HomeMy WebLinkAbout2018-028-03/06/2018-APPROVING THE CONSOLIDATED SERVICE PLAN FOR THE RUDOLPH FARMS METROPOLITAN DISTRICT NOS. 1-6 RESOLUTION 2018-028
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE CONSOLIDATED SERVICE PLAN FOR THE
RUDOLPH FARMS METROPOLITAN DISTRICT NOS. 1-6
WHEREAS, the interchange at Interstate Highway 25 and Prospect Road (the
"Interchange") is owned by the State of Colorado and operated and maintained by the Colorado
Department of Transportation ("CDOT"); and
WHEREAS,the Interchange is within the City's boundaries and adjacent to its four corners
are several undeveloped parcels of privately-owned land, which parcels are also within the City's
boundaries; and
WHEREAS, Fort Collins/I-25 Interchange Corner, LLC ("FCIC") is the fee title owner of
a parcel of land adjacent to the northwest corner of the Interchange (the "FCIC Parcel"); and
WHEREAS, Gateway at Prospect Apartments, LLC ("GAPA") is the fee title owner of a
parcel of land also adjacent to the northwest corner of the Interchange (the "GAPA Parcel"); and
WHEREAS, a group of tenants in common("TIC Owners") are the fee title owners of the
three parcels of land adjacent to the northeast corner of the Interchange (the "TIC Owners
Parcels"); and
WHEREAS, Paradigm Properties LLC ("Paradigm") is the fee title owner of the two
parcels of land adjacent to the southeast corner of the Interchange (the "Paradigm Parcels"); and
WHEREAS,the Colorado State University Research Foundation("CSURF")is the fee title
owner of the two parcels of land adjacent to the southwest corner of the Interchange (the "CSURF
Parcels"); and
WHEREAS, FCIC, GAPA, the TIC Owners, Paradigm and CSURF are hereafter
collectively referred to as the "Property Owners" and the FCIC Parcel, GAPA Parcel, the TIC
Owners Parcels, Paradigm Parcels and CSURF Parcels are hereafter collectively referred to as the
"Properties"; and
WHEREAS,CDOT has notified the City that it is planning a project to significantly modify
and improve the Interchange by reconstructing its ramps and bridge and by reconstructing Prospect
Road to a configuration with four through lanes, a raised median, left turn lanes and pedestrian
and bicycle facilities,and CDOT is expected to begin construction of this project after July 1,2018
(the "Project"); and
WHEREAS, the Project will also include certain urban design improvements requested by
the City that are typically required under the City's development standards (the "Urban Design
Features"); and
WHEREAS, the Project and the Urban Design Features will provide significant public
benefits,to the City and its residents, and they will benefit the Property Owners by materially
increasing the value of their Properties; and
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WHEREAS, CDOT estimates that the total cost of the Project, as originally proposed by
it, will be approximately $24 million, but it has indicated that it will only provide $12 million to
fund the Project, leaving a $12 million deficit; and
WHEREAS, the Urban Design Features planned by the City will add an additional $7
million to the cost of the Project,'bringing the total Project cost to $31 million; and
WHEREAS, CDOT has asked the City to.participate in the Project by funding the $12
million deficit originally identified by CDOT, but the City is only willing to consider funding this
deficit if the additional $7 million of Urban Design Features are included in the Project and if the
Town of Timnath, Colorado ("Timnath") and the Property Owners share in funding this $19
million deficit; and
WHEREAS, the City has previously entered into an Intergovernmental Agreement dated
April 14, 2017, with.CDOT in which the City has agreed to contribute $2.25 million in support of
CDOT's project to improve I-25 from Colorado Highway 402 to Colorado Highway 14 (the
"CDOT IGA"); and
WHEREAS,on January 2,2018,the City Council adopted Resolution 2018-004 approving
an amendment to the CDOT IGA, in which amendment the City has agreed to share in the cost of
the Interchange Project as proposed by CDOT and CDOT has agreed to add the Urban Design
Features to the Project, which amendment the City and CDOT entered into on January 18, 2018
(the "Amended IGA"); and
WHEREAS, the City has also asked Timnath to share in funding the City's commitment
to CDOT under the Amended IGA since Timnath will also experience significant public benefits
from the Project; and
WHEREAS,the City and Timnath have been negotiating a separate agreement under which
Timnath would reimburse the City for up to $2.5 million of the $19 million deficit to be paid over
a twenty-year period, thereby leaving a$16.5 million deficit(the "Remaining Deficit"); and
WHEREAS,the City and the Property Owners have previously negotiated and entered into
that certain"Memorandum of Understanding Pertaining to Development of Interstate Highway 25
and Prospect Road Interchange" dated January 30, 2018, which City Council approved in
Resolution 2018-005 on January 2, 2018 (the "MOU"); and
WHEREAS, the City and the Property Owners acknowledged in the MOU that while it is
not a binding agreement, the parties nevertheless intended to cooperate in good faith to negotiate
and enter into a binding agreement under which the parties would agree to equally share in the
payment of the Remaining Deficit; and
WHEREAS, as so intended in the MOU, City staff and the Property Owners have
negotiated in good faith a "Binding Agreement Pertaining to Development of Interstate Highway
25 and Prospect Road Interchange" (the "Binding Agreement"); and
WHEREAS,the City Council has on this date adopted Resolution 2018-024 approving and
authorizing the City's execution of the Binding Agreement; and
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WHEREAS, the Property Owners agree in the Binding Agreement to equally share the
Remaining Deficit by the Property Owners agreeing to reimburse the City over time their $8.25
million share ("Shared Deficit") to be reduced by a credit of$500,000 representing the value of
the Property Owners' land that will be dedicated to CDOT without receiving compensation as right
of way for the Project(the"ROW Credit")and a credit of$700,000 representing the transportation
capital expansion fees anticipated to be paid to the City under Fort Collins Code Section 7.5-32
related to the future development of the Properties (the "TCEF Credit"); and
WHEREAS, after the ROW Credit and the TCEF Credit are applied to the Shared Deficit,
the Binding Agreement provides that the Property Owners' portion of the Shared Deficit will be
$7,050,000, plus financing costs ("Owners' Share"); and
WHEREAS, the Binding Agreement further provides that the Owners' Share will accrue
interest at the rate the City incurs in financing its funding obligations to CDOT under.the Amended
IGA and that this adjusted amount will be paid in twenty annual payments of principal and interest
from the Pledged Revenues (as hereinafter defined); and
WHEREAS, the Property Owners also.agree in the Binding Agreement to record against
their respective Properties a covenant imposing a public improvement fee at a rate .75%, net of
any administrative fees for collection,to be imposed on all future retail sales on the Properties that
are also subject to the City's sales tax under Article III of City Code Chapter 25, as amended
(collectively, the "Interchange PIF Covenant"); and
WHEREAS, to pay the Owners' Share, the Binding Agreement contemplates that the
Property Owners will organize a metropolitan district under the provisions of Article 1 of Title 32
of the Colorado Revised Statutes (the "Special District Act"); and
WHEREAS, on July 15, 2008, the City Council adopted Resolution 2008-069 creating a
Policy for Reviewing Proposed Service Plans for Title 32 metropolitan districts(the"City Policy")
setting forth criteria to serve as a guide for Council's consideration of metropolitan district service
plans, but retaining to Council the full discretion and authority regarding the terms and conditions
of the service plans it considers and approves; and
WHEREAS, the Property Owners have submitted to the City, in accordance with the City
Policy,the"Service Plan for I-25/Prospect Interchange Metropolitan District, City of Fort Collins,
Colorado" (the "Interchange Service Plan") to create this metropolitan district (the "Interchange
Metro District"); and
WHEREAS, the Interchange Service Plan proposes the creation of the Interchange Metro
District for the sole purpose of paying the Owners' Share through the Interchange Metro District's
pledge of a combination of a property tax mill levy of not less than 7.5 mills, but not more than 10
mills, on the Properties ("Property Tax"), fees imposed by it on and collected from future
development occurring on the Properties ("Project Fees") and the net revenues from the
Interchange PIF Covenant collected by the Interchange Metro District("PIF Revenues"); and
WHEREAS,the Interchange Metro District's commitment to pledge the Property Tax, the
Project Fees and the PIF Revenues (collectively, the "Pledged Revenues") to the payment of the
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Owners' Share is set out in the Capital Pledge Agreement attached as Exhibit "D" to the
Interchange Service Plan (the "Capital Pledge Agreement"); and
WHEREAS, as anticipated in the MOU, four of the Property Owners also wish to form
other metropolitan districts under the District Act to use to construct and fund some or all of the
basic public infrastructure needed in the future development of their individual Properties,whether
such development is commercial or residential, and for maintenance of such infrastructure and for
all other purposes allowed by the District Act and the approved service plans (the "Development
Metro Districts"); and
WHEREAS, the Interchange Metro District and the Development Metro Districts shall be
collectively referred to as the "Metro Districts"; and
WHEREAS, the Metro Districts cannot be created under the District Act without the City
Council approving a service plan for each of the Metro Districts (collectively, "Service Plans")
which, together with the District Act, will govern the operation of the Metro Districts and their
authority to impose, collect, spend and pledge property taxes and fees, issue debt, and they will
delineate the type of basic public infrastructure and services the Metro Districts will be authorized
to provide and how the Metro Districts will cooperate with each other, the City and the Property
Owners to fund regional and local infrastructure; and
WHEREAS, the Binding Agreement contemplates that if all of the Service Plans are not
approved by Council, that the Interchange Metro District will not enter into the Capital Pledge
Agreement and the Property Owners will not record the Interchange PIF Covenant, however the
Binding Agreement also contemplates that the Development Districts will be unable to impose any
fees or property tax mill levy or issue any debt unless the Interchange Metro District conducts a
TABOR election on May 8, 2018, in accordance with Article X, Section 20 of the Colorado
Constitution, that authorizes the Interchange Metro District's Property Tax and the Capital Pledge
Agreement, the Interchange Metro District enters into the Capital Pledge Agreement, and the
Property Owners record the PIF Covenant against all of their respective Properties; and
WHEREAS, the TIC Owners, as the owner of the TIC Owners Parcels, have submitted to
the City, in accordance with the City Policy, the "Consolidated Service Plan for Rudolph Farms
Metropolitan District Nos. 1-6" attached hereto as Exhibit "A" and incorporated herein by
reference (the "Rudolph Farms Service Plan"); and
WHEREAS, in accordance with Subsection B of the Review and Approval Process section
of the City Policy and Colorado Revised Statutes Section 32-1-204.5, the TIC Owners have
complied with all notification requirements for City Council's public hearing on the Rudolph
Farms Service Plan as evidenced by the "Certificate of Mailing Notice of Service Plan Hearing"
dated February 28, 2018, attached hereto as Exhibit`B" and incorporated herein by reference (the
"Notice Requirements"); and
WHEREAS, in addition to compliance with the Notice Requirements, the TIC Owners
have caused to be published a notice of the Public Hearing in the Coloradoan, a newspaper of
general circulation within the boundaries of the proposed Rudolph Farms Metropolitan District
Nos. 1-6 (the "Rudolph Farms Metro Districts"); and
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WHEREAS, the City Council has reviewed the Rudolph Farms Service Plan and
considered the testimony and evidence presented at a public hearing on March 6,2018 (the"Public
Hearing"); and
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WHEREAS,the Special District Act requires that any service plan submitted to the district
court for the creation of a metropolitan district must first be approved by a resolution of the
governing body of the municipality within which the proposed district lies; and
WHEREAS, the City Council wishes to approve the Rudolph Farms Service Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CIITY OF
FORT COLLINS, COLORADO, as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby determines that the City's notification
requirements have been complied with regarding the Public Hearing on the Rudolph Farms Service
Plan. ,
Section 3. That the City Council hereby finds that the Rudolph Farms Service Plan
contains,or sufficiently provides for,the items described in Colorado Revised Statutes Section 32-
1-202(2), and that:
a. There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed Rudolph Farms Metro Districts;
b. The existing service in the area to be served by the proposed Rudolph Farms
Metro Districts is inadequate for present and projected needs;
C. The proposed Rudolph Farms Districts are capable of providing economical
and sufficient service to the area within their proposed boundaries; and
d. The area to be included within the proposed Rudolph Farms Metro Districts
has, or will have, the financial ability to discharge the proposed indebtedness on a
reasonable basis.
Section 4. That the City Council's findings are based solely upon the evidence in the
Rudolph Farms Service Plan as presented at the Public Hearing and the City has not-conducted
any independent investigation of the evidence. The City makes no guarantee as to the financial
viability of the Rudolph Farms Metro Districts or the achievability of the desired results.
Section 5. That the City Council hereby approves the Rudolph Farms Service Plan.
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Section 6. That the City Council's approval of the Rudolph Farms Service Plan is not
a waiver or a limitation upon any power that the City or the City Council is legally permitted to
exercise with respect to the property within the Rudolph Farms Metro Districts.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 6th
day of March A.D. 2018.
Mayor
ATTEST:
OF FOR?, ,
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City C1 1 ' SEAL N
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EXHIBIT A
CONSOLIDATED SERVICE PLAN
FOR
RUDOLPH FARMS METROPOLITAN DISTRICT NOS , 1 -6
CITY OF FORT COLLINS , COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
748 Whalers Way, Suite 210
Fort Collins, Colorado 80525
March 6 , 2018
TABLE OF CONTENTS
I. INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
A. Purpose and Intent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
B . Need for the Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
C . Objective of the City Regarding Districts ' Service Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
11. DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
111. BOUNDARIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
IV. PROPOSED LAND USE AND ASSESSED VALUATION . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
V. DESCRIPTION OF PROPOSED POWERS , IMPROVEMENTS AND SERVICES . . . . . . . 7
A. Powers of the Districts and Service Plan Amendment, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1 . Operations and Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2 , Development Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
3 . Privately Placed Debt Limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
4. Inclusion and Exclusion Limitation. 8
5 . Maximum Debt Authorization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
6 . Monies from Other Governmental Sources , . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
7 . Consolidation Limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
8 , Eminent Domain Limitation. . I I I I I I I I I I I I I I I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1111 8
9 . Service Plan Amendment Requirement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
B . Infrastructure Preliminary Development Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1111 9
VI. FINANCIAL PLAN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
A. General, 10
B . Maximum Voted Interest Rate and Maximum Underwriting Discount. . . . . . . . . . . . . . . 11
C . Maximum Mill Levies . 11
D. Debt Issuance and Maturity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
E. Security for Debt, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
F . TABOR Compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
G. Districts ' Operating Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
H. Elections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
VII. ANNUAL REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
A. General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
B . Reporting of Significant Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 13
VIII. DISSOLUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
IX, PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND
EXTRATERRITORIAL SERVICE AGREEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
X. MATERIAL MODIFICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
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XI. SANCTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
XII . INTERGOVERNMENTAL AGREEMENT WITH CITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
XIII. CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
XIV. RESOLUTION OF APPROVAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
1598 . 0003 ; 876591 ii
LIST OF EXHIBITS
EXHIBIT A- 1 Legal Description of Project Area Boundaries
EXHIBIT A-2 Legal Description of District No . 1
EXHIBIT A-3 Legal Description of District No . 2
EXHIBIT A-4 Legal Description of District No . 3
EXHIBIT A-5 Legal Description of District No . 4
EXHIBIT A-6 Legal Description of District No . 5
EXHIBIT A-7 Legal Description of District No . 6
EXHIBIT 13- 1 Project Area Boundary Map
EXHIBIT B-2 District No . 1 Boundary Map
EXHIBIT B-3 District Nos . 2-6 Boundary Map
EXHIBIT B-4 District Nos . 1 -6 Estimated Future Boundary Map
EXHIBIT C Vicinity Map
EXHIBIT D Infrastructure Preliminary Development Plan
EXHIBIT E Financial Plan
EXHIBIT F Intergovernmental Agreement
1598 . 0003 ; 876591 iii
I. INTRODUCTION
A . Purpose and Intent.
The Districts, which are intended to be independent units of local government
separate and distinct from the City, are governed by this Service Plan. Except as may otherwise be
provided for by State or local law or this Service Plan, the Districts ' activities are subject to review
by the City only insofar as they may deviate in a material manner from the requirements of this
Service Plan. The Districts are needed to provide Public Improvements to the Project for the benefit
of property owners within the Districts and other local development and will result in enhanced
benefits to existing and future business owners and/or residents of the City. The primary purpose
of the Districts will be to finance the construction of these Public Improvements .
The Districts are being organized under a multiple-district structure. As the Project
is anticipated to be built over an extended period of time, this will allow for a phased absorption
of the Project and corresponding Public Improvements. Additionally, such structure assures proper
coordination of the powers and authorities of the independent Districts and avoids confusion
regarding the separate, but coordinated, purposes of the Districts that could arise if separate service
plans were used. Under such structure, District No . 6, as the service district, is responsible for
managing the construction and operation of the facilities and improvements needed for the Project.
District No . 1 , District No . 2 , District No . 3 , District No . 4 and District No. 5 , as the financing
districts, are responsible for providing the funding and tax base needed to support the Financial
Plan for capital improvements . The continued operation of District No . 6 as the service district
which owns and operates the public facilities throughout the Project, and the continued operation
of District No . 1 , District No . 2, District No. 3 , District No . 4 and District No. 5 as the financing
districts that will generate the tax revenue sufficient to pay the costs of the capital improvements,
creates several benefits . These benefits include, inter alia: ( 1 ) coordinated administration of
construction and operation of Public Improvements, and delivery of those improvements in a
timely manner; (2) maintenance of equitable mill levies and reasonable tax burdens on all areas of
the Project through proper management of the financing and operation of the Public
Improvements ; and (3) assured compliance with state laws regarding taxation in a manner which
permits the issuance of tax exempt Debt at the most favorable interest rates possible.
Currently, development of the Project is anticipated to proceed in phases . Each
phase will require the extension of public services and facilities . The multiple district structure will
assure that the construction and operation of each phase is primarily administered by a single board
of directors consistent with a long-term construction and operations program. Use of District No.
6 as the entity responsible for construction of each phase of the Public Improvements and for
management of operations will facilitate a well-planned financing effort through all phases of
construction and will assist in assuring coordinated extension of services.
