HomeMy WebLinkAbout24-48 Approving Consolidated Service Plat for Frontier Estates Metropolitan District 08-14-2024RESOLUTION NO. 2448
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, APPROVING A CONSOLIDATED SERVICE
PLAN FOR THE FRONTIER ESTATES METROPOLITAN DISTRICT
WHEREAS, the Board of Trustees of the Town of Firestone ("Board") has received a -
request to review and approve the Service Plan for Frontier Estates Metropolitan District
("Distrief); and
WHEREAS, following notice as required by law, the Board conducted a,public hearing
on the request on May 8, 2024, June 12, 2024, and August 14, 2024, and now desires to approve
the Service Plan.
THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
Section 1. The Board of Trustees of the Town of Firestone finds that:
(a) The Service Plan for the District was filed in the office of the Planning and
Development Department of the Town of Firestone; and
(b) Pursuant to statute, the Board of Trustees of the Town of Firestone has authority
to review the Service Plan with reference to need, service and economic
feasibility; and
(c) The Board of Trustees of the Town of Firestone has reviewed the Service Plan,
the evidence and related exhibits, and has determined that the same meets the
municipal approval criteria under the Special District Act, and, therefore, has
determined to adopt a resolution of approval of the Service Plan for the Districts.
Section 2. Upon consideration of the Service Plan for the District, and evidence presented at
the public hearing on the Service Plan, the Board of Trustees of the Town of Firestone does find,
determine and declare, as required by § 32-1-203(2), C.R.S., as follows:
(a) That there is sufficient existing and projected need for organized service in the
area to be serviced by the District;
(b) That the existing service in the area to be served by the District is inadequate for
present and projected needs;
(c) That the District is capable of providing economical and sufficient service to the
area within its proposed boundaries; and
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(d) That the area to be included in the District has, or will have, the financial ability
to discharge the proposed indebtedness on a reasonable basis.
'5—ecllco—n3. in accordance with CKS. § 32-1-204,5(l)(c), the Board of Trustees hereby
approves the Service Plan for the District, as set forth in Exhibit A to this Resolution, subject to
arid contingent upon compliance with the following condition:
(a) The District shall not be authorized to issue Debt until the District has reirnbursed
the Town for all the charges and fees it has incurred with its attorneys and consultant relating to
their review of the Service Plan as approved herein.
If any of the above -stated conditions are not met, the Town may revoke its approval of the
Service Plan by subsequent resolution and pursue all legal and equitable remedies available to it
for failure of compliance with such conditions ofapproval.
INTRODUCED, READ:AND ADD OPTED this 14"' day of August, 2024.
TOWN OF FIRESTONE. COLORADO
ATT - ST, low N Z.
nzalez, -Town Clerk ri ina Gonzalez,
'4 44
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EXHIBIT A
Service Plan
SERVICE PLAN
FRONTIER ESTATES METROPOLITAN DISTRICT
TOWN OF FIRESTONE, COLORADO
Prepared
by
2154 East Commons Avenue, Suite 2000
Centennial, Colorado 80122
(303)858-1800
Approval Date:
[Month] [Day], 2024
TABLE OF CONTENTS
I. INTRODUCTION...........................................................................................................
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A. Purpose and Intent................................................................................................
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B. Need for the District.............................................................................................I
C. Objective of the Town Regarding District's Service Plan ..................................... I
D. Consultants..........................................................................................................2
II. DEFINITIONS................................................................................................................2
III. BOUNDARIES...............................................................................................................5
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION...........................................................................6
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS
AND SERVICES .......6
A. Powers of the District and Service Plan Amendment .
.................................... :...... 6
1. Operation and Maintenance Limitation.....................................................6
2. Fire Protection Limitation.........................................................................7
3. Television Relay and Translation Limitation,
Mosquito Control, and Other
Limitations...............................................................................................7
4. Limitation on Extraterritorial Service........................................................7
5. Telecommunication Facilities...................................................................7
6. Construction Standards Limitation............................................................7
7. Zoning and Land Use Requirements.........................................................7
8. Growth Limitations..................................................................................8
9. Conveyance..............................................................................................8
10. Eminent Domain......................................................................................8
11. Water Rights/Resources Limitation..........................................................8
12. Inclusion Limitation.................................................................................8
13. Exclusion Limitation................................................................................8
14. Overlap Limitation...................................................................................8
15. Total Debt Issuance Limitation.................................................................8
16. Sales and Use Tax....................................................................................9
17. Monies from Other Governmental Sources...............................................9
18. Consolidation Limitation..........................................................................9
19. Subdistrict Limitation...............................................................................9
20. Fees..........................................................................................................9
21. Special Assessments.................................................................................9
22. Revenue Bonds Limitation.......................................................................9
23. Public Improvement Fee and Sales Tax Limitation...................................9
24. Banla-uptcy Limitation............................................................................10
25. Reimbursement Agreement....................................................................10
26. Service Plan Amendment Requirement...................................................10
B. Preliminary Engineering Survey.........................................................................10
VI. FINANCIAL PROVISIONS..........................................................................................11
A. General..............................................................................................................11
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B. Maximum Voted Interest Rate and Maximum Underwriting Discount ...............
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C. Mill Levies.........................................................................................................
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D. Debt Parameters.................................................................................................12
E. Debt Instrument Disclosure Requirement...........................................................13
F. Privately Placed Debt Limitation........................................................................14
G. TABOR Compliance..........................................................................................15
H. District's Organizational Costs and Operation and Maintenance Costs...............15
1. Town O&M Mill Levy.......................................................................................15
VII.
ANNUAL REPORT......................................................................................................15
A. General..............................................................................................................15
B. Reporting of Significant Events..........................................................................16
VIII.
DISSOLUTION.............................................................................................................16
IX.
DISCLOSURE NOTICES.............................................................................................17
X.
INTERGOVERNMENTAL AGREEMENT..................................................................17
XI.
NON-COMPLIANCE WITH SERVICE PLAN............................................................18
XII.
CONCLUSION.............................................................................................................18
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LIST OF EXHIBITS
EXHIBIT A Vicinity Map
EXHIBIT B Initial District Boundary Map and Legal Description
EXHIBIT C Financial Plan
EXHIBIT D Capital Plan
EXHIBIT E Intergovermnental Agreement
EXHIBIT F Disclosure Notice
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I. INTRODUCTION
A. Purpose and Intent.
The District is an independent unit of local government, separate and distinct from the
Town. The primary purpose of the District will be to finance the construction of the Public
Improvements. The District will provide ongoing operation and maintenance services as
specifically set forth in this Service Plan and in the Intergovernmental Agreement between the
Town and the District.
B. Need for the District.
There are currently no other governmental entities, including the Town, located in the
immediate vicinity of the District 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 District is therefore necessary
for the Public Improvements required for the Project to be provided in the most economic manner
possible.
C. Objective of the Town Regarding District's Service Plan.
The Town's objective in approving the Service Plan for the District is to authorize the
District 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 District.
All Debt is expected to be repaid by taxes imposed and collected at a mill levy no higher than the
Maximum Debt Mill Levy, as the same may be increased as set forth in Section VI.C.1; by Fees
as limited by Section V.A.20; and/or by Special Assessments as set forth in Section V.A.21.
This Service Plan is intended to establish a limited purpose for the District and explicit
financial constraints that are not to be violated under any circumstances. The primary purpose of
the District is to provide the Public Improvements associated with development pursuant to the
Approved Development Plan.
The District shall 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 a
District has ongoing operation and maintenance functions authorized under an Intergovernmental
Agreement with the Town, the District shall not be required to dissolve. Additionally, if the Board
of Directors of the District determines that the existence of the District is no longer necessary to
accomplish the purposes set forth in this Service Plan, the Board of Directors of the District shall
promptly effectuate the dissolution of the District.
The District is authorized to finance the Public Improvements that can be funded from Debt
which is to be repaid from Fees, Special Assessments, or tax revenues collected from a mill levy
which shall not exceed the Maximum Debt Mill Levy and collected for no longer than the
Maximum Debt Mill Levy Imposition Term, as well as other legally available sources of revenue,
and to maintain certain of the Public Improvements as set forth in the Intergovernmental
Agreement with the Town. It is the intent of this Service Plan to assure to the extent possible that
no property bears an economic burden that is greater than that associated with revenues from the
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Maximum Debt Mill Levy, the Maximum Operation and Maintenance Mill Levy, Fees, and
Special Assessments, even under banla-uptcy or other unusual situations. Generally, the costs of
Public Improvements that cannot be funded within these parameters are not costs to be paid by the
District.
D. Consultants.
This Service Plan has been prepared by the following:
Organizers District Counsel
Chelsey Green Blair Dickhoner
Chelsey.Green@meritagehomes.con:i bdicldioner@wbapc.com
Meritage Homes of Colorado, Inc. White Bear Ankele Tanaka & Waldron
8400 E. Crescent Parkway, Suite 200 2154 E. Commons Avenue, Suite 2000
Denver, CO 80111 Centennial, CO 80122
Financial Advisor or Underwriter
Laci Knowles
lknowles@dadco.com
D.A. Davidson & Co.
