Loading...
HomeMy WebLinkAbout131 - 09/16/1986 - AUTHORIZING THE ISSUANCE OF STREET OVERSIZING FUND REVENUE NOTES IN THE AMOUNT OF $400,000 D9433 09/11/86 ORDINANCE NO. 131, 1986 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, STREET OVERSIZING FUND REVENUE NOTES, DATED OCTOBER 1, 1986, IN THE AGGREGATE PRINCIPAL AMOUNT OF $400, 000; PRESCRIBING THE FORM OF THE NOTES; AND PROVIDING FOR THE PAYMENT OF THE NOTES AND THE INTEREST THEREON. WHEREAS, the Council (the "Council" ) of the City of Fort Collins, Colorado (the "City" ) , has heretofore created South Lemay Special Improvement District No. 86 (the "District" ) and authorized the acquisition, construction and installation of street, curb, gutter, sidewalk, street lighting, landscaped medians, streetscaping, water, sanitary sewer, bridge and storm drainage improvements (the "Improvements" ) therein, all in accordance with the Charter of the City (the "Charter" ) and Chapter 16 of the Code of the City (the "Code" ) ; and WHEREAS, the Improvements will be acquired, constructed and installed as set forth in Resolution 86-9, including Exhibit "A" thereto, adopted by the Council on January 21, 1986, and Ordinance No. 6, 1986, finally passed by the Council on February 4, 1986; and WHEREAS, the acquisition, construction and installation of the Improvements in the District will confer general benefits to the City as well as special benefits on the assessable property within the District; and WHEREAS, pursuant to Section 16-20 of the Code, the City Engineer has computed the extra expenses associated with the improvement of certain streets within the District as arterial or collector streets rather than as residential streets (the "Oversizing Costs" ) in connection with the Improvements and the Oversizing Costs have been approved by the Council and are set forth in that certain Agreement (the "Agreement" ) dated March 18, 1986, among Dueck Colorado Properties Ltd. ( "Dueck" ) , a British Columbia Corporation, MSP Investment Co. ( "MSP" ) , a Colorado general partnership, and Donald H. McKendry ( "McKendry" ) , an individual (Dueck, MSP and McKendry, hereinafter collectively referred to as the "Property Owners" ) and the City; and WHEREAS, Section 16-20 of the Code provides that the Oversizing Costs, as determined by the Council, shall be paid by the City at large out of the City' s Street Oversizing Fund (the "Street Oversizing Fund" ) established under Section 95-88 of the Code; and D9433 1 09/11/86 WHEREAS, the City Engineer has determined and the City has agreed under the Agreement that the portion of the Oversizing Costs within the District to be paid by the City to the Property Owners and to be assessed against property in the District is equal to $624, 852; and WHEREAS, pursuant to the terms of the Agreement and waivers executed by each of the Property Owners, the City will issue its special assessments bonds in an amount sufficient to provide for the $624, 852 portion of the Oversizing Costs and will specially assess such amount against the property within the District; and WHEREAS, in partial consideration of such waiver by the Property Owners and pursuant to the terms of the Agreement, the City has agreed to issue a note in the amount of $400,000 to the Property Owners; and WHEREAS, pursuant to the provisions of Ordinance No. 112, 1979, adopted September 11, 1979, as thereafter amended from time to time and as may hereafter be amended from time to time and as codified in Sections 95-88 through 95-92 of the Code, the City has prescribed certain building permit fees to be deposited to the Street Oversizing Fund which fees and any other moneys which may be deposited therein by the City are hereinafter referred to as "City Building Permit Fees" ; and WHEREAS, Section 20. 3 of the Charter authorizes the City, by Council action and without an election, to issue securities made payable solely from any source other than ad valorem taxes of the City; WHEREAS, the Council has approved the Oversizing Costs relating to the Improvements to the property within the District and has determined that three Notes as defined in Section 1 hereof of the City payable from the moneys deposited in the Street Oversizing Fund from time to time should be issued in the aggregate principal amount of $400,000 payable to the Property Owners as partial consideration for the inclusion of $624,852 of Oversizing Costs in the amounts to be assessed against the property in the District; and WHEREAS, it is necessary to authorize the issuance of the Notes and to provide for the payment thereof. