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HomeMy WebLinkAbout2018-074-08/21/2018-APPROVING AND AUTHORIZING THE EXECUTION OF AN INTERGOVERNMENTAL AGREEMENT WITH THE TOWN OF TIMNATH F RESOLUTION 2018-074 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING AND AUTHORIZING THE EXECUTION OF AN INTERGOVERNMENTAL AGREEMENT WITH THE TOWN OF TIMNATH FOR FINANCIAL PARTICIPATION IN THE I-25/PROSPECT INTERCHANGE IMPROVEMENTS WHEREAS, the interchange at Interstate Highway 25 and Prospect Road (the "Interchange") is owned by the State of Colorado (the "State") and operated and maintained by the Colorado Department of Transportation ("CDOT"); and WHEREAS, CDOT is in.the process of implementing a construction project to significantly modify and improve the Interchange by reconstructing its ramps and bridge and by reconstructing Prospect Road to a configuration with four through lanes, a raised median, left turn lanes and pedestrian and bicycle facilities, with this work to include certain enhanced urban design elements and expected to begin after July 1, 2018 (the "Project"); and WHEREAS, CDOT has estimated that the total cost of the Project will be approximately $31 million, but it has indicated that it will only provide $12 million to fund the Project, leaving a $19 million deficit (the "Deficit"); and WHEREAS, CDOT has asked Fort Collins to participate in the Project by funding the Deficit and, to memorialize Fort Collins' obligation to fund the Deficit, CDOT and Fort Collins have entered into the "State of Colorado Amendment, Amendment #:1, Project #: . 21506" (the "CDOT IGA"); and WHEREAS, while the Interchange is within Fort Collins' boundaries and the Project will provide significant transportation and economic benefits to Fort Collins and its residents, others will experience significant direct benefits from the Project as well, including Timnath and five private entities (the "Property Owners") that own several parcels of real property located within Fort Collins' boundaries that are adjacent to the four corners of the Interchange (the "Fort Collins Properties"); and WHEREAS, Timnath will benefit from the Project because the Interchange serves as a gateway into Timnath and the Project will benefit several other privately-owned properties located to the east of Interstate Highway 25 along and near Prospect Road, which are now either in Timnath's boundaries or in its growth management area to be annexed into Timnath when developed (the "Timnath Properties"); and WHEREAS,Fort Collins has entered into the CDOT IGA and agreed to pay the Deficit to CDOT with the understanding that Timnath and the Property Owners will share in funding the Deficit; and WHEREAS, Fort Collins has therefore asked Timnath, and Timnath has agreed, to share in funding the Deficit by a reimbursing Fort Collins for$2.5 million of the Deficit, plus an interest rate factor, to be paid in annual payments and fully amortized over a twenty,year 4- period ("Timnath's Share"), thereby leaving a deficit of approximately $16.5 million (the "Remaining Deficit"); and WHEREAS, Fort Collins and the Property Owners have also agreed in a "Binding Agreement Pertaining to Development of Interstate Highway 25 and Prospect Road" to equally share this Remaining Deficit by the Property Owners agreeing to reimburse the Fort Collins over time their fifty-percent share, plus interest ("Owners' Share"); and WHEREAS, as the Binding Agreement provides, the Owners' Share will be reduced by a $500,000 credit the Property Owners will receive for the value of rights-of-way they will dedicate to CDOT for the Project without receiving compensation (the "ROW Credit") and for $700,000 representing one-half of the transportation capital expansion fees the Fort Collins has available to contribute to the Project (the "TCEF Credit"); and WHEREAS, Fort Collins and Timnath have agreed that the annual payments for Timnath's Share will include an interest rate factor that will be determined based on the interest rate factor that Fort Collins will incur in financing the Deficit less the ROW Credit and the TCEF Credit ("Financed Deficit"), which Fort Collins currently anticipates funding by issuing tax-exempt certificates of participation ("COPs"); and WHEREAS, this interest rate factor will be applied to Timnath's Share to calculate Timnath's annual payments to be fully amortized over twenty years as hereafter provided; and WHEREAS, as further consideration for this Agreement, Fort Collins and Timnath have also agreed to share in sales tax revenues collected by them from the Fort Collins Properties and the Timnath Properties ("Revenue Sharing"); and WHEREAS, the terms and conditions for payment of Timnath's Share and the Revenue Sharing are set forth in the "Intergovernmental Agreement Between the Town of Timnath and the City of Fort Collins Pertaining to the Reconstruction of the Interchange at Interstate Highway 25 and Prospect Road," attached as Exhibit "A" and incorporated herein by reference (the "IGA"); and WHEREAS,the City Council hereby finds that the IGA is necessary for the public's health; safety and welfare and is in the best interests of the City and its residents, businesses and public and private organizations. NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS 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 IGA is hereby approved and the Mayor is authorized to execute the IGA in substantially the form attached hereto as Exhibit "A," together with such additional terms and conditions as the City Manager, in consultation with the City Attorney, determines -2- to be necessary and appropriate to protect the interests of the City or to effectuate the purposes of this Resolution. Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 21st day of August, A.D. 2018. Mayor ATTEST: FORT CO SEAL City Wk COLORP�O J -3- EXHIBIT A , INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF TIMNATH AND THE CITY OF FORT COLLINS PERTAINING TO THE RECONSTRUCTION OF THE INTERCHANGE AT IN]ERSIATEHIGHWAY 25 AND PROSPECT ROAD THIS INTERGOVERNMENTAL AGREEMENT is made and entered into this day of July 2018, (this"Agreement")by and between the Town of Timnath, a Colorado home rule town, ("Timnath") and the City of Fort Collins, a Colorado home rule city, ("Fort Collins"). Timnath and Fort Collins shall hereafter be jointly referred to as "Parties" or individually as az'h'• RECITALS WHEREAS, the interchange at Interstate Highway 25 and Prospect Road (the "Interchange") is owned by the State of Colorado.(the "State") and operated and maintained by the Colorado Department of Transportation ("CDOT"); and WHEREAS, CDOT has notified Fort Collins it is planning a project to significantly modify and improve the Interchange by reconstructing its ramps and bridge and by reconstructing Prospect Road to a configuration with four through lanes,a raised median, left turn lanes and pedestrian and bicycle facilities,with this work to include certain enhanced urban design elements and expected to begin after' July 1, 2018 (the "Project"); and WHEREAS, CDOT has estimated that the total cost of the Project will be approximately $31 million, but it has indicated that it will only provide $12 million to fund the Project, leaving a $19 million deficit(the"Deficit"); and WHEREAS, CDOT has asked Fort Collins to participate in the Project by funding the Deficit and, to memorialize Fort Collins' obligation to fund the Deficit, CDOT and Fort Collins have entered into the "State of Colorado Amendment, Amendment #:1, Project #: 21506," which is attached as Exhibit "A" and incorporated herein (the "CDOT IGA"); and WHEREAS, while the Interchange is within Fort Collins' boundaries and the Project will provide significant transportation and 'economic benefits to Fort Collins and its residents, others will experience significant direct benefits from the Project as well, including Timnath and the five (5) private entities that own the parcels of real property located within Fort Collins' boundaries that are adjacent to the four (4) corners of the Interchange (the "Property Owners"); and WHEREAS, the properties owned by the Property Owners located with the boundaries of Fort Collins are legally described and depicted in Exhibit `1B" attached and incorporated herein (the "Fort Collins Properties"); and 1 WHEREAS, Timnath will benefit from the Project because the Interchange serves as a gateway into Timnath and the Project will benefit several privately-owned properties located to the east of Interstate Highway 25 along and near Prospect Road now either in Timnath's boundaries or in its growth management area to be annexed into Timnath when developed as the Parties have agreed in their"Seventh Amendment to Intergovernmental Agreement"dated October 28, 2014; and WHEREAS, these privately-owned'properties are legally described and depicted in Exhibit"C" attached and incorporated herein (the"Timnath Properties"); and WHEREAS, Fort Collins has entered into the CDOT IGA and agreed to pay the Deficit to CDOT with the understanding that Timnath and the Property Owners will share in funding the Deficit; and WHEREAS, Fort Collins has therefore asked Timnath, and Timnath has agreed, to share in funding the Deficit by a reimbursing Fort Collins for $2.5 million of the Deficit, plus an interest rate factor, to be paid in annual payments and fully amortized over a twenty (20) year period("Timnath's Share"),thereby leaving a deficit of approximately$16.5 million plus any Project cost overruns (the "Remaining Deficit"); and WHEREAS, Fort Collins has also asked the Property Owners to share equally with it in funding the Remaining Deficit; and WHEREAS, Fort Collins and the Property Owners have agreed in a "Binding Agreement Pertaining to Development of Interstate Highway 25 and Prospect Road," which is attached as Exhibit "D" and incorporated herein, (the "Binding Agreement") to equally share this Remaining Deficit by the Property Owners agreeing to reimburse the Fort Collins over time their fifty-percent (50%) share, plus interest ("Owners' Share"); and WHEREAS, as the Binding Agreement provides, the Owners' Share will be reduced by a$500,000 credit the Property Owners will receive for the value of rights-of-way they will dedicate to CDOT for the Project without receiving compensation (the "ROW Credit") and for $700,000 representing one-half of the transportation capital expansion fees the Fort Collins has available to contribute to the Project (the "TCEF Credit"); and WHEREAS, Fort Collins and Timnath have agreed that the annual payments for Timnath's Share will include an interest rate factor that will be determined based on the interest rate factor that Fort Collins will incur in financing the Deficit less the ROW Credit and the TCEF Credit ("Financed Deficit"), which Fort Collins currently anticipates funding by issuing tax-exempt certificates of participation("COPs"); and WHEREAS, this interest rate factor will be applied to Timnath's Share to calculate Timnath's annual payments to be fully amortized over twenty(20)years as hereafter provided; and 2 WHEREAS, as further consideration for this Agreement, Fort Collins and Timnath have also agreed to share in sales tax revenues collected by them from the Fort Collins Properties and the Timnath Properties on the terms and conditions hereafter agreed. NOW, THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt and adequacy of which the Parties hereby acknowledge, the Parties agree as follows: 1. Timnath Share Obligation. Timnath agrees to pay Fort Collins the total principal amount of two million five hundred thousand dollars ($2,500,000) payable in twenty (20) fully amortized annual payments (the "Timnath Share"). These annual payments shall include interest equal to the interest rate factor Fort Collins agrees to pay on the COP§it issues to fund its payment of the Financed Deficit("COPs Interest Rate"). By way of example and not limitation, if the COPs Interest Rate is 4.5%, Timnath's annual payments for the Timnath Share shall be $192,190.00. 2. Payment of Timnath Share and Interest Accrual Dates.Timnath's first payment to Fort Collins for the Timnath Share under this Agreement shall be due and payable one (1) year after the date Fort Collins closes on its COPs financing. The COPS Interest Rate shall begin to accrue on the principal of the Timnath Share on the date Fort Collins closes on its COPS financing. By way of example and not limitation, if Fort Collins closes on its COPS financing on October 15, 2018, Timnath's first payment for the Timnath Share shall be due on October 15, 2019, and the COPS Interest Rate shall begin to accrue on the principal of the Timnath Share on October 15, 2018. 3. Sharing Sales Tax Revenues. Fort Collins and Timnatti agree to share the sales tax revenues they collect in the future from the Fort Collins Properties and the Timnath Properties, respectively, as provided in this Section 3. This obligation to share collected sales tax revenues shall begin in the first calendar year that the total gross taxable sales generated from the Timnath Properties is equal to or greater than ten million dollars ($10,000,000). Timnath must provide Fort Collins with written notice when this $10 million threshold amount has been reached. When this occurs, Timnath shall pay to Fort Collins, on or before April 1 of the next calendar year, thirteen percent (13%) of the sales tax revenues Timnath collects from the Timnath Properties that are attributable to its base sales tax rate of three percent(3%) and Fort Collins shall pay to Timnath, on or before April 1 of that next calendar year, thirteen percent(13%) of the sales tax revenues Fort Collins collects from the Fort Collins Properties that are attributable to its base sales tax rate of two and one quarter percent (2.25%). This sharing of sales tax revenues shall continue for each calendar year thereafter, even if the gross taxable sales generated from the Timnath Properties falls below $10 million in any subsequent year. In addition, the Parties' payments for each such calendar year shall continue to be paid in arrears on or before April 1 of the succeeding calendar year. By way of example and not limitation, if in 2025 the Timnath Properties generate for the first time $10 million of gross taxable sales and the Fort Collins Properties generate $9 million of gross taxable sales in that year, Timnath shall pay Fort Collins $39,000 by April 1, 2026, representing 13%of Timnath's sales taxes revenues collected from the$10 million of gross taxable sales at its 3% base sales tax rate, and Fort Collins shall pay Timnath $29,250 by April 1, 2026, 3 representing 13%of Fort Collins' sales tax revenues collected from the$9 million of gross taxable sales at its 2.25%base sales tax rate. This obligation to share sales tax revenues shall terminate in the year when the total net sales tax revenues paid by Fort Collins to Timnath under this Section less the sales tax amounts paid by Timnath to Fort Collins under the Section, equals$2.5 million plus the sum of all interest payments made by Timnath under Section 1 above. However, even if Timnath.has not netted shared sales tax revenues of at least $2.5 million plus the sum of all interest payments made by Timnath under Section 1 above, this obligation shall nevertheless terminate after the Parties' payments under this Section 3 have been made for the fifteenth calendar year following the first calendar year for which payments were required. By way of example and not limitation, if 2025 is the first calendar year for which revenue sharing payments are required, this obligation to share sales tax revenues shall terminate after the payments for the 2040 calendar year have been made. 4. Inspection and Audit of Records. The Parties shall each have the right, but not the obligation,to inspect, audit and copy the tax records of the other Party concerning the sales tax revenues collected from their respective properties. Accordingly, Fort Collins may inspect, audit and copy Timnath's tax records for the Timnath Properties and Timnath may inspect, audit and copy Fort Collins' tax records for the Fort Collins Properties. However, each-Party may redact from their respective tax records being inspected,audited or copied by the other Party any taxpayer identifying information which that Party reasonably believes must be kept confidential by that Party's charter or code or by state law. In the event of any inadvertent disclosure of a taxpayer's identity and corresponding tax information, the Party conducting the inspection or audit agrees to keep that taxpayer's identity and tax information confidential. 5. TABOR. The Parties understand and acknowledge that they are subject to the Colorado's Taxpayer's Bill of Rights in Article X, Section 20 of the Colorado Constitution ("TABOR"). Thus, the Parties do not intend to violate the terms and requirements of TABOR by the execution of this Agreement. It is therefore understood and agreed that this Agreement does not create for either Party a multi-fiscal year direct or indirect debt or obligation within the meaning of TABOR. Consequently,all payment obligations in this Agreement are expressly dependent and conditioned upon the continuing availability of properly and annually appropriated funds. Therefore, all financial obligations in this Agreement are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made available in accordance with ordinances and resolutions of the responsible Party and other applicable law. 6. Remedies Upon Default. Upon the failure of either Party to comply with any of its obligations contained herein(a"Default"),the non-defaulting Party shall provide written notice of the Default to the defaulting Party. Immediately upon receipt of such notice, the defaulting Party shall promptly proceed to cure such Default within thirty (30) days, or if not susceptible of cure within thirty (30) days, within such time as agreed upon by the non-defaulting Party for the cure of such Default. If the defaulting Party fails to cure or remedy the Default within the time period prescribed, the non-defaulting Party may proceed to protect and enforce any or all of its rights and the obligations of the defaulting Party under this Agreement by suit in equity or action at law, in a court of competent jurisdiction,whether for the specific performance of any covenants or agreements contained in this Agreement or otherwise,or take any action authorized or permitted under applicable law, and shall be entitled to require and enforce the performance of all acts and 4 things required to be performed hereunder by the other Party. Each and every remedy of either Party shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity. In addition to the foregoing,if one Party fails for any reason,including non-appropriation of funds,to make its sales tax revenue sharing payment for any calendar as required by Section 3 of this Agreement, but the other Party makes its payment for that calendar year,the Party making its payment shall be entitled to a complete refund of its payment from the Party failing to make its payment. 7. Amendments. This Agreement may only be amended, changed, modified or altered in writing signed by both Parties. 8. Implementing Agreements and Further Assurances. The Parties agree to execute such documents, and take such action, as will be reasonably requested by the other Party to confirm or clarify the intent of the provisions hereof and.to effectuate the agreements herein contained. 9. Term; Termination. This Agreement shall remain in force and effect until the Timnath Share is paid in full to Fort Collins and the Parties' obligations to share sales tax revenues have terminated as provided in Section 3 of this Agreement. In the event, however, Fort Collins does not close on its COPS financing on or before December 31, 2019, this Agreement shall terminate and both Parties shall be released all remaining obligations under this Agreement. 10. No Third-Party Beneficiaries.No term or provision of this Agreement is intended to, or shall, be for the benefit of any person, entity, association or organization not a party hereto, and no such other person,entity,association or organization shall have any right or cause of action hereunder. 11. Jointly Drafted; Rules of Construction. The Parties agree that this Agreement was jointly drafted and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 12. Notices. All notices,/certificates or other communications to be given hereunder shall be sufficiently given and shall be deemed given when delivered or sent by certified mailed (return receipt requested) or by overnight mail, postage prepaid, addressed as follows: If to Timnath: Town of Timnath 4800 Goodman Timnath CO 80547 Attn` Town Manager with a copy to: White Bear Ankele Tanaka&Waldron C/O Robert G. Rogers 748 Whalers Way, Suite 210 5 Fort Collins CO 80525 If to Fort Collins: City of Fort Collins 300 Laporte Avenue P.O. Box 580 Fort Collins, CO 80522-0580 Attn: City Manager with a copy to: City Attorney's Office 300 LaPorte Avenue PO Box 580 Fort Collins, Colorado 80522 The Parties may, by written notice, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. 13. - Applicable Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado and the venue for any judicial proceedings related to this Agreement shall be in Larimer County District Court. 14. Section Headings. The captions or headings herein are for convenience or reference only and shall in no way define or limit the scope or intent of any provision or section of this Agreement. 15. Usage of Terms. When the context in which words are used herein indicates that such is the intent, words in the singular number shall include the plural and vice versa. All pronouns and any variations thereof shall be deemed to refer to all genders. 16. Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. IN WITNESS WHEREOF,the Parties have executed this Agreement as the date and year first above written. 