1550 Market Street, Suite 300
Denver, CO 80202
II. DEFINITIONS
In this Service Plan, the following terms shall have the meanings indicated below,
unless the context hereof clearly requires otherwise:
Approved Development Plan: means a development plan, subdivision
development agreement, final plat, or other land use application process established by the
Town for the Project as approved in its final form by the Town pursuant to the Town Code,
as may be amended from time to time pursuant to the Town Code, that identifies, among
other things, Public Improvements necessary for facilitating development of the property
within the District Boundaries.
Board: means the board of directors of the District.
Capital Plan: means the Capital Plan described in Section V.B. which includes a
list of the Public Improvements financed by the District and the cost of the Public
Improvements.
C.R.S. means the Colorado Revised Statutes, as the same may be amended from
time to time.
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Debt: means bonds, notes, debentures, certificates, contracts, capital leases, or
other multiple fiscal year obligations for the payment of which the District has promised
to impose an ad valorem property tax mill levy.
District: means the Frontier Estates Metropolitan District.
District Boundaries: means the property within the Initial District Boundaries, as
such may be adjusted from time to time in accordance with this Service Plan.
End User: means any owner, or tenant of any owner, of any taxable improvement
within the District who is intended to become burdened by the imposition of ad valorem
property taxes subject to the Maximum Debt Mill Levy. By way of illustration, a resident
homeowner, renter, commercial property owner, or cornrnercial tenant is an End User. A
person or entity that constructs homes or commercial structures with the intention of selling
to others is not an End User.
External Financial Advisor: means a consultant that: (i) advises 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; (ii) shall be an underwriter, investment banker, or individual listed as a
public finance advisor in the Bond Buyer's Municipal Market Place; and (iii) is not an
officer or employee of the District and has not been otherwise engaged to provide services
in connection with the transaction related to the applicable Debt. If the District has engaged
a municipal adviser that meets the foregoing criteria and has a fiduciary duty to the District,
the municipal adviser may fill the role of the External Financial Advisor.
Fees: means any fee, rate, toll, penalty, or charge imposed or received by the
District for services, programs, or facilities provided by the District, as described in Section
V.A.20 below.
Financial Plan: means the Financial Plan described in Section VI and attached as
Exhibit C which describes (i) how the Public Improvements are expected to be financed;
(ii) how the Debt is expected to be incurred; and (iii) the estimated operating revenue
derived from property taxes for the first budget year.
Initial District Boundaries: means the boundaries of the District area described in
the Initial District Boundary Map and Legal Description, attached hereto as Exhibit B.
Intergovernmental Agreement: means the intergovernmental agreement between
the District and the Town, a form of which is attached hereto as Exhibit E. The
Intergovernmental Agreement may be amended from time to time by the District and the
Town.
Maximum Aggregate Mill Levy: means the maximum combined mill levy the
District is permitted to impose upon the taxable property within the District for payment
of all expenses categories, including but limited to Debt, capital costs, organizational costs,
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and Operation and Maintenance Costs. The Maximum Aggregate Mill Levy is set forth in
Section VI.C.3 below.
Maximum Debt Mill Levy: means the maximum mill levy the District is permitted
to impose for payment of Debt as set forth in Section VI.C.1 below.
Maximum Debt Mill Levy Imposition Term: means the period of time,
commencing upon the date when the District first issues any debt, in which the District's
Debt mill levy may be imposed.
Maximum Operation and Maintenance Mill Levy: means the maximum mill levy
the District is permitted to impose for payment of Operation and Maintenance Costs, as set
forth in Section VI.C.2 below.
Mill Levy Adjustment: means, if, on or after January t, 2019 there are changes in
the method of calculating assessed valuation or any constitutionally mandated tax credit,
cut or abatement, the Maximum Debt Mill Levy and the Maximum Operation and
Maintenance Mill Levy may be increased or decreased to reflect such changes, such
increases and decreases to be determined by the Board in good faith (such determination
to be binding and final) so that to the extent possible, the actual tax revenues generated by
the applicable mill levy, as adjusted for changes occurring on or after January 1, 2021, are
neither diminished nor enhanced as a result of such changes. For purposes of the foregoing,
a change in how actual valuation is calculated or a change in the ratio of actual valuation
shall be deemed to be a change in the method of calculating assessed valuation.
Operation and Maintenance Costs: means (1) planning and design costs of Public
Improvements identified by the District as being payable from its operation and
maintenance mill levy; (2) the costs of repair, replacement and depreciation of the Public
Improvements; (3) the costs of any covenant enforcement and design review services the
District may provide; and (4) the costs of ongoing administrative, accounting and legal
services to the District.
Organizational Costs: means the estimated initial cost of acquiring land,
engineering services, legal services and administrative services, together with the estimated
costs of the District's organization and initial operations, as set forth in Section VI.H below,
which Organizational Costs are eligible for reimbursement out of Debt proceeds.
Project: means the development or property commonly referred to as Frontier
Estates.
Public Improvements: means a part or all of the improvements authorized to be
planned, designed, acquired, constructed, installed, relocated, redeveloped, and financed
as generally described in the Special District Act and in accordance with the Approved
Development Plan, except as specifically limited in Section V below, that benefit the
property within the Project and/or the District Boundaries, and serve the future taxpayers
and inhabitants of the property within the District Boundaries as determined by the Board
of the District.
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Service Plan: means this service plan for the District approved by Town Board.
Service Plan Amendment: means an amendment to the Service Plan approved by
Town Board in accordance with the Town's ordinance and the applicable state law.
Special Assessment: means the levy of an assessment within the boundaries of a
special improvement district pursuant to Section V.A.21 below.
Special District Act: means Title 32, Article 1 of the Colorado Revised Statutes,
as amended from time to time.
State: means the State of Colorado.
Taxable Property: means real or personal property which is subject to ad valorem
taxes imposed by the District.
Town: means the Town of Firestone, Colorado.
Town Board: means the Town Board of Trustees of the Town of Firestone,
Colorado.
Town Code: means the Town Code of the Town of Firestone, Colorado.
Total Debt Limit: means Twenty -Five Million Dollars ($25,000,000), which Total
Debt Limit includes any Debt issued for Public Improvements.
Town of Firestone Design Standards and Construction Specifications for Public
Improvements: means the established process for the Town's design standards and
construction specifications for public improvements, as adopted by the Town Board.
Town O&M Mill Levy: means three (3) mills, to be imposed and collected by the
District in accordance with Section VI.I. below for purposes of defraying the Town's
ongoing operations and maintenance expenses associated with Public Improvements
within or without the boundaries of the District and which directly benefits the taxpayers,
property owners, and residents of the District.
III. BOUNDARIES
A Vicinity Map depicting the Project is attached hereto as Exhibit A. The area of the
Initial District Boundaries includes approximately thirty-nine (39) acres, and the legal description
and map of the Initial District Boundaries are set forth in Exhibit B. It is anticipated that the
District's boundaries may change from time to time as it undergoes inclusions and exclusions
pursuant to Section 32-1-401, et seg., C.R.S., and Section 32-1-501, et se ., C.R.S., subject to the
limitations set forth in Section V below.
IV. PROPOSED LAND USE PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION
The property within the Initial District Boundaries consists of approximately thirty-nine
(39) acres of residential land. The population of the District at build -out is estimated to be
approximately seven hundred and forty (740) people. The current assessed valuation of the
property within the District Boundaries is Zero Dollars ($0.00) for purposes of this Service Plan
and the assessed value of the District at build -out is expected to be sufficient to reasonably
discharge the Debt under the Financial Plan attached hereto as Exhibit C.
Approval of this Service Plan by the Town does not imply approval of the development of
a specific area within the District, nor does it imply approval of the number of residential units or
the total site/floor area of commercial or industrial buildings identified in this Service Plan or any
of the exhibits attached thereto, which approvals shall be as set forth in an Approved Development
Plan.
Approval of this Service Plan by the Town in no way releases or relieves the developer of
the Project, or the developer, landowner, or subdivider of any property within the District
Boundaries, or any of their respective successors or assigns, of obligations to construct public
improvements for the Project or of obligations to provide the Town such financial guarantees as
may be required by the Town under the applicable Approved Development Plan, the Town Code
or any applicable annexation agreement, subdivision agreement, or other agreements affecting the
Project property or development thereof.
V. DESCRIPTION OF PROPOSED POWERS IMPROVEMENTS AND SERVICES
A. Powers of the District and Service Plan Amendment.
The District shall have the power and authority to provide the Public Improvements and
related operation and maintenance services as such power and authority is described in the Special
District Act and other applicable statutes, cornmon law, and the Constitution, subject to the
limitations set forth herein, in the Approved Development Plan, and in the Intergovernmental
Agreement.
1. Operation and Maintenance Limitation. The purpose of the District is to
plan for, design, acquire, construct, install, relocate, redevelop, and finance the Public
Improvements. The District shall dedicate the Public Improvements to the Town or other
appropriate jurisdiction or owners association in a manner consistent with the Approved
Development Plan, the Intergovernmental Agreement, and other rules and regulations of the Town
and applicable provisions of the Town Code. The District is authorized, but not obligated, to own,
operate, and maintain Public Improvements not otherwise required to be dedicated to the Town or
other public entity, including, but not limited to street improvements (including roads, curbs,
gutters, culverts, sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping, and
other street improvements), traffic and safety controls, retaining walls, park and recreation
improvements and facilities, trails, open space, landscaping, drainage improvements (including
detention and retention ponds, trickle channels, and other drainage facilities), irrigation system
improvements (including wells, pumps, storage facilities, and distribution facilities), and all
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necessary equipment and appurtenances incident thereto. Notwithstanding the foregoing, all
parks, trails, and open space not otherwise dedicated to the Town and owned by the District shall
be open to the general public free of charge. The District may provide covenant enforcement,
design review services and other services to the residents, owners, and taxpayers within the District
pursuant to and in accordance with § 32-1-1004(8) C.R.S. The District may impose a mill levy,
Special Assessments, and/or Fees to pay for Operations and Maintenance Costs in accordance with
this Service Plan and the Intergovernmental Agreement.
