HomeMy WebLinkAbout2018-082-09/18/2018-APPROVING THE CONSOLIDATED SERVICE PLAN FOR WATERFIELD METROPOLITAN DISTRICT NOS. 1-3 RESOLUTION 2018-082
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE CONSOLIDATED SERVICE PLAN FOR
WATERFIELD METROPOLITAN DISTRICT NOS. 1-3
WHEREAS,Title 32 of the Colorado Revised Statutes("C.R.S.")authorizes the formation
of various kinds of governmental entities to finance and operate public services and infrastructure,
including metropolitan districts; and
WHEREAS, in July 2008, the City Council adopted Resolution 2008-069in which it
approved a policy setting forth various guidelines,requirements and criteria concerning the City's
review and approval of service plans for metropolitan districts (the "2008 Policy"); and
WHEREAS, on August 21, 2018, City Council adopted Resolution 201&079 approving
the"City of Fort Collins Policy for Reviewing Service Plans for Metropolitan Districts"(the"2018
Policy")setting forth guidelines,requirements and criteria applicable to the City's consideration a
metropolitan district service plan to replace and supersede those in the 2008 Policy, except for the
fee and notice requirements when they have been satisfied by a service plan applicant under the
2008 Policy before the adoption of the 2018 Policy; and
WHEREAS, pursuant to the provisions of Article 1 of Title 32 of the Colorado Revised
Statutes (the "Special District Act"), TH Waterfield LLC (the "Petitioner") has submitted to the
City a Consolidated Service Plan (the "Service Plan") for the Waterfield Metropolitan District
Nos. 1-3 (each a"District"and collectively the "Districts"); and
WHEREAS, a copy of the Service Plan is attached as Exhibit"A"and incorporated herein
by reference; and
. WHEREAS,the Districts will be organized to provide for the planning,design,acquisition,
construction, installation, relocation, redevelopment and operation and maintenance of certain
public improvements, as more specifically described in the Service Plan; and
WHEREAS,the 2008 Policy includes the requirement that the Petitioner must cause notice
of the public hearing at which the approval resolution for the Service Plan is to be considered by
the City Council, to be mailed by first class mail to the owners of record all property within the
proposed Districts and within any inclusion area specifically identified in the Service Plan (the
"Property Owners") at least 10 days in advance.of the public hearing; and
WHEREAS, in lieu of mailing the notice required in the 2008.Policy, the Petitioner has
published and provided actual notice to each of the Property Owners at least 10 days in advance
of the City Council's September 4, 2018, public hearing on the Service Plan (the "Public
Hearing"),and the Petitioner has secured and provided to the City Clerk before the Public Hearing
copies of an "Acknowledgment of Notice" from each of the Property Owners; and
WHEREAS, each of the Property Owners has expressly waived in their respective
Acknowledgement of Notice all rights to any additional notice under the 2008 Policy, the 2018
Policy and Resolution 2018-079; and
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WHEREAS, at its September 4., 2018 meeting, the City Council conducted the Public
Hearing reviewing the Service Plan,I&Acknowledgements of Notice and received testimony and
evidence and then voted to continue the Public Hearing to its September 18, 2018 meeting, and at
that meeting has received additional testimony and evidence; and
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 resolution of the
governing body of the municipality within which the proposed district lies and
WHEREAS,the City Council wishes to approve the Service Plan for the Districts.
NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS, COLORADO, as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby determines that the.Petitioner has substantially
complied with the City's notice requirements in the 2008 Policy, the 2018 Policy and Resolution
2018-079 with regard to the Public Hearing on the Service Plan, and that the Property Owners
have each received actual notice of the Public Hearing and expressly waived any further notice of
the Public Hearing that might otherwise be required under the 2008 Policy, the 2018 Policy and
Resolution 2018-079.
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Section 3. That the City Council hereby finds that the Service Plan contains, or
sufficiently provides for, the items described in Section 32-1-202(2), C.R.S., and that;
(a) There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed Districts;
(b) The existing service in the area to be served by the proposed Districts is
inadequate for present and projected needs;
(c) The proposed 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 Districts has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable
basis.
Section 4. The City Council's findings are based solely upon the evidence in the
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
Districts or the achievability of the desired results.
Section 5. That the City Council hereby approves the Service Plan.
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Section 6. That the City Council's approval of the Service Plan is not a waiver or a
limitation upon any power that the City Council is legally permitted to exercise regarding the
property within the Districts.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 18th
day of September, A.D. 2018.
(:::;ayor
ATTEST:
City Ciew SEAL :y
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EXHIBIT A
CONSOLIDATED SERVICE PLAN
FOR
WATERFIELD METROPOLITAN DISTRICT NOS. 1 -3
CITY OF FORT COLLINS, COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
748 Whalers Way, Suite 210
Fort Collins, Colorado 80525
Submitted On: August 29, 2018
Approved On: September 18 , 2018
Table of Contents
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Purposeand Intent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l
Needfor Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Objective of the City regarding Districts ' Service Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
CityApprovals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
BOUNDARIES AND LOCATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFIT &
ASSESSED VALUATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Project and Planned Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PublicBenefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
AssessedValuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
INCLUSION OF LAND IN THE SERVICE AREA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
DISTRICT GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
AUTHORIZED AND PROHIBITED POWERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Prohibited Improvements and Services and other Restrictions and Limitations . . . . . . . . . . . . . . . . . . . . . . . . 8
Eminent Domain Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
FeeLimitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Operations and Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Fire Protection Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Public Safety Services Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Grants from Governmental Agencies Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Golf Course Construction Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Television Relay and Translation Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Sales and Use Tax Exemption Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Sub-district Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
InitialDebt Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Privately Placed Debt Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Special Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
PUBLIC IMPROVEMENTS AND ESTIMATED COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
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DevelopmentStandards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Contracting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Land Acquisition and Conveyance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Equal Employment and Discrimination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
FINANCIAL PLAN/PROPOSED DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
FinancialPlan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
MillLevies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Aggregate Mill Levy Maximum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Regional Mill Levy Not Included in Other Mill Levies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
OperatingMill Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
GallagherAdjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Excessive Mill Levy Pledges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
RefundingDebt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Maximum Debt Authorization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Maximum Voted Interest Rate and Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Interest Rate and Underwriting Discount Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Disclosure to Purchasers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
External Financial Advisor, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I ' ll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Disclosure to Debt Purchasers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Securityfor Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
TABORCompliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Districts ' Operating Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Regional Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Regional Mill Levy Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Regional Mill Levy Imposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
City Notice Regarding Regional Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Regional Improvements Authorized Under Service Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Expenditure of Regional Mill Levy Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Intergovernmental Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
No Intergovernmental Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
RegionalMill Levy Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
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Completion of Regional Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
City Authority to Require Imposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Regional Mill Levy Not Included in Other Mill Levies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
GallagherAdjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
CityFees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
BankruptcyLimitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Annual Reports and Board Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
BoardMeetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
ReportRequirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
FinancialStatements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
CapitalExpenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
FinancialObligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
OtherInformation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Reporting of Significant Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Failureto Submit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Service Plan Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
MaterialModifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Dissolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Sanctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Resolutionof Approval . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
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EXHIBIT
EXHIBIT A- 1 Legal Description of District No . 1 Boundaries
EXHIBIT A-2 Legal Description of District No . 2 Boundaries
EXHIBIT A-3 Legal Description of District No . 3 Boundaries
EXHIBIT 13- 1 District No . 1 Boundary Map
EXHIBIT B-2 District No . 2 Boundary Map
EXHIBIT B-3 District No . 3 Boundary Map
EXHIBIT C Vicinity Map
EXHIBIT D Public Improvement Cost Estimates
EXHIBIT E Public Improvements Maps
EXHIBIT F Financial Plan
EXHIBIT G Public Benefits
EXHIBIT H Disclosure Notice
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I. INTRODUCTION
A. Purpose and Intent.
The Districts, which are intended to be independent units of local government separate
and distinct from the City, are governed by this Service Plan, the Special District Act and
other applicable State law. Except as may otherwise be provided for by State law, City Code
or this Service Plan, the Districts ' activities are subject to review and approval by the City
Council only insofar as they are a material modification of this Service Plan under C . R. S .
Section 32- 1 -207 of the Special District Act.
It is intended that the Districts will provide all or part of the Public Improvements for
the Project for the use and benefit of all anticipated inhabitants and taxpayers of the Districts .
The primary purpose of the Districts will be to finance the construction of a portion of these
Public Improvements by the issuance of Debt.
It is also intended under this Service Plan that no District shall be authorized to
issue any Debt, impose a Debt Mill Levy or impose any Fees for payment on Debt unless
and until the delivery of the applicable Public Benefits described in Section IV.B of this
Service Plan has been secured in accordance with Section IV.B of this Service Plan.
It is further intended that this Service Plan requires the Districts to pay a portion of the cost
of the Regional Improvements , as provided in Section X of this Service Plan, as part of ensuring
that those privately-owned properties to be developed in the District that benefit from the Regional
Improvements pay a reasonable share of the associated costs .
The Districts are not intended to provide ongoing operations and maintenance services
except as expressly authorized in this Service Plan.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt incurred
or upon a court determination that adequate provision has been made for the payment of all Debt,
except that if the Districts are authorized in this Service Plan to perform continuing operating or
maintenance functions, the Districts shall continue in existence for the sole purpose of providing
such functions and shall retain only the powers necessary to impose and collect the taxes or Fees
authorized in this Service Plan to pay for the costs of those functions .
It is intended that the Districts shall strictly comply the provisions of this Service Plan
and that the City may enforce any non-compliance with these provisions as provided in
Section XVII of this Service Plan.
B. Need for the Districts .
There are currently no other governmental entities, including the City, located in the
immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the
planning, design, acquisition, construction, installation, relocation, redevelopment and financing
of the Public Improvements needed for the Project. Formation of the Districts is therefore
1
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 this Service Plan is to authorize the Districts to provide
for the planning, design, acquisition, construction, installation, relocation and redevelopment of
the Public Improvements from the proceeds of Debt to be issued by the Districts, but in doing so,
to also establish in this Service Plan the means by which both the Regional Improvements and the
Public Benefits will be provided. Except as specifically provided in this Service Plan, all Debt is
expected to be repaid by taxes and Fees imposed and collected for no longer than the Maximum
Debt Mill Levy Imposition Term for residential properties , and at a tax mill levy no higher than
the Maximum Debt Mill Levy. Fees imposed for the payment of Debt shall be due no later than
upon the issuance of a building permit unless a majority of the Board which imposes such a Fee is
composed of End Users as provided in Section VII.B .2 . Debt which is issued within these
parameters and, as further described in the Financial Plan, will insulate property owners from
excessive tax and Fee burdens to support the servicing of the Debt and will result in a timely and
reasonable discharge of the Debt.
D. City Approvals.
Any provision in this Service Plan requiring "City" or "City Council" approval or consent
shall require the City Council ' s prior written approval or consent exercised in its sole discretion.
Any provision in this Service Plan requiring "City Manager" approval or consent shall require the
City Manager' s prior written approval or consent exercised in the City Manager' s sole discretion.
II. DEFINITIONS
In this Service Plan, the following words, terms and phrases which appear in a capitalized
format shall have the meaning indicated below, unless the context clearly requires otherwise :
Aggregate Mill LevX: means the total mill levy resulting from adding a District ' s Debt Mill
Levy and Operating Mill Levy. A District ' s Aggregate Mill Levy does not include any
Regional Mill Levy that the District may levy.
Aggregate Mill Levy Maximum : means the maximum number of combined mills that each
District may each levy for their Debt Mill Levy and Operating Mill Levy, at a rate not to
exceed the limitation set in Section IX.B . 1 of this Service Plan.
Approved Development Plan: means a City-approved development plan or other land-use
application required by the City Code for identifying, among other things, public
improvements necessary for facilitating the development of property within the Service
Area, which plan shall include, without limitation, any development agreement required
by the City Code.
Board or Boards : means the duly constituted board of directors of 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
2
for the payment of which a District has promised to impose an ad valorem property tax
mill levy, Fees or other legally available revenue . Such terms do not include contracts
through which a District procures or provides services or tangible property.
City: means the City of Fort Collins , Colorado, a home rule municipality.
City Code : means collectively the City' s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council : means the City Council of the City of Fort Collins, Colorado .
City Manager: means the City Manager of the City of Fort Collins, Colorado .
C .R. S . : means the Colorado Revised Statutes .
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property within a
District for the purpose of paying Debt as authorized in this Service Plan, at a rate not to
exceed the limitations set in Section IX.B .
Developer: means a person or entity that is the owner of property or owner of contractual
rights to property in the Service Area that intends to develop the property.
District: means Waterfield Metropolitan District No . 1 , Waterfield Metropolitan District
No. 2 or Waterfield Metropolitan District No. 3 , individually, each organized under and
governed by this Service Plan.
District No . 1 Boundaries : means the boundaries of the area legally described in Exhibit
"A-1 " attached hereto and incorporated by reference and as depicted in the District No . 1
Boundary Map.
District No . 2 Boundaries : means the boundaries of the area legally described in Exhibit
"A-2 " attached hereto and incorporated by reference and as depicted in the District No . 2
Boundary Map.
District No . 3 Boundaries : means the boundaries of the area legally described in Exhibit
"A-3" attached hereto and incorporated by reference and as depicted in the District No . 3
Boundary Map.
District No . 1 Boundary Map : means the map of the District No . 1 Boundaries attached
hereto as Exhibit "B-1 " and incorporated by reference .
District No . 2 Boundary Map : means the map of the District No . 2 Boundaries attached
hereto as Exhibit "B-2 " and incorporated by reference.
District No . 3 Boundary Map : means the map of the District No . 3 Boundaries attached
hereto as Exhibit "B-3 " and incorporated by reference.
Districts : means Waterfield Metropolitan District No . 1 , Waterfield Metropolitan District
No. 2 and Waterfield Metropolitan District No . 3 , collectively, organized under and
governed by this Service Plan.
End User: means any owner, or tenant of any owner, of any property within the Districts,
who is intended to become burdened by the imposition of ad valorem property taxes and/or
Fees. By way of illustration, a resident homeowner, renter, commercial property owner or
3
commercial tenant is an End User. A Developer and any person or entity that constructs
homes or commercial structures is not an End User.
External Financial Advisor: means a consultant that: ( 1 ) is qualified to advise Colorado
governmental entities on matters relating to the issuance of securities by Colorado
governmental entities including matters such as the pricing, sales and marketing of such
securities and the procuring of bond ratings, credit enhancement and insurance in respect of
such securities ; (2) shall be an underwriter, investment banker, or individual listed as a
public finance advisor in the Bond Buyer' s Municipal Market Place or, in the City' s sole
discretion, other recognized publication as a provider of financial projections; and (3 ) is
not an officer or employee of the Districts or an underwriter of the Districts ' Debt.
Fees : means the fees, rates, tolls, penalties and charges the Districts are authorized to
impose and collect under this Service Plan.
Financial Plan: means the Financial Plan described in Section IX of this Service Plan which
was prepared by D .A. Davidson and Co. in accordance with the requirements of this
Service Plan and describes (a) how the Public Improvements are to be financed; (b) how
the Debt is expected to be incurred; and (c) the estimated operating revenue derived from
property taxes and any Fees for the first budget year through the year in which all of the
Districts ' Debt is expected to be defeased or paid in the ordinary course.
Maximum Debt Authorization: means the total Debt the Districts are permitted to issue as
set forth in Section IX.B . 7 of this Service Plan.
Maximum Debt Mill Levy Imposition Term: means the maximum term during which a
District' s Debt Mill Levy may be imposed on residential property within its boundaries.
This maximum term shall not exceed forty (40) years from December 31 of the year this
Service Plan is approved by City Council.
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding District administration, operations and maintenance as authorized in
this Service Plan, including, without limitation, repair and replacement of Public
Improvements, and imposed at a rate not to exceed the limitations set in Section IX.B of
this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area, commonly referred to as the Waterfield development, under an
Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the Planned
Development.
