Loading...
HomeMy WebLinkAbout2018-083-09/25/2018-APPROVING THE CONSOLIDATED SERVICE PLAN FOR MONTAVA METROPOLITAN DISTRICT NOS. 1-7 RESOLUTION 2018-083 OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE CONSOLIDATED SERVICE PLAN FOR MONTAVA METROPOLITAN DISTRICT NOS. 1-7 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 2008-069 in 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 2018-079 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 I Statutes (the "Special District Act'), HF2M, INC. (the "Petitioner") has :submitted to the City'a, Consolidated Service Plan (the "Service Plan") for the Montava Metropolitan District Nos. 1-7 (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 all or a portion of certain public improvements, as more specifically described in the Service Plan; and WHEREAS, in accordance with the 2008 Policy and Resolution 2018-079, the Petitioner has complied with the requirement for mailed notice of the City Council's September 4, 2018, public hearing on the Service Plan (the "Public Hearing"), as evidenced by the "Certificate of Mailing of Notice of Public Hearing"attached as Exhibit`B"and incorporated herein by reference; and WHEREAS, the Petitioner has also provided notice of the Public Hearing by publication as evidence by the "Affidavit of Publication" attached as Exhibit "C" and incorporated herein by reference;and WHEREAS, on September 4, 2018, the City Council conducted the Public Hearing in which it reviewed the Service Plan and considered the testimony and evidence presented and then voted to continue the Public Hearing to its September 18, 2018 meeting; and -1- WHEREAS, at its September 18, 2018 meeting, the City Council voted, at the request of City Staff and the Service Plan applicant, to again postpone and continue its consideration of the Service Plan until its adjourned September 25, 2018 meeting; and WHEREAS, the City Council has received and considered additional evidence concerning the Service Plan during its September 25, 2018, continued hearing on the Service Plan; 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 City's notification requirements have been complied with regarding the Public Hearing on the Service Plan. 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. 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. -2- Passed and adopted at an adjourned meeting of the Council of the City of Fort Collins this 25th day of September, A.D. 2018. Mayor ATTEST: O�FORtCO(- City OqY $EAI. •'.•�� 0 -3- EXHIBIT A CONSOLIDATED SERVICE PLAN FOR MONTAVA METROPOLITAN DISTRICT NOS . 14 CITY OF FORT COLLINS, COLORADO Prepared by: White Bear Ankele Tanaka & Waldron, Professional Corporation 2154 E . Commons Ave. , Suite 2000 Centennial, CO 80122 Submitted On : August 29 , 2018 Resubmitted On : September 19 , 2018 Approved On : 12018 i TABLE OF CONTENTS I. INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6 A. Purpose and Intent' . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 . . . 6 B . Need for the Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6 C . Objective of the City Regarding Districts' Service Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 D . City Approvals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 II. DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 III. BOUNDARIES AND LOCATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 . . . 10 IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFITS & ASSESSED VALUATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III A. Project and Planned Development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l l B . Public Benefits, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 12 C . Assessed Valuation. . . . . . . . . . . . . . . . . . . . 000000000000000 " 12 V . INCLUSION OF LAND IN THE SERVICE AREA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 VI . DISTRICT GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 13 VII . AUTHORIZED AND PROHIBITED POWERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 B . Prohibited Improvements and Services and other Restrictions and Limitations . . . . . . . . . . . . . . . 13 1 . Eminent Domain Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 2 . Fee Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 3 . Operations and Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 4 . Fire Protection Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 5 . Public Safety Services Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 6 . Grants from Governmental Agencies Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 7 . Golf Course Construction Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 8 . Television Relay and Translation Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 9 . Sales and Use Tax Exemption Limitation . . , . . . . . . . . . . . . I . . . . . . . . . I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 15 11 , Sub-district Restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12 . Privately Placed Debt Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 16 13 , Special Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 16 VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS . . . . . , . , . . . . . . . . . . . 16 A. Development Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . 0000000000 17 ii Be Contracting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 C . Land Acquisition and Conveyance, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 D. Equal Employment and Discrimination. . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 IX. FINANCIAL PLAN/PROPOSED DEBT . , . , . . . . . . . . . 11 . . . . . . . . " I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " I . . . . . . . 11111 18 A. Financial Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Be Mill Levies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1 . Aggregate Mill Levy Maximum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 2 . Regional Mill Levy Not Included in Other Mill Levies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 3 . Operating Mill Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 19 4 . Gallagher Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 5 . Excessive Mill Levy Pledges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 6 . Refunding Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 7 . Maximum Debt Authorization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 C . Maximum Voted Interest Rate and Underwriting Discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 D. Interest Rate and Underwriting Discount Certification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 E. Disclosure to Purchasers . I I I I I I I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 1 . . . . 20 F . External Financial Advisor, 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 G. Disclosure to Debt Purchasers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 H. Security for Debt, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 I. TABOR Compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 J. Districts ' Operating Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 X. REGIONAL IMPROVEMENTS . , . , . . . . . . . . . . . . . . . 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 A. Regional Mill Levy Authority. . I I I I I I I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 B . Regional Mill Levy Imposition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 C . City Notice Regarding Regional Improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 D. Regional Improvements Authorized Under Service Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 E. Expenditure of Regional Mil Levy Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 F . Regional Mill Levy Term. I I I I I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 G. Completion of Regional Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 H. City Authority to Require Imposition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 I. Regional Mill Levy Not Included in Other Mill Levies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 J. Gallagher Adjustment. . . . . . . . . . # 004 . . . . . . . . . . . . . . . e0000000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 iii XI. CITY FEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 XII. BANKRUPTCY LIMITATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 XIII. ANNUAL REPORTS AND BOARD MEETINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 A. General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 B . Board Meetings. . . , . , . , . . . . . . . . . . I . . . . . . . . . I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 , 1 , 1 , 25 C . Report Requirements . . . . . . " I ' ll , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 D . Reporting of Significant Events, . I I I I I . . . . . . . . . " I ' ll . . . . . . . . . . . . . . . " I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 E. Failure to Submit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 XIV. SERVICE PLAN AMENDMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 XV, MATERIAL MODIFICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 XVI. DISSOLUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 XVII. SANCTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 XVIII. CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 XIX. RESOLUTION OF APPROVAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 iv EXHIBITS EXHIBIT A Legal Description of Initial District Boundaries EXHIBIT B Initial District Boundary Map EXHIBIT C Legal Description of Inclusion Area Boundaries EXHIBIT D Inclusion Area Boundary Map EXHIBIT E Public Improvements EXHIBIT F Vicinity Map EXHIBIT G Public Improvement Cost Estimates EXHIBIT H Public Improvements Maps EXHIBIT I Financial Plan EXHIBIT J Public Benefits EXHIBIT K Disclosure Notice 5 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 of Debt unless and until the delivery of the applicable Public Benefits describe 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 comply with 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 6 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 of this Service Plan. 