2. Fire Protection Limitation. The District shall not be authorized to plan for,
design, acquire, construct, install, relocate, redevelop, finance, operate, or maintain fire protection
facilities or services, unless such facilities and services are provided pursuant to a written
agreement with the Town and with Frederick -Firestone Fire Protection District. The authority to
plan for, design, acquire, construct, install, relocate, redevelop, or finance fire hydrants and related
improvements installed as part of the water system shall not be limited by this provision.
3. Television Relay and Translation Limitation Mosquito Control, and Other
Limitations. Unless such facilities and services are provided pursuant to the Intergovernmental
Agreement, the Districts shall not be authorized to plan for, design, acquire, construct, install,
relocate, redevelop, finance, operate, maintain, or provide: (a) any television relay and translation
facilities and services, other than for the installation of conduit as a part of a street construction
project; (b) any mosquito control facilities and services; and (c) any solid waste disposal,
collection, and transportation facilities and services.
4. Limitation on Extraterritorial Service. The District shall be authorized to
provide services or facilities outside the District Boundaries or to establish fees, rates, tolls,
penalties, or charges for any services or facilities only in accordance with an Approved
Development Plan, the Intergovernmental Agreement, or other agreement to which the Town is a
party or otherwise gives its written consent, as evidenced by resolution of the Town Board of
Trustees.
5. Telecommunication Facilities. The District agrees that no
telecommunication facilities shall be constructed except pursuant to the Intergovernmental
Agreement and that no such facilities owned, operated, or otherwise allowed by the District shall
affect the ability of the Town to expand its public safety telecommunication facilities or impair
existing telecommunication facilities.
6. Construction Standards Limitation. The District will ensure that the Public
Improvements are designed and constructed in accordance with the current Town of Firestone
Design Standards and Construction Specifications for Public Improvements, and the current
standards and specifications of other governmental entities having proper jurisdiction. The District
will obtain the approval of civil engineering plans from the appropriate jurisdiction and will obtain
applicable permits for construction and installation of Public Improvements prior to performing
such work.
7. Zoning and Land Use Requirements. The District shall be subject to all of
the Town's zoning, subdivision, building code, and other land use requirements.
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S. Growth Limitations, The Town shall not be limited in implementing Board -
approved or voter -approved growth limitations, even though such actions may reduce or delay
development within the District and the realization of District revenue.
9. Conveyance. The District agrees to convey to the Town, upon written
notification from the Town and at no cost to the Town, any interest in real property owned by the
District that is necessary, in the Town's sole discretion, for any Town capital improvement
projects for transportation, utilities, or drainage, so long as such conveyance does not interfere
with the District's ability to construct, operate and/or maintain Public Infrastructure, as the same
may be limited by this Service Plan.
10. Eminent Domain. The District shall be authorized to utilize the power of
eminent domain only after prior written notice is provided to the Town.
11, Water Rights/Resources Limitation. The District shall not acquire, own,
manage, adjudicate, or develop water rights or resources except for the sole purpose of transferring
such water rights to the Town or to another governmental entity at the direction of the Town. The
District may be permitted to construct, finance, operate, and maintain a non- potable water system
for the development and may be permitted to own, manage, adjudicate, and develop the non -
potable water rights which will be used in such non -potable system, only if required or authorized
by an intergovernmental agreement with the Town, separate and distinct from the
Intergovernmental Agreement. Provided however that nothing herein shall prohibit the District
from reimbursing the developer of the Project for the costs of raw water.
12. Inclusion Limitation. Without prior written notice to the Town, the District
shall not include within its boundaries any property outside of the Initial District Boundaries. No
property will be included within the District at any time unless such property has been annexed
into the Town's corporate limits.
13. Exclusion Limitation. From time to time, it may be necessary for the
District to adjust its boundaries and the District may process exclusions of property without
providing notice to the Town as long as such property being excluded is within the Initial District
Boundaries. In no event shall the District exclude from its boundaries property upon which a Debt
mill levy has been imposed for the purpose of the inclusion of such property into another district
that has been or will be formed under the Special District Act, without the prior written consent of
the Town.
14. Overlap Limitation. The boundaries of the District shall not overlap with
any other district formed under the Special District Act if such overlap will cause the District's
mill levy to exceed the Maximum Debt Mill Levy or the Maximum Operation and Maintenance
Mill Levy and/or the Maximum Aggregate Mill Levy.
15. Total Debt Issuance Limitation, The District shall not issue Debt in excess
of the Total Debt Limit. The Total Debt Limit shall not be applicable to refunding or refinancing
of Debt authorized to be issued pursuant to the Service Plan, unless the principal amount of the
refunding bonds exceeds the principal amount originally issued, in which case the difference shall
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count against the Total Debt Limit. At no time during its existence shall the District have Debt
outstanding in excess of the Total Debt Limit.
16. Sales and Use Tax. The District shall not exercise its Town sales and use
tax exemption.
17. Monies from Other Governmental Sources. The District shall not apply for
or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available
from or through govermmental or non-profit entities that the Town is eligible to apply for, except
pursuant to the Intergovernmental Agreement. This Section shall not apply to specific ownership
taxes which shall be distributed to and be a revenue source for the District without any limitation.
18. Consolidation Limitation. The District shall not file a request with any
Court to consolidate with another Title 32 district without the prior written consent of the Town,
as evidenced by resolution of the Town Board of Trustees.
19. Subdistrict Limitation. The District shall not create any subdistrict pursuant
to Section 32-1-1101, C.R.S. without the prior written consent of the Town, as evidenced by
resolution of the Town Board of Trustees.
20. Fees. If authorized by the Intergovernmental Agreement, the District may
impose and collect Fees for services, programs, or facilities furnished by the District, and may
from time to time increase or decrease such fees, and may use the revenue from such fees for the
repayment of Debt, capital costs, or Operation and Maintenance Costs and for the payment of any
indebtedness of the District.
21. Special Assessments. If authorized in the Intergovernmental Agreement,
the District may establish one or more special improvement districts within the District Boundaries
and may levy a Special Assessment with the special improvement district in order to finance all or
part of the costs of any Public Improvements to be constructed or installed that the District is
authorized to finance.
22. Revenue Bonds Limitation. The District shall not issue revenue bonds,
except as set forth in this Section. At least sixty-three (63) days prior to issuing any revenue bonds,
the District must provide notice of its intent to issue revenue bonds to the Town Manager. At least
thirty-five (35) days prior to issuing any revenue bonds, the District must submit all relevant details
of such issuance to the Town Manager, including the proposed documents pursuant to which such
revenue bonds will be issued. On or before the date of issuance of any revenue bonds, the District
must provide the Town with a copy of the general counsel opinion addressed to the District which
states that the District is not required by law to amend the Service Plan to effectuate the issuance
of the revenue bonds.
23. Public Improvement Fee and Sales Tax Limitation. The District shall not
impose, collect, receive, spend, or pledge to any Debt any fee, assessment, tax, or charge, which
is collected by a retailer in the District on the sale of goods or services by such retailer and which
is measured by the sales price of such goods or services, except as provided pursuant to an
agreement with the Town approved by the Town Board.
24. Bankruptcy Limitation. All of the limitations contained in this Service Plan,
including, but not limited to, those pertaining to the Maximum Aggregate Mill Levy, the Maximum
Debt Mill Levy, the Maximum Operation and Maintenance Mill Levy, and Fees have been
established under the authority of the Town to approve a Service Plan pursuant to Section 32-1-
204.5, C.R.S. It is expressly intended that such limitations:
(a) Shall not be subject to set -aside for any reason or by any court of
competent jurisdiction, absent a Service Plan Amendment; and
(b) Are, together with all other requirements of Colorado 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 non -bankruptcy law" as required for confirmation of a Chapter 9 Bankruptcy
Plan under Bankruptcy Code Section 943(b)(6).
The filing of any bankruptcy petition by the District shall constitute, simultaneously with
such filing, a material departure of the express terms of this Service Plan, thus necessitating a
material modification that must be submitted to the Town for its consideration as a Service Plan
Amendment.
25. Reimbursement Agreement. If the District utilizes reimbursement
agreements to obtain reimbursements from third -party developers or adjacent landowners for costs
of improvements that benefit third -party landowners, such agreements shall be done in accordance
with Town Code. If a reimbursement agreement exists or is entered into for an improvement
financed by the District, any and all resulting reimbursements received for such improvement shall
be deposited in the District's debt set -vice fund and used for the purpose of retiring the District's
debt.
26. Service Plan Amendment Requirement. This Service Plan has been
designed with sufficient flexibility to enable the District to provide required services and facilities
under evolving circumstances without the need for numerous amendments. Actions of the District
which violate the limitations set forth in V.A. above or in VI.0 or VI.D shall be deemed to be
material modifications to this Service Plan and the Town shall be entitled to all remedies available
under State and local law to enjoin such actions of the District.