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO AS FOLLOWS: 1. In order to provide for a portion of the Oversizing Costs associated with the Improvements in the District due to the Property Owners, the City shall issue its Street D9433 2 09/11/86 Oversizing Fund Revenue Notes (the "Notes" ) , dated its date of issuance and delivery, in the aggregate principal amount of $400, 000, consisting of three (3) fully registered Notes, numbered, in the denominations, registered in the names of the Property Owners and pertaining to the property of each Property Owner on Exhibits hereto, as follows: Registered Property Property Described Notes Numbered Denominations Owner on Exhibit 1 $227,200 Dueck "A" 2 61, 600 MSP "B" 3 111,200 McKendry "C" The principal balance of each Note (the "Principal Balance" ) at any time and from time to time shall be the stated principal amount thereof less the aggregate amount of installments paid thereon by the City representing prepayments of principal ( "Principal Installments" ) in accordance with the stated terms of the Notes. The Notes shall mature on October 15, 1996. The Principal Balance of each Note shall bear interest from October 15, 1989, to October 15, 1996, at the rate of 8. 60% per annum. No interest shall accrue on the Principal Balance of each Note from its date of issuance and delivery to October 15, 1989 . Each Note shall have two Schedules attached thereto and incorporated by reference therein. The first Schedule shall be the description of the property within the District owned by the respective Property Owner who is the registered owner of the Note, as such property is described on Exhibits "A, " "B, " or "C" hereto. The second Schedule shall be the description of the property described on Exhibit "D" hereto. The percentage of moneys deposited to the Street Oversizing Fund from the City Building Permit Fees pertaining to the Exhibit "D" property shall be set forth in each Note as follows: Percentage Notes Numbered from Exhibit D Property 1 56. 8% 2 15 .4 3 27. 8 The maximum net effective interest rate for the Notes is 15%. The actual net effective interest rate for the Notes is 8. 60%. The principal of and interest on the Notes is payable on the dates and in the amounts as provided in the form of the Notes, D9433 3 09/11/86 the registration panel therefor and the schedule of Principal Installments pertaining thereto as follows: D9433 4 09/11/86 [ Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS STREET OVERSIZING FUND REVENUE NOTE No. R-_ $ The City of Fort Collins (the "City" ) , in the County of Larimer and State of Colorado, for value received, hereby promises to pay to the registered owner hereof whose name, address, and identification number appear on the registration panel attached hereto, solely out of the special fund hereinafter described, but not otherwise, the principal sum of DOLLARS or so much thereof as remains unpaid from time to time (the "Principal Balance" ) in lawful money of the United States of America, on the 15th day of October, 1996, unless this Note shall have been prepaid in full pursuant to the terms hereof, and likewise to pay interest on the Principal Balance hereof from October 15, 1989, and not earlier, to the maturity date hereof or such earlier date on which the Principal Balance has been paid in full, at the rate of eight and sixty hundredths per cent (8. 60%) per annum, payable as hereinafter provided and computed on the basis of a month of 30 days and a year of 360 days. If upon presentation at maturity the remaining Principal Balance of this Note is not paid as provided herein, interest shall continue on the Principal Balance at the same interest rate until the Principal Balance hereof is paid in full. The principal of and interest on this Note are payable to the registered owner hereof by the Finance Director of the City. The Principal Balance of the Note remaining at the Note' s maturity and the final interest payment due on this Note is to be paid to the registered owner hereof upon presentation and surrender of this Note at maturity to the City. The interest and any installment paid hereon by the City representing prepayments of