6 TOWN OF TIMNATH, COLORADO BY: Mayor ATTEST: Town Clerk APPROVED AS TO FORM: Town Attorney CITY OF FORT COLLINS, COLORADO BY: Wade O. Troxell, Mayor ATTEST: City Clerk Printed Name: APPROVED AS TO FORM: Deputy City Attorney Printed Name: 7 EXHIBIT A OIA 0: 331001577 Routing M 17-HA4-XC-00072-M00o2 STATE OF COLORADO AMENDMENT Amendment#:1 Project#:21506 SIGNATUREAAND COVER PAGE State Agency Amendment Routing Number Department of Transportation,Colorado Bride Enterprise 17-HA4-XC-M72-M0002 Contractor. Original Agreement Routing Number CITY OF FORT COLLINS 17-HA4-XC-00072 Agreement Maximum Agreement Performance Beginning Date Amount N/A—Revenue Contract The later of the effective date or April 14,2017 Initial Agreement expiration date 13 2022 :::J THE PARTIES HERETO HAVE EXECUTED THIS AMENDMENT Each person signing this Amendment represents and warrants that he or she is duly authorized to execute this Amendment and to bind the Party authorizing his or her signature. CONTRACTOR STATE OF COLORADO City of Fort Collins John W.H'ickenlooper,Governor Department of Transportation Br. Name of Authorized Individual Title: Joshua Laipply,P.E.,Chief Engineer Official Title of the Authorized Individual (For): Shailen P.Bhatt,Executive Director By Signature Date: Date: STATE OF COLORADO John W.Hickeotooper,Governor Department of Transportation Colorado Bridge Enterprise By.Jerad Esquibel,PX (For): Shailen P.BMA Director Date: In accordance with§24-30-202 C.R.S.,this Contract is not valid until signed and dated below by the State Controller or an authorized delegate. STATE OF COLORADO STATE CONTROLLER Robert Jaros,CPA,MBA,JD By: N/A Office of the State Controller,Controller Delegate Printed name of signatory Date: Pegs 1 of2 EXHIBIT A OIA p: 331001577 Raudag R:17-HA4-X600072-M0002 1) PARTIES Amendment(the"Contract")is entered into by and between the Contractor,CITY OF FORT COLLINS(hereinafter called"Contractor')and the State of Colorado,for the use and benefit of the Department of Transportation and the Colorado Bridge Enterprise(hereinafter collectively called"State"). 2) TERMINOLOGY Except as specifically modified by this Amendment,all terms used in this Amendment that are defined in the Agreement shall be conshved and interpreted in accordance with the Agreement. 3) EFFECTIVE DATE AND ENFORCEABILITY A. Amendment Effective Date This Amendment shall not be valid or enforceable until the Amendment Effective Date shown on the Signature and Cover Page for this Amendment.The State shall not be bound by any provision of this Amendment before i that Amendment Effective Date,and shall have no obligation to pay Contractor for any Work performed or expense incurred under this Amendment either before or after of the Amendment term shown in¢3.B of this Amendment l B. Amendment Term The Parties'respective performances under this Amendment and the changes to the Agreement contained herein shall commence on the Amendment Effective Date shown on the Signature and Cover Page for this Amendment and shall terminate on the termination of the Agreement. 4) PURPOSE A. The Parties entered into the Agreement for Local Agency making fimds available for improvements to North Interstate-25,Project SH 402-SH 14(21506). B. The Parties now desire to delete Exhibit A in its entirety. This will be replaced with Exhibit A-1 with an updated CITY OF FORT COLLINS not to exceed reimbursement amount 5) MODIFICATIONS FirbibIt A—Scope of Work Exhibit A—Scope of Work is removed and replaced in its entirety with Exhibit A-1 attached hereto and incorporated herein by reference.Upon execution of this Amendment,all references in the Agreement to Exlubit A will be replaced with Exhibit A-1. 6) LIMITS OF EFFECT This Amendment is incorporated by reference into the Agreement,and the Agreement and all prior amendments or other modifications to the Agreement,if any,remain in full force and effect except as specifically modified in this Amendment Except for the Special Provisions contained in the Agreement,in the event of any conflict, inconsistency,variance,or contradiction between the provisions of this Amendment and any of the provisions of the Agreement or any prior modification to the Agreement,the provisions of this Amendment shall in all respects supersede,govern,and control. The provisions of this Amendment shall only supersede,govern,and control over the Special Provisions contained in the Agreement to the extent that this Amendment specifically modifies those Special Provisions. THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK Plr2of2 EXHIBIT A North 1-25 Fort Collins-$12M Contribution for Interchange;$SM Contribution for the urban design elements (aesthetic landscape enhancements)for the interchange($17M Total Contribution) Scope of Work Reconstruct the existing diamond interchange at 1-25 and Prospect Road,including reconstruction of the ramps,bridge,and Prospect Road. Prospect Road will be reconstructed to a configuration with four through lanes,with a raised median,left turn lanes,and pedestrian and bicycle facilities.Work is expected to start on the Interchange after July 1,2018. Urban design elements to be included in the North 1-25 Project are per the°COOT Project'column in the table below. DESCRIPTIONITEM DCITY/TOWN PROJECT PROJECT :BRIDGE;ENFIANCEfMENM '� K Sfs ' x: a=� t5 a y� f*fi w $ ,n - - k..Tr-�, ;iyir ..�.la...:....+t�... t. ..S...a� i?�` _.l..�i�� _.r '- 4_.c i•V`,.;` Structural Concrete Stain on Bridge Curb,Girders,MSE Wails X Upgraded Pedestrian Rail on Bridge X Median&Pork Chop Island Cover Material(Color Concrete) X Irrigation Sleeves and Pull Boxes X GORE`AREASAND:RAFAPS.'"`,1 Earthwork/Import(related to Landscape/Urban Design) X Stone Outcrops(including design,mock ups,installation X Boulders X Cobble Swales X Landscape Design X Soil Conditioning X Fine Grading X Turf Reinforcement Mat X X Seed X X Boulders X Landscaping(Trees,Shrubs,Ornamental Grasses,Perennials,Mulch,etc) X Irrigation Design X Irrigation Tap,Meter&Backflow X Irrigation Sleeves X Irrigation System X PROSPECT—ROAD,OKOSPECT-ROADLV 2. Prospect Rd. Median-Perforated Pipe Underdrain X _Prospect Rd.Median-Membrane X Prospect Rd.Median—Rock Filter Material X Prospect Rd.Median-Topsoil X Prospect Rd.Median—Double Curb X Electrical conduit for City Street Lights X Electrical controls and service for City Street Lights X EXHIBIT A City Street lights/Electrical x Landscape Design x Soil Conditioning x Fine Grading x Seed X X Turf Reinforcement Mat x X Boulders x Trees,Shrubs,Ornamental Grasses&Perennials,Mulch,etc X Irrigation Design X Irrigation Tap,Meter&Backflow x Irrigation Sleeves x Irrigation Sleeves x Monument Si -Fort Collins x Monument Sign-Tlmnath x Technical Requirements: Design: -COOT shall consult with the Local Agency throughout the preparation of the Plans and submit to the Local Agency for its review the proposed Plans prior to CDO7's acceptance of Release for Construction Plans.The Local Agency must provide comments on the proposed Plans within 10 calendar days after the proposed Plans are referred to it.COOT will require the Design Build Contractor to address all issues Identified by the Local Agency provided those issues are not in conformance with the Contract Documents. -The Local Agency shall waive all review fees for design. -The Local Agency shall not require additional design reviews beyond those required by the contract. Construction: The Local Agency shall waive all permit fees for street use permits. The Local Agency requires that Infrastructure that becomes City of Fort Collins inventory follow inspection requirements per LCUASS Standards. -The Local Agency requires that Infrastructure within City of fort Collins Right-of-Way be follow final acceptance requirements per LCUASS Standards. -COOT shall consult with the Local Agency for its review of traffic control plans related to road closures. -The Local Agency requires 7 calendar days of advance notification for road closures. 1 Nona tntentab>u Phase t Project Fundin Table/Payment schedule for gfron QrC=,Deam Pee N®af14n1Aamer/Pwam[hrt0er 7016 2D17 2011 2019 2@a Ta41CwhAm�A®au Aao� n ,f Aeneal I DWaf Am D_ ,t Ammm I Elm of Am® Do of pwrmus chyar9a1�-pma 11 DaembaCky 1131 Daea6e etral CaOY- Damba syak== Daeaba 31 Dmmbw AO Daeeba f1 od0enf -Nbet Daamba flfiNA16A7 Daemba al Damb/ fl,Ai7,616.9a rVO►VVWCDtADG-Torts. A64116.R Q Ds®yar m 1 D EXHIBIT B FORT COWNS/h25 INTERCHANGE CORNER.LLC —Waal Description WEST PARCEL Lou Two(2)through Five(5)Inclusive,Block One(1),Lot 1 and Lot 2,Block 2,Boxelder Estates Second Filing and a parcel of land all located In section Sixteen(16),Township Seven North(T.7N.),Range Sixty-eight West(R.68W.), Sixth Principal Meridian(6th P.M.),City of Fort Collins,County of Latimer,State of Colorado and being more particularly described as follows: , COMMENCING at the South Quarter Comer(Si/4)of said Section 16 and assuming the south One of the Southeast Quarter(SEl/4)of said Section 16 as bearing South 8838'38'East,being a Grid Bearing of the Colorado State Plane Coordinate System,North Zone,North American Datum 1983/92,a distance of 2642.32 feet with all other bearings contained herein relative thereto: THENCE North 00'05'S8"West along the West line of said SE1/4,said line being the West line of said Boxelder Estates Second Filing a distance of 360.01 feet to the Northwest corner of said Lot 1,Block 1 and the POINT OF BEGINNING; THENCE continuing North 00'05'S8'West along said West line of said SE1/4 a distance of 736.49 feet to the Northeast corner of a parcel of land described in Larimer County Records under Reception No.95076406, THENCE North 88`3747'West along the North line of said parcel a distance of 315.26 feet to the Southeast corner of a parcel of land described in Larimer County Records under Reception No.20140007506; THENCE North 25'38'27"West along the East line of said parcel a distance of 264.37 feet to the Southeast corner of a parcel of land described In Latimer County Records under Reception No.93054775; THENCE along said parcel the following three courses and distances: THENCE North 00'D4'59"West a distance of 1649.54 feet; THENCE North 89'55'O1'East a distance of 200.00 feet; THENCE North 00'04'59'West a distance of 216.34 feet to a point on the South line of a parcel of land described in Larimer County Records under Reception No.133800200; THENCE South 83-46'07'East along said South line a distance of 232.09 feet to the Southeast corner of said parcel, said point also being on the East line of Sunrise Estates extended; THENCE North 00'09'08'West along said East line a distance of 1117.52 feet to a point on the South line of Crossroads East Business Center; THENCE along said South line the following five courses and distance: THENCE South 26003'51"East a distance of 448.11 feet; THENCE South 49'12'58"East a distance of 1510.22 Net THENCE South 24'38'28'East a distance of 195.19 feet; THENCE South 58'21'28'East a distance of 132.96 feet to the Southeast comer of said Crossroads East Business Center; THENCE North W05'58"West along the East line of said Crossroads East Business Center a distance of 33.04 feet to a point on the South line of Smithfield Subdivision; THENCE along said south line the following four courses and distances: THENCE South 65'38'51'East a distance of 353.30 feet; THENCE South 79'38'51'East a distance of 300.00 feet; THENCE North 56'51'09"East a distance of 197.00 feet; THENCE North 68051'09"East a distance of 141.86 feet to a point on the West line of Interstate Highway 25; THENCE along said West line the following two courses and distances: • THENCE South 00606'04`E a distance of 601.01 feet; THENCE South O1*41'O8'W a distance of 408.31 feet to the North line of Interstate Land PUD First Filing; EXHIBIT B THENCE along said Interstate Land PUD First Filing the following two courses and distances: THENCE North 76.43'38'West a distance of 300.61 feet; THENCE South 11'30'44'West a distance of 629.05 feet to the west line of Interstate Highway 25 Frontage Road; THENCE along said Interstate Highway 25 Frontage Road the following six courses and distances: THENCE South 85'19'O1'West a distance of 289.72 feet; THENCE South 81044'11'West a distance of 157.09 feet to a point on a curve,said curve being non-tangent to aforesaid fine; THENCE along the Arc of a Curve concave to the Northwest a distance of 493.65 feet,whose Delta is 62'57'260 , whose Radius is 449.26 feet and whose long chord bears South 43'20'16'West a distance of 469.19 feet; THENCE South 04°S6'21'West along a line being non-tangent to aforesaid curve a distance of 157.09 feet;. THENCE South 01'21'31'West a distance of 455.56 feet; THENCE South 46'21'35'West a distance of 141A2 feet to the North Right of Way of Prospect Avenue; THENCE North 88038'38'West along said North Right of Way a distance of 194.96 feet to the Southeast corner of said Lot 3,Block 2; THENCE along said Lot 3,Block 2 the following three courses and distances: THENCE North 01020'56'East a distance of 270.01 feet; THENCE North 88'39'04"West a distance of 290.40 feet; THENCE South 01'20'S6'West a distance of 269.97 feet to the North Right of Way of Prospect Avenue; THENCE North 88'38'38"West a distance of 95.05 feet to the East Right of way of Boxelder Drive said point being a Point of Curvature(PC); THENCE along said Boxelder Drive the following five courses and distances:. THENCE along the Arc of a Curve concave to the Northeast a distance of 23.56 feet,whose Delta Is 89.42'350, whose Radius is 15.00 feet and whose Long Chord bears North 43031'S2"West a distance of 21.11 feet to a Point of Tangency(PT); THENCE North 01020'S64 East a distance of 314.95 feet; THENCE North 88'39'04"West a distance of 60.00 feet to the East line of Lot 5,Block i of said Boxelder Estates Second Fling; THENCE along said Boxelder Estate Second Fling the following three courses and distances: THENCE South 01'20'56"West a distance of 314.95 feet to PC; THENCE along the arc of a curve that Is concave to the Northwest a distance of 23.61 feet,whose Delta is 90°09'21',whose Radius is 15.00 feet and whose Long Chord bears South 46'25'45'West a distance of 21.24 feet to a PT,said point being on the North line of said Prospect Avenue; THENCE North 88'383S"West a distance of 330.68 feet to the East line of said Lot 1,Block 1 THENCE North 00 06'04"West along said East line a distance of 330.01 feet to the Northeast corner of said Lot 1, Block 1; THENCE North 88'39'04"West along the North line of said Lot 1, Block 1 a distance of 120.13 feet to the POINT OF BEGINNING. EAST PARCEL A parcel of land located in the Southeast Quarter(SEi/4)of Section Sixteen(16),Township Seven North(T.7N.), Range Sixty-eight West(R.68W.),Sixth Principal Meridian(6th P.M.),City of Fort Collins,County of Larimer,State of Colorado and being more particularly described as follows: COMMENCING at the Southeast comer of said Section 16 and assuming the South line of the Southeast Quarter (SE3/4)of said Section 16 as bearing South 8838'38"East,being a Grid Bearing of the Colorado State Plane Coordinate System,North Zone,North American Datum 1993/92,a distance of 2642.32 feet with all other bearings contained herein relative thereto: EXHIBIT 8 THENCE North 88'38'38"West along said South line a distance of 1I42.00 feet; THENCE North 01021'22'West a distance of 30.00 feet to a point on the East line of Interstate Highway 25 Frontage Road and to the POINT OF BEGINNING: THENCE along said East line the following eight courses and distances: THENCE North 43038'25'West a distance of 141.39 feet, THENCE North 01'21'31'East a distance of 45557 feet; THENCE North 04046'04'East a distance of 142.46 feet to a point on a curve,said curve being non-tangent to aforesaid line; THENCE along the Arc of a Curve tangent to the Southeast a distance of 405.75 feet,whose Delta is 62'57'26", whose Radius is 369.26 feet and whose Long Chord bears North 43'20'16"East a distance of 385.64 feet; THENCE North 81'54'28'East along a line being non-tangent to aforesaid curve a distance of 142.46 feet; THENCE North 85618'51'East a distance of 289.72 feet; THENCE North 81'44'12'East a distance of 157.09 feet to a point on a curve,said curve being non-tangent to aforesaid fine; THENCE along the Arc of a Curve concave to the Northwest a distance of 220.16 feet,whose Delta Is 28'04'380, whose Radius is 449.26 feet and whose Long Chord bears North 60'46'41"East a distance of 217.96 feet; THENCE North 89'54'36'East a distance of 79.52 feet to the West Right of Way of Interstate Highway 25; THENCE along said West Right of Way the following five courses and distances: THENCE South 00906'04"East a distance of 379.24 feet; I THENCE South 10'16V3'West a distance of 201.18 feet; = THENCE South 26030'01'West a distance of 560.45 feet; THENCE South 600Sl'SS"West a distance of 99.98 feet; THENCE North 88'35'20'West a distance of 203.23 feet to the fast line of a parcel of land described in Larimer County Records under Reception No.20110081250; THENCE along the East and North sides of said parcel the following two courses and distances: THENCE North 00'05'08'West a distance of 158.22 feet; THENCE North 88'38'38"West a distance of 410.00 feet to the Northwest corner of a parcel of land described in Larimer County Records under Reception No.20080007886; THENCE South 00'OS'08'East a distance of 199.99 feet to the North Right of Way of Prospect Avenue; THENCE North 88'38'38"West along said North line a distance of 59.24 feet to the POINT OF BEGINNING. EXCEPING FROM ALL OF THE FOREGOING THE FOLLOWING REAL PROPERTY LOCATED IN THE CITY OF FORT COLLINS,LARIMER COUNTY,COLORADO: A TRACT OF LAND LOCATED IN SECTION 16, TOWNSHIP 7 NORTH,RANGE 68 WEST OF THE 6TH P.M.,CITY OF FORT COLLINS, COUNTY OF LARIMER,STATE OF COLORADO,AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: CONSIDERING THE WEST LINE OF THE SOUTHEAST QUARTER OF SECTION 16 AS BEARING NORTH 00*11'16"EAST AND WITH ALL BEARINGS CONTAINED HEREIN . RELATIVE THERETO;COMMENCING AT THE SOUTH QUARTER CORNER OF SECTION 16;THENCE ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF SECTION 16,NORTH 00"11'16" EAST,360.01 FEET TO THE POINT OF BEGINNING; THENCE, NORTH 00"11'16" EAST, 776.89 FEET;THENCE, NORTH 90`00'00" EAST, 835.33 FEET;THENCE, SOUTH 48'21'44" EAST,446.92 FEET;THENCE,SOUTH 58°32'55"WEST, 129.64 FEET;THENCE,SOUTH 24'25'35" WEST,303.45 FEET; EXHIBIT B THENCE,SOUTH 00"SO'59"WEST,222.69 FEET,THENCE,NORTH 88°2l'SW WEST,290.40 FEET;THENCE,SOUTH 01-38'10'WEST,240.47 FEET;THENCE, NORTH 88°21'25'WEST, 110.00 FEET;THENCE, NORTH 01'38'10'E,300.46 FEET;THENCE,NORTH 88"21'50'WEST,60.00 FEET;THENCE,SOUTH 01638'10' WEST,302.45 FEET;THENCE, NORTH 88'21'25'WEST,346A2 FEET;THENCE, . NORTH 00'il'10'EAST,302.51 FEET;THENCE,NORTH 88'21'50'WEST,120.13 FEETTO THE POINT OF BEGINNING l FORT COLLLINSII-25 INTERCHANGE CORNER,LLC MAP OF PROPERTY i\Joaav bkl UC f u I•e�..�w UE \ /n1 L_ - _,.j r Il 77 ' •' _ EXCLUDED TRACT c4 `i —_ • I � �/Z I S .:.:. waaw Q L _ _ PR0.5PEC1FCN0 i0P/ 2 EXHIBIT B Exhibit KB" GAPA Parcel I i 1 EXHIBIT B GATEWAY AT PROSPECT APARTMENTS,LLC—LEGALDESCRIPTION The following real property located in the County of Larimer and State of Colorado: A TRACT OF LAND LOCATED IN SECTION 16,TOWNSHIP 7 NORTH,RANGE 68 WEST OF THE 6TH P.M.,CITY OF FORT COLLINS,COUNTY OF LARIMER,STATE OF COLORADO,AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: CONSIDERING THE WEST LINE OF THE SOUTHEAST QUARTER OF SECTION 16 AS BEARING NORTH 00'11'16" EAST AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO;COMMENCING AT THE SOUTH QUARTER CORNER OF SECTION 16;THENCE ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF SECTION 16,NORTH 00'11116"EAST,360.01 FEETTO THE POINT OF BEGINNING; THENCE, NORTH 00'11'16'EAST, 776.89 FEET;THENCE,NORTH 90'00'00'EAST, 835.33 FEET;THENCE,SOUTH 48'21'44"EAST,446.92 FEET;THENCE,SOUTH 58'32'55'WEST, 129.64 FEET;THENCE,SOUTH 24'25'35"WEST,303.45 FEET; THENCE, SOUTH 00'50'S9"WEST, 222.69 FEET;THENCE,NORTH 88'21'S0" WEST, 290.40 FEET;THENCE,SOUTH 01'38'10'WEST,240.47 FEET;THENCE, NORTH 88'21'25-WEST, 110.00 FEET;THENCE, NORTH 01.38'lw E,300.46 FEET;THENCE,NORTH 88'21'50'WEST,60.00 FEET;THENCE,SOUTH 01'38'10" WEST,302.45 FEET;THENCE, NORTH 88'21'25"WEST,346.42 FEET;THENCE, NORTH 00"11'10"EAST, 302.51 FEET;THENCE, NORTH 88'21'50"WEST, 120.13 FEET TO THE POINT OF BEGINNING GATEWAY AT PROSPECT APARTMENTS, LLC MAP OF PROPERTY EXHIBIT A TRACT OF LAND LOCATED IN THE SOUTHEAST QUARTER OF SECTION 16,TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE 6th P.M.,CITY OF FORT COLLINS,COUNTY OF LARIMER, STATE OF COLORADO NW*WOO'E 835.33' y+ LINE TABLE LINE TABLE urn �¢roi R tPNDTH OEARIKl 2 BR3ww LT 3" N0.39tO E co L2 3AAFWil"23r to MOD HW 21'e0W 7 w 3249 SDI*SS 1DMwb8VIA =417 Zr '1.10 30" NW 21'28w W 41 AREA to wAr BDt•3eww L1t 3R9r Hivtrl" Hn . 9"Y64 sq.R. Le noo0 Nee 2r Hle1Y Ln I 120.ft N9e 2r®w 21.689 aC. z y . NOTE:THIS EIMIT 6 NOT NTBHpED TO SEA R 6KAK AtENIM LAND SURM.IISMUL PURPOW 6ASA GRAPHIC RMESENTATIOH TO ND IN THE VMjAI TM OF THE VIRMIN PROPUM DEjauPv NWINCH tT POINT OF ACCOWANHB.THe WRITTER FFWV TJ DMOMM H 8 BEGINNING 3UPERCW5 THE ENIRITORAWNG. 4 L1 BASIS OF BEAMM - WESTLNEOFTHE i �' L4 NORTH SOUITWAST OUARM SECTION te-T7N�AB8W 4 tY 200 0 20D Foot `y LOT POINT OF $�.k BLOCK Z O p ST:IF.. iti ( M u.5. SURKY FEET) COMMENCEMENT � �� m Exrsrs:;nu: 1 6KA . 