The multiple district structure will also help assure that Public Improvements will
be provided when they are needed, and not sooner. Appropriate development agreements between
District No . 6 and the Property Owners of the Project will allow the postponement of financing for
improvements which may not be needed until well into the future, thereby helping property owners
avoid the long-term carrying costs associated with financing improvements too early. This, in turn,
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allows the full costs of Public Improvements to be allocated over the full build-out of the Project
and helps avoid disproportionate cost burdens being imposed on the early phases of development.
Allocation of the responsibility for paying Debt for Public Improvements and
capital costs will be managed through development of a unified financing plan for those
improvements and through development of an integrated operating plan for long-term operations
and maintenance. Use of District No . 6 as the service district to manage these functions will help
assure that the phasing of the Public Improvements will occur as logical and necessary as to
conform to development plans approved by the City and will help maintain reasonably uniform
mill levies and fee structures throughout the coordinated construction, installation, acquisition,
financing and operation of Public Improvements throughout the Project. Intergovernmental
agreements among the Districts will assure that the roles and responsibilities of each District are
clear in this coordinated development and financing plan.
B . Need for the Districts .
There are currently no other governmental entities, including the City, located in
the immediate vicinity of the Districts that, at this time, can financially undertake the planning,
design, acquisition, construction, installation, relocation, redevelopment, and financing of the
Public Improvements needed for the Project. Formation of the Districts is therefore necessary in
order for the Public Improvements required for the Project to be provided in the most economic
manner possible.
C . Objective of the City Regarding Districts ' Service Plan.
The City' s objective in approving the Service Plan for the Districts is to authorize
the Districts to provide for the planning, design, acquisition, construction, installation, relocation
and redevelopment of the Public Improvements from the proceeds of Debt to be issued by the
Districts . The Districts project to issue a total of One Hundred and Eleven Million Dollars
($ 111 ,0009000) . All Debt is projected to be repaid by the imposition of a Debt Service Mill Levy
not to exceed Eighty (80) Mills minus the Overlay District Debt Service Mill Levy, which is in
turn not to exceed Ten ( 10) Mills , subject to adjustment as set forth in the service plan of the
Overlay District. The combined Debt Service Mill Levy, Operations and Maintenance Mill Levy
and Overlay District Debt Service Mill Levy shall under no circumstances exceed the Maximum
Mill Levy described in Section VI. C . In no event shall the Debt Service Mill Levy exceed the
Maximum Mill Levy as described in Section VI. C . herein. The City shall, under no circumstances,
be responsible for the Debts of the Districts and the City' s approval of this Service Plan shall in
no way be interpreted as an agreement, whether tacit or otherwise, to be financially responsible
for the Debts of the Districts or the construction of Public Improvements .
This Service Plan is intended to establish a limited purpose for the Districts and
explicit financial constraints that are not to be violated under any circumstances . The primary
purpose is to provide for the Public Improvements associated with the Project and regional
improvements as necessary. Ongoing operational and maintenance activities are allowed as
addressed in this Service Plan to the extent that the Districts have sufficiently demonstrated that
such operations and maintenance functions are in the best interest of the City and the existing and
future taxpayers of the Districts . As further detailed in Section VI. C . herein, the aggregate of the
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Debt Service Mill Levy, Operations and Maintenance Mill Levy and Overlay District Debt Service
Mill Levy shall not exceed the Maximum Mill Levy.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt
incurred or upon a court determination that adequate provision has been made for the payment of
all Debt. However, if the Districts have authorized operation and maintenance functions under this
Service Plan, or if by agreement with the City it is desired that the Districts shall continue to exist,
then the Districts shall not dissolve but shall retain the power necessary to impose and collect taxes
or fees to pay for costs associated with said operations and maintenance functions and/or to
perform agreements with the City.
The Districts shall be authorized to finance the Public Improvements that can be
funded from Debt to be repaid from tax revenues collected from a mill levy which shall not exceed
the Maximum Mill Levy and which shall not exceed the Maximum Debt Authorization and
Maximum Debt Maturity Term.
II. DEFINITIONS
In this Service Plan, the following terms which appear in a capitalized format herein shall
have the meanings indicated below, unless the context hereof clearly requires otherwise :
Approved Development Plan: means a development plan or other process established by
the City (including but not limited to approval of a final plat or PUD by the City Council) for
identifying, among other things, Public Improvements necessary for facilitating development of
property within the Service Area as approved by the City pursuant to the City Code and as amended
pursuant to the City Code from time to time .
Binding Agreement: means the Binding Agreement Pertaining to Development of
Interstate Highway 25 and Prospect Road Interchange, by and among the City and the Property
Owner, among others .
Board or Boards : means the Board of Directors of any of the Districts, or the boards of
directors of all of the Districts, in the aggregate .
Bond, Bonds or Debt: means bonds, notes or other multiple fiscal year financial obligations
for the payment of which a District has promised to impose an ad valorem property tax mill levy,
and other legally available revenue. Such terms do not include intergovernmental agreements
pledging the collection and payment of property taxes in connection with a service district and
taxing district(s) structure, if applicable, and other contracts through which a District procures or
provides services or tangible property.
Capital Pledge Agreement: means the Capital Pledge Agreement between the City and the
Overlay District implementing the terms and provisions of the Binding Agreement.
City: means the City of Fort Collins, Colorado.
Cites: means the Code of the City of Fort Collins and any regulations, rules , or policies
promulgated thereunder, as the same may be amended from time to time .
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City Council : means the City Council of the City of Fort Collins, Colorado. Any provision
in this Agreement requiring City Council approval shall be deemed to be exercised by City Council
in its sole discretion.
Debt Service Mill Levy: means the mill levy the Districts project to impose for payment of
Debt as set forth in the Financial Plan and Section VI. below.
District: means Rudolph Farms Metropolitan District No. 1 , Rudolph Farms Metropolitan
District No . 2, Rudolph Farms Metropolitan District No . 3 , Rudolph Farms Metropolitan District
No . 4, Rudolph Farms Metropolitan District No. 5 or Rudolph Farms Metropolitan District No . 6,
individually.
District No . 1 : means Rudolph Farms Metropolitan District No . 1 .
District No . 2 : means Rudolph Farms Metropolitan District No . 2 .
District No . 3 : means Rudolph Farms Metropolitan District No , 3 ,
District No . 4 : means Rudolph Farms Metropolitan District No . 4 .
District No . 5 : means Rudolph Farms Metropolitan District No . 5 .
District No . 6 : means Rudolph Farms Metropolitan District No . 6 .
Districts : means Rudolph Farms Metropolitan District No . 1 , Rudolph Farms Metropolitan
District No . 2, Rudolph Farms Metropolitan District No . 3 , Rudolph Farms Metropolitan District
No . 4, Rudolph Farms Metropolitan District No. 5 and Rudolph Farms Metropolitan District No .
6, collectively.
District Organization Date : means the date the order and decree issued by the Larimer
County District Court as required by law for the District or Districts is recorded with the Larimer
County Clerk and Recorder.
External Financial Advisor: means a consultant that: ( 1 ) is qualified to advise Colorado
governmental entities on matters relating to the issuance of securities by Colorado governmental
entities including matters such as the pricing, sales and marketing of such securities and the
procuring of bond ratings, credit enhancement and insurance in respect of such securities ; (2) shall
be an underwriter, investment banker, or individual listed as a public finance advisor in the Bond
Buyer ' s Municipal Market Place or, in the City' s sole discretion, other recognized publication as
a provider of financial projections ; and (3 ) is not an officer or employee of the Districts .
Financial Plan: means the Financial Plan described in Section VI which is prepared by an
External Financial Advisor in accordance with the requirements of the City Code and describes
(a) how the Public Improvements are to be financed; (b) how the Debt is expected to be incurred;
and (c) the estimated operating revenue derived from property taxes for the first budget year
through the year in which all District Debt is expected to be defeased or paid in the ordinary course .
In the event the Financial Plan is not prepared by an External Financial Advisor, the Financial Plan
is accompanied by a letter of support from an External Financial Advisor. This Financial Plan is
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intended to represent only one example of debt issuance and financing structure of the Districts,
any variations or adjustments in the timing or implementation thereof shall not be interpreted as
material modifications to this Service Plan.
Infrastructure Preliminary Development Plan : means the Infrastructure Preliminary
Development Plan as described in Section V.B . which includes : (a) a preliminary list of the Public
Improvements to be developed by the Districts; (b) an estimate of the cost of the Public
Improvements ; and (c) the map or maps showing the approximate location(s) of the Public
Improvements . The Districts ' implementation of this Infrastructure Preliminary Development
Plan is subject to change conditioned upon various external factors including, but not limited to,
site conditions, engineering requirements, City, county or state requirements, land use conditions,
market conditions, and zoning limitations .
Intergovernmental Agreement : means the intergovernmental agreement between the
Districts and the City, a form of which is attached hereto as Exhibit F. The Intergovernmental
Agreement may be amended from time to time by the applicable District and the City.
Maximum Mill Levy: means the maximum mill levy each of the Districts is permitted to
impose under this Service Plan for payment of Debt and administration, operations, and
maintenance expenses as set forth in Section VI.C . below.
Maximum Debt Authorization: means the total Debt the Districts are permitted to issue as
set forth in Section V.A. 5 and supported by the Financial Plan.
Maximum Debt Maturity Term: means the maximum term for repayment in full of a
specific District Debt issuance as set forth in Section VI.D . below.
Operations and Maintenance Mill Levy: means the mill levy the Districts project to impose
for payment of administration, operations, and maintenance costs as set forth in the Financial Plan
and Section VI. below.
Overlay District: means the I-25/Prospect Interchange Metropolitan District.
Overlay District Debt Service Mill Levy: means the mill levy the Overlay District imposes
under its service plan for payment of its debt.
Project: means the development or property commonly referred to as the Rudolph Farms
Site .
Project Area Boundaries : means the boundaries of the area described in the Project Area
Boundary Map and the legal description attached hereto as Exhibit A- 1 .
Project Area Boundary Map : means the map attached hereto as Exhibit B - 1 , describing the
overall property that incorporates the Project.
Property Owner: means Land Acquisition and Management, LLC, a Colorado limited
liability company, representing a group of tenants in common, its agents or assigns .
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Public Improvements : means a part or all of the improvements authorized to be planned,
designed, acquired, constructed, installed, relocated, redeveloped and financed as generally
described in the Special District Act, except as specifically limited in Section V below to serve the
future taxpayers and property owners of the Service Area as determined by the Board of the
Districts .
Service Area: means the property within the Project Area Boundary Map after such
property has been included within the Districts .
Service Plan: means this service plan for the Districts approved by the City Council.
Service Plan Amendment: means an amendment to the Service Plan approved by the City
Council in accordance with applicable state law and this Service Plan.
Special District Act or "Act" : means Article 1 of Title 32 of the Colorado Revised Statutes,
as amended from time to time.
State : means the State of Colorado .
Vicinity Map : means a map of the regional area surrounding the Project.
III. BOUNDARIES
The Project Area Boundaries includes approximately One Hundred Thirty Three ( 133 )
acres. A legal description of the Project Area Boundaries is attached as Exhibit A- 1 . The Project
Area Boundaries are divided into six (6) separate and distinct Districts (District No . 1 , District No.
2 , District No . 3 , District No . 4, District No. 5 and District No. 6), legal descriptions for which are
attached hereto as Exhibits A-2 , A-31 A-41 A-51 A-6 and A-7, respectively. A Project Area
Boundary Map is attached hereto as Exhibit B- 1 , a map of District No . 1 is included as Exhibit 13-
2 , a map of District Nos . 2-6 is included as Exhibit B -3 , and an estimated future boundary map of
the Districts is included as Exhibit B-4. Finally, a Vicinity Map is attached hereto as Exhibit C . It
is anticipated that the Districts ' Boundaries may change from time to time as they undergo
inclusions and exclusions pursuant to Section 32- 1 -401 , et seq. , C .R. S . , and Section 32 - 1 -501 , et
seq. , C .R. S . , subject to the limitations set forth in Article V below.
IV. PROPOSED LAND USE AND ASSESSED VALUATION
The Service Area consists of approximately One Hundred Thirty Three ( 133 ) acres of
planned mixed use land. The current assessed valuation of the Service Area is approximately One
Hundred Fifty Thousand Dollars ($ 150,000) and, at build out, is expected to be approximately One
Hundred and Ninety Four Million Dollars ($ 194,000,000) . This amount is expected to be sufficient
to reasonably discharge the Debt as demonstrated in the Financial Plan.
Approval of this Service Plan by the City does not imply approval of the development of a
specific area within the Districts, nor does it imply approval of the total site/floor area of
commercial buildings or space which may be identified in this Service Plan or any of the exhibits
attached thereto or any of the Public Improvements, unless the same is contained within an
Approved Development Plan.
1598 . 0003 ; 876591 6
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
A. Powers of the Districts and Service Plan Amendment.
The Districts shall have the power and authority to acquire, construct and install the
Public Improvements within and without the boundaries of the Districts as such power and
authority is described in the Special District Act, and other applicable statutes, common law and
the State Constitution, subject to the limitations set forth herein.
If, after the Service Plan is approved, the State Legislature includes additional
powers or grants new or broader powers for Title 32 districts by amendment of the Special District
Act or otherwise, any or all such powers shall be deemed to be a part hereof and available to or
exercised by the Districts upon prior resolution approval of the City Council concerning the
exercise of such powers . Such approval by the City Council shall not constitute a material
modification of this Service Plan.
1 . Operations and Maintenance . The purpose of the Districts is to plan for,
design, acquire, construct, install, relocate, redevelop and finance the Public Improvements . The
Districts shall dedicate the Public Improvements to the City or other appropriate jurisdiction or
owners association in a manner consistent with the Approved Development Plan and applicable
provisions of the City Code . Additionally, the Districts shall be authorized to operate and maintain
any part or all of the Public Improvements until such time that the Districts dissolve.
2 . Development Standards . The Districts will ensure that the Public
Improvements are designed and constructed in accordance with the standards and specifications
of the City and of other governmental entities having proper jurisdiction, as applicable . The
Districts directly or indirectly through the Property Owners or any developer will obtain the City' s
approval of civil engineering plans and will obtain applicable permits for construction and
installation of Public Improvements prior to performing such work. Unless waived by the City, the
Districts shall be required, in accordance with the City Code, to post a surety bond, letter of credit,
or other approved development security for any Public Improvements to be constructed by the
Districts . Such development security may be released when the Districts have obtained funds,
through bond issuance or otherwise, adequate to insure the construction of the Public
Improvements . Any limitation or requirement concerning the time within which the City must
review the Districts ' proposal or application for an Approved Development Plan or other land use
approval is hereby waived by the Districts .
3 , Privately Placed Debt Limitation. Prior to the issuance of any privately
placed Debt, a District shall obtain the certification of an External Financial Advisor substantially
as follows :
We are [I am] an External Financial Advisor within the meaning of
the District' s Service Plan.
We [I] certify that ( 1 ) the net effective interest rate (calculated as
defined in Section 32- 1 - 103 ( 12), C .R. S .) to be borne by the District
for the [insert the designation of the Debt] does not exceed a
reasonable current [tax-exempt] [taxable] interest rate, using criteria
1598 . 0003 ; 876591 7
deemed appropriate by us [me] and based upon our [my] analysis of
comparable high yield securities ; and (2) the structure of [insert
designation of the Debt] , including maturities and early redemption
provisions, is reasonable considering the financial circumstances of
the District.
4. Inclusion and Exclusion Limitation . The Districts shall be entitled to
include within their boundaries any property within the Project Area Boundaries without prior
approval of the City Council. The Districts shall also be entitled to exclude from their boundaries
any property within the Project Area Boundaries so far as , within a reasonable time thereafter, the
property is included within the boundaries of another District, and upon compliance with the
provisions of the Special District Act. All other inclusions or exclusions shall require the prior
resolution approval of the City Council, and if approved, shall not constitute a material
modification of this Service Plan.
5 , Maximum Debt Authorization. The Districts anticipate approximately
Ninety Million Three Hundred Thirty-One Thousand Five Hundred Eighty- Seven Dollars
($90,331 ,587) in project costs in 2018 dollars as set forth in Exhibit D, and anticipate issuing
approximately One Hundred and Eleven Million Dollars ($ 111 ,000,000) (the "Maximum Debt
Authorization") in Debt to pay such costs as set forth in Exhibit E. The Districts shall not issue
Debt in amounts in excess of the Maximum Debt Authorization. The Districts must seek prior
resolution approval by the City Council to issue Debt in excess of the Maximum Debt
Authorization to pay the actual costs of the Public Improvements set forth in Exhibit D plus
inflation, contingencies and other unforeseen expenses associated with such Public Improvements .
Such approval by the City Council shall not constitute a material modification of this Service Plan
so long as increases are reasonably related to the Public Improvements set forth in Exhibit D and
any Approved Development Plan.
6 . Monies from Other Governmental Sources . The Districts shall not apply
for or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available
from or through governmental or non-profit entities for which the City is eligible to apply for,
except pursuant to an intergovernmental agreement with the City. This Section shall not apply to
specific ownership taxes which shall be distributed to and a revenue source for the Districts without
any limitation.
7 . Consolidation Limitation. The Districts shall not file a request with any
Court to consolidate with another Title 32 district without the prior resolution approval of the City
Council, unless such consolidation is among the Districts themselves, which shall not require
approval of the City Council.
8 , Eminent Domain Limitation. The Districts shall not exercise their statutory
power of eminent domain without first obtaining resolution approval from the City Council. This
restriction on the Eminent Domain power by the Districts is being exercised voluntarily and shall
not be interpreted in any way as a limitation on the Districts sovereign powers and shall not
negatively affect the Districts status as political subdivisions of the State of Colorado as allowed
by the Special District Act.