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 levy for its 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 PUD or development agreement required by the City Code. 7 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 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 of this Service Plan. 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 any one of the Montava Metropolitan District Nos . 1 through 7, individually, organized under and governed by this Service Plan. Districts : means the Montava Metropolitan District Nos . I through 7 , 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 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 8 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 & Company 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 District Debt is expected to be defeased or paid in the ordinary course. Inclusion Area Boundaries : means the boundaries of the property that is anticipated to be added to the District Boundaries after the Districts ' organization, which property is legally described in Exhibit C attached hereto and incorporated by reference and depicted in the map attached hereto as Exhibit D and incorporated herein by reference. Initial District Boundaries : means the boundaries of the area legally described in Exhibit A attached hereto and incorporated by reference and as depicted in the Initial District Boundary Map. Initial District Boundary Map : means the map of the District Boundaries attached hereto as Exhibit B and incorporated by reference. Maximum Debt Authorization: means the total Debt the Districts are permitted to issue as set forth in Section IX.B . 8 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 property developed in the Service Area for residential use, which shall include residential properties in a mixed-use development. This maximum term shall not exceed forty (40) years from December 31 of the year of the first imposition of the Debt Mill Levy. 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 Montava development, under an Approved Development Plan. Project: means the installation and construction of the Public Improvements for the Planned Development. 9 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 limited in this Service Plan. Public Improvements shall include, without limitation, the improvements and infrastructure described in Exhibit E attached hereto and incorporated by reference. Public Improvements do not include Regional Improvements. 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 Levy: 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 Initial District Boundaries and the property in the Inclusion Area Boundaries . 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 . TABOR: means Colorado ' s Taxpayer ' s Bill of Rights in Article X, Section 20 of the Colorado Constitution. Taxable Property: means the real and personal property within the Initial District Boundaries and within the Inclusion Area Boundaries when added to the District Boundaries that will subject to the ad valorem taxes imposed by the Districts . Vicinity Map : means the map attached hereto as Exhibit F 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 Initial District Boundaries includes approximately 10 acres and the total area proposed to be included in the Inclusion Area Boundaries is approximately 988 . 5 acres. A legal description and map of the Initial District Boundaries are attached hereto as Exhibit A and 10 Exhibit B, respectively. A legal description and map of the Inclusion Area Boundaries are attached hereto as Exhibit C and Exhibit D, 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 depicted in the vicinity map attached as Exhibit F. IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFITS & ASSESSED VALUATION A. Project and Planned Development. The Districts are intended to enable the Montava Vision and Master Plan (the "Master Plan") . The Master Plan is the result of an unprecedented collaborative effort including: public meetings, a weeklong public charrette, and extensive City Staff involvement. The foundation of the 860-acre development is the Mountain Vista Sub Area Plan (the MVSAP), City Plan, and the Climate Action Plan. Montava will be a unique community - the name itself is a combination of "Mon" for our ever-present mountains and the Ute Indian word "tava," which means "sun". "Mountain Sun" is both a reflection of the history and beauty of our area, and a commitment to renewable energy which is a foundational principal of the Project. Montava is planned as an extension of the City by providing a town center connected to surrounding development with community commercial and retail services including grocery, full and limited service restaurants, coffee and juice bar, service-oriented businesses like insurance/hair/legal, City Recreation Center, Poudre Library, and many more uses. The transportation plan will tie the Project into the surrounding community including downtown Fort Collins . Any employment that is enabled by the Project will provide opportunity for anyone in the surrounding areas . Montava is a community that will serve all of Fort Collins. In a study commissioned by the Developer of the Project, Bob Gibbs Consulting, projects by 2022 that Montava will have statistical market demand of up to 88 ,900 square feet and new retail development producing up to $27 . 5 million in sales. At full build out, total additional demand could grow to 218 ,000 square feet of new retail development and $70 . 1 million in gross sales annually. The Project is currently anticipated to contain between 200,000 and 400,000 square feet of office for employment opportunity, and between 70- 100 acres of light and green industrial development, and residential development including approximately 2,000 single family homes and 2,400 multi-family units in a wide variety of types, sizes, and configurations . The anticipated population at build-out, which is anticipated to occur over 25+ years, is approximately 11 ,073 persons. The total assessed value at 5 years (2024) is estimated to be $36 , 593 ,000, and the total assessed value at 10 years (2029) is estimated to be $76,202, 500 . The total City tax paid in 5 years is estimated to be $968 ,739 and total City tax paid in 10 years is estimated to be $3 ,643 ,555 . 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. 11 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 to deliver a number of extraordinary direct and indirect public benefits, including: smart growth management through (i) Large-Scale Comprehensive Master Planning, (ii) New Urbanism, (iii) Argi-Urban Development, (iv) Zero Energy Ready Homes, (v) Non-potable Water System, and (vi) Affordable/Workforce Housing (collectively, the "Public Benefits"). The Public Benefits to be enabled under this Service Plan are specifically described in Exhibit J attached hereto and incorporated herein by reference. 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 unless and until the delivery of the Public Benefits specifically related to the phase of the Planned Development of a 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 by either (i) agreeing to provide those Public Benefits as a legally enforceable multiple- fiscal year obligation of the District under TABOR, or (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; 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 and in part by one or more of the Developers, 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 . 12 The current assessed valuation of the Service Area is approximately zero $0 . 