
Accrued Interest
Net Proceeds 164,348,200.00
Page 70 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 4
BOND SUMMARY STATISTICS
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
2026A Senior 2026B Subordinate
Refunding 2026A New Money Aggregate
Dated Date 09/01/2026 09/01/2026 09/01/2026 09/01/2026
Delivery Date 09/01/2026 09/01/2026 09/01/2026 09/01/2026
First Coupon 12/01/2026 12/01/2026 12/15/2026 12/01/2026
Last Maturity 12/01/2041 12/01/2056 12/15/2056 12/15/2056
Arbitrage Yield 5.642493%5.642493%5.642493%5.642493%
True Interest Cost (TIC)5.152929%5.531204%7.629081%5.741802%
Net Interest Cost (NIC)5.119815%5.502129%7.549523%5.788071%
All-In TIC 5.197773%5.553927%7.655096%5.770460%
Average Coupon 5.004676%5.462510%7.500000%5.732036%
Average Life (years)8.685 25.241 30.289 18.822
Weighted Average Maturity (years)8.685 25.241 30.289 18.822
Duration of Issue (years)6.969 13.782 12.227 10.948
Par Amount 69,940,000.00 78,000,000.00 18,160,000.00 166,100,000.00
Bond Proceeds 69,940,000.00 78,000,000.00 18,160,000.00 166,100,000.00
Total Interest 30,400,403.13 107,544,537.50 41,253,466.67 179,198,407.30
Net Interest 31,099,803.13 108,324,537.50 41,525,866.67 180,950,207.30
Bond Years from Dated Date 607,440,000.00 1,968,775,000.00 550,046,222.22 3,126,261,222.22
Bond Years from Delivery Date 607,440,000.00 1,968,775,000.00 550,046,222.22 3,126,261,222.22
Total Debt Service 100,340,403.13 185,544,537.50 59,413,466.67 345,298,407.30
Maximum Annual Debt Service 9,154,612.50 20,852,075.00 19,522,000.00 40,374,075.00
Average Annual Debt Service 6,579,698.57 6,133,703.72 1,961,559.79 11,400,167.52
Underwriter's Fees (per $1000)
Average Takedown 10.000000 10.000000 15.000000 10.546659
Other Fee
Total Underwriter's Discount 10.000000 10.000000 15.000000 10.546659
Bid Price 99.000000 99.000000 98.500000 98.945334
Par Average Average PV of 1 bp
Bond Component Value Price Coupon Life Duration change
2040 69,195,000.00 100.000 5.000% 8.614 6.947 69,886.95
2046 17,085,000.00 100.000 5.250% 17.945 11.802 21,185.40
2056 Term Bond (Senior)61,660,000.00 100.000 5.500% 27.141 14.335 90,023.60
2053 Cash Flow Bond (Subordinate) 18,160,000.00 100.000 7.500% 30.289 12.341 21,610.40
166,100,000.00 18.822 202,706.35
All-In Arbitrage
TIC TIC Yield
Par Value 166,100,000.00 166,100,000.00 166,100,000.00
Accrued Interest
Premium (Discount)
Underwriter's Discount (1,751,800.00) (1,751,800.00)
Cost of Issuance Expense (500,000.00)
Other Amounts
Target Value 164,348,200.00 163,848,200.00 166,100,000.00
Target Date 09/01/2026 09/01/2026 09/01/2026
Yield 5.741802%5.770460%5.642493%
Page 71 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 5
BOND DEBT SERVICE BREAKDOWN
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
Period 2026A Senior 2026B
Ending Refunding 2026A New Money Subordinate Total
12/15/2026 874,715.63 1,062,287.50 393,466.67 2,330,469.80
12/15/2027 3,498,862.50 4,249,150.00 1,362,000.00 9,110,012.50
12/15/2028 3,498,862.50 4,249,150.00 1,362,000.00 9,110,012.50
12/15/2029 8,603,862.50 4,249,150.00 1,362,000.00 14,215,012.50
12/15/2030 7,903,612.50 4,249,150.00 1,362,000.00 13,514,762.50
12/15/2031 8,410,612.50 4,249,150.00 1,362,000.00 14,021,762.50
12/15/2032 8,650,612.50 4,249,150.00 1,362,000.00 14,261,762.50
12/15/2033 8,640,112.50 4,249,150.00 1,362,000.00 14,251,262.50
12/15/2034 8,815,362.50 4,249,150.00 1,362,000.00 14,426,512.50
12/15/2035 8,806,362.50 4,249,150.00 1,362,000.00 14,417,512.50
12/15/2036 8,981,112.50 4,249,150.00 1,362,000.00 14,592,262.50
12/15/2037 8,974,612.50 4,249,150.00 1,362,000.00 14,585,762.50
12/15/2038 9,154,612.50 4,249,150.00 1,362,000.00 14,765,762.50
12/15/2039 2,330,862.50 4,249,150.00 1,362,000.00 7,942,012.50
12/15/2040 2,412,112.50 4,249,150.00 1,362,000.00 8,023,262.50
12/15/2041 784,112.50 5,879,150.00 1,362,000.00 8,025,262.50
12/15/2042 6,748,575.00 1,362,000.00 8,110,575.00
12/15/2043 6,747,862.50 1,362,000.00 8,109,862.50
12/15/2044 6,835,062.50 1,362,000.00 8,197,062.50
12/15/2045 6,830,187.50 1,362,000.00 8,192,187.50
12/15/2046 6,922,437.50 1,362,000.00 8,284,437.50
12/15/2047 6,921,300.00 1,362,000.00 8,283,300.00
12/15/2048 7,012,150.00 1,362,000.00 8,374,150.00
12/15/2049 7,012,325.00 1,362,000.00 8,374,325.00
12/15/2050 7,100,950.00 1,362,000.00 8,462,950.00
12/15/2051 7,102,525.00 1,362,000.00 8,464,525.00
12/15/2052 7,195,900.00 1,362,000.00 8,557,900.00
12/15/2053 7,195,300.00 1,362,000.00 8,557,300.00
12/15/2054 7,289,850.00 1,362,000.00 8,651,850.00
12/15/2055 7,348,500.00 1,362,000.00 8,710,500.00
12/15/2056 20,852,075.00 19,522,000.00 40,374,075.00
100,340,403.13 185,544,537.50 59,413,466.67 345,298,407.30