1598 . 0003 ; 876591 8
9 . Service Plan Amendment Requirement. This Service Plan is general in
nature and does not include specific detail in some instances because development plans have not
been finalized. The Service Plan has been designed with sufficient flexibility to enable the Districts
to provide required services and facilities under evolving circumstances without the need for
numerous amendments . Modification of the general types of services and facilities making up the
Public Improvements, and changes in proposed configurations, locations or dimensions of the
Public Improvements shall be permitted to accommodate development needs consistent with the
then-current Approved Development Plan(s) for the Project. The Districts shall be independent
units of local government, separate and distinct from the City, and their activities are subject to
review by the City only insofar as they may deviate in a material manner from the requirements of
the Service Plan. Any action of a District which: ( 1 ) violates the limitations set forth in this Section
V.A. or (2) violates the limitations set forth in Section VI. below, shall be deemed to be a material
modification to this Service Plan unless otherwise agreed by the City as provided for in Section X
of this Service Plan or unless otherwise expressly provided herein. All other departures from the
provisions of this Service Plan shall be considered on a case-by-case basis as to whether such
departures are a material modification, unless otherwise expressly provided herein.
No District may amend this Service Plan in a manner which materially affects any
other District, in such other District' s sole discretion, without such other District ' s written consent.
B . Infrastructure Preliminary Development Plan.
The Districts shall have authority to provide for the planning, design, acquisition,
construction, installation, relocation, redevelopment, maintenance, and financing of the Public
Improvements within and without the boundaries of the Districts, to be more specifically defined
in an Approved Development Plan. The Infrastructure Preliminary Development Plan, including:
( 1 ) a list of the Public Improvements to be developed by the Districts ; (2) an estimate of the cost
of the Public Improvements ; and (3) maps showing the approximate locations of the Public
Improvements is attached hereto as Exhibit D and is hereby deemed to constitute the preliminary
engineering or architectural survey required by Section 32 - 1 -202(2)(c), C .R. S . The maps contained
in the Infrastructure Preliminary Development Plan are also available in size and scale approved
by the City' s planning department.
As shown in the Infrastructure Preliminary Development Plan, the estimated cost
of the Public Improvements which may be planned for, designed, acquired, constructed, installed,
relocated, redeveloped, maintained or financed by the Districts is approximately Ninety Million
Three Hundred Thirty-One Thousand Five Hundred Eighty-Seven Dollars ($90,331 ,587) .
The Districts shall be permitted to allocate costs between such categories of the
Public Improvements as deemed necessary in their discretion.
All of the Public Improvements described herein will be designed in such a way as
to assure that the Public Improvements standards will be consistent with or exceed the standards
of the City and shall be in accordance with the requirements of the Approved Development Plan.
All descriptions of the Public Improvements to be constructed, and their related costs, are estimates
only and are subject to modification as engineering, development plans, economics, the City' s
requirements, and construction scheduling may require. Upon approval of this Service Plan, the
1598 . 0003 ; 876591 9
Districts will continue to develop and refine the Infrastructure Preliminary Development Plan and
prepare for issuance of Debt. All cost estimates will be inflated to then-current dollars at the time
of the issuance of Debt and construction. All construction cost estimates contained in the
Infrastructure Preliminary Development Plan assume construction to applicable local, State or
Federal requirements . Changes in the Public Improvements, Infrastructure Preliminary
Development Plan, or costs, which are approved by the City in an Approved Development Plan,
shall not constitute a material modification of this Service Plan. Additionally, due to the
preliminary nature of the Infrastructure Preliminary Development Plan, the City shall not be bound
by the Infrastructure Preliminary Development Plan in reviewing and approving the Approved
Development Plan and the Approved Development Plan shall supersede the Infrastructure
Preliminary Development Plan.
VI. FINANCIAL PLAN
A. General.
The Districts shall be authorized to provide for the planning, design, acquisition,
construction, installation, relocation and/or redevelopment of the Public Improvements from their
revenues and by and through the proceeds of Debt to be issued by the Districts , subject to the
limitations contained herein. The Financial Plan for the Districts shall be to issue no more Debt
than the Districts can reasonably pay within Thirty (30) years for each series of Debt from revenues
derived from the Debt Service Mill Levy and other revenue sources authorized by law. The
Financial Plan for the Districts projects the need for a Debt Service Mill Levy of no greater than
Fifty (50) Mills . The Financial Plan further provides for the Districts ' administrative and
operations and maintenance activities through the imposition of an Operations and Maintenance
Mill Levy of no greater than Twenty (20) Mills .
The total Debt that the Districts shall be permitted to issue shall not exceed the
Maximum Debt Authorization; provided, however, that Debt issued to refund outstanding Debt of
the Districts, including Debt issued to refund Debt owed to the Property Owners of the Project
pursuant to a reimbursement agreement or other agreement, shall not count against the Maximum
Debt Authorization so long as such refunding Debt does not result in a net present value increase .
Subject to the limitations contained herein, District Debt shall be issued on a schedule and in such
year or years as the Districts determine shall meet the needs of the Financial Plan referenced above
and phased to serve the Project as it occurs. All Bonds and other Debt issued by the Districts may
be payable from any and all legally available revenues of the Districts, including general ad
valorem taxes to be imposed upon all taxable property within the Districts . The Districts may also
rely upon various other revenue sources authorized by law. These will include the power to impose
development fees , rates, tolls, penalties, or charges as provided in Section 32 - 1 - 1001 ( 1 ), C .R. S . ,
as amended from time to time .
Notwithstanding any provision to the contrary contained in this Service Plan, the
District shall not be authorized to impose any fees, rates, tolls or charges for any purpose unless
and until (a) the Owners (as defined in the Binding Agreement) have recorded the PIF Covenant
(as defined in the Binding Agreement) against each of their respective properties, and (b) the City
and the Overlay District have entered into the Capital Pledge Agreement. Failure to comply with
1598 . 0003 ; 876591 10
this provision shall constitute a material modification under this Service Plan and shall entitle the
City to all remedies available at law and in equity.
The Maximum Debt Authorization, Debt Service Mill Levy, Operations,
Maintenance Mill Levy, and all other financial projections and estimates contained in this Service
Plan are supported by the Financial Plan (Exhibit E) prepared by an External Financial Advisor,
D .A. Davidson and Co. The Financial Plan is based on economic, political and industry conditions
as they exist presently and reasonable projections and estimates of future conditions . These
projections and estimates are not to be interpreted as the only method of implementation of the
Districts ' goals and objectives but rather a representation of one feasible alternative. Other
financial structures may be used so long as the Maximum Debt Authorization and Maximum Mill
Levy are not exceeded. Notwithstanding the foregoing, D .A. Davidson and Co. shall not be
considered a financial advisor or municipal advisor with regard to any Debt issuance by the
Districts .
B . Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt
is issued. The maximum interest rate on any Debt is not permitted to exceed Twelve Percent ( 12%) .
The maximum underwriting discount will be Three Percent (3 %) . Debt, when issued, will comply
with all relevant requirements of this Service Plan, State law and Federal law as then applicable to
the issuance of public securities.
C . Maximum Mill Levies .
The Maximum Mill Levy shall be the maximum mill levy each District is permitted
to impose upon the taxable property within its boundaries and shall be Eighty (80) Mills minus the
Overlay District Debt Service Mill Levy. The combined Debt Service Mill Levy, Operations and
Maintenance Mill Levy, Overlay District Debt Service Mill Levy and aggregate mill levy of any
overlapping District shall under no circumstances exceed the Maximum Mill Levy. Allocation of
the Debt Service Mill Levy and Operations and Maintenance Mill Levy shall be left to the sole
discretion of the Board for each District. If, on or after January 1 , 2018 , there are changes in the
method of calculating assessed valuation or any constitutionally mandated tax credit, cut or
abatement, the preceding mill levy limitations may be increased or decreased to reflect such
changes, with such increases or decreases to be determined by each Board in good faith (such
determination to be binding and final), with administrative approval by the City, so that to the
extent possible, the actual tax revenues generated by the applicable District ' s mill levy, as adjusted
for changes occurring after January 1 , 2018 , are neither diminished nor enhanced as a result of
such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed
valuation will be a change in the method of calculating assessed valuation.
Notwithstanding any provision to the contrary contained in this Service Plan, the
District shall not be authorized to impose any mill levy for any purpose unless and until (a) each
of the Owners (as defined in the Binding Agreement) have recorded the PIF Covenant (as defined
in the Binding Agreement) against each of their respective properties, and (b) the City and the
Overlay District have entered into the Capital Pledge Agreement. Failure to comply with this
1598 . 0003 ; 876591 11
provision shall constitute a material modification under this Service Plan and shall entitle the City
to all remedies available at law and in equity.
D . Debt Issuance and Maturity.
The scheduled final maturity of any Debt or series of Debt shall be limited to Thirty
(30) years (the "Maximum Debt Maturity Term") . The Maximum Debt Maturity Term shall apply
to ref endings unless : ( 1 ) a majority of the Board members are residents of the District and have
voted in favor of a refunding of a part or all of the Debt; or (2) such refunding will result in a net
present value savings as set forth in Section 11 -56- 101 et seq. , C .R. S . and are otherwise permitted
by law.
Unless otherwise approved by the City Council, the Districts shall be limited to
issuing new Debt within a period of Twenty (20) years from the date of their first Debt
authorization election. The Maximum Debt Maturity Term, as described in Section VLD, shall be
applicable to any new Debt issued within this Twenty (20) year period, otherwise, all Debts and
financial obligations of the Districts must be defeased or paid in the ordinary course no later than
Forty (40) years after the Service Plan approval date.
Notwithstanding any provision to the contrary contained in this Service Plan, the
District shall not be authorized to issue any Debt for any purpose unless and until (a) each of the
Owners (as defined in the Binding Agreement) have recorded the PIF Covenant (as defined in the
Binding Agreement) against each of their respective properties, and (b) the City and the Overlay
District have entered into the Capital Pledge Agreement. Failure to comply with this provision
shall constitute a material modification under this Service Plan and shall entitle the City to all
remedies available at law and in equity.
E. Security for Debt.
The Districts do not have the authority and shall not pledge any revenue or property
of the City as security for the indebtedness set forth in this Service Plan. Approval of this Service
Plan shall not be construed as a guarantee by the City of payment of any of the Districts '
obligations ; nor shall anything in the Service Plan be construed so as to create any responsibility
or liability on the part of the City in the event of default by the Districts in the payment of any such
obligation or performance of any other obligation.
F . TABOR Compliance .
The Districts will comply with the provisions of the Taxpayer ' s Bill of Rights
("TABOR"), Article X, § 20 of the Colorado Constitution. In the discretion of the Board, a District
may set up other qualifying entities to manage, fund, construct and operate facilities, services, and
programs . To the extent allowed by law, any entity created by a District will remain under the
control of the District' s Board.
G. Districts ' Operating Costs .
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts ' organization and initial
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operations, are anticipated to be Two Hundred Thousand Dollars ($200,000), which will be
eligible for reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year' s operating budget is estimated to be Fifty Thousand Dollars
($50,000) . Ongoing administration, operations, and maintenance costs may be paid from property
taxes and other revenues .
H . Elections .
The Districts will call an election on the questions of organizing the Districts,
electing the initial Boards, and setting in place financial authorizations as required by TABOR.
The elections will be conducted as required by law.
VII. ANNUAL REPORT
A. General.
The Districts shall be responsible for submitting an annual report with the City' s
clerk not later than September 1st of each year for the year ending the preceding December 31
following the year of the District Organization Date . The City may, in its sole discretion, waive
this requirement in whole or in part.
B . Reportingof Significant Events .
Unless waived by the City, the annual report shall include the following :
1 . A narrative summary of the progress of the Districts in implementing their
service plan for the report year;
2 . Except when exemption from audit has been granted for the report year
under the Local Government Audit Law, the audited financial statements of the Districts for the
report year including a statement of financial condition (i. e. , balance sheet) as of December 31 of
the report year and the statement of operations (i. e. , revenues and expenditures) for the report year;
3 . Unless disclosed within a separate schedule to the financial statements, a
summary of the capital expenditures incurred by the Districts in development of Public
Improvements in the report year;
4. Unless disclosed within a separate schedule to the financial statements, a
summary of the financial obligations of the Districts at the end of the report year, including the
amount of outstanding indebtedness, the amount and terms of any new District indebtedness or
long-term obligations issued in the report year, the amount of payment or retirement of existing
indebtedness of the Districts in the report year, the total assessed valuation of all taxable properties
within the Districts as of January I of the report year and the current mill levy of the Districts
pledged to Debt retirement in the report year; and
1598 . 0003 ; 876591 13
5 . Any other information deemed relevant by the City Council or deemed
reasonably necessary by the City' s manager and communicated in a timely manner to the Districts .
In the event the annual report is not timely received by the City' s clerk or is not
fully responsive, notice of such default may be given to the Board of such Districts, at its last
known address. The failure of the Districts to file the annual report within Forty-Five (45) days of
the mailing of such default notice by the City' s clerk may constitute a material modification, at the
discretion of the City.
VIII. DISSOLUTION
Upon an independent determination of the City Council that the purposes for which the
Districts were created have been accomplished, the Districts agree to file petitions in the
appropriate District Court for dissolution, pursuant to the applicable State statutes . In no event
shall dissolution occur until the Districts have provided for the payment or discharge of all of their
outstanding indebtedness and other financial obligations as required pursuant to State statutes,
including operation and maintenance activities .
IX. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND
EXTRATERRITORIAL SERVICE AGREEMENTS
All intergovernmental agreements must be for purposes, facilities, services or agreements
lawfully authorized to be provided by the Districts, pursuant to the State Constitution, Article XIV,
Section 18 (2)(a) and Sections 29- 1 -201 , et seq. , C .R. S . To the extent practicable, the Districts may
enter into additional intergovernmental and private agreements to better ensure long-term
provision of the Public Improvements identified herein or for other lawful purposes of the Districts .
Agreements may also be executed with property owner associations and other service providers .
The following agreement is likely to be necessary, and the rationale therefore is set forth
as follows :
District Facilities Construction and Service Agreement. The Districts anticipate entering
into a District Facilities Construction and Service Agreement, commonly known as the "Master
IGA", wherein the Districts set forth the financing and administrative requirements of the Districts
for the Project.
Except for the Intergovernmental Agreement with the City, as set forth in Section XII
below, no other agreements are required, or known at the time of formation of the Districts to
likely be required, to fulfill the purposes of the Districts. Execution of intergovernmental
agreements or agreements for extraterritorial services by the Districts that are not described in this
Service Plan and which are likely to cause a substantial increase in the Districts ' budgets shall
require the prior resolution approval of the City Council, which approval shall not constitute a
material modification hereof.
X. MATERIAL MODIFICATIONS
1598 . 0003 ; 876591 14
Material modifications to this Service Plan may be made only in accordance with Section
32- 1 -207 , C .R. S . No modification shall be required for an action of the Districts which does not
materially depart from the provisions of this Service Plan.
Departures from the Service Plan that constitute a material modification include without
limitation:
I . Actions or failures to act that create materially greater financial risk or
burden to the taxpayers of the District;
2 . Performance of a service or function or acquisition of a major facility that
is not closely related to a service, function or facility authorized in the Service Plan;
3 . Failure to perform a service or function or acquire a facility required by the
Service Plan;
4. Failure by the Districts to execute the Intergovernmental Agreement as set
forth in Article XI hereof; and
5 . Failure to comply with the limitations set forth in Section V.A. or Section
VI of this Service Plan.
Actions that are not to be considered material modifications include without limitation
changes in quantities of facilities or equipment, immaterial cost differences, and actions expressly
authorized in the Service Plan.
XI. SANCTIONS
Should the District undertake any act without obtaining prior City Council
resolution approval as required in this Service Plan or that constitutes a material
modification to this Service Plan as provided herein or under the Special District Act, the
City may impose one ( 1 ) or more of the following sanctions, as it deems appropriate :
l . Exercise any applicable remedy under the Act;
2 . Withhold the issuance of any permit, authorization, acceptance or
other administrative approval, or withhold any cooperation, necessary for the District ' s
development, construction or operation of improvements , or the provisions of services as
contemplated in this Service Plan;
I Exercise any legal remedy as provided in the Capital Pledge
Agreement or in any other intergovernmental agreement with the City under which the
District is in default; or
1598 . 0003 ; 876591 15
4. Exercise any other legal remedy at law or in equity, including
seeking specific performance, mandamus or injunctive relief against the District, to
ensure the District' s compliance with this Service Plan and applicable law.
XIL INTERGOVERNMENTAL AGREEMENT WITH CITY
The Districts and the City shall enter into an Intergovernmental Agreement, a form of
which is attached hereto as Exhibit F, provided that such Intergovernmental Agreement may be
revised by the City and Districts to include such additional details and requirements therein as are
deemed necessary by the City and such Districts in connection with the development of the Project
and the financing of the Public Improvements . Each District shall approve the Intergovernmental
Agreement at its first Board meeting after its organizational election. Failure by each of the
Districts to execute the Intergovernmental Agreement as required herein shall constitute a material
modification hereunder. The Intergovernmental Agreement may be amended from time to time
by the Districts and the City, provided that any such amendments shall be in compliance with the
provisions of this Service Plan.
XIII. CONCLUSION
It is submitted that this Service Plan for the Districts , as required by Section 32 - 1 -203 (2) ,
establishes that:
1 . There is sufficient existing and projected need for organized service in the
area to be serviced by the Districts;
2 . The existing service in the area to be served by the Districts is inadequate
for present and projected needs ;
3 . The Districts are capable of providing economical and sufficient service to
the area within their proposed boundaries ; and
4. The area to be included in the Districts does have, and will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis .
XIV. RESOLUTION OF APPROVAL
The Districts agree to incorporate the City Council ' s resolution of approval, including any
conditions on any such approval, into the Service Plan presented to the District Court for and in
Larimer County, Colorado .
1598 . 0003 ; 876591 16
EXHIBIT A-1
Rudolph Farms Metropolitan District Nos . 1 -6
Legal Description of Project Area Boundaries
NORTHERN
ENGINEERING
Exhibit A= 1
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT PROJECT AREA BOUNDARY
Tracts of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearings contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 45 . 00 feet to a point on the East right-of-way line of
the Southeast Frontage Road of Interstate Highway 25 , said point being POINT OF BEGINNING 1 ;
thence continuing along the North line of the Southwest Quarter of Section 15 , South 89' 38' 43 "
East , 2598 . 20 feet to the Center Corner of said Section 15 ; thence along the North -South Section
line of Section 15 , South 00' 05' 39" West , 1331 . 29 feet to the Center-South Sixteenth Corner of
Section 15 , also being a point on the North line of that Parcel of land as described at Reception No .