700 IL SOUTH I COFVJeR x SECTION 16Ty"39w *wtosPECTRQgO NSa7r79yy - "=_= -_-- INORTHERN SouTH ufR;of THIE ENGINEERING soucNEAsr ouARif:R PAGE 2 OF 2 g sBcrroN+s•nr�wew L _ co 1 m EXHIBIT B Exhibit"C" LAAM Owners Parcels i r J l EXHIBIT B EXHIBIT A LEGAL DESCRIPTION PARCEL 1:(NORTHWEST PARCEL) A PARCEL OF LAND BEING PART OF THE SOUTHWEST QUARTER OF SECTION 15, TOWNSHIP 7 NORTH,RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF LARRAER, STATE OF COLORADO AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 15 AND ASSUMING THE SOUTH LINE OF THE SOUTHEAST QUARTER OF'SAID SECTION 15 AS BEARING SOUTH 89 DEGREES 56 MINUTES 23 SECONDS EAST, AS DETERMINED BY A GPS OBSERVATION A DISTANCE OF 2639.04 FEET WITH ALL OTHER BEARINGS CONTAINED HEREIN RELATIVE THERETO; THENCE NORTH 00 DEGREES 09 MINUTES 39 SECONDS EAST ALONG THE-EAST LINE OF SAID SOUTHWEST QUARTER A DISTANCE OF 1332.46 FEET TO THE SOUTHEAST CORNER OF THE NORTH HALF OF THE SOUTHWEST QUARTER OF SAID SECTION IS,SAID POINT BEING THE TRUE POINT OF BEGINNING. THENCE NORTH 89 DEGREES 47 MINUTES 03 SECONDS WEST ALONG THE SOUTH LINE OF SAID NORTH HALF SOUTHWEST QUARTER A DISTANCE OF 637.70 FEET;THENCE SOUTH 00 DEGREES 03 MINUTES 22 SECONDS WEST A DISTANCE OF 804.25 FEET TO THE NORTHERLY LINE OF THAT PARCEL OF LAND AS DESCRIBED IN THAT DEED AS RECORDED NOVEMBER 30, 1972 IN BOOK 1531 ON PAGE 759 OF THE RECORDS OF THE LARIMER COUNTY CLERK AND RECORDER(LCCR); THENCE ALONG SAID NORTHERLY LINE BY,THE FOLLOWING FIVE(5)COURSES AND DISTANCES; THENCE NORTH 54 DEGREES 55 MINUTES 30 SECONDS WEST (REC. SOUTH 55 DEGREES 01 MINUTES EAST) A DISTANCE OF 474.72 FEET; THENCE NORTH 76 DEGREES 16 MINUTES 30 SECONDS WEST(REC.SOUTH 76 DEGREES 22 MINUTES EAST)A DISTANCE OF 163.85 FEET; THENCE NORTH 84 DEGREES 56 MINUTES 30 SECONDS WEST(REC.85 DEGREES 02 MINUTES EAST) A DISTANCE OF 548.82 FEET; THENCE NORTH 67 DEGREES 49 MINUTES 30 SECONDS WEST(REC.67 DEGREES 55 MINUTES EAST) A DISTANCE OF $9.13 FEET; THENCE NORTH 54 DEGREES 45 MINUTES 30 SECONDS WEST(REC. SOUTH 54 DEGREES 51 MINUTES EAST) A DISTANCE OF 949.54 FEET TO THE EASTERLY LINE OF THAT PARCEL OF LAND AS DESCRIBED IN THAT DEED AS RECORDED JULY 31, 1947 IN BOOK 838 ON PAGE 175 OF THE RECORDS OF THE LCCR; THENCE ALONG THE EASTERLY LINE OF THE AFORESAID PARCEL OF LAND BY THE FOLLOWING TWO(2)COURSES AND DISTANCES; THENCE NORTH 00 DEGREES 14 MINUTES 26 SECONDS EAST(REC.NORTH 0 DEGREES 13 MINUTES EAST)A DISTANCE OF 1151.18 FEET, THENCE NORTH 09 DEGREES 23 MINUTES 57 SECONDS WEST A DISTANCE OF 59.72 FEET(REC, NORTH 9 DEGREES 15 MINUTES WEST, 60.8 FEET) TO THE NORTH LINE OF SAID SOUTHWEST QUARTER. FROM SAID POINT THE WEST QUARTER CORNER OF SAID SECTION'l5 BEARS NORTH 89 DEGREES 35 MINUTES 57 SECONDS WEST A DISTANCE OF 45.00 FEET(REC.NORTH 89 DEGREES 27 MINUTES WEST, 45.0 FEET); THENCE SOUTH 89 DEGREES 35 MINUTES 57 SECONDS EAST ALONG, SAID NORTH LINE A DISTANCE OF 2598.20 FEET TO THE CENTER QUARTER CORNER OF SAID SECTION 15;THENCE SOUTH 00 DEGREES 08 MINUTES 25 SECONDS WEST ALONG THE EAST LINE EXHIBIT B r OF SAID NORTH HALF SOUTHWEST QUARTER A DISTANCE OF 1331.29 FEET TO THE TRUE POINT OF BEGINNING,COUNTY OF LARIMM STATE OF COLORADO. PARCEL II:(CENTER PARCEL) A PARCEL OF LAND BEING A PART OF THE SOUTHWEST QUARTER OF SECTION 15, TOWNSHIP 7 NORTH,RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF LARIMER, STATE OF COLORADO AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 15 AND ASSUMING THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 15 AS BEARING SOUTH 89 DEGREES 56 MINUTES 23 SECONDS EAST, AS DETERMINED BY GPS OBSERVATION, A DISTANCE OF 2638.04 FEET WITH ALL OTHER BEARINGS CONTAINED HEREIN RELATIVE THERETO; THENCE NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST ALONG THE SOUTH LINE OF SAID SOUTHWEST QUARTER A DISTANCE OF 635.26 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST ALONG SAID SOUTH LINE A DISTANCE OF 61525 FEET TO THE SOUTHEAST CORNER OF THAT PARCEL OF LAND DESCRIBED IN THAT SPECIAL WARRANTY DEED AS RECORDED DECEMBER 12, 1998 AT RECEPTION NO. 88039158 OF THE RECORDS OF THE LARIMER COUNTY CLERK AND RECORDER (LCCR). FROM SAID POINT THE SOUTHWEST CORNER OF SAID SECTION 15 BEARS NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST A DISTANCE OF 1396.88 FEET(REC.NORTH 89 DEGREES 47 MINUTES 48 SECONDS WEST, 1396.83 FEET); THENCE ALONG THE EASTERLY AND NORTHERLY LINES OF THE AFORESAID PARCEL OF LAND BY THE FOLLOWING TEN (10) COURSES AND DISTANCES; THENCE NORTH 00 DEGREES 03 MINUTES 22 SECONDS EAST A DISTANCE OF 30.14 FEET(REC.SOUTH 00 DEGREES 02 MINUTES 12 SECONDS WEST, 30.00 FEET); THENCE NORTH 46 DEGREES 03 MINUTES 57 SECONDS WEST A DISTANCE OF 144.25 FEET(REC. SOUTH 46 DEGREES 10 MINUTES 18 SECONDS EAST, 144.50 FEETr THENCE NORTH 03 DEGREES 42 MINUTES 35 SECONDS WEST A DISTANCE OF 88.18 FEET (REC, SOUTH 03 DEGREES 32 MINUTES 38 SECONDS EAST, 88.12 FEET)TO THE BEGINNING POINT(BP)OF A CURVE.THE AFORESAID LINE BEING NON-TANGENT TO SAID CURVE;THENCE ALONG THE ARC OF A CURVE WHICH IS CONCAVE TO THE SOUTHWEST A DISTANCE OF 420.69 FEET, WHOSE RADIUS IS 449.26 FEET,WHOSE DELTA IS 53 DEGREES 39 MINUTES 09 SECONDS,AND WHOSE LONG CHORD BEARS NORTH 37 DEGREES 18 MINUTES 04 SECONDS WEST A DISTANCE OF 405.49 FEET TO THE END POINT(EP) OF SAID CURVE (REC. ARC AS 420.93 FEET, RADIUS AS 44926 FEET, LONG CHORD AS SOUTH 37 DEGREES 17 MINUTES 58 EAST,405.63 FEET-TANGENT CURVE); THENCE NORTH 71 DEGREES 01 MINUTES 26 SECONDS WEST ALONG A LINE NON-TANGENT TO THE AFORESAID CURVE A DISTANCE OF 157.06 FEET (REC. SOUTH 71 DEGREES 03 MINUTES )9 SECONDS EAST, 157.09 FEET); THENCE NORTH 74 DEGREES 37 MINUTES 05 SECONDS WEST A DISTANCE OF 494.34 FEET(REC, SOUTH 74 DEGREES 38 MINUTES 09 SECONDS EAST,494.43 FEET); THENCE NORTH 71 DEGREES 13 MINUTES 15 SECONDS WEST A DISTANCE OF 142.50 FEET(REC.SOUTH 71 DEGREES 13 MINUTES 36 SECONDS EAST, 142.46 FEET)TO THE BP OF A CURVE.THE AFORESAID LINE BEING NON-TANGENT TO SAID CURVE;THENCE ALONG THE ARC OF A CURVE WHICH IS CONCAVE TO THE NORTHEAST A DISTANCE OF 347.08 FEET, WHOSE RADIUS IS 369.26 FEET, WHOSE DELTA IS 53 DEGREES 51 MINUTES 16 SECONDS, AND WHOSE LONG CHORD BEARS NORTH 37 DEGREES 12 MINUTES 05 SECONDS WEST A DISTANCE OF 334.44 FEET (REC. ARC AS 347.06 FEET, RADIUS AS 449,26 FEET, LONG CHORD AS SOUTH 37 DEGREES 12 MINUTES 34 SECONDS EAST, 334.43 FEET - TANGENT CURVE); EXHIBIT B THENCE NORTH 00 DEGREES 13 MINUTES 24 SECONDS EAST ALONG A LAZE NON-TANGENT TO THE AFORESAID CURVE A DISTANCE OF 359.23 FEET WC. SOUTH 00 DEGREES 13 MINUT$S oo SECONDS WEST,359.17 FEET); THENCE NORTH 54 DEGREES 47 MINUTES 20 SECONDS WEST A DISTANCE OF 24.25 FEET (REC. SOUTH 54 DEGREES 51 MINUTES 00 SECONDS EAST,24.37 FEET)TO THE EASTERLY LINE OF THAT PARCEL OF LAND DESCRIBED IN WARRANTY DEED AS RECORDED NLY 31, 19471N BOOK 838 ON PAGE 175 OF THE RECORDS OF THE LCCR; THENCE NORTH 00 DEGREES 14 MINUTES 26 SECONDS EAST(REC.NORTH 0 DEGREES 13 MINUTES EAST)ALONG SAID EAST LINE ALONG DISTANCE OF 1.15 FEET TO THE SOUTHERLY LINE OF THAT PARCEL OF LAND AS DESCRIBED IN THAT DEED RECORDED NOVEMBER 30,1972 IN BOOK 1531 ON PAGE 759 OF THE RECORDS OF LARIMER COUNTY CLERK AND RECORDED (LCCR); THENCE ALONG SAID SOUTHERLY LINE BY THE FOLLOWING FIVE(5)COURSES AND DISTANCES;THENCE SOUTH 54 DEGREES 45 MINUTES 30 SECONDS EAST(REC.SOUTH 54 DEGREES 51 MINUTES EAST)A DISTANCE OF 920.25 FEET; THENCE SOUTH 67 DEGREES 49 MINUTES 30 SECONDS EAST (REC, SOUTH 67 DEGREES 55 MINUTES EAST)A DISTANCE OF 101.33 FEET;THENCE SOUTH 84 DEGREES 56 MINUTES 30 SECONDS EAST(REC.SOUTH 85 DEGREES 02 MINUTES EAST)A DISTANCE OF 552.56 FEET; THENCE SOUTH 76 DEGREES 16 MINUTES 30 SECONDS EAST(REC.SOUTH 76 DEGREES 22 MINUTES EAST)A DISTANCE OF 150.63 FEET; THENCE SOUTH 54 DEGREES 55 MINUTES 30 SECONDS EAST (REC. SOUTH 55 DEGREES 01 MINUTES EAST) A DISTANCE OF 500.33 FEET; THENCE SOUTH 00 DEGREES 03 MINUTES 22 SECONDS WEST A DISTANCE OF 468.93 FEET TO THE TRUE POINT OF BEGINNING,COUNTY OF LARIMER,STATE OF COLORADO. PARCEL III(SOUTHWEST PARCEL) A PARCEL OF LAND BEING A PART OF THE SOUTHWEST QUARTER OF SECTION 15, TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF LARIMER, STATE OF COLORADO AND BEING ALL THAT PART OF SAID SOUTHWEST QUARTER LYING BETWEEN THAT PARCEL OF LAND AS DESCRIBED IN THAT SPECIAL WARRANTY DEED AS RECORDED DECEMBER 12, 1988 AT RECEPTION NO. 88059159 OF THE RECORDS OF THE LARIMER COUNTY CLERK AND RECORDED(LCCR)AND DESCRIBED IN THAT SPECIAL WARRANTY DEED AS RECORDED MARCH 5, 1964 IN BOOK 1239 ON PAGE 491 OF THE RECORDS OF THE LCCR AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS; BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 15 AND ASSUMING THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 15 AS BEARING SOUTH 89 DEGREES 56 MINUTES 23 SECONDS EAST A DISTANCE OF 2638.04 FEET WITH ALL OTHER BEARINGS CONTAINED HEREIN RELATNE THERETO: THENCE NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST ALONG THE SOUTH LINE OF SAID SOUTHWEST QUARTER A DISTANCE OF 1530.49 FEET TO THE SOUTHWEST CORNER OF THAT PARCEL OF LAND AS DESCRIBED IN THAT SPECIAL WARRANTY DEED AS RECORDED DECEMBER 12, 1988 AT RECEPTION NO. 88059158 OF THE RECORDS OF THE LCCR. SAID POINT BEING THE TRUE POINT OF BEGINNING. FROM SAID POINT THE SOUTHWEST CORNER OF SAID SEC71ON 15 BEARS NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST A DISTANCE OF 1116.99 FEET (REC. NORTH 89 DEGREES 57 MINUTES 48 SECONDS WEST, 1116.83 FEET); THENCE CONTINUING NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST ALONG SAID SOUTH LINE A DISTANCE OF 286.70 FEET TO THE SOUTHWEST CORNER OF THAT PARCEL OF LAND AS DESCRIBED IN THAT SPECIAL WARRANTY DEED AS RECORDED MARCH 5, 1964 IN BOOK 1739ON PAGE 491 OF THE RECORDS OF THE LCCR. FROM SAID POINT THE SOUTHWEST CORNER OF SAID SECTION 15 BEARS NORTH 89 DEGREES 56 MINUTES 38 SECONDS WEST A DISTANCE OF 830.19 FEET(REC. SOUTH 99 DEGREES 58 MINUTES WEST, 828.0 FEET); THENCE ALONG THE EASTERLY EXHIBIT B AND NORTHERLY LINE OF THE AFORESAID PARCEL OF LAND BY THE FOLLOWING FIVE (5) COURSES AND DISTANCES; THENCE NORTH 00 DEGREES 03 MINUTES 22 SECONDS EAST A DISTANCE OF 30.25 FEET(REC. SOUTH 0 DEGREES 02 MINUTES EAST,30.0 FEET);THENCE NORTH 65 DEGREES 47 MINUTES 58 SECONDS WEST A DISTANCE OF 112.37 FEET(REC.SOUTH 65 DEGREES 40 MINUTES 30 SECONDS EAST, 109.7 FEET),THENCE SOUTH 89 DEGREES 57 MQNUTES 38 SECONDS WEST A DISTANCE OF 299.87 FEET (REC. NORTH 89 DEGREES 58 MINUTES EAST, 300.0 FEET); THENCE NORTH 57 DEGREES IS MINUTES 47 SECONDS WEST A DISTANCE OF 106.29 FEET (REC. SOUTH 57 DEGREES 20 MINUTES EAST, 106.3 FEET); THENCE NORTH 26 DEGREES 20 MINUTES 46 SECONDS WEST(REC.SOUTH 26 DEGREES 21 MINUTES EAST)A DISTANCE OF 458.91 FEET TO THE SOUTHWEST CORNER OF THAT PARCEL OF LAND DESCRIBED AS DESCRIBED IN THAT SPECIAL WARRANTY DEED AS RECORDED DECEMBER 12, 19U AT RECEPTION NO. 88059158 OF THE RECORDS OF THE LCCR; THENCE ALONG THE SOUTHWESTERLY AND WESTERLY LINE OF THE AFORESAID PARCEL OF LAND BY THE FOLLOWING TEN(10)COURSES AND DISTANCES; THENCE NORTH I 1 DEGREES 15 MINUTES 16 SECONDS WEST A DISTANCE OF 200.00 FEET(REC. SOUTH I DEGREES 21 MINUTES 00 SECONDS EAST, 200 FEET);THENCE NORTH 78 DEGREES 47 MINUTES 06 SECONDS EAST A DISTANCE OF 63.20 FEET(REC. SOUTH 78 DEGREES 39 MINUTES 00 SECONDS WEST,63.21 FEET)TO A POINT ON A CURVE(POP.THE AFORESAID LINE BEING NON-TANGENT TO SAID CURVE;THENCE ALONG THE ARC OF A CURVE WHICH IS CONCAVE TO THE NORTHEAST A DISTANCE OF 105.75 FEET, WHOSE RADIUS IS 449.26 FEET, WHOSE DELTA IS 13 DEGREES 29 MINUTES 11 SECONDS, AND WHOSE LONG CHORD BEARS SOUTH 57 DEGREES 20 MINUTES 38 SECONDS EAST A DISTANCE OF 105.50 FEET TO THE END POINT(EP)OF SAID CURVE(REC. ARC 105.71 FEET, RADIUS 1S 449.26 FEET, LONG CHORD BEARS NORTH 57 DEGREES 23 MINUTES 41 SECONDS WEST, 105.47 FEET - TANGENT CURVE); THENCE SOUTH 71 DEGREES 07 MINUTES 20 SECONDS EAST ALONG A LINE NON-TANGENT TO AFORESAID CURVE A DISTANCE OF 157.11 FEET (REC. NORTH 71 DEGREES 03 MINUTES 19 SECONDS WEST, 157.09 FEET); THENCE SOUTH 74 DEGREES 36 MINUTES 31 SECONDS EAST A DISTANCE OF 494.39 FEET(REC.NORTH 74 DEGREES 38 MINUTES 09 SECONDS WEST,494.43 FEET); THENCE SOUTH 71 DEGREES I 1 MINUTES 43 SECONDS EAST A DISTANCE OF 142.46 FEET(REC.NORTH 71 DEGREES 13 MINUTES 36 SECONDS WEST, 142.46 FEET)TO THE BEGINNING POINT(BP)OF A CURVE. THE AFORESAID LINE BEING NON-TANGENT TO SAID CURVE;THENCE ALONG THE ARC OF A CURVE WHICH IS CONCAVE TO THE SOUTHWEST A DISTANCE OF 345.90 FEET, WHOSE RADIUS IS 369.26 FEET, WHOSE DELTA IS 53 DEGREES 40 MINUTES 15 SECONDS, AND WHOSE LONG CHORD BEARS SOUTH 37 DEGREES 16 MINUTES 05 SECONDS EAST A DISTANCE OF 333.39 FEET TO THE EP OF THE SAID CURVE(REC.ARC 345.90 FEET, RADIUS IS 369.26 FEET,LONG CHORD BEARS NORTH 37 DEGREES 17 MINUTES 58 SECONDS WEST 333.39 FEET-TANGENT CURVE); THENCE SOUTH 03 DEGREES 28 MINUTES 31 SECONDS EAST ALONG A LINE NON-TANGENT TO THE AFORESAID CURVE A DISTANCE OF 73.50 FEET(REC.NORTH 03 DEGREES 22 MINUTES 20 SECONDS WEST,73.50 FEET); THENCE SOUTH 43 DEGREES 58 MINUTES 46 SECONDS WEST A DISTANCE OF 138.50 FEET(REC. NORTH 43 DEGREES 50 MINUTES 15 SECONDS EAST, 138.55 FEET);THENCE SOUTH 00 DEGREES 03 MINUTES 22 SECONDS WEST A DISTANCE OF 30.14 FEET(REC.NORTH 0 DEGREES 02 MINUTES 12 SECONDS EAST,30.00 FEET)TO THE TRUE POINT OF BEGINNING,COUNTY OF LARIMER,STATE OF COLORADO. EXHIBIT B LRAM PARCELS Jim f.OT f0 0owuWALUM a PARCEL PARL.L[.NO 877• 500fi010 ' !AYlR7MIESTPA17CEi.f I sere 1.a m w.n r` •.•-•- ' - 1®tY raOpT.n c \ 1 19 W SCHUM wrmaor rPANC£L NO.. 8715005M m PO VAN a as M O tll ` In amonn mi mu '� MM1y1'I. M4'Y _ e1vny T • OM T • i ,wJ nmaa„sea 1 l PoLew R-7 SL71R4 I 7 •Y !a.na m I a M74CT xnr.LrPI ov un u / PARCEL ICEklER PARCE4 b�rn PARCH N7 orconom wno � � IfO1:TNNiS��P,1R(EU PfrRn p1 � \ ' I •, e.0rblaV WdM I (¢glnTIi OwL J� low 4/!!YW rY+fIM'MVR �� W®In p]„Vr,1f 0 p a�r� \ • IHGR.I.I ILER i 1 m b 1w" 1 _ _ i.r 7 C1b WY�+4it RM Ra .rYY.W Alfl7R/r F4rI 15•l'7�N•lbKlf• m iim. RPGt991>r7.RLD�lIR/I�Eii Ll7I/Nf1.4O/O'II old=j PA (PAW aYosu, �c�u envure cs werrw ia.o.a�•�•.6:kr�im' ww:oa"n,,.awm"�'n EXHIBIT B Exhibit"D" Paradigm Parcels EXHIBIT B EXHIBIT D-1 PARCELS 2 AND 3 FROM LEGAL DESCRIPTION IN TITLE COMMITMENT 597—FO531420-383—TOW DATED OCTOBER 5, 2015 (PARADIGM PARCELS) PARCEL 2: A TRACT OF LAND LOCATED IN THE NW X OF SECTION 22, TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE 6TH P.M., CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: CONSIDERING THE NORTH LINE OF SAID NW X AS BEARING S 89'59'00"E AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO, IS CONTAINED WITHIN THE BOUNDARY LINES WHICH BEGIN AT A POINT ON THE NORTH LINE OF THE SAID NW1/4 WHICH BEARS S89'59'E, 1199.65 FEET FROM THE NW CORNER OF SAID SECTION 22, AND RUN THENCE S89'591E 118.59 FEET ALONG THE SAID NORTH LINE; THENCE SOUTH 77.95 FEET; THENCE S89'59'E 27.06 FEET; THENCE S15016'W 1035.05 FEET ALONG THE CENTERLINE OF THE SAND DIKE DITCH; THENCE WEST 971.76 FEET TO A POINT ON THE EASTERLY RIGHT OF WAY LINE OF INTERSTATE HIGHWAY NO. 25; THENCE ALONG SAID EASTERLY RIGHT OF WAY N06'13'E 211.40 FEET, AND AGAIN N18'21'30"E 458.46 FEET; THENCE S89'59'E 810.90 FEET; THENCE N15'36'E 447.99 FEET TO THE POINT OF BEGINNING, EXCEPTING THEREFROM ANY PORTION CONVEYED TO THE COLORADO STATE DEPARTMENT OF HIGHWAYS BY INSTRUMENTS RECORDED MAY 23, 1947 IN BOOK 833 AT PAGE 522 AND MAY 23, 1988 AT RECEPTION NO. 88023148, AND ALSO EXCEPT THAT PORTION CONVEYED IN THE WARRANTY DEED RECORDED JANUARY 3, 2005 AT RECEPTION NO. 20050000154. COUNTY OF LARIMER, STATE OF COLORADO. PARCEL 3: A TRACT OF LAND LOCATED IN THE NW % OF SECTION 22. TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE 6TH P.M., CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: CONSIDERING THE NORTH LINE OF SAID NW 34 AS BEARING S 89'59'00'E AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO, IS CONTAINED WITHIN THE BOUNDARY LINES WHICH BEGIN AT A POINT WHICH BEARS N89159'W 1446.03 FEET FROM THE NORTH % CORNER OF SAID SECTION. 22 AND RUN THENCE N89'59'W 371.65 FEET; THENCE S00'01W 30 FEET TO A POINT ON THE SOUTHEASTERLY RIGHT OF WAY LINE OF INTERSTATE NO 25; THENCE S65'471W 109.70 FEET ALONG SAID RIGHT OF WAY LINE; THENCE N89'59'W 300 FEET ALONG SAID RIGHT OF WAY LINE; THENCE S52'25'W 70.10 FEET ALONG SAID RIGHT OF WAY LINE; THENCE S18'21'W 330.54 FEET ALONG SAID RIGHT OF WAY LINE: THENCE: S89'59'E 810.90 FEET; THENCE N15'36'E 447.99 FEET TO THE POINT OF BEGINNING, COUNTY OF LARIMER, STATE OF COLORADO, Paradigm Properties, LLC Project:2276.00XHSheet: C®F F Drawing:EXHIBIT SEC.22,T7N,R68W,6TH P.M. Drafted By: RR 1 ENGINEERING&SURVEYING FORT COLLINS,LARIMER COUNTY, Date: 01/09/18 1 4045 SL Cloud orke.suite 180 COLORADO Rev.Date: - Loveland.00 80538 Check By:TC 2[P]9 70-622-2095 I FI 9 70 46 1-44 69 EXHIBIT D-2 PARCELS 2 AND 3 (PARADIGM PARCELS) %".J .4.0' .4: if,." ­X LIE., ...r.......... ........... ---—-------- ......... ys,. it q ij f.4, .4- 'r N:4 ._gk'J� Af 37, ­.',C74j SM rl Paradion Properties, LLC SEC.22,T7N.R68W,6TH P.M, PIT FORT COMNS,LARRVIER COUNTY. COLOR.ADO EXHIBIT B Exhibit"E" CSURF Parcels EXHIBIT B NORTHERN 1 ENGINEERING DESCRIPTION: CSURF PARCEL A Tract of land located in Section 21, and Section 22, Township 7 North, Range 68 West of the Sixth Principal Meridian, City of Fort Collins, County of Larimer, State of Colorado, being more particularly described as follows: Considering the South line of the Southwest Quarter of said Section 21 as bearing South 89"01, 48" East, and with all bearing contained herein relative thereto: Commencing at the Northeast Corner of said Section 21;thence, North 880 38'29"West, 1241.97 feet; thence, South 01"21'31"West, 30.00 feet to the POINT OF BEGINNING, said point being the Northeast corner of an Easement granted to the State Department of Highways as recorded at Reception No.88026808 of the Larimer County Clerk and Recorder; thence, South 440 05,25"West along the Southeasterly line of said Easement, Recorded at 88026808, 37.44 feet to the Southerly line of a parcel of land described at Reception No. 20060041498 of the Larimer County Clerk and Recorders; thence, South 880 38'29" East along said Southerly line and the Easterly prolongation thereof, 346.55 feet to the Westerly line of a parcel of land described within Exhibit "A"at Book 1992, Page 280 of the Larimer County Clerk and Recorder; thence, South 619 58' 19" East along said Westerly line, 35.56 feet to the Northerly line of said parcel described within Book 1992, Page 280; thence, North 89° 50'02" East along said Northerly line, 13.83 feet to the Westerly line of a parcel of land described at Book 1234, Page 241 of the Larimer County Clerk and Recorder; thence, South 640 24' 59" East along said Westerly line, 4.65 feet to the Southerly line of a parcel of land described within said Book 1234, Page 241, said Southerly line being parallel with and 75.00 feet Southerly of, as measured at a right angle to the North line of the Northeast Quarter of said Section 21; thence, South 88°38' 29" East along said Southerly line, 300.00 feet to the Westerly Right-of-Way line of Interstate Highway No. 1-25; thence, along the Westerly Right-of-Way lines of Interstate Highway No. 1-25 the following 9 courses and distances: South 500 23' 59" East, 72.51 feet; thence, South 180 02'31" East, 798.28 feet; thence, South 06°22'28" East, 704.20 feet; thence, South 000 05' 56" East, 53.90 feet; thence along a curve concave to the east having a central angle of 06"33' 06" with a radius of 11583.00 feet, an arc length of 1324.50 feet and the chord of which bears South 030 24' 23" East, 1323.78 feet; thence, South 05°48' 32"West, 417.50 feet; thence along a curve concave to the east having a central angle of 03°00' 00"with a radius of 11680.00 feet, an arc length of 611.57 feet and the chord of which bears South 100 09'58" East, 611.50 feet; thence, South 256 42' 58" East, 425.50 feet;thence, South 120 55' 58" East, 968.64 feet to the South line of the Southwest Quarter of said Section 22;thence, South 890 43' 29" West along the South line of the Southwest Quarter of said Section 22, 344.34 feet to the Southeast comer of said Section 21; thence, North 890 01'48"West along the South line of the Southeast Quarter of said Section 22, 713.93 feet; thence parallel with and 20 feet Westerly of the centerline of an existing access road the following 15 courses and distances:thence, Noith 300 07' 30"West, 653.11 feet; thence along a curve concave to the northeast having a central angle of 27° 35' 32"with a radius of 424.29 feet, an arc length of 204.33 feet and the chord of which bears North 16' 19' 44" West,202.36 feet; thence, r � , Page 14 3 FORT COLLINS: 301 North Howes Street, Suite 100, 80521 1970.221.4158 GREELEY. 820 8" Street, 80631 1 970.395.9880 1 WEB: www.northernengineering.com EXHIBIT B North 020 31' 58"West, 432.64 feet; thence, North 000 56' 51"West, 512.69 feet;thence, North 22°22'44"West, 121.69 feet;thence, North 03°04' 28"West, 129.58 feet;thence along a curve concave to the southwest having a central angle of 420 50' 08"with a radius of 157.27 feet, an arc length of 117.58 feet and the chord of which bears North 240 29' 32" West, 114.86 feet;thence, North 45" 54'36"West, 71.28 feet; thence along a curve concave to the east having a central angle of 30°41' 12" with a radius of 330.34 feet, an arc length of 176.92 feet and the chord of which bears North 30°34'00"West, 174.82 feet; thence, North 150 13'24"West, 100.27 feet.,thence along a curve concave to the southwest having a central angle of 20"34' 23" with a radius of 289.75 feet, an arc length of 104.04 feet and the chord of which bears North 259 30' 36"West, 103.48 feet; thence, North 35'47' 47 West, 144.89 feet;thence along a curve concave to the northeast having a central angle of 370 10' 11"with a radius of 364.63 feet, an arc length of 236.55 feet and the chord of which bears North 17' 12'42"West,232.42 feet; thence, North 01"22'24"East, 921.36 feet; thence along a curve concave to the southeast having a central angle of 17°07' 56"with a radius of 707.08 feet, an arc length of 211.43 feet and the chord of which bears North 09" 56' 22" East, 210.64 feet;thence, North 89'40' 07" East, 6.45 feet to the Southerly prolongation of the Westerly line of said Easement, Recorded at Reception No. 88026808; thence, North 17"24' 16" East along said Southerly prolongation and also along the Westerly line of said Easement, Recorded at Reception No. 88026808, 673.89 feet; thence along the Westerly and Northerly lines of that Easement granted to the State Department of Highways at Reception No. 88026808 of the Larimer County Clerk and Recorders the following 5 courses: thence along a curve concave to the east having a central angle of 400 05' 20"with a radius of 532.96 feet, an arc length of 372.90 feet and the chord of which hears North 020 38'24"West, 365.34 feet; thence, North 220 41' 04"West, 110.41 feet; thence along a curve concave to the northeast having a central angle of 150 37'22"with a radius of 612.96 feet, an arc length of 167.14 feet and the chord of which bears North 14' 52' 23" West, 166.62 feet; thence, North 45" 28'31"West, 146.18 feet to a line being 30.00 feet Southerly, as measured at a right angle, of the North line of the Northeast Quarter of said Section 21;thence, South 880 38'29" East along a line parallel with and 30.00 feet Southerly of, as measured at a night angle to the North line of the Northeast Quarter of said Section 21, 280.00 feet to the POINT OF BEGINNING. The above described Tracts of land contains 6204458 square feet or 142.43 acres more or less and is subject to all easements and rights-of-way now on record or existing. January 15,2018 CNS D:\Projects\232-043\Dwg\Exhibits\Metro District\232-043_Dverall Boundary.docx Page 2 of 3 EXHIBIT B PROSPECT ROAD NORTH QUAR R CORNER-. SECTION 21-T7 SSW 7', NORTHEAST CORNER I SECTION 21-T7N-RBBW 04 f�L 80'PERMANENT ESMT.