00 for purposes of this Service Plan and, at build out, is expected to be One Hundred Forty Five Million Dollars ($ 145 ,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 Other than the real property in the Inclusion Area Boundaries, the Districts shall not include any real property into the Districts 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. 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 not be deemed to be a part hereof. These powers and authority shall only be available to or exercised by the Districts if the City Council first approves a Service Plan Amendment to specifically allow the exercise of such powers or authority by the Districts . 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 13 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 their eminent domain power is being exercised 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, if authorized by this Service Plan, shall not imposed by any of 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. The Districts are 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. 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. 14 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 . Sales and Use Tax Exemption Limitation The Districts shall not exercise any sales and use tax exemption otherwise available to the Districts under the City Code. 10. 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. 11 . Sub-district Restriction 15 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 issuing District shall obtain the certification of an External Financial Advisor substantially as follows : We are [I am] an External Financial Advisor within the meaning of the District' s Service Plan. We [I] certify that ( 1 ) the net effective interest rate (calculated as defined in 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 E 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 G, are approximately Three Hundred Twenty-Five Million One Hundred Ninety-Four Thousand Five Hundred Forty Three Dollars ($325 , 194,543 ) 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 H. Changes in the Public Improvements or costs, which are approved by the City in an Approved Development Plan and any agreement approved by the City Council pursuant to Section IV.B of this Service Plan, shall not constitute a Service Plan Amendment. In addition, due to the preliminary nature of the Project, 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 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. 16 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; (iii) the Districts shall also be permitted to allocate costs between such categories of the Public Improvements as deemed necessary in their 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 ' proposals or applications 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 17 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. 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 I 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 District will have the ability to acquire, construct, and complete all or a portion 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. 18 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 Districts ' boundaries . 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 sixty (60) mills . 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 Levy Each District may impose an Operating Mill Levy of up to sixty (60) mills until that District imposes a Debt Mill Levy. Once the District imposes a Debt Mill Levy of any amount, the District' s Operating Mill Levy shall not exceed twenty (20) 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 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 19 The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt refunding purposes if: ( 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 Three Hundred Twenty-Five Million One Hundred Ninety Four Thousand Five Hundred Forty Three Dollars ($325 , 194, 543 ) in project costs in 2018 dollars as set forth in Exhibit G, and anticipate issuing approximately One Hundred Sixty Three Million Dollars ($ 163 ,000,000) in Debt to pay such costs as set forth in Exhibit I, which Debt issuance amount shall be the amount of the Maximum Debt Authorization. In addition, no District shall issue any Debt 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. The Districts collectively shall not issue Debt in excess of the Maximum Debt Authorization. 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 obtain from the City Council a Service Plan Amendment prior to issuing Debt in excess of the Maximum Debt Authorization. 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, Districts shall not be authorized to 20 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 K (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 Recorder' s 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 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 issuing Districts to provide a written opinion as to whether any Debt issuance is in the best interest of the issuing Districts 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 Districts ' Boards regarding the proposed terms and whether Debt conditions are reasonable based upon the status of development within the Districts, the projected tax base increase in the Districts, the security offered and other considerations as may be identified by the Advisor. Each 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 Districts. 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 21 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 Districts ' 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. 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 , 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 22 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 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. E. Expenditure of Regional Mil Levy Revenues. Revenue collected through the imposition of the Regional Mill Levy shall be expended as follows : 1 . Interj4overnmental 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; 2 . No Intergovernmental Aj4reement 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. 23 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 the Districts 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 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 . 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 ( 11 U. S . C . ) Section 903 , and are also included in the "regulatory or electoral approval necessary under applicable 24 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 1st of each year following the year in which the Order and Decree creating the Districts has been issued. They 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. 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 . FinancialObli �4ations 25 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: I . 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. 26 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. 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 the City Council pursuant to 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 does not comply with the provisions 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 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; 27 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 dissolution as provided in the Special District Act. In no event shall dissolution occur until the 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 and 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. XVII. 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 does not otherwise comply with the provisions 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 ; 28 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; 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 on any such approval, into the copy of the Service Plan presented to the District Court for and in Larimer County, Colorado . 29 EXHIBIT A Legal Description of Initial District Boundaries 30 EXHIBIT A PROJECT DISTRICT 1 J A PARCEL OF LAND SITUATE IN NORTHEAST QUARTER OF SECTION 32, TOWNSHIP 8 NORTH , RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN , TOWN OF FORT COLLINS , COUNTY OF LARIMER , STATE OF COLORADO , AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS : COMMENCING AT THE NORTH QUARTER CORNER OF SAID SECTION 32 WHENCE THE SOUTH QUARTER CORNER BEARS S00029' 18 " E A DISTANCE OF 5289 . 91 FEET AND CONSIDERING ALL BEARINGS HEREIN RELATIVE THERETO ; THENCE ON THE WEST LINE OF THE EAST HALF OF SAID SECTION LINE S00029' 18 " E A DISTANCE OF 50 . 01 FEET , THENCE S89035 ' 02" E A DISTANCE OF 973 . 88 FEET , TO THE POINT OF BEGINNING ; THENCE S89035 ' 02" E A DISTANCE OF 660 . 00 FEET ; THENCE S00024 ' 58"WA DISTANCE OF 660 . 00 FEET , THENCE N89035 ' 02"WA DISTANCE OF 660 . 00 FEET , THENCE N00024 ' 58 " E A DISTANCE OF 660 . 00 FEET TO THE POINT OF BEGINNING SAID PARCEL CONTAINS 10 . 00 ACRES ( 435 , 600 SQUARE FEET ) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS- OF-WAY , EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD . MONTAVA METRO DISTRICT NO. 1 DATE: JUNE 2018 JOB N0. 