99062749 , Larimer County Clerk and Recorder ; thence along the North and West lines of said
Parcel the following 2 courses and distances : North 89' 49 ' 50 " West , 637 . 70 feet ; thence , South
000 00' 36" West , 804 . 25 feet to a point on the North line of that parcel of land described at Book
1531 Page 759 , Larimer County Clerk and Recorder ; thence along said North line the following 5
courses and distances : thence , North 54' 58 ' 16" West , 474 . 72 feet ; thence , North 76' 19' 16 "
West , 163 . 85 feet ; thence , North 84' 59' 16 " West , 548 . 82 feet ; thence , North 67' 52 ' 16" West ,
88 . 12 feet ; thence , North 54' 48 ' 16 " West , 949 . 54 feet to the Easterly right-of-way line of the
Southeast Frontage Road of Interstate Highway 25 ; thence along said Easterly right-of-way line the
following 2 courses and distances : North 000 1 P 39 " East , 1151 . 18 feet ; thence , North 09' 26 '
43 " West , 59 . 72 feet to POINT OF BEGINNING 1 , containing 4 , 203 , 912 square feet or 96 . 51
acres , more or less .
AND
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 2 , 643 . 20 feet ; thence , South 00' 05 ' 39 " West ,
1331 . 29 feet ; thence , North 89' 49 ' 50 " West, 637 . 70 feet ; thence , South 00' 00 ' 36 " West ,
804 . 25 feet ; thence , South 000 00 ' 36 " West , 61 . 05 feet to POINT OF BEGINNING 2 ; thence ,
South 000 00' 36 " West , 438 . 93 feet to a point on the North right-of-way line of East Prospect
Road ; thence , South 00' 00' 36" West , 30 . 00 feet to a point on the South line of the Southwest
Quarter of Section 15 ; thence along said South line , North 89' 59 ' 24 " West , 1181 . 93 feet ;
Page 1 of 2
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
thence , North 00' 00' 36" East , 30 . 25 feet to a point on the North right-of-way line of East
Prospect Road , said point also being on the Easterly right-of-way line of the Southeast Frontage
Road of Interstate Highway 25 ; thence along said Easterly right-of-way line the following 7 courses
and distances : North 65' 50' 44" West , 112 . 37 feet ; thence , South 89' 54 ' 52 " West , 299 . 87
feet ; thence , North 57' 21 ' 33 " West , 106 . 29 feet ; thence , North 26' 23 ' 32 " West , 458 . 81 feet ;
thence , North 11 ' 18' 02 " West , 200 . 00 feet ; thence , North 03' 14' 53 " West , 294 . 32 feet ;
thence , North 00' 10' 38" East , 360 . 36 feet to a point on the South line of that parcel of land
described at Book 1531 Page 759 , Larimer County Clerk and Recorder ; thence along said South
line the following 5 courses and distances : South 54' 48' 16" East , 895 . 99 feet ; thence , South 67'
52 ' 16" East , 101 . 38 feet ; thence , South 84' 59 ' 16 " East , 552 . 56 feet ; thence South 76' 19 ' 16 "
East , 150 . 63 feet ; thence , South 54' 58' 16" East , 500 . 33 feet to POINT OF BEGINNING 2 ,
containing 1 , 580 , 513 square feet or 36 . 28 acres , more or less .
The above described Tracts of land contains 5 , 784 , 425 square feet or 132 . 79 acres more or less
and is subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_Overall Boundary. dou
Page 2 of 2
EXHIBIT A-2
Rudolph Farms Metropolitan District No . 1
Legal Description
NORTHERN
ENGINEERING
Exhibit A= 2
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT 1
Tracts of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearing contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 2 , 643 . 20 feet ; thence , South 00' 05 ' 39 " West ,
1331 . 29 feet ; thence , North 89' 49 ' 50 " West , 637 . 70 feet ; thence , South 00' 00 ' 36 " West ,
804 . 25 feet ; thence , South 00' 00 ' 36 " West , 61 . 05 feet to POINT OF BEGINNING 1 ; thence ,
South 000 00' 36 " West , 468 . 93 feet ; thence , North 890 59' 24" West , 1181 . 93 feet ; thence ,
North 00' 00' 36" East , 30 . 25 feet ; thence , North 65' 50' 44" West , 112 . 37 feet ; thence , South
89' 54' 52 " West , 299 . 87 feet ; thence , North 57' 21 ' 33 " West , 106 . 29 feet ; thence , North 26'
23 ' 32 " West , 458 . 81 feet ; thence , North 11 ' 18 ' 02 " West , 200 . 00 feet ; thence North 03' 14'
53 " West , 294 . 32 feet ; thence , North 000 10' 38" East , 360 . 36 feet ; thence , South 54' 48 ' 16"
East , 895 . 99 feet ; thence , South 670 52 ' 16" East , 101 . 38 feet ; thence , South 84' 59 ' 16 " East ,
552 . 56 feet ; thence , South 760 19' 16" East , 150 . 64 feet ; thence , South 54' 58 ' 16 " East ,
500 . 33 feet to POINT OF BEGINNING 1 , containing 1 , 580 , 513 square feet or 36 . 28 acres , more
or less .
AND
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 75 . 00 feet to POINT OF BEGINNING 2 ; thence ,
South 89' 38' 43 " East , 208 . 71 feet ; thence , South 00' 21 ' 17 " West , 208 . 71 feet ; thence North
890 38' 43 " West , 208 . 71 feet ; thence , North 000 21 ' 17 " East , 208 . 71 feet to the POINT OF
BEGINNING 2 , containing 43 , 560 square feet or 1 . 00 acres , more or less .
The above described Tracts of land contains 1 , 624 , 073 square feet or 37 . 28 acres more or less
and is subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_District 1 . docx
Page 1ofI
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT A-3
Rudolph Farms Metropolitan District No . 2
Legal Description
NORTHERN
ENGINEERING
Exhibit A= 3
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT 2
A Tract of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearing contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 75 . 00 feet to the POINT OF BEGINNING ; thence ,
South 89' 38' 43 " East , 208 . 71 feet ; thence , South 00' 21 ' 17 " West , 208 . 71 feet ; thence North
89' 38' 43 " West , 208 . 71 feet ; thence , North 00' 21 ' 17 " East , 208 . 71 feet to the POINT OF
BEGINNING .
The above described Tract of land contains 43 , 560 square feet or 1 . 00 acres , more or less , and is
subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_District 2 . docx
Page 1ofI
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT A-4
Rudolph Farms Metropolitan District No . 3
Legal Description
NORTHERN
ENGINEERING
Exhibit A= 4
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT 3
A Tract of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearing contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 75 . 00 feet to the POINT OF BEGINNING ; thence ,
South 89' 38' 43 " East , 208 . 71 feet ; thence , South 00' 21 ' 17 " West , 208 . 71 feet ; thence North
89' 38' 43 " West , 208 . 71 feet ; thence , North 00' 21 ' 17 " East , 208 . 71 feet to the POINT OF
BEGINNING .
The above described Tract of land contains 43 , 560 square feet or 1 . 00 acres , more or less , and is
subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_District 3 . docx
Page 1ofI
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT A-5
Rudolph Farms Metropolitan District No . 4
Legal Description
NORTHERN
ENGINEERING
Exhibit A= 5
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT 4
A Tract of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearing contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 75 . 00 feet to the POINT OF BEGINNING ; thence ,
South 89' 38' 43 " East , 208 . 71 feet ; thence , South 00' 21 ' 17 " West , 208 . 71 feet ; thence North
89' 38' 43 " West , 208 . 71 feet ; thence , North 00' 21 ' 17 " East , 208 . 71 feet to the POINT OF
BEGINNING .
The above described Tract of land contains 43 , 560 square feet or 1 . 00 acres , more or less , and is
subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_District 4 . docx
Page 1ofI
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT A-6
Rudolph Farms Metropolitan District No . 5
Legal Description
NORTHERN
ENGINEERING
Exhibit A= 6
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT 5
A Tract of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearing contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 75 . 00 feet to the POINT OF BEGINNING ; thence ,
South 89' 38' 43 " East , 208 . 71 feet ; thence , South 00' 21 ' 17 " West , 208 . 71 feet ; thence North
89' 38' 43 " West , 208 . 71 feet ; thence , North 00' 21 ' 17 " East , 208 . 71 feet to the POINT OF
BEGINNING .
The above described Tract of land contains 43 , 560 square feet or 1 . 00 acres , more or less , and is
subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_District 5 . docx
Page 1ofI
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT A-7
Rudolph Farms Metropolitan District No . 6
Legal Description
NORTHERN
ENGINEERING
Exhibit A= 7
DESCRIPTION : RUDOLPH FARMS METROPOLITAN DISTRICT 6
A Tract of land located in the Southwest Quarter of Section 15 , Township 7 North , Range 68 West
of the Sixth Principal Meridian , City of Fort Collins , County of Larimer, State of Colorado , being
more particularly described as follows :
Considering the North line of the Southwest Quarter of said Section 15 as bearing South 890 38 '
43 " East , and with all bearing contained herein relative thereto :
Commencing at the West Quarter Corner of said Section 15 ; thence along the North line of the
Southwest Quarter , South 89' 38 ' 43 " East , 75 . 00 feet to the POINT OF BEGINNING ; thence ,
South 89' 38' 43 " East , 208 . 71 feet ; thence , South 00' 21 ' 17 " West , 208 . 71 feet ; thence North
89' 38' 43 " West , 208 . 71 feet ; thence , North 00' 21 ' 17 " East , 208 . 71 feet to the POINT OF
BEGINNING .
The above described Tract of land contains 43 , 560 square feet or 1 . 00 acres , more or less , and is
subject to all easements and rights-of-way now on record or existing .
January 31 , 2018
LMS
S :\Survey Jobs\1489-001\Dwg\Exhibits\Exhibit A - Legals\1489-001_District 6 . docx
Page 1ofI
FORT COLLINS : 301 North Howes Street , Suite 100 , 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT B-1
Rudolph Farms Metropolitan District Nos . 1 -6
Project Area Boundary Map
� WEST QUARTER CORNER I
SECTION 15-T7N-R68W CENTER CORNER
SECTION 15-T7N-R68W
I
LO
I
I
I
OVERALL DISTRICT
N I BOUNDARY MAP
W I 4 , 203 , 912 sq . ft .
I � 96 . 51 ac
� I I
w
ZI I S U S1 E N H cb R
�
WITNESS CORNER
WI`✓ CTIO 5-T7 -R6
o- —ML
- -
/ CENTER-SOUTH
1 I I SIXTEENTH CORNER I
SECTION 15-T7N-R68W
I I I
I I I
OVERALL DISTRICT
BOUNDARY MAP
1 1 , 580 , 513 sq . ft .
36 . 28 ac
I :
II
—PRO PS E T OAD
SOUTHWEST CORNER / SOUTH QUA TER CORNER
SECTION 15-T7N-R68W l SECTION 15-T7N-R68W
400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
ECT AREA
NORTHERN RUDOLPH FARMS BOUNDARY DARY MAP
E N G I N E E R I N G METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch ill = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PR ECT B - 1
GREELEY: 820 8th Street, 80631 northernengineering.com January 31 , 2018 1489-001
EXHIBIT B-2
Rudolph Farms Metropolitan District No . 1
Map
� WEST QUARTER CORNER I
SECTION 15-T7N-R68W CENTER CORNER
- � - - SECTION 15-T7N-R68W
� I I
DISTRICT 1
43 , 560 sq . ft .
I 1 . 00 ac
UD
II I
N I I
IQ I I I
� I I
W
Z I SOUTH SIXTEENTH CORNER
WITNESS CORNER
SECTION 15-T7N-R68W
I I I
I
/ I CENTER-SOUTH
1 I SIXTEENTH CORNER
\ I SECTION 15-T7N-R68W
� I
� I
DISTRICT 1
1 1 , 580 , 513 sq .ft. I
i 36 . 28 ac
II
—PRO PS T OAD
SOUTHWEST CORNER / SOUTH QUA TER CORNER
SECTION 15-T7N-R68W l SECTION 15-T7N-R68W
400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
NORTHERN RUDOLPH FARMS BouN BOUNDARY MACT 1 P
E N G I N E E R I N G METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT B - 2
GREELEY: 820 8th Street, 80631 northernengineering.com January 31 , 2018 1489-001
EXHIBIT B -3
Rudolph Farms Metropolitan District Nos . 2 - 6
Map
C
' WEST QUARTER CORNER I
SECTION 15-T7N-R68W
CENTER CORNER
- - - SECTION 15-T7N-R68W
I
I I I
DISTRICTS 2-6
43 , 560 sq . ft .
1 . 00 ac
II
'i
I
UD I I
N I
w
Q I I I
wil I
Z I I SOUTH SIXTEENTH CORNER
I WITNESS CORNER
I SECTION 15-T7N-R68W
I I
I I
CENTER-SOUTH
1 I SIXTEENTH CORNER I
\ I SECTION 15-T7N-R68W
\ � I
I
I
I ` `
—PRO PS E T OAD
SOUTHWEST CORNER SOUTH QUA TER CORNER
SECTION 15-T7N-R68W l SECTION 15-T7N-R68W
400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
�\ NORTHERN RUDOLPH FARMS DISTRICTS 2-6 BOUNDARY MAP
ENGINEERING METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch 111 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT B - 3
GREELEY: 8208th Street, 80631 northemengineeringcom January 31 , 2018 1489-001
EXHIBIT B-4
Rudolph Farms Metropolitan District Nos . 1 -6
Estimated Future Boundary Map
C
I WEST QUARTER CORNER I
SECTION 15-T7N-R68W CENTER CORNER
- � - - - SECTION 15-T7N-R68W
I I I
I I
DISTRICTS 1 - 6 FUTUREDISTRICT 4
III �
N ; FUTURE '
I � I DISTRICT 5
Q I I FUTURE '
wDISTRICT 2
Z I I SOUTH SIXTEENTH CORNER
WITNESS CORNER FUTURE
SECTION 15-T7N-R68W DISTRICT 3
I
' \ I CENTER-SOUTH
1 I I SIXTEENTH CORNER I
SECTION 15-T7N-R68W
I
� I
� I
\ DISTRICT 1 1
I I
PROSPE T OAD
SOUTHWEST CORNER SOUTH QUA TER CORNER
SECTION 15-T7N-R68W l SECTION 15-T7N-R68W
DISTRICT 1 FUTURE ESTIMATED DISTRICT 4
FUTURE ESTIMATED DISTRICT 2 FUTURE ESTIMATED DISTRICT 5
400 0 400 Feet
FUTURE ESTIMATED DISTRICT 3 DISTRICTS 1 -6
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
RUDOLPH FARMS ESTIMATED BOUNDARY MAP DISTRICTS 1 -6
NORTHERN
ENGINEERING METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch 111 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT B4
GREELEY: 8208th Street, 80631 northemengineeringcom January 31 , 2018 1489-001
EXHIBIT C
Rudolph Farms Metropolitan District Nos . 1 -6
Vicinity Map
V
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LO
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BOX LDE W I TCH LL W Y
H
COelf v
W
PR SPE T ROAD
PROSPECT ROAD
PROPOSED
RUDOLPH FARMS
METROPOLITAN
DISTRICT
1000 0 1000 Feet
( IN FEET )
1 inch = 1000ft.