principal on this Note ( "Principal Installments" ) other than the final Principal Installment paid at maturity is to be paid to the registered owner hereof on the date of such payment by check or draft mailed to such registered owner at the address appearing on the registration books of the City maintained by the City Clerk as registrar of this Note. D9433 5 09/11/86 The interest on this Note is payable annually on each October 15, commencing October 15, 1990, solely from amounts deposited to the Street Oversizing Fund of the City (the "Street Oversizing Fund" ) as a result of the City Building Permit Fees derived by the City from the sources as hereinafter provided. "City Building Permit Fees" shall mean the fees prescribed and to be deposited to the Street Oversizing Fund by the City pursuant to the provisions of Ordinance No. 112 , 1979, adopted September 11, 1979, as thereafter amended from time to time and as may hereafter be amended from time to time, and as codified in Sections 95-88 through 95-92 of the Code of the City and any other moneys which may be deposited to the Street Oversizing Fund. The Principal Balance of this Note is subject to mandatory prepayment prior to maturity in whole or in part in Principal Installments of $100 or any integral multiple thereof plus accrued interest on the outstanding Principal Balance of this Note on such prepayment date, with no premium, as follows: on each October 15 the Finance Director of the City shall prepay the Principal Balance of this Note, in Principal Installments which are approximately equal to the sum of (i ) all City Building Permit Fees which have been deposited to the Street Oversizing Fund since the immediately preceding October 15 and derived by the City from the property owned by [ insert name of Property Owner] as of the date of this Note, regardless of the transfer of ownership of such property subsequent to the date of this Note, located within the City" s South Lemay Special Improvement District No. 86 (the "District" ) and described in full on Schedule A hereto plus (ii ) _% of all City Building Permit Fees which have been deposited to the Street Oversizing Fund since the immediately preceding October 15 and derived by the City from the property described in full on Schedule B hereto less the amount of interest due on the Principal Balance of this Note on such date which interest is to be paid first and exclusively from the sources described in clauses (i ) and (ii) of this sentence until the maturity date of this Note. Prior to the maturity date of this Note and, in the event that the moneys derived from the sources described above are not sufficient to pay the interest hereon when due, such deficiency in interest shall be added to the Principal Balance of this Note. If any amount of the Principal Balance of this Note shall have been duly called for prepayment, such amount shall become due and payable upon such prepayment date, and from and after such date interest shall cease to accrue thereon. This Note is one of a series of three notes issued in the aggregate principal amount of $400,000 for the purpose of providing payment to the owners of property within the District of certain of the extra costs incurred by such Property Owners in improving certain streets within the District as arterial or D9433 6 09/11/86 collector streets rather than residential streets, as more specifically provided in an ordinance of the City (the "Ordinance" ) authorizing the issuance of this Note. This Note is a special and limited obligation of the City payable solely out of and secured by an irrevocable (but not exclusive) pledge of all of the assets of the Street Oversizing Fund. This Note and the interest hereon do not constitute a debt or indebtedness of the City within the meaning of any constitutional, home rule charter or statutory provision or limitation of the State of Colorado. Subject to the limitations regarding the prepayment of the Principal Balance of this Note and the payment of interest thereon set forth herein, payment of the Principal Balance of and interest on this Note shall be made solely from, and as security for such payment there are irrevocably (but not exclusively) pledged, pursuant to the Ordinance, all of the assets of the Street Oversizing Fund, including all moneys deposited and held therein, from time to time, into which Fund the City