B. Preliminary Engineering Survey.
The District shall have authority to provide for the planning, design, acquisition,
construction, installation, relocation, redevelopment, maintenance, and financing of the Public
Improvements. A Capital Plan, including a list of the Public Improvements the District anticipates
providing, including a cost estimate for each category of improvements, is attached hereto as
Exhibit D. The District shall be authorized to construct Public Improvements that shall be more
specifically defined in an Approved Development Plan, the Intergovernmental Agreement, or other
agreement to which the Town is a party or otherwise gives its written consent. The estimated the
costs of the Public Improvements which may be planned for, designed, acquired, constructed,
installed, relocated, redeveloped, maintained, or financed was prepared based upon a preliminary
engineering survey and estimates derived from the zoning on the property within the District
10
Boundaries and is approximately twenty-one million nine hundred seventy-seven thousand six
hundred seventeen dollars and ninety-nine cents ($21,977, 617.99).
All of the Public Improvements will be designed in such a way as to ensure that the Public
Improvements standards will be compatible with those of the Town and shall be in accordance
with the requirements of the Approved Development Plan. All construction cost estimates are
based on the assumption that construction conforms to applicable local, State, or Federal
requirements.
VI. FINANCIAL PROVISIONS
A. General.
The District shall be authorized to provide for the planning, design, acquisition,
construction, installation, relocation, and/or redevelopment of the Public Improvements from its
revenues and by and through the proceeds of Debt to be issued by the District. The District may
impose a mill levy on taxable property within its boundaries as a primary source of revenue for
repayment of Debt and for Operations and Maintenance Costs. The District may also rely upon
various other revenue sources authorized by law. At the District's discretion, these may include
the power- to assess Fees as provided in Section 32-1-1001(1), C.R.S., as amended from time to
time and as limited by Section V.A.20 above, and the District may impose Special Assessments
as provided in Section 32-1-1101.7, C.R.S. and in accordance with Section V.A.21 above.
The Financial Plan for the District, which is attached hereto as Exhibit C, reflects that the
District will issue no more Debt than the District can reasonably expect to pay from revenues
derived from the Maximum Debt Mill Levy, Fees, Special Assessments, and other legally available
revenues. The District may issue such Debt on a schedule and in such year or years as the District
determines shall meet the needs of the Financial Plan referenced above and phased to serve
development as it occurs.
B. Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed
eighteen percent (18%). The proposed maximum underwriting discount will be four percent (4%).
Debt, when issued, will comply with all relevant requirements of this Set vice Plan, State law, and
Federal law as then applicable to the issuance of public securities.
C. Mill Levies.
1. The Maximum Debt Mill Levy, which shall be subject to a Mill Levy
Adjustment, shall be the maximum mill levy the District is permitted to impose upon the taxable
property within the District for payment of Debt. The Maximum Debt Mill Levy shall be fifty (50)
mills, subject to a Mill Levy Adjustment, for so long as the total amount of aggregate Debt of the
District exceeds fifty percent (50%) of the District's assessed valuation.
At such time as the total amount of aggregate Debt of the District is equal to or less than
fifty percent (50%) of the District's assessed valuation, either on the date of issuance of any Debt
11
or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be
subject to the Maximum Debt Mill Levy if End Users cast the majority of affirmative votes taken
by the District's Board of Directors at the meeting authorizing such action, and, as a result, the
mill levy may be imposed at such amount as is necessary to pay the debt service on such Debt, and
without limitation of rate increase; provided, however, that after any conversion to an unlimited
mill levy, the District shall not issue additional Debt that would cause the aggregate Debt to exceed
50% of the District's then -assessed value. For the purposes of the foregoing, the Board may further
provide that such Debt shall remain secured by such increased mill levy, notwithstanding any
subsequent change in the District's Debt to assessed value ratio. In the event that a majority of the
District's Board of Directors is not comprised of End Users, the District may seek the consent of
the Town to impose a mill levy not subject to the Maximum Debt Mill Levy. Such consent will
not be a material modification of this Service Plan.
2. The Maximum Operation and Maintenance Mill Levy, which shall be
subject to a Mill Levy Adjustment, shall be the maximum mill levy the District is permitted to
impose upon the taxable property within the District for payment of Operation and Maintenance
Costs, and shall be sixty (60) mills until such time that the District issues Debt. After the District
issues Debt, the Maximum Operation and Maintenance Mill Levy shall be ten (10) mills, subject
to a Mill Levy Adjustment. The Maximum Operation and Maintenance Mill Levy shall apply to
the District's ability to increase its mill levy as necessary for provision of operation and
maintenance services to its taxpayers and service users until such time as End Users cast the
majority of affirmative votes taken by the District's Board of Directors at a meeting authorizing
an increase of such Maximum Operation and Maintenance Mill Levy, at which time the mill levy
may be such amount as is necessary to pay the Operation and Maintenance Costs. For avoidance
of doubt, the imposition of the Maximum Operation and Maintenance Mill Levy shall be in
addition to the Maximum Debt Mill Levy and the Town O&M Mill Levy.
3. The Maximum Aggregate Mill Levy (which shall be adjusted to reflect any
Mill Levy Adjustment in the Maximum Debt Mill Levy and the Maximum Operation and
Maintenance Mill Levy) shall be the maximum combined mill levy the District is permitted to
impose upon the taxable property within the District for payment of all expense categories,
including but not limited to Debt, capital costs, organizational costs, and Operation and
Maintenance Costs, and shall be sixty (60) mills until such time as End Users cast the majority of
affirmative votes taken by the District's Board of Directors at a meeting authorizing an increase
of such Maximum Aggregate Mill Levy. The foregoing notwithstanding, any action taken by the
District to increase the Maximum Debt Mill Levy must be taken in accordance with Section
VT. C.1, above.
D. Debt Parameters.
1. All Debt issued by the District must be issued in compliance with the
requirements of Section 32-1-1101, C.R.S. and all other requirements of State law. On or before
the effective date of approval of an Approved Development Plan by the Town, the District shall
not: (a) issue any Debt; (b) impose a mill levy for the payment of Debt by direct imposition or by
transfer of funds from the operating fund to the Debt service funds; (c) impose and collect any
Fees used for the purpose of repayment of Debt, or (d) levy any Special Assessments.
12
2. At least sixty-three (63) days prior to issuing any Debt, the issuing District
must provide notice of its intent to issue Debt to the Town Manager. At least thirty-five (35) days
prior to issuing any Debt, the issuing District must submit all relevant details of such issuance to
the Town Manager, including the proposed documents pursuant to which such Debt will be issued.
On or before the date of issuance of any Debt, the issuing District must provide the Town with a
copy of the general counsel opinion addressed to the District which states that the District is not
required by law to amend the Service Plan to effectuate the issuance of the Debt.
3. The District shall not pledge any revenue or property of the Town 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 Town of payment of any of the District's obligations, nor shall
anything in the Service Plan be construed so as to create any responsibility or liability on the part
of the Town in the event of default by the District in the payment of any such obligation.
4. The District shall not issue Debt in excess of the Total Debt Limit, which
Total Debt Limit includes any Debt issued for Public Improvements, provided that the foregoing
shall not include the principal amount of Debt which has been refinanced or refunded unless the
principal amount of the refunding bonds exceeds the principal amount of the bonds to be refunded,
in which case the difference shall count against the Total Debt Limit, or which is a contractual
pledge of taxes or other revenue from a District to another District.
5. Any Debt issued with a pledge or which results in a pledge that exceeds the
Maximum Debt Mill Levy (subject to the Mill Levy Adjustment) shall be deemed a material
modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an
authorized issuance of Debt unless and until such material modification has been approved by the
Town as part of a Service Plan Amendment. The Town shall be entitled to all remedies available
at law to enjoin such actions of the District, including the remedy of enjoining the issuance of
additional authorized but unissued debt, until such material modification is remedied.
6. The Maximum Debt Mill Levy Imposition Term shall not exceed forty (40)
years from the date upon which the District first issues any Debt. Upon expiration of the Maximum
Debt Mill Levy Imposition Term, the District shall not impose a levy for repayment of any and all
Debt (or use the proceeds of any mill levy for repayment of Debt) on any single property within
its District Boundaries, unless a majority of the Boards of Director of the Districts are End Users
and have voted in favor of a refunding of a part or all of the debt and such refunding will result in
a net present value savings as set forth in Section 11-56-101, C.R.S.; et seg. Any Debt, issued
with a mill levy pledge or which results in a mill levy pledge, that exceeds 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 the Town by a service plan amendment.
E. Debt Instrument Disclosure Requirement.
In the text of each Bond and any other instrument representing and constituting Debt, the
District shall set forth a statement in substantially the following form:
13
By acceptance of this instrument, the owner of this Bond agrees and
consents to all of the limitations in respect of the payment of the principal
of and interest on this Bond contained herein, in the resolution of the District
authorizing the issuance of this Bond and in the Service Plan for creation of
the District.
Similar language describing the limitations in respect of the payment of the principal of
and interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a developer of property within
the boundaries of the District.
F. Privately Placed Debt Limitation.
Prior- to the issuance of any privately placed Debt, the 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
Section 32-1-103(12), C.R.S.) 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.
For purposes of this Section, "privately placed debt" includes any Debt that is sold to a
private entity, including financial institutions, developers, or other private entities, and which no
offering document related to such sale is required. "Privately placed debt" does not include the
sale of Debt to an underwriter who purchases Debt from the District with a view to the distribution
to investors of Debt.