DESCRIPTION
NORTHERN RUDOLPH FARMS VICINITY MAP
E N G I N E E R I N G METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch 1 " = 1000'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT C
GREELEY: 820 8th Street, 80631 northernengineering.com January 31 , 2018 1489-001
EXHIBIT D
Rudolph Farms Metropolitan District Nos . 1 -6
Infrastructure Preliminary Development Plan
NORTHERN
ENGINEERING
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
January 31, 2018
PUBLIC IMPROVEMENT COSTS FOR
RUDOLPH FARMS METROPOLITAN DISTRICTS 1-6
COMBINED AREA - 132.79 ACRES
Public Improvements Quantity Unit Cost Extended Cost
I. Grading/Miscellaneous
Mobilization / General Conditions 1 LS $3,51%000.00 $ 3,519,000.00
Clearing and Grubbing and Topsoil Stripping 133 Ac $11,900.00 $ 1,580,201.00
Earthwork (cut/fill/place) 214,235 CY $6.00 $ 1,285,410.00
Import Fill Dirt 500,000 CY $10.00 $ 5,000,000.00
Erosion Control / Traffic Control 1 LS $51027,000.00 $ 5,027,000.00
Subtotal $ 16,411,611.00
II. Roadway Improvements
Parking Lots - SY $70.00 $
Access Road (24' Section) - LF $205.00 $ -
Local Residential Street (51' Section) 6,322 LF $273.00 $ 1,725,906.00
Local Industrial Street (66' Section) 61810 LF $321.00 $ 2,186,010.00
Local Commercial Street (72' Section ) - LF $336.00 $ -
Minor Collector Street (76' Section) 21746 LF $431.00 $ 1,183,526.00
Roundabout 1 EA $21500,000.00 $ 2,50%000.00
Box Culvert Bridge 3 EA $1,0001000.00 $ 3,000,000.00
Prospect Road Widening (Half 4-Lane Arterial) 21220 LF $637.00 $ 1,414,140.00
Frontage Road Reconstruct (2-Lane Arterial 84' Section) 31240 LF $666.00 $ 2,157,840.00
Traffic Signal Improvements 1 EA $500,000.00 $ 500,000.00
Street Lighting 1 LS $587,000.00 $ 587,000.00
Signing and Striping 1 LS $441,000.00 $ 441,000.00
Subtotal $ 15,695,422.00
III. Potable Waterline Improvements
8" Waterline 12,851 LF $90.00 $ 1,156,590.00
10" Waterline - LF $100.00 $ -
12" Waterline 8,442 LF $112.00 $ 945,504.00
Utility Borings 300 LF $1,900.00 $ 570,000.00
Raw Water Requirements 177 AC-FT $41,428.00 $ 7,316,185.00
Off-Site Waterline Reimbursement to ELCO 1 LS $750,000.00 $ 750,000.00
Subtotal $ 10,738,279.00
IV, Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer 11,423 LF $109.00 $ 1,245,107.00
10" Sanitary Sewer - LF $114.00 $ -
12" Sanitary Sewer 71867 LF $124.00 $ 975,508.00
27" Sanitary Sewer - LF $197.00 $ -
8" Subdrain 15,751 LF $75.00 $ 1,181,325.00
Subdrain Connection Fee - LS $43,000.00 $ -
Sanitary Sewer Repayment 275 TAP $1,898.00 $ 521,950.00
Subtotal $ 3,923,890.00
V. Storm Drainage Improvements
24" RCP Storm Sewer - LF $191.00 $ -
24" CMP Storm Sewer - LF $163.00 $
36" RCP Storm Sewer 14,071 LF $222.00 $ 3,123,762.00
48" RCP Storm Sewer - LF $324.00 $ -
Outlet Structure 5 EA $10,000.00 $ 50,000.00
Water Quality 122,013 CF $6.00 $ 732,080.00
Subtotal $ 3,905,842.00
Page 1 of 2
NORTHERN
ENGINEERING
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
January 31, 2018
PUBLIC IMPROVEMENT COSTS FOR
RUDOLPH FARMS METROPOLITAN DISTRICTS 1-6
COMBINED AREA - 132.79 ACRES
Public Improvements Quantity Unit Cost Extended Cost
VI. Non-Potable Irrigation Improvements
6" Non-Potable Waterline 18,867 LF $56.00 $ 1,056,552.00
Non-Potable Waterline Pumphouse 1 LS $450,000.00 $ 450,000.00
Non-Potable Pond and Delivery Improvements 1 LS $250,000.00 $ 250,000.00
Flood Irrigation System and Appurtences - LS $0.00 $ -
Well Head Replacement - EA $27,500.00 $ -
Raw Water Requirements 57 AC-FT $41,428.00 $ 2,345,654.00
Subtotal $ 4, 102,206.00
VII . Open Space, Parks and Trails
Structural Demolition - LS $0.00 $ -
Natural Area Open Space 8 AC $108,900.00 $ 914,760.00
Landscaped Open Space 6 AC $239,580.00 $ 1,533,312.00
Regional Trails 71550 LF $160.00 $ 1,208,000.00
Monument Signs 3 EA $75,000.00 $ 225,000.00
Pocket Park and Park Amenities 1 EA $150,000.00 $ 150,000.00
Open Space Acquisition - AC $20,000.00 $ -
Subtotal $ 4,031,072.00
Vill, Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $51881,000.00 $ 5,881,000.00
Construction Management / Inspection / Testing 1 LS $%822,000.00 $ %8221000.00
Admin. / Planning / Permitting 1 LS $11765,000.00 $ 1,765,000.00
Subtotal $ 16,46%000.00
Infrastructure Subtotal $ 75,276,322.00
Contingency (20%) $ 15,055, 265.00
Total Cost $ 90,331,587.00
Page 2 of 2
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LEGEND :
STREETS OWNED AND INDUSTRIAL
MAINTAINED BY THE CITY OF ■ � � � � � � � � ■ LOCALSTREET
FORT COLLINS
2-LANE ARTERIAL NOTE : LOCAL STREETS
a . ■ ■ ■ ■ . LOCAL STREET I N E E N ■ ■ ■ ■ N STREET AND ASSOCIATED UTILITIES aoo o aoo Feet
COLLECTOR 24-LANE
? ARE CONCEPTUAL AND
(
STREET ARTERIAL STREET MAY CHANGE AS IN FEET )
DEVELOPMENT OCCURS . 1 inch = 400 ft.
DESCRIPTION
UENORTHERN RUDOLPH FARMS STREET MAP
ENGINEERING METROPOLITAN DISTRICTS 1 - 6
DaAwry BY SCALE EXHIBIT
FORT COLLINS e. RDcn 111 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT D
GREELEY: 8208th Street, 80631 northemengineeringcom January 31 , 2018 11489-001 FIGURE 1 OF 6
I
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PROSPECT ROAD
LEGEND :
WATER LINE - 12 INCH PVC.
ALL WATER TO BE OWNED AND
MAINTAINED BY ELCO WATER
DISTRICT. NOTE : LOCAL STREETS
AND ASSOCIATED UTILITIES 400 0 400 Feet
WATER LINE - 8 INCH PVC . ARE CONCEPTUAL AND
ALL WATER TO BE OWNED AND MAY CHANGE AS ( IN FEET )
MAINTAINED BY ELCO WATER DEVELOPMENT OCCURS. 1 inch = 400 ft.
DISTRICT.
DESCRIPTION
NORTHERN RUDOLPH FARMS POTABLE WATER MAP
E N G I N E E R I N G METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch 1 " = 400
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PRWECT D
GREELEY: 820 8th Street, 80631 northernengineering.com January 31 , 2018 1489-001 FIGURE 2 OF 6
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I 1 8" SANITARY � S I
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\ cn TIE TO
CO I BOXELDER
SANITATION
PROSPECT ROAD
LEGEND :
SEWER LINE - 12 INCH PVC . SUBDRAIN - 8 INCH HDPE.
ALL SEWER TO BE OWNED SU ALL SUBDRAINS TO BE
AND MAINTAINED BY BOXELDER OWNED AND MAINTAINED
SANITATION DISTRICT. METRO DISTRICT.
SEWER LINE - 8 INCH PVC.
NOTE: LOCAL STREETS AND aoo o aoo Feet
ALL SEWER TO BE OWNED ASSOCIATED UTILITIES ARE IN ss CONCEPTUAL AND MAY CHANGE AS FEET )
AND MAINTAINED BY BOXELDER 1 inch
= aoo n.
SANITATION DISTRICT. DEVELOPMENT OCCURS .
DESCRIPTION
SANITARY
NORTHERN RUDOLPH FARMS SUBDRAIN MAP
&
huENGINEERING METROPOLITAN DISTRICTS 1 - 6
DaAwry BY SCALE EXHIBIT
FORT COLLINS B. Ruch 111 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT D
GREELEY: 8208th Street, 80631 northemengineering.com January 31 , 2 118 1489-001 FIGURE 3 OF 6
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PROSPECT ROAD 1
LEGEND :
ALL STORM DRAINS OUTSIDE OF RIGHT-OF-WAY TO
36" RCP STORM BE OWNED AND MAINTAINED BY METRO DISTRICT.
DRAIN LINE ALL STORM DRAINS WITHIN RIGHT-OF-WAY TO BE
DIRECTION OF OWNED AND MAINTAINED BY CITY OF FORT COLLINS.
CONVEYANCE aoo 0 40o Feet
NOTE : LOCAL STREETS AND ASSOCIATED ( IN FEET )
DETENTION AREA UTILITIES ARE CONCEPTUAL AND MAY 1 inch = 400 ft.
CHANGE AS DEVELOPMENT OCCURS .
FD�WNBY
NORTHERN RUDOLPH FARMS RAINAGE MAP
hu ENGINEERING METROPOLITAN DISTRICTS 1 - 6
scALE EXHIBIT
FORT COLLINS 1 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO PROJECT D
GREELEY: 8208th Street, 80631 northemengineeringcom 1489-001 FIGURE 4 OF 6
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I
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- - � PROSPECT OAD
LEGEND :
NON-POTABLE IRRIGATION LINE
IRR - ALL LINES ARE 8" PVC.
NOTE : LOCAL STREETS
AND ASSOCIATED UTILITIES aoo 0 400 Feet
ARE CONCEPTUAL AND
MAY CHANGE AS ( IN FEET )
DEVELOPMENT OCCURS . 1 inch = 400 ft.
DESCRIPTION
huNORTHERN RUDOLPH FARMS NON -POTABLE IRRIGATION MAP
ENGINEERING METROPOLITAN DISTRICTS 1 - 6
DaAwry BY scALE EXHIBIT
FORT COLLINS B. Ruch 1 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT D
GREELEY: 8208th Street, 80631 northemengineering.com January 31 , 2018 1489-001 FIGURE 5 OF 6
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LEGEND :
. ■ � ■ ■ � ■ ■ � CONNECTIVITY
��■ ■�♦ LANDSCAPING w/ TRAILS PARK AREA
aa � ■ ■ �` STREETS w/ i:::]
■ a 11� ■a�� TREE LAWN AREAS 400 0 400 Feet
NOTE: LOCAL STREETS AND
ASSOCIATED UTILITIES ARE IN NATURAL AREA CONCEPTUAL AND MAY CHANGE AS FEET )
OPEN SPACE DEVELOPMENT OCCURS . 1 innchch = 40o n.
DESCRIPTION
RUDOLPH FARMS OPEN SPACE , PARKS ,
NORTHERN & TRAILS MAP
ENGINEERING METROPOLITAN DISTRICTS 1 - 6
DRAWN BY SCALE EXHIBIT
FORT COLLINS B. Ruch 111 = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT D
GREELEY: 8208th Street, 80631 northemengineeringcom January 31 , 2018 1489-001 FIGURE 6 OF 6
EXHIBIT E
Rudolph Farms Metropolitan District Nos . 1 -6
Financial Plan
1
Combined Sources and Uses : Rudolph Farms Metropolitan Districts
Percent
Series 2023 Series 2028 Series 2036 TOTAL of Total
Sources
Par $ 42, 405, 000 $ 34, 930, 000 $ 104, 8651000 $ 182, 200, 000 95%
Funds on Hand $ - $ 91711,458 $ 91711,458 5 %
TOTAL: $ 42, 405, 000 $ 34, 930, 000 $ 114, 5761458 $ 191, 911,458
Uses
Project Fund $ 31, 012, 692 $ 25, 198, 900 $ 34,005, 811 $ 90, 217,403 47%
Refunding Proceeds $ 74, 710, 000 $ 74, 710, 000 39%
Capitalized Interest $ 61360, 750 $ 51239, 500 $ 371, 397 $ 11, 971, 647 6%
Reserve Fund $ 31883,458 $ 31493, 000 $ 41764, 925 $ 12, 141, 383 6%
Costs of Issuance $ 11148, 100 $ 998, 600 $ 724, 325 $ 21871, 025 1 %
TOTAL : $ 42, 405, 000 $ 34, 930, 000 $ 114, 5761458 $ 191, 911,458
2
RUDOLPH FAMRS METROPOLITAN DISTRICT Nos. 1-6 (Residential & Commercial)
Development Projection at 50.000 (target) Residential Mills +50.000 (target) Commercial Mills for Debt Service (SERVICE PLAN) -- 0113012018
Series 2036, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2023 & Series 2028 + New Money, Assumes Investment Grade, 100x, 30-yr. Maturity
Total District District District Total District District District
Assessed D/S Mill Levy` D/S Mill Levy S.O. Taxes Assessed D/S Mill Levy` D/S Mill Levy S.O. Taxes Total
Value [50.000 Target] Collections Collected Value [50.000 Target] Collections Collected Available
YEAR (Residential) [50.000 Cap] @98% @6% (Commercial) [50.000 Cap] @98h @6% Revenue
2017
2018 $0
2019 $0 50.000 0 0 $0 50.000 0 0 0
2020 0 50.000 0 0 0 50.000 0 0 0
2021 0 50.000 0 0 0 50.000 0 0 0
2022 0 50.000 0 0 0 50.000 0 0 0
2023 0 50.000 0 0 543,533 50.000 26,633 1 ,598 28,231
2024 0 50.000 0 0 6,836,303 50.000 334,979 20,099 355,078
2025 348,000 50.000 17,052 1 ,023 16,922,451 50.000 829,200 49,752 897,027
2026 973,004 50.000 47,677 2,861 24,174,486 50.000 1 ,184,550 71 ,073 1 ,306,161
2027 973,004 50.000 47,677 2,861 34,685,688 50.000 1 ,699,599 101 ,976 1 ,852,112
2028 1 ,031 ,385 50.000 50,538 3,032 42,647,778 50.000 2,089,741 125,384 2,268,696
2029 1 ,031 ,385 50.000 50,538 3,032 46,968,639 50.000 2,301 ,463 138,088 2,493,121
2030 1 ,093,268 50.000 53,570 3,214 54,172,341 50.000 2,654,445 159,267 2,870,496
2031 1 ,093,268 50.000 53,570 3,214 58,667,764 50.000 2,874,720 172,483 3,103,988
2032 1 ,158,864 50.000 56,784 3,407 66,751 ,468 50.000 3,270,822 196,249 3,527,263
2033 1 ,158,864 50.000 56,784 3,407 71 ,066,956 50.000 3,482,281 208,937 3,751 ,409
2034 1 ,228,396 50.000 60,191 3,611 75,330,973 50.000 3,691 ,218 221 ,473 3,976,494
2035 1 ,228,396 50.000 60,191 3,611 75,330,973 50.000 3,691 ,218 221 ,473 3,976,494
2036 1 ,302,099 50.000 63,803 3,828 79,850,832 50.000 3,912,691 234,761 4,215,083
2037 1 ,302,099 50.000 63,803 3,828 79,850,832 50.000 3,912,691 234,761 4,215,083
2038 1 ,380,225 50.000 67,631 4,058 84,641 ,882 50.000 4,147,452 248,847 4,467,988
2039 1 ,380,225 50.000 67,631 4,058 84,641 ,882 50.000 4,147,452 248,847 4,467,988
2040 1 ,463,039 50.000 71 ,689 4,301 89,720,395 50.000 4,396,299 263,778 4,736,068
2041 1 ,463,039 50.000 71 ,689 4,301 89,720,395 50.000 4,396,299 263,778 4,736,068
2042 1 ,550,821 50.000 75,990 4,559 95,103,618 50.000 4,660,077 279,605 5,020,232
2043 1 ,550,821 50.000 75,990 4,559 95,103,618 50.000 4,660,077 279,605 5,020,232
2044 1 ,643,870 50.000 80,550 4,833 100,809,835 50.000 4,939,682 296,381 5,321 ,445
2045 1 ,643,870 50.000 80,550 4,833 100,809,835 50.000 4,939,682 296,381 5,321 ,445
2046 1 ,742,503 50.000 85,383 5,123 106,858,426 50.000 5,236,063 314,164 5,640,732
2047 1 ,742,503 50.000 85,383 5,123 106,858,426 50.000 5,236,063 314,164 5,640,732
2048 1 ,847,053 50.000 90,506 5,430 113,269,931 50.000 5,550,227 333,014 5,979,176
2049 1 ,847,053 50.000 90,506 5,430 113,269,931 50.000 5,550,227 333,014 5,979,176
2050 1 ,957,876 50.000 95,936 5,756 120,066,127 50.000 5,883,240 352,994 6,337,927
2051 1 ,957,876 50.000 95,936 5,756 120,066,127 50.000 5,883,240 352,994 6,337,927
2052 2,075,348 50.000 101 ,692 6,102 127,270,095 50.000 6,236,235 374,174 6,718,202
2053 2,075,348 50.000 101 ,692 6,102 127,270,095 50.000 6,236,235 374,174 6,718,202
2054 2,199,869 50.000 107,794 6,468 134,906,300 50.000 6,610,409 396,625 7,121 ,294
2055 2,199,869 50.000 107,794 6,468 134,906,300 50.000 6,610,409 396,625 7,121 ,294
2056 2,331 ,861 50.000 114,261 6,856 143,000,678 50.000 7,007,033 420,422 7,548,572
2057 2,331 ,861 50.000 114,261 6,856 143,000,678 50.000 7,007,033 420,422 7,548,572
2058 2,471 ,773 50.000 121 ,117 7,267 151 ,580,719 50.000 7,427,455 445,647 8,001 ,486
2059 2,471 ,773 50.000 121 ,117 7,267 151 ,580,719 50.000 7,427,455 445,647 8,001 ,486
2060 2,620,080 50.000 128,384 7,703 160,675,562 50.000 7,873,103 472,386 8,481 ,576
2061 2,620,080 50.000 128,384 7,703 160,675,562 50.000 7,873,103 472,386 8,481 ,576
2062 2,777,284 50.000 136,087 8,165 170,316,096 50.000 8,345,489 500,729 8,990,470
2063 2,777,284 50.000 136,087 8,165 170,316,096 50.000 8,345,489 500,729 8,990,470
2064 2,943,921 50.000 144,252 8,666 180,535,062 50.000 8,846,218 530,773 9,529,898
2065 2,943,921 50.000 144,252 8,666 180,535,062 50.000 8,846,218 530,773 9,529,898
2066 3,120,557 50.000 152,907 9,174 191 ,367,165 50.000 9,376,991 562,619 10,101 ,692
3,677,628 220,668 219,651 ,204 13,179,072 236,728,562
['] The Districts may also levy up to 20.00 Mills for Operations & Maintenance + 10.00 Mills for the Overlay District Project Mill Levy
Prepared by D.A.Davidson & Co.
1/302018 B RFMD#1-6 Fin Plan 18 Master NR LF FP SP+2036 Refg Draft: For discussion purposes only.