Page 72 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 6
RESERVE/CAPITALIZED INTEREST FUND
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
Scheduled
Date Deposit Interest Principal Draws Balance
12/15/2026 12,747,450 1,062,287.50 1,062,287.50 11,685,162.50
12/15/2027 4,249,150.00 4,249,150.00 7,436,012.50
12/15/2028 4,249,150.00 4,249,150.00 3,186,862.50
12/15/2029 3,186,862.50 3,186,862.50
12,747,450 0 12,747,450.00 12,747,450.00
Average Life (years):1.7500
Arbitrage Yield:5.6424933%
Value of Negative Arbitrage: 1,168,599.79
Page 73 of 134
Nov 14, 2024 10:55 am Prepared by Wells Fargo Securities (TEW)(c:\...\desktop\Foothills MD 11.14.24 (SP):11_14SP-2026) Page 7
SUMMARY OF BONDS REFUNDED
Foothills Metropolitan District
In the City of Fort Collins, Colorado)
2026 Financing
2026A Senior Bonds and 2026B Subordinate Cash Flow Bonds
Preliminary ****
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
2014, 2014, 2030, 2030:
12/01/2026 5.750% 2,365,000 09/01/2026 100.000
12/01/2027 5.750% 2,600,000 09/01/2026 100.000
12/01/2028 5.750% 2,895,000 09/01/2026 100.000
12/01/2029 5.750% 3,160,000 09/01/2026 100.000
12/01/2030 5.750% 3,490,000 09/01/2026 100.000
14,510,000
2014, 2014, 2038, 2038:
12/01/2031 6.000% 3,800,000 09/01/2026 100.000
12/01/2032 6.000% 4,180,000 09/01/2026 100.000
12/01/2033 6.000% 4,540,000 09/01/2026 100.000
12/01/2034 6.000% 4,970,000 09/01/2026 100.000
12/01/2035 6.000% 5,385,000 09/01/2026 100.000
12/01/2036 6.000% 5,870,000 09/01/2026 100.000
12/01/2037 6.000% 6,340,000 09/01/2026 100.000
12/01/2038 6.000% 12,180,000 09/01/2026 100.000
47,265,000
61,775,000
Page 74 of 134
Fort Collins, Colorado February 6, 2025
Page 75 of 134
2
1
3
4
5
Ranking of importance
to the community
ART / CULTURE
LOCAL BUSINESSES
PUBLIC SPACE
SUSTAINABILITY
SAFETY / SECURITY
Programming & community
activations desired at Foothills
2
1
3
4
5
BEER & WINE FESTIVALS
FARMERS MARKET
CONCERTS
ART / CULTURAL EVENTS
ACTIVITIES FOR KIDS
42%41%
17%
When I visit
Foothills I spend
the most time at:
COLLEGE
SHOPS INTERIORMALL OUTDOOR
SPACES
Midtown Fort Collins needs
more of the following:
S
T
R
O
N
G
L
Y
D
I
S
A
G
R
E
E
S
T
R
O
N
G
L
Y
A
G
R
E
E
RENTAL HOUSING OPTIONS
4.7
FOR SALE OPTIONS
5.3
CIVIC/ CULTURAL VENUES
7.2
BETTER DINING OPTIONS
8.5
OFFICE EMPLOYMENT OPTIONS
5.3
A BOUTIQUE HOTEL
4.9
OUTREACH & COMMUNITY ALIGNMENT
Community
driven design
Conducted
in field
surveys with
over 900
respondents
Hosted over
10 town halls,
community
outreach events
and group
presentations
More open & gathering space
Emphasis on arts & culture
Desire for more and better food &
beverage options
Desire for community event space
Range of housing opportunities
Focus on Sustainability
COMMUNITY ENGAGEMENT
6 KEY TAK EAWAYS:
2Theinformationcontainedinthisproposalisconceptualinnatureandprovidedforgeneralinformationpurposesonly. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.Page 76 of 134
Foothills today represents traditional suburban
development... despite a $300+M renovation less
than 10 yrs ago, the indoor portion is trending toward
obsolescence. Fort Collins deserves better.
Current Conditions
Sprawling parking fields
Anchor tenants vacating
Under-utilized parking structure
Poor connections to surrounding neighborhoods
Foothills represents a generational opportunity to
transform 62+ acres in the heart of midtown into a vibrant,
mixed-use urban neighborhood and lifestyle district that is
rooted in the culture and community of Fort Collins.
Redevelopment Approach
Retain entities that are successful (College Ave. shops,
Cinemark, existing restaurants)
Align land use with public desires and city goals
Create room for a host of new experiences and complimentary
uses that ensure long-term success
EXISTING CONDITIONS MASSING STUDY
3Theinformationcontainedinthisproposalisconceptualinnatureandprovidedforgeneralinformationpurposesonly. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.Page 77 of 134
Existing Building to be removed
Existing Building to remain
OVERALL REDUCTION
RETAIL REIMAGINED
AMOUNT OF CURRENT RETAIL
32%
444,000 sf
662,619 sf
FOOTHILLS BY THE NUMBERS
Adaptive
reuse over
demolition
Goal = ‘right size’ the amount of retail
to position for long term success
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.4Page78of134
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RETAIL F&B OFFICE RESIDENTIAL
OF RETAIL / F&B
444,000 sf
NEW RESIDENTIAL UNITS
OF OPEN SPACE & NATURE TRAILS
300
11 acres
FOOTHILLS BY THE NUMBERS
OF NEW WORKPLACE OPPORTUNITIES
40,000 sf
Townhomes
Affordable Apartments
Condominiums
FOOTHILLS BY THE NUMBERS
Repurposed &
reimagined
to resonate.
