HomeMy WebLinkAboutMONTAVA - PHASE D CORE - BDR240006 - SUBMITTAL DOCUMENTS - ROUND 1 - Supporting Documentation (18)
Revised 02/08/2024 281 N College Ave, Fort Collins, CO 80525 970.221.6689 drcoord@fcgov.com Request for Extension 1|2
Water Adequacy Determination Application
Purpose & Applicability
To fulfill the water adequacy requirements of the City of Fort Collins (LUC Division 3.13), every development or redevelopment that requires new,
expanded, or increased water use must provide information related to the ensuring the proposed water supply is adequate for long-term satisfaction
of potable and non-potable water demands of the development, based upon FCMC §26-148 to -150. The Applicant is responsible for familiarity with
applicable code and requirements.
The checklists and requirements below summarize the code; more detail regarding contents of documents and needed information may be found
within the Fort Collins Land Use Code (LUC) and Municipal Code.
Project Information
Project Name: ______________________________________________ Project # : ____________________
Project Type: Standard ____________________ Deferral ______________________
Waiver ____________________ Change _____________________
Date of Prior Determination_________________________
Address or Parcel # ______________________________________________________________________
Water Provider
Please SUBMIT a SEPARATE Water Adequacy Determination Application for each water provider that services the development
Established Providers: ______________________________________ Other: ___________________________________
IF OTHER: Please Provide Contact Information for Water Provider
Manager: _______________________________________________ Public Water Service Permit #: _________________
Email: ___________________________________________________ Phone: ____________________________________
Applicant Certification
By submitting these materials and my signature affixed below, I acknowledge my awareness of Land Use Code Division 3.13 regulating the
Determination of Water Adequacy and submit my Request for Review to the City of Fort Collins. I agree to reimburse the City for all costs associated
with reviewing the attached application and associated materials, including costs associated with hiring consultants, not to exceed costs directly-
attributable to the review [LUC §3.13.5.B(1) and 3.13.6.B(1)]. I also acknowledge that this Determination may contain conditions, shall be final, and
becomes a material part of all future associated development applications.
Applicant Name (printed): ______________________________________________________________________________________
Email: ________________________________________________________________ Phone: _______________________________
Signature: _____________________________________________________________ Date: ________________________________
Revised 02/08/2024 281 N College Ave, Fort Collins, CO 80525 970.221.6689, planning@fcgov.com Water Adequacy Determination 2|2
Water Adequacy Determination Application
Required Submittal Materials
□ Overall Map of Development area to be served.
o Deferral request (For simple projects; materials due at Construction or Building Permit stage);
OR
o Detailed information related to the water demand of the project.
For areas served by Fort Collins Utilities, City approval of Final Plans acts as acknowledgment of
willingness and ability to serve.
For areas served by ELCO and FCLWD:
□ Please provide “Will Serve” Letter from a Colorado Licensed PE or Water Supply Expert from the Water
Supply Entity which:
• Describes the development area(s) to be served;
• States the ability to provide an adequate water supply;
• States the entities commitment, and any conditions, to provide adequate supply and service; and
• Identifies the length of time for which the letter is valid.
Non-Potable Water Suppliers for Permanent Irrigation Systems
□ Summary document linking the information provided to the standard of review as indicated in the land
use code.
□ Provide a report from a Professional Engineer, licensed in Colorado, providing the Water Supply
Description, to include at minimum:
Estimated demand analysis of project through build-out, including impact of phasing.
Physical Source of Water Provider’s water supply, and water quality test results.
Description of all elements of the Project’s Water Portfolio, currently-owned or planned.
Description and Estimate of Total Project Portfolio Yield under various hydrologic conditions.
- Historical temporal availability of proposed supplies, annual volumetric yield, and frequent and flow rate of
deliveries.
- Decreed place of use
- Augmentation requirements
Water demand management measures that may be implemented to account for hydrologic variability.
Description of all water conservation measures to be applied; and how enforced and effectuated.
Financial documents reflecting entity’s ability to create and maintain supply in perpetuity.
Statement describing how the entity ensures water conservation measures that meet or exceed City
requirements.
Approval documentation from other regulatory agencies, as well as any established potable water supply
entity whose service area contains the proposed non-potable system.
Upon review of submittal materials, the Director may require additional information be provided;
all such information shall be provided prior to final approval of any development or permit.
The above drawings, ideas and designs are the property of DPZ Partners. No part thereof shall be copied, disclosed to others, or
used in connection with any work other than for the specific project for which they have been prepared without the written consent of
the architects/town planners. Preliminary-this is a conceptual drawing not to be used for engineering, surveying, or construction.
0 150 300 600 900 1200 1500 Feet
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memorandum
To: HF2M Colorado
From: Rachel Kullman, P.E.
Date: April 30, 2024
Re: Water Supply Description for the Phase D of the Montava Development
City of Fort Collins Water Adequacy Determination Application
We understand that HF2M Colorado intends to submit a Water Adequacy Determination
Application to the City of Fort Collins for the Montava Development. More specifically,
this Application will be submitted only for Montava’s Phase D. Applications for additional
Montava phases are not applicable at this time.
The purpose of this memorandum is to provide a water supply description for Montava’s
Phase D, including the following:
• Section 1: Quantification of water demands for Phase D, for both indoor (potable)
uses and outdoor irrigation uses (to be supplied with both potable and non -
potable water sources).
• Section 2: Description and quantification of water sources that will be used to
meet the potable and non-potable demands.
• Section 3: Description of water quality.
• Section 4: Adequacy of non-potable sources under a range of hydrologic
conditions.
• Section 5: Description of water management measures that will be implemented
for the non-potable system.
• Section 6: Description of the non-potable conservation measures that will be
applied.
2
Phone : 505-690-1432 I Email : rachel@kullmanwater.com I Web : www.kullmanwater.com
Address: P.O. Box 5464 Santa Fe, NM 87502
Figure 1 shows the location of Montava’s Phase D, including the location of the
Montava West Non-Potable Irrigation Pond (West Pond), which will be used to provide
irrigation water to residential lawns and open spaces areas located within Phase D.
Figure 1. Montava Development and West Pond
3
Phone : 505-690-1432 I Email : rachel@kullmanwater.com I Web : www.kullmanwater.com
Address: P.O. Box 5464 Santa Fe, NM 87502
Section 1: Water Demands
Table 1 summarizes both the indoor demands and outdoor irrigation water demands for
Phase D. The annual indoor water demand associated with the 299 residential units in
Phase D is estimated to be equal to 46.8 acre-feet. The outdoor irrigation demands
associated with residential lots and open space areas is estimated to be equal to 15.93
acre-feet per year.
Table 1. Phase D Indoor and Outdoor Water Demands
Section 2: Water Sources
To meet the water demands shown in Table 1, HF2M will use the following water
sources:
• Potable sources: Water held by HF2M in ELCO’s water bank (approximately 120
acre-feet is estimated to be available).
Indoor Demands:
Phase D
Number of
Units
Annual
Use/ Unit
(Gallons)
Annual Use
(Gallons)
Annual Use
(Acre-feet)
Townhomes 123 51,000 6,273,000 19.25
Cottage 60 51,000 3,060,000 9.39
Single Family Small 78 51,000 3,978,000 12.21
Single Family Medium 38 51,000 1,938,000 5.95
Total 299 NA 15,249,000 46.80
Outdoor Demands:
Phase D
Residential
Lots
(Gallons)
Open
Space
(Gallons)
Annual Use
(Gallons)
Annual Use
(Acre-feet)
April 74,284 207,162 281,446 0.86
May 214,597 598,469 813,066 2.50
June 272,374 759,595 1,031,969 3.17
July 293,008 817,140 1,110,148 3.41
August 255,866 713,559 969,425 2.98
September 185,709 517,906 703,615 2.16
October 74,284 207,162 281,446 0.86
Total 1,370,122 3,820,993 5,191,115 15.93
4
Phone : 505-690-1432 I Email : rachel@kullmanwater.com I Web : www.kullmanwater.com
Address: P.O. Box 5464 Santa Fe, NM 87502
• Non-potable Sources: Water Supply & Storage Company (WSSC) shares owned
by HF2M, including 0.25 full WSSC shares (native & transmountain components)
and 3 native only WSSC shares. These shares are estimated to yield
approximately 157 acre-feet on an average annual basis.
The potable sources held by HF2M in ELCO’s water bank will primarily be used to meet
Phase D indoor water demands, but these sources will also be used to meet any
outdoor irrigation uses that are not met by HF2M’s non-potable sources. HF2M’s non-
potable WSSC shares will be delivered to the West Pond and then pumped out of the
pond to meet irrigation demands through a separate non-potable irrigation supply
system. An ELCO tap, which will be located adjacent to the West Pond, will be used to
supply the additional outdoor irrigation demands not met with WSSC shares.
Table 2 summarizes Phase D demands (indoor and outdoor), Phase D sources
(potable and non-potable), as well as the overall water balance for Phase D. As shown,
HF2M has sufficient supplies to meet the indoor and outdoor water demands in Phase
D.
The assumptions used to develop the information included in Table 2 are as follows:
• Supply Factor: When a developer intends to use potable water for indoor or
outdoor uses, ELCO requires the developer to dedicate water rights with yields
equal to 1.5 times the annual demand. This 1.5 multiplier is called the “supply
factor” and provides for resiliency and certainty through both the natural
variability of water supply yields and periods of drought. As shown in Table 2, the
supply factor is applied to both the total indoor and outdoor demands for Phase
D, which in total is equal to approximately 94.1 acre-feet per year (70.2 acre-feet
for indoor uses and 23.9 acre-feet for outdoor uses).
o In order to meet the indoor uses associated with Phase D, HF2M will
dedicate 70.2 acre-feet of its water held in the ELCO water bank.
o In order to meet the outdoor uses not met with WSSC water, HF2M will
dedicate an additional 6.1 acre-feet of its water held in the ELCO water
bank.
• WSSC Yield: An engineering analysis completed for HF2M’s WSSC shares
estimated that on average, a WSSC share yields 81.9 acre-feet per year, or 36.4
acre-feet for the transmountain component and 45.5 acre -feet for the native
component.
5
Phone : 505-690-1432 I Email : rachel@kullmanwater.com I Web : www.kullmanwater.com
Address: P.O. Box 5464 Santa Fe, NM 87502
Table 2
o With 0.25 full shares and 3 native only shares, HF2M has approximately
157 acre-feet of WSSC available for irrigation uses1.
o WSSC shares are typically available to meet demands during the entire
months of June, July and August, but only half of the month in May and
September.
In total, Phase D will require 76.3 acre-feet of potable water from the ELCO water bank
and 17.8 acre-feet of non-potable water from WSSC.
Section 3: Water Quality
The quality of the potable water received from ELCO will be sufficient for both indoor
and outdoor uses. Additionally, the water quality associated with WSSC water will also
be of sufficient quality as demonstrated by its use on farms and other non -potable
irrigation systems throughout Northern Colorado. HF2M is willing to provide water
quality tests for the WSSC source, if required by Fort Collins. At this time, HF2M is not
intending to use groundwater sources in its non-potable system for Phase D.
1 Yield for 0.25 shares = 0.25 x (45.5 acre-feet + 36.4 acre-feet); Yield for 3 native shares = 3 x
45.5 acre-feet.
6
Phone : 505-690-1432 I Email : rachel@kullmanwater.com I Web : www.kullmanwater.com
Address: P.O. Box 5464 Santa Fe, NM 87502
Section 4: Non-potable Water Adequacy
As noted in Section 2, for dedication purposes, ELCO requires a developer to apply a
1.5 multiplier for indoor and outdoor uses in order to provide for resiliency and certainty
through both the natural variability of water supply yields and periods of drought. As
shown in Table 2, this supply factor is applied to all uses in Phase D, including those
met with potable sources from ELCO and non-potable sources from WSSC. For this
reason, we do not believe it is necessary to separately analyze how hydrologic
conditions, such as drought, might impact WSSC yield. Additionally, as shown in Table
2, HF2M has more than 8 times the amount of WSSC available to it than is actually
needed by Montava for Phase D.
It should also be noted that Phase D is located within the WSSC service area and can
legally and physically be supplied with water from this ditch system. Additionally,
because groundwater is not intended to be used in Phase D at this time, there are no
augmentation requirements associated with the Phase D non-potable system.
Section 5: Non-potable Water Management
Included with this memorandum is the Non-Potable Irrigation System Report that was
prepared by TST Inc. Consulting Engineers for the full Montava Development in April
2023. Detailed information about how the non-potable system will be operated and
managed is included within this report. Although this report doesn’t specifically describe
the implementation of just Phase D, West Pond operations are likely to be the same as
those described for full Montava Development. Section 6 of the TST Report includes
information on best management practices for the non-potable system, including
demand management.
Section 6: Non-potable Water Conservation Measures
Water conservation measures shall apply to all areas utilizing non-potable irrigation.
Landscape and irrigation plans shall be designed to incorporate water conservation
materials and techniques through the application of Xeriscape landscaping principles.
These principles include:
• Design: The design identifies zones of different water requirements and groups
plants together with similar water needs. Landscape plans shall be prepared by a
Colorado Licensed Professional Landscape Architect. Non-potable irrigation
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Phone : 505-690-1432 I Email : rachel@kullmanwater.com I Web : www.kullmanwater.com
Address: P.O. Box 5464 Santa Fe, NM 87502
system shall be designed by a Colorado Registered Professional Engineer,
Landscape Architect, or by a designer certified by the Association of Landscape
Contractors of Colorado (CLT-E Certification) or by the Irrigation Association
(CID Certification).