Public Improvements : means the improvements and infrastructure the Districts are
authorized by this Service Plan to fund and construct for the Planned Development to serve
the future taxpayers and inhabitants of the Districts, except as specifically prohibited or
limited in this Service Plan. Public Improvements shall include, without limitation, the
improvements and infrastructure described in Exhibit "D" attached hereto and
incorporated by reference . Public Improvements do not include Regional Improvements .
4
Regional Improvements : means any regional public improvement identified by the City, as
provided in Section X of this Service Plan, for funding, in whole or part, by a Regional
Mill Levy levied by the Districts .
Regional Mill Lev X: means the property tax mill tax imposed on Taxable Property for the
purpose of planning, designing, acquiring, funding, constructing, installing, relocating
and/or redeveloping the Regional Improvements and/or to fund the administration and
overhead costs related to the Regional Improvements as provided in Section X of this
Service Plan.
Service Area: means the property within the District No. 1 Boundaries, District No . 2
Boundaries and District No . 3 Boundaries, collectively, as may be amended from time to
time as further set forth in this Service Plan and the Special District Act.
Special District Act: means Article 1 in Title 32 of the Colorado Revised Statutes, as
amended.
Service Plan: means this service plan for the Districts approved by the City Council.
Service Plan Amendment: means a material modification of the Service Plan approved by
the City Council in accordance with the Special District Act, this Service Plan and any
other applicable law.
State : means the State of Colorado .
Taxable Property: means the real and personal property within the Service Area that will
subject to the ad valorem taxes imposed by the Districts .
TABOR: means Colorado ' s Taxpayer' s Bill of Rights in Article X, Section 20 of the
Colorado Constitution.
Vicinity Map : means the map attached hereto as Exhibit "C" and incorporated by
reference depicting the location of the Service Area within the regional area surrounding
it.
III. BOUNDARIES AND LOCATION
The area of the Service Area includes approximately 93 acres . A legal description and map
of the District No. 1 Boundaries are attached hereto as Exhibit A-1 and Exhibit B-1 , respectively,
a legal description and map of the District No . 2 Boundaries are attached hereto as Exhibit A-2
and Exhibit B-2 , respectively, and a legal description and map of the District No . 3 Boundaries
are attached hereto as Exhibit A-3 and Exhibit B-3 , respectively. It is anticipated that the Districts '
boundaries may expand or contract from time to time as the Districts undertake inclusions or
exclusions pursuant to the Special District Act, subject to the limitations set forth in this Service
Plan. The location of the Service Area is further depicted in the Vicinity Map attached as Exhibit
«C»
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IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
A. Project and Planned Development.
The current Developer of the Project and Planned Development, Thrive Home Builders, is
a nationally acclaimed builder which emphasizes environmental conservation, and is currently
Denver' s largest builder of "for sale" affordable housing. The current Preliminary Development
Plan for the Planned Development includes approximately 190 total residential units and is
intended to be revised to include 498 residential units . Of the planned 498 residential units, 50
units are intended to be "affordable housing". All of the 498 residential units are planned to be
zero energy ready units or net zero energy units. The Planned Development is currently intended
to reach build out in 2026, with an estimated population of 1 , 145 persons . In accordance with
the Financial Plan, the estimated assessed valuation of the Planned Development in 2023 will be
$9998% 117 , and in 2028 will be $ 18 ,7439620 .
Approval of this Service Plan by the City Council does not imply approval of the
development of any particular land-use for any specific area within the Districts . Any such
approval must be contained within an Approved Development Plan.
B. Public Benefits.
In addition to providing a portion of the Public Improvements and Regional Improvements,
the organization of the Districts is intended to enable the Project and Planned Development to
deliver a number of public benefits, including, but not limited to, affordable housing, energy and
water conservation, community services, multi-modal transportation, zero energy ready and net
zero energy homes, housing variety, new urbanist alley load planning concepts and other
innovation. The public benefits to be provided under this Service Plan are specifically described
in Exhibit G attached hereto and incorporated herein by reference (collectively, the "Public
Benefits") .
Therefore, notwithstanding any provision to the contrary contained in this Service Plan, no
District shall be authorized to issue any Debt or to impose a Debt Mill Levy or any Fees for
payment of Debt on any Taxable Property unless and until the delivery of the Public Benefits
specifically related to the phase of the Planned Development or portion of the Project to be
financed with such Debt, Debt Mill Levy or Fees, are secured in a manner approved by the City
Council. To satisfy this precondition to the issuance of Debt and to the imposition of the Debt
Mill Levy and Fees, delivery of the Public Benefits for each phase of the Project and the Planned
Development must be secured by the following methods, as applicable :
1 . For any portion of the Public Benefits to be provided by one or more of the Districts,
each such District must enter into an intergovernmental agreement with the City either
(i) agreeing to provide those Public Benefits as a legally enforceable multiple-fiscal
year obligation of the District under TABOR, or by (ii) securing performance of that
obligation with a surety bond, letter of credit or other security acceptable to the City,
and any such intergovernmental agreement must be approved by the City Council by
resolution;
6
2 . For any portion of the Public Benefits to be provided by one or more Developers of the
Planned Development, each such Developer must either (i) enter into a development
agreement with the City under the Developer' s applicable Approved Development
Plan, which agreement must legally obligate the Developer to provide those Public
Benefits before the City is required to issue building permits and/or certificates of
occupancy for structures to be built under the Approved Development Plan for that
phase of the Planned Development, or (ii) secure such obligations with a surety bond,
letter of credit or other security acceptable to the City, and all such development
agreements must be approved by the City Council by resolution; or
3 . For any portion of the Public Benefits to be provided in part by one or more of the
Districts in the Project and in part by one or more of the Developers in the Planned
Development or the Project, an agreement between the City and the affected District(s)
and Developers that secures such Public Benefits as legally binding obligations using
the methods described in subsections 1 and 2 above, and all such agreements must be
approved by the City Council by resolution.
C. Assessed Valuation
The current assessed valuation of the Service Area is approximately One Million Two
Hundred Sixty- Seven Thousand Two Hundred Dollars ($ 1 ,267 ,200) and, at build out, is expected
to be approximately Nineteen Million Dollars ($ 19,000,000) . These amounts are expected to be
sufficient to reasonably discharge the Debt as demonstrated in the Financial Plan.
V. INCLUSION OF LAND IN THE SERVICE AREA
The Districts shall not add any property to the Service Area without the City Council ' s
prior written approval and in compliance with the Special District Act. Once a District has issued
Debt, it shall not exclude real property from the District ' s boundaries without the prior written
consent of the City Council.
VI. DISTRICT GOVERNANCE
The Districts ' Boards shall be comprised of persons who are a qualified "eligible electors"
of the Districts as provided in the Special District Act. It is anticipated that over time, the End
Users who are eligible electors will assume direct electoral control of the Districts ' Boards as
development within the Service Area progresses. The Districts shall not enter into any agreement
by which the End Users ' electoral control of the Boards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
The Districts shall have the power and authority to provide the Public Improvements, the
Regional Improvements and related operation and maintenance services, within and without the
Service Area, as such powers and authorities are described in the Special District Act, other
applicable State law, common law and the Colorado Constitution, subject to the prohibitions,
restrictions and limitations set forth in this Service Plan.
7
If, after the Service Plan is approved, any State law is enacted to grant additional powers
or authority to metropolitan districts by amendment of the Special District Act or otherwise, such
powers and authority shall be deemed to be a part hereof and available to be exercised by the
Districts if the City Council first approves the exercise of such powers or authority by the
Districts . Such approval by the City Council shall not constitute a Service Plan Amendment.
B. Prohibited Improvements and Services and other Restrictions and Limitations .
The Districts ' powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise their other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Section XVII of this Service Plan :
1 . Eminent Domain Restriction
The Districts shall not exercise their statutory power of eminent domain without first
obtaining resolution approval from the City Council. This restriction on the Districts '
exercise of the eminent domain power is being voluntarily acquiesced to by the Districts
and shall not be interpreted in any way as a limitation on the Districts ' sovereign powers
and shall not negatively affect the Districts ' status as political subdivision of the State as
conferred by the Special District Act.
2 . Fee Limitation
Any Fees imposed for the repayment of Debt, as authorized by this Service Plan, shall not
be imposed by the Districts upon or collected from an End User. In addition, Fees imposed
for the payment of Debt shall not be imposed unless and until the requirements for securing
the delivery of the relevant portion of the Public Benefits have been satisfied in accordance
with Section IV.B of this Service Plan. Notwithstanding any of the foregoing, this Fee
limitation shall not apply to any Fee imposed to fund the operation, maintenance, repair or
replacement of Public Improvements or the administration of the Districts .
3 . Operations and Maintenance
The primary purpose of the Districts is to plan for, design, acquire, construct, install,
relocate, redevelop and finance a portion of the Public Improvements . The Districts shall
dedicate the Public Improvements to the City or other appropriate jurisdiction or owners '
association in a manner consistent with the Approved Development Plan and the City
Code, provided that nothing herein requires the City to accept a dedication. Each District
is specifically authorized to operate and maintain any part or all of the Public
Improvements not otherwise conveyed or dedicated to the City or another appropriate
governmental entity. Additionally, the Districts are authorized to operate and maintain
any part or all of the Public Improvements not otherwise conveyed or dedicated to the City
or another appropriate governmental entity until such time that the Districts dissolve.
8
4. Fire Protection Restriction
The Districts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain fire protection facilities or services, unless
such facilities and services are provided pursuant to an intergovernmental agreement with
the Poudre Fire Authority. The authority to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain fire hydrants and related
improvements installed as part of the water system shall not be limited by this subsection.
5 . Public Safety Services Restriction
The Districts are not authorized to provide policing or other security services. However,
the Districts may, pursuant to C .R. S . § 32- 1 - 1004(7), as amended, furnish security services
pursuant to an intergovernmental agreement with the City.
6 . Grants from Governmental Agencies Restriction
The Districts shall not apply for grant funds distributed by any agency of the United States
Government or the State without the prior written approval of the City Manager. This does
not restrict the collection of Fees for services provided by the Districts to the United States
Government or the State.
7 . Golf Course Construction Restriction
Acknowledging that the City has financed public golf courses and desires to coordinate the
construction of public golf courses within the City' s boundaries, the Districts shall not be
authorized to plan, design, acquire, construct, install, relocate, redevelop, finance, own,
operate or maintain a golf course unless such activity is pursuant to an intergovernmental
agreement with the City.
8 . Television Relay and Translation Restriction
The Districts are not authorized to plan for, design, acquire, construct, install, relocate ,
redevelop, finance, own, operate or maintain television relay and translation facilities and
services, other than for the installation of conduit as a part of a street construction project,
unless such facilities and services are provided pursuant to prior written approval from the
City Council.
9 . Potable Water and Wastewater Treatment Facilities
Acknowledging that the City and other existing special districts operating within the City
currently own and operate treatment facilities for potable water and wastewater that are
available to provide services to the Service Area, the Districts shall not plan, design,
acquire, construct, install, relocate, redevelop, finance, own, operate or maintain such
facilities without obtaining the City Council ' s prior written approval either by
intergovernmental agreement or as a Service Plan Amendment.
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10 . Sales and Use Tax Exemption Limitation
The Districts shall not exercise any City sales and use tax exemption otherwise available
to the Districts under the City Code .
11 . Sub-district Restriction
The Districts shall not create any sub-district pursuant to the Special District Act without
the prior written approval of the City Manager.
12 . Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the Districts shall obtain the certification
of an External Financial Advisor substantially as follows :
We are [I am] an External Financial Advisor within the meaning of the
District' s Service Plan.
We [1] certify that ( 1 ) the net effective interest rate (calculated as
defined in C .R. S . Section 32- 1 - 103 ( 12)) to be borne by [insert the
designation of the Debt] does not exceed a reasonable current [tax-
exempt] [taxable] interest rate, using criteria deemed appropriate by us
[me] and based upon our [my] analysis of comparable high yield
securities ; and (2) the structure of [insert designation of the Debt] ,
including maturities and early redemption provisions, is reasonable
considering the financial circumstances of the District.
13 . Special Assessments
The Districts shall not impose special assessments without the prior written approval of the
City Council.
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS
Exhibit D summarizes the type of Public Improvements that are projected to be constructed
and/or installed by the Districts . The cost, scope, and definition of such Public Improvements may
vary over time . The total estimated costs of Public Improvements, as set forth in Exhibit D,
excluding any improvements paid for by the Regional Mill Levy necessary to serve the Planned
Development, are approximately Forty-Three Million Nine Hundred Eighty One Thousand Fifty
Dollars ($43 ,981 ,050) in project costs in 2018 dollars . The cost estimates are based upon
preliminary engineering, architectural surveys, and reviews of the Public Improvements and
include all construction cost estimates together with estimates of costs such as land acquisition,
engineering services, legal expenses and other associated expenses. Maps of the anticipated
location, operation, and maintenance of Public Improvements are attached hereto as Exhibit E .
Changes in the Public Improvements or costs, which are approved by the City in an Approved
Development Plan, shall not constitute a Service Plan Amendment. In addition, the City shall not
be bound by this Service Plan in reviewing and approving the Approved Development Plan and
the Approved Development Plan shall supersede the Service Plan with regard to the cost, scope
and definition of Public Improvements . Provided, however, any agreement approved and entered
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into under Section IV.B of this Service Plan for the provision of a Public Improvement that is also
a Public Benefit, shall supersede both this Service Plan and the applicable Approved Development
Plan.
Except as otherwise provided by an agreement approved under Section IV.B of this Service
Plan: (i) the design, phasing of construction, location and completion of Public Improvements will
be determined by the Districts to coincide with the phasing and development of the Planned
Development and the availability of funding sources ; (ii) the Districts may, in their discretion,
phase the construction, completion, operation, and maintenance of Public Improvements or defer,
delay, reschedule, rephase, relocate or determine not to proceed with the construction, completion,
operation, and maintenance of Public Improvements, and such actions or determinations shall not
constitute a Service Plan Amendment; and (iii) the Districts shall also be permitted to allocate
costs between such categories of the Public Improvements as deemed necessary in its discretion.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to certain
operation activities . Relating to these, the Districts shall comply with the following requirements :
A. Development Standards.
The Districts shall ensure that the Public Improvements are designed and constructed in
accordance with the standards and specifications of the City Code and of other governmental
entities having proper jurisdiction, as applicable. The Districts directly, or indirectly through any
Developer, will obtain the City' s approval of civil engineering plans and will obtain applicable
permits for construction and installation of Public Improvements prior to performing such work.
Unless waived by the City Council, the Districts shall be required, in accordance with the City
Code, to post a surety bond, letter of credit, or other approved development security for any Public
Improvements to be constructed by the Districts. Such development security may be released in
the City Manager' s discretion when the constructing District has obtained funds, through Debt
issuance or otherwise, adequate to insure the construction of the Public Improvements, unless such
release is prohibited by or in conflict with any City Code provision, State law or any agreement
approved and entered into under Section IV.B of this Service Plan. Any limitation or requirement
concerning the time within which the City must review the Districts ' proposal or application for
an Approved Development Plan or other land use approval is hereby waived by the Districts .
B. Contracting.
The Districts shall comply with all applicable State purchasing, public bidding and
construction contracting.
C. Land Acquisition and Conveyance.
The purchase price of any land or improvements acquired by the Districts from the
Developer shall be no more than the then-current fair market value as confirmed by an independent
MAI appraisal for land and by an independent professional engineer for improvements . Land,
easements, improvements and facilities conveyed to the City shall be free and clear of all liens,
encumbrances and easements, unless otherwise approved by the City Manager prior to
conveyance. All conveyances to the City shall be by special warranty deed, shall be conveyed at
no cost to the City, shall include an ALTA title policy issued to the City, shall meet the
environmental standards of the City and shall comply with any other conveyance prerequisites
required in the City Code .
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D. Equal Employment and Discrimination.