1230.0001 .00 %jINC - CONSULTING ENGINEERS 748 whders why, Sults zoo Fort Wink Colorado Phone; 070,226.0557 Fax: 970.225.0204 EXHIBIT B Initial District Boundary Map 31 EXHIBIT B NORTH QUARTFR CORNER SEC. 32, 73% R68W fD. 3 114 " 7S89035 ' 02 " E P STAMPED AS GE BOX POINT OF BEGINNING S00'29 ' 18" E 50 . 01 ' 973, 88' S89035'02' E 660. 00' 00 � w � DISTRICT 17 ` Q � 10. oAc. o to � I z N Os rnI 00 N89.35102 " w to 660. 00 ' I I I I SOUTH 91ARTER Ca4NER SEC. J2, N TW R68W FD. 3 " ALUMINUM CAP STAMPED PLS 20123 MONTAVA METRO DISTRICT NO. 1 DATE: JUNE 2018 JOB NO. 1230.0001 .00 TST. INC . CONSVLTI NG ENGINEERS 300 150 0 300 scale 1 "= 300' feet 7�Fort Cellh Whdws �c tlaldo 00 Phone; 070,226.0557 Fax: 970.225.0204 EXHIBIT C Legal Description of Inclusion Area Boundaries 32 MONTAVA METROPOLITAN DISTRICTS EMIBff C A PARCEL OF LAND SITUATE IN THE EAST HALF OF SECTION 32 , AND THE WEST HALF OF SECTION 33 , TOWNSHIP 8 NORTH , RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN , AND THE NORTH HALF OF SECTION 4 , TOWNSHIP 7 NORTH , RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN , CITY OF FORT COLLINS , COUNTY OF LARIMER , STATE OF COLORADO ; AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS : BEGINNING AT THE NORTH QUARTER CORNER OF SECTION 32 WHENCE THE SOUTH QUARTER CORNER BEARS S00029' 18" E A DISTANCE OF 5289 .91 FEET AND CONSIDERING ALL BEARINGS HEREIN RELATIVE THERETO ; THENCE S89035'02" E A DISTANCE OF 974 . 67 FEET ; THENCE S00024'58"WA DISTANCE OF 710 . 00 FEET; THENCE S89035'02" E A DISTANCE OF 660 . 00 FEET ; THENCE N00024'58" E A DISTANCE OF 710 . 00 FEET ; THENCE S89035'02" E A DISTANCE OF 1003 .43 FEET ; THENCE S89053'24" E A DISTANCE OF 1773 .90 FEET ; THENCE S00° 00'00" E A DISTANCE OF 472 . 51 FEET ; THENCE S89053'24" E A DISTANCE OF 864 . 73 FEET ; THENCE S00016'21 " E A DISTANCE OF 1513 .06 FEET ; THENCE S89059'54" E A DISTANCE OF 397 . 54 FEET ; THENCE S00020' 11 " E A DISTANCE OF 380 . 10 FEET ; THENCE S89059'31 " E A DISTANCE OF 397 . 12 FEET ; THENCE S00016'21 " E A DISTANCE OF 2906 .93 FEET ; THENCE S00006'47" E A DISTANCE OF 50. 00 FEET ; THENCE S89047'00" E A DISTANCE OF 945 . 36 FEET ; THENCE S00° 00'50" E A DISTANCE OF 15. 00 FEET ; THENCE N89059' 10" E A DISTANCE OF 1022 . 26 FEET; THENCE S84033'41 " E A DISTANCE OF 150 . 45 FEET ; THENCE S00031 '28" E A DISTANCE OF 220 . 49 FEET ; THENCE S19010'52" E A DISTANCE OF 716 . 33 FEET ; THENCE S06001 '40" E A DISTANCE OF 296 . 08 FEET ; THENCE S00030'00"WA DISTANCE OF 783 . 98 FEET; THENCE N88021 '45"WA DISTANCE OF 92. 96 FEET ; THENCE S86038' 10"WA DISTANCE OF 1900. 01 FEET ; THENCE S68038' 10"WA DISTANCE OF 99 . 99 FEET ; THENCE S55058' 15" WA DISTANCE OF 200 .00 FEET ; THENCE S36058' 15"WA DISTANCE OF 199 . 96 FEET; THENCE S89038' 15"WA DISTANCE OF 15 . 00 FEET ; THENCE S00006'47"WA DISTANCE OF 139 . 93 FEET; THENCE N89011 '06"WA DISTANCE OF 2627 .63 FEET ; THENCE N00023'56" E A DISTANCE OF 2580 . 05 FEET; MONTAVA METRO DISYRIC7S DATE: JUNE 2018 JOB NM 1230.0001.00 iNc- CONSULTING ENGINEERS 748 Nholan way. Sufis 200 Fort Colllns. Cdaado Phone: 070.220.0007 For 070.228.0204 MONTAVA METROPOLITAN DISTRICTS THENCE N89053 ' 45W A DISTANCE OF 2639 . 82 FEET ; THENCE S89044 ' 44"WA DISTANCE OF 1339 . 28 FEET , THENCE N01015 ' 55"WA DISTANCE OF 1062 . 88 FEET ; THENCE S89050 ' 10"WA DISTANCE OF 721 . 52 FEET , THENCE N01015 ' 28"WA DISTANCE OF 1589 . 29 FEET ; THENCE N89050 ' 10" E A DISTANCE OF 2060 . 57 FEET ; THENCE N00029 ' 18"W A DISTANCE OF 2644 . 95 FEET TO THE POINT OF BEGINNING , SAID PARCEL CONTAINS 988 . 49 ACRES ( 43 , 058 , 529 . 06 SQUARE FEET ) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS- OF-WAY , EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD . MONTAVA METRO DISTRICTS DATE: JUNE 2018 JOB NO. 1230,0001 .00 - ST. INC . CONSULTING ENGINEERS Ifs 748 Whden Wax Suite 200 Fort Collins, Cdomdo Phone: 970.22E.0397 Fax: 870.225.0204 MONTAVA METRO DISTRICTS LINE TABLE LINE TABLE LINE LENGTH DIRECTION LINE LENGTH DIRECTION L1 974. 67 S89035'02"E L20 716. 33 S19*10'52"E L2 710. 00 SO'24058"W L21 296. 08 S6'01 '40"E L3 660. 00 S89035902"E L22 783. 98 S0'30'00"W L4 710. 00 N0024'58"E L23 92. 96 N88021 '45"W L5 1003, 43 S89'35'02"E L24 1900, 01 S86'38'15"W L6 1773. 90 S89053'24"E L25 99. 99 S68038'10"W L7 472. 51 S0'00'00"E L26 200. 00 S55'58'15"W L8 864. 73 S89053924"E L27 199. 96 S36'58'15"W L9 1513, 06 S0016'21 "E L28 15. 00 S89038'15"W L10 397. 54 N89'59'54"E L29 139. 93 SO'06'47"W L11 380. 10 S0820'11 "E L30 2627.63 N89'11 '06"W L12 397. 12 S89'59'31 "E L31 2580,05 NO'23156"E L13 2906, 93 S0016121 "E L32 2639,82 N89'53'45"W L14 50. 00 SO'06047"W L33 1339, 28 S89'44'44"W L15 945. 36 S89'47'00"E L34 1062, 68 NO'15155"W L16 15. 00 S0000'50"E L35 721 . 52 S89050'10"W L17 1022, 26 N89'59'10"E L36 1589. 29 1 N1 '15'28"W L18 150. 45 S84'33'41 "E L37 2060. 57 S89'50'10"W 0 L19 220. 49 SO'31 '28"E L38 2644,95 N0'29'18"W 0 0 0 0 c 0 0 J i9 w d X MONTAVA METRO DISTRICTS w W DATE: JUNE 2018 JOB NO. 1230.0001 .00 s 0 0 0 50 TST. INC . CONSULTING ENGINEERS O oS M 748 Whalers Way, Suite 200 N Fort Collins, Colorado Phone: 970.226.0557 Y Fax: 970.226.0204 EXHIBIT D Inclusion Area Boundary Map 33 MONTAVA METROPOLITAN DISTRICTS FUTURE INCLUSION AREA NORTH QUARTER CORNER SEC. 32, TBN, R68W FD. 3 114 " ALUMINUM CAP STAMPED PL S 34176 IN RANGE BOX L1 L7 L8 POINT OF L5 \-L6 BEGINNING L2 L3 L4 L9 L10 L38 L11 D L37 No N L12 o N e O L36 w 1 � �1 L13 � ICC) m L35 L34 0 L14 /L33 L32 L19 L15 L16 L17 L18 L31 L20 L21 L27 L26 L22 L28 L25 L29 L24 L23 L30 QUARTER CORNER SEC. 32, TBN, R68W FD. 3 " ALUMINUM CAP o STAMPED PLS 20123 O 0 N J N a X MONTAVA METRO DISTRICTS w DATE: JUNE 2018 C JOB NO. 1230.0001 .00 .3 0 0 0 TST. INC . CONSULTING ENGINEERS 0 1500 750 0 1500 r� 748 Whalers Way, Suite 200 N SCOIe 1 "= 1500' feet Fort Collins, Colorado Phone: 970.226.0557 Y Fax: 970.226.0204 EXHIBIT E Public Improvements Description of Public Improvements a. Streets. On-site and off-site streets, curbs, gutters, culverts, other drainage facilities, sidewalks, bridges, parking facilities, paving, lighting, grading, utility relocation necessitated by public rights-of- way, monumentation, signage, snow removal, streetscapes and related landscaping and irrigation improvements, together with all necessary, incidental and appurtenant facilities, equipment, land and easements and extensions of and improvements to such facilities. b. Water. On-site and off-site potable and non-potable water supply improvements, including water rights, storage facilities , transmission and distribution lines, pumping stations, fire hydrants, meters, facilities, equipment, and related landscaping and irrigation improvements, together with all necessary, incidental and appurtenant facilities, equipment, land and easements, and extensions of and improvements to such facilities. c. Storm and Sanitary Sewer. On-site and Off-site storm and sanitary sewer collection and transmission improvements, including storage facilities, collection mains and laterals, pumping stations, lift stations, transmission lines, storm sewer, flood and surface drainage facilities and systems, and related landscaping and irrigation improvements, together with all necessary, incidental and appurtenant facilities, equipment, land and easements and extensions of and improvements to such facilities. d. Parks and Recreation. On-site and off-site public park, open space and recreation facilities or services, including parks, bike paths, pedestrian ways, public plazas and courtyards, water features, signage, monumentation, art, gardens, farm facilities, orchards, picnic areas, recreation facilities, playground equipment/areas, park shelters, public area landscaping and weed control, streetscaping, outdoor lighting of all types, and related landscaping and irrigation improvements, together with all necessary, incidental and appurtenant facilities, equipment, land and easements, and extensions of and improvements to such facilities . 34 EXHIBIT F Vicinity Map 35 I1_ ill dill � I 1 1 II 111 III 1I 1 " 111 IIII ; li , � • • • • 1 I . 0 11` '��1 � =1k Illllufl 11 IIII ,pl``` i IIIIIII [ =I - 111111111 11 I I . II ,��..`` 1„IIII � = 111111111 - _ - - 111111„ ,. � I � III , •.1, 11 111111111 = = IIII I11111 IIIIIII ,11 IIIIIII ] _ - - 1111111111 _ Ord IIIIIIIIIIIN ulmuu uuuull _ 1 ' , _ _ _ I C � � � III ' I IIIIIII = 1 P. - =_ _ 7 I II _ _ _ _ _ _ _ IIIIIIIIIIIIII � � / 1 _ u I In unnnn nunul rlllllllr _ P PA • . . AN r��. 0 . Illilil Illllllli .' I INNIS � . . . IIIIIIIIII ■ � � _ � I , ., /% ,l ll ll ll 11111111111111111,\ Ill lil/, MilllJim v _ _ oil .. . • ' / /` ` `� Ill ] _ pip 7 Innlll 11 II_ _ . bhp,.` `,/►, h r � qK- 1 , I ST III off • . • EXHIBIT G Public Improvement Cost Estimates 36 TST, INC . CONSULTING ENGINEERS CONCEPTUAL OPINION OF COST PROJECT : • : NO . Montava Metropolitan Districts 1230 . 