FAC
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.5Page79of134
RETAIL & F&B
RETAIL & F&B
TOWNHOMES / BROWNSTONES
OFFICE OVER RETAIL
CINEMARK AFFORDABLE APARTMENTS
FAC
VILLAGE GREEN
CONDOMINIUMS
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.6Page80of134
Adaptive reuse of interior mall corridor
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.7Page81of134
Crafted outdoor dining experiences
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.8Page82of134
Dynamic tenant offerings rooted in the culture of Fort Collins
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.9Page83of134
Transformative open spaces that unite the community
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
10Page84of134
OF WORKPLACE
OPPORTUNITIES
40,000 sf
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
11Page85of134
UNITED BY COMMUNITY & NATURE
Residential District
NEW RESIDENTIAL UNITS
300
WE'RE CREA T I NG AN
EXCEPTIONALNEW
RESIDENTIAL
NEIGHBORHOOD THAT PU T S NATURE AND THE PEDESTRIAN
FIRST" –
CHAD MCWHINNEY
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
12Page86of134
Luxury
Brownstones
Affordable
Apartments
RESIDENTIAL
DISTRICTWelcome to the
Neighborhood
FAC
Parking
Garage
Walkup
Townhomes
Attainable
Condominiums
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
13Page87of134
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GE
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NU
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CENTRAL
BOULEVARD
RESIDENT IAL WAY
Existing
Parking
Garage
Cycle
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CONNECTOR
DRIVE
Potential pass through
during open hours
Dick's
Cinemark
Existing Garage
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D-404D-405
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D-704
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Existing
Parking
Garage
FAC
RESIDENTIAL
DISTRICTNatureis calling,
and it's right
outside your door
ClimbingWallPlayFeature
ClimbingWallPlayFeature
ClimbingWallPlayFeature
OversizedSwings
PavingVariationatEntryPlaza
MovableSeatingatEntryPlaza
In-Ground Lighting at Entry Plaza
Linear Park Look and Feel
In-Ground Lighting at Entry Plaza
Lighting Procession at Entry Plaza
Seating Nooks
Key Map
Precedent Imagery - Residential Entry Plaza
ClimbingWallPlayFeature
ClimbingWallPlayFeature
ClimbingWallPlayFeature
Oversized Swings
Paving Variation at Entry Plaza
Movable Seating at Entry Plaza
In-Ground Lighting at Entry Plaza
Linear Park Look and Feel
In-Ground Lighting at Entry Plaza
Lighting Procession at Entry Plaza
Seating Nooks
Key Map
Precedent Imagery - Residential Entry Plaza
Lawn Loungers
Dog Park with Artificial Lawn
Built-in Furnishings
Curved Seatwalls with Tops
Movable Tables and Chairs
Seatwalls with Planting Backdrop
Walk-up Patios for Residences
Hammocks
Oversized Furnishings
Look and Feel
Oversized Furnishings
Oversized Furnishings
Key Map
Precedent Imagery - Linear Park
FLEXIBLE SEATING SPACES
CLIMBING WALL /DYNAMIC ART
OVERSIZED SEATING
DOG PARK
ADVENTURE PLAY ZONE
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
14Page88of134
Environmental
Sustainability
Outcomes
FROM CAR-CENTRIC, SINGLE-USE SUBURBAN
PROTOTYPE TO WALKABLE, URBAN-SCALED
MIXED-USE VILLAGE
E
X
I
S
T
I
N
G
P
R
O
P
O
S
E
D
ADAPTIVE RE-USE VS. DEMOLITION
ALL DESIGNED TO GET PEOPLE OUT OF THEIR
CARS = NATURAL REDUCTION IN GHGS
NEW BIKE AND PEDESTRIAN INFRASTRUCTURE
NEARLY 3X AMOUNT OF OUTDOOR, LANDSCAPED
OPEN SPACE
INTEGRATED LANDSCAPING TO PROMOTE
LEARNING AND PLAY
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
15Page89of134
S
C
O
LL
E
GE
A
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NU
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MA
TT
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W
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E MONRO E DR
WEST ENTRA NCE DR
JO
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E MO NROE DR
LOOP
DRIVE
LOOP DRIVE
Existing
Parking
Garage
Cinemark
Cycle Cycle
Cycle
Cycle
Cycle
FAC
EAST
CONNECTOR
DRIVE
NORT
H
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NTRANCE
DR
UP
Underpass to
Mason Trail
Reduce
connection
length
MAX
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MA
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WEST ENTRANCE DR
LOOP
DRIVE
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BO
ULEVARD
RESIDE NTIAL WAY
EAST
CONNECTOR
DRIVE
Existing
Parking
Garage
Cinemark
FAC
MAX Underpass
Bike Parking Garden
10’ Multi- Modal Path
Bikeway/Bike lane
Sharrow lane
Legend:
Critical Public
Infrastructure
NEW STREET/ALLEY NETWORK
CREATE SMALLER, URBAN-
SCALED BLOCKS FOR NEW USES
RE-ORGANIZE SURFACE PARKING
UPGRADE PUBLIC
PARKING STRUCTURE
NEARLY 3X AMOUNT OF
LANDSCAPED, PROGRAMMED
COMMUNITY OPEN SPACE
FOOTHILLS ACTIVITY CENTER
RENOVATE EXTERIOR/MAKE
MORE VISIBLE
IMPROVE CONNECTION TO
ADJACENT MARRIOTT
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
16Page90of134
Smart Growth
Management
INCREASE DENSITY WITHIN AN
IDENTIFIED TOD DISTRICT
LEVERAGE EXISTING UNDER-UTILIZED
GARAGE
STRENGTHEN CONNECTION TO TRANSIT
WALKABILITY AND PEDESTRIAN FRIENDLINESS
CO-LOCATION OF JOBS, HOUSING,
RETAIL, DINING AND SERVICES =
A “10-MIN CITY”
PUBLIC/COMMUNITY-GATHERING SPACES
17Theinformationcontainedinthisproposalisconceptualinnatureandprovidedforgeneralinformationpurposesonly. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.Page 91 of 134
Strategic
Priorities
DEDICATED SITE FOR
AFFORDABLE RENTAL HOUSING
ATTACHED, FOR-SALE HOUSING –
RANGE OF PRODUCT TYPES AND PRICE POINTS
INFILL REDEVELOPMENT,
SERVED BY EXISTING INFRASTRUCTURE
ECONOMIC HEALTH OUTCOMES –
MALL IS FAILING;
CURRENT BONDS WILL GO INTO DEFAULT
1
2
3
4
The information contained in this proposal is conceptual in nature and provided for general information purposes only. Plans, specifications, amenities, features, availability, amounts, land uses, timing,
programming, owners/tenants, target brands, and other elements are subject to change, modification or cancellation without notice. Plans, photos, maps, and drawings are intended for informational
and illustrative purposes only and are not to be relied on. All images used within this document are for internal use only and are not to be published or shared with third-parties.