• Appropriate Use of Turf: High-irrigation turf and plantings shall be limited to
appropriate high-use and high visibility areas and those with functional turf
needs.
• Low Water-using Plants: Low-water plants and turf will be used where practical.
• Irrigation Methods: Designs shall include an efficient automatic irrigation system.
Each zone shall irrigate a landscape with similar site, soil conditions and plant
material with similar water needs. To the extent reasonably feasible, areas with
significantly different solar exposures shall be zoned separately. Turf and non-
turf areas shall be irrigated on separate zones. On steep grades, an irrigation
method with a lower precipitation rate shall be used in order to minimize runoff
and, to the extent feasible, these areas shall be zoned separately. Drip, micro-
sprays, sprayheads and rotors shall not be combined on the same zone. The
irrigation method shall be selected to correlate with the plant density.
• Soil Preparation: Soil amendments shall be incorporated before planting in
accordance with City of Fort Collins codes.
• Mulch: Mulch shall be provided in planting beds to a minimum depth of 3 inches.
• Maintenance: Regular and attentive maintenance shall be provided by the
Developer as required by City of Fort Collins codes and regulations.
Site and Landscape Plans for Montava Phase D shall be reviewed by the City of Fort
Collins through the Development Review process ensuring that City requirements are
met or exceeded.
This unofficial copy was downloaded on Sep-17-2019 from the City of Fort Collins Public Records Website: http://citydocs.fcgov.com
For additional information or an official copy, please contact City Clerk's Office City Hall West 300 LaPorte Avenue Fort Collins, CO 80521 USA
This unofficial copy was downloaded on Sep-17-2019 from the City of Fort Collins Public Records Website: http://citydocs.fcgov.com
For additional information or an official copy, please contact City Clerk's Office City Hall West 300 LaPorte Avenue Fort Collins, CO 80521 USA
This unofficial copy was downloaded on Sep-17-2019 from the City of Fort Collins Public Records Website: http://citydocs.fcgov.com
For additional information or an official copy, please contact City Clerk's Office City Hall West 300 LaPorte Avenue Fort Collins, CO 80521 USA
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CONSOLIDATED SERVICE PLAN
FOR
MONTAVA METROPOLITAN DISTRICT NOS. 1-7
CITY OF FORT COLLINS, COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
2154 E. Commons Ave., Suite 2000
Centennial, CO 80122
Submitted On: August 29, 2018
Resubmitted On: September 19, 2018
Approved On: ____________, 2018
EXHIBIT A
ii
TABLE OF CONTENTS
I. INTRODUCTION ................................................................................................................... 6
A. Purpose and Intent. ............................................................................................................... 6
B. Need for the Districts. .......................................................................................................... 6
C. Objective of the City Regarding Districts' Service Plan. ..................................................... 7
D. City Approvals. .................................................................................................................... 7
II. DEFINITIONS ........................................................................................................................ 7
III. BOUNDARIES AND LOCATION ................................................................................... 10
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFITS &
ASSESSED VALUATION .......................................................................................................... 11
A. Project and Planned Development. .................................................................................... 11
B. Public Benefits. .................................................................................................................. 12
C. Assessed Valuation. ........................................................................................................... 12
V. INCLUSION OF LAND IN THE SERVICE AREA ............................................................ 13
VI. DISTRICT GOVERNANCE ............................................................................................. 13
VII. AUTHORIZED AND PROHIBITED POWERS .............................................................. 13
B. Prohibited Improvements and Services and other Restrictions and Limitations. ................ 13
1. Eminent Domain Restriction .......................................................................................... 14
2. Fee Limitation ................................................................................................................ 14
3. Operations and Maintenance .......................................................................................... 14
4. Fire Protection Restriction ............................................................................................. 14
5. Public Safety Services Restriction ................................................................................. 15
6. Grants from Governmental Agencies Restriction .......................................................... 15
7. Golf Course Construction Restriction ............................................................................ 15
8. Television Relay and Translation Restriction ................................................................ 15
9. Sales and Use Tax Exemption Limitation ...................................................................... 15
11. Sub-district Restriction ............................................................................................... 15
12. Privately Placed Debt Limitation ............................................................................... 16
13. Special Assessments ................................................................................................... 16
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS .............................................. 16
A. Development Standards. .................................................................................................... 17
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B. Contracting. ........................................................................................................................ 17
C. Land Acquisition and Conveyance. ................................................................................... 17
D. Equal Employment and Discrimination. ............................................................................ 18
IX. FINANCIAL PLAN/PROPOSED DEBT.......................................................................... 18
A. Financial Plan..................................................................................................................... 18
B. Mill Levies. ........................................................................................................................ 19
1. Aggregate Mill Levy Maximum ........................................................................................ 19
2. Regional Mill Levy Not Included in Other Mill Levies .................................................... 19
3. Operating Mill Levy .......................................................................................................... 19
4. Gallagher Adjustments ...................................................................................................... 19
5. Excessive Mill Levy Pledges ............................................................................................. 19
6. Refunding Debt.................................................................................................................. 19
7. Maximum Debt Authorization ........................................................................................... 20
C. Maximum Voted Interest Rate and Underwriting Discount. ............................................. 20
D. Interest Rate and Underwriting Discount Certification. .................................................... 20
E. Disclosure to Purchasers. ................................................................................................... 20
F. External Financial Advisor. ............................................................................................... 21
G. Disclosure to Debt Purchasers. .......................................................................................... 21
H. Security for Debt. ............................................................................................................... 22
I. TABOR Compliance. ......................................................................................................... 22
J. Districts’ Operating Costs. ................................................................................................. 22
X. REGIONAL IMPROVEMENTS .......................................................................................... 22
A. Regional Mill Levy Authority. .......................................................................................... 22
B. Regional Mill Levy Imposition. ......................................................................................... 23
C. City Notice Regarding Regional Improvements. ............................................................... 23
D. Regional Improvements Authorized Under Service Plan. ................................................. 23
E. Expenditure of Regional Mil Levy Revenues. ................................................................... 23
F. Regional Mill Levy Term. ................................................................................................. 23
G. Completion of Regional Improvements. ............................................................................ 24
H. City Authority to Require Imposition. ............................................................................... 24
I. Regional Mill Levy Not Included in Other Mill Levies. ................................................... 24
J. Gallagher Adjustment. ....................................................................................................... 24
iv
XI. CITY FEES ........................................................................................................................ 24
XII. BANKRUPTCY LIMITATIONS ...................................................................................... 24
XIII. ANNUAL REPORTS AND BOARD MEETINGS .......................................................... 25
A. General. .............................................................................................................................. 25
B. Board Meetings. ................................................................................................................. 25
C. Report Requirements. ........................................................................................................ 25
D. Reporting of Significant Events. ........................................................................................ 26
E. Failure to Submit................................................................................................................ 27
XIV. SERVICE PLAN AMENDMENTS .................................................................................. 27
XV. MATERIAL MODIFICATIONS ...................................................................................... 27
XVI. DISSOLUTION ................................................................................................................. 28
XVII. SANCTIONS ..................................................................................................................... 28
XVIII. CONCLUSION .............................................................................................................. 29
XIX. RESOLUTION OF APPROVAL ...................................................................................... 29
5
EXHIBITS
EXHIBIT A Legal Description of Initial District Boundaries
EXHIBIT B Initial District Boundary Map
EXHIBIT C Legal Description of Inclusion Area Boundaries
EXHIBIT D Inclusion Area Boundary Map
EXHIBIT E Public Improvements
EXHIBIT F Vicinity Map
EXHIBIT G Public Improvement Cost Estimates
EXHIBIT H Public Improvements Maps
EXHIBIT I Financial Plan
EXHIBIT J Public Benefits
EXHIBIT K Disclosure Notice
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I. INTRODUCTION
A. Purpose and Intent.
The Districts, which are intended to be independent units of local government
separate and distinct from the City, are governed by this Service Plan, the Special District
Act and other applicable State law. Except as may otherwise be provided for by State law,
City Code or this Service Plan, the Districts' activities are subject to review and approval by
the City Council only insofar as they are a material modification of this Service Plan under
C.R.S. Section 32-1-207 of the Special District Act.
It is intended that the Districts will provide all or part of the Public Improvements for
the Project for the use and benefit of all anticipated inhabitants and taxpayers of the
Districts. The primary purpose of the Districts will be to finance the construction of a
portion of these Public Improvements by the issuance of Debt.
It is also intended under this Service Plan that no District shall be authorized to
issue any Debt, impose a Debt Mill Levy or impose any Fees for payment of Debt unless
and until the delivery of the applicable Public Benefits describe in Section IV.B of this
Service Plan has been secured in accordance with Section IV.B of this Service Plan.
It is further intended that this Service Plan requires the Districts to pay a portion of the
cost of the Regional Improvements, as provided in Section X of this Service Plan, as part of
ensuring that those privately-owned properties to be developed in the District that benefit from
the Regional Improvements pay a reasonable share of the associated costs.
The Districts are not intended to provide ongoing operations and maintenance services
except as expressly authorized in this Service Plan.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt
incurred or upon a court determination that adequate provision has been made for the payment of
all Debt, except that if the Districts are authorized in this Service Plan to perform continuing
operating or maintenance functions, the Districts shall continue in existence for the sole purpose
of providing such functions and shall retain only the powers necessary to impose and collect the
taxes or Fees authorized in this Service Plan to pay for the costs of those functions.
It is intended that the Districts shall comply with the provisions of this Service Plan
and that the City may enforce any non-compliance with these provisions as provided in
Section XVII of this Service Plan.
B. Need for the Districts.
There are currently no other governmental entities, including the City, located in the
immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the
planning, design, acquisition, construction, installation, relocation, redevelopment and financing
of the Public Improvements needed for the Project. Formation of the Districts is therefore
7
necessary in order for the Public Improvements required for the Project to be provided in the
most economic manner possible.
C. Objective of the City Regarding Districts' Service Plan.
The City’s objective in approving this Service Plan is to authorize the Districts to provide
for the planning, design, acquisition, construction, installation, relocation and redevelopment of
the Public Improvements from the proceeds of Debt to be issued by the Districts, but in doing so,
to also establish in this Service Plan the means by which both the Regional Improvements and
the Public Benefits will be provided.. Except as specifically provided in this Service Plan, all
Debt is expected to be repaid by taxes and Fees imposed and collected for no longer than the
Maximum Debt Mill Levy Imposition Term for residential properties, and at a tax mill levy no
higher than the Maximum Debt Mill Levy. Fees imposed for the payment of Debt shall be due
no later than upon the issuance of a building permit unless a majority of the Board which
imposes such a Fee is composed of End Users as provided in Section VII.B.2 of this Service
Plan. Debt which is issued within these parameters and, as further described in the Financial
Plan, will insulate property owners from excessive tax and Fee burdens to support the servicing
of the Debt and will result in a timely and reasonable discharge of the Debt.
D. City Approvals.
Any provision in this Service Plan requiring “City” or “City Council” approval or
consent shall require the City Council’s prior written approval or consent exercised in its sole
discretion. Any provision in this Service Plan requiring “City Manager” approval or consent
shall require the City Manager’s prior written approval or consent exercised in the City
Manager’s sole discretion.
II. DEFINITIONS
In this Service Plan, the following words, terms and phrases which appear in a capitalized
format shall have the meaning indicated below, unless the context clearly requires otherwise:
Aggregate Mill Levy: means the total mill levy resulting from adding a District’s Debt
Mill Levy and Operating Mill Levy. A District’s Aggregate Mill Levy does not include
any Regional Mill Levy that the District may levy.
Aggregate Mill Levy Maximum: means the maximum number of combined mills that
each District may levy for its Debt Mill Levy and Operating Mill Levy, at a rate not to
exceed the limitation set in Section IX.B.1 of this Service Plan.
Approved Development Plan: means a City-approved development plan or other land-use
application required by the City Code for identifying, among other things, public
improvements necessary for facilitating the development of property within the Service
Area, which plan shall include, without limitation, any PUD or development agreement
required by the City Code.
8
Board or Boards: means the duly constituted board of directors of any of the Districts, or
the boards of directors of all of the Districts, in the aggregate.
Bond, Bonds or Debt: means bonds, notes or other multiple fiscal year financial
obligations for the payment of which a District has promised to impose an ad valorem
property tax mill levy, Fees or other legally available revenue. Such terms do not
include contracts through which a District procures or provides services or tangible
property.
City: means the City of Fort Collins, Colorado, a home rule municipality.
City Code: means collectively the City’s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council: means the City Council of the City of Fort Collins, Colorado.
City Manager: means the City Manager of the City of Fort Collins, Colorado.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property within a
District for the purpose of paying Debt as authorized in this Service Plan, at a rate not to
exceed the limitations set in Section IX.B of this Service Plan.
Developer: means a person or entity that is the owner of property or owner of contractual
rights to property in the Service Area that intends to develop the property.
District: means any one of the Montava Metropolitan District Nos. 1 through 7,
individually, organized under and governed by this Service Plan.
Districts: means the Montava Metropolitan District Nos. 1 through 7, collectively,
organized under and governed by this Service Plan.