3
RUDOLPH FAMRS METROPOLITAN DISTRICT Nos. 1-6 (Residential & Commercial)
Development Projection at 50.000 (target) Residential Mills +50.000 (target) Commercial Mills for Debt Service (SERVICE PLAN) -- 01/30/2018
Series 2036, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2023 & Series 2028 + New Money, Assumes Investment Grade, 100x, 30-yr. Maturity
Ser. 2023 Ser. 2028 Ser. 2036
$42,405,000 Par $34,930,000 Par $104,865,000 Par Surplus Cov. of Net DS: Cov. of Net DS:
[Net $31.013 MM] [Net $25.199 MM] [Net $34.006 MM] Total Annual Release @ Cumulative @ Res'I Target @ Res'I Cap
Net Available Net Debt Net Debt Net Debt Net Debt Funds on Hand` Surplus Surplus @ Comm'I Target @ Comm'I Cap
YEAR for Debt Svc Service Service Service Service Used as Source to $10A86,500 $10,486,500 Target
2017
2018 $0
2019 0
2020 0
2021 0
2022 0
2023 28,231 $0 0 28,231 0 28,231 0% 0%
2024 355,078 0 0 355,078 0 383,309 0% 0%
2025 897,027 0 0 897,027 0 1 ,280,336 0% 0%
2026 1 ,306,161 0 0 1 ,306,161 0 2,586,497 0% 0%
2027 1 ,852,112 2,120,250 2,120,250 (268,138) 0 2,318,359 87% 87%
2028 2,268,696 2,140,250 $0 2,140,250 128,446 0 2,446,805 106% 106%
2029 2,493,121 2,139,250 0 2,139,250 353,871 0 2,800,676 117% 117%
2030 2,870,496 2,268,250 0 2,268,250 602,246 0 3,402,922 127% 127%
2031 3,103,988 2,270,750 0 2,270,750 833,238 0 4,236,160 137% 137%
2032 3,527,263 2,402,750 1 ,746,500 4,149,250 (621 ,987) 0 3,614,172 85% 85%
2033 3,751 ,409 2,402,750 1 ,746,500 4,149,250 (397,841) 0 3,216,331 90% 90%
2034 3,976,494 2,552,000 1 ,746,500 4,298,500 (322,006) 0 2,894,325 93% 93%
2035 3,976,494 2,548,000 1 ,746,500 4,294,500 (318,006) 0 2,576,319 93% 93%
2036 4,215,083 2,703,000 1 ,746,500 $0 4,449,500 2,335,000 (2,569,417) 0 6,902 95% 95%
2037 4,215,083 [Reid by Ser. '36] [ReFd by Ser. '36] 4,085,366 4,085,366 129,718 0 136,619 103% 103%
2038 4,467,988 4,466,763 4,466,763 1 ,226 0 137,845 100% 100%
2039 4,467,988 4,466,338 4,466,338 1 ,651 0 139,496 100% 100%
2040 4,736,068 4,735,913 4,735,913 155 0 139,651 100% 100%
2041 4,736,068 4,734,013 4,734,013 2,055 0 141 ,706 100% 100%
2042 5,020,232 5,016,688 5,016,688 3,544 0 145,250 100% 100%
2043 5,020,232 5,016,825 5,016,825 3,407 0 148,657 100% 100%
2044 5,321 ,445 5,320,900 5,320,900 545 0 149,202 100% 100%
2045 5,321 ,445 5,320,950 5,320,950 495 0 149,698 100% 100%
2046 5,640,732 5,639,300 5,639,300 1 ,432 0 151 ,130 100% 100%
2047 5,640,732 5,637,350 5,637,350 3,382 0 154,512 100% 100%
2048 5,979,176 5,978,063 5,978,063 1 ,114 0 155,626 100% 100%
2049 5,979,176 5,976,775 5,976,775 2,401 0 158,027 100% 100%
2050 6,337,927 6,337,300 6,337,300 627 0 158,654 100% 100%
2051 6,337,927 6,334,125 6,334,125 3,802 0 162,455 100% 100%
2052 6,718,202 6,716,913 6,716,913 1 ,290 0 163,745 100% 100%
2053 6,718,202 6,714,088 6,714,088 4,115 0 167,860 100% 100%
2054 7,121 ,294 7,121 ,163 7,121 ,163 132 0 167,992 100% 100%
2055 7,121 ,294 7,120,500 7,120,500 794 0 168,786 100% 100%
2056 7,548,572 7,548,463 7,548,463 110 0 168,896 100% 100%
2057 7,548,572 7,546,563 7,546,563 2,010 0 170,906 100% 100%
2058 8,001 ,486 7,997,013 7,997,013 4,474 0 175,379 100% 100%
2059 8,001 ,486 8,000,263 8,000,263 1 ,224 0 176,603 100% 100%
2060 8,481 ,576 8,479,163 8,479,163 2,413 0 179,017 100% 100%
2061 8,481 ,576 8,478,100 8,478,100 3,476 0 182,492 100% 100%
2062 8,990,470 8,986,200 8,986,200 4,270 0 186,762 100% 100%
2063 8,990,470 8,986,363 8,986,363 4,108 0 190,870 100% 100%
2064 9,529,898 9,528,775 9,528,775 1 ,123 0 191 ,993 100% 100%
2065 9,529,898 9,529,850 9,529,850 48 0 192,042 100% 100%
2066 10,101 ,692 10,101 ,125 10,101 ,125 567 192,609 0 100% 100%
236,728,562 23,547,250 8,732,500 201 ,921 ,203 234,200,953 2,335,000 192,609 192,609
[l3Jan301823nrspB] [l3Jan301828nrspB] [&Ian301836igrf0l
Prepared by D.A.Davidson & Co.
1/302018 B RFMD#1-6 Fin Plan 18 Master NR LF FP SP+2036 Refg Draft: For discussion purposes only.
4
RUDOLPH FARMS METROPOLITAN DISTRICT Nos. 1-6 (Residential)
Development Projection at 50.000 (target) District Mills for Debt Service -- 01/30/2018
Assessed Value Summary
« « « « Residential » » » » < Platted/Developed Lots > « « « « « Commercial » » » » »
Mkt Value As'ed Value As'ed Value Mkt Value As'ed Value
Biennial @7.20% @29.00% Biennial @29.00% Total
Total Reasses'mt Cumulative of Market Cumulative of Market Total Comm'I Reasses'mt Cumulative of Market Assessed
YEAR Res'I Units @ 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Sq. Ft @ 6.0% Market Value (2-yr lag) Value
2017 0 0 0 0 0
2018 0 0 0 0 0 0 0
2019 0 0 0 0 0 0 0 0 $0
2020 0 0 0 0 0 0 0 0 0 0 0
2021 0 0 0 0 0 0 0 0 0
2022 0 0 0 0 0 0 0 0 0 0 0
2023 0 0 0 1 ,200,000 0 0 0 0 0
2024 60 0 13,513,949 0 0 0 0 0 0 0 0
2025 0 13,513,949 0 0 348,000 0 0 0 348,000
2026 0 810,837 14,324,786 973,004 0 0 0 0 0 0 973,004
2027 0 14,324,786 973,004 0 0 0 0 0 973,004
2028 0 859,487 15,184,273 1 ,031 ,385 0 0 0 0 0 0 1 ,031 ,385
2029 0 15,184,273 1 ,031 ,385 0 0 0 0 0 1 ,031 ,385
2030 0 911 ,056 16,095,330 1 ,093,268 0 0 0 0 0 0 1 ,093,268
2031 0 16,095,330 1 ,093,268 0 0 0 0 0 1 ,093,268
2032 0 965,720 17,061 ,049 1 , 158,864 0 0 0 0 0 0 1 ,158,864
2033 0 17,061 ,049 1 , 158,864 0 0 0 0 0 1 ,158,864
2034 0 1 ,023,663 18,084,712 1 ,228,396 0 0 0 0 0 0 1 ,228,396
2035 0 18,084,712 1 ,228,396 0 0 0 0 0 1 ,228,396
2036 0 1 ,085,083 19,169,795 1 ,302,099 0 0 0 0 0 0 1 ,302,099
2037 0 19,169,795 1 ,302,099 0 0 0 0 0 1 ,302,099
2038 1 ,150,188 20,319,983 1 ,380,225 0 0 0 0 0 1 ,380,225
2039 20,319,983 1 ,380,225 0 0 0 0 1 ,380,225
2040 1 ,219,199 21 ,539,182 1 ,463,039 0 0 0 0 0 1 ,463,039
2041 21 ,539,182 1 ,463,039 0 0 0 0 1 ,463,039
2042 1 ,292,351 22,831 ,533 1 ,550,821 0 0 0 0 0 1 ,550,821
2043 22,831 ,533 1 ,550,821 0 0 0 0 1 ,550,821
2044 1 ,369,892 24,201 ,424 1 ,643,870 0 0 0 0 0 1 ,643,870
204E 24,201 ,424 1 ,643,870 0 0 0 0 1 ,643,870
2046 1 ,452,08E 25,653,510 1 ,742,503 0 0 0 0 0 1 ,742,503
2047 25,653,510 1 ,742,503 0 0 0 0 1 ,742,503
2048 1 ,539,211 27,192,721 1 ,847,053 0 0 0 0 0 1 ,847,053
2049 27,192,721 1 ,847,053 0 0 0 0 1 ,847,053
2050 1 ,631 ,563 28,824,284 1 ,957,876 0 0 0 0 0 1 ,957,876
2051 28,824,284 1 ,957,876 0 0 0 0 1 ,957,876
2052 1 ,729,457 30,553,741 2,075,348 0 0 0 0 0 2,075,348
2053 30,553,741 2,075,348 0 0 0 0 2,075,348
2054 1 ,833,224 32,386,965 2,199,869 0 0 0 0 0 2,199,869
2055 32,386,965 2,199,869 0 0 0 0 2,199,869
2056 1 ,943,218 34,330,183 2,331 ,861 0 0 0 0 0 2,331 ,861
2057 34,330,183 2,331 ,861 0 0 0 0 2,331 ,861
2058 2,059,811 36,389,994 2,471 ,773 0 0 0 0 0 2,471 ,773
2059 36,389,994 2,471 ,773 0 0 0 0 2,471 ,773
2060 2,183,400 38,573,394 2,620,080 0 0 0 0 0 2,620,080
2061 38,573,394 2,620,080 0 0 0 0 2,620,080
2062 2,314,404 40,887,797 2,777,284 0 0 0 0 0 2,777,284
2063 40,887,797 2,777,284 0 0 0 0 2,777,284
2064 2,453,268 43,341 ,065 2,943,921 0 0 0 0 0 2,943,921
2065 43,341 ,065 2,943,921 0 0 0 0 2,943,921
2066 2,600,464 45,941 ,529 3,120,557 0 0 0 0 0 3,120,557
60 32,427,580 0 0
Prepared by D.A.Davidson & Co.
1/30/2018 B RFMD#1-6 Fin Plan 18 R AV Summary Draft: For discussion purposes only.
5
RUDOLPH FARMS METROPOLITAN DISTRICT Nos. 1-6 (Residential)
Development Summary
Development Projection -- Buildout Plan (updated 1 /23/18)
Residential Development
Assissted Living TH Condo SFD - Standard SFD - Premier
Product Type
Base $ ('18) $200,000 $375,000 $385,000 $475,000 $575,000
Res'I Totals
2017
2018
2019
2020
2021
2022
2023
2024 60 60
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037 - -
60 60
MV @ Full Buildout $123000,000 $0 $0 $0 $0 $1290009000
(base prices;un-infl.)
notes:
Platted/Dev Lots = 10% MV; one-yr prior
Base MV $ inflated 2% per annum
1/30/2018 B RFMD#1 -6 Fin Plan 18 R Dev Summ Prepared by D.A. Davidson & Co.
6
RUDOLPH FARMS METROPOLITAN DISTRICT Nos. 1-6 (Commercial)
Development Projection at 50.000 (target) District Mills for Debt Service -- 01 /30/2018
Assessed Value Summary
« « « « Residential » » » » < Platted/Developed Lots > « < « « « < Commercial » » » » »
Mkt Value As'ed Value As'ed Value Mkt Value As'ed Value
Biennial @7.20% @29.00% Biennial @29.00% Total
Total Reasses'mt Cumulative of Market Cumulative of Market Total Comm'I Total Hotel Reasses'mt Cumulative of Market Assessed
YEAR Res'I Units @6.0% Market Value (2-yr lag) Market Value (2-yr lag) Sq. Ft. Rooms @6.0% Market Value (2-yr lag) Value
2017 0 0 0 0 0 0
2018 0 0 0 0 0 0 0 0
2019 0 0 0 0 0 0 0 0 0 $0
2020 0 0 0 0 0 0 0 0 0 0 0 0
2021 0 0 0 1 ,874,250 0 0 0 0 0 0
2022 0 0 0 0 3,285,975 0 110,035 0 0 20,287,485 0 0
2023 0 0 0 1 ,785,975 543,533 104,685 120 56,567,304 0 543,533
2024 0 0 0 0 3,285,975 952,933 104,685 0 3,394,038 80,074,321 5,883,371 6,836,303
2025 0 0 0 1 ,785,975 517,933 104,685 120 117,819,845 16,404,518 16,922,451
2026 0 0 0 0 1 ,246,725 952,933 104,685 0 7,069,191 145,814,580 23,221 ,553 24,174,486
2027 0 0 0 1 ,246,725 517,933 83,115 0 160,714,097 34,167,755 34,685,688
2028 0 0 0 0 1 ,246,725 361 ,550 83,115 0 9,642,846 185,554,452 42,286,228 42,647,778
2029 0 0 0 1 ,246,725 361 ,550 83,115 0 201 ,055,910 46,607,088 46,968,639
2030 0 0 0 0 1 ,246,725 361 ,550 83,115 0 12,063,355 228,930,752 53,810,791 54,172,341
2031 0 0 0 0 361 ,550 83,115 0 245,058,469 58,306,214 58,667,764
2032 0 0 0 0 0 361 ,550 0 0 14,703,508 259,761 ,977 66,389,918 66,751 ,468
2033 0 0 0 0 0 0 0 259,761 ,977 71 ,066,956 71 ,066,956
2034 0 0 0 0 0 0 0 0 15,585,719 275,347,696 75,330,973 75,330,973
2035 0 0 0 0 0 0 0 275,347,696 75,330,973 75,330,973
2036 0 0 0 0 0 0 0 0 16,520,862 291 ,868,558 79,850,832 79,850,832
2037 0 0 0 0 0 0 0 291 ,868,558 79,850,832 79,850,832
2038 0 0 0 0 0 17,512,113 309,380,671 84,641 ,882 84,641 ,882
2039 0 0 0 0 309,380,671 84,641 ,882 84,641 ,882
2040 0 0 0 0 0 18,562,840 327,943,512 89,720,395 89,720,395
2041 0 0 0 0 327,943,512 89,720,395 89,720,395
2042 0 0 0 0 0 19,676,611 347,620,122 95,103,618 95,103,618
2043 0 0 0 0 347,620,122 95,103,618 95,103,618
2044 0 0 0 0 0 20,857,207 368,477,330 100,809,835 100,809,835
2045 0 0 0 0 368,477,330 100,809,835 100,809,835
2046 0 0 0 0 0 22,108,640 390,585,969 106,858,426 106,858,426
2047 0 0 0 0 390,585,969 106,858,426 106,858,426
2048 0 0 0 0 0 23,435,158 414,021 ,127 113,269,931 113,269,931
2049 0 0 0 0 414,021 ,127 113,269,931 113,269,931
2050 0 0 0 0 0 24,841 ,268 438,862,395 120,066,127 120,066,127
2051 0 0 0 0 438,862,395 120,066,127 120,066,127
2052 0 0 0 0 0 26,331 ,744 465,194,139 127,270,095 127,270,095
2053 0 0 0 0 465,194,139 127,270,095 127,270,095
2054 0 0 0 0 0 27,911 ,648 493,105,787 134,906,300 134,906,300
2055 0 0 0 0 493, 105,787 134,906,300 134,906,300
2056 0 0 0 0 0 29,586,347 522,692,134 143,000,678 143,000,678
2057 0 0 0 0 522,692,134 143,000,678 143,000,678
2058 0 0 0 0 0 31 ,361 ,528 554,053,662 151 ,580,719 151 ,580,719
2059 0 0 0 0 554,053,662 151 ,580,719 151 ,580,719
2060 0 0 0 0 0 33,243,220 587,296,882 160,675,562 160,675,562
2061 0 0 0 0 587,296,882 160,675,562 160,675,562
2062 0 0 0 0 0 35,237,813 622,534,695 170,316,096 170,316,096
2063 0 0 0 0 622,534,695 170,316,096 170,316,096
2064 0 0 0 0 0 37,352,082 659,886,777 180,535,062 180,535,062
2065 0 0 0 0 659,886,777 180,535,062 180,535,062
2066 0 0 0 0 0 39,593,207 699,479,983 191 ,367,165 191 ,367,165
0 0 944,350 240 486,590,944
Prepared by D.A.Davidson & Co.
1/30/2018 B RFMD#1-6 Fin Plan 18 C AV Summary Draft: For discussion purposes only.
7
RUDOLPH FARMS METROPOLITAN DISTRICT Nos. 1-6 (Commercial)
Development Summary
Development Projection -- Buildout Plan (updated 1 /23/ 18)
Commercial Development
Retail Convenience Industrial / Hotel
Product Type Store Employment
Base $ (' 18) $250/sf $ 165/sf $ 150/sf $ 125,000/Rm
Comm ' I Totals*
2017 - - - - -
2018 - - - - -
2019 - - - - -
2020 - - - - -
2021 - - - - -
2022 21 , 570 53350 83 , 115 - 110 , 035
2023 215570 - 833115 120 1045805
2024 213570 - 833115 - 1045685
2025 213570 - 83 , 115 120 1043805
2026 213570 - 83 , 115 - 1043685
2027 - - 83 , 115 - 833115
2028 - - 83 , 115 - 833115
2029 - - 83 , 115 - 83 , 115
2030 - - 835115 - 83 , 115
2031 - - 835115 - 83 , 115
2032 - - - - -
2033 - - - - -
2034 - - - - -
2035 - - - - -
2036 - - - - -
2037 - - - - -
107 , 850 53350 8313150 240 9445590
MV @ Full Buildout $26 ,9623500 $882 ,750 $ 124,672 , 500 $30 , 000 ,000 $ 1827517 , 750
( base prices ; un-infl . )
[*] Not including Hotels ; presented in Rooms
notes :
Platted/Dev Lots = 10% MV; one-yr prior
Base MV $ inflated 2% per annum
1 /30/2018 B RFMD#1 -6 Fin Plan 18 C Dev Summ Prepared by D .A. Davidson & Co .
8 mil.