In connection with the performance of all acts or activities hereunder, the Districts shall
not discriminate against any person otherwise qualified with respect to its hiring, discharging,
promoting or demoting or in matters of compensation solely because of race, color, religion,
national origin, gender, age, military status, sexual orientation, gender identity or gender
expression, marital status, or physical or mental disability, and further shall insert the foregoing
provision in contracts or subcontracts entered into by the Districts to accomplish the purposes of
this Service Plan.
IX. FINANCIAL PLAN/PROPOSED DEBT
This Section IX of the Service Plan describes the nature, basis, method of funding and
financing limitations associated with the acquisition, construction, completion, repair,
replacement, operation and maintenance of Public Improvements .
A. Financial Plan.
The Districts ' Financial Plan, attached as Exhibit F and incorporated by reference, reflects
the Districts ' anticipated schedule for incurring Debt to fund Public Improvements in support of
the Project. The Financial Plan also reflects the schedule of all anticipated revenues flowing to the
Districts derived from Districts ' mill levies, Fees imposed by the Districts, specific ownership
taxes, and all other anticipated legally available revenues . The Financial Plan is based on
economic, political and industry conditions as they 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 they are in compliance with
this Service Plan. The Financial Plan incorporates all of the provisions of this Section IX.
Based upon the assumptions contained therein, the Financial Plan projects the issuance of
Bonds to fund Public Improvements and anticipated Debt repayment based on the development
assumptions and absorptions of the property in the Service Area by End Users . The Financial Plan
anticipates that the Districts will acquire, construct, and complete all of the Public Improvements
needed to serve the Service Area.
The Financial Plan demonstrates that the Districts will have the financial ability to
discharge all Debt to be issued as part of the Financial Plan on a reasonable basis . Furthermore,
the Districts will secure the certification of an External Financial Advisor who will provide an
opinion as to whether such Debt issuances are in the best interest of the Districts at the time of
issuance.
B. Mill Levies.
It is anticipated that the Districts will impose a Debt Mill Levy and an Operating Mill Levy
on all property within the Service Area. In doing so, the following shall apply:
1 . Aggregate Mill Levy Maximum
The Aggregate Mill Levy shall not exceed in any year the Aggregate Mill Levy
Maximum, which is fifty (50) mills .
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2 . Regional Mill Levy Not Included in Other Mill Levies
The Regional Mill Levy shall not be counted against the Aggregate Mill Levy
Maximum.
3 , Operating Mill LevX
Each District may impose an Operating Mill Levy of up to fifty (50) mills until such
District imposes a Debt Mill Levy. Once a District imposes a Debt Mill Levy of any
amount, such District' s Operating Mill Levy shall not exceed ten ( 10) mills at any
point.
4. Gallagher Adjustments
In the event the State ' s method of calculating assessed valuation for the Taxable
Property changes after January 1 , 2018, or any subsequent constitutionally mandated
tax credit, cut or abatement, the Districts ' Aggregate Mill Levy, Debt Mill Levy,
Operating Mill Levy, and Aggregate Mill Levy Maximum, amounts herein provided
may be increased or decreased to reflect such changes ; such increases or decreases shall
be determined by the District' s Board in good faith so that to the extent possible, the
actual tax revenues generated by such mill levies, as adjusted, are neither enhanced nor
diminished as a result of such change occurring after January 1 , 2018 . For purposes of
the foregoing, a change in the ratio of actual valuation to assessed valuation will be a
change in the method of calculating assessed valuation.
5 . Excessive Mill Levy Pledges
Any Debt issued with a mill levy pledge , or which results in a mill levy pledge, that
exceeds the Aggregate Mill Levy Maximum or the Maximum Debt Mill Levy
Imposition Term, shall be deemed a material modification of this Service Plan and shall
not be an authorized issuance of Debt unless and until such material modification has
been approved by a Service Plan Amendment.
6 , Refunding Debt
The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt refunding
purposes i£ ( 1 ) a majority of the issuing District' s Board is composed of End Users
and have voted in favor of a refunding of a part or all of the Debt; or (2) such refunding
will result in a net present value savings .
7 . Maximum Debt Authorization
The Districts anticipate approximately Forty Three Million Nine Hundred Eighty One
Thousand Fifty Dollars ($43 ,981 ,050) in project costs in 2018 dollars as set forth in
Exhibit D, and anticipate issuing approximately Twenty Two Million Four Hundred
Twenty Nine Thousand Seven Hundred Fifty Dollars ($22,429,750) in Debt to pay such
costs as set forth in Exhibit F, which Debt issuance amount shall be the amount of the
Maximum Debt Authorization. The Districts collectively shall not issue Debt in excess
of the Maximum Debt Authorization. In addition, no District shall issue any Debt
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unless and until delivery of the relevant portion of the Public Benefits have been
secured as required in Section IV.B of this Service Plan. Bonds, loans, notes or other
instruments which have been refunded shall not count against the Maximum Debt
Authorization. Intergovernmental Capital Pledge Agreements among two or more of
the Districts pledging the collection and payment of property taxes or Fees by one
District for the repayment of Debt by a separate issuing District shall not count against
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 requiring a Service Plan Amendment so long as
increases are reasonably related to the Public Improvements set forth in Exhibit D and
any Approved Development Plan.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
The maximum interest rate on any Debt, including any defaulting interest rate, is not permitted to
exceed Twelve Percent ( 12%) . The maximum underwriting discount shall be three percent (3 %) .
Debt, when issued, will comply with all relevant requirements of this Service Plan, the Special
District Act, other applicable State law and federal law as then applicable to the issuance of public
securities .
D. Interest Rate and Underwriting Discount Certification.
The Districts shall retain an External Financial Advisor to provide a written opinion on the
market reasonableness of the interest rate on any Debt and any underwriter discount paid by the
Districts as part of a Debt financing transaction. The Districts shall provide this written opinion
to the City before issuing any Debt based on it.
E. Disclosure to Purchasers.
In order to notify future End Users who are purchasing residential lots or dwellings units
in the Service Area that they will be paying, in addition to the property taxes owed to other taxing
governmental entities, the property taxes imposed under the Debt Mill Levy, the Operating Mill
Levy and possibly the Regional Mill Levy, the Districts shall not be authorized to issue any Debt
under this Service Plan until there is included in the Developer' s Approved Development Plan
provisions that require the following:
1 . That the Developer, and its successors and assigns, shall prepare and submit to the
City Manager for his approval a disclosure notice in substantially the form attached
hereto as Exhibit H (the "Disclosure Notice") ;
2 . That when the Disclosure Notice is approved by the City Manager, the Developer
shall record the Disclosure Notice in the Larimer County Clerk and Recorders
Office; and
3 . That the approved Disclosure Notice shall be provided by the Developer, and by its
successors and assigns, to each potential End User purchaser of a residential lot or
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dwelling unit in the Service Area before that purchaser enters into a written
agreement for the purchase and sale of that residential lot or dwelling unit.
F. External Financial Advisor.
An External Financial Advisor shall be retained by the Districts to provide a written
opinion as to whether any Debt issuance is in the best interest of the issuing District once the total
amount of Debt issued by the Districts exceeds Five Million Dollars ($ 5 ,000,000) . The External
Financial Advisor is to provide advice to the issuing District ' s Board regarding the proposed terms
and whether Debt conditions are reasonable based upon the status of development within the
District, the projected tax base increase in the District, the security offered and other considerations
as may be identified by the Advisor. The issuing District shall include in the transcript of any Bond
transaction, or other appropriate financing documentation for related Debt instrument, a signed
letter from the External Financial Advisor providing an official opinion on the structure of the
Debt, stating the Advisor' s opinion that the cost of issuance, sizing, repayment term, redemption
feature, couponing, credit spreads, payment, closing date, and other material transaction details of
the proposed Debt serve the best interest of the issuing District.
Debt shall not be undertaken by the Districts if found to be unreasonable by the External
Financial Advisor.
G. Disclosure to Debt Purchasers.
Any Debt of the Districts shall set forth a statement in substantially the following form :
"By acceptance of this instrument, the owner of this Debt agrees and
consents to all of the limitations with respect to the payment of the
principal and interest on this Debt contained herein, in the resolution
of the District authorizing the issuance of this Debt and in the
Service Plan of the District. This Debt is not and cannot be a Debt
of the City of Fort Collins"
Similar language describing the limitations with respect to the payment of the principal and
interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a Developer of property
within the Service Area.
H. Security for Debt.
The Districts shall not pledge any revenue or property of the City as security for the
indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed
as a guarantee by the City of payment of any of the Districts ' obligations ; nor shall anything in the
Service Plan be construed 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 obligations .
I. TABOR Compliance,
The Districts shall comply with the provisions of TABOR. In the discretion of the Boards,
the Districts may set up other qualifying entities to manage, fund, construct and operate facilities,
services, and programs . To the extent allowed by law, any entity created by a District will remain
under the control of the District' s Board.
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J. Districts ' Operating Costs.
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts ' organization and initial
operations, are anticipated to be $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 $ 100,000 ,
Ongoing administration, operations and maintenance costs may be paid from property
taxes collected through the imposition of an Operating Mill Levy as set forth in Section IX.B . 3 of
this Service Plan, as well as other revenues legally available to the Districts .
X. REGIONAL IMPROVEMENTS
The Districts shall be authorized to provide for the planning, design, acquisition, funding,
construction, installation, relocation, redevelopment, administration and overhead costs related to
the provision of Regional Improvements . At the discretion of the City, the Districts shall impose
a Regional Improvement Mill Levy on all property within the Districts ' boundaries under the
following terms :
A. Regional Mill Levy Authority.
The Districts shall seek the authority to impose an additional Regional Mill Levy of five
(5 ) mills as part of the Districts ' initial TABOR election. The Districts shall also seek from the
electorate in that election the authority under TABOR to enter into an intergovernmental
agreement with the City obligating the Districts to pay as a multiple-fiscal year obligation the
proceeds from the Regional Mill Levy to the City. Obtaining voter-approval of the Regional Mill
Levy and this intergovernmental agreement shall be a precondition to the Districts issuing any
Debt and imposing the Operating Mill Levy, the Debt Mill Levy and any Fees for the repayment
of Debt under this Service Plan.
B. Regional Mill Levy Imposition.
The Districts shall each impose the Regional Mill Levy at a rate not to exceed five (5) mills
within one year of receiving written notice from the City Manager to the Districts requesting the
imposition of the Regional Mill Levy and stating the mill rate to be imposed.
C. City Notice Regarding Regional Improvements.
Such notice from the City shall provide a description of the Regional Improvements to be
constructed and an analysis explaining how the Regional Improvements will be beneficial to
property owners within the Service Area. The City shall make a good faith effort to require planned
developments that (i) are adjacent to the Service Area and (ii) will benefit from the Regional
Improvement also impose a Regional Mill Levy, to the extent possible .
D. Regional Improvements Authorized Under Service Plan.
If the Districts are so notified by the City Manager, the Regional Improvements shall be
considered public improvements that the Districts would otherwise be authorized to design,
construct, install re-design, re-construct, repair or replace pursuant to this Service Plan and
applicable law.
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E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be expended as follows :
1 . Intergovernmental Agreement
If the City and the Districts have executed an intergovernmental agreement
concerning the Regional Improvements, then the revenue from the Regional Mill
Levy shall be used in accordance with such agreement; or
2 . No Intergovernmental Agreement
If no intergovernmental agreement exists between the Districts and the City, then
the revenue from the Regional Mill Levy shall be paid to the City, for use by the
City in the planning, designing, constructing, installing, acquiring, relocating,
redeveloping or financing of Regional Improvements which benefit the End Users
of the Districts as prioritized and determined by the City.
F. Regional Mill Levy Term.
The imposition of the Regional Mill Levy shall not exceed a term of twenty-five (25) years
from December 31 of the tax collection year after which the Regional Mill Levy is first imposed.
G. Completion of Regional Improvements.
All Regional Improvements shall be completed prior to the end of the twenty-five (25) year
Regional Mill Levy term.
H. City Authority to Require Imposition.
The City' s authority to require the initiation of the imposition of a Regional Mill Levy shall
expire fifteen ( 15) years after December 31st of the year in which a District first imposes a Debt
Mill Levy.
I. Regional Mill Levy Not Included in Other Mill Levies.
The Regional Mill Levy imposed shall not be applied toward the calculation of the
Aggregate Mill Levy Maximum.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed after January 1 , 2018 ,
or any subsequent constitutionally mandated tax credit, cut or abatement, the Regional Mill Levy
may be increased or shall be decreased to reflect such changes; such increases or decreases shall
be determined by the Districts ' Boards in good faith so that to the extent possible, the actual tax
revenues generated by the Regional Mill Levy, as adjusted, are neither enhanced nor diminished
as a result of such change occurring after January 1 , 2018 . For purposes of the foregoing, a change
in the ratio of actual valuation to assessed valuation will be a change in the method of calculating
assessed valuation
XI. CITY FEES
The Districts shall pay all applicable City fees as required by the City Code .
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XII. BANKRUPTCY LIMITATIONS
All of the limitations contained in this Service Plan, including, but not limited to, those
pertaining to the Aggregate Mill Levy Maximum, Maximum Debt Mill Levy Imposition Term and
Fees, have been established under the authority of the City in the Special District Act to approve
this Service Plan. It is expressly intended that by such approval such limitations : (i) shall not be
set aside for any reason, including by judicial action, absent a Service Plan Amendment; and (ii)
are, together with all other requirements of State law, included in the "political or governmental
powers" reserved to the State under the U. S . Bankruptcy Code ( I I U. S . C . ) Section 903 , and are
also included in the "regulatory or electoral approval necessary under applicable non-bankruptcy
law" as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section
943 (b)(6) ,
XIII. ANNUAL REPORTS AND BOARD MEETINGS
A. General.
Each of the Districts shall be responsible for submitting an annual report to the City Clerk
no later than September 1 st of each year following the year in which the Order and Decree creating
the Districts have been issued. The Districts may file a consolidated annual report. The annual
report may be made available to the public on the City' s website .
B . Board Meetings .
Each of the Districts ' Boards shall hold at least one public board meeting in three of the
four quarters of each calendar year, beginning in the first full calendar year after the Districts '
creation. Notice for each of these meetings shall be given in accordance with the requirements of
the Special District Act and other applicable State Law. This meeting requirement shall not apply
until there is at least one End User of property within the District. Also, this requirement shall no
longer apply when a majority of the directors on the District ' s Board are End Users .
C. Report Requirements.
Unless waived by the City Manager, each of the Districts ' annual report must include the
following:
1 . Narrative
A narrative summary of the progress of the District in implementing its Service
Plan for the report year.
2 . Financial Statements
Except when exemption from audit has been granted for the report year under the
Local Government Audit Law, the audited financial statements of the District for
the report year including a statement of financial condition (i. e. , balance sheet) as
of December 31 of the report year and the statement of operation (i . e. , revenue and
expenditures) for the report year.
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3 . Capital Expenditures
Unless disclosed within a separate schedule to the financial statements, a summary
of the capital expenditures incurred by the District in development of improvements
in the report year.
4. Financial Obligations
Unless disclosed within a separate schedule to the financial statements, a summary
of financial obligations of the District at the end of the report year, including the
amount of outstanding Debt, the amount and terms of any new District Debt issued
in the report year, the total assessed valuation of all Taxable Property within the
Service Area as of January 1 of the report year and the current total District mill
levy pledged to Debt retirement in the report year.
5 . Board Contact Information
The names and contact information of the current directors on the District ' s Board,
any District manager and the attorney for the District shall be listed in the report.
The District' s current office address, phone number, email address and any website
address shall also be listed in the report.
6 . Other Information
Any other information deemed relevant by the City Council or deemed reasonably
necessary by the City Manager.
D. Reporting of Significant Events.
The annual report of each District shall also include information as to any of the following
that occurred during the report year:
1 . Boundary changes made or proposed to the District ' s boundaries as of
December 31 of the report year.
2 . Intergovernmental Agreements with other governmental entities, either entered
into or proposed as of December 31 of the report year.
3 . Copies of the District ' s rules and regulations, if any, or substantial changes to
the District' s rules and regulations as of December 31 of the report year.