has covenanted in the Ordinance to continue to deposit all City Building Permit Fees collected by the City pursuant to Sections 95-90 and 95-91 of the Code of the City. In addition, the City may at its option augment such funds with any other moneys of the City legally available for expenditure for the purposes thereof as provided in the Ordinance. Subject to the limitations regarding the prepayment of the Principal Balance of this Note and the payment of interest thereon set forth herein, this Note is secured by a lien on all of the assets of the Street Oversizing Fund including all moneys deposited and held therein, and constitutes an irrevocable, first lien (but not necessarily an exclusive first lien) upon such assets. Other City notes or obligations have been and may be issued and made payable from the assets of the Street Oversizing Fund having a lien thereon on a parity with the lien of this Note in accordance with the provisions of the Ordinance. Further, the City may use the assets of the Street Oversizing Fund from time to time to provide for street oversizing costs throughout the City. The City covenants and agrees with the registered owner of this Note that it will keep and perform all of the covenants of this Note and of the Ordinance. It is hereby recited, certified and warranted that all of the requirements of law have been fully complied with by the proper officers of the City in the issuance of this Note; that it is issued pursuant to and in strict conformity with the Constitution and all other laws of the State of Colorado, including the Home Rule Charter of the City, and with the Ordinance; that this Note does not contravene any constitutional, charter or statutory limitation of the State of Colorado; and that this Note is issued under the authority of the Ordinance. D9433 7 09/11/86 For the payment of this Note and the interest hereon, the City pledges the exercise of all its lawful corporate powers. This Note is transferable only upon the registration books of the City at the office of the City Clerk by the registered owner hereof upon surrender hereof together with a written instrument of transfer duly executed by the registered owner or his, her or its duly authorized attorney-in-fact or legal representative with guaranty of signature satisfactory to the City Clerk, containing written instructions as to the details of the transfer, along with the social security number or federal employer identification number of the transferee and, if the transferee is a trust, the names and social security numbers of the settlors and beneficiaries of the trust. Transfers are to be made without charge, except that the City Clerk may require payment of a sum sufficient to defray any tax or other governmental charge that may hereafter be imposed in connection with any transfer of notes. Upon such transfer the City Clerk is to enter the date of registration and the name, address, and social security number or federal employer identification number of the new registered owner of this Note on the registration panel attached hereto. The City may deem and treat the person in whose name this Note is last registered upon the books of the City as the absolute owner hereof for the purpose of receiving payment of the principal of and interest on this Note and for all other purposes, and all such payments so made to such person or upon his, her or its order will be valid and effective to satisfy and discharge the liability of the City upon this Note to the extent of the sum or sums so paid, and the City will not be affected by any notice to the contrary. This Note has been issued and delivered without registration under the Securities Act of 1933, as amended, or other state, Federal or other securities laws, and without distribution of a prospectus or other comprehensive offering document, in reliance upon the availability of an appropriate exemption from registration and representations of the initial registered owner of this Note that this Note is being acquired solely for investment and not with a view to distribution or resale. This Note shall not be sold, pledged, hypothecated, donated or otherwise transferred, including the sale of a participation interest herein, whether or not for consideration, by the initial registered owner or any other registered owner except as permitted by law and subject to all applicable