0001 , 00 6/27/2018 JAZ ADMINISTRATIVE & MISCELLANEOUS $ 119000,000 EARTHWORK $2194999312 STREETS (ONSITE & OFFSITE) $10592559350 SANITARY SEWER (ONSITE & OFFSITE) $1597329500 WATER (ONSITE & OFFSITE) $1110811500 NONPOTABLE WATER (ONSITE & OFFSITE) $139814,500 STORM SEWER (ONSITE & OFFSITE) $10,2861290 RECREATION FACILITIES $890009000 LANDSCAPING, TRAILS, OPEN SPACE, AND FARM FACILITIES $4492159395 Additional Costs Construction Costs $24098849847 Contingency (20 % of Costs) $4891769969 Engineering / Survey / C. M. (15 % of Costs) $3691329727 TotalI $ 325J94 , 543 This is a conceptual opinion of cost and supplied only as a guide. TST is not responsible for fluctuation in costs of material, labor or unforeseen contingencies. EXHIBIT H Public Improvements Maps 37 MONTAVA METROPOLITAN DISTRICTS EXHIBIT ST-2 FORT COLLINS, COLORADO MAP OF OFF—SITE ROADWAY IMPROVEMENTS 0 o' t` MONTAVA METROPOLITAN DISTRICT z RICHARD'S LAKE RD LEGEND �rill ARTERIAL 2—LANE af :. Of 2 ARTERIAL 4—LANE m m r COLLECTOR 2—LANE *•• •� (ifMAPLE HILL DR OOO�a N INTERSTATE O w w m r z < Of In00 of COUNTRY CLUB RD ~ oO �O m zLd _ _ Via❑ 0�0.0�°°� �� 1500 750 0 1500 scale 1 "=1500' feet t CONIFER ST � i F TST, INC . CONSULTING ENGINEERS LLJ CD w s,ihT i SUNIGA RD a 3 PREPARED BY: VINE DR TST, ING, CONSULTING ENGINEERS 748 Whalers Way, Suite 200 Fort Collins, Colorado Phone: 970.226.0557 Fax: 970.226.0204 Job no. 1230.0002.00 Filename: Metro District Exhibits JUNE 219 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT ST-1 FORT COLLINS, COLORADO MAP OF DISTRICT STREET SYSTEMS . � ram. a l i i! Sm7 T�` ' MONTAVA METROPOLITAN DISTRICT � . — or, it LEGEND ;to : ■ 4-LANE ARTERIAL T y■ 2-LANE ARTERIAL MINOR COLLECTOR 00, T c. r / LOCAL x I SPECIALTY LOCAL ��� ALLEY _ .. .. - } f 1000 500 0 1000 u oa � scale 1 "=1000' feet act _ TST. INC . CONSULTING ENGINEERS PREPARED BY: TST, INC, CONSULTING ENGINEERS 748 Whalers Way, Suite 200 1 Fort Collins, Colorado a > _ Phone: 970.226.0557 Fax: 970.226.0204 _ Job no. 1230.0002.00 Filename: Metro District Exhibits JUNE 21 , 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT W- 1 FORT COLLINS, COLORADO MAP OF DISTRICT WATER SYSTEMS C1tl�irrx ' r MONTAVA METROPOLITAN DISTRICT LEGEND EXISTING ELCO WATER f ` " 8" WATER �C { 10" WATER NN 12" WATER NNN Nip > . . •S _ _.."• may ... �. r . ` ` N _ - NqNNNN �:: . ANN. i i s Pill. Vol r scale 1 "=1000' feet ' , NN L- _t +• • -. ��- NN li %TSTINC . CONSULTING ENGINEERS � ' k • V r ' I PREPARED BY: s. TST, INC. CONSULTING ENGINEERS " • ' I 748 Whalers Way, Suite 200 Fort Collins, Colorado Phone: 970.226.0557 Fax: 970.226.0204 Job no. 1230.0002.00 `�� • •• ��-=•-••'••••• - - Filename: Metro District Exhibits :' JUNE 21 , 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT ST- 1 FORT COLLINS, COLORADO MAP OF DISTRICT STORM WATER SYSTEMS r . MONTAVA METROPOLITAN DISTRICT LEGEND a RELOCATED N0 . 8 DITCH � o • , � 18" STORM �,�- y o _ t M ��"•" k " STORM 30 i r , 30" STORM i0 36" STORM 'Y • .' `R' � !;^!!((1^Y � o 48" STORM ' , 8t 54" STORM i ' , O O 000� ❑ __ = i 60" STORM 72" STORM "f r EL/ PROPOSED CHANNEL � N RELOCATED NO.8 DITCH 2 BARREL 72 CULVERT ATED N0 . 8 DITCH �o� OO PROPOSED STORMWATER RELOC \\\ o ��� o0 1 • DETENTION POND 2 BARREL 72 " CULVERT 71E o0 oio oo � o � o � �000LJ 00000 -- 1000 500 0 1000 • r A scale 1 "=1000' feet TST. INC . CONSULTING ENGINEERS TWIN 8 ' x3 ' RCBC PREPARED BY: y - TST. INC, CONSULTING ENGINEERS 748 Whalers Way, Suite 200 y Fort Collins. Colorado " � ..y. Phone: 970.226.0557 x: 970.226.0204 +' > " r Job no. 1230 0002 00 Filename: Metro District Exhibits JUNE 21 , 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT SS- 1 FORT COLLINS, COLORADO MAP OF DISTRICT SEWER SYSTEMS IIti v'y , a c _ MONTAVA METROPOLITAN DISTRICTS -LF LEGEND :e i L _ �a ■ ■ DISTRICT BOUNDARY 8" SEWER �J 10" SEWER » 12" SEWER h ; 15" SEWER 18" SEWER ►� " 21 " SEWER EXISTING SEWER \ •. r ��� �� �' PROPOSED SEWER DEMOLITION goo � 0 1000 500 O 1000 _ , ��, ❑ ❑ D,/\I D �, \ \ I � �j] OO scale 1 "=1000' feet CONSULTING ENGINEERS ` U •• PREPARED BY: TST, INC. CONSULTING ENGINEERS M 748 Whalers Way, Suite 200 I Fort Collins, Colorado Phone: 970.226.0557 Fax: 970.226.0204 Job no. 1230.0002.00 "t.: Filename: Cobblestone Exhibits `J JUNE 212 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT SS-2 FORT COLLINS, COLORADO MAP OF DISTRICT OFFSITE SEWER SYSTEMS nn MONTAVA METROPOLITAN DISTRICTS LEGEND A O�O� � ❑ ■ ■ DISTRICT BOUNDARY � O O EXISTING EWER SEWER 24 �OGo �a�a 2000 1000 0 2000 scale 1 °=2000' feet %TST, INC. CONSULTING ENGINEERS PREPARED BY TST, INC. CONSULTING ENGINEERS 748 Whalers way, shire 200 2 4 " MAIN CONNECTOR Fort Collins, Colorado Phone: 970.226.0557 Fax: 970.226.0204 E M U L L B E R R Y S T Job no. 123stone .00 Filename: Cobblestone Exhibits JUNE 21 , 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT N-1 FORT COLLINS, COLORADO MAP OF DISTRICT NON —POT SYSTEMS MONTAVA METROPOLITAN DISTRICT o .. LEGEND 7. ■ ■ DISTRICT BOUNDARY F w *_, _ IRRIGATION MAIN r J r t IRRIGATION LATERAL PUMP STATION �� •• E - _ . _ - - - • . _ \ - Iris• 4 • ' .r D D I � � 1000 500 0 1000 ' scale 1 "=1000' feet , , •- - o00 - Q _ - - - - - - TST. INC . CONSULTING ENGINEERS PREPARED BY: TST, INC, CONSULTING ENGINEERS .. 748 Whalers Way, Suite 200 Fort Collins, Colorado Phone: 970.226.0557 r J Job J no. 1230 0002 00 ` w'r Filename: Metro District Exhibits r- .• _ ,,,,_ _. ' - JUNE 21 , 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT T-1 FORT COLLINS, COLORADO MAP OF DISTRICT TRAILS t MONTAVA METROPOLITAN DISTRICT r D ao a } ti DOo O oa M � .. •' C O _ � i9ca� �I LEGEND OFF SITE TRAILS o Oa o00 r � ON SITE TRAILS j a a El � o0 o000 0� �- r : � o ..a. �, 1000 500 0 1000 scale 1 "=1000' feet n F %jI.NC . CONSULTING ENGINEERS kb l H. PREPARED BY: TST. INC, CONSULTING ENGINEERS 1 � 748 Whalers Way, Suite 200 Fort Collins, Colorado Phone: 970.226.0557 Fax: 970.226.0204 Job no. 1230.0001 .00 r Filename: Metro District Exhibits JUNE 2% 2018 MONTAVA METROPOLITAN DISTRICTS EXHIBIT OS-1 FORT COLLINS, COLORADO 1 l MAP OF DISTRICT OPEN SPACE �, j ti arc: O ❑ � �•�� . : - MONTAVA METROPOLITAN DISTRICT Ir 4 LEGEND � tr. n . . z OPEN SPACE 6 �p O O PARKS O o/J O o t PUBLIC SPACE --- to . _ � D DO aD000 O ens . ❑ ❑❑ ❑ ❑ e,. o 0 o LJU �� ❑ D �OO O� �� . . — 1000 500 0 1000 scale 1 "=1000' feet qjINCCONSULTING ENGINEERS t� M f p 1 PREPARED BY: +1� - TST. INC, CONSULTING ENGINEERS 748 Whalers Way, Suite 200 Fort Collins, Colorado �t Phone: 970.226.0557 Fax: 970.226.0204 Job no. 1230.0001 .00 . . Filename: Metro District Exhibits I fi' r : " JUNE 2% 2018 EXHIBIT I Financial Plan 38 D A DAVIDSON MONTAVA METROPOLITAN DISTRICT •• • -- ••^•^ •••••^ Development Projection -- Total Available Revenues -- Service Plan Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds SP#1 SP#2 SP#3 SP#4 SP#5 SP#S [All Plans] Total Total Total Total Total Total Total Available Available Available Available Available Available Available YEAR Revenue Revenue Revenue Revenue Revenue Revenue Revenue 2017 0 0 0 0 0 0 0 2018 0 0 0 0 0 0 0 2019 0 0 0 0 0 0 0 2020 230,000 0 0 0 0 0 230,000 2021 478,932 0 0 0 0 0 478,932 2022 794,529 0 0 0 0 0 794,529 2023 1 ,205,142 0 0 0 0 0 1 ,205,142 2024 1 ,339,851 205,000 0 0 0 0 1,544,851 2025 1,662,875 517,124 0 0 0 0 2,179,999 2026 1,762,647 769,842 0 0 0 0 2,532,489 2027 1,762,647 1 ,278,295 0 0 0 0 3,040,942 2028 1,868,406 1 ,426,517 365,000 0 0 0 3,659,923 2029 1,868,406 1 ,730,960 450,505 0 0 0 4,049,871 2030 1,980,510 1 ,834,818 760,743 0 0 0 4,576,071 2031 1,980,510 1 ,834,818 1 ,277,699 0 0 0 5,093,028 2032 2,099,341 1 ,944,907 1 ,392,033 160,000 0 0 5,596,280 2033 2,099,341 1 ,944,907 1 ,687,015 409,531 0 0 6,140,793 2034 2,225,301 2,061,601 1 ,788,236 738,100 0 0 6,813,239 2035 2,225,301 2,061,601 1 ,788,236 1 ,102,856 0 0 7,177,994 2036 2,358,819 2,185,297 1 ,895,530 1 ,448,399 110,000 0 7,998,046 2037 2,358,819 2,185,297 1 ,895,530 1 ,575,975 189,824 0 8,205,446 2038 2,500,348 2,316,415 2,009,262 1 ,670,534 260,701 0 8,757,260 2039 2,500,348 2,316,415 2,009,262 1 ,670,534 450,159 0 8,946,719 2040 2,650,369 2,455,400 2,129,818 1 ,770,766 506,187 95,000 9,607,540 2041 2,650,369 2,455,400 2,129,818 1 ,770,766 605,019 35,155 9,646,527 2042 2,809,392 2,602,724 2,257,607 1 ,877,012 641 ,320 258,772 10,446,827 2043 2,809,392 2,602,724 2,257,607 1 ,877,012 641 ,320 208,530 10,396,585 20" 2,977,955 2,758,888 2,393,063 1 ,989,633 679,800 382,075 11,181 ,414 2045 2,977,955 2,758,888 2,393,063 1 ,989,633 679,800 411,614 11,210,953 2046 3,156,632 2,924,421 2,536,647 2,109,011 720,588 474,086 11,921 ,385 2047 3,156,632 2,924,421 2,536,647 2,109,011 720,588 474,086 11,921 ,385 2048 3,346,030 3,099,886 2,688,846 2,235,551 763,823 502,531 12,636,668 2049 3,346,030 3,099,886 2,688,846 2,235,551 763,823 502,531 12,636,668 2050 3,546,792 3,285,879 2,850,177 2,369,684 809,652 532,683 13,394,868 2051 3,546,792 3,285,879 2,850,177 2,369,684 809,652 532,683 13,394,868 2052 3,759,600 3,483,032 3,021,187 2,511 ,865 858,231 564,644 14,198,560 2053 3,759,600 3,483,032 3,021,187 2,511 ,865 858,231 564,644 14,198,560 2054 0 3,692,014 3,202,458 2,662,577 909,725 598,523 11 ,065,298 