4. A summary of any litigation which involves the District ' s Public Improvements
as of December 31 of the report year.
5 . A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the City as of December 31 of the report
year.
6 . Notice of any uncured events of default by the District, which continue beyond
a ninety (90) day period, under any Debt instrument.
7 . Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety
(90) day period.
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E. Failure to Submit.
In the event the annual report is not timely received by the City Clerk or is not fully
responsive, notice of such default shall be given to the District ' s Board at its last known address .
The failure of the District to file the annual report within forty-five (45 ) days of the mailing of
such default notice by the City Clerk may constitute a material modification of the Service Plan,
at the discretion of the City Manager.
XIV. SERVICE PLAN AMENDMENTS
This Service Plan is general in nature and does not include specific detail in some instances.
The Service Plan has been designed with sufficient flexibility to enable the Districts to provide
required improvements, services and facilities under evolving circumstances without the need for
numerous amendments. Modification of the general types of improvements and facilities making
up the Public Improvements, and changes in proposed configurations, locations or dimensions of
the Public Improvements , shall be permitted to accommodate development needs provided such
Public Improvements are consistent with the then-current Approved Development Plans for the
Project and any agreement approved by City Council pursuant Section IV.B of this Service Plan .
Any action of one or more of the Districts, which is a material modification of this Service Plan
requiring a Service Plan Amendment as provided in Section XV of this Service Plan or that is a
violation or breach of any other provision of this Service Plan, shall be deemed to be a material
modification to this Service Plan unless otherwise expressly provided in this Service Plan. All
other departures from the provisions of this Service Plan shall be considered on a case -by-case
basis as to whether such departures are a material modification under this Service Plan or the
Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C .R. S .
Section 32- 1 -207 as a Service Plan Amendment. No modification shall be required for an action
of the Districts that does not materially depart from the provisions of this Service Plan, unless
otherwise provided in this Service Plan.
Departures from the Service Plan by any of the Districts that constitute a material
modification requiring a Service Plan Amendment include, without limitation:
1 . Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the Districts ;
2 . Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement, service,
function or facility authorized in the Service Plan;
3 . Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
4. Failure to comply with any of the preconditions, prohibitions, limitations and
restrictions of this Service Plan.
XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which any
District was created have been accomplished, the District shall file a petition in district court for
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dissolution as provided in the Special District Act. In no event shall dissolution occur until such
District has provided for the payment or discharge of all of its outstanding indebtedness and other
financial obligations as required pursuant to the Special District Act or any other applicable State
law.
In addition, if within three (3 ) years from the date of the City Council ' s approval of this
Service Plan no agreement contemplated under Section IV.B of this Service Plan has been entered
into by the City with any of the Districts and/or any Developer, despite the parties conducting good
faith negotiations attempting to do so, the City may opt to pursue the remedies available to it under
C .R. S . Section 32- 1 -701 (3 ) in order to compel the Districts to dissolve in a prompt and orderly
manner. In such event: (i) the limited purposes and powers of the Districts, as authorized herein,
shall automatically terminate and be expressly limited to taking only those actions that are
reasonably necessary to dissolve ; (ii) the Board of Directors of each of the Districts will be deemed
to have agreed with the City regarding its dissolution without an election pursuant to C .R. S . § 32-
1 -704(3 )(b); (iii) the Districts shall take no action to contest or impede the dissolution of the
Districts and shall affirmatively and diligently cooperate in securing the final dissolution of the
Districts, and (iv) subject to the statutory requirements of the Special District Act, the Districts
shall thereupon dissolve.
XVIL SANCTIONS
Should any of the Districts undertake any act without obtaining prior City Council approval
or consent or City Manager approval or consent under this Service Plan, that constitutes a material
modification to this Service Plan requiring a Service Plan Amendment as provided herein or under
the Special Districts Act, or that violates or is in breach of any provision of this Service Plan, the
City Council may impose one ( 1 ) or more of the following sanctions , as it deems appropriate :
1 . Exercise any applicable remedy under the Special District Act;
2 . Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District ' s
development or construction or operation of improvements or provision of services ;
3 . Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
4. Exercise any other legal and equitable remedy available under the law, including
seeking prohibitory and mandatory injunctive relief against the District, to ensure
compliance with the provisions of the Service Plan or applicable law.
XVIIL CONCLUSION
It is submitted that this Service Plan, as required by C .R. S . Section 32 - 1 -203 (2), establishes
that:
1 . There is sufficient existing and projected need for organized service in the Service Area
to be served by the Districts ;
2 . The existing service in the Service Area to be served by the Districts is inadequate for
present and projected needs;
21
3 . The Districts are capable of providing economical and sufficient service to the Service
Area; and
4. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis .
XIX. RESOLUTION OF APPROVAL
The Districts agree to incorporate the City Council ' s resolution approving this Service
Plan, including any conditions imposed by the City Council on such approval, into the copy of the
Service Plan presented to the District Court for and in Larimer County, Colorado.
22
EXHIBIT A-1
Legal Description of District No. 1 Boundaries
NORTHERN
ENGINEERING
Exhibit A= 1
DESCRIPTION : THRIVE-WATERFIELD METROPOLITAN DISTRICT 1 BOUNDARY
A Tract of land located in the West Half of Section 5 , Township 7 North , Range 68 West , City of
Fort Collins , County of Larimer , State of Colorado being more particularly described as follows :
Considering the South line of the Southwest Quarter of said Section 5 as bearing South 88° 53 '23 "
East and with all bearings contained herein relative thereto :
COMMENCING at the Southwest Corner of said Section 5 ; thence along the West line of said
Southwest Quarter , North 00' 43 ' 26" East , 176 . 00 feet to the POINT OF BEGINNING ; thence
along said West line , North 00' 43 ' 26" East , 583 . 78 to the Northerly line of Tract A , Waterfield
Third Subdivision ; thence along said Northerly line , South 89' 21 ' 34" East , 76 . 81 feet ; thence
along the Easterly right-of-way line of Larimer County Road 11 and along a curve concave to the
East having a central angle of 060 27 ' 15" with a radius of 1032 . 00 feet , an arc length of 116 . 25
feet and the chord of which bears North 07 ' 34' 25 " West , 116 . 19 feet ; thence along the North
right-of-way line of New Vine Drive the following 5 courses and distances : South 89' 21 ' 34 " East ,
315 . 58 feet ; thence along a curve concave to the North having a central angle of 10' 20 ' 29 " with
a radius of 1017 . 50 feet , an arc length of 183 . 65 feet and the chord of which bears North 85' 28 '
12 " East , 183 . 40 feet ; thence , North 80' 17 ' 57 " East , 788 . 29 feet ; thence along a curve concave
to the South having a central angle of 100 43 ' 43 " with a radius of 1132 . 50 feet , an arc length of
212 . 06 feet and the chord of which bears North 850 39' 49" East , 211 . 75 feet ; thence , South 880
58' 20" East , 1021 . 66 feet to the West right-of-way line of Timberline Drive ; thence along said
West right-of-way line , South 00' 16 ' 52 " West , 130 . 01 feet ; thence along the South line of Tract
J , Waterfield Third Filing , North 880 58 ' 20 " West , 991 . 58 feet ; thence along the Easterly line of
Merganser Drive the following 4 courses and distances : along a curve concave to the Southeast
having a central angle of 040 17 ' 22 " with a radius of 1361 . 68 feet , an arc length of 101 . 94 feet
and the chord of which bears South 17 ' 03 ' 36 " West , 101 . 92 feet ; thence along a curve concave
to the Northwest having a central angle of 04' 47 ' 14" with a radius of 1361 . 68 feet , an arc length
of 113 . 77 feet and the chord of which bears South 170 18 ' 32 " West , 113 . 74 feet ; thence along a
curve concave to the Southeast having a central angle of 180 39 ' 57 " with a radius of 662 . 94 feet ,
an arc length of 215 . 97 feet and the chord of which bears South 10' 22 ' 10 " West , 215 . 02 feet ;
thence , South 01 ' 02 ' 11 " West , 478 . 43 feet ; thence along the North right-of-way line of East Vine
Drive , North 88' 53 ' 23 " West , 1425 . 13 feet ; thence along the Southerly portion of Tract A ,
Waterfield Third Filing the following 2 courses and distances : North 00' 43 ' 26" East , 140 . 34 feet ;
thence , North 890 16' 22 " West , 50 . 67 feet to the POINT OF BEGINNING , containing 1 , 484 , 373
square feet or 34 . 077 acres more or less .
AND
A Tract of land located in the West Half of Section 5 , Township 7 North , Range 68 West , City of
Fort Collins , County of Larimer , State of Colorado being more particularly described as follows :
Page 1 of 1
FORT COLLINS : 301 North Howes Street , Suite 1001 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
Considering the West line of the Southwest Quarter of said Section 5 as bearing North 00°43 '27 "
East and with all bearings contained herein relative thereto :
COMMENCING at the Southwest Corner of said Section 5 ; thence along the West line of said
Southwest Quarter , North 00°43 ' 27 " East , 1126 . 91 feet ; thence departing said West line , South
89° 16 '33 " East , 1073 . 16 feet to the POINT OF BEGINNING ; thence , North 05°42 ' 56 " East ,
75 . 54 feet ; thence , North 06° 55 ' 57 " West , 37 . 26 feet ; thence , North 10°39 ' 38 " West , 79 . 30
feet ; thence , North 62 °38 '46 " East , 226 . 84 feet ; thence , South 27 °21 ' 14 " East , 174 . 18 feet ;
thence , South 62 °38 '46 " West , 303 . 84 feet to the POINT OF BEGINNING , containing 44 , 969
square feet or 1 . 03 acres more or less .
The above described Tracts of land contains 1 , 529 , 342 square feet or 35 . 11 acres more or less
and is subject to all easements and rights-of-way now on record or existing .
August 27 , 2018
CNS
D :\Projects\1496-001\Metro District\Exhibit A\1496-001z_District 1 . docx
EXHIBIT A-2
Legal Description of District No. 2 Boundaries
NORTHERN
ENGINEERING
Exhibit A= 2
DESCRIPTION : THRIVE-WATERFIELD METROPOLITAN DISTRICT 2 BOUNDARY
A Tract of land located in the West Half of Section 5 , Township 7 North , Range 68 West , City of
Fort Collins , County of Larimer , State of Colorado being more particularly described as follows :
Considering the South line of the Southwest Quarter of said Section 5 as bearing South 88° 53 '23 "
East and with all bearings contained herein relative thereto :
COMMENCING at the West Quarter Corner of said Section 5 ; thence , South 78' 52 ' 45 " East ,
56 . 93 feet to the POINT OF BEGINNING ; thence along the South right-of-way line of Conifer Street
the following 3 courses and distances : along a curve concave to the Southeast having a central
angle of 890 34 ' 44" with a radius of 15 . 00 feet , an arc length of 23 . 45 feet and the chord of
which bears North 45' 30' 48" East , 21 . 14 feet ; thence , South 890 41 ' 50" East , 143 . 70 feet ;
thence along a curve concave to the North having a central angle of 250 31 ' 24 " with a radius of
1075 . 00 feet , an arc length of 478 . 87 feet and the chord of which bears North 77' 32 ' 29" East ,
474 . 92 feet ; thence along the Northeasterly line of Tract R and the Northeasterly line of Tract K the
following 6 courses and distances : South 610 27 ' 39 " East , 97 . 20 feet ; thence , South 700 16' 39"
East , 260 . 00 feet ; thence , South 590 46' 39" East , 389 . 00 feet ; thence , South 530 31 ' 39 " East ,
176 . 30 feet ; thence , South 550 39' 22 " East , 234 . 78 feet ; thence , South 630 17 ' 47 " East ,
104 . 72 feet ; thence along the Northerly line of Tract A , Waterfield P . U . D . First Filing the following
8 courses and distances : thence , South 30' 54' 04" West , 0 . 29 feet ; thence , South 65' 28 ' 27 "
East , 13 . 60 feet ; thence , South 83' 09 ' 44" East , 187 . 84 feet ; thence , North 880 03 ' 21 " East ,
295 . 91 feet ; thence , North 840 51 ' 19 " East , 153 . 85 feet ; thence , North 740 44' 55" East , 133 . 22
feet ; thence along the West right-of-way line of Timberline Road the following 3 courses and
distances : South 00' 17 ' 16" West , 54 . 54 feet ; thence , South 79' 42 ' 44" East , 1 . 91 feet ; thence ,
South 00' 16' 52 " West , 1025 . 14 feet ; thence along the North right-of-way line of New Vine Drive
the following 3 courses and distances : North 88' 58 ' 20 " West , 1021 . 66 feet ; thence along a
curve concave to the South having a central angle of 100 43 ' 43 " with a radius of 1132 . 50 feet , an
arc length of 212 . 06 feet and the chord of which bears South 850 39' 49" West , 211 . 75 feet ;
thence , South 80' 17 ' 57 " West , 479 . 85 feet ; thence along the Westerly line of Tract I , Waterfield
Third Filing the following 8 courses and distances : thence , North 09' 42 ' 03 " West , 29 . 65 feet ;
thence along a curve concave to the Northeast having a central angle of 65' 36 ' 07 " with a radius
of 133 . 55 feet , an arc length of 152 . 91 feet and the chord of which bears North 480 28 ' 48" West ,
144 . 70 feet ; thence along a curve concave to the Southwest having a central angle of 600 52 ' 28 "
with a radius of 254 . 53 feet , an arc length of 270 . 43 feet and the chord of which bears North 46'
44' 16" West , 257 . 89 feet ; thence along a curve concave to the Northeast having a central angle of
85' 15' 54" with a radius of 276 . 97 feet , an arc length of 412 . 18 feet and the chord of which
bears North 320 37 ' 02 " West , 375 . 18 feet ; thence , North 130 37 ' 13 " East , 264 . 08 feet ; thence
Page 1 of 2
FORT COLLINS : 301 North Howes Street , Suite 1001 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
along a curve concave to the Southeast having a central angle of 75' 39' 02 " with a radius of
132 . 37 feet , an arc length of 174 . 77 feet and the chord of which bears North 52 ' 17 ' 36" East ,
162 . 35 feet ; thence along a curve concave to the North having a central angle of 360 41 ' 13 " with
a radius of 440 . 75 feet , an arc length of 282 . 22 feet and the chord of which bears North 77' 40'
27 " East , 277 . 42 feet ; thence , North 00' 17 ' 33" East , 382 . 29 feet ; thence along the South line of
Tract N , Waterfield Third Filing , North 85' 41 ' 52 " West , 749 . 41 feet ; thence , North 00' 43 ' 26"
East , 154 . 17 feet to the POINT OF BEGINNING .
The above described Tract of land contains 2 , 607 , 911 square feet or 59 . 87 acres more or less and
is subject to all easements and rights-of-way now on record or existing .
August 27 , 2018
CNS
D :\Projects\1496-001\Metro District\Exhibit A\1496-001_District 2 . docx
Page 2 of 2
EXHIBIT A-3
Legal Description of District No. 3 Boundaries
NORTHERN
ENGINEERING
Exhibit A= 3
DESCRIPTION : THRIVE-WATERFIELD METROPOLITAN DISTRICT 3 BOUNDARY
A Tract of land located in the West Half of Section 5 , Township 7 North , Range 68 West , City of
Fort Collins , County of Larimer , State of Colorado being more particularly described as follows :
Considering the West line of the Southwest Quarter of said Section 5 as bearing North 00°43 '27 "
East and with all bearings contained herein relative thereto :
COMMENCING at the Southwest Corner of said Section 5 ; thence along the West line of said
Southwest Quarter , North 00°43 ' 27 " East , 1126 . 91 feet ; thence departing said West line , South
89° 16 '33 " East , 1073 . 16 feet to the POINT OF BEGINNING ; thence , North 05°42 ' 56 " East ,
75 . 54 feet ; thence , North 06° 55 ' 57 " West , 37 . 26 feet ; thence , North 10°39 ' 38 " West , 79 . 30
feet ; thence , North 62 °38 '46 " East , 226 . 84 feet ; thence , South 27 °21 ' 14 " East , 174 . 18 feet ;
thence , South 62 °38 '46 " West , 303 . 84 feet to the POINT OF BEGINNING .