In no event shall Debt that is privately placed with a developer or owner of the property to
be benefrtted with Public Improvements bear interest at a rate that accrues at a compounding rate.
Each instrument evidencing Debt shall provide that the District's obligations thereunder shall be
discharged 40 years after the date that such obligation is issued regardless of whether such
obligation is paid in full.
Notwithstanding the above, in no event shall any financial obligation that is annually
appropriated, but is not Debt, that is entered into with a developer or owner of the Property to be
benefrtted with the Public Improvements bear interest at a rate that accrues at a compounding rate.
Each instrument evidencing such annually appropriated financial obligation that is not Debt shall
provide that the District's obligations thereunder shall be discharged 40 years after the date that
such obligation is issued regardless of whether such obligation is paid in full and the net effective
interest rate shall be subject to the certification set forth above; provided, however, that annually
appropriated agreements relating to developer funding and reimbursement agreements shall not be
14
subject to such certification but shall bear interest, if any, at a rate not to exceed the then current
municipal market index plus 2%.
G. TABOR Compliance.
The District will comply with the provisions of TABOR. In the discretion of the Board,
the District 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 the District will remain
under the control of the District's Board, and any such entity shall be subject to and bound by all
terms, conditions, and limitations of the Service Plan and the Intergovernmental Agreement.
H. District's Organizational Costs and Operation and Maintenance Costs.
The District's Organizational Costs, including the estimated cost of acquiring land,
engineering services, legal services and administrative services, together with the estimated costs
of the District's organization and initial operations, are anticipated to be Two Hundred Thousand
Dollars ($200,000), which will be eligible for reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the District will require
operating funds for Operation and Maintenance Costs including administration and to plan and
cause the Public Improvements to be constructed and maintained, and for ongoing administrative,
accounting and legal costs. The first year's operating budget is estimated to be Fifty Thousand
Dollars ($50,000) which is anticipated to be derived from property taxes and other revenues.
Town O&M Mill Lew.
Commensurate with the initial imposition of a debt service mill levy, the District hereby
agrees that it shall impose the Town O&M Mill Levy. The District's obligation to impose and
collect the revenues from the Town O&M Mill Levy shall begin when the District first imposes a
debt service mill levy and shall not be required to be imposed prior to such date. The District's
imposition of a Town O&M Mill Levy shall be memorialized in the Intergovernmental Agreement
required by Section X below. The revenues received from the Town O&M Mill Levy shall be
remitted to the Town annually or in accordance with the specific timeframe referenced in the
Intergovernmental Agreement. Revenues generated by the Town O&M Mill Levy and the
District's obligation to remit said revenues to the Town on an annual basis, as required by this
Service Plan and the Intergovernmental Agreement, shall not be included within or subject to the
Total Debt Limit. The Town O&M Mill Levy shall be separate and apart from the Maximum Debt
Mill Levy, the Maximum Operation and Maintenance Mill Levy and the Maximum Aggregate
Mill Levy.
VII. ANNUAL REPORT
A. General.
The District shall be responsible for submitting an annual report to the Town Clerk no later
than October 1 It
of each year.
15
B. Reporting of Significant Events.
The annual report shall include information as to any of the following pursuant to Section
32-1-207(3)(c) and (c), C.R.S., as may be amended from time to time:
Boundary changes made or proposed to the District's boundary as of
December 31 st of the prior year.
2. Intergovernmental agreements entered into or terminated with other
governmental entities.
Copies of the District's rules and regulations, if any, as of December 31st
of the prior year.
4. A summary of any litigation which involves the Public Improvements as of
December 31 st of the prior year.
5. Status of the District's construction of the Public Improvements as of
December 31 st of the prior year.
6. A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the Town as of December 31 st of the prior year.
7. The final assessed valuation of the special district as of December 31 st of
the reporting year.
8. A copy of the current year's budget.
9. A copy of the audited financial statements, if required by the "Colorado
Local Government Audit Law," part 6 of article 1 of title 29, or the application for exemption from
audit, as applicable. Such audit shall be provided prior to October 31 st of each calendar year.
10. Notice of any uncured events of default by the District, which continue
beyond a ninety (90) day period, under any Debt instrument.
11. 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.
VIII. DISSOLUTION
Upon an independent determination of the Town Board that the purposes for which the
District was created have been accomplished, the District shall 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 District has ongoing operation and maintenance
functions the District shall not be required to dissolve. Additionally, if the Board of Director of
any of the District determines that the existence of the District is no longer necessaty to accomplish
the purposes set forth in this Service Plan, the, Board of Directors of the District shall promptly
effectuate the dissolution of that District.
16
IX. DISCLOSURE NOTICES
A. In order to notify future End Users who are purchasing residential lots or dwellings
units in the District Boundaries that they will be paying, in addition to the property taxes owed to
other taxing governmental entities, property taxes imposed by the District to pay Debt and
Operation and Maintenance Costs, the District shall, prior to the issuance of Debt:
1. Prepare and submit to the Town Manager for his or her approval a written
notice to purchasers of property within the District, in substantially the form attached
hereto as Exhibit F (the "Disclosure Notice"). After approval of the Disclosure Notice by
the Town Manager, the District shall record the Disclosure Notice in the Weld County
Clerk and Recorder's Office against all property not already owned by an End User; and
2. Use reasonable efforts to assure that all builders of residential lots or
dwellings units within the District provide the Disclosure Notice to each potential End User
purchaser of a residential lot or dwelling unit in the District Boundaries before that
purchaser enters into a written agreement for the purchase and sale of that residential lot or
dwelling unit.
B. To ensure that potential residential buyers are educated about the District, the
District will also use reasonable efforts and due diligence to provide the Disclosure Notice to the
developer or home builders for prominent display at all sales offices, and by inspecting the sales
offices within the District's boundaries on a quarterly basis to assure the information provided is
accurate and prominently displayed.
C. In accordance with Section 32-1-104.5(3)(a), C.R.S., the District will create a
public website on which the District will timely post information related to upcoming meetings
and elections, and will make available relevant District documents and information, including, but
not limited to: the service plan, Board meeting minutes, annual budgets, audits, and annual reports.
D. The District will provide annual notice to all eligible electors of the District, in
accordance with Section 32-1-809, C.R.S. In addition, the District shall record a District public
disclosure document and a map of the District boundaries with the Clerk and Recorder of each
County in which District property is located, in accordance with Section 32-1-104.8, C.R.S.
X. INTERGOVERNMENTAL AGREEMENT
The form of the Intergovernmental Agreement, relating to the limitations imposed on the
District's activities, is attached hereto as Exhibit E. The District shall approve the
Intergovernmental Agreement at its first Board meeting after approval of this Service Plan, and
shall deliver the executed Intergovernmental Agreement to the Town. The Intergovernmental
Agreement may be amended from time to time by the District and the Town, and may include
written consents and agreements of the Town as required throughout this Service Plan (e.g.,
amendments to address the District's imposition of Fees for services, programs, or facilities
furnished by the District pursuant to Section V.A.20 ("Fee Amendments")). Alternatively, such
written consents of the Town may be obtained by the District without amending the
Intergovernmental Agreement, and the Town and the District may execute additional written
agreements concerning matters set forth in this Service Plan. In the event that the District proposes
17
any Fee Amendment to the Town, the Town Board shall make its determination as to such Fee
Amendment in writing to the District within sixty (60) days after submittal of the Fee Amendment
by the District, unless the Town and District mutually agree to a different date.
Except for such Intergovernmental Agreement with the Town, any intergovernmental
agreements between or among the District and other governmental entities contemplated in this
Service Plan, and any intergovernmental agreement proposed regarding the subject matter of this
Service Plan shall be submitted to the Town within thirty (30) days of execution and delivery such
Intergovernmental Agreement by all parties.
XI. NON-COMPLIANCE WITH SERVICE PLAN
In the event it is determined that the District has undertaken any act or omission which
violates the Service Plan or constitutes a material departure from the Service Plan, the Town may
pursue for such violation all remedies available at law or in equity, including without limitation
affirmative injunctive relief to require the District to act in accordance with the provisions of this
Service Plan. To the extent permitted by law, the District hereby waives the provisions of Section
32-1-207(3)(b), C.R.S., and agree it will not rely on such provisions as a bar to the enforcement
by the Town of any provisions of this Service Plan.
XII. CONCLUSION
It is submitted that this Service Plan for the District, as required by Section 32-1-203(2),
C.R.S., establishes that:
There is sufficient existing and projected need for organized service in the
area to be serviced by the District;
2. The existing service in the area to be served by the District is inadequate for
present and projected needs;
3. The District is capable of providing economical and sufficient service to the
area within its proposed boundaries; and
4. The area to be included in the District has, or will have, the financial ability
to discharge the proposed indebtedness on a reasonable basis.