18Page92of134
The information contained in this proposal is conceptual in nature and provided for general information purposes only. The proposal is subject to change
by McWhinney Real Estate Services, LLC or its affiliates without notice. The final terms and conditions of any development or other matters related to the
project will be set forth in the definitive agreements among the relevant parties. While we endeavor to provide information which is up to date and correct,
we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with
respect to the information or related graphics contained in this proposal. Financial information, expenses, and projections include estimates, assumptions,
and forward looking statements which may not prove to be correct and which involve risks. Plans, specifications, amenities, features, availability, amounts,
prices, land uses, timing, dimensions, materials and other elements are also subject to change, modification or cancellation. Scenes, pictures, drawings,
illustrations and/or views shown may be artist renderings and may be locations or activities not on, or related to, the property or development. Actual
views may vary, and views described or depicted cannot be relied upon. Maps are not to scale and are for relative location purposes only. There is no
guarantee that the facilities, services, features, amenities, improvements, views, scenes or specifications described, shown or depicted in this proposal will
be constructed or otherwise provided, and if constructed or provided, that they will be of the same type, style, size or nature as described or depicted.
Ownership or lease of a space in a depicted community or mixed-use development does not guarantee access to, or the right to use, amenities, which, if
available, may require separate payment and may be subject to other conditions on use. Please Note: All images used within this document are for internal
use only. Prism and McWhinney do not have the copyright for the various images used and therefore are not to be published or shared.
Page 93 of 134
Page 94 of 134
COUNCIL FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Dana Hornkohl, Brad Buckman, Monica Martinez
Date: February 6, 2025
SUBJECT FOR DISCUSSION
Supplemental Appropriation Request for College Avenue-Trilby Road Intersection
Improvements Project
EXECUTIVE SUMMARY
Final construction of the College Avenue-Trilby Road Intersection Improvements project
Project) will require additional appropriations to complete work. There is sufficient
transportation and stormwater funding available to complete the Project if appropriated. It is
necessary to either 1) appropriate additional funds to complete the Project, 2) further reduce
scope, or 3) delay final delivery. Reduction of scope will result in the Project not fully meeting
the established Project goals or adopted City standards and plans. Delaying final delivery until
other funding becomes available will negatively impact other transportation capital projects in
the delivery pipeline. Staff is recommending supplemental appropriations totaling $3,756,165
which would allow for completion of the intersection improvements and significant utility
infrastructure installation as intended when work began. This request is coming before Council
Finance Committee now to avoid additional cost impacts due to potentially pausing and
restarting active construction and design projects.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Does Council Finance Committee support an off-cycle appropriation from the following funding
sources: 1) Stormwater Reserves, 2) Fort Collins Loveland Water District (FCLWD), 3) South
Fort Collins Sanitation District (SFCSD), 4) unanticipated revenue from the rent and sale of 945
East Prospect Road, 5) Community Capital Improvement Program (CCIP) Arterial Intersection
Improvements, 6) remaining funds in the Suniga Improvements Project, and 7) Transportation
Capital Expansion Fees (TCEF) to complete the College Avenue – Trilby Road Intersection
Improvements project?
BACKGROUND/DISCUSSION
Staff came before the Council Finance Committee and City Council in August/September 2024
seeking and additional appropriation for the Project. The supplemental funding was requested to
cover right-of-way and easement acquisition costs over and above the estimated cost for this
phase of the Project. Since the request was granted, right-of-way acquisition has been completed.
Delays associated with right-of-way acquisition led the Project team to divide construction into
three packages based on the estimated acquisition dates for specific parcel locations. This
allowed construction to begin in areas where acquisition was complete. Construction Package
One (CP1) began in Spring 2024 and was completed in the Fall of 2024. CP1included Project
earthwork and walls. The remaining construction included new stormwater infrastructure and
utility relocation (Package 2) as well as new paving, sidewalks, signals, signing, striping,
landscaping, irrigation, and urban design elements (Package 3). Staff began negotiating
Page 95 of 134
construction pricing for these packages with the City’s Construction Manager/General
Contractor (CM/GC).
It became evident that there were significant additional costs for 1) splitting the construction
packages to take advantage of available acquisitions and 2) longer construction schedules. With
construction season coming to close, and acquisition complete, the Project team decided to
recombine all remaining work into Construction Package Two (CP2) to minimize these
additional costs. The estimated cost for CP2 was still significantly higher than the City’s
remaining Project budget. While construction cost inflation is not as severe as in 2022 and 2023,
it remains challenging, especially for projects that take significant time for planning, design, and
acquisition. The quarterly trendline for annual inflation percentage is 8.51% as measured by the
Colorado Department of Transportation (CDOT) Construction Cost Index (see Attachment 1).