{ REC.No.$8025808 W I I W PERMANENTESMi. REC.No.8W26808 { { I CSURF PARCEL I { 6,204,458 sq.ft. , { 142.43 ac I 9 I I CENTER QUARTER CORNER t I EAST QUARTER CORNER SECTION 21-77N-R68W \ f I SECTION 21-T7N-R68W I \ 1 { 1 I ' I 1 , I I { I I 1 t SOUTH QUARTER CORNER {I ! [n SECTION 21-T7"68W { . I ` � I WO r m $W 1 FAST CORNER (IN FEET) SECTION 21-T7N-R68W ,loco=soo a glf]I�Iq, NORTHERN CSURF-METROPOLITAN PROJECT AREA BOUNDARY MAP ENGINEERING DISTRICTS 1 - 7 - snowdm FORT COLLINS E=M SHEET m'TCOW630LNO*l� Sbt5n10),am) won1.us COLORADO awxwy15,2Q18 3 of 3 lip . _ {{��• FAR ��7r` N� Z,•�� a � vG ' �-,�`�.� - ,:1 ""�" c \.. ,t : �'y/y-�]t'�,.�r�.r, °!ta-,.��•te1 �+I'-�. I . it.I�i.A y, I>a '�t r 1�y"'ty"' q �^� Ir`tC/ ®fC{.� � � T,'{',�,A i�"' � �S1d"i�rl•Ij �fT7 s t 1 I✓• !,{ T�•..,ayaiL .T�! I sL o Pr o tg+ �i'_y �•) i" 1'lY��' s�. A..1t�y )� ).i..��i(ij,�+�+� , 1 .'1 f t�f_� ! f+•^t z�T4!�•^-d'^ /t /� I�` �L,�, e�jr*�{{� ,y,t ("''� a �,ax�.7°�1 a' 1t�R��(ls�s>Tc�'Z.�(#w '..1. "�'�� — /1 faj +4� .gL rk'�fa'�c�e Ir �.. ��+ "�• { j[p'{.•..,pt��"l+L�+'1frr'1s"�` �`y ��� �, 1'ai)� , } `,`'��,i1��✓/fG1 N f.',v sit ..r_•+rs_,\ �� �/OR ,rfI F{y t'f`s`l�}t�1,"1"\tp`'�"-'���,I�/"J/-"•1.�'.�.Lh.I iI - .�.. icl`tl�f 1',Y)�t!�'•k.fJ,�•lr lv�!•-f�w,,y;,t�,r�.3-.y.�ia'r�r Ya�4, '.�+♦n-ai_�StiF,{Sti)i ff�z-Y.+.l.1�l)+� �1 I v a k, (� :.-. _.. �_ �� ,ram f� ._r_ _ � >"Ti1:1�->•�ff3 Property u Property Ownc,b) a ! 1 I a. �j. i� Number . .�. r FYI tA. ' v,;,,5 1. o'aal r o VA%No elrf AV `r '1 Al I4.1 F_Iu0 ?: 1� �L ♦tea .r .. )... 1 __ •La. t �� ' 1 11 111 111 11/ 111 EXHIBIT C AREA 1 1. PROSPECT PROPERTY LLC (.50) DINGS ANN M LIVING TRUST(.50) A trad of load dtr;me is f6e NW U4 of Sxdoa ZZ„Towns*7 Nonk Rap 6B Wed ofthe 6% P.M.wtiah am"*the lfm*line ofthe acid NW 1114 as ba ft U9.598 sad arm wi bwbW contoined be1n1611,rd9l"*KCWy is o nifteW wkhle*e balitidary!foes wltieb b*n st a poiet ols the of-alias of the S=d D&e Dh&wbkh bears S89.5981313.24 fbo�and sg>t6 South 77'.9S feat.sad tII�IIt S89•s9'B Z7.06 alotdag�imi Sl�'1t3iW 1Q3SAS feat 8vm the Nmhwest Codas+'of atdd SaWea 23,and rum fly S1 S°I6 VN 351.38 hd t kmS the aml alias afthe Sand DOw Dit*-,theasoe West 916.17 Runt to aPdat on theEuterly right afwsyliw of Iveraft Wvbv►ay No.25;them NMV 13%340.99 fleet 41M ad Easterly ASS of way sham East 97t.76£ea to the POW OF 8FG1AIIGNa Couaty ofLaVilaw State of c4kndo 2. MAXEY-URBEN-MAXEY LLC A tract of land situate in the Northwest''/.of Section 22,Township 7 Noah,Range 68 West of the Sixth P.M.,Latimer County,Colorado,which considering the North line of said Northwest%.as bearing S 89159'E.and with all bearings contained herein relative thereto,is contained within the boundary lines which begin at a point on the ceaterline of the Sand Dike Ditch which bears S 89*59'E. 1318.24 feet,and again South 77.95 feet,and again S.89*59'E 27.06 feet,and again S 15*16'W 1386.43 feet from the Northwest corner of said Section 22,and run thence S 15*16'W 377.29 feet along the centerline of the Sand Dike Ditch;thence West 830.81 feet to a point on the Easterly right of way line of Interstate Highway No.25;thence along said Easterly right of way line along the arc of a 11,333.00 foot radius curve to the right a distance of 159.57 feet, the long chord of which bears N 00°57'22"West 159.55,feel,and again N 00016'E.53.90 feet,and again N 06°13'E 151.41 feet;thence East 916.17 feet to the Point of Beginning. County of Latimer, State of Colorado. 3. COMMERCIAL NET LEASE REALTY INC NATIONAL RETAIL PROPERTIES INC A Tract Of Land Situated In The Northwest 1/4 Of Section 22, Township 7 North, Range 68 West Of The 6th Principal Meridian,Latimer County,Colorado,Which Considering The North Line Of Said Northwest 114 As Bearing South 89 Degrees 59 Minutes East, And With All Bearings Contained Herein,Relative Thereto,And More Particularly Described As Follows: Beginning At A Point On The Centerline Of Sand Dike Ditch Which Bears South 89 Degrees 59 Minutes East 1318.24 Feet, And Again South 77.95 Feet, And Again South 89 Degrees 59 Minutes East 27.06 Feet,And Again South 15 Degrees 16 Minutes West 1763.72 Feet From The Northwest Comer Of Said Section 22 And Run Thence South 15 Degrees 16 Minutes West 287.00 Feet Along Said Centerline;Thence West 745.28 Feet To A Point On The Easterly Right Of Way Line Of Interstate Highway 25;Thence Along Said Easterly Right Of Way Line Along The Are Of A 11,333,00 Foot Radius Curve To The Right A Distance Of 277.07 Feet,The Long Chord Of Which Bears North 02 Degrees 03 Minutes 37 Seconds West 277.04 Feet;Thence East 830.81 Feet To The Point Of Beginning,County Of Latimer,State Of Colorado. EXHIBIT C 4. ABC LAND CORPORATION LLC A tract of teed shuate in the Northwest Y.Of Section A Township 7 Nortb,Range 68 West of the a P.M, i.arimer County,Colorado,which eowiderwl;the North line of said Northwest Vas beets N 89°99'West a0d AM all beariugs conufto&buvio rehdvv thereto,b can taLOW within the boundary duce which begin at a paint as the tenteriioe of the Sand Dike Ditch which bears Al W-9P West 1327.44 feet,and again South 77."t6K and godo S 89OW Bast 27.06 feet,and again S 15616'West 2011.72&et ftm the North'A corner Of aped Section 22 and ran thence West 74d,28 feat to the East 1111ft ofiaterdate Highway No.25:thooce aim acid/.•E�A+�.0 l/i.n/,e on the art ors 11.333 foot radio cumto the k!t a dMM"of 54M feet,the long chord of whk h bean S Q3W09"East 548M fat to a point on the centerline of the Sand Dike Ditch;thence abrngsaid wriertoze,N 54419'East 838.08 feet,and again along said eenterlia Oa the arc of a 71.20 foot radii=carve t0 the kft a dktanee 0f 4M feet,the lass Chord of which hens N 34147130"East 47.59 feat,and again along said eentcrline N 15916'East 20.70 feet to the point of begianieg. 5. VAN DYK/VOS LLC PARCEL I A part of the Southwest 2/4 of Section 22, Township 7 North, Range 68 West of the sizth You., County of Larlmer, Heats of Colorado, lying seat of Iaterstate highway No. 28 and the Bast 16.50 feet of the Northwest 1/4 of said section 32 which is ail more particularly described as considering the crest line of the said Soatbweat 2/4 as bearing N 00'166000 B and with all bearings contained heroin relative thereto is coatained within the bouudarp lines which begin at the seater 1/4 corner of said Section 22 and sun thence S 000151300 'W 1254,16 feet along the' East lino of the said Southwest 1/4s thence W 899366410 N 1179.41 Feed thence N 00M15038n R 1257.41 feet to a point on the north line of the said Southwest 1/4s thence S 99047.126 R 1162.90 feet along the said North lines thence N 00021248' B 2639.44 Cast along the trust line of the Raat 16.50 feet of the said Nortinreet 1/4 to a point on the North line of the said northwest 1/4s theme 8 89'S1•12■ B 16.S0 fact to the North 1/4 corner of said section 22s thence a 00021048■ W 2639.46 feet along the Rut line of said Northwest 1/4 to the point of beginning, County of Lorimar, State of Colorado. (street Rddresse 2100 southeast Frontage stead, port Collins, Colorado) PARCEL ZI K"-tvact of load situate in the Ml/4 of section 22, Township 7 Worth, Range 68 best Of the 6th P.16., County of &primer, State of Colorado, which e:easider"t the nest line of the said Saes/4 u bearing N 00016100s B and with all bearings contained herein relative thereto is contained within the boundary lines which begin at a point on the Bast line Of the said ttitl/4 which bears 8 00'3S'38' We 12S4.16 feet from the cantor 1/4 corner of said section 22 and run thence 8 000150380 N, 1390.61 feet alanB the said East Line to the 81/4 corner of said section 221 thence N. 89'56441■ W, 2047.49 feet along the South line of said ma14 to a point on the easterly line of interstate Highway No 2Sr thence along the said easterly line N i2034.00' w, 1025.05 feat and again N 00-44,000 R, 416.30 lest and again along. the arc of a 11240,00 loot radius curve to the right a distance of 588.59 feet, the ions chord of which bears N 090680200 ice, 588,S1 feet and again N 20148830" W, 397.40 feet and again along the are of a 11375.00 foot radius carve to the right a distance of 285.47 foot, the long chord of which bears N OS037101' W, 283.46 feat to a point on the North line of the said etel/4s thence 8 99•47,120 R, 1367.17 feet along the said North lines thaws 8 00925038' W. 1297.41 fasts thence s 89056F41' E, 1179.41 Lest to the point of begimsin , County of bariner, state of Colorado. (Vacant land, no street address assigned) TOCMTHM WITH all rights, title, and interest of sailer in and to one-half (2/2) share of the capital stock of The Lake Canal Company, four (4) shares of the Cepital' stoek of The sand Dike Ditch CoMany, one (1) City of Greeley water tap, and two (2) irrigation wells known as the MCL&Ughlin (fells bearing Permit No. 11423 and No. 11424. EXHIBIT C 6. J-B INVESTMENTS INC A TRACT or LAND BITUATB IN THE MW L/4 OF SECTION 22, TONNSHIF 7 NORTH, RAN" 48 WEST OF THE GTH P.M., mucig CONSIDERING; TUB NORTE Lus OF SAin NCO 1/4 AS 9BARING NORTH 89 D2098E5 59 MINUTES WEST AND WITH ALL BEARINGS CONTAINED RSRSIN RELATIVE THERETOo ANN MORE PARTICULARLY DSSCRIBBD AS POLLOWSi BEGIN AT A POINT`ON THE NORTH LINE OF SAID NN 1/4 WHICH BEARS NORTH 89 VNMR868 59 KnWBS WEST 1217.31 PEST FROM TUB NORTH 1/4 CORNER OF SAID SBCIZON 22, AND RUN THENCE SOUTH 15 DEGREES 35 HIM WEST 070.76 FBBTD TBSNCS SOUTH 86 DEGREES O6 MINUTES EAST 7X3.1.2 FEET TO A POINT ON THE CENTRRLINS OF A LATERAL IRRIGATION DITCHI THENCE ALONG THE CENTERLZNE OF am LATERAL IRRIGATION DITCH ON THE POLLOWINO HEARINGS AND DLSTAN=t SOUTH 22 DEGREES 15 MINUTES 15 SOCbNbS WEST 100.26 FEET AND AGAIN SOUTH 07 DEGRRSS 14 HINU793 WEST 27.30 FBST, AM AGAIN SOUTH 09 DEGREES 23 MZNGM BAST 47.01 PEST, AND AGAIN SOUTH 01 DEGREES 06 MTlfl1TLS EAST 191.16 FEET, AND AGAIN SOUTH 13 DRO RIS 04 KtUM90 BAST 317.S8 FBST, AND AGAIN SOUTH 23 b2GRZZS 39 MINUTES EAST 79.SS FEET, AND AGAIN SOUTH 39 DEGREES 20 MINUTES 30 BE ''ICS BAST 117.3; FIRST, AND AGAIN SOUTH 00 DEGREES 08 MIr=99 NUT 118.41 BEST, AND AGAIN SOUTH 09 DEGREES 36 MINUTES 45 S®XDntDS BAST 142.29 FEET, AND AGAIN SOUTH 34 DEGREES 16 HrRUTES RUT 106.43 FEET, AND AGAIN SOUTH 17 DEGREES 14 MINUTES BUT 104.80 FEET, AM AGAIN SOUTH 23 DEGREES 26 MINUTES EAST 205.51 PERT, AND AGAIN SOUTH 19 DEGREES 35 MINUT39 BAST 135.85 FEET, AND AGAIN SOL"M 34 DEORBBS 22 MINUTES EAST 85.66 FEET, AND MAIN 900" 4S 020MRS 50 MINUTES BAST 79.8S FEET, AIM AGAIN SO"M 24 DEGREES 44 M331UTBS 30 SECONDS EAST 1S.66 FEET (16.45 FEET DEEDED) TO A POINT ON THE SOUTH LINE OP SAID NORTHWEST 1/4; THENCE ALONO SAID SOUTH LINE NORTH 89 DEGREES SS MI140T88 S9 SECONDS WEST 2299.69 FEET (N 89 DBGRBFS 59' 006 M, 2296.00 FRET DEEDED) TO A POINT ON TUB BAST RIGHT-OP-OMY LINE OF INTERSTATE HIGHWAY NO. 251 TRENCH ALONG SAID EAST RIGHT-OP-WAY LINE ON THE ARC" OF AN 11,333.00 FOOT RADIUS CURVE TO TAB RIGHT A DISTANCE OF 34.68 FEET, THE LONG Cl[ORD OF WRICK BEARS NORTH 04 DEGREES 46 MINUTES WEST 34.60 FEET TO A POINT ON •THE CENTERLINE OF TUB SAND DIKE DITCHs TH83= ALONG THU C NTERLINS OF SAID SAND DUE DITCH NORTH 54 DEGREES 19 MINUTES EAST 036.09 PEST, AND AGAIN ALONG THE CENTERLINE OF THE SAM DIRE DZTCK ON TER ARC OP A 71.20 FOOT RADIUS CURVE 7b THE LEFT A DISTANCE OF 48.53 FEET, TUB LONG CHORD OP WHICH BEARS NORTH 14 DMZ33 47 KZNUT88 30 SECONDS BAST 47.59 FEET, AND AGAIN ALONC THU CENTBRf.r OF THE SAND DIKE DITCH OIORTH 1S DBGR$28 16 MINUTES BAST 2071,42 FEET; THENCE NORTH 89 DEGREES 59 MINUTES WEST 27.06 FSST; THRHCE NORTH 77.95 FEET TO THE NORTH 61M OF SAID NW 1/4; THENCE ALONG SAID NORTH LINB SOUTH 89 DEGREES 59 MINUTES EAST 110.13 FEET TO INS POINT OF BEOSlDOINO. COUNTY OF LARIMEN, STATE OF COLORADO 7. MEADOWS AT PROSPECT ROAD LLC A TRACT OF LAND SITUATE IN THE NORTH WEST ONE-QUARTER OF SECTION 22, TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE 6TH P.M., COUNTY OF LARIMBR, STATE OF COLORADO, WHICH CONSIDERING THE NORTH LINE OF SAID NORTH WEST ONE-QUARTER AS BEARING DUE WEST AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO IS CONTAINED WITHIN THE BOUNDARY LINES WHICH BEGIN AT A POINT WHICH BEARS WEST 1217.31 FRET AND AGAIN S 15 DEGREES IS' W 503.92 FEET FROM THE NORTH QUARTER CORNER OF SAID SECTION 22 AND RUN THENCE 8 86 DEGREES 07' E 696.00 FEET TO A POINT ON SHE CENTER LINE OF THE EXISTING IRRIGATION LATERAL DITCH; THENCE ALONG SAID CENTER LINE 8 03 DEGREES 09' 2 181.95 FEET AND AGAIN 8 32 DEGREES 40' W 112.23 PERT; EXHIBIT C AND AGAIN S 21 DEGREES 31' W 84.22 FEET; THENCE N 86 DEGREES 07' W 713.12 FEET; THENCE N 15 DEGREES 331 E 366.84 FEET ALONG A LINE 50 FEET EASTERLY OF AND PARALLEL TO THE EASTERLY HANK OF THE SAND DIKE DITCH TO TEE POINT OF BEGINNING, 8. MEADOWS AT'PROSPECT ROAD LLC A TRACT OF LAND SITUATE IN THE NORTH WEST ONE-QUARTER OF SECTION 22, TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE STU P.M., COUNTY OF LARIMER, STATE OF COLORADO, WHICH CONSIDERING THE NORTH.LINE OF SAID NORTH WBST. ONE-QUARTBR .AS BEARING DUE WEST AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO IS CONTAINED WITHIN THE BOUNDARY LINES WHICH BEGIN AT A POINT WHICH BEARS WEST 1107 .79 FEET FROM THE NORTH QUARTER CORNER OF SAID SECTION 22 AND RUN THENCE SOUTH 30.00 FEET TO A POINT ON THE CENTER LINE OF THE LAKE CANAL; THENCE ALONG SAID CENTER LINE ON THE FOLLOWING COURSES AND DISTANCES: S 22 DEGREES 006 300 E 67.31 FEET; AND AGAIN S 34 DEGREES 59' E 67.20 PERT; AND AGAIN S St DEGREES 08' E 148.40 FEET; AND AGAIN S 45 DEGREES 35' 8 258.76 FEET; AND AGAIN S 51 DEGREES 49' 300 8 98.71 FEET TO A POINT ON THE CENTER LINE OF AN IRRIGATION LATERAL DITCH; THENCE 8 03 DEGREES 09' E 56.10 FEET; THENCE N 86 DEGREES 07' it 696.00 FEET; THENCE N 15 DEGREES 35' 8 503.92 FEET ALONG A LINE PARALLEL TO AND 50 FEET EASTERLY OF THE EASTERLY BANK OF THE SAND DIKE DITCH; THENCE EAST 109.52 FEET TO THE POINT OF BEGINNING; 9. BEKIAN FAMILY TRUST A tract of land situate in the Northwest Quarter of Section 22, Township 7 North, Range 68 west of the 6th P. M., which considering the North line of said Northwest Quarter as bearing due West and with all bearings contained herein relative thereto is contained within the boundary lines which begin at a point which bears West 916.02 feet from the North Quarter corner of said Section 22 and run thence west 191.77 feet; thence South 30.00 feet to a point on the center line of the Lake Canal; thence along said center line on the following courses and distances: South 22 degrees 00 minutes 30 seconds East 67.31 feet; and again South 34 degrees 59 minutes East 67.20 feet; , and again South 54 degrees 08 minutes East 148 .40 feet, and again South 45 degrees 35 minutes East .10.86 feet; thence North 242.03 feet to the point of beginning, EXCEPT any portion contained within County Road 44. County of Larimer, State Of Colorado. 10. TROXELL BARBARA Y A tract of land situate in the Northwest Quarter of j: ection 22, Township 7 North, Range 68 West of the 6th P.M. , which Considering the forth line of said Northwest quarter as bearing due at and with all beartnge Contained herein relative thereto is con. ained'-4ithin the boundary lines which begin at a point which bears at 731.02 feet from the North Quarter corner of said Section 22 and no thence West 185.00 feet, thence South 242.03 feet to a point on he centerline of the Lake Canal, thence South 45035' East 247.90 �eet along said center line thence South 51,49130" East 10.08 feet aalonj said center line , thh ce North 421. 76 feet to the point of be. inn. n¢- Also known as 4b�f East Prossect EXHIBIT C 11.ALVAREZ ALBERTO A tract of land situate In the Northwest 114 of Section 22,Township 7 North,Range 68 West of the 6th P.M.,County of Larimer,State of Colorado, considering the North line of the said Northwest 1/4 as bearing West and with all bearings contained herein relative thereto,beginning at a point on the North line which bears West 435.68 feet from the Nortb 1/4 corner of said Section 22 and runs thence South 634.90 feet to the centerline of the Lake Canal Ditch; thence.along said centerline North.46142130" West 91.19 feet; thence North. 61*04' West 118.22 feet; thence North 55154140" West 57.86 feet; 51049130" West 98.71 feet; thence leaving the said centerline and running North 421.76 feet to the North line of the said Northwest 1/4; thence along said North line,East 295.34 feet to the Point of Beginning,County of Larimer, State of Colorado. J 12. GRAY VAUDELORES K A tract of land situate in the Northwest''/,of Section 22,Township 7 North,Range 68 West of the 6iA P:m.,Larimer- County,Colorado,considering the North line of the said Northwest'/.as bearing West and with all bearings contained herein relative thereto,beginning at a point on the North line which beats West 312.84 fee[form the North'/.corner of said Section 22 and runs thence South 715.89 feet to the centerline of the Cake Canal Ditch;thence along the said centerline North 66°52'30"West 73.33 feet and again North 46042.30"West 76.06 Peer,thence leaving said centerline and running thence North 634.90 feet to the North line of said Northwest %;thence along the said North line,East 122.84 feet to the Point of Beginning, County of Larimer,State of Colorado. 13.JIRON JOAQUIN E A tract of land in the Northwest Quarter of Section 22,Township 7 North,Range 68 West of the 6th P.K' Larimer County,Colorado, which considering the North line of the said Northwest Quarter as bearing due West and with all bearings contained herein relative thereto, is contained within the boundary lines which begin at a point on the North line of the said Northwest Quarter which bears West 193.62 feet from the North Quarter corner of said Section 22,and run thence West 119.22 feet along said North line;thence South 141.00 feet: thence East 117.09 feet; thence North 0 degrees 52'East 141.02 feet to the Point of Beginning, County of Larimer, State of Colorado. 14. SIGNORELLI JACKLYN C A TRACT OF LAND SITUATE IN THE NORTHWEST 1/4 OF SECTION 22, TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF LARIMER, STATE OF COLORADO DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE NORTH LINE OF THE SAID NORTHWEST 1/4 WHICH BEARS WEST 16.5 FEET FROM THE NORTH QUARTER CORNER OF SAID SECTION 22, THENCE WEST 177.12 FEET ALONG SAID NORTH LINE, THENCE SOUTH 0 DEGREES 52 MINUTES WEST 180.02 FEET, THENCE EAST 177.59 FEET TO A POINT 16.5 FEET WEST OF THE EAST LINE OF THE SAID NORTHWEST 1/4; THENCE NORTH 0 DEGREES 43 MINUTES EAST 100.01 FEET TO THE POINT OF BEGINNING, COUNTY OF LARIMER, STATE OF COLORADO. 16. MANNON KENNETH M MANNON JOAN M A tract of land situate in the NWf of Section 22. Township 7 North, Range 68 hest of the 6th P.M. , Lartmer County. Colorado. which considering the North litre of the said NWj as bearing due hest and with all bearings contained herein relative thereto are more particularly described as follows: Bngtn at a point which bears EXHIBIT C West 16.50 feat and again 8 0043' W 186.01 feet from the North 114 corner of said Section 22 and run thence West 177.59 feet; thence N 0*52' B 39.00 feet; thence West 117.09 feet; thence South 515.42 .feet; thence S 66*52130" E 124.97 Peet; thence S 80*07' E 174.09 feet to a point 16.50 feat West of the Zest line of the said NWI; thence N 0*43' E 555.41 feet to the point of beginning. 16. BATH RICHARD LARRY Parcel l: A tract of land situate in the Northwest one-quarter of Section 22, Township 7 North Range 68 wlast of the Sixth Principal Meridian, Larimer County. Colorado, which considering the East line of the said Northwest One-Quarter as bearing North 00" 13.minutes East and with all bearings contained herein relative thereto Is contained within the boundary Imes which begin at a point on the West One of a 16.5 Foot access fans which bears west 16.5 feet and again South 000 13 minutes West 1162.28 test from the North One•Quarter comer of said Section 22, and nma thence West 763.59 feet to the centerOne of a irrigation lateral, thence along said centerline South 010 07 minutes East 89.67 feet, and again South 13* 05 minutes East 212.27 feet; Thence East 702.67 feat to a point on the West line of the said 16.5 foot access lane; Thence along said West line North 00" 13 minutes East 296.42 That to the Point of Beginning. Parcel II: A tract of land situate In the Northwest Quarter of Section 22, Township 7 North Range 68 tflMrst of the Sixth Principal Meridian, Which considering the East line of the said Northwest Quarter as bearing South 000 13 Minutes West and with all bearings contained herein relative thereto are more particularly described as follows: Beginning at the Intersection the centerline of the Lake Canal and the West line of a 10.50 foot Lane which bears West 16.50 feet and again South 000 13 minutes West 797.39 feet from the North Quarter Corner of said Section 22 and run thence along the said centerline North 800 07 Minutes 30 Seconds West 175.64 feet and again North 660 52 minutes 30 seconds West 204.15 feet and again North 460 42 Minutes 30 Seconds West 167.25 feet and again North 61004 minutes West 118.22 feet and again North 55054 minutes 40 seconds West 57.86 feet and again North 51949 minutes 30 seconds West 10.08 fast to a point on the centerline of an Irrigation lateral; Thence along said centerline, South 03*09 Minutes East 236.05 feet and again South 32040 minutes West 112.23 feet and again South 21031 minutes West $4.22 feet and again South 22014 minutes 15 seconds West 108.26 feet and again South 07013 minutes West 27.36 feet and again South 09924 minutes East 47.01 feet and again South 01007 minutes East 101.49 That Thence East 753.59 foot to a point on the West line of the said 16.50 foot lane; Thence along said West line, North 00*13 minutes East 364.89 feet the point of beginning, County of Lorimer, State of Colorado. 