UM
EXHIBIT A
Vicinity Map
I:\J08 FOLDERS\1025 — MERITAGE\1025-0012\SURVEY\06 CAD\PRODUCTION FILES\METRO DISTRICT (Ft DATUM)\METRO DISTRICT OVERALL—VIC—MAP PRIMED ON: 3/5/2C
VICINITY MAP
SCALE: 1' = 800'
SABLE AVE
IWCR 22 I
IVE
PINE CONE AVE
7800 E Union Avenue
Suite 575
Denver, CO 80237
AIAIA_ 303-390-8510
SURVEYING ww lja.com
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FRONTIER ESTATES METROPOLITAN DISTRICT
Town of Firestone, County of Weld, State of Colorado
loriz. Scale: i" =800' Job No.: 1025-0012 I Sheet: 1 of 1
Vert.! n/a Date: ..3/5/2024
EXHIBIT B
Initial District Boundary Map and Legal Description
�HIS'YINQ
FRONTIER ESTATES METROPOLITAN DISTRICT
OVERALL BOUNDARY
THAT PORTION OF LOT 1 AND TRACT A, FRONTIER ESTATES FINAL PLAT FILING NO. 1 RECORDED FEBRUARY 15,
2018, UNDER RECEPTION NO. 4375614 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDERS OFFICE,
SITUATE IN THE SOUTHEAST QUARTER OF SECTION 18, TOWNSHIP 2 NORTH, RANGE 67 WEST OF THE SIXTH
PRINCIPAL MERIDIAN, TOWN OF FIRESTONE, COUNTY OF WELD, STATE OF COLORADO, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BASIS OF BEARINGS: THE SOUTH LINE OF SAID TRACT A, FRONTIER ESTATES FINAL PLAT FILING NO. 1, IS
ASSUMED TO BEAR NORTH 88'54'53" WEST, AS SHOWN ON THE RECORDED PLAT OF FRONTIER ESTATES FINAL
PLAT FILING NO. 1 RECORDED FEBRUARY 15, 2018, UNDER RECEPTION NO. 4375614 IN THE RECORDS OF THE
WELD COUNTY CLERK AND RECORDERS OFFICE, WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO.
COMMENCING AT THE SOUTHEAST CORNER OF SAID TRACT A;
THENCE ALONG SAID SOUTH LINE OF TRACT A, NORTH 88°54'53" WEST DISTANCE OF 10.00 FEET TO THE
POINT OF BEGINNING;
THENCE CONTINUING ALONG SAID SOUTH LINE OF TRACT A, NORTH 88'54'53" WEST A DISTANCE OF 1,334.00
FEET TO THE SOUTHWEST CORNER OF SAID TRACT A;
THENCE ALONG THE WEST LINE OF SAID TRACT A, NORTH 00'01'08" EAST A DISTANCE OF 1268.21 FEET TO THE
NORTHWEST CORNER OF SAID TRACT A;
THENCE ALONG SAID NORTH LINE OF TRACT A, SOUTH 89'04'35" EAST A DISTANCE OF 1,333.51 FEET;
THENCE LEAVING SAID NORTH LINE OF TRACT A AND ALONG A LINE 10' WEST OF AND PARALLEL WITH THE EAST
LINE OF SAID TRACT A, SOUTH 00'00'00" EAST A DISTANCE OF 1271.98 FEETTO THE POINT OF BEGINNING.
CONTAINING A CALCULATED AREA OF 1,693,740 SQ.FT., 38.883 ACRES, MORE OR LESS.
EXHIBIT ATTACHED AND MADE A PARTTHEREOF.
MARK A. HALL, PLS
COLORADO LICENSED PROFESSIONAL LAND SURVEYOR NO. 36073
FOR AND ON BEHALF OF UA SURVEY, INC.
PAGE 1 OF 2
1-.Vob Folders\1025 - Meritage\1025-0012\Survey\07 Documents\1025-0012- Metro Dist Overall - Legal Desc.doo
I:\JOB FOLDERS\1025 — MERITAGE\1025-0012\SURVEY\06 CAD\PRODUCTION FILES\NETRO DISTRICT (F1 DATUM)\METRO DISTRICT OVERALL--INAL PRINTED ON: 3/5/2024
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03/05/24.,-:,�
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FOR AND ON BEHALF OF
UA SURVEYING, INC.
moo,
EAST QUARTER -
SECTION CORNER
OF SECTION 18
EAST LINE
TRACT A
--- N88'54'53'W 1344.40' N885453'Vv
PARCEL CONTAINS (aA-VS OFQEARWcs) ro 00'
1,693,740 rSQ.FT. SOUTH LINE OF TRACT A.
1 FRONT/ER ESTATES F1LlNG NO.1
38,883 ACRES
MORE OR LESS
SOUTH
SIX7F£NTH-SECT/ON
NOTE.• THIS EXHlBIT DOES NOT REPRESENT A MONUMENT£0 CORNER OF
LAND SURVEY. IT IS BASED ON THE RECORDED PLAT OF SECTIONS
FRONTIER ESTATES FINAL PLAT FILING NO. I AND lS ONLY 18 & 17
INTEAIDED TO DEPICT THE ATTACHED LEGAL DESCRIPTION.
FRONTIER ESTATES METROPOLITAN DISTRICT
7800 E Union Avenue
Suite575 SE 1/4 Sec. 18, T.2N, R.67W of the 6th P.M.
Denver, CO0-8510 Town of Firestone, County of Weld, State of Colorado
303-390-510
SURVEYING wwwljacom Prepared: MAM Horiz.Scale: 1"=300' 1 lob No:1025-0012
Sheet: 2 of 2
Annroved: MA H Vert. Scale: n/a Date: 3/5/2024
EXHIBIT C
Financial Plan
FRONTIER ESTATES METROPOLITAN DISTRICT
Weld County, Colorado
GENERAL OBLIGATION BONDS, SERIES 2026
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Service Plan
Bond Assumptions
Series 2026
Series 2036
Total
Closing Date
12/1/2026
12/1/2036
First Call Date
12112031
12/12046
Final Maturity
12112056
12/112066
Sources of Funds
Par Amount
9,855,000
14,630,000
24,485,000
Funds on Hand
0
1,343,125
1,343,125
Total
9,855,000
15,973,125
25,828,125
Uses of Funds
Project Fund
$6,976,525
$6,026,208
$13,002,733
Refunding Escrow
0
9,625,000
9,625,000
Debt Service Reserve
903,125
0
903,125
Capitalized Interest
1,478,250
48,767
1,527,017
Costs of issuance
497,100
273,150
770,250
Total
9,855,000
15,973,125
25,828,125
Bond Features
Projected Coverage
100x
100x
Tax Status
Tax -Exempt
Tax -Exempt
Rating
Non -Rated
Inv. Grade
Average Coupon
5.000 %
4.000°%
Annual Trustee Fee
$4,000
S4,000
Biennial Reassessment
Residential
6.00 %
6.00%
Commercial
0.00 %
0.00 %
Taxing Authority Assumptions
Metropolitan District Revenue
Residential Assessment Ratio
Service Flan Gallagheriza6'on Base
7.15 %
Current Assumption
7.15%
Debt Service Mills
Service Plan Mill Levy Cap
50.000
✓Lfaximum Adjusted Cap
50.000
Target Mill Levy
50.000
specific Ownership Taxes
6.00°%
County Treasurer Fee
1.50 %
Operations & Town Levy
Operations Mill Levy
10.000
Tovm Mill Levy
3.000
Total Mill Levy
63-000
Drag For discussion purposes only
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Da DM DSON
SOURCES AND USES OF FUNDS
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION BONDS, SERIES 2026
50.000 (target) Mills
Non -Rated, 100x, 2066 Final Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
Dated Date 12/01t2026
Delivery Date 12/01/2026
Sources:
Bond Proceeds: Par Amount 9,855,000.00
9,855,000.00
Uses:
Project Fund Deposits:
Project Fund
,976,525.00
6
Other Fund Deposits:
Capitalized Interest
1,A78,250.00
Debt Service Reserve Fund
903,125.00
2,381,375.00
Cost of Issuance:
Other Cost of Issuance" 300,000.00
Delivery Date Expenses:
Underwriters Discount 197,100.00
9,855,000.00
xrmmrei
Feb 12, 2024 4:25 pm Prepared by D.A. Davidson & Co (N-1)
1) A U,11'lMON
BOND SUMMARY STATISTICS
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION BONDS, SERIES 2026
50.000 (target) Mills
Non -Rated, 100x, 2066 Final Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment
Projections)
Dated Date
12/01/2026
12/01/2026
Delivery Date
06/01/2027
First Coupon
1210112056
Last Maturity
Arbitrage Yield
5.000000%
True Interest Cost (TIC)
5,148938%
Net Interest Cost(NIC)
5,000000%
All -In TIC
5.384304%
5.000000%
Average Coupon
Average Life (years)
23.988
23.988
Weighted Average Maturity (years)
13,851
Duration of Issue (years)
Par Amount
9,855,000.00
Bond Proceeds
9,855,000.00
Total Interest
11,820,000.00
Net Interest
12017,100.00
236:400,000.00
Bond Years from Dated Date
236,400,000.00
Bond Years from Delivery Date
21,675,000.00
Total Debt Service
Maximum Annual Debt Service
1,937,250.00
Average Annual Debt Service
722,500.00
Underwriters Fees (per $1000)
Average Takedown
0.000000
2
Other Fee
Total Underwriters Discount
20.000000
Bid Price
98.000000
Average
Par
Average Average
Maturity
PV of 1 by