D AIDAVIIDSON
HIM nHOY! 411rtl WAAWS
SOURCES AND USES OF FUNDS
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION BONDS , SERIES 2023
50. 000 (target) Residential Mills + 50 .000 (target) Commercial Mills
Non -Rated , 105x, 30-yr. Maturity
(Growth thru 2026 + 6. 00% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2023
Delivery Date 12/01 /2023
Sources :
Bond Proceeds :
Par Amount 42 ,405,000.00
42 ,405 ,000.00
Uses :
Project Fund Deposits :
Project Fund 31 ,012 ,691 .67
Other Fund Deposits:
Capitalized Interest Fund 6 , 360,750.00
Debt Service Reserve Fund 303458.33
10 ,244 ,208.33
Delivery Date Expenses:
Cost of Issuance 300,000.00
Underwriter's Discount 848, 100.00
1 , 148 , 100.00
42 ,405 ,000.00
Jan 30 , 2018 8 : 38 am Prepared by D .A, Davidson & Co Quantitative Group--PM (Rudolph Farms MD#1 -6 18 (fka . . . : BJAN3018-23NRSPB)
9 mil.
D AIDAVIIDSON
HIM nHOY! 411rtl WAAWS
SOURCES AND USES OF FUNDS
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION BONDS , SERIES 2028
50. 000 (target) Residential Mills + 50 .000 (target) Commercial Mills
Non -Rated , 105x, 30-yr. Maturity
(Growth thru 2031 + 6. 00% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2028
Delivery Date 12/01 /2028
Sources :
Bond Proceeds :
Par Amount 34 ,930,000.00
34 ,930 ,000.00
Uses :
Project Fund Deposits :
Project Fund 25 , 198 ,900.00
Other Fund Deposits:
Capitalized Interest Fund 5239,500.00
Debt Service Reserve Fund 3 ,493,000.00
81732500.00
Delivery Date Expenses:
Cost of Issuance 300,000.00
Underwriter's Discount 69800.00
998 ,600.00
34 ,930 ,000.00
Jan 30 , 2018 8 :43 am Prepared by D .A, Davidson & Co Quantitative Group--PM (Rudolph Farms MD#1 -6 18 (fka . . . : BJAN3018-28NRSPB)
10 1 1.
D AIDAVIIDSON
HIM nHOY! 411rtl WAAWS
SOURCES AND USES OF FUNDS
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed) Series 2023 & Series 2028 + New Money
50.000 (target) Residential Mills + 50 .000 (target) Commercial Mills
Assumes Investment Grade, 100x , 30-yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2036
Delivery Date 12/01 /2036
Sources :
Bond Proceeds :
Par Amount 104 ,8657000.00
Other Sources of Funds:
Funds on Hand' 2 , 335 ,000.00
Series 2023 - DSRF 3037458.00
Series 2028 - DSRF 3493,000.00
9, 711 ,458 .00
114, 5765458 .00
Uses :
Project Fund Deposits :
Project Fund 34, 005, 811 . 12
Refunding Escrow Deposits:
Cash Deposit" 74710,000.00
Other Fund Deposits:
Capitalized Interest Fund 371 ,396.88
Debt Service Reserve Fund 4764,925.00
5 , 136 ,321 .88
Delivery Date Expenses :
Cost of Issuance 200,000.00
Underwriter's Discount 524,325.00
724 ,325.00
114, 576,458 .00
['] Estimated balances (tbd).
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group-PM (Rudolph Farms MD#1 -. . . : BJAN3018-361GRFB , 361GRFB)
11 5h
D ;1 DAVIDSON
n [D n,COu! <Nny vuaGV
BOND SUMMARY STATISTICS
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed) Series 2023 & Series 2028 + New Money
50.000 (target) Residential Mills + 50 .000 (target) Commercial Mills
Assumes Investment Grade, 100x , 30-yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2036
Delivery Date 12/01 /2036
First Coupon 06/01 /2037
Last Maturity 12/01 /2066
Arbitrage Yield 4 .250000%
True Interest Cost (TIC) 4 .285261 %
Net Interest Cost (NIC ) 4 .250000%
All-In TIC 4.298777%
Average Coupon 4.250000%
Average Life (years) 22 .930
Weighted Average Maturity (years) 22.930
Duration of Issue (years) 14 .505
Par Amount 10478653000 . 00
Bond Proceeds 1047865, 000 . 00
Total Interest 1102 , 1 92,525.00
Net Interest 102716,850 . 00
Bond Years from Dated Date 21404 ,5303000 . 00
Bond Years from Delivery Date 2 ,4045301000 . 00
Total Debt Service 207,057, 525 . 00
Maximum Annual Debt Service 14, 866 , 050 . 00
Average Annual Debt Service 63901 , 917 . 50
Underwriter's Fees (per $ 1000)
Average Takedown
Other Fee 5.000000
Total Underwriter's Discount 5. 000000
Bid Price 99 . 500000
Average
Par Average Average Maturity PV of 1 by
Bond Component Value Price Coupon Life Date change
Term Bond due 2066 1043865 ,000 .00 100.000 4.250% 22.930 11 /06/2059 1773221 .85
104 , 865 ,000 .00 22 .930 177, 221 . 85
All-In Arbitrage
TIC TIC Yield
Par Value 1043865 ,000 .00 1043865 ,000 .00 104 , 865 ,000 .00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount -5241325 .00 -5241325 .00
- Cost of Issuance Expense -200 ,000 .00
- Other Amounts
Target Value 104, 340 ,675 .00 104, 140 ,675 .00 104, 865 , 000 .00
Target Date 12/01 /2036 12/01 /2036 12/01 /2036
Yield 4.285261 % 4 .298777% 4 .250000%
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group-PM (Rudolph Farms MD#1 -. . . : BJAN3018-361GRFB , 361GRFB)
12 1
0 DAVIDSON
BOND DEBT SERVICE
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed ) Series 2023 & Series 2028 + New Money
50 . 000 (target) Residential Mills + 50 . 000 (target) Commercial Mills
Assumes Investment Grade , 100x, 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/01 /2037 2,228,381 .25 2,228,381 .25
12/01 /2037 212285381 .25 272285381 .25 41456,762.50
06/01 /2038 272287381 .25 272287381 .25
12/01 /2038 105000 4.250% 2,228,381 .25 2,238,381 .25 4,466,762.50
06/01 /2039 2,228, 168.75 2,228, 168.75
12/01 /2039 103000 4.250% 25228, 168.75 25238, 168.75 41466,337.50
06/01 /2040 272277956.25 272277956.25
12/01 /2040 2805000 4.250% 2,227,956.25 2$ 07,956.25 4,735,912.50
06/01 /2041 2,222,006.25 2,222,006.25
12/01 /2041 2903000 4.250% 21222,006.25 21512,006.25 41734,012.50
06/01 /2042 272157843.75 272157843.75
12/01 /2042 5855000 4.250% 2,215,843.75 2,800,843.75 5,016,687.50
06/01 /2043 292039412.50 292039412.50
12/01 /2043 6103000 4.250% 21203,412.50 21813,412.50 51016,825.00
06/01 /2044 271907450.00 211907450.00
12/01 /2044 9405000 4.250% 2, 190,450.00 3, 1309450.00 5,320,900.00
06/01 /2045 291709475.00 291709475.00
12/01 /2045 9803000 4.250% 21170,475.00 31150,475.00 51320,950.00
06/01 /2046 271497650.00 211497650.00
12/01 /2046 153405000 4.250% 21149,650.00 3,489,650.00 5,639,300.00
06/01 /2047 291219175.00 291219175.00
12/01 /2047 133953000 4.250% 211215175.00 31516, 175.00 51637,350.00
06/01 /2048 270917531 .25 270917531 .25
12/01 /2048 157955000 4.250% 21091 ,531 .25 3,886,531 .25 5,978,062.50
06/01 /2049 290539387.50 290539387.50
12/01 /2049 11870,000 4.250% 21053,387.50 3,923,387.50 5,976,775.00
06/01 /2050 270137650.00 270137650.00
12/01 /2050 253105000 4.250% 21013,650.00 4$ 23,650.00 6$ 37,300.00
06/01 /2051 199649562.50 199649562.50
12/01 /2051 21405,000 4.250% 11964,562.50 4,36%562.50 6,334, 125.00
06/01 /2052 179137456.25 179137456.25
12/01 /2052 258905000 4.250% 11913,456.25 49803,456.25 6,716,912.50
06/01 /2053 198529043.75 198529043.75
12/01 /2053 31010,000 4.250% 11852,043.75 4,862,043.75 6,714,087.50
06/01 /2054 11788,081 .25 11788,081 .25
12/01 /2054 355455000 4.250% 11788,081 .25 5,333,081 .25 7, 121 , 162.50
06/01 /2055 197129750.00 197129750.00
12/01 /2055 31695,000 4.250% 11712,750.00 5,407,750.00 7, 120,500.00
06/01 /2056 11634,231 .25 11634,231 .25
12/01 /2056 452805000 4.250% 11634,231 .25 5,914,231 .25 79548,462.50
06/01 /2057 195439281 .25 195439281 .25
12/01/2057 41460,000 4.250% 11543,281 .25 61003,281 .25 71546,562.50
06/01 /2058 114487506.25 174487506.25
12/01 /2058 551005000 4.250% 19448,506.25 6,548$ 06.25 7,997,012.50
06/01 /2059 1 ,340, 131 .25 1 ,340, 131 .25
12/01 /2059 533203000 4.250% 11340, 131 .25 616605131 .25 810005262.50
06/01 /2060 172277081 .25 172277081 .25
12/01 /2060 650255000 4.250% 1 ,227,081 .25 7,252,081 .25 8,479, 162.50
06/01 /2061 1 ,09%050.00 1 ,09%050.00
12/01 /2061 632803000 4.250% 11099,050.00 71379,050.00 81478, 100.00
06/01 /2062 9657600.00 9657600.00
12/01 /2062 7,055,000 4.250% 965,600.00 81020,600.00 8,986,200.00
06/01 /2063 815,681 .25 815,681 .25
12/01 /2063 733553000 4.250% 815,681 .25 871707681 .25 81986,362.50
06/01 /2064 6597387.50 6597387.50
12/01 /2064 8,2%000 4.250% 659$ 87.50 81869,387.50 9,528,775.00
06/01 /2065 4849925.00 4849925.00
12/01 /2065 835603000 4.250% 484,925.00 970447925.00 975297850.00
06/01 /2066 303,025.00 303,025.00
12/01 /2066 14,260,000 4.250% 303,025.00 14,563,025.00 14,866,050.00
10438653000 10251922525.00 2075057,525.00 20720572525.00
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group-PM (Rudolph Farms MD#1 -. . . : BJAN3018-361GRFB , 361GRFB)
13 4
U DAVIDSON
n40 nKOY! CNlrq Y ![!p
NET DEBT SERVICE
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed ) Series 2023 & Series 2028 + New Money
50 . 000 (target) Residential Mills + 50 . 000 (target) Commercial Mills
Assumes Investment Grade , 100x , 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Period Total Debt Service Capitalized Net
Ending Principal Interest Debt Service Reserve Fund Interest Fund Debt Service
12/01 /2037 41456,762 .50 41456,762 .50 3711396 .88 4,0851365.62
12/01 /2038 101000 414561762 .50 414661762 .50 414661762 .50
12/01 /2039 103000 45456,337.50 41466,337 .50 41466,337 .50
12/01 /2040 280,000 414555912 .50 417359912 .50 417359912 .50
12/01 /2041 2901000 41444,012 .50 4,7341012 .50 4,7341012 .50
12/01 /2042 5851000 41431 ,687.50 510161687 .50 510161687 .50
12/01 /2043 6103000 43406,825.00 51016,825.00 55016,825.00
12/01 /2044 940,000 413805900.00 513209900 .00 513209900 .00
12/01 /2045 980,000 4$ 40,950.00 51320,950 .00 51320,950 .00
12/01 /2046 113401000 412991300.00 5,6391300 .00 576391300 .00
12/01 /2047 113952000 43242,350.00 55637,350 .00 51637,350 .00
12/01 /2048 11795,000 411835062 .50 519789062 . 50 519785062 . 50
12/01 /2049 11870,000 41106,775.00 51976,775.00 59976,775.00
12/01 /2050 213101000 41027,300.00 6,3371300 .00 673371300 .00
12/01 /2051 214051000 319291125.00 61334, 125.00 61334, 125.00
12/01 /2052 21890,000 318269912 .50 617165912 . 50 617165912 . 50
12/01 /2053 31010,000 31704,087.50 61714,087 . 50 61714,087 . 50
12/01 /2054 315451000 315761162 .50 7, 121 , 162 .50 711211162 .50
12/01 /2055 316951000 314251500.00 711201500 .00 71120500 .00
12/01 /2056 412803000 32268,462 .50 71548,462 .50 71548,462 .50
12/01 /2057 41460,000 31086,562 .50 71546,562 . 50 71546,562 . 50
12/01 /2058 511001000 218971012 .50 7,9971012 .50 7,9971012 .50
12/01 /2059 513201000 216801262 .50 810001262 .50 810001262 .50
12/01 /2060 610253000 22454, 162 .50 81479, 162 .50 85479, 162 .50
12/01 /2061 6 ,280,000 211989100.00 814789100 .00 814785100 .00
12/01 /2062 7 ,0551000 11931 ,200.00 81986,200 .00 81986,200 .00
12/01 /2063 713551000 116311362 .50 819861362 .50 819861362 .50
12/01 /2064 832103000 13318,775.00 91528,775.00 91528,775.00
12/01 /2065 81560,000 9699850.00 915299850.00 915299850 .00
12/01 /2066 14,260,000 606,050.00 141866,050.00 4 ,7649925 101101 J 25.00
104,865,000 102, 1929525.00 207,0579525.00 41764,925 3719396.88 201 ,9219203. 12
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group-PM (Rudolph Farms MD#1 -. . . : BJAN3018-361GRFB , 361GRFB)
14
U k DAVIDSON
nU0 nKOY! CNlrq WII[!tl
SUMMARY OF BONDS REFUNDED
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed ) Series 2023 & Series 2028 + New Money
50 . 000 (target) Residential Mills + 50 . 000 (target) Commercial Mills
Assumes Investment Grade , 100x , 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
1 /30/18 : Ser 23 NR LF, 5.00%, 120x, 50+50 , Gro thru '26+6% BiRE, SP:
TERM53 12/01 /2037 5.000% 7151000.00 12/01 /2036 100.000
12/01 /2038 5.000% 910,000.00 12/01 /2036 100.000
12/01 /2039 5.000% 9559000.00 12/01 /2036 100.000
12/01 /2040 5.000% 111751000.00 12/01 /2036 100.000
12/01 /2041 5.000% 112351000.00 12/01 /2036 100.000
12/01 /2042 5.000% 13480,000.00 12/01 /2036 100.000
12/01 /2043 5.000% 115559000.00 12/01 /2036 100.000
12/01 /2044 5.000% 11825,000.00 12/01 /2036 100.000
12/01 /2045 5.000% 119151000.00 12/01 /2036 100.000
12/01 /2046 5.000% 23215,000.00 12/01 /2036 100.000
12/01 /2047 5.000% 213309000.00 12/01 /2036 100.000
12/01 /2048 5.000% 21660,000.00 12/01 /2036 100.000
12/01 /2049 5.000% 21795,000.00 12/01 /2036 100.000
12/01 /2050 5.000% 31165,000.00 12/01 /2036 100.000
12/01 /2051 5.000% 313205000.00 12/01 /2036 100.000
12/01 /2052 5.000% 31730,000.00 12/01 /2036 100.000
12/01 /2053 5.000% 718001000.00 12/01 /2036 100.000
391780,000.00
1 /30/18 : Ser 28 NR LF , 5 .00%1 100x, 50+501 FG+6% BiRE, SP:
TERM58 12/01 /2046 5.000% 5,000.00 12/01 /2036 100.000
12/01 /2047 5.000% 5,000.00 12/01 /2036 100.000
12/01 /2048 5.000% 1103000.00 12/01 /2036 100.000
12/01 /2049 5.000% 115 ,000.00 12/01 /2036 100.000
12/01 /2050 5.000% 235,000.00 12/01 /2036 100.000
12/01 /2051 5.000% 250,000.00 12/01 /2036 100.000
12/01 /2052 5.000% 3809000.00 12/01 /2036 100.000
12/01 /2053 5.000% 395,000.00 12/01 /2036 100.000
12/01 /2054 5.000% 511101000.00 12/01 /2036 100.000
12/01 /2055 5.000% 53365,000.00 12/01 /2036 100.000
12/01 /2056 5.000% 610409000.00 12/01 /2036 100.000
12/01 /2057 5.000% 61340,000.00 12/01 /2036 100.000
12/01 /2058 5.000% 10,580,000.00 12/01 /2036 100.000
342930,000.00
7427109000.00
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group-PM (Rudolph Farms MD#1 -. . . : BJAN3018-361GRFB , 361GRFB)
15
D A DA17IDSON
n¢o mm•e un w •,<en
ESCROW REQUIREMENTS
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed ) Series 2023 & Series 2028 + New Money
50 . 000 (target) Residential Mills + 50 . 000 (target) Commercial Mills
Assumes Investment Grade , 100x , 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2036
Delivery Date 12/01 /2036
1 /30/18 : Ser 23 NR LF , 5 . 00% , 120x, 50+50 , Gro thru '26+6% BiRE , SP
Period Principal
Ending Redeemed Total
12/01 /2036 39,780,000.00 39780 ,000.00
39780, 000 . 00 393780 ,000 .00
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group— PM ( Rudolph Farms MD#1 -. . . : l3JAN3018-36lGRFl3 , 36lGRFl3 )
16
D A DAVIDSON
n!!D nICpY! 4O q YMQ11
ESCROW REQUIREMENTS
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed ) Series 2023 & Series 2028 + New Money
50 . 000 (target) Residential Mills + 50 . 000 (target) Commercial Mills
Assumes Investment Grade , 100x , 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2036
Delivery Date 12/01 /2036
1 /30/18 : Ser 28 NR LF , 5 . 00% , 100x, 50+50 , FG +6% BiRE , SP
Period Principal
Ending Redeemed Total
12/01 /2036 34,930,000.00 34,930 ,000.00
34 ,930, 000 . 00 343930 ,000 .00
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group— PM ( Rudolph Farms MD#1 -. . . : l3JAN3018-36lGRFl3 , 36lGRFl3 )
17
U \ DAVIDSON
PRIOR BOND DEBT SERVICE
RUDOLPH FARMS METROPOLITAN DISTRICT Nos . 1 -6 ( Residential + Commercial )
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS , SERIES 2036
Pay & Cancel Refunding of ( proposed ) Series 2023 & Series 2028 + New Money
50 . 000 (target) Residential Mills + 50 . 000 (target) Commercial Mills
Assumes Investment Grade , 100x , 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01 /2037 1 /8671750 118671750
12/01 /2037 7151000 5.000% 118671750 21582,750 4450500
06/01 /2038 11849,875 118499875
12/01 /2038 910 ,000 5.000% 1 ,849,875 2,7591875 4 , 609 , 750
06/01 /2039 1 /8271125 118271125
12/01 /2039 9551000 5.000% 118271125 21782, 125 41609250
06/01 /2040 11803,250 118039250
12/01 /2040 1 , 175 ,000 5.000% 1 ,803 ,250 21978,250 4 ,7811500
06/01 /2041 117731875 117731875
12/01 /2041 112351000 5.000% 117731875 31008,875 417821750
06/01 /2042 11743,000 117439000
12/01 /2042 1 ,480,000 5.000% 1 , 743 ,000 31223,000 4 ,966 ,000
06/01 /2043 1 , 706 ,000 117061000
12/01 /2043 115551000 5.000% 11706 ,000 312611000 41967 ,000
06/01 /2044 11667 , 125 116675125
12/01 /2044 11825,000 5.000% 1 ,667 , 125 31492, 125 5, 15%250
06/01 /2045 1 ,621 ,500 116211500
12/01 /2045 119151000 5.000% 116211500 315361500 51158 ,000
06/01 /2046 115731625 13573,625
12/01 /2046 2 ,2201000 5.000% 1 , 573,625 31793,625 5,367 ,250
06/01 /2047 115181125 115181125
12/01 /2047 213351000 5.000% 115181125 318531125 51371250
06/01 /2048 114591750 13459750
12/01 /2048 21770,000 5.000% 1 ,459,750 412295750 5,6893500
06/01 /2049 113901500 113901500
12/01 /2049 219101000 5.000% 113901500 41300500 51691 ,000
06/01 /2050 1 ,3171750 13317750
12/01 /2050 31400,000 5.000% 1 ,317,750 417179750 6,035,500
06/01 /2051 1 ,232,750 1 ,232,750
12/01 /2051 315701000 5.000% 12321750 4,802,750 6,0351500
06/01 /2052 1 , 1431500 13143500
12/01 /2052 411105000 5.000% 1 , 143,500 512539500 6,397,000
06/01 /2053 1 ,040 ,750 11040,750
12/01 /2053 81195 ,000 5.000% 1 ,040 ,750 9,2351750 10276500
06/01 /2054 8351875 8351875
12/01 /2054 511109000 5.000% 835,875 519459875 61781750
06/01 /2055 708 , 125 708, 125
12/01 /2055 573651000 5.000% 708 , 125 6,0731125 6781250
06/01 /2056 574 ,000 5741000
12/01 /2056 6,0401000 5.000% 5741000 61614,000 711881000
06/01 /2057 423,000 423,000
12/01 /2057 673401000 5.000% 4231000 677631000 7 , 1861000
06/01 /2058 264500 2641500
12/01 /2058 105803000 5.000% 2641500 101844500 115109,000
7417103000 5816833500 1332393500 13313933500
Jan 30 , 2018 8 :49 am Prepared by D .A, Davidson & Co Quantitative Group-PM (Rudolph Farms MD#1 -. . . : BJAN3018-361GRFB , 361GRFB)
EXHIBIT F
Rudolph Farms Metropolitan District Nos . 1 -6
Intergovernmental Agreement
INTERGOVERNMENTAL AGREEMENT
THIS INTERGOVERNMENTAL AGREEMENT is made and entered into by and
between the City of Fort Collins, Colorado, a Colorado home rule municipality (the "City"), and
Rudolph Farms Metropolitan District Nos. Im6, quasi-municipal corporations and political
subdivisions of the State of Colorado (collectively, the "Districts") -
RECITALS
WHEREAS, the Districts were organized to provide those services and to exercise
powers as are more specifically set forth in the Districts ' Service Plan dated March 6, 2018 ,
which may be amended from time to time as set forth therein (the "Service Plan") ; and
WHEREAS , the City and the property owner organizers of the Districts have entered
into that certain "Binding Agreement Pertaining to Development of the Interstate Highway 25
and Prospect Road Interchange" dated March , 2018 (the "Binding Agreement") ; and
WHEREAS , the Binding Agreement contemplates that the City and the Districts will
enter into a "Capital Pledge Agreement" pursuant to which the District will share in the cost of
the Colorado Department of Transportation project to improve the I-25 and Prospect Road
Interchange (the "Capital Pledge Agreement) ; and
WHEREAS, the Service Plan requires the execution of an intergovernmental agreement
between the City and the Districts to provide the City with contract remedies to enforce the
requirements and limitations imposed on the Districts in the Service Plan; and
WHEREAS, the City and the Districts have determined it to be in their best interests to
enter into this Intergovernmental Agreement as provided in the Service Plan ("Agreement") .