The Project team has since undergone a significant value engineering effort to help bring the
remaining construction cost within the City’s budget. This effort in conjunction with reduced
mobilization, duration of project, and traffic and erosion control setups has brought the estimated
construction cost of CP2 to within ~$1.3 million of the City’s available funding. Staff has
identified traditional transportation capital project funding sources that can be utilized to cover
the shortfall (see Figure 2).
The Project includes significant water line replacement work for the FCLWD and limited sewer
work for the SFCSD. Including this work in the Project will minimize disruption to the traveling
public. The City has entered into intergovernmental agreements with the districts (see
Attachments 2 and 3) and will be reimbursed for this work as it is constructed and accepted by
district staff. This is a routine partnership practice on transportation capital projects. However,
the total scope and estimated cost ($1,168,662) of the districts’ work in the Project is relatively
high compared to other recent capital projects. Now that agreements are executed and pricing is
fixed, a supplemental appropriation is needed to cover the cost of the districts’ work.
The Project also includes significant new stormwater infrastructure. This includes normal surface
water collection inlets and pipes associated with intersection improvement projects. It also
includes significant stormwater outfall infrastructure that is not typically included in this type of
transportation work. The Fossil Creek Stormwater Master plan was originally completed in 2001.
Since this area was within Larimer County but not within City limits, it was not studied for
proposed future major stormwater improvements. The area that includes the Project was annexed
into the City in October 2006 as part of the Southwest Enclave Annexation.
The existing site and stormwater conveyance conditions have not changed significantly since the
annexation, including stormwater routinely overtopping the intersection and College Avenue
north of the intersection. At the onset of the Project, it was not envisioned that Stormwater
Reserves funding would be needed to assist with covering construction costs. This request was
not planned for in the adopted City budget for 2025-2026.
The cost of establishing adequate stormwater outfalls was seen as above and beyond the typical
costs associated with transportation capital improvement projects (see Attachment 4). Fort
Collins Utilities has agreed and is prepared to contribute Stormwater Reserves funding
1,294,934) to the Project to cover the construction costs associated with establishing these
Page 96 of 134
outfalls. This work will allow for future development and redevelopment in and around the
intersection of South College Avenue and Trilby Road.
In addition to this request from Stormwater Reserves, Water Utilities leadership anticipates
bringing forward a request at the March 2025 Council Finance Committee for a supplemental
appropriation of $1,500,000 for the Oak Street Stormwater Improvement Project (OSSP). This
supplemental appropriation will add to the overall OSSP budget to cover anticipated project
expenses with a minor contingency. Water Utilities leadership reviewed both requests for
funding and are confident the Stormwater Utility reserve balance can accommodate both
requests.
Figure 1 depicts the funds that have been appropriated to the Project.
Figure 1 - Prior Appropriated Funds
Figure 2 depicts the proposed supplemental appropriations to the Project.
Highway Safety Improvement Program (HSIP) Grant Funds 2,250,000$
Congestion Mitigation and Air Quality (CMAQ) Improvement
Program Grant Funds 748,732$
Funding Advancements for Surface Transportation and Economic
Recovery (FASTER) Act Grant Funds 3,500,000$
Highway Improvement Program (HIP) Grant Funds 1,870,000$
Surface Transportation Block Grant (STBG) Program Funds 5,272,260$
SUBTOTAL 13,640,992$
Transportation Capital Expansion Fee (TCEF) Funds 1,511,420$
Transportation Services Fund 20,750$
Transportation Improvement Fund 11,900$
Development Contributions to Construction 52,963$
Community Capital Improvement Program (CCIP) Arterial
Intersection Improvements 2,800,000$
SUBTOTAL 4,397,033$
TOTAL PRIOR APPROPRIATION 18,038,025$
Prior Appropriated Funds
Grant Funding (Federal and State)
Local Funding
Page 97 of 134
Figure 2 - Funds Proposed to be Appropriated per Future Action (Local Funding)
Staff has identified three alternatives to reach final completion on the Project.
Option 1: Secure off-cycle appropriations for the Project to complete construction and
avoid additional costs without delaying the work. There is currently sufficient
transportation and stormwater related funding to cover the proposed appropriation.
Option 2: Further reduce the scope of work for the Project. The Project has been value
engineered to minimize costs. Additional reduction of scope would potentially
compromise project goals or limit the ability to meet City standards.
Option 3: Delay final delivery until additional funding can be secured. This option may
jeopardize grant funding awarded to the Project and would result in the Project not
meeting the identified goals within the promised timeframe, expose the remaining work
to further inflation, and would impact the schedule and budget for other transportation
capital projects in the design, acquisition, and construction pipeline.
Project Details and Background
In 2020, the City’s Arterial Intersection Prioritization Study identified the intersection of Trilby
Road and South College Avenue (also known as State Highway 287) as a high priority due to
traffic safety and congestion issues, as well as a lack of active modes infrastructure. CDOT has
also identified this intersection as a high priority to address serious injury crashes.
Engineering, Traffic Operations and FC Moves staff identified the following safety and
operational concerns with the current intersection: 1) high frequencies of approach turn crashes
and rear-end crashes; 2) a lack of bicycle and pedestrian accessibility and infrastructure; 3) high
volumes of motorists on the north-south legs of South College Avenue; and 4) increasing
volumes on the east-west approach legs of Trilby Road. The Project design effort began in 2020.
The reconstructed intersection (see Attachments 5 and 6) will improve safety for current and
future traffic levels as growth continues in the region and will create a safer intersection for all
Stormwater Reserves Fund 1,294,934$
Fort Collins Loveland Water District (FCLWD)1,139,824$
South Fort Collins Sanitation District (SFCSD)28,838$
Proceeds from Rent and Sale of 945 East Prospect Road 380,673$
Community Capital Improvement Program (CCIP) Arterial
Intersection Improvements*400,000$
Reappropriation of Suniga Improvements Project to College
Avenue-Trilby Road Intersection Improvements Project 246,503$
Tra nsportation Capital Expansion Fee (TCEF) Funds 265,393$
Total Proposed Funds to be Appropriated per Future Action 3,756,165$
Proposed Transfer to Art in Public Places 30,789$
Total Proposed Project Funds 21,794,190$
Note: CCIP funds previously appropriated through 2025-2026 budget adoption.