End User: means any owner, or tenant of any owner, of any property within the Districts,
who is intended to become burdened by the imposition of ad valorem property taxes
and/or Fees. By way of illustration, a resident homeowner, renter, commercial property
owner or commercial tenant is an End User. A Developer and any person or entity that
constructs homes or commercial structures is not an End User.
External Financial Advisor: means a consultant that: (1) is qualified to advise Colorado
governmental entities on matters relating to the issuance of securities by Colorado
governmental entities including matters such as the pricing, sales and marketing of such
securities and the procuring of bond ratings, credit enhancement and insurance in respect
of such securities; (2) shall be an underwriter, investment banker, or individual listed as a
public finance advisor in the Bond Buyer’s Municipal Market Place or, in the City’s sole
discretion, other recognized publication as a provider of financial projections; and (3) is
9
not an officer or employee of the Districts or an underwriter of the Districts’ Debt.
Fees: means the fees, rates, tolls, penalties and charges the Districts are authorized to
impose and collect under this Service Plan.
Financial Plan: means the Financial Plan described in Section IX of this Service Plan
which was prepared by D.A. Davidson & Company in accordance with the requirements
of this Service Plan and describes (a) how the Public Improvements are to be financed;
(b) how the Debt is expected to be incurred; and (c) the estimated operating revenue
derived from property taxes and any Fees for the first budget year through the year in
which all District Debt is expected to be defeased or paid in the ordinary course.
Inclusion Area Boundaries: means the boundaries of the property that is anticipated to be
added to the District Boundaries after the Districts’ organization, which property is
legally described in Exhibit C attached hereto and incorporated by reference and
depicted in the map attached hereto as Exhibit D and incorporated herein by reference.
Initial District Boundaries: means the boundaries of the area legally described in Exhibit
A attached hereto and incorporated by reference and as depicted in the Initial District
Boundary Map.
Initial District Boundary Map: means the map of the District Boundaries attached hereto
as Exhibit B and incorporated by reference.
Maximum Debt Authorization: means the total Debt the Districts are permitted to issue as
set forth in Section IX.B.8 of this Service Plan.
Maximum Debt Mill Levy Imposition Term: means the maximum term during which a
District’s Debt Mill Levy may be imposed on property developed in the Service Area for
residential use, which shall include residential properties in a mixed-use development.
This maximum term shall not exceed forty (40) years from December 31 of the year of
the first imposition of the Debt Mill Levy.
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding District administration, operations and maintenance as authorized in
this Service Plan, including, without limitation, repair and replacement of Public
Improvements, and imposed at a rate not to exceed the limitations set in Section IX.B of
this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area, commonly referred to as the Montava development, under an
Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the
Planned Development.
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Public Improvements: means the improvements and infrastructure the Districts are
authorized by this Service Plan to fund and construct for the Planned Development to
serve the future taxpayers and inhabitants of the Districts, except as specifically limited in
this Service Plan. Public Improvements shall include, without limitation, the
improvements and infrastructure described in Exhibit E attached hereto and incorporated
by reference. Public Improvements do not include Regional Improvements.
Regional Improvements: means any regional public improvement identified by the City
as provided in Section X of this Service Plan, for funding, in whole or part, by a Regional
Mill Levy levied by the Districts.
Regional Mill Levy: means the property tax mill tax imposed on Taxable Property for the
purpose of planning, designing, acquiring, funding, constructing, installing, relocating
and/or redeveloping the Regional Improvements and/or to fund the administration and
overhead costs related to the Regional Improvements as provided in Section X of this
Service Plan.
Service Area: means the property within the Initial District Boundaries and the property
in the Inclusion Area Boundaries.
Special District Act: means Article 1 in Title 32 of the Colorado Revised Statutes, as
amended.
Service Plan: means this service plan for the Districts approved by the City Council.
Service Plan Amendment: means a material modification of the Service Plan approved by
the City Council in accordance with the Special District Act, this Service Plan and any
other applicable law.
State: means the State of Colorado.
TABOR: means Colorado’s Taxpayer’s Bill of Rights in Article X, Section 20 of the
Colorado Constitution.
Taxable Property: means the real and personal property within the Initial District
Boundaries and within the Inclusion Area Boundaries when added to the District
Boundaries that will subject to the ad valorem taxes imposed by the Districts.
Vicinity Map: means the map attached hereto as Exhibit F and incorporated by reference
depicting the location of the Service Area within the regional area surrounding it.
III. BOUNDARIES AND LOCATION
The area of the Initial District Boundaries includes approximately 10 acres and the total
area proposed to be included in the Inclusion Area Boundaries is approximately 988.5 acres. A
legal description and map of the Initial District Boundaries are attached hereto as Exhibit A and
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Exhibit B, respectively. A legal description and map of the Inclusion Area Boundaries are
attached hereto as Exhibit C and Exhibit D, respectively. It is anticipated that the Districts’
boundaries may expand or contract from time to time as the Districts undertake inclusions or
exclusions pursuant to the Special District Act, subject to the limitations set forth in this Service
Plan. The location of the Service Area is depicted in the vicinity map attached as Exhibit F.
IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
A. Project and Planned Development.
The Districts are intended to enable the Montava Vision and Master Plan (the “Master
Plan”). The Master Plan is the result of an unprecedented collaborative effort including: public
meetings, a weeklong public charrette, and extensive City Staff involvement. The foundation of
the 860-acre development is the Mountain Vista Sub Area Plan (the MVSAP), City Plan, and the
Climate Action Plan. Montava will be a unique community - the name itself is a combination of
“Mon” for our ever-present mountains and the Ute Indian word “tava,” which means “sun”.
“Mountain Sun” is both a reflection of the history and beauty of our area, and a commitment to
renewable energy which is a foundational principal of the Project.
Montava is planned as an extension of the City by providing a town center connected to
surrounding development with community commercial and retail services including grocery, full
and limited service restaurants, coffee and juice bar, service-oriented businesses like
insurance/hair/legal, City Recreation Center, Poudre Library, and many more uses. The
transportation plan will tie the Project into the surrounding community including downtown Fort
Collins. Any employment that is enabled by the Project will provide opportunity for anyone in
the surrounding areas. Montava is a community that will serve all of Fort Collins. In a study
commissioned by the Developer of the Project, Bob Gibbs Consulting, projects by 2022 that
Montava will have statistical market demand of up to 88,900 square feet and new retail
development producing up to $27.5 million in sales. At full build out, total additional demand
could grow to 218,000 square feet of new retail development and $70.1 million in gross sales
annually.
The Project is currently anticipated to contain between 200,000 and 400,000 square feet
of office for employment opportunity, and between 70-100 acres of light and green industrial
development, and residential development including approximately 2,000 single family homes
and 2,400 multi-family units in a wide variety of types, sizes, and configurations. The
anticipated population at build-out, which is anticipated to occur over 25+ years, is
approximately 11,073 persons. The total assessed value at 5 years (2024) is estimated to be
$36,593,000, and the total assessed value at 10 years (2029) is estimated to be $76,202,500. The
total City tax paid in 5 years is estimated to be $968,739 and total City tax paid in 10 years is
estimated to be $3,643,555.
Approval of this Service Plan by the City Council does not imply approval of the
development of any particular land-use for any specific area within the Districts. Any such
approval must be contained within an Approved Development Plan.
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B. Public Benefits.
In addition to providing a portion of the Public Improvements and Regional
Improvements, the organization of the Districts is intended to enable the Project to deliver a
number of extraordinary direct and indirect public benefits, including: smart growth management
through (i) Large-Scale Comprehensive Master Planning, (ii) New Urbanism, (iii) Argi-Urban
Development, (iv) Zero Energy Ready Homes, (v) Non-potable Water System, and (vi)
Affordable/Workforce Housing (collectively, the “Public Benefits”). The Public Benefits to be
enabled under this Service Plan are specifically described in Exhibit J attached hereto and
incorporated herein by reference.
Therefore, notwithstanding any provision to the contrary contained in this Service Plan,
no District shall be authorized to issue any Debt or to impose a Debt Mill Levy or any Fees for
payment of Debt unless and until the delivery of the Public Benefits specifically related to the
phase of the Planned Development of a portion of the Project to be financed with such Debt,
Debt Mill Levy or Fees, are secured in a manner approved by the City Council. To satisfy this
precondition to the issuance of Debt and to the imposition of the Debt Mill Levy and Fees,
delivery of the Public Benefits for each phase of the Project and the Planned Development must
be secured by the following methods, as applicable:
1. For any portion of the Public Benefits to be provided by one or more of the Districts,
each such District must enter into an intergovernmental agreement with the City by
either (i) agreeing to provide those Public Benefits as a legally enforceable multiple-
fiscal year obligation of the District under TABOR, or (ii) securing performance of
that obligation with a surety bond, letter of credit or other security acceptable to the
City, and any such intergovernmental agreement must be approved by the City
Council by resolution;
2. For any portion of the Public Benefits to be provided by one or more Developers of
the Planned Development, each such Developer must either (i) enter into a
development agreement with the City under the Developer’s applicable Approved
Development Plan, which agreement must legally obligate the Developer to provide
those Public Benefits before the City is required to issue building permits and/or
certificates of occupancy for structures to be built under the Approved Development
Plan for that phase of the Planned Development, or (ii) secure such obligations with a
surety bond, letter of credit or other security acceptable to the City, and all such
development agreements must be approved by the City Council by resolution; or
3. For any portion of the Public Benefits to be provided in part by one or more of the
Districts and in part by one or more of the Developers, an agreement between the City
and the affected District(s) and Developers that secures such Public Benefits as
legally binding obligations using the methods described in subsections 1 and 2 above,
and all such agreements must be approved by the City Council by resolution.
C. Assessed Valuation.
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The current assessed valuation of the Service Area is approximately zero $0.00 for
purposes of this Service Plan and, at build out, is expected to be One Hundred Forty Five Million
Dollars ($145,000,000). These amounts are expected to be sufficient to reasonably discharge the
Debt as demonstrated in the Financial Plan.
V. INCLUSION OF LAND IN THE SERVICE AREA
Other than the real property in the Inclusion Area Boundaries, the Districts shall not
include any real property into the Districts without the City Council’s prior written approval and
in compliance with the Special District Act. Once a District has issued Debt, it shall not exclude
real property from the District’s boundaries without the prior written consent of the City Council.
VI. DISTRICT GOVERNANCE
The Districts’ Boards shall be comprised of persons who are a qualified “eligible
electors” of the Districts as provided in the Special District Act. It is anticipated that over time,
the End Users who are eligible electors will assume direct electoral control of the Districts’
Boards as development within the Service Area progresses. The Districts shall not enter into any
agreement by which the End Users’ electoral control of the Boards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
The Districts shall have the power and authority to provide the Public Improvements, the
Regional Improvements and related operation and maintenance services, within and without the
Service Area, as such powers and authorities are described in the Special District Act, other
applicable State law, common law and the Colorado Constitution, subject to the prohibitions,
restrictions and limitations set forth in this Service Plan.
If, after the Service Plan is approved, any State law is enacted to grant additional powers
or authority to metropolitan districts by amendment of the Special District Act or otherwise, such
powers and authority shall not be deemed to be a part hereof. These powers and authority shall
only be available to or exercised by the Districts if the City Council first approves a Service Plan
Amendment to specifically allow the exercise of such powers or authority by the Districts.
B. Prohibited Improvements and Services and other Restrictions and
Limitations.
The Districts’ powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise their other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
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constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Section XVII of this Service Plan:
1. Eminent Domain Restriction
The Districts shall not exercise their statutory power of eminent domain without first
obtaining resolution approval from the City Council. This restriction on the Districts’
exercise of their eminent domain power is being exercised voluntarily acquiesced to
by the Districts and shall not be interpreted in any way as a limitation on the Districts’
sovereign powers and shall not negatively affect the Districts’ status as political
subdivision of the State as conferred by the Special District Act.
2. Fee Limitation
Any Fees imposed for the repayment of Debt, if authorized by this Service Plan, shall
not imposed by any of the Districts upon or collected from an End User. In addition,
Fees imposed for the payment of Debt shall not be imposed unless and until the
requirements for securing the delivery of the relevant portion of the Public Benefits
have been satisfied in accordance with Section IV.B of this Service Plan.
Notwithstanding any of the foregoing, this Fee limitation shall not apply to any Fee
imposed to fund the operation, maintenance, repair or replacement of Public
Improvements or the administration of the Districts.
3. Operations and Maintenance
The primary purpose of the Districts is to plan for, design, acquire, construct, install,
relocate, redevelop and finance a portion of the Public Improvements. The Districts
shall dedicate the Public Improvements to the City or other appropriate jurisdiction or
owners’ association in a manner consistent with the Approved Development Plan and
the City Code, provided that nothing herein requires the City to accept a dedication.
The Districts are specifically authorized to operate and maintain any part or all of the
Public Improvements not otherwise conveyed or dedicated to the City or another
appropriate governmental entity. Additionally, the Districts are authorized to operate
and maintain any part or all of the Public Improvements not otherwise conveyed or
dedicated to the City or another appropriate governmental entity until such time that
the Districts dissolve.
4. Fire Protection Restriction
The Districts are not authorized to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain fire protection facilities or
services, unless such facilities and services are provided pursuant to an
intergovernmental agreement with the Poudre Fire Authority. The authority to plan
for, design, acquire, construct, install, relocate, redevelop, finance, own, operate or
maintain fire hydrants and related improvements installed as part of the water system
shall not be limited by this subsection.