2055 0 3,692,014 3,202,458 2,662,577 909,725 598,523 11 ,065,298 2056 0 3,913,535 3,394,606 2,822,332 964,309 634,434 11 ,729,216 2057 0 3,913,535 3,394,606 2,822,332 964,309 634,434 11 ,729,216 2058 0 0 3,598,282 2,991 ,672 1 ,022,167 672,500 8,284,622 2059 0 0 3,598,282 2,991 ,672 1 ,022,167 672,500 8,284,622 2060 0 0 3,814,179 3,171 ,172 1 ,083,497 712,850 8,781,699 2061 0 0 3,814,179 3,171 ,172 1 ,083,497 712,850 8,781,699 2062 0 0 0 3,361 ,443 1 ,148,507 755,621 5,265,571 2063 0 0 0 3,361 ,443 1 ,148,507 755,621 5,265,571 2064 0 0 0 3,563,129 1 ,217,418 800,959 5,581,505 2065 0 0 0 3,563,129 1 ,217,418 800,959 5,581,505 2066 0 0 0 0 1 ,290,463 849,016 2,139,479 2067 0 0 0 0 1 ,290,463 849,016 2,139,479 2068 0 0 0 0 1 ,290,463 899,957 2,190,420 2069 0 0 0 0 1 ,290,463 899,957 2,190,420 2070 0 0 0 0 0 953,954 953,954 2071 953,954 953,954 2072 1 ,011 ,192 1 ,011 ,192 2073 1 ,011 ,192 1 ,011 ,192 2074 1 ,071 ,863 1 ,071 ,863 79,795,615 83,045,374 81,092,792 75,647,626 28,921 ,818 22,388,911 370,892,136 Prepareri by D A.Dwdson & Co. 711MO18 E MMD Fin Plan 18 D1-6 SP LB Sum+CFS Draft: For discussion purposes only. 1 D A DAVIDSON MONTAVA METROPOLITAN DISTRICT •• • -- ••^•^ •••••^ Development Projection -- Total Available Revenues -- Service Plan Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds Total Par: $150,035,000 Total Project: $132,028,050 Ser. 2023 Ser. 2027 Ser. 2031 Ser. 2035 Ser. 2039 Ser. 20" $32,325,000 Par $33,666,000 Par $32,805,000 Par $30,630,000 Par $11,695,000 Par $8,925,000 Par Surplus [Net $28.445 MM] [Net $29.616 MM] [Net $28.868 MIN] [Net $26.953 MIN] [Net $10.293 MIN] [Net $7.853 MIN] Total Annual Release Cumulative Coy. of Net DS: Net Available Net Debt Net Debt Net Debt Net Debt Net Debt Net Debt Net Debt Surplus Surplus YEAR for Debt Svc Service Service Service Service Service Service Service to $15,003,500 $15,003,500 Target 2017 $0 0.0% 2018 0 0 0.0% 2019 0 $0 0 0 0 0.0% 2020 230,000 0 230,000 0 230,000 0.0% 2021 478,932 0 478,932 0 708,932 0.0% 2022 794,529 0 794,529 0 1 ,503,461 0.0% 2023 1 ,205,142 $0 0 1 ,205,142 0 2,708,603 0.0% 2024 1 ,544,851 1 ,293,000 1 ,293,000 251 ,851 0 2,960,454 119.5% 2025 2,179,999 1 ,293,000 1 ,293,000 886,999 0 3,847,453 168.6% 2026 2,532,489 1 ,353,000 1,353,000 1 ,179,489 0 5,026,942 187.2% 2027 3,040,942 1 ,355,600 $0 1,355,600 1 ,685,342 0 6,712,284 224.3% 2028 3,659,923 1 ,433,000 1 ,346,200 2,779,200 880,723 0 7,593,007 131 .7% 2029 4,049,871 1 ,432,200 1 ,346,200 2,778,400 1 ,271 ,471 0 8,864,478 145.8% 2030 4,576,071 1 ,521 ,200 1 ,411 ,200 2,932,400 1 ,643,671 0 10,508,149 156.1% 2031 5,093,028 1 ,521 ,400 1 ,408,600 $0 2,930,000 2,163,028 0 12,671 ,176 173.8% 2032 5,596,280 1 ,611 ,200 1 ,496,000 1 ,312,200 4,419,400 1 ,176,880 0 13,848,057 126.6% 2033 6,140,793 1 ,612,000 1 ,494,800 1 ,312,200 4,419,000 1 ,721 ,793 566,350 15,003,500 139.0% 2034 6,813,239 1 ,707,200 1 ,583,400 1 ,372,200 4,662,800 2,150,439 2,150,439 15,003,500 146.1% 2035 7,177,994 1 ,708,000 1,583,200 1 ,374,800 $0 4,666,000 2,511,994 2,511 ,994 15,003,500 153.8% 2036 7,998,046 1 ,813,000 1,677,600 1,457,200 1,225,200 6,173,000 1 ,825,046 1 ,825,046 15,003,500 129.6% 2037 8,205,446 1 ,813,000 1,677,800 1,456,200 1,225,200 6,172,200 2,033,246 2,033,246 15,003,500 132.9% 2038 8,757,260 1 ,922,000 1,777,400 1,545,000 1,280,200 6,524,600 2,232,660 2,232,660 15,003,500 134.2% 2039 8,946,719 1 ,920,600 1,777,400 1,545,000 1,283,000 $0 6,526,000 2,420,719 2,420,719 15,003,500 137.1% 2040 9,607,540 2,038,000 1,886,600 1,634,600 1,360,600 467,800 7,387,600 2,219,940 2,219,940 15,003,500 130.0% 2041 9,646,527 2,034,400 1,885,600 1,635,200 1,360,000 467,800 7,383,000 2,263,527 2,263,527 15,003,500 130.7% 2042 10,446,827 2,159,400 1,998,600 1,735,200 1,439,200 492,800 7,825,200 2,621,627 2,621,627 15,003,500 133.5% 2043 10,396,585 2,157,800 2,001 ,000 1,735,600 1,440,000 $491 ,800 7,826,200 2,570,385 2,570,385 15,003,500 132.8% 2044 11,181 ,414 2,289,400 2,122,000 1,840,200 1,525,400 520,800 $0 8,297,800 2,883,614 2,883,614 15,003,500 134.8% 2045 11,210,953 2,288,800 2,121 ,800 1,839,800 1,527,000 518,600 357,000 8,653,000 2,557,953 2,557,953 15,003,500 129.6% 2046 11,921 ,385 2,426,000 2,245,000 1,948,400 1,618,000 551 ,400 362,000 9,150,800 2,770,585 2,770,585 15,003,500 130.3% 2047 11,921 ,385 2,425,400 2,246,600 1,946,600 1,619,800 552,800 361 ,800 9,153,000 2,768,385 2,768,385 15,003,500 130.2% 2048 12,636,668 2,572,200 2,381 ,200 2,063,600 1,715,800 584,000 381 ,600 9,698,400 2,938,268 2,938,268 15,003,500 130.3% 2049 12,636,668 2,570,400 2,383,400 2,064,600 1,717,200 583,800 385,600 9,705,000 2,931,668 2,931,668 15,003,500 130.2% 2050 13,394,868 2,725,600 2,523,200 2,189,000 1,822,600 618,400 409,400 10,288,200 3,106,668 3,106,668 15,003,500 130.2% 2051 13,394,868 2,726,400 2,525,000 2,191 ,800 1,817,800 621 ,400 407,200 10,289,600 3,105,268 3,105,268 15,003,500 130.2% 2052 14,198,560 2,888,600 2,679,000 2,322,600 1,932,000 659,000 430,000 10,911 ,200 3,287,360 3,287,360 15,003,500 130.1% 2053 14,198,560 2,888,625 2,679,000 2,321 ,200 1,930,400 659,800 431 ,800 10,910,825 3,287,735 3,287,735 15,003,500 130.1% 2054 11,065,298 0 2,835,800 2,462,600 2,047,400 695,200 458,400 8,499,400 2,565,898 2,565,898 15,003,500 130.2% 2055 11,065,298 0 2,838,000 2,461 ,000 2,043,200 698,800 458,800 8,499,800 2,565,498 2,565,498 15,003,500 130.2% 2056 11 ,729,216 0 3,006,400 2,606,800 2,167,400 736,800 484,000 9,001 ,400 2,727,816 2,727,816 15,003,500 130.3% 2057 11 ,729,216 0 3,005,983 2,609,000 2,169,800 737,800 488,000 9,010,583 2,718,632 2,718,632 15,003,500 130.2% 2058 8,284,622 0 0 2,763,000 2,300,000 783,200 516,600 6,362,800 1 ,921,822 1 ,921,822 15,003,500 130.2% 2059 8,284,622 0 0 2,767,600 2,297,800 786,200 513,800 6,365,400 1 ,919,222 1 ,919,222 15,003,500 130.2% 2060 8,781 ,699 0 0 2,933,400 2,438,200 833,400 545,800 6,750,800 2,030,899 2,030,899 15,003,500 130.1% 2061 8,781 ,699 0 0 2,933,575 2,435,400 833,000 546,200 6,748,175 2,033,524 2,033,524 15,003,500 130.1% 2062 5,265,571 0 0 0 2,584,800 881 ,800 581 ,200 4,047,800 1 ,217,771 1 ,217,771 15,003,500 130.1% 2063 5,265,571 0 0 0 2,585,200 882,800 579,400 4,047,400 1 ,218,171 1 ,218,171 15,003,500 130.1% 2064 5,581 ,505 0 0 0 2,737,200 932,800 612,200 4,282,200 1 ,299,305 1 ,299,305 15,003,500 130.3% 2065 5,581 ,505 0 0 0 2,738,125 934,800 613,200 4,286,125 1 ,295,380 1 ,295,380 15,003,500 130.2% 2066 2,139,479 0 0 0 0 990,600 648,600 1 ,639,200 500,279 500,279 15,003,500 130.5% 2067 2,139,479 0 0 0 0 988,000 652,000 1 ,640,000 499,479 499,479 15,003,500 130.5% 2068 2,190,420 0 0 0 0 989,200 689,600 1 ,678,800 511 ,620 511 ,620 15,003,500 130.5% 2069 2,190,420 0 0 0 0 989,892 690,000 1 ,679,892 510,528 510,528 15,003,500 130.4% 2070 953,954 0 0 0 0 0 729,600 729,600 224,354 224,354 15,003,500 130.8% 2071 953,954 731,800 731,800 222,154 222,154 15,003,500 130.4% 2072 1 ,011 ,192 773,000 773,000 238,192 238,192 15,003,500 130.8% 2073 1 ,011 ,192 776,600 776,600 234,592 234,592 15,003,500 130.2% 2074 1 ,071 ,863 819,450 819,450 252,413 15,255,913 0 130.8% 370,892,136 59,500,425 61 ,943,983 60,380,175 56,383,925 21 ,484,492 16,434,650 276,127,650 94,764,486 94,764,486 I EJul131823splbE l [EM131827splbE] I EJul131831splbE l I EJul131835splbE l I EJul131839splbE l I EJul1318 "splbE I Preparetl by D A.Daydson 8 Co. 711MO18 E MMD Fin Plan 18 D1-6 SP LB Sum+CFS Draft: For discussim purposes only. 2 D A DAVIDSON MONTAVA METROPOLITAN DISTRICT •• • -- ••• •^ •••••• Development Projection -- Total Available Revenues -- Service Plan Series 2023, 2027, 2031 , 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds Cash-Flow Bonds >>> Surplus Total CF Bond Less Payments Accrued Available for Application Available for Data Bond Interest Toward Interest Less Payments Balance of Sub Bonds Less Payments Balance of Total Surplus Surplus Cum. Surplus CF Bond of Prior Year CF Bond Bonds on Balance Sub Bond + Ind. on Bal. @ Toward Accrued Accrued Principal Toward Bond CF Bond CF Bond Cash Flow Release YEAR Debt Service Surplus Debt Service Issued 7.00% Interest 7.00% Interest Interest Issued Principal Principal Pmts. 2017 2018 2019 0 0 1211/19 34,088 0 34,088 0 34,088 12,522,000 0 12,522,000 0 0 0 2020 0 0 0 876,540 0 878,926 0 913,014 0 12,522,000 0 0 0 0 2021 0 0 0 876,540 0 940,451 0 1 ,853,465 0 12,522,000 0 0 0 0 2022 0 0 0 876,540 0 1 ,006,283 0 2,859,747 0 12,522,000 0 0 0 0 2023 0 0 0 876,540 0 1 ,076,722 0 3,936,470 0 12,522,000 0 0 0 0 2024 0 0 0 876,540 0 1 ,152,093 0 5,088,562 0 12,522,000 0 0 0 0 2025 0 0 0 876,540 0 1 ,232,739 0 6,321 ,302 0 12,522,000 0 0 0 0 2026 0 0 0 876,540 0 1 ,319,031 0 7,640,333 0 12,522,000 0 0 0 0 2027 0 0 0 876,540 0 1 ,411 ,363 0 9,051 ,696 0 12,522,000 0 0 0 0 2028 0 0 0 876,540 0 1 ,510,159 0 10,561 ,855 0 12,522,000 0 0 0 0 2029 0 0 0 876,540 0 1 ,615,870 0 12,177,725 0 12,522,000 0 0 0 0 2030 0 0 0 876,540 0 1 ,728,981 0 13,906,706 0 12,522,000 0 0 0 0 2031 0 0 0 876,540 0 1 ,850,009 0 15,756,715 0 12,522,000 0 0 0 0 2032 0 0 0 876,540 0 