17. PHILLIPS JENNY K/ROBIN T LOT 2, H. R. PHILLIPS M.R. D. NO. 95-EX0810 18. PHILLIPS H R/NEVA J LOT 1, H. R. PHILLIPS M.R.D. NO. 95-EX0810 19. EKBLAD LARRY R/LINDA M LOT 1, HACIENDA DE ARBOLES M.R.D. NO. 00-S1481 20. EKBLAD LARRY R/LINDA M LOT 2, HACIENDA DE ARBOLES M.R.D. NO. 00-S1481 EXHIBIT C 21. WILLIS BETTY FAMILY LIMITED Commencing at a point 2,161 feet South of the NE corner of Section 22, Township 7 North, Range 68 hest of the 6th P.M., them west 200 feet; thence South 70 feet; thence East 200 feet; thence North 70 feet to the point of beginning; also Coming at a point 1740 feet South of the Northeast cooker of the NE} ' of.Section 22, Township 7 North, Range 68 West of the 6th P.M., thence South to the SE.corner of said NE}; thence west to the Southwest corner of the NEI of said Section 22, thence North to the center line of The Lake Canal Ditch, which is also a point 787 feet South of the Northwest corner of the said NE} of said Section 22; thence Southeasterly along the center line of said ditch to a point 857 feet due West of the point of beginning; thence East 857 feet to the point of beginning; excepting rights of way for roads and ditches as the same now exist; together with the South 4 feet of Lots 44, 45, 46, 47, and 48 of homestead Estates a subdivision of a portion of said Section 22; also together with Two (2) shares of the capital stock of The take Canal Company and One (1) share of the capital stock of The Lake Canal Reservoir Company; also oammencing at the Southeast corner of the Southwest Quarter (SW#) of the Northeast Quarter (MI) of Section 22, in Township 7 North of Range 68 West of the 6th P.M., thence North to the center of the Lake Canal Ditch, which traverses the Northeast Quarter (NE}) of said Section 22, thence Northwesterly along the center of the said Lake Canal Ditch to a point on the West line of the Northeast Quarter (NEI) of said Section 22, which is 787 feet south of the Northwest corner of the said Northeast Quarter (1) of said Section 22, thence South to the Center of said Section 22, thence East to the point of beginning; excepting rights of way for roads and ditches as the same now exist; together with Two (2) shares of the capital stock of The Lake Canal Cwgxmy and One (1) share of the capital stock of The Lake Canal Reservoir Cmpanny; a/k/a 1921 So. County Road 85, Fbrt Collins, 00 00525 and The South four feet(S.41)of Lots 44,45, 469 47 and 48 of Homcatead$states a snb&vidon of a portion of Section 22, TowmWp 7 North, Range 68 West of the 6th P.M., Larmuer County, Colorado. EXHIBIT C - AREA 2 22. POUDRE R-1 SCHOOL DISTRICT A parcel of land being part of the South Half(S1/2)of Section Fifteen(15).Township Seven North (77.7N.), Range Six"ight West(R.68W.)of the Sixth Principal Meridian(6th P.M.),County of Larimer,State of Colorado and being more particularly described as follows: BEGINNING at the Southeast Comer of said Section 15 and assuming the South line of the Southeast Quarter(SE1/4)of said Section 15 as bearing North 89"56'23" West,as determined by a GPS observation,a distance of 2638.04 feet with all other bearings contained herein relative thereto: THENCE North 89"5623" West a distance of 2638.04 feet to the South Quarter Corner of said Section 15; THENCE North 8995638" West along the South line of the Southwest Quarter(S W 1/4)of said Section 15 a distance of 635.26 feet; THENCE North 00°0322" East a distance of 468.93 feet to the Southerly line of that strip of land as described in that Warranty Deed as recorded November 30. 1972 in Book 1531 on Page 759 of the recordsof the Larimer County Clerk and Recorded(LCCR); Thence along said Southerly line by the following Two(2)courses and distances: THENCE South 54'55'30" East(Rec.S. 55*01'E.)a distance of 764.90 feet; THENCE South 89*53'30" East(Rec.S. 89°59'E.)a distance of 8.89 feet to the East line of said SWI/4; TI-IENCE North 00009,39" Gast along said East line a distance of 54.76 feet to the Northerly line of the aforesaid parcel of land; THENCE North 54055'30" West(Rec.S. 55*01'E.)along said Northerly line a distance of 775.87 feet; THENCE North 00°0322" East a distance of 804.25 feet to the North line of the South Half of the Southwest Quarter(S l/2 SWIM)of said Section 15; THENCE South 89'4T03" East along said North line a distance of 637.70 feet to tite Northeast Comer of said S l/2 S W 1/4; THENCE South 89*48'01" East along tine North line of the South Half of the Southeast Quarter (SIR SE1/4)a distance of 2639.15 feet to the Northeast Corner of said S1/2 SE1/4; THENCE South 00'12'32" West along the East line of said S1/2 SEIM a distance of 1326.04 feet to the POINT OF BEGINNING. EXHIBIT D BINDING AGREEMENT PERTAINING TO DEVELOPMENT OF INTERSTATE HIGHWAY 25 AND.PROSPECT ROAD INTERCHANGE THIS BINDING AGREEMENT (this "Agreement")is made and entered into this day of April, 2018 (the "Effective Date"), by and between the City of Fort Collins, Colorado, a Colorado home rule municipality (the "City"); Fort Collins/I-25 Interchange Corner, LLC, a Colorado limited liability company("FCIC");Gateway at Prospect Apartments,LLC,a Colorado limited liability company ("GAPA"); a group of tenants in common comprised of the CW Subtrust, M. Jennet White, Christopher White, Eric. S. White, Jane E. White, Jason R. White, Daniel A. White, New Direction IRA, Inc. FBO Barbara Ann Medina IRA, Booren Limited Liability Partnership, Dunkin Limited Liability Limited Partnership, Laura Snortland Fairfield, Robert C. Roth, Jr. and Robert Taylor (collectively, the "TIC Owners'); Paradigm Properties LLC, a California limited liability company ("Paradigm"); and Colorado State University Research Foundation, a Colorado non-profit corporation ("CSURF") (each a "Par " and collectively the"Parties"). WITNESSETH: WHEREAS, pursuant to a Memorandum of Understanding dated as of January 30, 2018 (the"MOU")by and among the City and the other parties identified therein(together with the TIC Owners, the"Owners"),the City and the Owners established a non-binding outline of documents and terms to be negotiated for the sharing of costs of improvements to the highway interchange at Interstate Highway I-25 and Prospect Road in the City;and WHEREAS, one of the documents contemplated by the MOU was a binding agreement between the Property Owners and the City, identified as the Binding Agreement, whereby the Property Owners would agree to pay the Owners' Share to the City from various pledged revenues and to memorialize other commitments between the Parties; WHEREAS, this Agreement shall constitute the Binding Agreement contemplated by the MOU; NOW, THEREFORE, for and in consideration of the promises and mutual covenants and understandings herein, the Parties hereby agree as follows: ARTICLE I DEFINED TERMS AND INTERPRETATION 1.1 Definitions. Capitalized terms used herein and not defined in the Recitals above or elsewhere in this Agreement shall have the meanings, respectively, specified in Exhibit "A" hereto. 1.2 Interpretation. In this Agreement, unless the context expressly indicates otherwise, the following words shall be interpreted as set forth below: 1 EXHIBIT D (a) The words "herein," "hereunder;" "hereby," "hereto," "hereof and any similar words, refer to this Agreement as a whole and not to any particular article, section, or subdivision hereof; the word "heretofore" means before the date of execution of the Agreement; and the term"hereafter"means after the date of execution of this Agreement. (b) All definitions,terms,and words shall include both the singular and the plural,and, except as otherwise expressly defined in the text of this Agreement, all capitalized words or terms shall have the meanings specified in Exhibit"A"attached hereto. (c) Words of the masculine gender include correlative words of the feminine and neuter genders, and words importing the singular number include the plural number and vice versa. (d) The captions or headings of this Agreement are for convenience only, and in no way define,limit,or describe the scope or intent of any provision,article,or section of this Agreement. (e) All schedules, exhibits, and addenda referred to herein are incorporated herein by this reference. ARTICLE 2 FINANCING OF OWNERS' SHARE. 2.1 Owners' Share. The Owners' Share shall be the share-of the costs of the Project to be funded by the Interchange District in accordance with the terms and provisions of this Agreement and the Capital Pledge Agreement. The Owners have agreed to fund costs of the Project in the amount of$8,250,000, plus financing costs and interest as provided in the Capital Pledge Agreement. Upon execution and delivery of this Agreement,the City shall grant the TCEF Credit in the amount of $700,000 to reduce the principal amount of the Owners' Share to $7,550,000, plus financing costs, as set forth in the Capital Pledge Agreement. The City shall additionally grant the ROW Credit in the amount of $500,000 to further reduce the principal amount of the Owners' Share upon compliance with the provisions set forth in Section 2.3 hereof. The Owners hereby agree to take all reasonable action necessary to.ensure that the Interchange District pays the Pledged Revenues to the City in an amount equal to the Owners' Share, the manner and timing of such payments being further described in the Capital Pledge Agreement, the form of which is attached as Exhibit`B"hereto and by this reference made a part hereof. 2.2 Interchange PIF: Each Owner hereby agrees that it will record with respect to its Property in the Interchange District an Interchange PIF Covenant touching, concerning and running with the land, as further described in the Capital Pledge Agreement. The form of each Owner's Interchange PIF Covenant may differ provided that it contain provisions requiring that the collected Interchange PIF be included as a component of the Pledged Revenues. The Owners reserve the right to impose additional PIFs, that are not the Interchange PIF, to pay public improvement costs related to the development of their respective Properties. Each Development 2 EXHIDiT D Metropolitan District shall have the right to receive such additional P1F revenues,which revenues shall not be required to be pledged to the City for payment of the Owners' Share. The Interchange PIF Covenant shall provide that the City has the right to review the records relating to the imposition and collection of the Interchange PIF. The City shall have the right to review the Interchange PIF Covenant to confirm that the provisions thereof comply with the provisions of this Agreement and the Capital Pledge Agreement. The Owners hereby acknowledge that pursuant to the provisions of the Service Plans,the Development Metropolitan Districts are not authorized to impose the Development Mill Levy,impose any District Fees,or issue any debt until each of the Owners records the Interchange PIF Covenant against its respective Property. Upon payment in full of the Owners' Share, the City acknowledges and agrees that the Interchange PIF may be terminated by the Owners. Upon payment in full of the Owners' Share,each Owner shall have the right to continue to impose and collect the Interchange PIF with respect to its respective Property and apply the Interchange PIF revenues to permissible costs, as determined in the sole discretion of each respective Owner. 2.3 Property Owners' ROW Credit. CDOT is currently seeking to acquire from one or more of the Owners portions of their Properties to be used as Project ROW. In lieu of collecting direct compensation from CDOT, the Owners have elected to dedicate a portion of the Project ROW compensation in an amount equal to$500,000 to CDOT. So long as no event of default has occurred and is continuing under this Agreement or the Capital Pledge Agreement, the City shall grant the ROW Credit in the amount of$500,000 to reduce the principal amount of the Owners' Share upon receipt of written acknowledgement by CDOT that (a) the Owners have dedicated Project ROW to CDOT in an amount at least equal to$500,000,and(b)CDOT has granted a credit to the City toward the costs of the Project in an amount equal to$500,000. The ROW Credit may be applied as a credit to the principal payments due from the Interchange District to the City pursuant to the Capital Pledge Agreement in any order and in any amount as designated in writing by the Owners to the City and the Interchange District. Upon determination by the Owners of the application of the ROW Credit, the Payment Schedule shall be revised by the City to reflect such ROW Credit,as further set forth in the Capital Pledge Agreement. None of the Property Owners intends, by the execution of this Agreement or the Capital Pledge Agreement, to waive its rights to full and just compensation for the taking of its property or to due process with respect to such Project ROW acquisition. 2.4 Property Owners'Credit for Transportation Capital Expansion Fees.The City acknowledges that it has $1.4 million of TCEFs available to help fund the Project. In recognition of the TCEFs that the Owners are likely to pay to the City when they develop their respective properties, the City has agreed to credit one half of these available TCEFS, or $700,000, to the payment of the Owners' Share upon execution and delivery of this Agreement,as further set forth in Section 2.1 hereof. 3 EXHIBIT D ARTICLE 3 DISTRICTS. 3.1 Approval of Service Plans. The Parties acknowledge that the TIC Owners, CSURF, FCIC and GAPA have each submitted a consolidated Service Plan for their respective Development Metropolitan Districts for customary review and processing by the City, and the Owners have further caused the Service Plan for the Interchange District to be submitted to the City. The City Council shall consider resolutions of approval for each Service Plan described above no later than March 6, 2018. The Parties acknowledge and agree that it is within the City Council's sole discretion whether it will approve the Service Plans, and nothing herein shall be construed to require such approval by the City Council. Nothing in this Agreement shall prevent the filing of additional Service Plans at a later date. 3.2 Interchange District Boundaries. Each of the Properties will be included within the boundaries of the Interchange District,which inclusion will be reflected in the overall boundary map contained in the District's Service Plan. 3.3 Project Mill Levy. The Service Plan for the Interchange District shall authorize such District to impose the Project Mill Levy. The Pledged Project Mill Levy Revenues shall be pledged pursuant to the Capital Pledge Agreement for payment of the Owners' Share. 3.4 Specific Ownership Taxes. The Specific Ownership,Taxes received by the Interchange District in each year from the levy of the Project Mill Levy shall be pledged pursuant to the Capital Pledge Agreement for payment of the Owners' Share. 3.5 Project Fees. The Service Plan for the Interchange District shall authorize such District to impose Project Fees, which shall be pledged pursuant to the Capital Pledge Agreement for payment of the Owners' Share. 3.6 District Fees and Development Mill Levy. In addition to providing for payment of the Owners' Share by the Interchange District, the Owners intend to use the Development Metropolitan Districts to pay eligible public improvement costs related to the development of their respective Properties. Subject to the provisions set forth in the Service Plans and in Section 2.2 hereof relating to the recording of the Interchange PIF Covenant against all Properties; each Development Metropolitan District shall have the right to charge District Fees and impose a Development Mill Levy, and such revenues shall not be required to be pledged to the City for payment of the Owners' Share. 3.7 Capital Pledge Agreement. The Owners hereby acknowledge that pursuant to the provisions of the Service Plans, the Development Metropolitan Districts are not authorized to impose the Development Mill Levy, impose any District Fees, or issue any debt until the Interchange District and the City execute and deliver the Capital Pledge Agreement. 4 EXHIBIT D ARTICLE 4 CITY FUNDING OF PROJECT 4.1 City Funding of Project. The City agrees that,subject to annual appropriation by the City Council, it shall fund all the costs of the Project that are not being paid by CDOT. The Parties acknowledge and agree that the Owner's Share shall not be increased or decreased in the event of cost overruns or cost savings in'connection with the Project. ARTICLE 5 TERM 5.1 Conditions Subsequent; Term. The Parties acknowledge that the Interchange District is submitting the necessary ballot questions to its electorate at the Election that will authorize the organization of the Interchange District and approve ballot questions that authorize the imposition of the Project Mill Levy and the execution and delivery of the Capital Pledge Agreement, in compliance with TABOR and any other applicable law. In the event that (a) the Election is not held on May 8, 2018, or (b) the ballot questions are not approved, or (c) the Interchange District does not execute the Capital Pledge Agreement at its first meeting of the Board after the Election, this Agreement shall terminate and be of no further force and effect. In the event that the Election is held, the ballot questions are approved at the Election, and the Capital Pledge Agreement is executed and delivered by the Interchange District; this Agreement shall remain in full force and effect until the payment in full of the Owners' Share. ARTICLE 6 DEFAULT& REMEDIES 6.1 Default & Remedies. If any Party fails to perform or observe any obligation or condition required by this Agreement (a "Defaulting Party"), a Party not in default (a "Non. Defaulting Party")may deliver written notice to the Defaulting Party specifically describing such default or defaults ("Default Notice"). The Defaulting Party shall, after receipt of the Default Notice,have thirty(30) days to cure the default or defaults described in the Default Notice,unless the default or defaults cannot reasonably be cured within thirty(30)days,then the Defaulting Party shall have ninety (90) days after receipt of written notice from the Non-Defaulting Party to cure (collectively, the"Cure Period"). If any default described in the Default Notice remains uncured after expiration of the Cure Period,a Non-Defaulting Party may, as its sole remedies,seek specific performance or injunctive relief. In no event shall any Party be liable for damages, including, but not limited to, punitive, exemplary, or consequential damages, including, without limitation, lost profits,whatever the nature of a breach by any other Party of its obligations under this Agreement, and the Parties'hereby waive all claims for damages, including, but not limited to, punitive, exemplary, or consequential damages. 5 EXHIBIT D ARTICLE 7 - NIISCELLANEOUS. 7.1 Cooperation.The Parties agree to cooperate on a reasonable basis upon execution of this Agreement to complete any item contemplated herein that is not completed prior to the Effective Date. 7.2 Representatives and Notice. The Parties' respective designated representatives and legal counsel for negotiations and communications concerning the Agreement, and their contact information, are as follows: For the City: Mike Beckstead Chief Financial Officer 300 LaPorte Avenue PO Box 580 Fort Collins, CO 80524 970-221-6795 mbeckstead @ fcgo v.com John Duval Deputy City Attorney 300 LaPorte Avenue PO Box 580 Fort Collins, CO 80524 970-416-2488 jduval@fcgov.com For FCIC and GAPA: Fort Collins/I-25 Interchange Comer, LLC and/or Gateway at Prospect Apartments,LLC c/o Neihart Land Company,LLC 580 Hidden Valley Road Colorado Springs, CO 80919 Attn: R. Tim McKenna 719-641-6527 tim.mckenna@neihaitland.com With a copy to: Brownstein Hyatt Farber Schreck,LLP 410 17f° Street, Suite 2200 Denver, CO 80202 Attn: Carolynne C_ White, Esq. 303-223-1197 cwhite@BHFS.com 6 EXHIBff D For the TIC Owners: Land Acquisition and Management, LLC #4 West Dry Creek Cr, Suite 100 Littleton, CO 80120 Attn: Rick White 303-601-5463 rwhite@laam.biz With a copy to: Kutak Rock LLP 1801 California Street, Suite 3100 Denver, Colorado 80202 Attn: Daniel C. Lynch, Esq. 303-292-7875 dan.lynch@kutakrock.com And a copy to: Kutak Rock LLP 1801 California Street,Suite 3100 Denver, Colorado 80202 Attn: Robert C. Roth,Jr., Esq., (303) 292-7802 Robert.RothJr@KutakRock.com For Paradigm: Paradigm Properties,LLC 2300 Knoll Drive, Suite A, 2Id Floor Ventura, CA 93003 Attn: Jeffrey Hill jeffreyahill@gmail.com With a copy to: Kutak Rock LLP 1801 California Street, Suite 3100 Denver, Colorado 80202 Attn: Daniel C. Lynch, Esq. 303-292-7875 dan.lynch@kutakrock.com For CSURF: Colorado State University Research Foundation 2537 Research Boulevard, Suite 200 Fort Collins,CO 80526 Attn: Rick Callan Senior Real Estate Analyst 970-492-4502 Rick.Callan@colostate.edu With a copy to: Colorado State University Research Foundation 2537 Research Boulevard, Suite 200 Fort Collins, CO 80526 Attn: Donna Baily, Esq. 7 J ' EXHIBIT D Senior Legal Counsel 970-492-4506 Donna.Baily@colostate.edu All notices or documents delivered or required to be delivered under the provisions of this Agreement shall be deemed received one day after hand delivery or three days after mailing. Any party by written notice so provided may change the address to which future notices shall be sent, and may provide the manner in which notices may be given, including without limitation, electronic mail. 7.3 Recordation of Agreement.This Agreement shall not be recorded in the office of the Larimer County Clerk and Recorder. 