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5. Public Safety Services Restriction
The Districts are not authorized to provide policing or other security services.
However, the Districts may, pursuant to C.R.S. § 32-1-1004(7), as amended, furnish
security services pursuant to an intergovernmental agreement with the City.
6. Grants from Governmental Agencies Restriction
The Districts shall not apply for grant funds distributed by any agency of the United
States Government or the State without the prior written approval of the City
Manager. This does not restrict the collection of Fees for services provided by the
Districts to the United States Government or the State.
7. Golf Course Construction Restriction
Acknowledging that the City has financed public golf courses and desires to
coordinate the construction of public golf courses within the City’s boundaries, the
Districts shall not be authorized to plan, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain a golf course unless such activity is
pursuant to an intergovernmental agreement with the City.
8. Television Relay and Translation Restriction
The Districts are not authorized to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain television relay and translation
facilities and services, other than for the installation of conduit as a part of a street
construction project, unless such facilities and services are provided pursuant to prior
written approval from the City Council.
9. Sales and Use Tax Exemption Limitation
The Districts shall not exercise any sales and use tax exemption otherwise available
to the Districts under the City Code.
10. Potable Water and Wastewater Treatment Facilities
Acknowledging that the City and other existing special districts operating within the
City currently own and operate treatment facilities for potable water and wastewater
that are available to provide services to the Service Area, the Districts shall not plan,
design, acquire, construct, install, relocate, redevelop, finance, own, operate or
maintain such facilities without obtaining the City Council’s prior written approval
either by intergovernmental agreement or as a Service Plan Amendment.
11. Sub-district Restriction
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The Districts shall not create any sub-district pursuant to the Special District Act
without the prior written approval of the City Manager.
12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the issuing District shall obtain the
certification of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of
the District’s Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as
defined in C.R.S. Section 32-1-103(12)) to be borne by [insert the
designation of the Debt] does not exceed a reasonable current [tax-
exempt] [taxable] interest rate, using criteria deemed appropriate
by us [me] and based upon our [my] analysis of comparable high
yield securities; and (2) the structure of [insert designation of the
Debt], including maturities and early redemption provisions, is
reasonable considering the financial circumstances of the District.
13. Special Assessments
The Districts shall not impose special assessments without the prior
written approval of the City Council.
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS
Exhibit E summarizes the type of Public Improvements that are projected to be
constructed and/or installed by the Districts. The cost, scope, and definition of such Public
Improvements may vary over time. The total estimated costs of Public Improvements, as set
forth in Exhibit G, are approximately Three Hundred Twenty-Five Million One Hundred
Ninety-Four Thousand Five Hundred Forty Three Dollars ($325,194,543) in 2018 dollars. The
cost estimates are based upon preliminary engineering, architectural surveys, and reviews of the
Public Improvements and include all construction cost estimates together with estimates of costs
such as land acquisition, engineering services, legal expenses and other associated expenses.
Maps of the anticipated location, operation, and maintenance of Public Improvements are
attached hereto as Exhibit H. Changes in the Public Improvements or costs, which are approved
by the City in an Approved Development Plan and any agreement approved by the City Council
pursuant to Section IV.B of this Service Plan, shall not constitute a Service Plan Amendment. In
addition, due to the preliminary nature of the Project, the City shall not be bound by this Service
Plan in reviewing and approving the Approved Development Plan and the Approved
Development Plan shall supersede the Service Plan with regard to the cost, scope and definition
of Public Improvements. Provided, however, any agreement approved and entered into under
Section IV.B of this Service Plan for the provision of a Public Improvement that is also a Public
Benefit, shall supersede both this Service Plan and the applicable Approved Development Plan.
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Except as otherwise provided by an agreement approved under Section IV.B of this
Service Plan: (i) the design, phasing of construction, location and completion of Public
Improvements will be determined by the Districts to coincide with the phasing and development
of the Planned Development and the availability of funding sources; (ii) the Districts may, in
their discretion, phase the construction, completion, operation, and maintenance of Public
Improvements or defer, delay, reschedule, rephase, relocate or determine not to proceed with the
construction, completion, operation, and maintenance of Public Improvements, and such actions
or determinations shall not constitute a Service Plan Amendment; (iii) the Districts shall also be
permitted to allocate costs between such categories of the Public Improvements as deemed
necessary in their discretion.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to
certain operation activities. Relating to these, the Districts shall comply with the following
requirements:
A. Development Standards.
The Districts shall ensure that the Public Improvements are designed and constructed in
accordance with the standards and specifications of the City Code and of other governmental
entities having proper jurisdiction, as applicable. The Districts directly, or indirectly through any
Developer, will obtain the City’s approval of civil engineering plans and will obtain applicable
permits for construction and installation of Public Improvements prior to performing such work.
Unless waived by the City Council, the Districts shall be required, in accordance with the City
Code, to post a surety bond, letter of credit, or other approved development security for any
Public Improvements to be constructed by the Districts. Such development security may be
released in the City Manager’s discretion when the constructing District has obtained funds,
through Debt issuance or otherwise, adequate to insure the construction of the Public
Improvements, unless such release is prohibited by or in conflict with any City Code provision,
State law, or any agreement approved and entered into under Section IV.B of this Service Plan.
Any limitation or requirement concerning the time within which the City must review the
Districts’ proposals or applications for an Approved Development Plan or other land use
approval is hereby waived by the Districts.
B. Contracting.
The Districts shall comply with all applicable State purchasing, public bidding and
construction contracting.
C. Land Acquisition and Conveyance.
The purchase price of any land or improvements acquired by the Districts from the
Developer shall be no more than the then-current fair market value as confirmed by an
independent MAI appraisal for land and by an independent professional engineer for
improvements. Land, easements, improvements and facilities conveyed to the City shall be free
and clear of all liens, encumbrances and easements, unless otherwise approved by the City
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Manager prior to conveyance. All conveyances to the City shall be by special warranty deed,
shall be conveyed at no cost to the City, shall include an ALTA title policy issued to the City,
shall meet the environmental standards of the City and shall comply with any other conveyance
prerequisites required in the City Code.
D. Equal Employment and Discrimination.
In connection with the performance of all acts or activities hereunder, the Districts shall
not discriminate against any person otherwise qualified with respect to its hiring, discharging,
promoting or demoting or in matters of compensation solely because of race, color, religion,
national origin, gender, age, military status, sexual orientation, gender identity or gender
expression, marital status, or physical or mental disability, and further shall insert the foregoing
provision in contracts or subcontracts entered into by the Districts to accomplish the purposes of
this Service Plan.
IX. FINANCIAL PLAN/PROPOSED DEBT
This Section IX of the Service Plan describes the nature, basis, method of funding and
financing limitations associated with the acquisition, construction, completion, repair,
replacement, operation and maintenance of Public Improvements.
A. Financial Plan.
The Districts’ Financial Plan, attached as Exhibit I and incorporated by reference,
reflects the Districts’ anticipated schedule for incurring Debt to fund Public Improvements in
support of the Project. The Financial Plan also reflects the schedule of all anticipated revenues
flowing to the Districts derived from Districts mill levies, Fees imposed by the Districts, specific
ownership taxes, and all other anticipated legally available revenues. The Financial Plan is based
on economic, political and industry conditions as they exist presently and reasonable projections
and estimates of future conditions. These projections and estimates are not to be interpreted as
the only method of implementation of the Districts’ goals and objectives but rather a
representation of one feasible alternative. Other financial structures may be used so long they
are in compliance with this Service Plan. The Financial Plan incorporates all of the provisions of
this Section IX.
Based upon the assumptions contained therein, the Financial Plan projects the issuance of
Bonds to fund Public Improvements and anticipated Debt repayment based on the development
assumptions and absorptions of the property in the Service Area by End Users. The Financial
Plan anticipates that the District will have the ability to acquire, construct, and complete all or a
portion Public Improvements needed to serve the Service Area.
The Financial Plan demonstrates that the Districts will have the financial ability to
discharge all Debt to be issued as part of the Financial Plan on a reasonable basis. Furthermore,
the Districts will secure the certification of an External Financial Advisor who will provide an
opinion as to whether such Debt issuances are in the best interest of the Districts at the time of
issuance.
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B. Mill Levies.
It is anticipated that the Districts will impose a Debt Mill Levy and an Operating Mill
Levy on all property within the Districts’ boundaries. In doing so, the following shall apply:
1. Aggregate Mill Levy Maximum
The Aggregate Mill Levy shall not exceed in any year the Aggregate Mill Levy
Maximum, which is sixty (60) mills.
2. Regional Mill Levy Not Included in Other Mill Levies
The Regional Mill Levy shall not be counted against the Aggregate Mill Levy
Maximum.
3. Operating Mill Levy
Each District may impose an Operating Mill Levy of up to sixty (60) mills until that
District imposes a Debt Mill Levy. Once the District imposes a Debt Mill Levy of any
amount, the District’s Operating Mill Levy shall not exceed twenty (20) mills at any
point.
4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the Taxable
Property changes after January 1, 2018, or any constitutionally mandated tax credit,
cut or abatement, the Districts’ Aggregate Mill Levy, Debt Mill Levy, Operating Mill
Levy, and Aggregate Mill Levy Maximum, amounts herein provided may be
increased or decreased to reflect such changes; such increases or decreases shall be
determined by the District’s Board in good faith so that to the extent possible, the
actual tax revenues generated by such mill levies, as adjusted, are neither enhanced
nor diminished as a result of such change occurring after January 1, 2018. For
purposes of the foregoing, a change in the ratio of actual valuation to assessed
valuation will be a change in the method of calculating assessed valuation.
5. Excessive Mill Levy Pledges
Any Debt issued with a mill levy pledge, or which results in a mill levy pledge, that
exceeds the Aggregate Mill Levy Maximum or the Maximum Debt Mill Levy
Imposition Term, shall be deemed a material modification of this Service Plan and
shall not be an authorized issuance of Debt unless and until such material
modification has been approved by a Service Plan Amendment.
6. Refunding Debt
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The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt refunding
purposes if: (1) a majority of the issuing District’s Board is composed of End Users
and have voted in favor of a refunding of a part or all of the Debt; or (2) such
refunding will result in a net present value savings.
7. Maximum Debt Authorization
The Districts anticipate approximately Three Hundred Twenty-Five Million One
Hundred Ninety Four Thousand Five Hundred Forty Three Dollars ($325,194,543) in
project costs in 2018 dollars as set forth in Exhibit G, and anticipate issuing
approximately One Hundred Sixty Three Million Dollars ($163,000,000) in Debt to
pay such costs as set forth in Exhibit I, which Debt issuance amount shall be the
amount of the Maximum Debt Authorization. In addition, no District shall issue any
Debt unless and until delivery of the relevant portion of the Public Benefits have been
secured as required in Section IV.B of this Service Plan. The Districts collectively
shall not issue Debt in excess of the Maximum Debt Authorization. Bonds, loans,
notes or other instruments which have been refunded shall not count against the
Maximum Debt Authorization. Intergovernmental Capital Pledge Agreements among
two or more of the Districts pledging the collection and payment of property taxes or
Fees by one District for the repayment of Debt by a separate issuing District shall not
count against the Maximum Debt Authorization. The Districts must obtain from the
City Council a Service Plan Amendment prior to issuing Debt in excess of the
Maximum Debt Authorization.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is
issued. The maximum interest rate on any Debt, including any defaulting interest rate, is not
permitted to exceed Twelve Percent (12%). The maximum underwriting discount shall be three
percent (3%). Debt, when issued, will comply with all relevant requirements of this Service
Plan, the Special District Act, other applicable State law and federal law as then applicable to the
issuance of public securities.
D. Interest Rate and Underwriting Discount Certification.
The Districts shall retain an External Financial Advisor to provide a written opinion on
the market reasonableness of the interest rate on any Debt and any underwriter discount paid by
the Districts as part of a Debt financing transaction. The Districts shall provide this written
opinion to the City before issuing any Debt based on it.
E. Disclosure to Purchasers.
In order to notify future End Users who are purchasing residential lots or dwellings units
in the Service Area that they will be paying, in addition to the property taxes owed to other
taxing governmental entities, the property taxes imposed under the Debt Mill Levy, the
Operating Mill Levy and possibly the Regional Mill Levy, Districts shall not be authorized to
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issue any Debt under this Service Plan until there is included in the Developer’s Approved
Development Plan provisions that require the following:
1. That the Developer, and its successors and assigns, shall prepare and submit to the
City Manager for his approval a disclosure notice in substantially the form
attached hereto as Exhibit K (the “Disclosure Notice”);
2. That when the Disclosure Notice is approved by the City Manager, the Developer
shall record the Disclosure Notice in the Larimer County Clerk and Recorder’s
Office; and
3. That the approved Disclosure Notice shall be provided by the Developer, and by
its successors and assigns, to each potential End User purchaser of a residential lot
or dwelling unit in the Service Area before that purchaser enters into a written
agreement for the purchase and sale of that residential lot or dwelling unit.
F. External Financial Advisor.
An External Financial Advisor shall be retained by the issuing Districts to provide a
written opinion as to whether any Debt issuance is in the best interest of the issuing Districts
once the total amount of Debt issued by the Districts exceeds Five Million Dollars ($5,000,000).