1 ,979,510 0 17,736,225 0 12,522,000 0 0 0 0 2033 566,350 0 566,350 876,540 566,350 1 ,551,726 0 19,287,951 0 12,522,000 566,350 0 0 0 2034 2,150,439 0 2,150,439 876,540 876,540 1 ,350,157 1 ,273,899 19,364,208 0 12,522,000 2,150,439 0 0 0 2035 2,511 ,994 0 2,511 ,994 876,540 876,540 1 ,355,495 1 ,635,454 19,084,248 0 12,522,000 2,511 ,994 0 0 0 2036 1 ,825,046 0 1 ,825,046 876,540 876,540 1 ,335,897 948,506 19,471 ,639 0 12,522,000 1 ,825,046 0 0 0 2037 2,033,246 0 2,033,246 876,540 876,540 1 ,363,015 1 ,156,706 19,677,948 0 12,522,000 2,033,246 0 0 0 2038 2,232,660 0 2,232,660 876,540 876,540 1 ,377,456 1 ,356,120 19,699,284 0 12,522,000 2,232,660 0 0 0 2039 2,420,719 0 2,420,719 876,540 876,540 1 ,378,950 1 ,544,179 19,534,055 0 12,522,000 2,420,719 0 0 0 2040 2,219,940 0 2,219,940 876,540 876,540 1 ,367,384 1 ,343,400 19,558,038 0 12,522,000 2,219,940 0 0 0 2041 2,263,527 0 2,263,527 876,540 876,540 1 ,369,063 1 ,386,987 19,540,114 0 12,522,000 2,263,527 0 0 0 2042 2,621 ,627 0 2,621 ,627 876,540 876,540 1 ,367,808 1 ,745,087 19,162,835 0 12,522,000 2,621 ,627 0 0 0 2043 2,570,385 0 2,570,385 876,540 876,540 1 ,341 ,398 1 ,693,845 18,810,388 0 12,522,000 2,570,385 0 0 0 2044 2,883,614 0 2,883,614 876,540 876,540 1 ,316,727 2,007,074 18,120,042 0 12,522,000 2,883,614 0 0 0 2045 2,557,953 0 2,557,953 876,540 876,540 1 ,268,403 1 ,681 ,413 17,707,032 0 12,522,000 2,557,953 0 0 0 2046 2,770,585 0 2,770,585 876,540 876,540 1 ,239,492 1 ,894,045 17,052,480 0 12,522,000 2,770,585 0 0 0 2047 2,768,385 0 2,768,385 876,540 876,540 1 ,193,674 1 ,891 ,845 16,354,308 0 12,522,000 2,768,385 0 0 0 2048 2,938,268 0 2,938,268 876,540 876,540 1 ,144,802 2,061 ,728 15,437,382 0 12,522,000 2,938,268 0 0 0 2049 2,931 ,668 0 2,931 ,668 876,540 876,540 1 ,080,617 2,055,128 14,462,871 0 12,522,000 2,931 ,668 0 0 0 2050 3,106,668 0 3,106,668 876,540 876,540 1 ,012,401 2,230,128 13,245,144 0 12,522,000 3,106,668 0 0 0 2051 3,105,268 0 3,105,268 876,540 876,540 927,160 2,228,728 11 ,943,577 0 12,522,000 3,105,268 0 0 0 2052 3,287,360 0 3,287,360 876,540 876,540 836,050 2,410,820 10,368,807 0 12,522,000 3,287,360 0 0 0 2053 3,287,735 0 3,287,735 876,540 876,540 725,816 2,411 ,195 8,683,429 0 12,522,000 3,287,735 0 0 0 2054 2,565,898 0 2,565,898 876,540 876,540 607,840 1 ,689,358 7,601 ,911 0 12,522,000 2,565,898 0 0 0 2055 2,565,498 0 2,565,498 876,540 876,540 532,134 1 ,688,958 6,445,086 0 12,522,000 2,565,498 0 0 0 2056 2,727,816 0 2,727,816 876,540 876,540 451,156 1 ,851 ,276 5,044,967 0 12,522,000 2,727,816 0 0 0 2057 2,718,632 0 2,718,632 876,540 876,540 353,148 1 ,842,092 3,556,022 0 12,522,000 2,718,632 0 0 0 2058 1 ,921 ,822 0 1 ,921 ,822 876,540 876,540 248,922 1 ,045,282 2,759,662 0 12,522,000 1 ,921 ,822 0 0 0 2059 1 ,919,222 0 1 ,919,222 876,540 876,540 193,176 1 ,042,682 1 ,910,156 0 12,522,000 1 ,919,222 0 0 0 2060 2,030,899 0 2,030,899 876,540 876,540 133,711 1 ,154,359 889,508 0 12,522,000 2,030,899 0 0 0 2061 2,033,524 0 2,033,524 876,540 876,540 62,266 951 ,774 0 205,000 12,317,000 2,033,314 211 0 211 2062 1,217,771 211 1 ,217,982 862,190 862,190 0 0 0 355,000 11 ,962,000 1 ,217,190 581 0 792 2063 1,218,171 792 1 ,218,963 837,340 837,340 0 0 0 381 ,000 11 ,581 ,000 1 ,218,340 (169) 0 623 2064 1,299,305 623 1 ,299,928 810,670 810,670 0 0 0 489,000 11 ,092,000 1 ,299,670 (365) 0 258 2065 1 ,295,380 258 1 ,295,639 776,440 776,440 0 0 0 519,000 10,573,000 1 ,295,440 (60) 0 199 2066 500,279 199 500,477 740,110 500,477 239,633 0 239,633 0 10,573,000 500,477 (199) 0 0 2067 499,479 0 499,479 740,110 499,479 257,405 0 497,038 0 10,573,000 499,479 0 0 0 2068 511 ,620 0 511 ,620 740,110 511 ,620 263,283 0 760,321 0 10,573,000 511 ,620 0 0 0 2069 510,528 0 510,528 740,110 510,528 282,804 0 1 ,043,125 0 10,573,000 510,528 0 0 0 2070 224,354 0 224,354 740,110 224,354 588,774 0 1 ,631 ,900 0 10,573,000 224,354 0 0 0 2071 222,154 0 222,154 740,110 222,154 632,189 0 2,264,088 0 10,573,000 222,154 0 0 0 2072 238,192 0 238,192 740,110 238,192 660,405 0 2,924,493 0 10,573,000 238,192 0 0 0 2073 234,592 0 234,592 740,110 234,592 710,233 0 3,634,726 0 10,573,000 234,592 0 0 0 2074 15,255,913 0 15,255,913 740,110 740,110 254,431 3,889,157 0 10,573,000 0 15,202,267 53,647 53,647 0 94,764,486 2,082 94,766,568 46,796,398 32,077,616 50,111 ,224 50,111 ,224 12,522,000 12,522,000 94,710,840 53,647 53,647 Prepared by D A.Dandson & Co. 711MO18 E MMD Fin Plan 10 D1-6 SP LB Sum+CFS Draft: For discussion purposes only. 3 MONTAVA METROPOLITAN DISTRICT 0' DAIDAVIDSON Development Summary (Aggregate) FIXED INCOME CAPITAL MARKETS Development Projection -- Buildout Plan (updated 6/20/18 ) Residential Development Commercial Development SFDs MF Retail Office Industrial Product Type Base $ ('18) $450,000 $2253000 $150/sf $200/sf $100/sf Res'I Totals Comm'I SF Total* 2017 - - - - 2018 - - - - 2019 - - - - 2020 160 50 210 20,000 - 209000 2021 175 150 325 20,000 30,000 509000 2022 170 125 295 20,000 40,000 60,000 2023 180 100 280 25,000 151000 20,000 601000 2024 180 - 180 25,000 - - 251000 2025 180 180 360 - 251000 30,000 551000 2026 180 90 270 10,000 101000 - 201000 2027 160 90 250 10,000 101000 40,000 601000 2028 175 180 355 10,000 - - 10,000 2029 175 80 255 - 101000 40,000 501000 2030 160 100 260 10,000 101000 - 201000 2031 130 - 130 10,000 - 40,000 501000 2032 140 - 140 20,000 - - 20,000 2033 150 100 250 - 30,000 507000 80,000 2034 140 100 240 107000 20,000 507000 80,000 2035 - 120 120 - - 307000 30,000 2036 - 110 110 - - - - 2037 - 100 100 101000 - 501000 60,000 2038 - 110 110 - 10,000 - 10,000 2039 - 75 75 - 251000 25,000 2040 - - 20,000 - 20,000 2041 - 75 75 - - - - 2042 - 75 75 10,000 201000 - 301000 2043 - - - - 10,000 - 10,000 2044 - - - - 10,000 - 10,000 2045 - - - - - 2046 - - - - - 2047 - - - - - 2455 21010 43465 210 ; 000 200 , 000 445 , 000 8553000 MV @ Full Buildout $11104,7503000 $45212501000 $11557 ,000,000 $3135001000 $401000,000 $4435003000 $116,0009000 (base prices;un-infl . ) AV @ Full Buildout $ 11251045000 $331640,000 (base prices;un-infl . ) 77% of AV 23% of AV notes: Platted/Dev Lots = 10% MV; one-yr prior Base MV $ inflated 2% per annum 7/13/2018 E VIVID Fin Plan 18 Dev Summary Prepared by D .A. Davidson & Co . 4 1 ) \ Rk% 11 ) S0 ,\ SOURCES AND USES OF FUNDS MONTAVA METROPOLITAN DISTRICT Combined Results GENERAL OBLIGATION BONDS, SERIES 2023, 2027, 2031 , 20355 2039 & 2044 SUBORDINATE BONDS, SERIES 2019B [ Preliminary -- for discussion only ] Dated Date 12/01 /2023 12/01 /2027 12/01 /2031 12/01 /2035 12/01/2039 12/01 /2044 12/01 /2019 Delivery Date 12/01 /2023 12/01 /2027 12/01 /2031 12/01 /2035 12/01 /2039 12/01 /2044 12/01 /2019 Sources : SERIES 2023A SERIES 2027A SERIES 2031A SERIES 2035A SERIES 2039A SERIES 2044A SERIES 2019B Total Bond Proceeds: Par Amount 32,325,000.00 33, 655, 000 . 00 32,805,000.00 30 ,630 ,000 .00 11 ,695,000.00 8 ,925,000 .00 12,522,000.00 162,557,000.00 32,325,000.00 3356555000 .00 32,805,000.00 3056305000 .00 11 ,695,000.00 8,925,000 .00 12,522,000.00 162,557,000.00 Uses: SERIES 2023A SERIES 2027A SERIES 2031A SERIES 2035A SERIES 2039A SERIES 2044A SERIES 2019B Total Project Fund Deposits: Project Fund 28,445,025.00 29,615, 583. 33 28,867,575.00 26,953,325.00 10,293,091 .67 718535450.00 12, 146,340.00 144, 174,390.00 Other Fund Deposits: Debt Service Reserve Fund 2,586,975.00 2 ,693,216.67 2,625,225.00 2,451 ,475.00 934, 108.33 714, 550 .00 12,005,550.00 Cost of Issuance: Other Cost of Issuance 1 ,293,000.00 1 ,346,200.00 1 ,312,200.00 1 ,225,200.00 467,800.00 357,000.00 375,660.00 6,377,060.00 32,325,000.00 33,655,000 .00 32,805,000.00 30 ,630 ,000 .00 1156955000.00 8,925,000 .00 12,522,000.00 162,557,000.00 Jul 13, 2018 2: 10 pm Prepared by D .A. Davidson & Co Quantitative Group-CB (Montava MD 17:SPLBE) 5 EXHIBIT J "PUBLIC BENEFITS" 1 . Lame-Scale Comprehensive Master Planning : The approximately 914-acre Service Area will be comprehensively master-planned, with an emphasis on multi-modal transportation, through the new Planned Unit Development Overlay Regulations as the Montava PUD Master Plan (the "Montava development") . The Montava development design will include coordinated, interconnecting trail, street, sidewalk, transit and storm drainage systems which will both (i) correct existing infrastructure deficiencies within the boundaries of the Mountain Vista Subarea Plan; and (ii) provide opportunities to connect infrastructure in such area to existing City infrastructure. The Districts will have authority to build and, in some cases, to maintain these public systems and can also be used to facilitate the construction of "off-site" public infrastructure required by the City' s Land Use Code or Municipal Code for individual projects within the Montava development. 