7.4 General Provisions. (a) This Agreement and the-Capital Pledge Agreement constitute the final, complete, and exclusive statement of the terms of the agreement between the Parties pertaining to the subject matter of this Agreement and the Capital Pledge Agreement and supersede all prior and contemporaneous understandings or agreements of the Parties, including without limitation, the MOU. This' Agreement may not be contradicted by evidence of any prior or contemporaneous statements or agreements. No Party has been induced to enter into this Agreement by, nor is any party relying on, any representation, understanding,agreement,commitment,or warranty except those expressly set forth in this Agreement. (b) If any term or provision of this Agreement is determined to be illegal, unenforceable, or invalid in whole or in part for any reason, such illegal, unenforceable, or invalid provisions or part thereof shall be stricken from this Agreement,and such provision shall not affect the legality, enforceability,or validity of the remainder of this Agreement. If any provision or part thereof of this Agreement is stricken in accordance with the provisions hereof, then such stricken provision shall be replaced, to the extent possible, with a legal, enforceable, and valid provision that is as similar in tenor to the stricken provision as is legally possible. (c) It is intended that there be no third-party beneficiaries of this Agreement. Nothing contained herein, expressed or implied, is intended to give to any person other than the Parties any claim, remedy, or right under or pursuant hereto, and any agreement, condition, covenant, or term contained herein required to be observed or performed by or on behalf of any Party hereto shall be for the sole and exclusive benefit of the other Party. (d) This Agreement may not be assigned or transferred by any Party without the prior written consent of all the other Parties. Any such assignment or transfer without the required prior written consent shall be deemed null and void and of no effect. (e) This Agreement shall be governed,by and construed under the applicable laws of the State of Colorado. Venue for any judicial action to interpret or enforce this r 8 EXHIBIT D Agreement shall be in Larimer County District Court of the Eighth Judicial District for the State of Colorado. (f) This Agreement may be amended or supplemented by the Parties, but any such amendment or supplement must be in writing and must be executed by all the Parties. (g) If the date for making any payment or performing any action hereunder shall be a legal holiday or a day on which banks in Denver,Colorado are authorized or required by law to remain closed, such payment may be made or act performed on the next succeeding day which is not a legal holiday or a day on which banks in Denver, Colorado are authorized or required by law to remain closed. (h) Each of the Parties has participated fully in the review and revision of this Agreement. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in interpreting this Agreement. The language in this Agreement shall be interpreted as to its fair meaning and not strictly for or against any Party. (i) This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. (j) The Parties each covenant that they will do, execute, acknowledge, and deliver or cause to be done,executed,acknowledged,and delivered,such acts,instruments, and transfers as may reasonably be required for the performance of their respective obligations hereunder. (k) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 9 EXHIBIT D IN WITNESS WHEREOF,the Parties have executed this Agreement as the date and year first above written. FCIC: FORT COLLINSJI-25 INTERCHANGE CORNER,LLC, a Colorado limited liability company By: MCKENNA MANAGEMENT, LLC, a Colorado limited liability company its co-Manager By: Name: R. Tim McKenna Title: Manager [Signatures continue on following page(s)] EXHIBIT D GAPA: GATEWAY AT PROSPECT APARTMENTS, LLC, a Colorado limited liability company By: MCKENNA MANAGEMENT,LLC, a Colorado limited liability company its co-Manager By: Name: R. Tim McKenna Title: Manager [Signatures continue on following page(s)] EXHIBIT D S TIC Owners: TENANTS-IN-COMMON CW SUBTRUST By: David B.White,Trustee M.JENNET WHITE,an Individual CHRISTOPHER WHITE,an Individual 1 EXHIBIT D TENANTS-IN-COMMON ERIC S.WHITE,an Individual JANE E.WHITE,an Individual JASON R.WHITE,an Individual DANIEL A.WHITE,an Individual EXHIBIT D TENANTS-IN-COMMON NEW DIRECTION IRA,INC.FBO BARBARA ANN MEDINA IRA By. Name: Title: Approved: Barbara Medina BOOREN LIMITED LIABII.ITY LIMITED PARTNERSHIP By: Steven M.Booren.General Partner By: Marie S.Booren,General Partner DUNIQN LIMITED LIABELM LIMITED PARTNERSHIP By: Douglas S.Dunkin,General Partner By: Karrie L.Dunkin,General Partner EXHIBIT D TENANTS-IN-COMMON c LAURA SNORTLAND FAIRFIELD,an Individual ROBERT C.ROTH,JR.,an Individual ROBERT TAYLOR,an Individual [Signatures continue on following page(s)] J EXHIBIT D Paradigm: PARADIGM PROPERTIES,LLC, a California limited liability company By: Name: Jeffrey A.Hill Title: Managing Member [Signatures continue on following page(s)] 1 EXHIBIT D CSURF: COLORADO STATE UNIVERSITY RESEARCH FOUNDATION, a Colorado nonprofit corporation By: Name: Kathleen Henry Title: CEO and President [Signatures continue on following page(s)] EXHIBIT D CITY OF FORT COLLINS, COLORADO a municipal corporation By: Mayor ATTEST: f City Clerk APPROVED AS TO FORM: Deputy City Attorney [Signatures end] J EXHIBIT D Exhibit"A" Master Glossary of Terms EXHIBTI'D APPENDIX A MASTER GLOSSARY OF TERMS "Binding Agreement"means the Binding"Agreement Concerning the Development of Interstate Highway 25 and Prospect Road Interchange by and among the City and,the Owners. "Capital Pledge Agreement"means the Capital Pledge Agreement by and between the Interchange District and the City. ` "Carryover Costs"has the meaning set forth in Section 2.04(d) of the Capital Pledge Agreement. "CDOT'means the Colorado Department of Transportation. "Certificates of Participation" means the Certificates of Participation that are expected to be executed and delivered to finance a portion of the costs of the Interchange Project that are not being paid by CDOT or Timnath. If the Certificates of Participation finance more than one project, the term"Certificates of Participation"shall mean only that pro rata portion of such Certificates that are allocable to the financing of the Interchange Project. "City'means the City of Fort Collins, a home rule municipality and political subdivision of the State of Colorado. "City Council"means the City Council of the City. "CSURF"means the Colorado State University Research Foundation, a Colorado nonprofit corporation. "CSURF Parcels"means the property owned by CSURF and described in the Binding Agreement "Development Metropolitan Districts" means,collectively,Gateway at Prospect Metropolitan District Nos. 1-7; Rudolph Farms Metropolitan District Nos. 1-5; and SW Prospect 125 Metropolitan District Nos. 1-7. "Development Mill Levy"means each of the mill levies imposed by the Development Metropolitan Districts. "Districts" means and includes the Interchange District and the Development Metropolitan Districts. "District Act"means Title 32, Article 1, Colorado Revised Statutes, as amended. "District Fees"means and includes the fees imposed by the Development Metropolitan Districts pursuant to the District Act for services, programs or facilities furnished or to be furnished by them. District Fees are not required to be pledged as security for the obligations of the Interchange District. "Election" means the election to be held by the Interchange District on May 8, 2018. EXHIBIT D. "Eligible Operational Costs"means the actual and reasonable operating and administrative expenses incurred by the Interchange District each year in an amount that does not exceed that amount budgeted by the Interchange District for operating and administrative expenses in such year,as such budget may be amended in accordance with the Capital Pledge Agreement. Revenues generated from the Project Mill Levy may be applied by the District to the payment of Eligible Operational Costs and the Interchange District shall receive a credit against the Owners' Share in each year in an amount equal to the Eligible Operational Costs for such year, as further set forth in the Capital Pledge Agreement. "FCIC"means Fort Collins/I-25 Interchange Corner,LLC,a Colorado limited liability Company. "FCIC Parcel'means the property owned by FCIC and described in the Binding Agreement. "Formation Costs"means the reasonable and necessary costs, fees and expenses, including attorneys' fees, costs and expenses,incurred by the Owners or the Interchange District in connection with the formation of the Interchange District, including without limitation,drafting and negotiating the service plan for the Interchange District, the preparation of the financing plan attached to the service plan,and the costs of the Election. Formation Costs shall also include the share of the costs of drafting and negotiating the Binding Agreement and the Capital Pledge Agreement that are reasonably related and allocable to the formation of the Interchange District. Formation Costs shall not include the costs incurred in connection with the formation of the .Development Districts., Revenues generated from the Project Mill Levy may be applied by the Interchange District to the payment or reimbursement of Formation Costs in an amount not exceeding$200,000 as further set forth in the Capital Pledge Agreement. The Interchange District shall not receive a credit against the Owners' Share in an amount equal to the Formation Costs. "GAPA"means Gateway at Prospect Apartments, LLC, a Colorado limited liability company. "GAPA Parcel'means the property owned by GAPA and described in the Binding Agreement. "Interchange District" means the I-25/Prospect Interchange Metropolitan District formed pursuant to the District Act and having boundaries which include all of the Owners' Properties. "Interchange" means the highway interchange currently located at Interstate Highway 1-25 and Prospect Road in the City. "Interchange District Financing Costs" means the reasonable costs of issuance incurred in connection with the execution and delivery of the Certificates of Participation that are allocable to the financing of the Owners' Share with a portion of the proceeds of the Certificates of Participation, including, without limitation, the fees and expenses of bond counsel, disclosure counsel and counsel to the underwriter, trustee fees and expenses, rating agency fees,insurance premiums, capitalized interest, and similar fees and expenses. If the Certificates of Participation are executed and delivered prior to the ROW Credit being granted,the percentage of costs of EXHIBIT D issuance to be allocated to the Interchange District shall be equal to$7,550,000 divided by the total net proceeds.of the Certificates of Participation to be applied to finance the Interchange Project(in a total amount not exceeding$19,000,000). If the ROW Credit has been granted prior to the execution and delivery of the Certificates of Participation,the percentage of costs of issuance to be allocated to the Interchange District shall be equal to$7,050,000 divided by the total net proceeds of the Certificates to be applied to finance the Interchange Project(in a total amount not exceeding$18,500,000).Notwithstanding the foregoing,in no event shall the Interchange District Financing Costs exceed an amount equal to two percent(2%)of the principal amount of the Owners' Share as calculated at the time the Certificates of Participation are executed and delivered. "Interchange PIF"means a PIF imposed on the Properties at a rate of 0.75%on all future retail sales on the Properties that are subject to the City's sales tax under Article III in City Code Chapter 25. "Interchange PIF Collection Agent"means,collectively, an entity or entities retained by the Owners,as the declarants under the applicable Interchange PIF Covenant, with the approval of the Interchange District, for the purpose of collecting, accounting for,and disbursing the Interchange PIF revenue in accordance with the applicable Interchange PIF Covenant. The Owners shall not be required to have one entity serve as Interchange PIF Collection Agent for all ' the Interchange PIF Covenants. "Interchange PIF Collection Agreement"means an agreement or agreements related to the collection and remittance of the Interchange PIF revenue between the applicable Owner and the Interchange PIF Collection Agent. Any of the other Owners and the Interchange District may also be parties to the PIF Collection Agreement. "Interchange PIF Covenant"means the recorded instrument by which an Interchange PIF is imposed. "MOU"the Memorandum of Understanding dated as of January 30,2018, by and among the City and the Owners or their authorized representatives. "Owners"or "Property Owners"means and includes FCIC, GAPA, the TIC Owners,Paradigm and CSURF. "Owners'Share"means the share of the cost of the Project to be funded by the Interchange District in accordance with the terms and provisions of the Binding Agreement and the Capital Pledge Agreement. The Owners' Share shall be funded solely from the Pledged Revenues. "Paradigm"means Paradigm Properties LLC, a California limited liability company. "Paradigm Parcels"means the two parcels of land owned by Paradigm and described in the Binding Agreement. "Parties"means, collectively, the parties to the Binding Agreement or the Capital Pledge Agreement, as applicable. I EXIIIBIT D "Payment Schedule"means the schedule that sets forth the Owners' Share payments due in each year,including both a principal component and an interest component, as further set forth in the Capital Pledge Agreement. "PIF'means and includes any fee imposed for the provision of public improvements or services within the whole or any portion of the Interchange District or any District by the recording of covenants binding and running with any or all of the Properties by the Owners thereof. "PIF Collection Agent"means the entity or agent retained to collect the Interchange PIF. "Pledged Project Mill Levy Revenues"means the revenues derived from the Project Mill Levy, net of(a) any reasonable costs of collection, (b)Formation Costs, (c)Eligible Operational Costs paid by the Interchange District, and(d)any Carryover Costs. "Pledged Revenues"means the following: (a) Pledged Project Mill Levy`Revenues; (b) Specific Ownership Taxes; (c) revenues generated from the Project Fees; (d) revenues generated from the Interchange PIF,net of any reasonable costs of collection; and (e) any other legally available moneys which the Interchange District determines, in its sole discretion, to apply to the payment of the Owners' Share. "Project"means the project to significantly modify and improve the Interchange by reconstructing its ramps and bridge and by reconstructing Prospect Road to a configuration with four through lanes, a raised median, left turn lanes and pedestrian and bicycle facilities,together with the Urban Design Features. The Project will be funded cooperatively by CDOT, the City, Timnath and the Interchange District,pursuant to the Binding Agreement,the Capital Pledge Agreement and the Timnath Agreement. "Project Fees"means fees imposed by the Interchange District pursuant to the Capital Pledge Agreement that are pledged to the payment of the Owners' Share. The Project Fees shall be unposed in accordance with Addendum A attached hereto and by this reference made a part hereof. Project Fees shall not be pledged as security for obligations of the Development Metropolitan Districts. J "Project Mill Levy"means a general ad valorem property tax levy imposed by the Interchange District at a rate not less than 7.5 mills and not more than 10 mills in accordance with the Capital Pledge Agreement. In the event the method of calculating assessed valuation is changed after January 1, 2018, such minimum or maximum mill levy, as applicable,will be increased or decreased to reflect such changes, such increases to be determined by the Board of the J EXHIBTr D Interchange District in good faith(and such determination to be binding and final)so that to the extent possible, the actual tax revenues generated by such mill levy, as adjusted,are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed a change in the method of calculating assessed valuation. "Project ROW'means those portions of the Properties to be used as rights of way for the Project,whether acquired by CDOT from the Property Owners by condemnation or purchase. "Properties"means and includes the CSURF Parcels,FCIC Parcel, GAPA Parcel,TIC Owners Parcel and the Paradigm Parcels. "Property Owners"means and includes FCIC, GAPA, the TIC Owners, Paradigm and CSURF, "ROW Credit'means a credit to be applied by the City against the payment of the Owners' Share in the amount of$500,000, subject to the conditions stated in Section 2.3 of the Binding Agreement. "Service Plan"means and includes the service plan filed pursuant to the District Act with respect to each of the Districts. "Service Plans"means,collectively, all of the Service Plans. "Specific Ownership Tares" means the specific ownership tax revenues received by the Interchange District in each year pursuant to Section 42-3-107(24), C.R.S. that is attributable to the dollar amount of ad valorem taxes generated from the Project Mill Levy. l "Supplemental Act"means Part 2 of Article 57, Title 11,C.R.S. "TCEF'means the City Transportation Capital Expansion Fee that is imposed pursuant to Fort Collins Code Section 7.5-32. "TCEF Credit"means a credit to be applied by the City against the payment of the Owners' Share in an amount equal to$700,000. The TCEF Credit shall be applied at the time of execution and delivery of the Binding Agreement. "TABOR"means Colorado Constitution,Article X, Section 20. "TIC Owners"means the CW Subtrust,M. Jennet White,Christopher White,Eric. S.White, Jane E. White,Jason R. White, Daniel A.White,New Direction IRA, Inc. FBO Barbara Ann Medina IRA, Booren Limited Liability Partnership,Dunkin Limited Liability Limited Partnership,Laura Snortland Fairfield, Robert C. Roth,Jr. and Robert Taylor, as tenants in common. "TIC Owners ParceP'means, collectively, the parcel or parcels owned by the TIC Owners and described in the Binding Agreement. "Timnath" means the Town of Timnath, Colorado. EXHIBIT D "Timnath Agreement"means the agreement between the City and Timnath,providing for Timnath's reimbursement to the City of a portion of the costs of the Project. "Urban Design Features"means certain design improvements in the Project required under the City's development standards,that will add approximately$7,000,000 to the cost of the Project, which improvements are generally described on Addendum B attached hereto and by this reference made a part hereof. EXHIBrr D Addendum A ' Project Fee Schedule by Land Use Type Land Use Type Fee/Acre y° Fee!(lnit Light Industrial (Code 110) $2AW N/A 50k+GLA Commercial (Shopping Center-Code 820) $129200 N/A Convenience Store (Code 853) $50,000 N/A 200k+ GLA Office(Code 710) $3400 N/A Hotel(Code 310) N/A $310 Single Family Detached Residential (Code 210) N/AJ$200 Single Family Attached (Code 220) N/A Multi-Family (Code 221) N/A l EXHIBIT D Addendum B Urban Design Features • De • • BRIDGE ENHANCEMENT5 L Structural Concrete Stain on Bridge Curb,Girders,MSE Walls X~ Upgraded Pedestrian Rail on Bridge X Median&Pork Chop Island Cover Material(Color Concrete) k Irrigation Sleeves and Pull Boxes X GORE AREAS AND�RAIVIP,S. � �'� � _ Earthwork/Im port(related to Landscape/Urban Desi n) X Stone Outcrops(including design,mock ups,installation) X Boulders X Cobble Swales X- Turf Reinforcement Mat X Seed X Boulders X Irrigation Design X Irrigation Tap, Meter& Backflow X Irri ation Sleeves X Prospect Rd. Median-Perforated Pipe Underdrain X Prospect Rd. Median-Membrane X Prospect Rd. Median—Rock Filter Material X Prospect Rd. Median-Topsoil X Prospect Rd. Median—Double Curb X Electrical conduit for City Street lights X Seed X Turf Reinforcement Mat X Irrigation Design X Irrigation Tap, Meter& Backflow X Irrigation Sleeves X EXHIBIT D Exhibit 493" Capital Pledge Agreement N \ >~xsrrn rr n CAPITAL PLEDGE AGREEMENT This CAPITAL PLEDGE AGREEMENT, made and entered into as of 2018 (this "Capital Pledge Agreement" or this "Agreement"), by and between the I-25/PROSPECT INTERCHANGE METROPOLITAN DISTRICT, a special district organized and existing under the laws of the State of Colorado(the"Interchange District")and the CITY OF FORT COLLINS, a Colorado home rule municipality (the"City")(each a"Party"and jointly the"Parties), WITNESSETH: WHEREAS, pursuant to a Memorandum of Understanding dated as of January 30, 2018 (the "MOU") by and among the City and the other parties identified therein (the "Owners"), the City and the Owners established a non-binding outline of documents and terns to be negotiated for the sharing of costs of improvements to the highway interchange at Interstate Highway I-25 and Prospect Road in the City; and WHEREAS, one of the documents contemplated by the MOU was an intergovernmental agreement between the Interchange District and the City, identified as the Capital Pledge Agreement, whereby the Interchange District would pledge certain revenues as security for its obligation to pay the Owners' Share of the cost of such improvements; and WHEREAS, this Agreement shall constitute the Capital Pledge Agreement contemplated by the MOU; NOW, THEREFORE, for and in consideration of the promises and mutual covenants and understandings herein, the Parties hereby agree as follows: ARTICLE 8 DEFINITIONS AND INTERPRETATION 8.1 Definitions. Capitalized terms used herein and not defined in the Recitals above or elsewhere in this Agreement shall have the meanings,respectively, specified in Appendix A hereto. 