Funds Proposed to be Appropriated per Future Action (Local Funding)
Page 98 of 134
users. The new intersection will feature dual left turn lanes from South College Avenue to Trilby
Road, right turn lanes for each direction of travel, and a widened Trilby Road approach to South
College Avenue. Pedestrians and bicycles will benefit from shared use paths on South College
Avenue (8-foot wide detached) and Trilby Road (8-foot wide attached). Transit users will benefit
from new bus stops on the south side of the intersection on South College Avenue
ATTACHMENTS
1. Quarter Three 2024 Construction Cost Index Report (July – September), dated November
15, 2024.
2. Agreement between the City of Fort Collins and the Fort Collins-Loveland Water District
Regarding Infrastructure Improvements in and around the College and Trilby
Intersection, dated August 8, 2024.
3. Agreement between the City of Fort Collins and the South Fort Collins Sanitation District
Regarding Infrastructure Improvements in and around the College and Trilby
Intersection, dated August 12, 2024.
4. Memorandum - College Avenue and Trilby Road Intersection Improvements Project
Request to Share Stormwater Costs, dated January 8, 2025.
5. College Avenue-Trilby Road Intersection Improvements Project – Vicinity Map
6. College Avenue-Trilby Road Intersection Improvements Project – Design Exhibit
Page 99 of 134
Headline Copy Goes Here
Capital Projects Manager
Dana Hornkohl
Supplemental
Appropriation
Request for College
Avenue-Trilby Road
Intersection
Improvements
Project
February 6, 2025
Page 100 of 134
Headline Copy GoesHereQuestionfortheCouncilFinance Committee
2
Does Council Finance Committee support an off-cycle appropriation from the following funding
sources to complete the College Avenue – Trilby Road Intersection Improvements project?
Stormwater Reserves Fund 1,294,934$
Fort Collins Loveland Water District (FCLWD)1,139,824$
South Fort Collins Sanitation District (SFCSD)28,838$
Proceeds from Rent and Sale of 945 East Prospect Road 380,673$
Community Capital Improvement Program (CCIP) Arterial
Intersection Improvements 400,000$
Reappropriation of Suniga Improvements Project to College
Avenue-Trilby Road Intersection Improvements Project 246,503$
Transportation Capital Expansion Fee (TCEF) Funds 265,393$
Total Proposed Funds to be Appropriated per Future Action 3,756,165$
Funds Proposed to be Appropriated per Future Action (Local Funding)
Page 101 of 134
Headline Copy Goes Here
3
Construction Inflation Background
Page 102 of 134
Headline Copy GoesHereCollegeAvenue – Trilby Road Intersection Improvements
4
Pedestrian and bicycle improvements
Dual left turn lanes from South College Avenue onto Trilby
Road
Right turn lanes for each direction of travel
Widened Trilby Road approaches to South College Avenue
Construction is divided into two phases
Phase 1: Earthwork and walls, construction completed
Fall 2024
Phase 2: Utility relocation, storm drainage, sidewalks,
paving, signals. landscaping, construction 2025
Cost escalation due to construction cost inflation and
division of work
Page 103 of 134
Headline Copy Goes Here
5
Prior and Proposed Funding
Highway Safety Improvement Program (HSIP) Grant Funds 2,250,000$
Congestion Mitigation and Air Quality (CMAQ) Improvement
Program Grant Funds 748,732$
Funding Advancements for Surface Transportation and Economic
Recovery (FASTER) Act Grant Funds 3,500,000$
Highway Improvement Program (HIP) Grant Funds 1,870,000$
Surface Transportation Block Grant (STBG) Program Funds 5,272,260$
SUBTOTAL 13,640,992$
Transportation Capital Expansion Fee (TCEF) Funds 1,511,420$
Transportation Services Fund 20,750$
Transportation Improvement Fund 11,900$
Development Contributions to Construction 52,963$
Community Capital Improvement Program (CCIP) Arterial
Intersection Improvements 2,800,000$
SUBTOTAL 4,397,033$
TOTAL PRIOR APPROPRIATION 18,038,025$
Prior Appropriated Funds
Grant Funding (Federal and State)
Local Funding
Stormwater Reserves Fund 1,294,934$
Fort Collins Loveland Water District (FCLWD)1,139,824$
South Fort Collins Sanitation District (SFCSD)28,838$
Proceeds from Rent and Sale of 945 East Prospect Road 380,673$
Community Capital Improvement Program (CCIP) Arterial
Intersection Improvements 400,000$
Reappropriation of Suniga Improvements Project to College
Avenue-Trilby Road Intersection Improvements Project 246,503$
Transportation Capital Expansion Fee (TCEF) Funds 265,393$
Total Proposed Funds to be Appropriated per Future Action 3,756,165$
Proposed Transfer to Art in Public Places 30,789$
Total Proposed Project Funds 21,794,190$
Funds Proposed to be Appropriated per Future Action (Local Funding)
Page 104 of 134
Headline Copy Goes Here
6
Alternatives
Option 1: Secure off-cycle appropriations for the Project to complete construction and avoid
additional costs with delaying the work. There is currently sufficient transportation and stormwater
funding to cover these proposed appropriations.
Option 2: Reduce the scope of work for the Projects. The Project has been value engineered to
minimize costs. Additional reduction of scope would potentially compromise project goals or limit the
ability to meet City standards.
Option 3: Delay final delivery until additional funding can be secured. This option may jeopardize
grant funding awarded to the Project and would result in the Project not meeting the identified
project goals within the promised timeframe, expose the remaining work to further inflation, and
would impact the schedule and budget for other transportation capital projects in the design,
acquisition, and construction pipeline.
Page 105 of 134
Headline Copy GoesHereQuestionfortheCouncilFinance Committee
7
Does Council Finance Committee support an off-cycle
appropriation from the proposed funding sources to
complete the College Avenue – Trilby Road
Intersection Improvements project?