Bond Component Value
Price Coupon Life
Date
change
Term Bond due 2056 9,855,000.00
100.000 5.000% 23.988
1126/2050
16,275.25
9,855,000.00
23.988
15,275.25
All -In
Arbitrage
TIC
TIC
Yield
Par Value
9,865,000.00
9,855,000.00
9,855,00000
+ Accrued Interest
+ Premium (Discount)
Underwriters Discount
-197,100.00
-197,100.00
Cost of Issuance Expense
-300,000.00
Other Amounts
Target Value
9,657,900.00
9,357,900.00
9,855,000.00
Target Date
12/01J2026
5.148938%
12/01/2026
5.384304%
12/012026
5.000000%
Yield
Feb 12, 2024 425 pm Prepared by D.A. Davidson & Co (PM)
(Frontier Estates MD 23:5FEB M4-26NRSPB)
8
u,1 u:wulso�
BOND DEBT SERVICE
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION BONDS, SERIES 2026
50.000 (target) Mills
Non -Rated, 100x, 2055 Final Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment Projections)
Dated Date 12101/2026
Delivery Date 12 O112026
Annual
Period
Ending
Principal
Coupon
Interest
Debt Service
Debt Service
06/01/2027
246.375.00
246,375.00
246,375.00
246 375.00
492,750.00
12101/2027
0610112028
246,375.00
246,375.00
12/01/2028
246,375.00
246,375.00
492,750.00
06/01/2029
246,375.00
246,375.00
246,375.00
245 375.00
492,750.00
12JO12D29
06/01/2030
246,375.00
246,375.00
12/01/2030
246,375.00
246,375.00
492,750.00
06/01/2031
246,375.00
246,37580
246,375.00
246,375.00
492,750.00
12/0112031
06/01/2032
246,375.OD
246,375.00
12J0112032
15,000.00
5.000%
246,375.00
261,375.00
507,750.00
06/012033
12/01/2033
20,000.00
5.000%
246,000.00
246.000.00
246,000.00
266,ODO.00
512,000.00
06/01/2034
12/012034
50,000.00
5.000%
245.500.00
245,500.00
245,500.00
295,500.00
541,000.00
06101/2035
244.250.00
244,250.00
12/01/2035
55,000A0
5.000%244250.00
299,250.60
543,500.00
06101I2036
12/01/2036
90,000.00
5.000%
242,875.00
242,875.00
242,875.00
332,875.00
575,750.00
06/0112037
12/01/2037
95,000.00
5.000%
240.625.00
240,625.00
240,625.00
335,625.00
576,250.00
06/01/2038
121011203E
130,000.00
5.000%
238.250.OD
239250.00
238,2E0.00
368,250.00
606,500.00
06/0112039
12/0112039
140,000.00
5.000%
235,00D.O0
235,000.00
235,000.00
375,000.00
610,000.00
06/01/2040
231,500.00
231,500.00
1210112040
185800.00
5.000%
231,500.00
416,500.00
648,000.00
06/01/2041
12/012041
190.000.00
5.000%
226.875.00
226,875.00
2-76,875.00
416,875.00
643,750.00
06/01/2042
12/01/2042
240,000.00
5.000%
121,125.00
-22,125.00
222,125.00
462,125.00
684,250.00
06/012043
1210112043
255,000.00
5.000%
216,125.00
216,125.00
216,125.00
471,125.00
687,250.00
06/01/2044
121012044
305,000.00
5.000%
209,750.00
209,750.00
209,750.00
514,750.00
724,500.00
06101/2045
12JO 112045
320,000.00
5.000%
202,125.00
202:125.00
202,125.00
522,125.00
724 250.00
0610112046
12/0112046
380,000.00
5.000%
194,125.00
194,125.00
194,125.00
574,125.00
768250.00
06/0112047
121012047
400,000.00
5.000%
184,625.00
184,625.00
184,625.00
584,625.00
769 150.00
D6I0112048
174,625.00
174,625.00
12/01/2048
465,DOD.00
5.000%
174,625M
639,625.00
814 250.D0
06/012049
12/012049
490,000.00
5.000%
163,000.00
163.000.00
163,000.00
653,000.00
B16,000.00
D6/012050
12/01/2050
565,00D.00
5.000%
150,750.00
150,750.00
150,750.00
715,750.00
866,500.00
06/01/2051
12/012051
595,000.00
5.000%
136,625.OD
136.625.00
136,625.00
731,625.00
868 250.00
06/012052
12/012052
675,000.00
5.000%
121,750.00
121.750.00
121,750.00
796,750.00
918,500.00
06/0112053
12101/2053
710,000M
5.000%
104,875.00
104875.00
104,875.00
814,875.00
919,750.00
06/D1t2054
12101/2054
800,000.00
5.000%
87,125.00
87,128.Op
87,125.00
087,125.00
974,250.00
06/01t2055
12/012055
540,000M
5.0m%
67,125.00
67,125.00
67,125.00
907,125.00
974,250.00
06Po 112056
1210112056
1,545,000.00
5.000%
46,125.00
46,125.00
46,125.00
1891,125.00
1,937,250.00
9,855,000.00
11,620,000.00
21,675,000.00
21,675,000.00
Feb 12. 2024 4:25 pm Prepared by D.A. Davidson & Co (PM) (Frontier Estates MD 23:BFE01224-26NRSPB)
9
Period
Ending
NET DEBT SERVICE
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION BONDS, SERIES 2026
50.000 (target) Mills
Non -Rated, 100x, 2055 Final Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi•Reassessment Projections)
Total Debt Service Capitalized
Principal Interest Debt Service Reserve Fund Interest
D A DA\ 1I)80N
Net
Debt Service
12/0112027
492,750.00 492,750.00
492,750.00 492,750.00
492,750.00
492,750.00
1210112028
12/01/2029
492,750.00 492,750.00
492,750.00
492,750.00
12101/2030
492,750.00 492,750.00
492,750.00 492,750.00
12/01/2031
1210'1/2032
15,000.00
492,760.00 507,750.00
607,750,00
512,000.00
5
12/0112033
12/01/2034
20,000.00
50,000.00
492,000.00 612,000.00
491,000.00 541,000.00
1,000.00
641,500.00
12/01/2035
55,000.00
488,500.00 543.500.00
575,750.00
576,250.00
12/01/2036
12/01/2037
90,000.00
95,000.00
485,750.00 575,750.00
481,250.00 576,260.00
12/01/2038
130,000.00
476,500.00 606,500.00
606,500.00
610,000.00
648,000.00
1210/12039
12101/2040
140,000,00
185,000.00
470,000.00 610,000110
463,000.00 648,000.00
643,750.00
12101/2041
190,000.00
240,000.00
453,750.00 643,760.00
444:250.00 684,250.00
684,250.00
687,250.00
001/2042
12/012043
255,000.00
432,250.00 687,250.00
724,500.00
724,260.00
12/012044
12/012045
305,000.00
320,000.00
419,500.00 724,600.00
404,250.00 724,250.00
724,250.00
768,250.00
12/012046
121012047
380,000.00
400,000.00
388:250.00 768,250.00
369,250.00 769,260.00
769,250.00
/2/012048
465,000.00
349,250.00 814.250.00
814,250.00
816,000.00
12/012049
12/012050
490,000.00
565,000.00
326,000.00 816,000.00
301,500.00 866.500.00
866,500.00
868,250.00
121012051
12/012052
595,000.00
675,000.00
273,250.00 868,250.00
243,500.00 918.500.00
918,500.00
12/012053
710,000.00
209,750.00 919,750.00
919,750.00
974,250.00
12/012054
12/012055
800,000.00
840,000.00
174,250.00 974,250.00
134250.00 974,250.00
974,250.00
1,034,126-00
121012066
1,845,000.00
92:250.00 1,937,250.00 903,125.00
9,656,000.00
11,820,000.00 21,675,000.00 903,125.00
1,478,250.00
19,293,625.00
Feb 12, 2024 4:25 pm Prepared by D.A. Davidson & Co (PM) lrronuer cslaica m� <�.�• •u •��. •-,
1).A u.U'U1 ON
BOND SOLUTION
FRONTIER
ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION BONDS, SERIES 2026
50.000 (target) Mills
Non -Rated, 100x, 2055 Final Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment
Projections)
Period
Proposed
Proposed
Debt Service Total Adj
Debt Service
Revenue
Constraints
Unused
Revenues
Debt Service
Coverage
Ending
Principal
Debt Service
Adjustments
12/01/2027
492,750
492,750
-492,750
A92,750
30,194
152,100
30,194
152,100
12/01/2028
00112029
492,750
-492,750
492,750
314,244
440,979
314,244
-51,771
89,49%
12101/2030
492,750
452,750
492.750
483,391
-9,359
98.10%
12/0112031
12/01 f2032
15,000
507,750
507,750
512,000
512,636
512,635
4,885
635
100.96%
100.12%
12/012033
12101f2034
20,000
50,000
512,000
541,000
541,000
543,633
2,633
133
100.49%
100.02%
12/01/2035
56,000
543,500
543,500
575,750
543,633
516,491
741
100-13%
12/0112036
12/01/2037
90,000
95,000
575,750
576,250
576,250
576,491
241
4,820
IM04%
100.79°!