The External Financial Advisor is to provide advice to the issuing Districts’ Boards regarding the
proposed terms and whether Debt conditions are reasonable based upon the status of
development within the Districts, the projected tax base increase in the Districts, the security
offered and other considerations as may be identified by the Advisor. Each issuing District shall
include in the transcript of any Bond transaction, or other appropriate financing documentation
for related Debt instrument, a signed letter from the External Financial Advisor providing an
official opinion on the structure of the Debt, stating the Advisor’s opinion that the cost of
issuance, sizing, repayment term, redemption feature, couponing, credit spreads, payment,
closing date, and other material transaction details of the proposed Debt serve the best interest of
the Districts.
Debt shall not be undertaken by the Districts if found to be unreasonable by the External
Financial Advisor.
G. Disclosure to Debt Purchasers.
Any Debt of the Districts shall set forth a statement in substantially the following form:
“By acceptance of this instrument, the owner of this Debt agrees
and consents to all of the limitations with respect to the payment of
the principal and interest on this Debt contained herein, in the
resolution of the District authorizing the issuance of this Debt and
in the Service Plan of the District. This Debt is not and cannot be a
Debt of the City of Fort Collins”
Similar language describing the limitations with respect to the payment of the principal
and interest on Debt set forth in this Service Plan shall be included in any document used for the
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offering of the Debt for sale to persons, including, but not limited to, a Developer of property
within the Service Area.
H. Security for Debt.
The Districts shall not pledge any revenue or property of the City as security for the
indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed
as a guarantee by the City of payment of any of the Districts’ obligations; nor shall anything in
the Service Plan be construed so as to create any responsibility or liability on the part of the City
in the event of default by the Districts in the payment of any such obligations.
I. TABOR Compliance.
The Districts shall comply with the provisions of TABOR. In the discretion of the
Districts’ Boards, the Districts may set up other qualifying entities to manage, fund, construct
and operate facilities, services, and programs. To the extent allowed by law, any entity created
by a District will remain under the control of the District’s Board.
J. Districts’ Operating Costs.
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts’ organization and initial
operations, are anticipated to be $200,000, which will be eligible for reimbursement from Debt
proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year’s operating budget is estimated to be $100,000.
Ongoing administration, operations and maintenance costs may be paid from property
taxes collected through the imposition of an Operating Mill Levy as set forth in Section IX.B.3,
as well as other revenues legally available to the Districts.
X. REGIONAL IMPROVEMENTS
The Districts shall be authorized to provide for the planning, design, acquisition, funding,
construction, installation, relocation, redevelopment, administration and overhead costs related to
the provision of Regional Improvements. At the discretion of the City, the Districts shall impose
a Regional Improvement Mill Levy on all property within the Districts’ boundaries under the
following terms:
A. Regional Mill Levy Authority.
The Districts shall seek the authority to impose an additional Regional Mill Levy of five
(5) mills as part of the Districts’ initial TABOR election. The Districts shall also seek from the
electorate in that election the authority under TABOR to enter into an intergovernmental
23
agreement with the City obligating the Districts to pay as a multiple-fiscal year obligation the
proceeds from the Regional Mill Levy to the City. Obtaining voter-approval of the Regional
Mill Levy and this intergovernmental agreement shall be a precondition to the Districts issuing
any Debt and imposing the Operating Mill Levy, the Debt Mill Levy and any Fees for the
repayment of Debt under this Service Plan.
B. Regional Mill Levy Imposition.
The Districts shall each impose the Regional Mill Levy at a rate not to exceed five (5)
mills within one year of receiving written notice from the City Manager to the Districts
requesting the imposition of the Regional Mill Levy and stating the mill rate to be imposed.
C. City Notice Regarding Regional Improvements.
Such notice from the City shall provide a description of the Regional Improvements to be
constructed and an analysis explaining how the Regional Improvements will be beneficial to
property owners within the Service Area. The City shall make a good faith effort to require
planned developments that (i) are adjacent to the Service Area and (ii) will benefit from the
Regional Improvement also impose a Regional Mill Levy, to the extent possible.
D. Regional Improvements Authorized Under Service Plan.
If so notified by the City Manager, the Regional Improvements shall be considered public
improvements that the Districts would otherwise be authorized to design, construct, install re-
design, re-construct, repair or replace pursuant to this Service Plan and applicable law.
E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be expended as
follows:
1. Intergovernmental Agreement
If the City and the Districts have executed an intergovernmental agreement
concerning the Regional Improvements, then the revenue from the Regional Mill
Levy shall be used in accordance with such agreement;
2. No Intergovernmental Agreement
If no intergovernmental agreement exists between the Districts and the City, then
the revenue from the Regional Mill Levy shall be paid to the City, for use by the
City in the planning, designing, constructing, installing, acquiring, relocating,
redeveloping or financing of Regional Improvements which benefit the End Users
of the Districts as prioritized and determined by the City.
F. Regional Mill Levy Term.
24
The imposition of the Regional Mill Levy shall not exceed a term of twenty-five (25)
years from December 31 of the tax collection year after which the Regional Mill Levy is first
imposed.
G. Completion of Regional Improvements.
All Regional Improvements shall be completed prior to the end of the twenty-five (25)
year Regional Mill Levy term.
H. City Authority to Require Imposition.
The City’s authority to require the initiation of the imposition of a Regional Mill Levy
shall expire fifteen (15) years after December 31st of the year in which the Districts first imposes
a Debt Mill Levy.
I. Regional Mill Levy Not Included in Other Mill Levies.
The Regional Mill Levy imposed shall not be applied toward the calculation of the
Aggregate Mill Levy Maximum.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed after January 1,
2018, or any constitutionally mandated tax credit, cut or abatement, the Regional Mill Levy may
be increased or shall be decreased to reflect such changes; such increases or decreases shall be
determined by the Districts’ Boards in good faith so that to the extent possible, the actual tax
revenues generated by the Regional Mill Levy, as adjusted, are neither enhanced nor diminished
as a result of such change occurring after January 1, 2018. For purposes of the foregoing, a
change in the ratio of actual valuation to assessed valuation will be a change in the method of
calculating assessed valuation.
XI. CITY FEES
The Districts shall pay all applicable City fees as required by the City Code.
XII. BANKRUPTCY LIMITATIONS
All of the limitations contained in this Service Plan, including, but not limited to, those
pertaining to the Aggregate Mill Levy Maximum, Maximum Debt Mill Levy Imposition Term
and Fees, have been established under the authority of the City in the Special District Act to
approve this Service Plan. It is expressly intended that by such approval such limitations: (i) shall
not be set aside for any reason, including by judicial action, absent a Service Plan Amendment;
and (ii) are, together with all other requirements of State law, included in the “political or
governmental powers” reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section
903, and are also included in the “regulatory or electoral approval necessary under applicable
25
non-bankruptcy law” as required for confirmation of a Chapter 9 Bankruptcy Plan under
Bankruptcy Code Section 943(b)(6).
XIII. ANNUAL REPORTS AND BOARD MEETINGS
A. General.
Each of the Districts shall be responsible for submitting an annual report to the City Clerk
no later than September 1st of each year following the year in which the Order and Decree
creating the Districts has been issued. They Districts may file a consolidated annual report. The
annual report may be made available to the public on the City’s website.
B. Board Meetings.
Each of the Districts’ Boards shall hold at least one public board meeting in three of the
four quarters of each calendar year, beginning in the first full calendar year after the Districts’
creation. Notice for each of these meetings shall be given in accordance with the requirements
of the Special District Act and other applicable State Law. This meeting requirement shall not
apply until there is at least one End User of property within the District. Also, this requirement
shall no longer apply when a majority of the directors on the District’s Board are End Users.
C. Report Requirements.
Unless waived by the City Manager, each of the Districts’ annual report must include the
following:
1. Narrative
A narrative summary of the progress of the District in implementing its Service
Plan for the report year.
2. Financial Statements
Except when exemption from audit has been granted for the report year under the
Local Government Audit Law, the audited financial statements of the District for
the report year including a statement of financial condition (i.e., balance sheet) as
of December 31 of the report year and the statement of operation (i.e., revenue
and expenditures) for the report year.
3. Capital Expenditures
Unless disclosed within a separate schedule to the financial statements, a
summary of the capital expenditures incurred by the District in development of
improvements in the report year.
4. Financial Obligations
26
Unless disclosed within a separate schedule to the financial statements, a
summary of financial obligations of the District at the end of the report year,
including the amount of outstanding Debt, the amount and terms of any new
District Debt issued in the report year, the total assessed valuation of all Taxable
Property within the Service Area as of January 1 of the report year and the current
total District mill levy pledged to Debt retirement in the report year.
5. Board Contact Information
The names and contact information of the current directors on the District’s
Board, any District manager and the attorney for the District shall be listed in the
report. The District’s current office address, phone number, email address and
any website address shall also be listed in the report.
6. Other Information
Any other information deemed relevant by the City Council or deemed reasonably
necessary by the City Manager.
D. Reporting of Significant Events.
The annual report of each District shall also include information as to any of the
following that occurred during the report year:
1. Boundary changes made or proposed to the District’s boundaries as of
December 31 of the report year.
2. Intergovernmental Agreements with other governmental entities, either
entered into or proposed as of December 31 of the report year.
3. Copies of the District’s rules and regulations, if any, or substantial changes to
the District’s rules and regulations as of December 31 of the report year.
4. A summary of any litigation which involves the District’s Public
Improvements as of December 31 of the report year.
5. A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the City as of December 31 of the report
year.
6. Notice of any uncured events of default by the District, which continue
beyond a ninety (90) day period, under any Debt instrument.
27
7. Any inability of the District to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a
ninety (90) day period.
E. Failure to Submit.
In the event the annual report is not timely received by the City Clerk or is not fully
responsive, notice of such default shall be given to the District’s Board at its last known address.
The failure of the District to file the annual report within forty-five (45) days of the mailing of
such default notice by the City Clerk may constitute a material modification of the Service Plan,
at the discretion of the City Manager.
XIV. SERVICE PLAN AMENDMENTS
This Service Plan is general in nature and does not include specific detail in some
instances. The Service Plan has been designed with sufficient flexibility to enable the Districts to
provide required improvements, services and facilities under evolving circumstances without the
need for numerous amendments. Modification of the general types of improvements and
facilities making up the Public Improvements, and changes in proposed configurations, locations
or dimensions of the Public Improvements, shall be permitted to accommodate development
needs provided such Public Improvements are consistent with the then-current Approved
Development Plans for the Project and any agreement approved by the City Council pursuant to
Section IV.B of this Service Plan. Any action of one or more of the Districts, which is a material
modification of this Service Plan requiring a Service Plan Amendment as provided in Section
XV of this Service Plan or that does not comply with the provisions of this Service Plan, shall be
deemed to be a material modification to this Service Plan unless otherwise expressly provided in
this Service Plan. All other departures from the provisions of this Service Plan shall be
considered on a case-by-case basis as to whether such departures are a material modification
under this Service Plan or the Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C.R.S.
Section 32-1-207 as a Service Plan Amendment. No modification shall be required for an action
of the Districts that does not materially depart from the provisions of this Service Plan, unless
otherwise provided in this Service Plan.
Departures from the Service Plan that constitute a material modification requiring a
Service Plan Amendment include, without limitation:
1. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the Districts;
2. Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement,
service, function or facility authorized in the Service Plan;
28
3. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
4. Failure to comply with any of the preconditions, prohibitions, limitations and
restrictions of this Service Plan.
XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which any
District was created have been accomplished, the District shall file a petition in district court for
dissolution as provided in the Special District Act. In no event shall dissolution occur until the
District has provided for the payment or discharge of all of its outstanding indebtedness and
other financial obligations as required pursuant to the Special District Act and any other
applicable State law.
In addition, if within three (3) years from the date of the City Council’s approval of this
Service Plan no agreement contemplated under Section IV.B of this Service Plan has been
entered into by the City with any of the Districts and/or any Developer, despite the parties
conducting good faith negotiations attempting to do so, the City may opt to pursue the remedies
available to it under C.R.S. Section 32-1-701(3) in order to compel the Districts to dissolve in a
prompt and orderly manner. In such event: (i) the limited purposes and powers of the Districts, as
authorized herein, shall automatically terminate and be expressly limited to taking only those
actions that are reasonably necessary to dissolve; (ii) the Board of Directors of each of the
Districts will be deemed to have agreed with the City regarding its dissolution without an
election pursuant to C.R.S. §32-1-704(3)(b); (iii) the Districts shall take no action to contest or
impede the dissolution of the Districts and shall affirmatively and diligently cooperate in
securing the final dissolution of the Districts, and (iv) subject to the statutory requirements of the
Special District Act, the Districts shall thereupon dissolve.
XVII. SANCTIONS
Should any of the Districts undertake any act without obtaining prior City Council
approval or consent or City Manager approval or consent under this Service Plan, that
constitutes a material modification to this Service Plan requiring a Service Plan Amendment as
provided herein or under the Special Districts Act, or does not otherwise comply with the
provisions of this Service Plan, the City Council may impose one (1) or more of the following
sanctions, as it deems appropriate:
1. Exercise any applicable remedy under the Special District Act;
2. Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District’s
development or construction or operation of improvements or provision of
services;
29
3. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
4. Exercise any other legal and equitable remedy available under the law, including
seeking prohibitory and mandatory injunctive relief against the District, to ensure
compliance with the provisions of the Service Plan or applicable law.