8.2Interpretation. In this Agreement, unless the context expressly indicates otherwise, the following words shall be interpreted as set forth below: (a) The words "herein," "hereunder," "hereby," "hereto," "hereof and any similar words, refer to this Agreement as a whole and not to any particular article,section, or subdivision hereof; the word "heretofore" means before the date of execution of the Agreement; and the term"hereafter"means after the date of execution of this Agreement. (b) All definitions, terms, and words shall include both the singular and the plural, and, except as otherwise expressly defined in the text of this Agreement, all capitalized words or terms shall have the meanings specified in Appendix A attached hereto. EXHIBIT D (c) Words of the masculine gender include correlative words of the feminine and neuter genders, and words importing the singular number include the plural number and vice versa. (d) The captions or headings of this Agreement are for convenience only, and in no way define, limit, or describe the scope or intent of any provision, article, or section of this Agreement. (e) All schedules, exhibits, and addenda referred to herein are incorporated herein by this reference. ARTICLE 9 FUNDING OF THE PROJECT; PAYMENT OBLIGATION 9.1 Covenant of the City to Finance Project. The City agrees that, subject to annual appropriation by the City Council, it shall fund all the costs of the Project that are not being paid by CDOT. The City expects to finance a portion of such costs.through the execution and delivery of the Certificates of Participation. 9.2 Calculation of Owners' Share. The Owners' Share shall be the share of the costs of the Project to be funded by the Interchange District in accordance with the terms and provisions of the Binding Agreement and this Capital Pledge Agreement. The Owners agreed to fund costs of the Project in the amount of $8,250,000, plus financing costs and interest as provided in this Agreement. In connection with the execution and delivery of the Binding Agreement, the City granted the TCEF Credit in the amount of$700,000, which reduced the amount that the Owners' agreed to pay to fund the Project to $7,550,000, plus financing costs and interest. The City has agreed in the Binding Agreement to grant the ROW Credit in the amount of$500,000 to further reduce the principal amount of the Owners' Share'upon compliance with the provisions set forth in Section 2.3 of the Binding Agreement. The initial principal amount of the Owners' Share shall be calculated on the date of execution-and delivery of the Certificates of Participation. The principal amount of the Owners' Share shall be an amount equal to $7,550,000,plus the Interchange District Financing Costs, less the ROW Credit to the extent that the ROW Credit has been granted on or prior to the execution and delivery of the Certificates of Participation. Upon the execution and delivery of the Certificates of Participation, the City shall determine the Interchange District Financing Costs which shall be added to the principal amount of the Owners' Share. The principal amount of the Owners' Share shall bear per annum interest at, the net effective interest rate home by the Certificates of Participation beginning on the date of execution and delivery of the Certificates of Participation. The City shall prepare or cause to be prepared a Payment Schedule that sets forth a twenty year principal amortization of the Owners' Share, bearing interest at the net effective interest rate on the Certificates of Participation, with level debt service payments rounded to the nearest$1000. The Payment Schedule shall set forth the principal amount due in each year,plus the interest due in each year. The City shall remit such Payment Schedule to the Interchange District and the Owners, and such Payment Schedule shall be binding on the Parties absent manifest error. EXHIBIT D In the event that all of the outstanding Certificates of Participation are refinanced by the City at a lower interest rate, the interest rate on the Owners' Share shall be reduced to the net effective interest rate borne by the refunding certificates or other refunding obligations, and the City shall prepare a revised Payment Schedule reflecting the lower interest rate. The Interchange District acknowledges and agrees that the obligation to pay the Owners' Share is not contingent on the Certificates of Participation remaining outstanding. The obligation to pay the Owners' Share shall continue notwithstanding that the City may prepay all or any portion of the outstanding Certificates of Participation, or that an event of default or an event of non- appropriation may occur under the lease documents relating to the Certificates of Participation. 9.3 Funding of Owners'Share. The Interchange District agrees to fund the Owners' Share solely from the Pledged Revenues, as follows: 9.3.1 The Owners' Share shall be payable in twenty installments in the amount set forth in the Payment Schedule on or prior to December 1 of each year,beginning December 1, 2019, subject to adjustment for prepayment of principal and the ROW Credit as hereinafter set forth. 9.3.2 On or prior to the last day of each month, the Interchange District shall remit or cause to be remitted to the City all Pledged Revenues that it or the PIF Collection Agent received through the last day of the prior month. The City shall provide written acknowledgement to the Interchange District of the receipt of such Pledged Revenues, including the amount of Project Fee revenues that have been collected and retained by the City pursuant to Section 2.05 hereof. 9.3.3 On or prior to December 1 of any given year, the Interchange District shall provide written notice to the City of the amount of revenues from the Project Mill Levy that have been applied to the payment or reimbursement of Formation Costs,if any. The Interchange District shall have the right to apply revenues from the Project Mill Levy to the repayment or reimbursement of Formation Costs,but the Interchange District shall not receive a credit toward the Owners' Share in the event of such repayment or reimbursement. 9.3.4 On or prior to December 1 of any given year, the Interchange District shall also provide written notice to the City of the Eligible Operational Costs incurred by the Interchange District in such year, together with any documentation of such Eligible Operational Costs as reasonably requested by the City. The amount of the Eligible Operational Costs incurred by the Interchange District in each year shall be applied as a credit (i) first toward the interest due on the Owners' Share in such year, and(ii) second toward the principal amount of the Owners' Share due in such year. 9.3.5 In the event that on December 1 of any given year the amount of Pledged Revenues remitted to the City in such year, plus the amount of the Eligible Operational Costs for such year, are less than the Owners' Share due on or prior to December 1 of such year, after any credit as hereinafter set forth, the amount of any such deficit shall begin to bear interest on December i of such year, until such deficit is paid, at a fixed rate equal to the rate the City then charges under its "Inter-agency Loan Program" found in Section 8.8 of its "Financial Management Policy 8". Any Pledged Revenues thereafter remitted shall be applied (i) frrst to any interest due on such deficit, EXHIBrr D (ii) second to the repayment of the principal amount of such deficit that remains outstanding, (iii) third to the annual interest payment due on or prior to the following December 1, and (iv) fourth to the annual principal payment due on or prior to the following December 1. In the event that on December I of any given year the amount of Pledged Revenues remitted to the City, plus the amount of the Eligible Operational Costs for such year, are more than the amount of the Owners' Share due on or prior to December 1 of such year,and any deficit from any prior years,plus interest on any such deficit, have been paid in full, then such excess Pledged Revenues shall be credited first against the interest amount of the Owners' Share due in the next subsequent year, and then against the principal amount of the Owners' Share due in the next subsequent year. 9.3.6 No later than December 31 in each year, the City shall provide the Interchange District with a summary of(i) the Pledged Revenues received in such year through December I of such year, (ii) the amount of the Eligible Operational Costs credited to the payment of the interest and principal of the Owners' Share in such year, (iii)the amount of any credit or deficit remaining as of December 1 of such year, (iv) the amount of unpaid interest, if any, as of December 1 of such year, and (v) the total amount of the Owners' Share paid or credited through December 1 of such year. 9.3.7 - The Parties acknowledge and agree that so long as (i) the Project Mill Levy, the Project Fees and the Interchange PIF are being imposed and collected in accordance with the Binding Agreement and this Capital Pledged Agreement, and (ii) the Interchange District is remitting or causing the remittance of all the Pledged Revenues to the City in accordance with the provisions of this Capital Pledge Agreement, then in the event that there are insufficient Pledged Revenues to pay the full amount of the Owners' Share due in any year, this shall not constitute an event of default hereunder,but the unpaid amount of the Owners' Share shall remain outstanding until paid in full and interest shall accrue on any payment deficit as set forth in Section 2.03(e) hereof. 9.3.8 The Interchange District may prepay the Owners' Share in whole or in part in any amount, on any date, without prepayment premium. Any such prepayment shall be applied first to any unpaid interest due on the Owners' Share. After any such unpaid interest has been paid, the remainder of such prepayment may be applied against the principal amounts due on the Owners' Share in inverse order of-the principal payments due, or pro-rata to payments that are due, or in such other manner as determined in writing by the Interchange District. Upon any such partial prepayment, the Interchange District shall provide the City with a revised Payment Schedule. 9.3.9 The ROW Credit shall be applied as a credit against the principal amount of the Owners' Share, as provided in Section 2.3 of the Binding Agreement. Upon the granting of such ROW Credit,the Owners have the right under the Binding Agreement to determine how the ROW Credit will be applied against the principal amount of the Owners' Share. Upon receipt of written notice by the Interchange District from the Owners of the application of the ROW Credit,the Interchange District shall provide the City and the Owners with the revised Payment Schedule reflecting such ROW Credit. 9.3.10 The obligation of the Interchange District to pay the Owners' Share as provided herein shall constitute a special and limited obligation of the Interchange District, payable solely from and to the extent of the Pledged Revenues. The Pledged Revenues are hereby pledged by the Interchange District to the City for the payment of the Owners' Share. The Interchange District I EXHIBIT D hereby elects to apply all of the provisions of the Supplemental Act to this Capital Pledge Agreement and the payment obligations hereunder. 9.3.11 In no event shall the total or annual obligations of the Interchange District hereunder exceed the maximum amounts permitted under its electoral authority and applicable law. 9.4 Imposition of Project Mill Levy; Eligible Operational Costs; Formation Costs. 9.4.1 In order to fund a portion of the Owners' Share and to pay for Eligible Operational Costs and Formation Costs, the Interchange District agrees to levy on all of the taxable property in such Interchange District, in addition to all other taxes, direct annual taxes for collection in each of the years when this Agreement is in effect, in the amount of the Project Mill Levy. The Pledged Project Mill Levy Revenues shall be included in the Pledged Revenues and applied as provided herein. 9.41 The Interchange District shall provide the City with an itemization of the Formation Costs incurred by the Interchange District that are to be paid or reimbursed from revenues generated from the Project Mill Levy, in an amount not exceeding$200,000. The City shall have the right to review the Formation Costs to confirm that such costs, fees and expenses qualify as Formation Costs for purposes of this Agreement. Upon receipt of the net revenues generated from the Project Mill Levy, and after the City's confirmation of the Formation Costs, the Interchange District may apply such revenues to the payment or reimbursement of all or any portion of the Formation Costs until such Formation Costs are paid or reimbursed in full. The Interchange District acknowledges and agrees that it shall not receive a credit against the Owners' Share to the extent that it applies revenues from the Project Mill Levy to the payment of all or any portion of the Formation Costs. 9.4.3 The Interchange District shall provide the City with a copy of its proposed budget for the subsequent fiscal year setting forth the amount of administrative and operating expenses budgeted for the Interchange District for the subsequent fiscal year. If a budget amendment is required due to circumstances that could not have been reasonably foreseen at the time the original budget was adopted, the Interchange District shall provide the City with a copy of the proposed budget amendment setting forth the amount of additional administrative and operating expenses anticipated for the applicable year, and the reason for the increase. The City shall have the right to review the budget and any subsequent budget amendment to confirm that the amount so budgeted for administrative and operating expenses is reasonable, and that any amendment to the budget was the result of circumstances that could not have been reasonably foreseen. The Eligible Operational Costs for any year shall not exceed the amount set forth in the budget and any such budget amendment, as reviewed and approved by the City. The Interchange District agrees that any administrative and operating costs incurred by the Interchange District that exceed the amount so budgeted for any year, including any approved budget amendment, shall not constitute Eligible Operational Costs for purposes of this Agreement and shall not be paid or reimbursed from the revenues generated from the Project Mill Levy or any other Pledged Revenues. 9.4.4 Upon receipt of the net revenues generated from the Project Mill Levy, the Interchange District may apply such revenues to the payment of Eligible Operational Costs and any Carryover Costs (as hereinafter defined). In the event that there are not sufficient revenues generated from the Project Mill Levy in any year to pay the Eligible Operational Costs,such deficit shall constitute EXHIBIT D "Carryover Costs"for purposes of this Agreement,and the next available revenues generated from the Project Mill Levy may be applied first to the repayment of these Carryover Costs. In-the event that there are not sufficient revenues generated from the Project Mill Levy in any year to pay any outstanding Carryover Amounts and the Eligible Operational Costs in such year, any such deficit amount shall be added to the outstanding Carryover Costs. The City acknowledges and agrees that the Interchange District will receive a credit each year against the Owners' Share in an amount equal to the Eligible Operating Costs incurred by the Interchange District for such year, as further set forth in Section 2.03(d) hereof. 9.4.5 This Section 2.04 is hereby declared to be the certificate of the Interchange District to the Board of County Commissioners of Larimer County indicating the aggregate amount of taxes to be levied for purposes of this Agreement and the payment obligations hereunder. 9.4.6 It shall be the duty of the Interchange District annually at the time and in the manner provided by law for the levying of the Interchange District's taxes,if such action shall be necessary to effectuate the provisions of this Agreement, to ratify and carry out the provisions hereof with reference to the Project Mill Levy and collection of the proceeds thereof,and to require the officers of the Interchange District to cause the appropriate officials of Larimer County to levy the Project Mill Levy and to extend and collect such taxes in the manner provided by law, for the purpose of providing funds for the payment of the Owners' Share promptly as the installments of the same, respectively, become due. The proceeds of the Pledged Project Mill Levy Revenues, when collected, shall be applied only to the payment of the Owners' Share due hereunder. 9.4.7 The Project Mill Levy shall be levied, assessed,collected, and enforced at the time and in the form and manner and with like interest and penalties as other general taxes in the State of Colorado. 9.4.8 The Interchange District shall pursue all reasonable efforts to collect, or cause the' collection of, delinquent ad valorem property taxes within its boundaries. 9.4.9 Upon payment in full of the Owners' Share,the Interchange District's obligation to impose the Project Mill Levy shall terminate. 9.4.10 Nothing herein shall be construed to require the Interchange District to impose an ad valorem property tax levy in excess of the Project Mill Levy. Except as provided by the Service Plan of the Interchange District, nothing herein shall be construed to prevent the Interchange District from imposing an ad valorem property tax levy in excess of the Project Mill Levy to pay administrative expenses in excess of the Eligible Operational Costs or for other lawful purposes. 9.4.11 The Specific Ownership Taxes received by the Interchange District in each year from the levy of the Project Mill Levy shall be included in the Pledged Revenues and applied only to the payment of the Owners' Share due hereunder. 9.5 Imposition of Project Fees. In order to provide additional Pledged Revenues to fund the Owners' Share,the Interchange District agrees to impose and collect or cause the collection of the Project Fees,which Project Fees shall be included in the Pledged Revenues and applied as provided herein. The Interchange District agrees to take all necessary and proper steps promptly to adopt, impose and enforce the payment of Project Fees at the time of issuance of each vertical EXHIBIT D development permit by the City. For the purpose of administering and facilitating the collection of Project Fees, the City agrees to promptly notify the Interchange District whenever application is made for a vertical building permit for structures or other improvements on any of the Properties, and to collect the Project Fees on behalf of the Interchange District. The City shall send written notice each month to the Interchange District as to the amount of Project Fees so collected in such month. The City shall be allowed to retain the Project Fees so collected and shall credit the Project Fees so collected, without deduction for any collection costs, to the amounts due to the City hereunder, in accordance with Section 2.03 hereof. The Interchange District shall not modify, amend or repeal the resolution or resolutions imposing the Project Fees in any manner or to any extent that would result in a reduction of the rates or amount of Project Fees without the prior written consent of the City. Upon payment in full of the Owners' Share,the Interchange District's obligation to impose the Project Fees shall terminate. 9.6 Collection of PIF Revenues. As provided in the Binding Agreement,the Owners have caused or will cause to be recorded with respect to the Properties in the Interchange District the Interchange PIF Covenant, touching,,concerning and running with the land, whereby during the term of this Agreement there are to be collected and paid to the Interchange District the proceeds derived from the imposition of a retail sales tax PIF at a rate equal to 0.75%,net of any reasonable administrative fees for collection,on all future retail sales on the Properties that are also subject to the City's sales taxes under Article IN, Chapter 25 of the City Code,which amounts, when and as received by the Interchange District, shall be included in the Pledged Revenues. The Interchange PIF revenues shall be collected pursuant to the terms and provisions of the Interchange PIF Collection Agreement. The City shall have the right to review the Interchange PIF Collection Agreement to confirm compliance with the terms and provisions of the Binding Agreement and this Capital Pledge Agreement. 9.7 Payment and Application of Pledged Revenues. On or prior to the last day of each month, the Interchange District shall remit or cause to be remitted to the City all Pledged Revenues that it or the PIF Collection Agent received through the last day of the prior month. Such payment shall be made in lawful money of the United States of America by check mailed or delivered,or by wire transfer, to the City or as otherwise directed by the City. The City shall acknowledge in writing the receipt of all amounts paid to it by the Interchange District or the PIF Collection Agent from Pledged Revenues. The books and records of the Interchange District and the PIF Collection Agent pertaining to the collection and receipt of the Pledged Revenues shall be open for inspection by the authorized representatives of the City during business hours upon reasonable notice. The books and records of the City,pertaining to the collection and receipt of the Project Fees shall be open for inspection by the authorized representatives of the Interchange District during business hours upon reasonable notice. Such access shall be subject to the.provisions of the Colorado Open Records Act contained in Article 72 of Title 24,C.R.S. In the event of disputes or litigation between the Parties hereto, all access and requests for such records shall be made in compliance with the Colorado Open Records Act. EXHIBIT D J 9.8 Effectuation of Pledge of Security, Current Appropriation. The sums required to pay the amounts due hereunder are hereby appropriated for that purpose, and said amounts for each year shall be included in the annual budget and the appropriation measures to be adopted or passed by the Board of the Interchange District in each year while any of the obligations herein authorized . are outstanding and unpaid. No provisions of any constitution, statute, resolution or other order or measure enacted after the execution of this Agreement shall in any manner be construed as limiting or impairing the obligation of the Interchange District under this Agreement to impose and collect the Project Mill Levy, to impose and collect the Project Fees and to collect the PIF's. In addition, and without limiting the generality of the foregoing, the obligations of the Interchange District to transfer or cause the transfer of funds to the City as provided herein shall survive any court determination of the invalidity of this Capital Pledge Agreement as a result of a failure, or alleged failure, of any of the directors of the Interchange District to properly disclose, pursuant to State of Colorado law, any potential conflicts of interest-related hereto in any way, provided that such disclosure is made on the record of Interchange District's meetings as set forth in its official minutes. 