The above described Tract of land contains 44 , 969 square feet or 1 . 03 acres more or less and is
subject to all easements and rights-of-way now on record or existing .
August 27 , 2018
CNS
D :\Projects\1496-001\Metro District\Exhibit A\1496-001z_District 1 . docx
Page 1 of 1
FORT COLLINS : 301 North Howes Street , Suite 1001 80521 1 970 . 221 . 4158
GREELEY: 820 8" Street , 80631 1 970 . 395 . 9880 1 WEB : www . northernengineering . com
EXHIBIT B- 1
District No. 1 Boundary Map
v / /
r V
�0000 NOTE : THIS EXHIBIT IS NOT INTENDED TO BE A
MONUMENTED LAND SURVEY. ITS SOLE PURPOSE IS AS A
GRAPHIC REPRESENTATION TO AID IN THE VISUALIZATION
OF THE WRITTEN PROPERTY DESCRIPTION WHICH IT
ACCOMPANIES. THE WRITTEN PROPERTY DESCRIPTION
SUPERCEDES THE EXHIBIT DRAWING .
WEST QUARTER CORNER
SECTION 5-T7N-R68W
\ OVERALL DISTRICT
BOUNDARY
I \
I
I DISTRICT 1 DISTRICT 1
BOUNDARY 44 , 969 sq . ft . I w
Iz
1 . 03 ac j
\ w
Im
1 DISTRICT 1 I _�
\ i BOUNDARY H
DISTRICT 1 I
1 , 484 , 373 sq . ft .
34 . 08 ac
E VINE DR 400 0 400 Feet
SOUTHWEST CORNER ( US SURVEY FEET )
SECTION 5-T7-R68W 1 inch = 400 n.
DESCRIPTION
DISTRICT 1
NORTHERN THRIVE - WATERFIELD AREA BOUNDARY MAP
ENGINEERING METROPOLITAN DISTRICT
DRA" DY SCALE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221.4158 COLORADO DATE PROJECT B — 1
GREELEY: 820 8th Street, 80631 northernengineering.com August 27, 2018 1496-001
EXHIBIT B-2
District No. 2 Boundary Map
v / /
r V
�0000 NOTE : THIS EXHIBIT IS NOT INTENDED TO BE A
MONUMENTED LAND SURVEY. ITS SOLE PURPOSE IS AS A
GRAPHIC REPRESENTATION TO AID IN THE VISUALIZATION
OF THE WRITTEN PROPERTY DESCRIPTION WHICH IT
ACCOMPANIES. THE WRITTEN PROPERTY DESCRIPTION
SUPERCEDES THE EXHIBIT DRAWING .
WEST QUARTER CORNER
SECTION 5-T7N-R68W
DISTRICT 2
21607 , 911 sq . ft . z
59 . 87 ac z
m
DISTRICT 2
BOUNDARY
I
I OVERALL DISTRICT
BOUNDARY
I
E VINE DR 400 0 400 Feet
SOUTHWEST CORNER ( US SURVEY FEET )
SECTION 5-T7-R68W 1 inch = 400 ft.
DESCRIPTION
NORTHERN THRIVE - WATERFIELD DISTRICT BOUNDARY MAP
E N G I N E E R I N G METROPOLITAN DISTRICT AREA
Dw.wN BY SCAEE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970,221.4158 COLORADO rA
E PROJECT B -2
GREELEY: 820 8th Street, 80631 northernengineering.com gEst 27, 2018 1496-001
EXHIBIT B-3
District No. 3 Boundary Map
WEST QUARTER CORNER
SECTION 5-T7N-R68W
I I � I
I \ '
I
/ DISTRICT 3
I 44 , 969 sq . ft . DISTRICT 3
I
\\ 1 . 03 ac BOUNDARY '
w
\ m
\ \ 1 I
\ � I
i
WEST LINE OF /
SECTION 5
I
I I
I
OVERALL DISTRICT
BOUNDARY
I
I
E VINE DR 400 o aoo Feet
't!SOUTHWIEST
CORNER I IN FEET >
SECTION 5-T7-R68W 1 inch = 400 ft.
DESCRIPTION
DISTRICT 3
NORTHERN THRIVE - WATERFIELD AR A BOUNDARY MAP
ENGINEERING METROPOLITAN DISTRICT
DRAWN BY SCALE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT B -3
GREELEY. 820 8th Street, 80631 northernengineering.com August 27, 2018 1496_001
EXHIBIT C
Vicinity Map
o �
m
Z
Of
~ MOUNTAIN VISTA DR
0 0
LU
a �o w
z
J
w
PROPOSED
THRIVE - WATERFIELD
METROPOLITAN
DISTRICT
OWN
E VINE DR
Cl Cl a ifflifflifflifflil
0
a a X
IN TE NATI AL VD 1000 0 1000 Feet
( IN FEET )
1 inch = 1000ft.
DESCRIPTION
NORTHERN THRIVE - WATERFIELD VICINITY MAP
E N G I N E E R I N G METROPOLITAN DISTRICT
DRAWN BY SCAEE EXHIBIT
FORT COLLINS C. Snowdon 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 August 2, 2018 1496-001
EXHIBIT D
Public Improvement Cost Estimates
NORTHERN
ENGINEERING
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
AREA - 92.99 ACRES
Public Improvements Quantity Unit Cost Extended Cost
I . Grading/Miscellaneous
Mobilization / General Conditions 1 LS $1,455,000.00 $ 1,455,000.00
Clearing and Grubbing and Topsoil Stripping 25 Ac $11,900.00 $ 293,930.00
Earthwork (cut/fill/place) 150,024 CY $6.00 $ 900, 144.00
Import Fill Dirt 250,000 CY $10.00 $ 2,500,000.00
Erosion Control / Traffic Control 1 LS $2,07%000.00 $ 2107%000.00
Subtotal $ 7,228,074.00
II. Roadway Improvements
Parking Lots 490 SY $70.00 $ 34,277.00
Access Road (24' Section) - LF $205.00 $ -
Local Residential Street (51' Section) 13,428 LF $282.00 $ 3,786,696.00
Local Industrial Street (66' Section) - LF $321.00 $ -
Major Collector Street (66' Section) - LF $372.00 $
Minor Collector Street (76' Section) - LF $431.00 $ -
Alley (20' Section) 12,472 EA $133.00 $ 1,658,818.00
4-Lane Arterial - EA $715.00 $ -
Boulvard (Custom) 21120 LF $331.00 $ 701,720.00
Traffic Signal Improvements - EA $500,000.00 $ -
Street Lighting 1 LS $248,000.00 $ 248,000.00
Signing and Striping - LS $271,000.00 $ -
Subtotal $ 6,429,511.00
III, Potable Waterline Improvements
8" Waterline 19,232 LF $90.00 $ 1,730,880.00
10" Waterline - LF $100.00 $ -
12" Waterline - LF $112.00 $ -
Utility Borings - LF $1,900.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Off-Site Waterline Reimbursement to Loveland Water and Pc - LS $750,000.00 $ -
Subtotal $ 1,730,880.00
IV. Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer 15,697 LF $109.00 $ 1,710,973.00
10" Sanitary Sewer - LF $114.00 $ -
12" Sanitary Sewer - LF $124.00 $
15" Sanitary Sewer - LF $131.80 $ -
8" Subdrain 20,111 LF $75.00 $ 1,508,325.00
Subdrain Connection Fee - LS $0.00 $ -
Sanitary Sewer Repayment - LS $0.00 $ -
Subtotal $ 3,219,298.00
V. Storm Drainage Improvements
8" Underdrain 41354 LF $75.00 $ 326,550.00
18" RCP Storm Sewer 1,864 LF $181.00 $ 337,384.00
24" RCP Storm Sewer 41051 LF $191.00 $ 773,741.00
30" RCP Storm Sewer 80 LF $222.00 $ 17,760.00
Outlet Structure 3 EA $10,000.00 $ 30,000.00
Water Quality 63,291 CF $6.00 $ 379,748.00
Subtotal $ 1,865, 183.00
Page 1 of 2
NORTHERN
ENGINEERING
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
AREA - 92.99 ACRES
Public Improvements Quantity Unit Cost Extended Cost
VI . Non-Potable Irrigation Improvements
6" Non-Potable Waterline - LF $56.00 $ -
Non-Potable Waterline Pumphouse - LS $450,000.00 $ -
Non-Potable Pond and Delivery Improvements - LS $250,000.00 $
Flood Irrigation System and Appurtences - LS $0.00 $ -
Well Head Replacement - EA $27,500.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Subtotal $ -
VII. Open Space, Parks and Trails
Structural Demolition - LS $0.00 $ -
Natural Area Open Space 14.62 AC $108,900.00 $ 1,592,210.00
Landscaped Open Space - AC $239,580.00 $ -
Regional Trails 13,122 LF $160.00 $ 2,099,520.00
Monument Signs 2 EA $75,000.00 $ 150,000.00
Pocket Park and Park Amenities - EA $150,000.00 $ -
Open Space Acquisition - AC $20,000.00 $
Subtotal $ 3,841,730.00
VIII . Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $2,432,000.00 $ 2,432,000.00
Construction Management / Inspection / Testing 1 LS $3,648,000.00 $ 3,648,000.00
Admin . / Planning / Permitting 1 LS $730,000.00 $ 730,000.00
Subtotal $ 6,810,000.00
Infrastructure Subtotal $ 31,124,676.00
Contingency (20%) $ 6,224,936.00
Total Cost $ 37,349,612.00
Page 2 of 2
NORTHERN
ENGINEERING
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
AREA - 92.99 ACRES
Public Improvements Quantity Unit Cost Extended Cost
I . Grading/Miscellaneous
Mobilization / General Conditions - LS $1,820,000.00 $
Clearing and Grubbing and Topsoil Stripping - Ac $11,900.00 $ -
Earthwork (cut/fill/place) - CY $6.00 $
Import Fill Dirt - CY $10.00 $ -
Erosion Control / Traffic Control - LS $2,600,000.00 $ -
Subtotal $ -
II. Roadway Improvements
Parking Lots - SY $70.00 $ -
Access Road (24' Section) - LF $205.00 $ -
Local Residential Street (51' Section) - LF $282.00 $ -
Local Industrial Street (66' Section) - LF $321.00 $ -
Major Collector Street (66' Section) 11458 LF $372.00 $ 542,376.00
Minor Collector Street (76' Section) 1,003 LF $431.00 $ 432,293.00
Alley (20' Section) - EA $133.00 $ -
4-Lane Arterial 2,603 EA $715.00 $ 1,861,145.00
Boulvard (Custom) - LF $331.00 $ -
Traffic Signal Improvements - EA $500,000.00 $
Street Lighting - LS $246,000.00 $ -
Signing and Striping 1 LS $271,000.00 $ 86,000.00
Subtotal $ 2,921,814.00
III, Potable Waterline Improvements
8" Waterline - LF $90.00 $ -
10" Waterline - LF $100.00 $ -
12" Waterline 6,458 LF $112.00 $ 723,296.00
Utility Borings - LF $1,900.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $
Off-Site Waterline Reimbursement to Loveland Water and Pc - LS $750,000.00 $ -
Subtotal $ 723,296.00
IV. Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer - LF $109.00 $ -
10" Sanitary Sewer - LF $114.00 $ -
12" Sanitary Sewer 51412 LF $124.00 $ 671,088.00
15" Sanitary Sewer - LF $131.80 $ -
8" Subdrain - LF $75.00 $ -
Subdrain Connection Fee - LS $0.00 $ -
Sanitary Sewer Repayment - LS $0.00 $ -
Subtotal $ 671,088.00
V. Storm Drainage Improvements
8" Underdrain - LF $75.00 $ -
18" RCP Storm Sewer - LF $181.00 $ -
24" RCP Storm Sewer - LF $191.00 $ -
30" RCP Storm Sewer - LF $222.00 $ -
Outlet Structure - EA $10,000.00 $ -
Water Quality - CF $6.00 $ -
Subtotal $ -
Page 1 of 2
NORTHERN
ENGINEERING
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
AREA - 92.99 ACRES
Public Improvements Quantity Unit Cost Extended Cost
VI . Non-Potable Irrigation Improvements
6" Non-Potable Waterline - LF $56.00 $ -
Non-Potable Waterline Pumphouse - LS $450,000.00 $ -
Non-Potable Pond and Delivery Improvements - LS $250,000.00 $
Flood Irrigation System and Appurtences - LS $0.00 $ -
Well Head Replacement - EA $27,500.00 $ -
Raw Water Requirements - AC-FT $41,428.00 $ -
Subtotal $
VII. Open Space, Parks and Trails
Structural Demolition - LS $0.00 $ -
Natural Area Open Space - AC $108,900.00 $ -
Landscaped Open Space - AC $239,580.00 $ -
Regional Trails - LF $160.00 $ -
MonumentSigns - EA $75,000.00 $ -
Pocket Park and Park Amenities - EA $150,000.00 $ -
Open Space Acquisition - AC $20,000.00 $ -
Subtotal $ -
VIII . Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $432,000.00 $ 432,000.00
Construction Management / Inspection / Testing 1 LS $648,000.00 $ 648,000.00
Admin . / Planning / Permitting 1 LS $130,000.00 $ 130,000.00
Subtotal $ 1,210,000.00
Infrastructure Subtotal $ S1526,198.00
Contingency (20%) $ 1,105,240.00
Total Cost $ 6,631,438.00
Page 2 of 2
EXHIBIT E
Public Improvement Maps
U NOTE: LOCAL STREETS LEGEND :
�000o AND ASSOCIATED UTILITIES STREETS OWNED AND
ARE CONCEPTUAL AND MAINTAINED BY THE CITY OF
MAY CHANGE AS FORT COLLINS
DEVELOPMENT OCCURS.
■ 11111 BOULEVARD
1111111 4-LANE ARTERIAL
1111111111 MAJOR COLLECTOR
1111111111 MINOR COLLECTOR
M ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ N RESIDENTIAL LOCAL
. . � . . •♦♦•♦♦..1♦♦ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ALLEYWAY
*awm% mamoll Irm NIP AN
40
♦ ♦♦ ♦♦♦♦♦ ♦♦ ��/ 1111111111111111 �11111 �1
♦ i •♦♦• i j ■ ■ ■ ■ ■ O♦♦ 0
■
/,,//////� 111111111111f1111111111111 � z
allijill
1111A1111111 /// �
■ ■ ■ ■ ■ ■� � ■ ■ ■� ■ ■ _
�i ■ ■ ■ �■ ■ ■ ■ i ■ ■ ■ ■ �■ ■ � ■ ■ ■■�■ ■ ■ ■ ■ ■ nor ON
ON
f/t1 m I H Hiffiftillm ImMonnall
E VINE DR 400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
NORTHERN THRIVE - WATERFIELD STREET MAP
ENGINEERING METROPOLITAN DISTRICT
DROWN BY SCALE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970,221.4158 COLORADO DATE PROJECT E
GREELEY: 820 8th Street, 80631 northernengineering.com August 2, 2018 1496-001
FIGURE 1 OF 5
V NOTE: LOCAL STREETS LEGEND .-
AND ASSOCIATED UTILITIES WATER LINE - 12 INCH PVC.
ARE CONCEPTUAL AND ALL WATER TO BE OWNED
MAY CHANGE AS AND MAINTAINED BY ELCO
DEVELOPMENT OCCURS. WATER DISTRICT.
WATER LINE - 8 INCH PVC .
w ALL WATER TO BE OWNED
AND MAINTAINED BY ELCO
WATER DISTRICT.