XVIII. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2),
establishes that:
1. There is sufficient existing and projected need for organized service in the Service
Area to be served by the Districts;
2. The existing service in the Service Area to be served by the Districts is inadequate for
present and projected needs;
3. The Districts are capable of providing economical and sufficient service to the
Service Area; and
4. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XIX. RESOLUTION OF APPROVAL
The Districts agree to incorporate the City Council’s resolution approving this Service
Plan, including any conditions on any such approval, into the copy of the Service Plan presented
to the District Court for and in Larimer County, Colorado.
30
EXHIBIT A
Legal Description of Initial District Boundaries
31
EXHIBIT B
Initial District Boundary Map
32
EXHIBIT C
Legal Description of Inclusion Area Boundaries
33
EXHIBIT D
Inclusion Area Boundary Map
34
EXHIBIT E
Public Improvements
Description of Public Improvements
a. Streets.
On-site and off-site streets, curbs, gutters, culverts, other drainage facilities, sidewalks, bridges,
parking facilities, paving, lighting, grading, utility relocation necessitated by public rights-of-
way, monumentation, signage, snow removal, streetscapes and related landscaping and irrigation
improvements, together with all necessary, incidental and appurtenant facilities, equipment, land
and easements and extensions of and improvements to such facilities.
b. Water.
On-site and off-site potable and non-potable water supply improvements, including water rights,
storage facilities, transmission and distribution lines, pumping stations, fire hydrants, meters,
facilities, equipment, and related landscaping and irrigation improvements, together with all
necessary, incidental and appurtenant facilities, equipment, land and easements, and extensions
of and improvements to such facilities.
c. Storm and Sanitary Sewer.
On-site and Off-site storm and sanitary sewer collection and transmission improvements,
including storage facilities, collection mains and laterals, pumping stations, lift stations,
transmission lines, storm sewer, flood and surface drainage facilities and systems, and related
landscaping and irrigation improvements, together with all necessary, incidental and appurtenant
facilities, equipment, land and easements and extensions of and improvements to such facilities.
d. Parks and Recreation.
On-site and off-site public park, open space and recreation facilities or services, including parks,
bike paths, pedestrian ways, public plazas and courtyards, water features, signage,
monumentation, art, gardens, farm facilities, orchards, picnic areas, recreation facilities,
playground equipment/areas, park shelters, public area landscaping and weed control,
streetscaping, outdoor lighting of all types, and related landscaping and irrigation improvements,
together with all necessary, incidental and appurtenant facilities, equipment, land and easements,
and extensions of and improvements to such facilities.
35
EXHIBIT F
Vicinity Map
36
EXHIBIT G
Public Improvement Cost Estimates
JOB NO.DATE:BY:
1230.0001.00 6/27/2018 JAZ
No.Item Quantity Units Unit Cost Total
$11,000,000
$21,499,312
$105,255,350
$15,732,500
$11,081,500
$13,814,500
$10,286,290
$8,000,000
$44,215,395
$240,884,847
$48,176,969
$36,132,727
$325,194,543
This is a conceptual opinion of cost and supplied only as a guide. TST is not responsible for fluctuation in costs of material,
labor or unforeseen contingencies.
Total Infrastructure Cost
EARTHWORK
NONPOTABLE WATER (ONSITE & OFFSITE)
ADMINISTRATIVE & MISCELLANEOUS
Contingency (20% of Costs)
Engineering / Survey / C. M. (15% of Costs)
CONCEPTUAL OPINION OF COST
PROJECT:
Montava Metropolitan Districts
Additional Costs
Construction Costs
WATER (ONSITE & OFFSITE)
LANDSCAPING, TRAILS, OPEN SPACE, AND FARM FACILITIES
STORM SEWER (ONSITE & OFFSITE)
RECREATION FACILITIES
SANITARY SEWER (ONSITE & OFFSITE)
STREETS (ONSITE & OFFSITE)
37
EXHIBIT H
Public Improvements Maps
38
EXHIBIT I
Financial Plan
MONTAVA METROPOLITAN DISTRICT
1 Development Projection -- Total Available Revenues -- Service Plan
2050 Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds
2082
SP#1 SP#2 SP#3 SP#4 SP#5 SP#6 [All Plans]
TotalTotalTotalTotalTotalTotalTotal
Available Available Available Available Available Available Available
YEAR Revenue Revenue Revenue Revenue Revenue Revenue Revenue
2017 0000000
2018 0000000
2019 0000000
2020 230,00000000230,000
2021 478,93200000478,932
2022 794,52900000794,529
2023 1,205,142000001,205,142
2024 1,339,851 205,00000001,544,851
2025 1,662,875 517,12400002,179,999
2026 1,762,647 769,84200002,532,489
2027 1,762,647 1,278,29500003,040,942
2028 1,868,406 1,426,517 365,000 0 0 0 3,659,923
2029 1,868,406 1,730,960 450,505 0 0 0 4,049,871
2030 1,980,510 1,834,818 760,743 0 0 0 4,576,071
2031 1,980,510 1,834,818 1,277,699 0 0 0 5,093,028
2032 2,099,341 1,944,907 1,392,033 160,000 0 0 5,596,280
2033 2,099,341 1,944,907 1,687,015 409,531 0 0 6,140,793
2034 2,225,301 2,061,601 1,788,236 738,100 0 0 6,813,239
2035 2,225,301 2,061,601 1,788,236 1,102,856 0 0 7,177,994
2036 2,358,819 2,185,297 1,895,530 1,448,399 110,000 0 7,998,046
2037 2,358,819 2,185,297 1,895,530 1,575,975 189,824 0 8,205,446
2038 2,500,348 2,316,415 2,009,262 1,670,534 260,701 0 8,757,260
2039 2,500,348 2,316,415 2,009,262 1,670,534 450,159 0 8,946,719
2040 2,650,369 2,455,400 2,129,818 1,770,766 506,187 95,000 9,607,540
2041 2,650,369 2,455,400 2,129,818 1,770,766 605,019 35,155 9,646,527
2042 2,809,392 2,602,724 2,257,607 1,877,012 641,320 258,772 10,446,827
2043 2,809,392 2,602,724 2,257,607 1,877,012 641,320 208,530 10,396,585
2044 2,977,955 2,758,888 2,393,063 1,989,633 679,800 382,075 11,181,414
2045 2,977,955 2,758,888 2,393,063 1,989,633 679,800 411,614 11,210,953
2046 3,156,632 2,924,421 2,536,647 2,109,011 720,588 474,086 11,921,385
2047 3,156,632 2,924,421 2,536,647 2,109,011 720,588 474,086 11,921,385
2048 3,346,030 3,099,886 2,688,846 2,235,551 763,823 502,531 12,636,668
2049 3,346,030 3,099,886 2,688,846 2,235,551 763,823 502,531 12,636,668
2050 3,546,792 3,285,879 2,850,177 2,369,684 809,652 532,683 13,394,868
2051 3,546,792 3,285,879 2,850,177 2,369,684 809,652 532,683 13,394,868
2052 3,759,600 3,483,032 3,021,187 2,511,865 858,231 564,644 14,198,560
2053 3,759,600 3,483,032 3,021,187 2,511,865 858,231 564,644 14,198,560
2054 0 3,692,014 3,202,458 2,662,577 909,725 598,523 11,065,298
2055 0 3,692,014 3,202,458 2,662,577 909,725 598,523 11,065,298
2056 0 3,913,535 3,394,606 2,822,332 964,309 634,434 11,729,216
2057 0 3,913,535 3,394,606 2,822,332 964,309 634,434 11,729,216
2058 0 0 3,598,282 2,991,672 1,022,167 672,500 8,284,622
2059 0 0 3,598,282 2,991,672 1,022,167 672,500 8,284,622
2060 0 0 3,814,179 3,171,172 1,083,497 712,850 8,781,699
2061 0 0 3,814,179 3,171,172 1,083,497 712,850 8,781,699
2062 0 0 0 3,361,443 1,148,507 755,621 5,265,571
2063 0 0 0 3,361,443 1,148,507 755,621 5,265,571
2064 0 0 0 3,563,129 1,217,418 800,959 5,581,505
2065 0 0 0 3,563,129 1,217,418 800,959 5,581,505
2066 00001,290,463 849,016 2,139,479
2067 00001,290,463 849,016 2,139,479
2068 00001,290,463 899,957 2,190,420
2069 00001,290,463 899,957 2,190,420
2070 00000953,954 953,954
2071 953,954 953,954
2072 1,011,192 1,011,192
2073 1,011,192 1,011,192
2074 1,071,863 1,071,863
__________ __________ __________ __________ __________ __________ __________
79,795,615 83,045,374 81,092,792 75,647,626 28,921,818 22,388,911 370,892,136
7/13/2018 E MMD Fin Plan 18 D1-6 SP LB Sum+CFS Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
1
1
2050
2082
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
MONTAVA METROPOLITAN DISTRICT
Development Projection -- Total Available Revenues -- Service Plan
Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds
Total Par: $150,035,000
Total Project: $132,028,050
Ser. 2023 Ser. 2027 Ser. 2031 Ser. 2035 Ser. 2039 Ser. 2044
$32,325,000 Par $33,655,000 Par $32,805,000 Par $30,630,000 Par $11,695,000 Par $8,925,000 Par Surplus
[Net $28.445 MM] [Net $29.616 MM] [Net $28.868 MM] [Net $26.953 MM] [Net $10.293 MM] [Net $7.853 MM]Total Annual Release Cumulative Cov. of Net DS:
Net Available Net Debt Net Debt Net Debt Net Debt Net Debt Net Debt Net Debt Surplus 0% D/A Surplus
for Debt Svc Service Service Service Service Service Service Service to $15,003,500 $15,003,500 Target
$0 0.0%
0 00.0%
0 $0 0 0 0 0.0%
230,000 0 230,000 0 230,000 0.0%
478,932 0 478,932 0 708,932 0.0%
794,529 0 794,529 0 1,503,461 0.0%
1,205,142 $0 0 1,205,142 0 2,708,603 0.0%
1,544,851 1,293,000 1,293,000 251,851 0 2,960,454 119.5%
2,179,999 1,293,000 1,293,000 886,999 0 3,847,453 168.6%
2,532,489 1,353,000 1,353,000 1,179,489 0 5,026,942 187.2%
3,040,942 1,355,600 $0 1,355,600 1,685,342 0 6,712,284 224.3%
3,659,923 1,433,000 1,346,200 2,779,200 880,723 0 7,593,007 131.7%
4,049,871 1,432,200 1,346,200 2,778,400 1,271,471 0 8,864,478 145.8%
4,576,071 1,521,200 1,411,200 2,932,400 1,643,671 0 10,508,149 156.1%
5,093,028 1,521,400 1,408,600 $0 2,930,000 2,163,028 0 12,671,176 173.8%
5,596,280 1,611,200 1,496,000 1,312,200 4,419,400 1,176,880 0 13,848,057 126.6%
6,140,793 1,612,000 1,494,800 1,312,200 4,419,000 1,721,793 566,350 15,003,500 139.0%
6,813,239 1,707,200 1,583,400 1,372,200 4,662,800 2,150,439 2,150,439 15,003,500 146.1%
7,177,994 1,708,000 1,583,200 1,374,800 $0 4,666,000 2,511,994 2,511,994 15,003,500 153.8%
7,998,046 1,813,000 1,677,600 1,457,200 1,225,200 6,173,000 1,825,046 1,825,046 15,003,500 129.6%
8,205,446 1,813,000 1,677,800 1,456,200 1,225,200 6,172,200 2,033,246 2,033,246 15,003,500 132.9%
8,757,260 1,922,000 1,777,400 1,545,000 1,280,200 6,524,600 2,232,660 2,232,660 15,003,500 134.2%
8,946,719 1,920,600 1,777,400 1,545,000 1,283,000 $0 6,526,000 2,420,719 2,420,719 15,003,500 137.1%
9,607,540 2,038,000 1,886,600 1,634,600 1,360,600 467,800 7,387,600 2,219,940 2,219,940 15,003,500 130.0%
9,646,527 2,034,400 1,885,600 1,635,200 1,360,000 467,800 7,383,000 2,263,527 2,263,527 15,003,500 130.7%
10,446,827 2,159,400 1,998,600 1,735,200 1,439,200 492,800 7,825,200 2,621,627 2,621,627 15,003,500 133.5%
10,396,585 2,157,800 2,001,000 1,735,600 1,440,000 $491,800 7,826,200 2,570,385 2,570,385 15,003,500 132.8%
11,181,414 2,289,400 2,122,000 1,840,200 1,525,400 520,800 $0 8,297,800 2,883,614 2,883,614 15,003,500 134.8%