regulations of the Securities Act of 1933, as amended. IN WITNESS WHEREOF, the Council of the City of Fort Collins, Colorado has caused this Note to be executed in its name and on its behalf with the manual signature of the Mayor of the City, to be sealed with the seal of the City, to be attested with the manual signature of the City Clerk of the City, and to be D9433 8 09/11/86 countersigned with the manual signature of the Finance Director or Acting Finance Director of the City, all as of the 1st day of October, 1986. CITY OF FORT COLLINS, COLORADO (CITY) By: (Manual Signature) (SEAL) Mayor Attest: Countersigned: (Manual Signature) (Manual Signature) City Clerk Finance Director or Acting Finance Director D9433 9 09/11/86 (Schedule A to form of Note) SCHEDULE A [ Insert Property Description from Exhibits "A, " "B" or "C" of Note Ordinance] D9433 10 09/11/86 (Schedule B to form of Note) SCHEDULE B [ Insert Property Description from Exhibit "D" of Note Ordinance] D9433 11 09/11/86 (Registration Panel) This Note is registered in the office of the City Clerk of the City of Fort Collins, Colorado, as registrar, or its successor registrar, in the name of the owner listed below, and the principal of and interest on this Note shall be payable only to such owner. Name, Address, and Date of Identification Number of Signature of Registration Registered Owner City Clerk October 1986 D9433 12 09/11/86 SCHEDULE OF PRINCIPAL INSTALLMENTS Upon the payment of any Principal Installment the within Note shall be marked with the appropriate endorsement on the table below. Any Principal Installment made by the City on the Note shall, whether or not endorsed below, fully discharge the City' s obligations under the Note to the extent of the payment of such Principal Installments. Any prospective purchaser of this Note should verify with the Finance Director of the City the Principal Balance of this Note prior to the purchase thereof. Date of Signature of Authorized Payment of Amount of Remaining Representative Principal Principal Principal of Registered Installment Installment Balance Owner [End of Form of Bond] D9433 13 09/11/86 (Assignment Form to be Used for Transfers) ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (Name and Address of Assignee) the attached Note and does hereby irrevocably constitute and appoint , , , or its successor, as transfer agent, to transfer said Note on the books kept for registration thereof. Dated: Signature guaranteed: (Bank, Trust Company or Firm) NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the registration panel of the attached Note in every particular without alteration or enlargement or any change whatever. D9433 14 09/11/86 2 . The Mayor, the Finance Director or Acting Finance Director and the City Clerk are hereby authorized to execute the Notes as provided therein and deliver the Notes to the respective Property Owners pursuant to the terms of the Agreement. 3 . All of the assets of the Street Oversizing Fund, including all moneys deposited and held therein, from time to time, are hereby pledged to secure the payment of the Principal Balance of and interest on the Note subject to the equal lien of the City' s outstanding Street Oversizing Fund Revenue Note dated September 15, 1984, originally issued by the City in the principal amount of $286,000 and presently outstanding in the principal amount of $286,000, subject to the ability of the City to issue other obligations payable from such assets and the application of such assets for the payment of other street oversizing costs for improvement projects throughout the City and subject to the limitations regarding the prepayment of the Principal Balance of each of the Notes and the payment of interest thereon as set forth in each Note. This pledge shall be valid and binding from and after the date of the delivery of the Notes and the moneys as received by the City from City Building Permit Fees and hereby pledged shall immediately be subject to the lien of this pledge without any physical delivery thereof, any filing, or further act, and the lien of this pledge and the obligation to perform the contractual provisions hereby made shall have priority over any and all other obligations and liabilities of the City except as herein otherwise expressly provided and the lien of this pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the City (except as herein otherwise expressly provided) , irrespective of whether such parties have notice thereof. 