NOW, THEREFORE, for and in consideration of the covenants and mutual agreements
herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows :
COVENANTS AND AGREEMENTS
1 . Incorporation by Reference . The Service Plan is hereby incorporated in this
agreement by this reference. The District agrees to comply with all provisions of the Service
Plan, as it may be amended from time to time in accordance with the provisions thereof, and
Title 32 , Article 1 , C .R. S . (the "Special District Act") . Capitalized terms used herein not
otherwise defined in this Agreement shall have the meanings, respectfully, specified in the
Service Plan.
2 . Imposition of Fees, Levying of Taxes and Issuance of Debt. The Districts shall not
impose any taxes, fees, rates, tolls or charges, or issue any Debt unless or until: (a) the Property
Owner has recorded the PIF Covenant (as defined in the Binding Agreement) against its property
within the Project Area Boundaries, and (b) the City and the Overlay District have entered into
the Capital Pledge Agreement.
3 , City Prior Approvals . The Districts shall obtain any prior City or City Council
approvals as required in the Service Plan before undertaking the action requiring such approval.
4. Enforcement. The parties agree that this Agreement may be enforced at law or in
equity, including actions seeking specific performance, mandamus, injunctive, or other
appropriate relief. The parties also agree that this Agreement may be enforced pursuant to Section
32- 1 -207 , C .R. S . and other provisions of the Special District Act granting rights to municipalities
or counties approving a service plan of a special district.
5 . Amendment. This Agreement may be amended, modified, changed, or terminated
in whole or in part only by a written agreement duly authorized and executed by the parties hereto .
6 . Governing Law; Venue. This Agreement shall be governed by and construed
under the applicable laws of the State of Colorado . Venue for any judicial action to interpret or
enforce this Agreement shall be in Larimer County District Court of the Eighth Judicial District
for the State of Colorado .
7 . Beneficiaries . Except as otherwise stated herein, this Agreement is intended to
describe the rights and responsibilities of and between the named parties and is not intended to,
and shall not be deemed to confer any rights upon any persons or entities not named as parties .
8 . Effect of Invalidity. If any portion of this Agreement is held invalid or
unenforceable for any reason by a court of competent jurisdiction as to either party or as to both
parties, such portion shall be deemed severable and its invalidity or its unenforceability shall not
cause the entire agreement to be terminated.
9 . Assi _ n�k Neither the City nor the Districts shall assign their rights or delegate
their duties hereunder without the prior written consent of the other parties. Any assignment of
rights or delegation of duties without such prior written consent shall be deemed null and void
and of no effect. Notwithstanding the foregoing, the City and the Districts may enter into contracts
or other agreements with third parties to perform any of their respective duties required under this
Agreement.
10 . Successors and Assigns . This Agreement and the rights and obligations created
hereby shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns .
RUDOLPH FARMS METROPOLITAN
DISTRICT NOS. 1 -6
BY:
President
ATTEST :
By:
Secretary
CITY OF FORT COLLINS, COLORADO
By:
Mayor
ATTEST :
By :
City Clerk
EXHIBIT B
CERTIFICATE CONCERNING NOTICES OF PUBLIC HEARING ON
CONSOLIDATED SERVICE PLAN
IN RE THE ORGANIZATION OF RUDOLPH FARMS METROPOLITAN DISTRICT NOS .
1 -6, CITY OF FORT COLLINS , COUNTY OF LARIMER, STATE OF COLORADO
I, Abby Franz, an a paralegal at the law firm of White Bear Ankele Tanaka & Waldron
Professional Corporation, acting on behalf of Rudolph Farms Metropolitan District Nos. 1 -6 (the
"Districts"), do hereby certify as follows :
1 . That the City Council of the City of Fort Collins (the "City Council") set a public hearing
for Tuesday, March 6, 2018 at 6 : 00 p.m. at the City Council Chambers, City Hall West,
300 LaPorte Avenue, Ft. Collins, Colorado (the "Hearing"), for the purpose of
considering the Consolidated Service Plan (the "Service Plan") for the Districts and to
form a basis for adopting a resolution approving, conditionally approving or disapproving
the Service Plan;
2 . That, pursuant to § 32- 1 -204 . 5 , C .R. S . , and the City of Fort Collins Policy for Reviewing
Proposed Service Plans for Title 32 Metropolitan Districts, dated July 9, 2008 , the Notice
of Public Hearing on Consolidated Service Plan, a copy of which is attached hereto as
Exhibit A and incorporated herein by this reference, was sent by U. S . mail on February
141 2018 , more than ten ( 10) days prior to the Hearing, to the property owners within the
proposed Districts as listed on the records of the County Assessor, as set forth on the list
attached hereto as Exhibit B and incorporated herein by this reference and;
3 . That the Notice of Public Hearing on Consolidated Service Plan was further published on
February 12, 2018 in The Coloradoan. A copy of the Affidavit of Publication of Notice
of Public Hearing on Consolidated Service Plan is attached hereto as Exhibit C and
incorporated herein by this reference
Signed this 281h day of February, 2018 .
By: n -
Abby Franz, Paralegal
1597.0003; 884438
EXHIBIT A
TO CERTIFICATE OF MAILING AND PUBLICATION OF
NOTICE OF PUBLIC HEARING ON CONSOLIDATED SERVICE PLAN
(Notice of Public Hearing on Consolidated Service Plan)
NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF A SPECIAL DISTRICT
IN RE THE ORGANIZATION OF RUDOLPH FARMS METROPOLITAN DISTRICT NOS . 1 -6,
CITY OF FT. COLLINS , COUNTY OF LARIMER, STATE OF COLORADO
NOTICE IS HEREBY GIVEN that, pursuant to § 32- 1 -204( 1 ), C .R. S . , a Service Plan (the "Service
Plan") for the proposed Rudolph Farms Metropolitan District Nos . 1 -6 ("Districts") has been filed
and is available for public inspection in the office of the City Clerk of the City of Ft. Collins .
A public hearing on the Service Plan will be held by the City Council of the City of Ft. Collins (the
"City Council") on Tuesday, March 6 , 2018 , at 6 : 00 p .m. , at City Council Chambers, City Hall
West, 300 LaPorte Avenue, Ft. Collins, Colorado, or as soon thereafter as the City Council may
hear such matter.
The Districts are metropolitan districts. Public improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed, specifically including related
eligible costs for acquisition and administration, as authorized by the Special District Act, except as
specifically limited in Section V of the Districts ' Service Plan to serve the future taxpayers and
property owners of the Districts as determined by the Board of the Districts in its discretion. The
maximum mill levy each District is permitted to impose upon the taxable property within its
boundaries and shall be Eighty (80) Mills subject to the limitations set forth in the Service Plan.
The proposed districts will be located at the northeast corner of the Prospect/I-25 Intersection. A
description of the land contained within the boundaries of the proposed Districts is as follows :
Tracts of land located in the Southwest Quarter of Section 15 , Township 7 North, Range 68 West of
the Sixth Principal Meridian, City of Fort Collins, County of Larimer, State of Colorado , containing
approximately 132 . 79 acres, as further described in the Service Plan.
NOTICE IS FURTHER GIVEN that pursuant to § 32- 1 -203 (3 . 5), C .R. S . , any person owning
property in the proposed Districts may request that such property be excluded from the Districts by
submitting such request to the Board of County Commissioners of Larimer County no later than ten
days prior to the public hearing.
All protests and objections must be submitted in writing to the City Manager at or prior to
the public hearing or any continuance or postponement thereof in order to be considered. All
protests and objections to the Districts shall be deemed to be waived unless presented at the
time and in the manner specified herein.
BY ORDER OF THE CITY COUNCIL OF
THE CITY OF FORT COLLINS
EXHIBIT B
TO CERTIFICATE OF MAILING AND PUBLICATION OF
NOTICE OF PUBLIC HEARING ON CONSOLIDATED SERVICE PLAN
(Mailing List of Property Owners)
CW Subtrust White Eric S
C/O AGUR Foundation
4 W. Dry Creek Circle, Suite 100
Littleton, CO 80120
EXHIBIT C
TO CERTIFICATE OF MAILING AND PUBLICATION OF
NOTICE OF PUBLIC HEARING ON CONSOLIDATED SERVICE PLAN
(Affidavit of Publication of Notice of Public Hearing on Consolidated Service Plan)
Account #: FTC-WB0073
FORT • COLLINS
Invoice Text
Co 0 A� � NOTICE OF PUBLIC HEARING FOR THE ORGANIZATION OF A
STATE OF COLORADO )
) ss: AFFIDAVIT OF PUBLICATION
COUNTY OF LARIMER )
WHITE, BEAR & ANKELE
2154 E COMMONS AVE STE 2000
CENTENNIAL CO 80122
NOTICE OF PUBLIC HEARING FOR
THE ORGANIZATION T A SPECIAL I, beingduly sworn deposes and says that said is the legal clerk of the Fort Collins Coloradoan; that
DISTRICT Y � P Y g
ON OF RU-
DO PH RE THE
FARMS METROPOLITAN the same is a daily newspaper of general circulation and printed and published in the City of Fort
COLLINS COUNTY OF TY OF LAR MER, Collins, in said county and state; that the notice or advertisement, of which the annexed is a true
STATE OF COLORADO co has been published in said daily newspaper and that the notice was published in the regular
NOTICE IS HEREBY GIVEN that, pur- PY� P YP g
suant to § 32-1 -2040 ), C. R.S., a Service
Plan (the "service Plan") for The pro- and entire issue of every number of said newspaper during the period and time of publication of said
Posed District Nos. 1 6 ("Drmscts") hasolitan been notice, and in the proper newspaper a and not in a supplement thereof, that the first p p p p pp publication of
filed and is available for public o - said notice was contained in the issue of said newspaper Tion in the office of the City Clerk of f th Th one
City of Ft. Collins.
A public hearing on the Service Plan
will be held by the City Council of the
City of Ft. Collins (the "City Council") 02/12/18
on Tuesday, March 6, 2018, at 6: 00 p.m.,
at City Council Chambers, City Hall
West, 300 LaPorte Avenue, Ft. Collins,
Colorado, or as soon thereafter as the that said Fort Collins Coloradoan has been published continuously and uninterruptedly during the
City Council such
The Dstrictmay a ehear metropolitantdistricts. period of at least six months next prior to the first publication of said notice or advertisement above -
Public improvements authorized t be
Planned, designed, acquired, construct- ,referred to; that said newspaper has been admitted to the United States mails as second-class matter
and
ed
f nancedlle pecif callyd�including prelated under the provisions of the Act of March 3, 1879, or any amendments thereof; and that said
eligible in-
stration, as authorize for d acquisition
the sp cial newspaper is a daily newspaper duly qualified for publishing legal notices and advertisements within
District Act, except as specifically limit-
ed in Section V of the Districts' Service the meaning of the laws of the State of Colorado.
Plan To serve the future taxpayers and
property owners of the Districts as de-
termined by the Board of the Districts
in its discretion. The maximum mill
levy each District is permitted to within
pose upon the taxable Property withinin I
its boundaries and shall be Eighty (80)
Mills subiect to the limitations set forth jai
in the Service Plan.
The proposed districts will be located at Legal Clerk
the northeast corner of the Prospect/1-25
Intersection. A description of the land
contained within the boundaries of the Subscribed and sworn to before me within the County of Larimer, State of Colorado this
proposed Districts is as follows: Tracts
of land located in the Southwest Quarter 12th of February 2018.
of Section 15, Township 7 North, Range �'
68 West of the Sixth Principal Meridian,
City of Fort Collins, County of Lorimer, LALKC'N;aAMARYlAMAR
State of Colorado, containing approxi- ! M Commission expires September 3, 2019 NOTARY P:lIKIC - STATE OF COLORADO
mately 132.79 acres, as further descri- Y P P •ry , zr
bed in the Service Plan. M ' {(a.i <ill.wd ;OR # 20154035099
NOTICE IS FURTHER GIVEN that pur- i EXpirosSeplember3, 2019
suant to § 32-1-203(3.5), C.R.S., any per-
son owning property in the proposed 7,,
Districts may request that such proper-ty be excluded from the Districts by
submitting such request to the Board of r„
County Commissioners of Lorimer
County no later than ten days prior to Notary Public
the public hearing.
All protests and objections must be sub-
mitted in writing to the City Manager at
or prior To the public hearing or any
continuance or postponement thereof in
order to be considered. All protests and
obiections to the Districts shall be
deemed to be waived unless presented
at the time and in the manner specified
herein.
BY ORDER OF THE CITY COUNCIL Legal No. 0002722238
OF THE CITY OF FORT COLLINS
2722238
Coloradoan
Feb. 12, 2018
Affidavit Prepared Ad#:0002722238 -
Monday, February 12, 2018 10: 16 am
P O : Rudolph Farm Metropolitan Hearing
It rf Affir'invitq •n nn