11,210,953 2,288,800 2,121,800 1,839,800 1,527,000 518,600 357,000 8,653,000 2,557,953 2,557,953 15,003,500 129.6%
11,921,385 2,426,000 2,245,000 1,948,400 1,618,000 551,400 362,000 9,150,800 2,770,585 2,770,585 15,003,500 130.3%
11,921,385 2,425,400 2,246,600 1,946,600 1,619,800 552,800 361,800 9,153,000 2,768,385 2,768,385 15,003,500 130.2%
12,636,668 2,572,200 2,381,200 2,063,600 1,715,800 584,000 381,600 9,698,400 2,938,268 2,938,268 15,003,500 130.3%
12,636,668 2,570,400 2,383,400 2,064,600 1,717,200 583,800 385,600 9,705,000 2,931,668 2,931,668 15,003,500 130.2%
13,394,868 2,725,600 2,523,200 2,189,000 1,822,600 618,400 409,400 10,288,200 3,106,668 3,106,668 15,003,500 130.2%
13,394,868 2,726,400 2,525,000 2,191,800 1,817,800 621,400 407,200 10,289,600 3,105,268 3,105,268 15,003,500 130.2%
14,198,560 2,888,600 2,679,000 2,322,600 1,932,000 659,000 430,000 10,911,200 3,287,360 3,287,360 15,003,500 130.1%
14,198,560 2,888,625 2,679,000 2,321,200 1,930,400 659,800 431,800 10,910,825 3,287,735 3,287,735 15,003,500 130.1%
11,065,298 0 2,835,800 2,462,600 2,047,400 695,200 458,400 8,499,400 2,565,898 2,565,898 15,003,500 130.2%
11,065,298 0 2,838,000 2,461,000 2,043,200 698,800 458,800 8,499,800 2,565,498 2,565,498 15,003,500 130.2%
11,729,216 0 3,006,400 2,606,800 2,167,400 736,800 484,000 9,001,400 2,727,816 2,727,816 15,003,500 130.3%
11,729,216 0 3,005,983 2,609,000 2,169,800 737,800 488,000 9,010,583 2,718,632 2,718,632 15,003,500 130.2%
8,284,622 0 0 2,763,000 2,300,000 783,200 516,600 6,362,800 1,921,822 1,921,822 15,003,500 130.2%
8,284,622 0 0 2,767,600 2,297,800 786,200 513,800 6,365,400 1,919,222 1,919,222 15,003,500 130.2%
8,781,699 0 0 2,933,400 2,438,200 833,400 545,800 6,750,800 2,030,899 2,030,899 15,003,500 130.1%
8,781,699 0 0 2,933,575 2,435,400 833,000 546,200 6,748,175 2,033,524 2,033,524 15,003,500 130.1%
5,265,571 0 0 0 2,584,800 881,800 581,200 4,047,800 1,217,771 1,217,771 15,003,500 130.1%
5,265,571 0 0 0 2,585,200 882,800 579,400 4,047,400 1,218,171 1,218,171 15,003,500 130.1%
5,581,505 0 0 0 2,737,200 932,800 612,200 4,282,200 1,299,305 1,299,305 15,003,500 130.3%
5,581,505 0 0 0 2,738,125 934,800 613,200 4,286,125 1,295,380 1,295,380 15,003,500 130.2%
2,139,479 0 0 0 0 990,600 648,600 1,639,200 500,279 500,279 15,003,500 130.5%
2,139,479 0 0 0 0 988,000 652,000 1,640,000 499,479 499,479 15,003,500 130.5%
2,190,420 0 0 0 0 989,200 689,600 1,678,800 511,620 511,620 15,003,500 130.5%
2,190,420 0 0 0 0 989,892 690,000 1,679,892 510,528 510,528 15,003,500 130.4%
953,954 0 0000729,600 729,600 224,354 224,354 15,003,500 130.8%
953,954 731,800 731,800 222,154 222,154 15,003,500 130.4%
1,011,192 773,000 773,000 238,192 238,192 15,003,500 130.8%
1,011,192 776,600 776,600 234,592 234,592 15,003,500 130.2%
1,071,863 819,450 819,450 252,413 15,255,913 0 130.8%
___________________________ _________ _________ _________ _________ _________ _________ _________
370,892,136 59,500,425 61,943,983 60,380,175 56,383,925 21,484,492 16,434,650 276,127,650 94,764,486 94,764,486
[ EJul1318 23splbE ] [ EJul1318 27splbE ] [ EJul1318 31splbE ] [ EJul1318 35splbE ] [ EJul1318 39splbE ] [ EJul1318 44splbE ]
7/13/2018 E MMD Fin Plan 18 D1-6 SP LB Sum+CFS Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
2
1
2050
2082
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
MONTAVA METROPOLITAN DISTRICT
Development Projection -- Total Available Revenues -- Service Plan
Series 2023, 2027, 2031, 2035, 2039 & 2044 Senior Bonds Plus 2019B Cash-Flow Bonds
Cash-Flow Bonds >>>
Surplus Total CF Bond Less Payments Accrued
Available for Application Available for Date Bond Interest Toward Interest Less Payments Balance of Sub Bonds Less Payments Balance of Total Surplus Surplus Cum. Surplus
CF Bond of Prior Year CF Bond Bonds on Balance Sub Bond + Int. on Bal. @ Toward Accrued Accrued Principal Toward Bond CF Bond CF Bond Cash Flow Release
Debt Service Surplus Debt Service Issued 7.00%Interest 7.00%Interest Interest Issued Principal Principal Pmts.
0 0 12/1/19 34,088 0 34,088 0 34,088 12,522,000 0 12,522,000 0 0 0
0 0 0 876,540 0 878,926 0 913,014 0 12,522,000 0000
0 0 0 876,540 0 940,451 0 1,853,465 0 12,522,000 0000
0 0 0 876,540 0 1,006,283 0 2,859,747 0 12,522,000 0000
0 0 0 876,540 0 1,076,722 0 3,936,470 0 12,522,000 0000
0 0 0 876,540 0 1,152,093 0 5,088,562 0 12,522,000 0000
0 0 0 876,540 0 1,232,739 0 6,321,302 0 12,522,000 0000
0 0 0 876,540 0 1,319,031 0 7,640,333 0 12,522,000 0000
0 0 0 876,540 0 1,411,363 0 9,051,696 0 12,522,000 0000
0 0 0 876,540 0 1,510,159 0 10,561,855 0 12,522,000 0000
0 0 0 876,540 0 1,615,870 0 12,177,725 0 12,522,000 0000
0 0 0 876,540 0 1,728,981 0 13,906,706 0 12,522,000 0000
0 0 0 876,540 0 1,850,009 0 15,756,715 0 12,522,000 0000
0 0 0 876,540 0 1,979,510 0 17,736,225 0 12,522,000 0000
566,350 0 566,350 876,540 566,350 1,551,726 0 19,287,951 0 12,522,000 566,350000
2,150,439 0 2,150,439 876,540 876,540 1,350,157 1,273,899 19,364,208 0 12,522,000 2,150,439000
2,511,994 0 2,511,994 876,540 876,540 1,355,495 1,635,454 19,084,248 0 12,522,000 2,511,994000
1,825,046 0 1,825,046 876,540 876,540 1,335,897 948,506 19,471,639 0 12,522,000 1,825,046000
2,033,246 0 2,033,246 876,540 876,540 1,363,015 1,156,706 19,677,948 0 12,522,000 2,033,246000
2,232,660 0 2,232,660 876,540 876,540 1,377,456 1,356,120 19,699,284 0 12,522,000 2,232,660000
2,420,719 0 2,420,719 876,540 876,540 1,378,950 1,544,179 19,534,055 0 12,522,000 2,420,719000
2,219,940 0 2,219,940 876,540 876,540 1,367,384 1,343,400 19,558,038 0 12,522,000 2,219,940000
2,263,527 0 2,263,527 876,540 876,540 1,369,063 1,386,987 19,540,114 0 12,522,000 2,263,527000
2,621,627 0 2,621,627 876,540 876,540 1,367,808 1,745,087 19,162,835 0 12,522,000 2,621,627000
2,570,385 0 2,570,385 876,540 876,540 1,341,398 1,693,845 18,810,388 0 12,522,000 2,570,385000
2,883,614 0 2,883,614 876,540 876,540 1,316,727 2,007,074 18,120,042 0 12,522,000 2,883,614000
2,557,953 0 2,557,953 876,540 876,540 1,268,403 1,681,413 17,707,032 0 12,522,000 2,557,953000
2,770,585 0 2,770,585 876,540 876,540 1,239,492 1,894,045 17,052,480 0 12,522,000 2,770,585000
2,768,385 0 2,768,385 876,540 876,540 1,193,674 1,891,845 16,354,308 0 12,522,000 2,768,385000
2,938,268 0 2,938,268 876,540 876,540 1,144,802 2,061,728 15,437,382 0 12,522,000 2,938,268000
2,931,668 0 2,931,668 876,540 876,540 1,080,617 2,055,128 14,462,871 0 12,522,000 2,931,668000
3,106,668 0 3,106,668 876,540 876,540 1,012,401 2,230,128 13,245,144 0 12,522,000 3,106,668000
3,105,268 0 3,105,268 876,540 876,540 927,160 2,228,728 11,943,577 0 12,522,000 3,105,268000
3,287,360 0 3,287,360 876,540 876,540 836,050 2,410,820 10,368,807 0 12,522,000 3,287,360000
3,287,735 0 3,287,735 876,540 876,540 725,816 2,411,195 8,683,429 0 12,522,000 3,287,735000
2,565,898 0 2,565,898 876,540 876,540 607,840 1,689,358 7,601,911 0 12,522,000 2,565,898000
2,565,498 0 2,565,498 876,540 876,540 532,134 1,688,958 6,445,086 0 12,522,000 2,565,498000
2,727,816 0 2,727,816 876,540 876,540 451,156 1,851,276 5,044,967 0 12,522,000 2,727,816000
2,718,632 0 2,718,632 876,540 876,540 353,148 1,842,092 3,556,022 0 12,522,000 2,718,632000
1,921,822 0 1,921,822 876,540 876,540 248,922 1,045,282 2,759,662 0 12,522,000 1,921,822000
1,919,222 0 1,919,222 876,540 876,540 193,176 1,042,682 1,910,156 0 12,522,000 1,919,222000
2,030,899 0 2,030,899 876,540 876,540 133,711 1,154,359 889,508 0 12,522,000 2,030,899000
2,033,524 0 2,033,524 876,540 876,540 62,266 951,774 0 205,000 12,317,000 2,033,314 211 0 211
1,217,771 211 1,217,982 862,190 862,190 0 0 0 355,000 11,962,000 1,217,190 581 0 792
1,218,171 792 1,218,963 837,340 837,340 0 0 0 381,000 11,581,000 1,218,340 (169)0 623
1,299,305 623 1,299,928 810,670 810,670 0 0 0 489,000 11,092,000 1,299,670 (365)0 258
1,295,380 258 1,295,639 776,440 776,440 0 0 0 519,000 10,573,000 1,295,440 (60)0 199
500,279 199 500,477 740,110 500,477 239,633 0 239,633 0 10,573,000 500,477 (199)0 0
499,479 0 499,479 740,110 499,479 257,405 0 497,038 0 10,573,000 499,479000
511,620 0 511,620 740,110 511,620 263,283 0 760,321 0 10,573,000 511,620000
510,528 0 510,528 740,110 510,528 282,804 0 1,043,125 0 10,573,000 510,528000
224,354 0 224,354 740,110 224,354 588,774 0 1,631,900 0 10,573,000 224,354000
222,154 0 222,154 740,110 222,154 632,189 0 2,264,088 0 10,573,000 222,154000
238,192 0 238,192 740,110 238,192 660,405 0 2,924,493 0 10,573,000 238,192000
234,592 0 234,592 740,110 234,592 710,233 0 3,634,726 0 10,573,000 234,592000
15,255,913 0 15,255,913 740,110 740,110 254,431 3,889,157 0 10,573,000 0 15,202,267 53,647 53,647 0
__________ __________ ____________________ __________ __________ ____________________ ____________________ _________ __________
94,764,486 2,082 94,766,568 46,796,398 32,077,616 50,111,224 50,111,224 12,522,000 12,522,000 94,710,840 53,647 53,647
7/13/2018 E MMD Fin Plan 18 D1-6 SP LB Sum+CFS Prepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
3
MONTAVA METROPOLITAN DISTRICT
Development Summary (Aggregate)
Development Projection -- Buildout Plan (updated 6/20/18)
Residential Development Commercial Development
Product Type
SFDs MF Retail Office Industrial
Base $ ('18)$450,000 $225,000 $150/sf $200/sf $100/sf
Res'l Totals Comm'l SF Total*
2017 - - - - - - -
2018 - - - - - - -
2019 - - - - - - -
2020 160 50 210 20,000 - - 20,000
2021 175 150 325 20,000 - 30,000 50,000
2022 170 125 295 20,000 - 40,000 60,000
2023 180 100 280 25,000 15,000 20,000 60,000
2024 180 - 180 25,000 - - 25,000
2025 180 180 360 - 25,000 30,000 55,000
2026 180 90 270 10,000 10,000 - 20,000
2027 160 90 250 10,000 10,000 40,000 60,000
2028 175 180 355 10,000 - - 10,000
2029 175 80 255 - 10,000 40,000 50,000
2030 160 100 260 10,000 10,000 - 20,000
2031 130 - 130 10,000 - 40,000 50,000
2032 140 - 140 20,000 - - 20,000
2033 150 100 250 - 30,000 50,000 80,000
2034 140 100 240 10,000 20,000 50,000 80,000
2035 - 120 120 - - 30,000 30,000
2036 - 110 110 - - - -
2037 - 100 100 10,000 - 50,000 60,000
2038 - 110 110 - 10,000 - 10,000
2039 - 75 75 - - 25,000 25,000
2040 - - - - 20,000 - 20,000
2041 - 75 75 - - - -
2042 - 75 75 10,000 20,000 - 30,000
2043 - - - - 10,000 - 10,000
2044 - - - - 10,000 - 10,000
2045 - - - - - - -
2046 - - - - - - -
2047 - - - - - - -
2,455 2,010 4,465 210,000 200,000 445,000 855,000
MV @ Full Buildout $1,104,750,000 $452,250,000 $1,557,000,000 $31,500,000 $40,000,000 $44,500,000 $116,000,000
(base prices;un-infl.)