♦ •
I
I
8" WATER
8" WATER �
I
12" WATER
I
12" WATER I
LU
Aw z
J
\+��] [�Lj
W LU
m
rT I�Al
F_
Z
8" WATER
E VINE DR 400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
NORTHERN THRIVE - WATERFIELD POTABLE WATER MAP
E N G I N E E R I N G METROPOLITAN DISTRICT
DRAWN BY scAEE EXHIBIT
FORT COLLINS C. snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970,221.4158 COLORADO DATE PROJECT E
GREELEY: 820 8th Street, 80631 northernengineering.com August 2, 2018 1496-001
9 FIGURE 2 OF 5
V' NOTE: LOCAL STREETS LEGEND :
�000o AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND SEWER LINE - 12 INCH PVC.
MAY CHANGE AS ALL SEWER TO BE OWNED
DEVELOPMENT OCCURS. AND MAINTAINED BY
BOXELDER SANITATION
DISTRICT
SEWER LINE - 8 INCH PVC .
ALL SEWER TO BE OWNED
ss AND MAINTAINED BY
BOXELDER SANITATION
DISTRICT
SUBDRAIN - 8 INCH HDPE.
ALL SUBDRAINS TO BE
% so OWNED AND MAINTAINED BY
THE METRO DISTRICT.
I8" SANITARY
SEWER
I
8" SUBDRAIN
I
8" SANITARY
SEWER
I
8" SUBDRAIN 0
LU
8" SANITARY z
SEWER J
f'
8" SUBDRAIN LLI
120
_Z>
F--
Z
12" SANITARY -
SEWER
E VINE DR 400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
NORTHERN THRIVE - WATERFIELD SANITARY SUBDRAIN MAP
&
ENGINEERING METROPOLITAN DISTRICT
DROWN BY SCALE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PRo�ECT E
GREELEY. 820 81h Street, 80631 northernengineering.com August 2, 2018 4496-001 FIGURE 3 OF 5
V NOTE: LOCAL STREETS LEGEND .-
AND ASSOCIATED UTILITIES 30" RCP STORM
ARE CONCEPTUAL AND � ST� DRAIN LINE
MAY CHANGE AS
DEVELOPMENT OCCURS. 24" RCP STORM
� ST� DRAIN LINE
! nT_ 18" RCP STORM
DRAIN LINE
DIRECTION OF 18" HDPE STORM
CONVEYANCE � sT� DRAIN LINE
8" UNDER DRAIN
. . � . �
IDETENTION AREAS
LID AREAS
I
8" PERF . PIPE
uo D�
I
18" RCP
24" RCP I
8" PERF . PIPE
LS uo uD uu , LLJ
UD- z
SOD- J
DD 78" PERF . PIPE IY
LU
18" RCP m
24" RCP
Z
18" RCP
30" RCP 24" RCP
18" RCP E VINE DR 400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
NORTHERN THRIVE - WATERFIELD STORM DRAINAGE MAP
E N G I N E E R I N G METROPOLITAN DISTRICT
DRAWN BY scAEE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970,221.4158 COLORADO DATE PROJECT E
GREELEY: 820 8th Street, 80631 northernengineering.com August 2, 2018 1496-001
9 FIGURE 4 OF 5
V' NOTE: LOCAL STREETS LEGEND :
�000o AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND . ■ � ■ � ■ � ■ � CONNECTIVITY
MAY CHANGE AS ��� � �� LANDSCAPING w/
DEVELOPMENT OCCURS. TRAILS
.1• ■ ■ �` STREETSw/
■■ 1�� ■**I TREE LAWN AREAS
NATURAL AREA
OPEN SPACE
♦ •
I ■ 111 �� �♦
■
■ ■
■ ■ �� •♦
0 MAN
■ • IS
■■O�
monies �� �•
■
■
■■ ■ � � �■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ �■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ W
LLJ
■ ■ m
■ ■ � Z
i i i � i i i •
m •
E VINE DR 400 0 400 Feet
( IN FEET )
1 inch = 400 ft.
DESCRIPTION
THRIVE - WATERFIELD OPEN SPACE , PARKS ,
NORTHERN & TRAILS MAP
ENGINEERING METROPOLITAN DISTRICT
DROWN BY SCALE EXHIBIT
FORT COLLINS C. Snowdon 1 " = 400'
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 970.221 .4158 COLORADO DATE PROJECT E
GREELEY: 820 8th Street, 80631 northernengineering.com August 2, 2018 1496-001 FIGURE 5 OF 5
EXHIBIT F
Financial Plan
WATERFIELD METROPOLITAN DISTRICT I ' 11 �111rti1t ♦
Development Projection at 40.000 (target) District Mills, plus Fees -- SERVICE PLAN -- 0713012018
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020+New, Assumes Investment Grade, 100x, 30-yr. Maturity
« « « « Residential » » » » < Platted/Developed Lots >
Mkt Value As'ed Value* As'ed Value District District District
Biennial @ 7.20% @29.00% Total D/S Mill Levy DIS Mill Levy S.O. Taxes Total Total
Total Reasses'mt Cumulative of Market Cumulative of Market Assessed [40.000 Target] Collections Collected Facility Fees Available
YEAR Res'I Units @ 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Value [40.000 Cap] @ 98% @ 6% Collections Revenue
2017 0 0 $0 $0 0 $0 $0 $0
2018 0 0 0 0 0 0 0 0
2019 0 0 0 6,369,260 0 0 0 0 0 0
2020 154 0 66,265,781 0 5,218,740 0 0 40.000 0 0 1 ,540,000 1 ,540,000
2021 126 121 ,647,467 0 4,243,100 1 ,847,085 1 ,847,085 40.000 72,406 4,344 1 ,260,000 1 ,336,750
2022 100 7,298,848 174,874,994 4,771 ,136 1 ,734,420 1 ,513,435 6,284,571 40.000 246,355 14,781 1 ,000,000 1 ,261 ,136
2023 38 194,024,393 8,758,618 1 ,325,700 1 ,230,499 9,989,117 40.000 391 ,573 23,494 380,000 795,068
2024 30 11 ,641 ,464 220,595,391 12,591 ,000 1 ,325,700 502,982 13,093,981 40.000 513,284 30,797 300,000 844,081
2025 30 235,823,517 13,969,756 883,800 384,453 14,354,209 40.000 562,685 33,761 300,000 896,446
2026 20 14,149,411 260,328,054 15,882,868 0 384,453 16,267,321 40.000 637,679 38,261 200,000 875,940
2027 0 260,328,054 16,979,293 0 256,302 17,235,595 40.000 675,635 40,538 0 716,173
2028 0 15,619,683 275,947,737 18,743,620 0 0 18,743,620 40.000 734,750 44,085 0 778,835
2029 0 275,947,737 18,743,620 0 0 18,743,620 40.000 734,750 44,085 0 778,835
2030 0 16,556,864 292,504,601 19,868,237 0 0 19,868,237 40.000 778,835 46,730 0 825,565
2031 0 292,504,601 19,868,237 0 0 19,868,237 40.000 778,835 46,730 0 825,565
2032 0 17,550,276 310,054,878 21 ,060,331 0 0 21 ,060,331 40.000 825,565 49,534 0 875,099
2033 0 310,054,878 21 ,060,331 0 0 21 ,060,331 40.000 825,565 49,534 0 875,099
2034 0 18,603,293 328,658,170 22,323,951 0 0 22,323,951 40.000 875,099 52,506 0 927,605
2035 0 328,658,170 22,323,951 0 0 22,323,951 40.000 875,099 52,506 0 927,605
2036 0 19,719,490 348,377,660 23,663,388 0 0 23,663,388 40.000 927,605 55,656 0 983,261
2037 0 348,377,660 23,663,388 0 0 23,663,388 40.000 927,605 55,656 0 983,261
2038 20,902,660 369,280,320 25,083,192 0 0 25,083,192 40.000 983,261 58,996 1 ,042,257
2039 369,280,320 25,083,192 0 0 25,083,192 40.000 983,261 58,996 1 ,042,257
2040 22,156,819 391 ,437,139 26,588,183 0 0 26,588,183 40.000 1 ,042,257 62,535 1 ,104,792
2041 391 ,437,139 26,588,183 0 0 26,588,183 40.000 1 ,042,257 62,535 1 ,104,792
2042 23,486,228 414,923,368 28,183,474 0 0 28,183,474 40.000 1 ,104,792 66,288 1 ,171 ,080
2043 414,923,368 28,183,474 0 0 28,183,474 40.000 1 ,104,792 66,288 1 ,171 ,080
2044 24,895,402 439,818,770 29,874,482 0 0 29,874,482 40.000 1 ,171 ,080 70,265 1 ,241 ,344
2045 439,818,770 29,874,482 0 0 29,874,482 40.000 1 ,171 ,080 70,265 1 ,241 ,344
2046 26,389,126 466,207,896 31 ,666,951 0 0 31 ,666,951 40.000 1 ,241 ,344 74,481 1 ,315,825
2047 466,207,896 31 ,666,951 0 0 31 ,666,951 40.000 1 ,241 ,344 74,481 1 ,315,825
2048 27,972,474 494,180,370 33,566,969 0 0 33,566,969 40.000 1 ,315,825 78,950 1 ,394,775
2049 494,180,370 33,566,969 0 0 33,566,969 40.000 1 ,315,825 78,950 1 ,394,775
2050 29,650,822 523,831 ,192 35,580,987 0 0 35,580,987 40.000 1 ,394,775 83,686 1 ,478,461
2051 523,831 ,192 35,580,987 0 0 35,580,987 40.000 1 ,394,775 83,686 1 ,478,461
2052 31 ,429,872 555,261 ,063 37,715,846 0 0 37,715,846 40.000 1 ,478,461 88,708 1 ,567,169
2053 555,261 ,063 37,715,846 0 0 37,715,846 40.000 1 ,478,461 88,708 1 ,567,169
2054 33,315,664 588,576,727 39,978,797 0 0 39,978,797 40.000 1 ,567,169 94,030 1 ,661 ,199
2055 588,576,727 39,978,797 0 0 39,978,797 40.000 1 ,567,169 94,030 1 ,661 ,199
2056 35,314,604 623,891 ,331 42,377,524 0 0 42,377,524 40.000 1 ,661 ,199 99,672 1 ,760,871
2057 623,891 ,331 42,377,524 0 0 42,377,524 40.000 1 ,661 ,199 99,672 1 ,760,871
2058 37,433,480 661 ,324,811 44,920,176 0 0 44,920,176 40.000 1 ,760,871 105,652 1 ,866,523
2059 661 ,324,811 44,920,176 0 0 44,920,176 40.000 1 ,760,871 105,652 1 ,866,523
2060 39,679,489 701 ,004,299 47,615,386 0 0 47,615,386 40.000 1 ,866,523 111 ,991 1 ,978,515
498 473,765,968 42,691 ,916 2,561 ,515 4,980,000 50,233,431
M RAR @ 7.96% thru 2017, Subject to future changes per Colorado General Assembly.
Prepared by D.A.Davidson 8 Co.
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SP Draft: For discussion purposes only.
1
91
WATERFIELD METROPOLITAN DISTRICT I ' I > �111rtitt �
Development Projection at 40.000 (target) District Mills, plus Fees -- SERVICE PLAN -- 07/30/2018
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020+New, Assumes Investment Grade, 100x, 30-yr. Maturity
Series 2020 Series 2030
$15,655,000 Par $20,930,000 Par Surplus Senior Senior Cov. of Net DS: Cov. of Net IDS:
[Net $13.675 MM] [Net $9.387 MM] Total Annual Release@ Cumulative Debt/ Debt/ @40.000 Target @40.000 Cap
Net Available Net Debt Net Debt Net Debt Funds on Hand* Surplus Surplus Assessed Act'I Value
YEAR for Debt Svc Service Service Service Used as Source to $2,093,000 $2,093,000 Target Ratio Ratio
2017 $0 n/a n/a n/a 0% 0%
2018 0 n/a n/a n/a 0% 0%
2019 0 n/a n/a n/a 0% 0%
2020 1 ,540,000 $0 $0 1 ,540,000 $1 ,540,000 0% 0% 0% 0%
2021 1 ,336,750 1 ,332,750 1 ,332,750 4,000 0 1 ,544,000 249% 9% 100% 100%
2022 1 ,261 ,136 1 ,260,250 1 ,260,250 886 0 1 ,544,887 151% 8% 100% 100%
2023 795,068 790,000 790,000 5,068 0 1 ,549,954 112% 7% 101 % 101 %
2024 844,081 842,000 842,000 2,081 0 1 ,552,035 101% 6% 100% 100%
2025 896,446 896,250 896,250 196 0 1 ,552,232 89% 6% 100% 100%
2026 875,940 872,500 872,500 3,440 0 1 ,555,671 83% 5% 100% 100%
2027 716,173 714,500 714,500 1 ,673 0 1 ,557,345 75% 5% 100% 100%
2028 778,835 774,000 774,000 4,835 0 1 ,562,180 75% 5% 101 % 101 %
2029 778,835 775,500 775,500 3,335 15 1 ,565,500 71% 5% 100% 100%
2030 825,565 821 ,750 $0 821 ,750 $1 ,550,000 (1 ,546,185) 0 19,315 70% 5% 101 % 101 %
2031 825,565 [ Refd by Ser. '30 ] 837,200 837,200 (11 ,635) 0 7,680 99% 7% 99% 99%
2032 875,099 872,200 872,200 2,899 0 10,579 99% 7% 100% 100%
2033 875,099 870,800 870,800 4,299 0 14,878 94% 6% 101% 101 %
2034 927,605 924,400 924,400 3,205 0 18,083 93% 6% 100% 100%
2035 927,605 925,800 925,800 1 ,805 0 19,887 88% 6% 100% 100%
2036 983,261 982,000 982,000 1 ,261 0 21 ,148 87% 6% 100% 100%
2037 983,261 980,800 980,800 2,461 0 23,610 82% 6% 100% 100%
2038 1 ,042,257 1 ,039,400 1 ,039,400 2,857 0 26,466 81% 6% 100% 100%
2039 1 ,042,257 1 ,040,400 1 ,040,400 1 ,857 0 28,323 76% 5% 100% 100%
2040 1 ,104,792 1 ,101 ,000 1 ,101 ,000 3,792 0 32,115 75% 5% 100% 100%
2041 1 ,104,792 1 ,103,800 1 ,103,800 992 0 33,108 70% 5% 100% 100%
2042 1 ,171 ,080 1 ,171 ,000 1 ,171 ,000 80 0 33,187 68% 5% 100% 100%
2043 1 ,171 ,080 1 ,170,000 1 ,170,000 1 ,080 0 34,267 63% 4% 100% 100%
2044 1 ,241 ,344 1 ,238,400 1 ,238,400 2,944 0 37,211 62% 4% 100% 100%
2045 1 ,241 ,344 1 ,238,400 1 ,238,400 2,944 0 40,156 57% 4% 100% 100%
2046 1 ,315,825 1 ,312,600 1 ,312,600 3,225 0 43,381 55% 4% 100% 100%
2047 1 ,315,825 1 ,313,000 1 ,313,000 2,825 0 46,206 50% 3% 100% 100%
2048 1 ,394,775 1 ,392,400 1 ,392,400 2,375 0 48,581 48% 3% 100% 100%
2049 1 ,394,775 1 ,392,600 1 ,392,600 2,175 0 50,756 43% 3% 100% 100%
2050 1 ,478,461 1 ,476,600 1 ,476,600 1 ,861 0 52,617 41% 3% 100% 100%
2051 1 ,478,461 1 ,476,000 1 ,476,000 2,461 0 55,078 37% 2% 100% 100%
2052 1 ,567,169 1 ,564,000 1 ,564,000 3,169 0 58,247 34% 2% 100% 100%
2053 1 ,567,169 1 ,567,000 1 ,567,000 169 0 58,416 30% 2% 100% 100%
2054 1 ,661 ,199 1 ,658,200 1 ,658,200 2,999 0 61 ,415 27% 2% 100% 100%
2055 1 ,661 ,199 1 ,659,000 1 ,659,000 2,199 0 63,613 22% 2% 100% 100%
2056 1 ,760,871 1 ,757,800 1 ,757,800 3,071 0 66,684 19% 1 % 100% 100%
2057 1 ,760,871 1 ,760,600 1 ,760,600 271 0 66,955 15% 1 % 100% 100%
2058 1 ,866,523 1 ,866,000 1 ,866,000 523 0 67,478 12% 1 % 100% 100%
2059 1 ,866,523 1 ,864,800 1 ,864,800 1 ,723 0 69,202 8% 1 % 100% 100%
2060 1 ,978,515 1 ,976,000 1 ,976,000 2,515 71 ,716 0 4% 0% 100% 100%
50,233,431 9,079,500 39,532,200 48,611 ,700 1 ,550,000 71 ,731 71 ,731
[ FJu13018 201fspF ] [ FJu13018 301gr2onF] ['] Estimated balance (tbd)
Prepared by D.A.Davidson 8 Co.