4. The City hereby covenants and agrees with the registered owners of the Notes at any time as follows: (a) The City will prescribe, revise and collect street oversizing fees and charges to be deposited to the Street Oversizing Fund in accordance with the provisions of Ordinance No. 112 , 1979, adopted September 11, 1979, as codified in Sections 95-88 through 95-92 of the Code. (b) The City will either (i ) maintain the Street Oversizing Fund as provided in the Code and, as set forth in Section 95-91 of the Code, adjust, at least annually upon the recommendation of the Director of Public Works, the City Building Permit Fees to reflect the actual costs of street oversizing as indicated either by billings received by the City for street oversizing or by other reasonable means; or (ii ) in the event that the Council has determined that the Street Oversizing Fund shall no longer be maintained, D9433 15 09/11/86 deposit with each respective Property Owner sums sufficient to provide for the payment of the Principal Balance of and interest on the Notes when due. 5 . This Ordinance is and shall constitute a legislative measure of the City and after the Notes are issued this Ordinance shall constitute an irrevocable contract between the City and the registered owners of the Notes at any time. This Ordinance shall be and shall remain irrepealable until the Note shall be fully paid, cancelled and discharged as herein provided. 6. All ordinances, resolutions, and other instruments or parts thereof inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed to revive any ordinance, resolution, or other instrument or part thereof heretofore repealed. 7. If any section, subsection, paragraph, clause or other provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability thereof shall not affect any of the remaining sections, subsections, paragraphs, clauses or provisions of this Ordinance. READ, AMENDED, FINALLY PASSED AS AMENDED ON SECOND READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 16th day of September, 1986. CITY OF FORT COLLINS, COLORADO By: (CITY) May (SEAL) Attest: City Clerk D9433 16 09/11/86 ORDINANCE NO. 131 , 1986 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, STREET OVERSIZING FUND REVENUE NOTES, DATED OCTOBER 1, 1986, IN THE AGGREGATE PRINCIPAL AMOUNT OF $400,000; PRESCRIBING THE FORM OF THE NOTES; AND PROVIDING FOR THE PAYMENT OF THE NOTES AND THE INTEREST THEREON. READ, AMENDED, FINALLY PASSED AS AMENDED ON SECOND READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 16th day of September, 1986. CITY OF FORT COLLINS, COLORADO (CITY) May (SEAL) At est: City Clerk The text of the foregoing Ordinance is available for public inspection and acquisition in the office of the City Clerk. D9433 17 09/11/86 Exhibit "A" Prol)crLv or meek Colorado Properties, Ltd. Descr ilit ion : A tract of land located in a part of Section 13, Township 6 tsorlh, itangc 69 West of the Sixth Principal Meridian, Larimer County, Colorado, being more particularly described as follwos : ConniderinU Lite West line of Lite Northwest quarter of said Section 13 an hearing North 00003930" West and with all bearings contained herein relative thereto; commencing at the West quarter cotnar of nail ecLion 13, South 09040147" East 50.00 feel to a itnirtL nit Litt: I:ant right-of-way of U.S. Route 207 said point heincl the true I)oint. of beginning; thence South 09040147" Cast 152 .37 feet. to a hoist Iscing Lite approximate high water line of Robert Ilen:;ort Lake (also known an Fairport Reservoir) ; thence around the tlorth t:nd or Live lake along the following courses : north 03"03 '59 " west 95.00 feet; North 16010143" East 160.60 fret ; tlorLlt 17012 '34 " East 110.30 feet; North 32040'13" Cast 264 .91 fecL ; t: ht:nce IlorLh 56007145" East 07.92 feet; South 07052 '44 " Eani: 27.02 feel; North 76049139" East 40.27 feel; South 70006'41" East J0 . 