AV @ Full Buildout $112,104,000 $33,640,000
(base prices;un-infl.)77% of AV 23% of AV
notes:
Platted/Dev Lots = 10% MV; one-yr prior
Base MV $ inflated 2% per annum
7/13/2018 E MMD Fin Plan 18 Dev Summary Prepared by D.A. Davidson & Co.
4
Jul 13, 2018 2:10 pm Prepared by D.A. Davidson & Co Quantitative Group~CB (Montava MD 17:SPLBE)
SOURCES AND USES OF FUNDS
MONTAVA METROPOLITAN DISTRICT
Combined Results
~~~~~~~~
GENERAL OBLIGATION BONDS, SERIES 2023, 2027, 2031, 2035, 2039 & 2044
SUBORDINATE BONDS, SERIES 2019B
~~~
[ Preliminary -- for discussion only ]
Dated Date 12/01/2023 12/01/2027 12/01/2031 12/01/2035 12/01/2039 12/01/2044 12/01/2019
Delivery Date 12/01/2023 12/01/2027 12/01/2031 12/01/2035 12/01/2039 12/01/2044 12/01/2019
Sources:SERIES 2023A SERIES 2027A SERIES 2031A SERIES 2035A SERIES 2039A SERIES 2044A SERIES 2019B Total
Bond Proceeds:
Par Amount 32,325,000.00 33,655,000.00 32,805,000.00 30,630,000.00 11,695,000.00 8,925,000.00 12,522,000.00 162,557,000.00
32,325,000.00 33,655,000.00 32,805,000.00 30,630,000.00 11,695,000.00 8,925,000.00 12,522,000.00 162,557,000.00
Uses:SERIES 2023A SERIES 2027A SERIES 2031A SERIES 2035A SERIES 2039A SERIES 2044A SERIES 2019B Total
Project Fund Deposits:
Project Fund 28,445,025.00 29,615,583.33 28,867,575.00 26,953,325.00 10,293,091.67 7,853,450.00 12,146,340.00 144,174,390.00
Other Fund Deposits:
Debt Service Reserve Fund 2,586,975.00 2,693,216.67 2,625,225.00 2,451,475.00 934,108.33 714,550.00 12,005,550.00
Cost of Issuance:
Other Cost of Issuance 1,293,000.00 1,346,200.00 1,312,200.00 1,225,200.00 467,800.00 357,000.00 375,660.00 6,377,060.00
32,325,000.00 33,655,000.00 32,805,000.00 30,630,000.00 11,695,000.00 8,925,000.00 12,522,000.00 162,557,000.00
5
39
EXHIBIT J
“PUBLIC BENEFITS”
1. Large-Scale Comprehensive Master Planning:
The approximately 914-acre Service Area will be comprehensively master-planned, with an
emphasis on multi-modal transportation, through the new Planned Unit Development Overlay
Regulations as the Montava PUD Master Plan (the “Montava development”). The Montava
development design will include coordinated, interconnecting trail, street, sidewalk, transit and
storm drainage systems which will both (i) correct existing infrastructure deficiencies within the
boundaries of the Mountain Vista Subarea Plan; and (ii) provide opportunities to connect
infrastructure in such area to existing City infrastructure. The Districts will have authority to
build and, in some cases, to maintain these public systems and can also be used to facilitate the
construction of “off-site” public infrastructure required by the City’s Land Use Code or
Municipal Code for individual projects within the Montava development.
2. New Urbanism:
New Urbanism is an urban design movement which promotes environmentally friendly habits by
creating walkable neighborhoods containing a wide range of housing and job types. The
Montava development has been designed by the industry leaders, DPZ, and New Urbanism
resonates throughout the Montava development.
The Montava development will implement New Urbanism by one or more of the following:
a. Creating a mixed-use town center integrated with surrounding neighborhood
fabric;
b. Developing the Montava development as a series of neighborhoods with centers,
based on a 5-minute walk shed;
c. Integrating a wide variety of housing types and intensities within each
neighborhood;
d. Creating walkable streets and trails that connect meaningful destinations;
e. Distributing traffic through a network of connected streets;
f. Integrating market rate and affordable housing.
3. Agri-Urban Development:
This is a concept promoted in the Mountain Vista Subarea Plan. There will be an approximately
40-acre organic farm in the Montava development. The land will either be donated or sold at a
substantially discounted amount to the Poudre Valley Cooperative which entity will in turn enter
into a long-term lease with the farmers. A wide variety of high-quality, organic, locally-grown
produce from the farm will be available to the entire Fort Collins community. While there may
be other uses on the farm in the long term, the primary business model is organic produce.
40
4. Zero Energy Ready Homes:
Residential development in the Montava development will be built to the Department of
Energy’s Zero Energy Ready Home “ZERH” standard.
5. Non-potable Water System:
There is only one quarter section of land within the Montava development that does not have
adequate coffin wells to provide all needed irrigation water for that quarter section. In all other
areas, the Developer commits to the development of a non-potable water system which will
incorporate the historical usage of these wells for the irrigation needs of the Montava
development.
6. Affordable/Workforce Housing:
At least ten percent (10%) of the total housing units approved in the Montava development will
be affordable or workforce housing, whether owner-occupied or leased, ranging from sixty
percent (60%) to one hundred twenty percent (120%) of the Fort Collins’ AMI for a family of
four (“Required Affordable Units”). The Required Affordable Units will be provided through
any of the following mechanisms or any other mechanism mutually agreed upon by the
Developer and the City:
A. The Developer has executed an option contract with the City for the purchase of five
(5) acres within the Montava development, at a mutually acceptable location, for development by
the City as part of its Affordable Housing Land Bank Program at a time it chooses.
B. A continuation of the collaborative effort among developers within the boundaries of
the Mountain Vista Subarea Plan, the City, a community land trust and entities such as Housing
Catalyst and Habitat for Humanity on a strategy for long-term affordability of the Required
Affordable Units. If a program is developed from this strategic collaborative effort which
includes fair and reasonable contributions from all stakeholders, up to five percent (5%) (with
the number depending on what the program can manage) of the annual developed single family
lots would be contributed to the program at Developer’s cost, but not to exceed the Required
Affordable Units.
C. Sale of land within the Montava development by the Developer to a non-profit or for-
profit builder and the development of that land as part or all of the Required Affordable Units.
D. Legally enforceable reservation of acreage within the Montava development for the
eventual sale to an entity for development of the Required Affordable Units (i.e. similar to the
Land Bank option agreement described in paragraph A above).
E. If another method for long-term affordability does not result from the collaborative
effort described in paragraph B above, deed restrictions for a twenty (20) year period will be
placed on all the Required Affordable Units which are single family units.
41
F. Sixty-five percent (65%) of the Required Affordable Units shall be secured through
one of the mechanisms described in paragraphs A through D above (or through any other
mutually agreed-upon mechanism) prior to receipt of a building permit for more than fifty
percent (50%) of the total housing units approved in the Montava development, and the
remaining thirty-five percent (35%) of the Required Affordable Units shall be so secured prior to
receipt of a building permit for the last one hundred (100) of the total housing units approved in
the Montava development.
OTHER BENEFITS*
Energy and Water Conservation: In addition to the Zero Energy Ready Homes commitment,
the Developer is also:
• Working with Fort Collins Utility Services to create a community that is founded on
renewable energy use, energy conservation, with community wide impact. An example
could include every home having a battery which is charged at night by the City’s wind
turbine power generation, and used during the day by Utility Services for solar
smoothing.
• Exploring a community-wide “in home” conservation approach managed by the Districts
as the intermediary between the East Larimer County Water District and individual home
owners. By purchasing water for the Montava development with a master meter, the
Districts can eliminate the need for excessive water dedications which are needed to
account for individual variations in use. By implementing a community-wide water
conservation approach managed by the Districts, the Developer could achieve a
substantial savings in overall water use.
Community Park: Integration is at the heart of what Montava represents. The Developer is
working with the City’s Parks Division to create an 80+ acre community park to be an activity
and enjoyment hub northeast Fort Collins. The intention is to activate this park from the
beginning of the Montava development’s life, not in the distant future as the current Parks and
Recreation Policy Plan indicates. The Districts may fund portions of this effort directly, and its
use for traditional infrastructure offers flexibility for additional Developer investment and
flexible terms that could make the park’s early development possible.
Natural Areas: The Developer is working to provide natural areas in several ways, including the
naturalization of over 160 acres of storm water land to become a beautiful natural amenity for the
entire area, while protecting all of east Fort Collins from floods. The developer will also be
incorporating Nature in the City, where possible throughout the Montava development. Both of
these efforts can be activated and supported if necessary by Districts.
Housing Variety: Housing variety is a critical element of building a Traditional Neighborhood
Design community. DPZ specializes in designing communities with a tremendous, and
beautiful, integration of diverse and wide ranging housing options. When done intentionally, and
with the best expertise which we have hired, providing housing variety creates an incredible
living environment that is unlike most of what has been built in the past 40+ years in our
42
country. This costs more money in all phases of planning, designing, and execution of
development. The Districts have an indirect impact on our ability to close the gap on these
additional costs.
Innovation: Innovation is taking many forms in the Montava development. The Developer is
working with Colorado State University in multiple areas including agriculture, waste water,
energy and affordable housing. The Developer is working with global leader, Siemens, in
partnership with Fort Collins Utility Services to create an innovative integration of technology
around both energy and daily life. The Developer intends to make Fort Collins Broadband a
foundational technology for every home owner from the beginning of the project.
Employment: Employment opportunities exist where highly educated and innovative people
live, and where community services and amenities are offered to those employees. The
Developer is working to create a place where employers will want to open businesses, and their
innovative employees will want to live. The Developer has made room in the appropriate areas
of the Montava development for employment uses.
Community Services: The town center is intended to include uses like community retail and
commercial opportunities. The Developer intends to partner with the City to develop a
Community Recreation Center, and with the Poudre River Public Library District to develop a
library for the next generation. The Districts may be used to help fund various aspects of public
facilities like the Community Recreation Center.
*(Not considered “Public Benefits” for purposes of the Service Plan)
43
EXHIBIT K
Disclosure Notice
NOTICE OF INCLUSION IN A RESIDENTIAL METROPOLITAN DISTRICT
AND POSSIBLE PROPERTY TAX CONSEQUENCES
Legal description of the property and address:
(Insert legal description and property address).
This property is located in the following metropolitan district:
(Insert District Name).
In addition to standard property taxes identified on the next page, this property is subject to a
metropolitan district mill levy (another property tax) of up to:
(Insert mill levy maximum).
Based on the property’s inclusion in the metropolitan district, an average home sales price of
$300,000 could result in ADDITIONAL annual property taxes up to:
(Insert amount).
The next page provides examples of estimated total annual property taxes that could be due on
this property, first if located outside the metropolitan district and next if located within the
metropolitan district. Note: property that is not within a metropolitan district would not pay
the ADDITIONAL amount.
The metropolitan district board can be reached as follows:
(Insert contact information).
You may wish to consult with: (1) the Larimer County Assessor’s Office, to determine the
specific amount of metropolitan district taxes currently due on this property; and (2) the
metropolitan district board, to determine the highest possible amount of metropolitan district
property taxes that could be assessed on this property.
ESTIMATE OF PROPERTY TAXES
Annual Tax Levied on Residential Property With $300,000 Actual Value Without the District
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert amount
Annual Tax Levied on Residential Property With $300,000 Actual Value With the District
(Assuming Maximum District Mill Levy)
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert District Name Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert total
**This estimate of mill levies is based upon mill levies certified by the Larimer County Assessor’s Office in
December 20__ for collection in 20__, and is intended only to provide approximations of the total overlapping mill
levies within the District. The stated mill levies are subject to change and you should contact the Larimer County
Assessor’s Office to obtain accurate and current information.
FINANCIAL HEALTH OF METROPOLITAN DISTRICT
Financial information for (Insert District Name Here) as of (Insert Date of Last Annual Report
Here):
Notes Amount
Total Assessed Value Insert Notes Insert Amount
Current Mill Levy & Annual Revenue Insert Mill Insert Amount
Current Debt Mill Levy & Annual Revenue Insert Mill Insert Amount
Outstanding Debt Insert Term Insert Amount
Anticipated Payoff Year Insert Notes Insert Amount
Additional information regarding (Insert District Name Here) financial health and formation can
be found at the City of Fort Collins website, available at: fcgov.com.
In addition, the Colorado Department of Local Affairs may have the following materials
available:
Audited Financial Statements
Annual Budget
Annual Report on the Service Plan
Certification of Election Results
Certification of Tax Levies
Notice of Authorization of General Obligation Debt
Notice of Issuance of General Obligation Debt
Transparency – Notice to Electors
Available at:
https://dola.colorado.gov/lgis/lgFinances.jsf
Or
Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203
(303) 864-7720
Fax: (303) 864-0751
OR
Contact the District at:
_________Metropolitan District ______
_________[Address]________________
_________[Address]________________
_________[Phone]__________________
_________[Fax]____________________
_________[Email]___________________