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SP Draft: For discussion purposes only.
2
49,1
WATERFIELD METROPOLITAN DISTRICT
u 1 ) 1 DSO ♦
Operations Revenue and Expense Projection -- 07/30/2018
Total Total S.O. Taxes Total
Assessed Operns Collections Collected Available Total
YEAR Value Mill Levy @ 98% @ 6% For O&M Mills
2017
2018
2019
2020 0 10.000 0 0 0 50.000
2021 1 ,847,085 10.000 18,101 1 ,086 19,188 50.000
2022 6,284,571 10.000 61 ,589 3,695 65,284 50.000
2023 9,989,117 10.000 97,893 5,874 103,767 50.000
2024 13,093,981 10.000 128,321 7,699 136,020 50.000
2025 14,354,209 10.000 140,671 8,440 149,112 50.000
2026 16,267,321 10.000 159,420 9,565 168,985 50.000
2027 17,235,595 10.000 168,909 10,135 179,043 50.000
2028 18,743,620 10.000 183,687 11 ,021 194,709 50.000
2029 18,743,620 10.000 183,687 11 ,021 194,709 50.000
2030 19,868,237 10.000 194,709 11 ,683 206,391 50.000
2031 19,868,237 10.000 194,709 11 ,683 206,391 50.000
2032 21 ,060,331 10.000 206,391 12,383 218,775 50.000
2033 21 ,060,331 10.000 206,391 12,383 218,775 50.000
2034 22,323,951 10.000 218,775 13,126 231 ,901 50.000
2035 22,323,951 10.000 218,775 13,126 231 ,901 50.000
2036 23,663,388 10.000 231 ,901 13,914 245,815 50.000
2037 23,663,388 10.000 231 ,901 13,914 245,815 50.000
2038 25,083,192 10.000 245,815 14,749 260,564 50.000
2039 25,083,192 10.000 245,815 14,749 260,564 50.000
2040 26,588,183 10.000 260,564 15,634 276,198 50.000
2041 26,588,183 10.000 260,564 15,634 276,198 50.000
2042 28,183,474 10.000 276,198 16,572 292,770 50.000
2043 28,183,474 10.000 276,198 16,572 292,770 50.000
2044 29,874,482 10.000 292,770 17,566 310,336 50.000
2045 29,874,482 10.000 292,770 17,566 310,336 50.000
2046 31 ,666,951 10.000 310,336 18,620 328,956 50.000
2047 31 ,666,951 10.000 310,336 18,620 328,956 50.000
2048 33,566,969 10.000 328,956 19,737 348,694 50.000
2049 33,566,969 10.000 328,956 19,737 348,694 50.000
2050 35,580,987 10.000 348,694 20,922 369,615 50.000
2051 35,580,987 10.000 348,694 20,922 369,615 50.000
2052 37,715,846 10.000 369,615 22,177 391 ,792 50.000
2053 37,715,846 10.000 369,615 22,177 391 ,792 50.000
2054 39,978,797 10.000 391 ,792 23,508 415,300 50.000
2055 39,978,797 10.000 391 ,792 23,508 415,300 50.000
2056 42,377,524 10.000 415,300 24,918 440,218 50.000
2057 42,377,524 10.000 415,300 24,918 440,218 50.000
2058 44,920,176 10.000 440,218 26,413 466,631 50.000
2059 44,920,176 10.000 440,218 26,413 466,631 50.000
2060 47,615,386 10.000 466,631 27,998 494,629 50.000
10,672,979 640,379 11 ,313,358
Prepared by D.A.Davidson & Co.
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SP Draft: For discussion purposes only.
3
9.
VI
WATERFIELD METROPOLITAN DISTRICT U A 1): I%CGVIDSON
Development Projection -- Buildout Plan (updated 7/30/18)
Residential Development
3-Stow TH SFD Cottage
Incr/(Decr) in Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Finished Lot # Units Price
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated Market # Lots Value Completed Inflated @ Market
YEAR Devel'd 10% 89 target 2% Value Devel'd 10% 80 target 2% Value Devel'd 10% 200 target 2% Value
2017 0 0 $380,900 0 0 0 $510,900 0 0 0 $441 ,900 0
2018 0 0 380,900 0 0 0 510,900 0 0 0 441 ,900 0
2019 36 1 ,371 ,240 388,518 0 24 1 ,226, 160 521 , 118 0 30 1 ,325,700 450,738 0
2020 36 0 36 396,288 141266,381 24 0 24 531 ,540 12,756,969 30 0 30 4597753 13,7927583
2021 17 (723,710) 36 404,214 14,551 ,709 24 0 24 542, 171 13,012, 108 30 0 30 468,948 14,068,434
2022 0 (647,530) 17 412,298 71009,073 8 (817,440) 24 553,015 13,272,350 30 0 30 4787327 14,3497803
2023 0 0 0 420,544 0 0 (408,720) 8 564,075 4,512,599 30 0 30 487,893 14,636,799
2024 0 0 0 428,955 0 0 0 0 575,356 0 30 0 30 4977651 14,9297535
2025 0 0 0 437,534 0 0 0 0 586,864 0 20 (441 ,900) 30 507,604 15,228, 126
2026 0 0 0 446,285 0 0 0 0 598,601 0 0 (883,800) 20 517,756 10,355, 126
2027 0 0 0 455,211 0 0 0 0 610,573 0 0 0 0 528, 111 0
2028 0 0 0 4647315 0 0 0 0 622,784 0 0 0 0 5385674 0
2029 0 0 0 473,601 0 0 0 0 635,240 0 0 0 0 549,447 0
2030 0 0 0 4835073 0 0 0 0 647,945 0 0 0 0 5605436 0
2031 0 0 0 492,735 0 0 0 0 660,904 0 0 0 0 571 ,645 0
2032 0 0 0 5025589 0 0 0 0 674, 122 0 0 0 0 583,078 0
2033 0 0 0 512,641 0 0 0 0 687,604 0 0 0 0 594,739 0
2034 0 0 0 522,894 0 0 0 0 701 ,356 0 0 0 0 606,634 0
2035 0 0 0 533,352 0 0 0 0 715,383 0 0 0 0 618,767 0
2036 0 0 0 544,019 0 0 0 0 7297691 0 0 0 0 631 , 142 0
2037 0 0 554,899 0 0 0 744,285 0 0 0 643,765 0
89 (0) 89 35,827, 163 80 0 80 43,554,026 200 0 200 97,360,406
Prepared by D.A. Davidson & Co.
7/30/2018 F WMD Fin Plan 18 Abs
4
qh.
WATERFIELD METROPOLITAN DISTRICT U A DAVIDSONDIY iVAlcove CAVII44WCU\\
Development Projection -- Buildout Plan (updated 7/30/18)
Residential Summary
2-Story TH Duplex
Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Total Total Res'I Value +/- of Platted &
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated Market Residential Total Facility Fees Developed Lots
YEAR Devel'd 10% 101 target 2% Value Devel'd 10% 28 target 2% Value Market Value Res'I Units @ $10,000/unit Adjustment Adjusted Value
2017 0 0 $35%900 0 0 0 $410,900 0 $0 0 0 0 0
2018 0 0 35%900 0 0 0 410,900 0 0 0 0 0 0
2019 36 1 ,295,640 367,098 0 28 1 , 150,520 419, 118 0 0 0 0 0 6,369,260
2020 36 0 36 374,440 13547%839 0 ( 1 , 150,520) 28 427,500 11 ,970,010 66,2651781 154 17540,000 0 (1 , 1505520)
2021 29 (251 ,930) 36 381 ,929 13,749,435 0 0 0 436,050 0 55,381 ,686 126 1 ,260,000 0 (975,640)
2022 0 ( 1 ,043,710) 29 389,567 11 ,297,453 0 0 0 444,771 0 45,928,679 100 1 ,000,000 0 (2,5085680)
2023 0 0 0 397,359 0 0 0 0 453,667 0 19, 149,398 38 380,000 0 (408,720)
2024 0 0 0 405,306 0 0 0 0 462,740 0 14,9291535 30 300,000 0 0
2025 0 0 0 413,412 0 0 0 0 471 ,995 0 15,228, 126 30 300,000 0 (441 ,900)
2026 0 0 0 421 ,680 0 0 0 0 481 ,435 0 10,355, 126 20 200,000 0 (883,800)
2027 0 0 0 430, 114 0 0 0 0 491 ,064 0 0 0 0 0 0
2028 0 0 0 4387716 0 0 0 0 500,885 0 0 0 0 0 0
2029 0 0 0 447,490 0 0 0 0 510,903 0 0 0 0 0 0
2030 0 0 0 4567440 0 0 0 0 521 , 121 0 0 0 0 0 0
2031 0 0 0 465,569 0 0 0 0 531 ,543 0 0 0 0 0 0
2032 0 0 0 4747880 0 0 0 0 542, 174 0 0 0 0 0 0
2033 0 0 0 484,378 0 0 0 0 553,017 0 0 0 0 0 0
2034 0 0 0 4947066 0 0 0 0 564,078 0 0 0 0 0 0
2035 0 0 0 503,947 0 0 0 0 575,359 0 0 0 0 0 0
2036 0 0 0 5147026 0 0 0 0 586,866 0 0 0 0 0 0
2037 0 0 524,306 0 0 0 598,604 0 0 0 0 0 0
101 0 101 38,526,727 28 0 28 11 ,970,010 227,238,331 498 4,980,000 0 0
Prepared by D.A. Davidson & Co.
7/30/2018 F WMD Fin Plan 18 Abs
5
9
1 ) A DAVIDSON
I U EC INC O ME CAP It a L nu e x AS
SOURCES AND USES OF FUNDS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS , SERIES 2020
40. 000 (target) Mills , plus Fees
Non -Rated , 100x, 30-yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2020
Delivery Date 12/01 /2020
Sources :
Bond Proceeds :
Par Amount 15 ,655,000.00
15 ,655 ,000.00
Uses :
Project Fund Deposits :
Project Fund 13 ,674 ,670.83
Other Fund Deposits:
Debt Service Reserve Fund 1 , 367,229. 17
Cost of Issuance:
Other Cost of Issuance 3007000.00
Delivery Date Expenses:
Underwriter's Discount 313, 100.00
15 ,655 ,000.00
Jul 30, 2018 11 :40 am Prepared by D.A. Davidson & Co Quantitative Group—CB (Waterfield MD 18:FJUL3018-20NRSPF)
6
9
1 ) A DAVIDSON
I U EC INC O ME CAP It a L nu e x AS
SOURCES AND USES OF FUNDS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of (proposed ) Series 2020 + New Money
40 .000 (target) Mills + Fees
Assumes Investment Grade , 100x, 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2030
Delivery Date 12/01 /2030
Sources :
Bond Proceeds :
Par Amount 20 ,9307000.00
Other Sources of Funds:
Funds on Hand' 1550X0.00
Series 2020 - DSRF 1 ,367,229. 17
2 ,917229. 17
23 ,847 ,229. 17
Uses :
Project Fund Deposits :
Project Fund 9 , 387 ,329. 17
Refunding Escrow Deposits :
Cash Deposit' 14 , 1557250.00
Cost of Issuance:
Other Cost of Issuance 200,000.00
Delivery Date Expenses:
Underwriter's Discount 104,650.00
23 ,847229. 17
Note: ['] Estimated balances, (tbd ) .
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group-CB (Waterfield MD 18 : FJUL3018-30lG20NF,30lG20NF)
7
9
1 ) A DAVIDSON
I U EC INC O ME CAP It a L nu e x AS
BOND SUMMARY STATISTICS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of (proposed ) Series 2020 + New Money
40 .000 (target) Mills + Fees
Assumes Investment Grade , 100x, 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2030
Delivery Date 12/01 /2030
First Coupon 06/01 /2031
Last Maturity 12/01 /2060
Arbitrage Yield 4 .000000%
True Interest Cost (TIC) 4 .035168%
Net Interest Cost (NIC ) 4 .022503%
All-In TIC 4. 103068%
Average Coupon 4.000000%
Average Life (years) 22 .220
Weighted Average Maturity (years) 22.220
Duration of Issue (years) 14 .527
Par Amount 2079303000 . 00
Bond Proceeds 207930, 000 . 00
Total Interest 1802,200.00
Net Interest 18706,850 . 00
Bond Years from Dated Date 465 ,0553000 . 00
Bond Years from Delivery Date 465 ,055, 000 . 00
Total Debt Service 39,532 ,200 . 00
Maximum Annual Debt Service 1 , 976 , 000 . 00
Average Annual Debt Service 13317 , 740 . 00
Underwriter's Fees (per $ 1000)
Average Takedown
Other Fee 5.000000
Total Underwriter's Discount 5. 000000
Bid Price 99 . 500000
Average
Par Average Average Maturity PV of 1 by
Bond Component Value Price Coupon Life Date change
Term Bond due 2060 20 , 930 ,000.00 100.000 4.000% 22.220 02/18/2053 36 ,418 .20
20 , 930 ,000 .00 22 .220 36,418 .20
All-In Arbitrage
TIC TIC Yield
Par Value 20 , 930 ,000 .00 20 , 930 ,000 .00 20 , 930 ,000 .00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount - 1041650 .00 - 1041650 .00
- Cost of Issuance Expense -2001000 .00
- Other Amounts
Target Value 20, 825, 350 .00 20, 625, 350 .00 20, 930 , 000 .00
Target Date 12/01 /2030 12/01 /2030 12/01 /2030
Yield 4.035168% 4. 103068% 4 . 000000%
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group-CB (Waterfield 118 : FJUL3018-30lG20NF,30lG20NF)
8
0.