2. New Urbanism : New Urbanism is an urban design movement which promotes environmentally friendly habits by creating walkable neighborhoods containing a wide range of housing and job types . The Montava development has been designed by the industry leaders, DPZ, and New Urbanism resonates throughout the Montava development. The Montava development will implement New Urbanism by one or more of the following : a . Creating a mixed-use town center integrated with surrounding neighborhood fabric; b . Developing the Montava development as a series of neighborhoods with centers, based on a 5 -minute walk shed; c . Integrating a wide variety of housing types and intensities within each neighborhood; d . Creating walkable streets and trails that connect meaningful destinations ; e . Distributing traffic through a network of connected streets; f. Integrating market rate and affordable housing. 3 . Agri-Urban Development : This is a concept promoted in the Mountain Vista Subarea Plan. There will be an approximately 40-acre organic farm in the Montava development. The land will either be donated or sold at a substantially discounted amount to the Poudre Valley Cooperative which entity will in turn enter into a long-term lease with the farmers . A wide variety of high-quality, organic, locally-grown produce from the farm will be available to the entire Fort Collins community. While there may be other uses on the farm in the long term, the primary business model is organic produce. 39 4. Zero Energy Ready Homes : Residential development in the Montava development will be built to the Department of Energy' s Zero Energy Ready Home "ZERH" standard. 5. Non-potable Water System. There is only one quarter section of land within the Montava development that does not have adequate coffin wells to provide all needed irrigation water for that quarter section. In all other areas , the Developer commits to the development of a non-potable water system which will incorporate the historical usage of these wells for the irrigation needs of the Montava development. 6. Affordable/Workforce Housing : At least ten percent ( 10%) of the total housing units approved in the Montava development will be affordable or workforce housing, whether owner-occupied or leased, ranging from sixty percent (60%) to one hundred twenty percent ( 120%) of the Fort Collins ' AMI for a family of four ("Required Affordable Units") . The Required Affordable Units will be provided through any of the following mechanisms or any other mechanism mutually agreed upon by the Developer and the City: A. The Developer has executed an option contract with the City for the purchase of five (5) acres within the Montava development, at a mutually acceptable location, for development by the City as part of its Affordable Housing Land Bank Program at a time it chooses . B . A continuation of the collaborative effort among developers within the boundaries of the Mountain Vista Subarea Plan, the City, a community land trust and entities such as Housing Catalyst and Habitat for Humanity on a strategy for long-term affordability of the Required Affordable Units . If a program is developed from this strategic collaborative effort which includes fair and reasonable contributions from all stakeholders, up to five percent (5 %) (with the number depending on what the program can manage) of the annual developed single family lots would be contributed to the program at Developer' s cost, but not to exceed the Required Affordable Units. C . Sale of land within the Montava development by the Developer to a non-profit or for- profit builder and the development of that land as part or all of the Required Affordable Units . D. Legally enforceable reservation of acreage within the Montava development for the eventual sale to an entity for development of the Required Affordable Units (i. e. similar to the Land Bank option agreement described in paragraph A above) . E. If another method for long-term affordability does not result from the collaborative effort described in paragraph B above, deed restrictions for a twenty (20) year period will be placed on all the Required Affordable Units which are single family units . 40 F . Sixty-five percent (65 %) of the Required Affordable Units shall be secured through one of the mechanisms described in paragraphs A through D above (or through any other mutually agreed-upon mechanism) prior to receipt of a building permit for more than fifty percent (50%) of the total housing units approved in the Montava development, and the remaining thirty-five percent (35 %) of the Required Affordable Units shall be so secured prior to receipt of a building permit for the last one hundred ( 100) of the total housing units approved in the Montava development. OTHER BENEFITS * Energy and Water Conservation : In addition to the Zero Energy Ready Homes commitment, the Developer is also : • Working with Fort Collins Utility Services to create a community that is founded on renewable energy use, energy conservation, with community wide impact. An example could include every home having a battery which is charged at night by the City' s wind turbine power generation, and used during the day by Utility Services for solar smoothing. • Exploring a community-wide "in home" conservation approach managed by the Districts as the intermediary between the East Larimer County Water District and individual home owners . By purchasing water for the Montava development with a master meter, the Districts can eliminate the need for excessive water dedications which are needed to account for individual variations in use. By implementing a community-wide water conservation approach managed by the Districts, the Developer could achieve a substantial savings in overall water use. Community Park: Integration is at the heart of what Montava represents. The Developer is working with the City' s Parks Division to create an 80+ acre community park to be an activity and enjoyment hub northeast Fort Collins . The intention is to activate this park from the beginning of the Montava development' s life, not in the distant future as the current Parks and Recreation Policy Plan indicates. The Districts may fund portions of this effort directly, and its use for traditional infrastructure offers flexibility for additional Developer investment and flexible terms that could make the park ' s early development possible. Natural Areas : The Developer is working to provide natural areas in several ways, including the naturalization of over 160 acres of storm water land to become a beautiful natural amenity for the entire area, while protecting all of east Fort Collins from floods . The developer will also be incorporating Nature in the City, where possible throughout the Montava development. Both of these efforts can be activated and supported if necessary by Districts . Housing Variety: Housing variety is a critical element of building a Traditional Neighborhood Design community. DPZ specializes in designing communities with a tremendous, and beautiful, integration of diverse and wide ranging housing options . When done intentionally, and with the best expertise which we have hired, providing housing variety creates an incredible living environment that is unlike most of what has been built in the past 40+ years in our 41 country. This costs more money in all phases of planning, designing, and execution of development. The Districts have an indirect impact on our ability to close the gap on these additional costs . Innovation : Innovation is taking many forms in the Montava development. The Developer is working with Colorado State University in multiple areas including agriculture, waste water, energy and affordable housing. The Developer is working with global leader, Siemens, in partnership with Fort Collins Utility Services to create an innovative integration of technology around both energy and daily life. The Developer intends to make Fort Collins Broadband a foundational technology for every home owner from the beginning of the project. Employment: Employment opportunities exist where highly educated and innovative people live, and where community services and amenities are offered to those employees . The Developer is working to create a place where employers will want to open businesses, and their innovative employees will want to live. The Developer has made room in the appropriate areas of the Montava development for employment uses. Community Services : The town center is intended to include uses like community retail and commercial opportunities . The Developer intends to partner with the City to develop a Community Recreation Center, and with the Poudre River Public Library District to develop a library for the next generation. The Districts may be used to help fund various aspects of public facilities like the Community Recreation Center. *(Not considered "Public Benefits "for purposes of the Service Plan) 42 EXHIBIT K Disclosure Notice 43 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) Taxing Entity 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 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: ht0s://dola. colorado.gov/lgis11 Finances. isf 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]