9.9 Limited Defenses; Specific Performance. It is understood and agreed by the Interchange District that its obligations hereunder are absolute, irrevocable, and unconditional except as specifically stated herein, and so long as any obligation of the Interchange District hereunder remains unfulfilled, any obligations remain outstanding or any costs in connection therewith remain unpaid, such Interchange District agrees that notwithstanding any fact, circumstance, dispute, or any other matter, it will not assert any rights of setoff,counterclaim,estoppel,or other defenses to its payment obligations,or take or fail to take any action which would delay a payment to the City or impair the City's ability to receive payments due hereunder. Notwithstanding that this Agreement specifically prohibits and limits defenses and claims of the Interchange District,in the event the Interchange District believes that it has valid defenses, setoffs, counterclaims, or other claims other than specifically permitted by this Section 2.09,it shall, nevertheless, make all payments to the City as provided herein, and then may seek to recover such payments by actions at law or in equity for damages or specific performance, respectively. 9.10 Future Exclusion of Property. The Interchange District shall not consent to the exclusion of any real property from within its boundaries without the prior written consent of the City Council, which consent shall be evidenced by resolution. 9.11 Additional Covenants of the Interchange District. The Interchange District additionally covenants as follows: 9.11.1 The Interchange District will not issue or incur bonds, notes, or other obligations payable in whole or in part from, or constituting a lien upon, the general ad valorem taxes of such Interchange District (other than general ad valorem taxes imposed for the purpose of funding operation,maintenance and administrative costs incurred by the Interchange District,provided that such taxes are not imposed in excess of the amount permitted under its Service Plan after first taking into account the imposition of the Project Mill Levy), Project Fees or Interchange P1F's included in Pledged Revenues, other than obligations subject to annual appropriation and which are expressly subject to the obligations of the Interchange District hereunder, without the prior written consent of the City. EXHIBIT D 9.11.2 At least once a year in the time and manner provided by law,the Interchange District will cause an audit to be performed of the financial records relating to its revenues and expenditures. In addition, at least once a year in the time and manner provided by law,the Interchange District will cause a budget to be prepared and adopted. Copies of the budget and the audit will be filed and recorded in the places,time, and manner provided by law. ARTICLE 10 REPRESENTATIONS AND WARRANTIES 10.1 Representations and Warranties of the Interchange District. The Interchange District hereby makes the following representations and warranties with respect to itself: 10.1.1 The Interchange District is a quasi-municipal corporation and political subdivision duly organized and validly existing under the laws of the State. 10.1.2 The Interchange District has all requisite corporate power and authority to execute,deliver, and to perform its obligations under this Capital Pledge Agreement. The Interchange District's execution,,delivery, and performance of this Capital Pledge Agreement has been duly authorized by all necessary action. The authorization for issuance of debt, fiscal year spending, revenue collections and other constitutional matters requiring voter approval by the Interchange District for purposes of this Capital Pledge Agreement was approved at the Election in accordance with law and pursuant to due notice. The performance of the terms of this Capital Pledge Agreement by the Interchange District requires no further electoral approval. 10.1.3 The Interchange District is not in violation of any of the applicable provisions of law or any order of any court having jurisdiction in the matter, which violation could reasonably be expected to materially adversely affect the ability of the Interchange District to perform its obligations hereunder. The execution, delivery and performance by the Interchange District of this Capital Pledge Agreement(i)will not violate any provision of any applicable law or regulation or of any order, writ,judgment, or decree of any court, arbitrator, or governmental authority, (ii) will not violate any provision of any document or agreement constituting,regulating, or otherwise affecting the operations or activities of the Interchange District in a manner that could reasonably be expected to result in a material adverse effect upon its financial condition or ability to meet its obligations when due,and(iii)will not violate any provision of,constitute a default under,or result in the creation or imposition of any lien, mortgage, pledge, charge, security interest, or encumbrance of any kind on any of the revenues or other assets of the Interchange District pursuant to the provisions of any mortgage, indenture, contract, agreement, or other undertaking to which the Interchange District is a party or which purports to be binding upon the Interchange District or upon any of its revenues or other assets which could reasonably be expected to result in a material adverse effect upon its financial condition or ability to meet its obligations when due. 10.1.4 The Interchange District has obtained all consents and approvals of, and has made all registrations and declarations with any governmental authority or regulatory body required for the execution,delivery,and performance by the Interchange District of this Capital Pledge Agreement. EXHIBIT D 10.1.5 There is no action, suit, inquiry, investigation, or proceeding to which the Interchange District is a party, at law or in equity, before or by any court, arbitrator, governmental or other board, body, or official which is pending in connection with any of the transactions contemplated by this Capital Pledge Agreement nor, to the best knowledge of the Interchange District is there any basis therefor, wherein an unfavorable decision, ruling, or finding could reasonably be expected to have a material adverse effect on the validity or enforceability of, or the authority or ability of the Interchange District to perform its obligations under, this Capital Pledge Agreement. 10.1.6 This Capital Pledge Agreement constitutes the legal, valid, and binding obligation of the Interchange District, enforceable against the Interchange District in accordance with its terms (except as such enforceability may be limited by bankruptcy, moratorium, or other similar laws affecting creditors' rights generally and provided that the application of equitable remedies is subject to the application of equitable principles). ARTICLE 11 DEFAULT AND REMEDIES 11.1 Events of Default. The occurrence or existence of any one or more of the following events shall be an "Event of Default" hereunder, and there shall be no default or Event of Default hereunder except as provided in this Section: . 11.1.1 the Interchange District fails or refuses to impose the Project Mill Levy,or the Project Fees, or to enforce its rights in connection with the Interchange PIF's,or to remit or cause the remittance of the Pledged Revenues as required by the terms of this Capital Pledge Agreement; 11.1.2 any representation or warranty made by either Party'in this Capital Pledge Agreement proves to have been untrue or incomplete in any material respect when made; 11.1.3 either party fails in the performance of any other of its covenants in this Capital Pledge Agreement,and such failure continues for 60 days after written notice specifying such default and requiring the same to be remedied is given to either of the Parties hereto; 11.1.4 the Interchange District commences proceedings for dissolution or consolidation with another metropolitan district during the term of this Agreement;or 11.1.5 (i)the Interchange District shall commence any case,proceeding,or other action(t1)under any existing or future law of any jurisdiction relating to bankruptcy,insolvency,reorganization,or relief of debtors, seeking to have an order for relief entered with respect to it or seeking to adjudicate it insolvent or bankrupt or seeking reorganization, arrangement, adjustment, winding up,liquidation,dissolution,composition,or other relief with respect to it or its debts,or(B)seeking appointment of a receiver,trustee,custodian,or other similar official for itself or for any substantial part of its property, or shall make a general assignment for the benefit of its creditors; or(ii)there shall be commenced against it any case,proceeding,or other action of a nature referred to in clause (i) and the same shall remain undismissed within 90 days following the date of filing; or(iii)there shall be commenced against it any case,proceeding,or other action seeking issuance of a warrant of attachment, execution, distraint, or similar process against all or any substantial part of its property which results in the entry of an order for any such relief which shall not have been vacated, EXHIBIT D discharged,stayed,or bonded pending appeal within 90 days from the entry thereof;or(iv) it shall take action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of .the acts set forth in clauses (i),(h)or(iii)above;or(v) it shall generally not,or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due. 11.2 Remedies For Events of Default. Subject to Section 2.09 hereof, upon the occurrence and continuation of an Event of Default,either Party-may proceed to protect and enforce its rights against the Party causing the Event of Default by mandamus or'such other suit, action, or special proceedings in equity or at law, in any court of competent jurisdiction, including, without limitation, an action for specific performance, provided that no special or consequential damages shall be awarded in connection with any Event of Default hereunder. In the event of any litigation or other proceeding to enforce any of the terms, covenants or conditions hereof, the prevailing party in such litigation or other proceeding shall obtain, as part of its judgment or award, its reasonable attorneys' fees and costs. ARTICLE 12 MISCELLANEOUS 12.1 Pledge of Revenue. The creation, perfection, enforcement, and priority of the pledge of the Pledged Revenues to secure or pay the payment obligations of the Interchange District shall be governed by Section 11-57-208 of the Supplemental Act and this Capital Pledge Agreement. The Pledged Revenues shall immediately be subject to the lien of such pledge without any physical delivery, filing,or further act. The lien of such pledge shall be valid,binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against any of the Interchange District irrespective of whether such persons have notice of such liens. 12.2 No Recourse Against Officers,Agents or Owners. Pursuant to Section 11-57-209 of the Supplemental Act,if a member of the Board of Directors of the Interchange District,or any officer or agent thereof, acts in good faith, no civil recourse shall be available against such member, officer,or agent for payment of the payment obligations of the Interchange District. Such recourse shall not be available either directly or indirectly through the Board or the Interchange District,or otherwise, whether by virtue of any constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of this Capital Pledge Agreement and as a part of the consideration hereof, the City specifically waives any such recourse. In addition to the immunities provided by the Supplemental Act and this Section to such Board members,officers or agents in their official capacities, there shall not be personal, recourse to any Owner under any provision of this Agreement. 12.3 Conclusive Recital. Pursuant to Section 11-57-210 of the Supplemental Act,it is hereby recited that this Capital Pledge Agreement and each of the obligations of the Interchange District hereunder are issued pursuant to the Supplemental Act, and such recital is conclusive evidence of the validity and the regularity of this Capital Pledge Agreement and such obligations after their delivery for value. The Interchange District hereby acknowledges the receipt of value for the execution and delivery of this Capital Pledge Agreement and the issuance of the obligations evidenced hereby,in the form of the City's commitment to finance the Project in accordance with EXHIBIT D ' the terms and provisions of the Binding Agreement and this Capital Pledge Agreement,other good and valuable consideration. 12.4 Limitation of Actions. Pursuant to Section 11-57-212,C.R.S.,no legal or equitable action brought with respect to any legislative acts or proceedings in connection with the authorization, execution,or delivery of this Capital Pledge Agreement shall be commenced more than thirty days after the authorization of this Capital Pledge Agreement. 12.5 Notices. Except as otherwise provided herein,all notices or payments required to be given under this Agreement shall be in writing and shall be hand delivered or sent by certified mail, return receipt requested, or air freight, to the-following addresses: I-25/ProspectInterchange Metropolitan District: With a copy to: White Bear Ankele Tanaka&Waldron c/o Robert G. Rogers,Esq. 2154 E. Commons Ave, Suite 2000 Centennial, CO 80122 303-858-1800 ffogers@wbapc.com City of Fort Collins: Mike Beckstead Chief Financial Officer 300 LaPorte Avenue PO Box 580 Fort Collins,CO 80524 970-221-6795 mbeckstead@fcgov.com With a copy to: John Duval Deputy City Attorney 300 LaPorte Avenue PO Box 580 Fort Collins,CO 80524 970-416-2488 jduval@fcgov.com All notices or documents delivered or required to be delivered under the provisions of this Agreement shall be deemed received one day after hand delivery or three days after mailing. Any party by written notice so provided may change the address to which future notices shall be Sent, and may provide the manner in which notices may be given, including without limitation, electronic mail. . F EXHIBrr D 12.6 Findings and Determinations Relative to Service Plan and Electoral Debt Limitations. The Board of Directors of the Interchange District has made,and by approval of this Capital Pledge Agreement hereby makes,the following findings and determinations relative to the limitations on indebtedness set forth in its Service Plan and applicable electoral authorization: 12.6.1 Pursuant to its Service Plan, Interchange District is permitted to issue "Debt" (as defined therein) in the maximum principal amount of$ . The maximum principal amount, total repayment cost and annual repayment cost of the Debt of the Interchange District approved at the Election were $ , $ , and $ , respectively, and the payment obligations of the Interchange District do. not exceed any of such approved amounts. $ of such principal authorization is allocated to the payment obligations evidenced by this Capital Pledge Agreement. 12.6.2 Prior to the execution and delivery of this Capital Pledge Agreement the Interchange District had no Debt outstanding. 12.6.3 As of the date of its execution and delivery this Capital Pledge Agreement represents the sole Debt of the Interchange District. 12.7 General. 12.7.1 This Capital Pledge Agreement and the Binding Agreement constitutes the final,complete, and exclusive statement of the terms of the agreement between the Parties pertaining to the subject matter of this Capital Pledge Agreement and the Binding Agreement and supersede all prior and contemporaneous understandings or agreements of the parties, including without limitation, the MOU. This Capital Pledge Agreement may not be contradicted by evidence of any prior or contemporaneous statements or agreements. No Party has been induced to enter into this Capital Pledge Agreement by, nor is any party relying on, any representation, understanding, agreement, commitment, or warranty except those expressly set forth in this Capital Pledge Agreement. 12.7.2 If any term or provision of this Capital Pledge Agreement is determined to be illegal, unenforceable,or invalid in whole or in part for any reason, such illegal,unenforceable, or invalid provisions or part thereof shall be stricken from this Capital Pledge Agreement,and such provision shall not affect the legality, enforceability, or validity of the remainder of this Capital Pledge Agreement. If any provision or part thereof of this Capital Pledge Agreement is stricken in accordance with the provisions hereof,then such stricken provision shall be replaced,to the extent possible, with a legal, enforceable, and valid provision that is as.similar in tenor to the stricken provision as is legally possible. 12.7.3 It is'intended that there be no third-party beneficiaries of this Capital Pledge Agreement, other than the Owners. Nothing contained herein,expressed or implied,is intended to give to any person, other than the Owners, any claim, remedy, or right under or pursuant hereto, and any agreement, condition,covenant,or term contained herein required to be observed or performed by or on behalf of any Party hereto shall be for the sole and exclusive benefit of the other Party,and the Owners. EXHIBIT D 12.7.4 This Capital Pledge Agreement may not be assigned or transferred by any Party without the prior written consent of the other Party. Any such assignment or transfer without the required prior written consent shall be deemed null and void and of no effect. 12.7.5 This Capital Pledge Agreement shall be governed by and construed under the applicable laws of the State of Colorado. Venue for any judicial action to interpret or enforce this Capital Pledge Agreement shall be in Larimer County District Court of the Eighth Judicial District for the State of Colorado. 12.7.6 This Capital Pledge Agreement may be amended or supplemented by the Parties, but any such amendment or supplement must be in writing and must be executed by both Parties. 12.7.7 If the date for making any payment or performing any action hereunder shall be a legal holiday or a day on which banks in Denver, Colorado are authorized or required by law to remain closed, such payment may be made or act performed on the next succeeding day which is not a legal holiday or a day on which banks in Denver, Colorado are authorized or required by law to remain closed. 12.7.8 Each Party has participated fully in the review-and revision of this Capital Pledge Agreement. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in interpreting this Capital Pledge Agreement. The language in this Capital Pledge Agreement shall be interpreted as to its fair meaning and not strictly for or against any Party. 12.7.9 This Capital Pledge Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 12.7.10 The Interchange District and the City shall have the right to access and review each other's records and accounts, at reasonable times during regular office hours, for purposes of determining compliance with the terms of this Agreement. Such access shall be subject to the provisions of the Colorado Open Records Act contained in Article 72 of Title 24, C.R.S. In the event of disputes or litigation between the Parties hereto, all access and requests for such records . shall be made in compliance with the Colorado Open Records Act. 12.7.11 The Parties each covenant that they will do,execute, acknowledge, and deliver or cause to.be done, executed, acknowledged, and delivered, such acts, instruments, and transfers as may reasonably be required for the performance of their obligations hereunder. (1) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 12.8 Effective Date and Termination Date. This Agreement shall become effective on _, 2018, and shall remain in effect until the payment in full of the Owners' Share. EXHIBIT D IN WITNESS WHEREOF,the Interchange District and the City have executed this Capital Pledge Agreement as of the day and year first above written. INTERCHANGE DISTRICT By: Title: ATTEST: Secretary CITY OF FORT COLLINS By: Mayor ATTEST: City Clerk EXHIBIT D Exhibit"C ' FCIC Parcel J ' r 1 EXHIBrF D Exhibit"D" GAPA Parcel EXHIBIT D Exhibit'E" TIC Owners Parcels i J EXHIBTr D Exhibit'V' Paradigm Parcels 4 , EXHIBrr D Exhibit"G" CSURF Parcels l Section 2.,, That the Mayor is hereby authorized to enter into the Game Day IGA, in substantially the form attached hereto as Exhibit "A," together with such additional terms and conditions as the City Manager, in consultation with the City Attorney, determines to be necessary and appropriate to protect the interests of the City or to effectuate the purposes of this Resolution. Section 3. That the City Manager is hereby authorized to execute service addendums and amendments in accordance with and subject to the provisions of Section 1.2 of the Game Day IGA. Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 21 st day of August, A.D. 2018. / 7�? C ayor ATTEST: ,OFpORre city C1 �olORi+o° -2- v