Page 106 of 134
Headline Copy Goes Here
Page 107 of 134
COUNCIL FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Dean Klingner, Community Services Director
LeAnn Williams, Director, Recreation
Victoria Shaw, Finance Senior Manager, Community Services
Date: February 6, 2025
SUBJECT FOR DISCUSSION Southeast Community Center
EXECUTIVE SUMMARY
The Southeast Community Center, a City of Fort Collins and Poudre River Public Library
District (PRPLD) partnership, is in the early stages of design. The project has a scope and
funding history that dates back to the 2015 voter approval of the Community Capital
Improvement Tax which included a Community Center with an Outdoor Pool.
In the intervening years, additional developments have made expanded opportunities possible.
These include completion of multiple studies and plans, a partnership with PRPLD, and a
potential funding partnership with Poudre School District.
Over the next few months, the design team will be developing funding and scoping options to
inform City Council, the PSD School Board, and the Library District Board decisions. As the
project team has been generating estimated costs for the facility, a funding gap has been
identified. Staff will bring the potential options for a facility with capital and operations
projected costs. Staff will present some options for funding each scope of facility while
identifying potential trade offs in future capital funding of recreation and pool facilities.
This conversation is intended to give a preview and receive feedback of the presentation and
funding options to City Council at the work session on February 25, 2025.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
What questions do Committee members have about the background, status and upcoming steps
for this project?
What feedback do Committee members have about the capital, operations, maintenance, and
asset replacement options presented?
What feedback do Committee members have on the SECC options and potential funding stacks
that will be at the Council work session Feb 25, 2025?
Page 108 of 134
BACKGROUND/DISCUSSION
This project includes over 11 years of project development from the completion of a 2013
Feasibility study through today. Due to the volume of background information, this Agenda Item
Summary presents the background in summary, not complete detail.
In October of 2013 the City completed the “Fort Collins Southeast Community
Recreation & Arts Center – Summary of Needs and Development Plan.” This study
provides valuable information about the origination of the idea of a facility in SE Fort
Collins, but is now old enough that it does not reflect current community needs.
In January of 2021 City Council adopted “ReCreate, Parks and Recreation Master Plan.”
This document is the “north star” for guiding parks and recreation policy and investment
and highlights the need and plan for a Southeast Community Center at a high level.
In 2022, at Council request, the City completed a more detailed aquatics study to
understand the demand, options and opportunities for public aquatics facilities in Fort
Collins.
In 2022, City Council held two Work Sessions and a Council Finance Committee
discussing this project. No decisions were made, and as a result of these meetings, City
staff continued to work with the Library and PSD as potential partners and began to
consider a larger facility than required in the ballot language that could be phased or
funded through a future funding source.
In November of 2023, the 2050 1/2-cent sales tax passed with the following ballot
language: “50% for the replacement, upgrade, maintenance and accessibility of parks
facilities and for the replacement and construction of indoor and outdoor recreation and
pool facilities.”
The 2023-24 City Budget included funds for project development and design. City staff
has been actively working on this phase of the project since the 1st quarter of 2024.
Progress to date has included hiring of an Owners Representative, a Design Firm /
Architect, and a General Contractor.
Staff will be at two work sessions in February and April, with the intention of finalizing
scope, budget and combination of potential funding sources (funding stack) for the
project.
ATTACHMENTS (numbered Attachment 1, 2, 3,…)
Page 109 of 134
Headline Copy Goes Here
Dean Klingner
Director,Community Services
LeAnn Williams
Director, Recreation
Council Finance
Committee --
Southeast
Community Center
02-06-25
Page 110 of 134
Headline Copy Goes Here
2
What questions do Committee members have about the background, status and
upcoming steps for this project?
What feedback do Committee members have about the capital, operations,
maintenance, and asset replacement options presented?
What feedback do Committee members have on the Southeast Community
Center options and potential funding stacks that will be at Council Work Session
February 25, 2025?
Page 111 of 134
Headline Copy Goes Here
3
Project Timeline – History & Current Status
APRIL
CCIP ballot
measure passed
2015 2021202320222021
OCTOBER
City Council
requests completion
of aquatics study
AUGUST
IGA developed and
adopted between
Poudre Libraries, PSD
and City
JANUARY
ReCreate: Parks
Recreation
Master Plan
adopted
JAN. - MARCH
Aquatics study
completed and
presented to City
Council at work
session
Partnership
conversations with
Poudre Libraries and
Poudre School District
begin
2023
NOVEMBER
2050 Parks &
Recreation tax passes
2015 – 2023
Page 112 of 134
Headline Copy Goes Here
4
Project Timeline – History & Current Status (cont.)
APRIL
Project charter
development begins,
Owners Rep selected
2024 2024202520242024
NOVEMBER
Poudre School
District Mill Levy
measure passes
FEBRUARY
City staff present for
second time to Council
Finance Committee
AUG. – NOV.
Design &
construction
teams selected
DECEMBER
City staff present
to Council
Finance
Committee
2024 – 2025
Page 113 of 134
Headline Copy Goes Here
5
Southeast Community Center Construction (SECC) Process
Estimated start
date: Q4 2026 or
Q1 2027
COMMUNITY
PLANNING,
PROJECT
INITIATION
We are here*
Upcoming:
February 25 work
session
April work session
PROJECT SCOPE
BUDGET
DEVELOPMENT
CONCEPTUAL
DESIGN)
Council finalizes
scope, budget and
timeline
Q2: 2025
2013 Feasibility
Study
2015 Quarter-
Cent Ballot
ReCreate Master
Plan (2021)
Aquatics Study
2021)
2050 P&R Tax
Estimated
opening: 2028
PROJECT DESIGN CONSTRUCTION
FACILITY
OPENING &
ONGOING
OPERATIONS
Page 114 of 134
Headline Copy Goes Here
6
Proposed Key Decision Criteria
Total Capital Cost
Annual On-going costs
earned revenue / City
General Fund split)
Major Maintenance
COST
CONSIDERATIONS
Pools / Aquatics
Childcare
Recreation Spaces
Community Spaces
Creative / Innovation
Spaces and facility
integration
Shared spaces
City/Library)
Alignment with Policy,
Plans, Studies
Environmental
Sustainability (LEED,
water conservation, etc.)