03 fncL ; North 70000 '41 " East 114 .03 feet ; South 30"47 '2 ; " I:a:;L 137.20 feet; South 47050103" East 143.01 feet.; t;otsllt 63"05'20" East 140.03; South 73053142" Fast 147.00 fret; I;auLIt 4 .1"31107" Cant 04.15 feel; South 43005127" East 42.45 feel; ';u"Llt 35"54135" East 35.00 feet; South 35019106" East 273.30 feel ; N,111Lh 35011133" Eant 40.09 feet; thence departing sold lake 1•nuntiaty along Cite North line of the Southwest quarter as determined by deeds of record and usage, . South 09040 ' 47" Ca::t 275.49 rest ; thence North 33053100" West 051.75 feet; thence 110, tit 00"05'00" Cant .323.60 feet; thence South 72057'00" East 367 .20 feel ; thence South 69014 '00" East 161 .12 feel ; thence Soot It 74"10'3n" East 32G.74 feet; thence North 06029 '00" Eaut 550.:0 rest to a point. on the West line of the t1ortheast quarter of ::aid !;ect inn 13 as determined by deeds of record and usage; theme alnng nald {JcrL line North 00026'32" West 745.29 feet ; Lhencc Nottl.11 119"56'01)" F.ar.L• 600.00 feet; thence North 00003652 " Ea%i r) 2n. 47 rt:oL; Lhcnce North 0007. 3'00" West 530.96 feet to a "n I.hr: :ou Lhci ly righL-or-way of a County Road and 30 feel South or List? Mirth line of: the Northeast quarter of said SsccLian 13; Lhtrttce along Lhc said Southerly right-of-way and parallel to Lite said Ilotlh :section line South 00012125" East 2074.65 feet to a point not Litt! Weul:rrly righL•-of-way of a County itoad and 30 CceL West of Lite Iia:;L- tine of said Section 13 ; thence along. Lite sail Westerly ritlhL-of-way turd parallel to Lite said Cast section linv South 00010 '25" Wt:nt 5223.60 feet to a point on the northerly r ight.-or-way of a CounLy Road and 30 feel• North of the South 1 inc of Litt.- :;out.heast quarLer or said Section 13; thonce along Lite snit) ItutLherly right-of-way and parallel to the said South seclicst line. Iiort:lt 09029*05" West 2639.22 feet to a point on the East line of "victoria Estates subdivision"; thence along the said East line and the extension thereof North 00002147" Nast 1477.00 feat; thence South 030421130 West 615.00 feet ; thence tsorllt 71032 '47" Went 300.00 feels thence North 62002 '47' Want 400.00 reel ; thence North 09032'47" West 544.00 feel• ; thuncu Isttrlh 74nJ2'47' .Want 047.43 feet to a poin on the Easterly right- - of- way of U.3. Itouta 2071 thence along the said Easterly rLght- of-way NorLls 00007121" East 735.43 feet to the True Point of Uc.linstitttJ , consisting of approximately 407.4 acres more or less. (Exhibit "B" ) (MSP Property Description) MSP Investment Company, A Colorado Genecal Pactnecehlp Description: Commencing at the Southeast corner of Section 12, Township 6 Ilorth, Range 69 West of the 6th P.M., said point being the Point of 11eU inninU; thence North 000271400 West along the South line of ::ail Section 12 a distance of 1443 .94 feet ; thence North 00000'00' East 2042.92 feet; thence South 07033*54" East, 656.25 feet; thence South 07034*09" East, 250.00 feat ; thence South 00000100" Went, 614 .37 feet; thence North 90000'00" East, 530.00 feet• to a point on the East line of said Section 12; thence South 00e00'00" West along the East line of said Section 12 a distance of 1420.50 foot to the Point of Beginning, County of Lacimec, State of Colorado, consisting of approximately 60.0 acres more or less. Exhibit "C" (McKendry Property Description) Donald 11. McKendry Description: That. portion or Nortltwast Quarter of Section 10 Township 6 llorl.h Mantle 60 West of tho GL• h Principal Meridian, Larimer ColJoLy, Colorado. Being more particularly described as follows : teginning at Lite Northwest corner of said Section 10; thence alorttl llutl.h line of nald Northwost corner North 09006156 ' East 1919 4 7 reel' ; tltertce South 00053'04" East 1061.16 feet ; thence :7"ul.lt 119006.56 " West 294.50 feet; thence North 65000'00' West 5oo.00 rsiet. Lo a point on a curve concave to the West having a ct•nl rat anslle or 06030'00", a radius of 200.00 Ceet; thence Strut hs•r l •; alonsl Lite arc of nald curve 22.69 feet; thence tantlent rtum ::.list c•ttrve South 31030'00" Went- 655.23 feet to Lite beginning tt1 a larnlnnt: curve concave to the Bast having a central angle of .II"J7'nn" ;t rrvliun ur 200.00 feet; thence Southerly along the arc tit' ::.till t•urve 310. 4t1 roe)• ; thooce L• ongent from uald curve South Pn"n? 'n0" I:.tsL 311 .00 root to the beginning of a tangent curve fanravV Lo I-he CasL• having a central anglo of 17051100" a radiun or 2on.ull rest; thence Southerly along the arc 'of said curve a ;, ] I reeL ; Lhence tangent from said curve South 10000'00" Cast 441. 