DIAIDAVIDSON
PIPED INCOME CAPITAL MARKETS
BOND DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of ( proposed ) Series 2020 + New Money
40 . 000 (target) Mills + Fees
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 /2031 4183600 4183600
12/01 /2031 418,600 4185600 837,200
06/01 /2032 418,600 418,600
12/01 /2032 357000 4.000% 4183600 4533600 8727200
06/01 /2033 417,900 4173900
12/01 /2033 35,000 4.000% 4171900 4525900 870,800
06/01 /2034 417,200 417,200
12/01 /2034 907000 4.000% 4173200 5073200 9247400
06/01 /2035 415,400 4153400
12/01 /2035 95,000 4.000% 4151400 5105400 925,800
06/01 /2036 413,500 413,500
12/01 /2036 1557000 4.000% 4133500 5683500 9827000
06/01 /2037 4103400 4103400
12/01 /2037 160,000 4.000% 4101400 5705400 980,800
06/01 /2038 407,200 407,200
12/01 /2038 2257000 4.000% 4073200 6323200 170397400
06/01 /2039 402,700 4023700
12/01 /2039 2351000 4.000% 4021700 6375700 11040,400
06/01 /2040 398,000 398,000
12/01 /2040 3057000 4.000% 3983000 7033000 11101 ,000
06/01 /2041 391 ,900 3913900
12/01 /2041 320,000 4.000% 3911900 7111900 11103,800
06/01 /2042 385,500 385,500
12/01 /2042 4001000 4.000% 3853500 785,500 11171 ,000
06/01 /2043 377,500 3773500
12/01 /2043 415,000 4.000% 3771500 7925500 11170,000
06/01 /2044 369,200 369,200
12/01 /2044 5001000 4.000% 3693200 869,200 17238/400
06/01 /2045 359,200 3593200
12/01 /2045 5201000 4.000% 3591200 8795200 11238,400
06/01 /2046 348,800 348,800
12/01 /2046 6157000 4.000% 3483800 963,800 173127600
06/01 /2047 336,500 3363500
12/01 /2047 6401000 4.000% 3361500 9765500 113131000
06/01 /2048 323,700 323,700
12/01 /2048 7457000 4.000% 323,700 11068,700 173927400
06/01 /2049 308,800 3083800
12/01 /2049 775,000 4.000% 308,800 150835800 113921600
06/01 /2050 293,300 293,300
12/01 /2050 8901000 4.000% 293,300 11183,300 174767600
06/01 /2051 275,500 2753500
12/01 /2051 925,000 4.000% 275,500 152005500 11476,000
06/01 /2052 257,000 257,000
12/01 /2052 1 /050/000 4.000% 2573000 11307,000 11564,000
06/01 /2053 236,000 2363000
12/01 /2053 11095,000 4.000% 236,000 133313000 135673000
06/01 /2054 214, 100 214, 100
12/01 /2054 172307000 4.000% 2143100 11444, 100 1 /658/200
06/01 /2055 189,500 1893500
12/01 /2055 11280,000 4.000% 189,500 134693500 11659,000
06/01 /2056 163,900 163,900
12/01 /2056 1 /430/000 4.000% 1633900 11593,900 17757/800
06/01 /2057 135,300 1353300
12/01 /2057 11490,000 4.000% 135,300 136253300 11760,600
06/01 /2058 105,500 105,500
12/01 /2058 176557000 4.000% 1053500 11760,500 1 /866/000
06/01 /2059 72,400 723400
12/01 /2059 11720,000 4.000% 72,400 137923400 11864,800
06/01 /2060 38,000 385000
12/01 /2060 179007000 4.000% 383000 11938,000 17976/000
2019301000 18,602,200 3955325200 3915321200
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group--CB (Waterfield MD 18:FJUL3018-301G20NF,301G20NF)
9
0.
DIAIDAVIDSON
PIPED INCOME CAPITAL MARKETS
NET DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of ( proposed ) Series 2020 + New Money
40 . 000 (target) Mills + Fees
Assumes Investment Grade , 100x , 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Period Total Net
Ending Principal Interest Debt Service Debt Service
12/01 /2031 8371200 837,200 837,200
12/01 /2032 351000 8371200 8721200 8721200
12/01 /2033 353000 8353800 8701800 8701800
12/01 /2034 90,000 834,400 924,400 924,400
12/01 /2035 951000 8301800 925,800 925,800
12/01 /2036 1551000 8271000 9821000 9821000
12/01 /2037 1603000 8203800 9801800 9801800
12/01 /2038 225,000 814,400 11039,400 11039,400
12/01 /2039 235,000 805,400 11040,400 11040,400
12/01 /2040 3051000 7961000 11101 ,000 11101 ,000
12/01 /2041 3203000 7833800 111031800 111031800
12/01 /2042 400,000 771 ,000 11171 ,000 11171 ,000
12/01 /2043 415,000 755,000 11170,000 11170,000
12/01 /2044 5001000 7381400 11238400 11238400
12/01 /2045 5201000 7181400 112381400 112381400
12/01 /2046 615,000 697,600 11312,600 11312,600
12/01 /2047 640,000 673,000 11313,000 11313,000
12/01 /2048 7451000 6471400 11392400 11392400
12/01 /2049 7751000 6171600 113921600 113921600
12/01 /2050 8903000 5865600 114761600 114761600
12/01 /2051 925,000 551 ,000 114769000 114769000
12/01 /2052 110501000 5141000 115647000 115647000
12/01 /2053 110951000 4721000 115671000 115671000
12/01 /2054 112303000 4283200 116581200 116581200
12/01 /2055 11280,000 379,000 13659,000 1 ,659,000
12/01 /2056 11430,000 327,800 11757,800 117579800
12/01 /2057 114901000 2701600 117601600 117601600
12/01 /2058 116553000 2111000 138661000 118661000
12/01 /2059 11720,000 144,800 11864,800 11864,800
12/01 /2060 11900,000 76,000 11976,000 11976,000
20,930,000 18,602,200 39,532,200 39,532,200
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group-CB (Waterfield MD 18:FJUL3018-30lG20NF,30lG20NF)
10
0.
DIAIDAVIDSON
PIPED INCOME CAPITAL MARKETS
SUMMARY OF BONDS REFUNDED
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of ( proposed ) Series 2020 + New Money
40 . 000 (target) Mills + Fees
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
7/30/18 : Ser 20 NR SP, 5.00% 1 100x, 40mis+fees, FG+6% BiRe:
TERM50 12/01 /2031 5.000% 135,000.00 12/01 /2030 100.000
12/01 /2032 5.000% 190,000.00 12/01 /2030 100.000
12/01 /2033 5.000% 2005000.00 12/01 /2030 100.000
12/01 /2034 5.000% 260,000.00 12/01 /2030 100.000
12/01 /2035 5.000% 275,000.00 12/01 /2030 100.000
12/01 /2036 5.000% 345,000.00 12/01 /2030 100.000
12/01 /2037 5.000% 3605000.00 12/01 /2030 100.000
12/01 /2038 5.000% 440,000.00 12/01 /2030 100.000
12/01 /2039 5.000% 460,000.00 12/01 /2030 100.000
12/01 /2040 5.000% 545,000.00 12/01 /2030 100.000
12/01 /2041 5.000% 5705000.00 12/01 /2030 100.000
12/01 /2042 5.000% 665,000.00 12/01 /2030 100.000
12/01 /2043 5.000% 700,000.00 12/01 /2030 100.000
12/01 /2044 5.000% 805,000.00 12/01 /2030 100.000
12/01 /2045 5.000% 8455000.00 12/01 /2030 100.000
12/01 /2046 5.000% 960,000.00 12/01 /2030 100.000
12/01 /2047 5.000% 11010;000.00 12/01 /2030 100.000
12/01 /2048 5.000% 1 , 140,000.00 12/01 /2030 100.000
12/01 /2049 5.000% 13195,000.00 12/01 /2030 100.000
12/01 /2050 5.000% 2$7101000.00 12/01 /2030 100.000
133810,000.00
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group—CB (Waterfield MD 18:FJUL3018-30lG20NF,30lG20NF)
11
9
1 ) /k DAVIDSON
I U EC INC O ME CAP It a L nu e x AS
ESCROW REQUIREMENTS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of (proposed ) Series 2020 + New Money
40 .000 (target) Mills + Fees
Assumes Investment Grade , 100x, 30 -yr. Maturity
( Full Growth + 6% Bi -Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01 /2030
Delivery Date 12/01 /2030
7/30/18 : Ser 20 NR SP , 5 .00% , 100x, 40mis+fees , FG +6% BiRe
Period Principal
Ending Interest Redeemed Total
12/01 /2030 345, 250 . 00 135810 ,000.00 147155, 250 . 00
345, 250 . 00 131 810 ,000 .00 14 , 155, 250 . 00
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group-CB (Waterfield MD 18 : FJUL3018-30lG20NF,30lG20NF)
12
0.
DIAIDAVIDSON
PIPED INCOME CAPITAL MARKETS
PRIOR BOND DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS , SERIES 2030
Pay & Cancel Refunding of ( proposed ) Series 2020 + New Money
40 . 000 (target) Mills + Fees
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
12/01 /2030 3451250 3451250
06/01 /2031 3451250 3451250
12/01 /2031 135,000 5.000% 3453250 4809250 1 , 170,750
06/01 /2032 3411875 3411875
12/01 /2032 1901000 5.000% 3411875 5311875 8731750
06/01 /2033 3371125 3371125
12/01 /2033 200,000 5.000% 337, 125 5379125 8741250
06/01 /2034 332, 125 332, 125
12/01 /2034 2601000 5.000% 3321125 592, 125 9241250
06/01 /2035 3251625 325,625
12/01 /2035 275,000 5.000% 325,625 6005625 926,250
06/01 /2036 3181750 318,750
12/01 /2036 3451000 5.000% 3181750 6631750 9821500
06/01 /2037 3101125 3101125
12/01 /2037 360,000 5.000% 3103125 6705125 980,250
06/01 /2038 3011125 301 , 125
12/01 /2038 4401000 5.000% 3011125 7411125 110421250
06/01 /2039 2901125 2901125
12/01 /2039 4601000 5.000% 2901125 750, 125 110403250
06/01 /2040 278,625 2781625
12/01 /2040 5451000 5.000% 2781625 8231625 111021250
06/01 /2041 2651000 2651000
12/01 /2041 5701000 5.000% 2651000 835,000 111003000
06/01 /2042 2503750 2509750
12/01 /2042 6651000 5.000% 250750 9151750 111661500
06/01 /2043 2341125 2341125
12/01 /2043 7001000 5.000% 2341125 934, 125 111683250
06/01 /2044 2163625 2165625
12/01 /2044 8051000 5.000% 216,625 11021 ,625 112381250
06/01 /2045 1961500 1961500
12/01 /2045 8451000 5.000% 1961500 11041500 112381000
06/01 /2046 175,375 1759375
12/01 /2046 9601000 5.000% 175,375 11135,375 113101750
06/01 /2047 1511375 151 ,375
12/01 /2047 110101000 5.000% 1511375 111611375 11312750
06/01 /2048 126 , 125 1265125
12/01 /2048 111401000 5.000% 1261125 11266, 125 113921250
06/01 /2049 971625 97,625
12/01 /2049 111951000 5.000% 971625 11292,625 113901250
06/01 /2050 671750 67,750
12/01 /2050 21710,000 5.000% 67,750 217771750 21845,500
131810,000 101269,250 24,0791250 241079,250
Jul 30, 2018 11 :50 am Prepared by D.A. Davidson & Co Quantitative Group-CB (Waterfield MD 18:FJUL3018-30lG20NF,30lG20NF)
13
EXHIBIT G
Public Benefits
Category Public Benefit Non Basic Costs
Per Unit ITotal
Environmental Sustainability Outcomes
Water and Energy All homes DOE Zero Energy
Ready & EPA Indoor Air $28, 135 $14,0391185
Conservation Plus
z LEED Certified $400 $199,600
Delivery of 10% Net Zero
Energy (50 units) and/or $47, 540 $2,376,995
distributed storage
3 Delivery of 10% rooftop
solar (50 units) and/or $8, 600 $430,000
distributed storage
Multimodal Transportation Buffered Bike Lane ( ROW $286 $ 142,923
Land Cost - Suniga)
Wider than Required
Sidewalk ( ROW Land Cost - $90 $45, 134
Suniga)
Enhanced Pedestrian
Crossing (2 proposed
$50 $24,840
crossings on Suniga 6 ft
wide each)
Major arterial
Critical Public development ( ROW Land $490 $244,474
Infrastructure
Cost - Suniga)
4 Vine and Lemay (200
$800 $ 160,000
Units)
High Quality and Smart 5 Alley Construction (all
Growth Management units) $3, 324. 28 $1,658,818
Smaller lot size (additional
utility, water dedication) $8,755 $4,368,740
Increased multifamily There are 17 DU over the
development original 200 units in MMN
Zone
Trail system
Wiendli es & Pedestrian enhancements (wetland $4, 207 $2,099,520
Friendliness
perimeter trail, paseos)
6
Pocket parks,
neighborhood parks,
Public Spaces mixed use open space $ 3, 491 $1,742,210
(green courts, community
plaza, pocket parks)
8
Affordable Housing 10% of homes at 80% AMI $7,222 $3,250,000
TOTAL $61,688 $30,782,439
DISCLAIMER : Preliminary estimates designed to provide illustrative representation for value of public benefit. This
illustration is non-binding pending execution of a Development Agreement.
Footnotes:
1 Compared to 2015 code per Rip Reid study
z Thrive's added cost for LEED Certified
3 3.5 kW system
4 Difficult to quantify pending APF policy determination. Based on an estimated value for units above what was already
approved for APF.
s As per Exhibit D by Northern Engineering
6 As per Exhibit D by Northern Engineering (Open Space & Signage)
7 $65,000 per unit subsidy distributed over 450 units
8 Our commitment is to deliver 80% of AMI homes by the following means: (a) Developing a specific compliance plan prior
to execution of a Development Agreement (to be approved by City Council). (b) Collaborating with other Mountain Vista
developers, the City of Fort Collins, Housing Catalyst, a Community Land Trust and/or Habitat for Humanity to develop a
replicable and consistent affordable housing policy. (c) The specific outcome is 10% of our housing sold to 4-person
households at or below 80% AMI (as it may adjust in the future) for an affordability period of 20 years. (d) The specific
means of providing 20 year affordability may be influenced by the collaboration described in item b above or the
provision of a deed restriction if necessary based upon contributions from the stakeholders that are necessary to
achieve Ft. Collins' affordable housing goals.
EXHIBIT H
Disclosure Notice
NOTICE OF INCLUSION IN A RESIDENTIAL METROPOLITAN DISTRICT
AND POSSIBLE PROPERTY TAX CONSEQUENCES
Legal description of the property and address :
(Insert legal description and property address) .
This property is located in the following metropolitan district:
(Insert District Name) .
In addition to standard property taxes identified on the next page, this property is subject to a
metropolitan district mill levy (another property tax) of up to :
(Insert mill levy maximum) .
Based on the property' s inclusion in the metropolitan district, an average home sales price of
$300,000 could result in ADDITIONAL annual property taxes up to :
(Insert amount) .
The next page provides examples of estimated total annual property taxes that could be due on
this property, first if located outside the metropolitan district and next if located within the
metropolitan district. Note : property that is not within a metropolitan district would not pay
the ADDITIONAL amount.
The metropolitan district board can be reached as follows :
(Insert contact information) .
You may wish to consult with: ( 1 ) the Larimer County Assessor' s Office, to determine the
specific amount of metropolitan district taxes currently due on this property; and (2) the
metropolitan district board, to determine the highest possible amount of metropolitan district
property taxes that could be assessed on this property.
ESTIMATE OF PROPERTY TAXES
Annual Tax Levied on Residential Property With $300,000 Actual Value Without the District
Taxing Entity Mill Levies Annual tax levied
(2017 * *)
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert amount
Annual Tax Levied on Residential Property With $300,000 Actual Value With the District
(Assuming Maximum District Mill Levy)
TaxingE ntity Mill Levies Annual tax levied
(2017 * *)
Insert District Name Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert total
"This estimate of mill levies is based upon mill levies certified by the Larimer County Assessor's Office in
December 20_ for collection in 20_, and is intended only to provide approximations of the total overlapping mill
levies within the District. The stated mill levies are subject to change and you should contact the Larimer County
Assessor' s Office to obtain accurate and current information.
FINANCIAL HEALTH OF METROPOLITAN DISTRICT
Financial information for (Insert District Name Here) as of (Insert Date of Last Annual Report
Here) :
Notes Amount
Total Assessed Value Insert Notes Insert Amount
Current Mill Levy & Annual Revenue Insert Mill Insert Amount
Current Debt Mill Levy & Annual Revenue Insert Mill Insert Amount
Outstanding Debt Insert Term Insert Amount
Anticipated Payoff Year Insert Notes Insert Amount
Additional information regarding (Insert District Name Here) financial health and formation can
be found at the City of Fort Collins website, available at: fcgov. com.
In addition, the Colorado Department of Local Affairs may have the following materials
available :
■ Audited Financial Statements
■ Annual Budget
■ Annual Report on the Service Plan
■ Certification of Election Results
■ Certification of Tax Levies
■ Notice of Authorization of General Obligation Debt
■ Notice of Issuance of General Obligation Debt
■ Transparency — Notice to Electors
Available at:
https://dola. colorado. gov/lgisll Finances.esf
Or
Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203
(303 ) 864-7720
Fax : (303 ) 864-0751
OR
Contact the District at:
Metropolitan District
[Address]
[Address]
[Phone]
[Fax]
[Email]