Resourcing vulnerable
populations
15-minute City
Making government
accessible and fun
Intergenerational spaces
Building Community
COMMUNITY NEEDS/
FACILITY INCLUSIONS
COUNCIL AND
COMMUNITY PRIORITIES
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Future Southeast
Community Center
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Facility size and capital cost is the City’s portion of the facility including pools, recreation
and shared spaces with Poudre Libraries.
Estimates do not include Poudre Libraries square footage, capital or operating costs.
Estimated operational costs do not include Poudre Libraries or PSD share of operations,
maintenance and asset management.
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Determining Project Budget & Scope
Starting Points:
2015 Ballot inclusions – Community Center and Outdoor Pool
Library Partnership
Indoor lap lanes with fair share (capital, operating, and major maintenance) agreement with PSD
Additional Opportunities:
Scope and scale of Community Center
Expansion of Outdoor Pool scope to extend season (separate pool or maybe design options to
have a single pool operate both indoors and outdoors)
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Community Centers - Level of Service (per ReCreate Master Plan)
SIZE: 45,000-75,000 Sq. Ft.
Existing Community
Centers
Northside Aztlan
Community Center
Fort Collins Senior
Center
Planned Community
Center
Southeast
Community Center
Weight/Cardio Room
Indoor Track
Pool/Aquatics
Gymnasium
Multipurpose Meeting Rooms
Crafting/Maker Spaces
Performance Spaces
Concessions/Catering Kitchen
Snacks
TYPICAL AMENITIES:
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Fort Collins
Senior Center
Proposed Northeast
Community Center
Northside Aztlan
Community Center
Future Southeast
Community Center
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RECREATION FACILITIES & LIBRARIES
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Estimated Cost Recovery: 34 – 42%
Estimated Annual General Fund Subsidy: $1.3 – 1.5M
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Estimated Cost Recovery: 61 – 76%
Estimated Annual General Fund Subsidy: $600,000 - $900,000
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Estimated Cost Recovery: 66 – 82%
Estimated Annual General Fund Subsidy: $450,000 – $850,000
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Estimated Cost Recovery: 59 – 74%
Estimated Annual General Fund Subsidy: $875,000 – $1.4M
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Program Option 1 Option 2a Option 2b Option 3
Proposed
Amenities
40-50,000 sf
Large Outdoor
Recreation Pool
10-Lane Indoor Pool
Small Fitness
No Licensed Daycare
No Group Exercise
No Gymnasium
No Walk/Jog Track
60-70,000 sf
Large Outdoor
Recreation Pool
10-Lane Indoor Pool
Medium Fitness
Licensed Daycare
Small Group Exercise
One Court Gym
Smaller Track
64-74,000 sf
Large Outdoor
Recreation Pool
10-Lane Indoor Pool
Medium Fitness
Licensed Daycare
Small Group Exercise
Two Court Gym
Larger Track
75-85,000 sf
Large
Indoor/Outdoor
Recreation Pool
10-Lane Indoor Pool
Medium Fitness
Licensed Daycare
Small Group Exercise
Two Court Gym
Larger Track
Program
Diversity Lowest Medium High Highest
Usage
Annually):Lowest Medium High Highest
Construction
Cost:Lowest Medium Medium Highest
Cost Recovery Lowest Medium Highest Medium
30-Yr. O&M
General Fund
Cost Est:
Highest Medium Lowest High
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Bond Years 20
Bond Rate 5.0%
Net Taxable Growth Rate 2.5%
Assumptions
2050 Tax Bond Proceeds $24 $32 $40
2050 TaxReserves $10 $10 $10
CCIP Appropriated $18 $18 $18
CCIP Reserves $10 $11 $12
DOLAGrant $2 $2 $2
Recreation Reserves $1 $2 $3
Total City of Fort Collins Funding $65 $75 $85
of Parks & Recreation Share 12%15%18%
Potential Funding Scenarios ($ in Millions)
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What questions do Committee members have about the background, status and
upcoming steps for this project?
What feedback do Committee members have about the capital, operations,
maintenance, and asset replacement options presented?
What feedback do Committee members have on the Southeast Community
Center options and potential funding stacks that will be at Council Work Session
February 25, 2025?
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BACK UP
SLIDES
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Project Delivery – Project Team
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2050 Tax Parks and Recreation
2050 Tax Overview:
cent sales tax
Passed in November 2023
Expires in 2050
Allocations: 25% Transit, 25% Climate, and
50% FOR THE REPLACEMENT, UPGRADE,
MAINTENANCE, AND ACCESSIBILITY OF PARKS
FACILITIES AND FOR THE REPLACEMENT AND
CONSTRUCTION OF INDOOR AND OUTDOOR
RECREATION AND POOL FACILITIES
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How should 2050 P&R tax be split between eligible elements?
Illustration:
Life of 2050 tax =
27 years x $10.5M (2024 dollars) =
283 M
80% = ~227 M replacement/refresh
8.4M/year
20% = ~$57 M replacement and
construction of indoor and outdoor
recreation and pool facilities
80%
20%
Potential Split of 2050 Parks and Rec Funds
Replacement, Upgrade, Maintenance, etc. -- PARKS & RECREATION
Replacement & Construction of Indoor and Oudoor Recreation and Pool Facilities
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Funding options for SECC
FUNDING SOURCE TOTAL
2015-25 CCIP (existing)$17M
DOLA Resilience Grant (existing)$2M
CCIP Reserves (Council option)$10M
2050 (Council option – combination of 2050
reserves + bonding)$31M - $36M
COMBINED $60M - $65M
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Equity and Vulnerable Populations
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