111 1't:rl. Ln Lite beginning of a tangent curve being concave to the ;teat: having a central angle of 17051'00" a radius of 200.00 1t:•:L ; Lltt:nce ::nttl-Iterly along the arc of said curve 63 .31 feet; t iv-si •e Lan•lenl Crom salt) curve South 00009 '00" Cast 196.43 feet t ., th,r tiuurh line or raid Norlhwenl quarter; thence along said troth 1 ins: auut:h 09"52139" West 979.06 feet to the West line of ::aid r1" tihwt•:;1: puarLer; thence along said West line florLh Ou"I l 'u5" I asIL 2505.63 feet to the point of beginning, consisting of approximaLcly 77. 3 acres more or less. Exhibit "D" (Description of Property Excluded from District) PROPERTY OWNED BY FOSSIL CREEK MEADOWS DEVELOPMENT GROUP ADJOINING SOUTH MAY AVENUE A tract of land situated in Section 12r Township 6 North, Range 69 pest of the 6th P.N., and section 7r Township 6 North, Range 68 pest of the 6th P.N., County of Larimere State of Colorado, being more particularly described as follows: Considering the North line of the Northwest quarter of said Section 12 as bearing South 89006133" East, and with all bearings contained herein relative thereto; beginning at the North quarter corner of Section 12t proceed thence South 89009125" East 2683.95 feet along the North line of the Northeast quarter of said section 12 to the Northeast corner of said Section 121 thence South 000021190 West 1360.70 feet along the East line of the Northeast quarter of said Section 12; thence leaving said East line of the Northeast quarter of said Section 12t south 890571419 East 30.00 feett thence South 260221411 Bast 570.20 teen thence South 09035'47" Nest 216.64 feet; thence South 23008119" West 554.90 feet; thence North 890571410 west 30.00 feet to the existing East one quarter corner of said Section 22; thence south 000031370 West 568.09 feet; thence North 890551230 Nest 530.00 feett thence South 000031370 west $5.58 feet thence North 870291430 West 258.21 feet; thence North 87029'30'� West 715.82 feet; thence North 870471300 West 750.07 feet; thence North 600081290 Nest 509.70 feet; thence Worth 000151130 East 343.38 feet more or less to the center �uarter corner of said Section 12$ thence North 890401220 west 216.67 feet more or less along the South line of the Northwest quarter of said Section 12 to the existing Southeast corner of the Belmar Stripy Second Filing, a Subdivision on file in the office of the Larimer County Clerk and Recorder, Colorado; thence alongg the East line of said Kalmar Strip,, Second Filingr North 00024'32" West 1332.30 feet to the existing Northeast corner of said Kalmar Strip. Second Filings thence South $80571220 Bast 1634.53 Pest; thence North 00029124" East 344.09 feet ;thence North 640371060 West 239.99 feet; thence North 31012114" West 353.28 feett thence North 160521041 West 298.33 feet; thence North 100231200 Nest 295.53 fast; thence South 890061330 East 1152.81 feet more or less along the North line of the Northwest quarter of said' section 12 to the Worth quarter corner of said Section 12 and the True Point of Beginning. Exhibit "D" (2nd Page) EXCEPTING THEREFROM all of HUNTINGTON MILLS P.B.D., Filing 1, as amended by Resolution 81-166 of the City of Fort Collins, recorded January 18, 2982 in Book 2150, Page 1009 and also EXCEPTING THEREFROM that certain parcel as conveyed to the City of Fort Collins by deed recorded in Book 2153, Page $56. Containing 153.933 acres and is subject to all easements and rights-of-way now existing or of record. PROPERTY OWNED BY THE BOUTS FORT COLLINS SANITATION DISTRICT ADJOINING SOUTH LEMAT AVENUE A tract of land located in the Southeast quarter of Section 12, Township 6 North, Range 69 West of the 6th P.M., in Larimer County, Colorado being further described as follows: Commencing at the Southeast corner of said Section 12, and considering the East line of said Section 12 to bear North OOc00'00" East , with all bearings contained herein relative theretoi thence North 00000100/ East, 1#928.50 feet along the Cast line of said Secion 121 thence North 90000,00" Neat, 30,00 feet to the West right-of-way line of County Road Number 13 and to the point of beginnings thence North 900001000 Neat, 500.00 feetr thence North 00000,000 East 199.93 feet= thence North 90000'00" East 500.00 feet to a point with lies 30.00 feet as measured at right angles from the East line of said Section 121 thence south 00000100" west, 299.93 feet to the true point of beginning. The above described tract contain• 2.293 acres and is subject to all easements and rights-of-wey now existing or of record. i