12/01/2038
130,000
606,500
606,500
610,000
611.320
611,320
1,320
100.22%
12/0112039
12101f2040
140,000
185,000
610,000
648,000
648,000
648,240
240
4,490
100.04%
100.70%
12/D1/2041
190,000
643,750
643,750
684,250
648,240
687,374
3,124
100.46%
12/01f2D42
1210 Q043
240,000
255,000
684,250
687,250
687,250
687,374
12d
4,356
100.0 %
100.604a
12/0112044
305,000
724,500
724,500
724,250
728,856
728,856
4,606
100.64%
12/0112045
12/01/2046
320000
380:000
724,250
768,260
768,250
772,828
4,578
3,578
100.60 %
100.47%
1210W047
400,000
769,250
769,250
814,250
772,828
819,437
5,187
100-64%
1210112048
465,000
490,000
814,250
816,000
816,000
819.437
3,437
100A2%
121OW049
12101f2050
565,000
866,500
866,500
868,250
868,844
868,844
2,344
594
100.27%
100.07%
12101/2051
595,000
675,000
868,250
916,500
918,500
921,214
2,714
100.30%
12101/2052
12/01/2053
710,000
919,750
919,750
974,250
921,214
976.727
1,464
2,477
100.16%
10025%
12/01f2054
12/01/2055
800,000
840,000
974,250
974,260
974,250
976,727
1,035,571
2,477
1,446
10025%
100.14%
12/01f2056
1,845,000
1,937,250
-903,125 1,034.125
9,855,000
21,675.000
-2,381,375 19,293,625
19,791,678
498,053
Feb 12, 2024 4:25 pm Prepared by D.A. Davidson & Co (PIA) (Frontier Estates MD 23:BFEB 1224-26NRSPB)
SOURCES AND USES OF FUNDS
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 + New Money
60.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment Projections)
Dated Date 12/01/2036
Delivery Date 12/01/2036
Sources:
Bond Proceeds:
Par Amount
14,630,000.00
Other Sources of Funds:
Funds on Hand'
440,000.00
Series 2026 - DSRF'
903.125.00
1,343,125.00
15,973,125.00
Uses:
Project Fund Deposits:
Project Fund
6,026,208.33
Refunding Escrow Deposits:
Cash Deposit'
9,626,000.00
Other Fund Deposits:
Capitalized Interest Fund
48,766.67
Cost of Issuance:
Other Cost of Issuance
200,000.00
Delivery Date Expenses:
Underwriter's Discount
73,150.00
15,973,125.00
['I Estimated balances, (tbd).
Feb 12, 2024 4:26 pm Prepared by D.A. Davidson & Co (PM)
n;t 1lavntso
(Frontier Estates h1D 23:BFEB 1224-361G26B,361G26B)
12
1) A DAY1DSON
BOND SUMMARY STATISTICS
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 + New Money
50.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00 % BI-Reassessment Projections)
Dated Date
12/01/2036
12/01/2036
Delivery Date
06/0 W037
First Coupon
12/0 W066
Last Maturity
Arbitrage Yield
4.000000
True Interest Cast (TIC)
4.035150 %
Net Interest Cost (NIC)
4.000000%
All -In TIC
4.132524%
Average Coupon
4.000000%
Average Life (years)
22233
22.233
Weighted Average Maturity (years)
Duration of Issue (years)
14.534
Par Amount
14,630,000.00
Bond Proceeds
14,630,000.00
Total Interest
13,010,800-90
Net Interest
13,083,950.00
Bond Years from Dated Date
325,270,000.00
325,270,000.00
Bond Years front Delivery Date
27,640,800.00
Total Debt Service
Maximum Annual Debt Service
1,383,200.00
Average Annual Debt Service
921,360.00
Undervmters Fees (per$1000)
Average Takedown
5.000000
Other Fee
Total Underv:riters Discount
5.000000
Bid Price
99.600000
Average
Par
Average Average Maturity
PV of 1 by
Bond Component Value
Price
Coupon Life Date
change
Temi Bond due 2066 14,630,000.00
100.000
4.000% 22.233 02/24/2059
25,456.20
14,630,000.00
22.233
25,456.20
All -In Arbitrage
TIC
TIC Yield
Par Value
14,630,000.00
14,630,000.00 14,630,000.00
+Accrued Interest
+ Premium (Discount)
Undernters Discount
73,150.00
, 0.00
Cost of Issuance Fxpense
200,000.00
Other Amounts
Target Value
14,556,850.00
14,356,850.00 14,630,000.00
Target Date
12/01/2036
4.035150%
12/01/2036 12/01/2036
4.132524% 4.000000%
Yield
Feb 12, 2024 4:26 pm Prepared by D.A. Davidson & Co (RA) (Frontier Estates MD 23:5FEB1224-361G26B,361G26B)
13
BOND DEBT SERVICE
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY. COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 + New Money
60.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment Projections)
Dated Date 12101/2036
Deirvery Date t210112036
PAnnual
Period
Ending Principal Coupon Interest Debt Service Debt Service
06101/2037
292,600.06
292,6130.00
292,600.00
292,600.00
585,200.00
1210112037
0610/f203B
292,600,00
292,600.00
1210112038
25,000.00
4.00D%
292,6130.00
317,600.00
610,200.00
06/01/2039
1210V2039
25.000.00
4.000%
292,tOD.ol)
292,100.00
292,100.00
317,100.00
609,200.00
06I01f2040
291600.00
291,600.00
12/01/2040
60,000.00
4.0D0%
291,600.00
351,600.00
643,200.00
06/0112041
65,00D00
4.000%
290.400.00
290,40000
645,800.00
12/01/2041
06/01/2042
290,400.00 0000
2B9400.00
00.00
12101rz042
105000.00
4.0D0%
'89, 100.00
394,700.00
683,200.00
06/0112043
4.1100%
287.000.00
287,000-00
287,000.00
397
684,D00.00
12/01/2043
110,000.00
00
000.00
06/01/2044
12/01/2044
155000.00
4.OD0%
,800.00
439800.00
724,600.00
10112045
16500D.00
4.000%
28 0000
281,700.00
,00.00
446,700.00
728,400.00
/2101/2045
12
06101f2046
278;400 0D
278,4130.00
12/01/2046
215,000.00
4000%
278,400.00
493,400.00
771,60000
001/2047
220,000.00
4.000%
274.1D0.00
274,100.00
274,100.00
494,100.00
76820000
12110112047
O6101/2048
269,700.00
269,700.00
1210 V2048
280,000.00
4.00%
269,700.00
549,700.00
919,400.00
06/0112049
1210 V2049
290,000.00
4.ODO%
264,1DO.00
264,100.00
264,100.0D
554,100.00
818,200.00
0610i2050
3%000.00
4.000%
258,300.00
258,300.00
258300.O0
608,300.00
86660p.00
12/01/2050
O6MV2051
251,30000
251,300.00
12101f2051
365.000.00
4.000%
251,300.00
616 300.00
867,600.00
O6101l2052
430,000.00
4.000%
244,000.01)
244,000.00
244,000.00
674,000.00
918,000.00
12/01/2052
06I01l2053
235,400.00
235,400.00
1210 V2053
450,000.00
4.ODD%
235,400.00
685,400.00
920,600.00
06101/2054
520,00000
4,1100%
226.400.00
226,400.00
226,400.00
746,400.00
972,600.00
12/01/2054
06101/2055
216.000.00
216,00000
12101/2055
540,00000
4,000%
2161000,00
756,000.00
972,000.00
06101/2056
625000.00
4000%
205,200.00
205200.00
205,200.00
830200.00
1,035,400.00
12/01/2056
06fol/2057
19? 7000D
192,700.00
12/01/2057
645.000.00
4.000%
192,700-00
837,700.00
1,030,400.00
06101/2058
735,000.00
4.000%
179,800.00
179,800.00
179,800.00
914,800.00
1,094,600.00
12/01/2058
0610112059
165.100,00
165,100.00
12/0112059
765,D00.00
4000%
165,100.00
930,10000
1,095,200.00
06I01/2060
66000000
4,000%
149,800.00
149,800.00
149,800.00
1,009,800.00
1,159,600.00
121011206D
0610112061
132,60000
132,600.00
12/01/2061
695.000.00
4,000%
132,600.00
1,027,600.00
1,160 ,200.00
0610112062
12301/20.2
1'000.000,00
4.000%
114.70000
114700.00
114,700.00
11144,700.00
1?29,400.00
0610112063
1,040,000AM
4.000%
94,700.00
,700.00
1,134,700.00
1,229,400.00
12101/2063
0610112064
73,900.00
73,900.00
12/01/2064
I,160.000.00
4.000%
73,900.00
1,233,90000
1,307,800.00
06101/2065
1,205,000.00
4.000%
50,700.00
50.700.00
50,700.00
1255,700.00
1,306,400.00
12101f2065
06/0112066
26,600.00
26,600.00
12101f2066
1,330,000.00
4.000%
26,600.00
1,356,600.OD
1,383,200.00
14 630,000.00
13,010,800.00
27,640600.00
27,640,800.00
Feb 12, 2024 4:26 pm Prepared by D-A Davidson & Co (PM) (Frontier Estates MD 237BFEB1224-361G268,361G26B)
14
UA 11.11'InSDN
NET DEBT SERVICE
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 + New Money
50.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment Projections)
Period Total Capitalized Net
Ending Principal Interest Debt Service Interest Fund Debt Service
12/012037
585,200.00
585,200.00 48,766.67
536,433.33
610.200.00
121012038
12/012039
25,000.00
25,000.00
585,200.00
584,200.00
610,200.00
609,200.00
609,200.00
12/012040
60,000.00
583,200.00
643,200.00
643,200.00
645,800.00
12/012041
12/012042
65,000.00
105,000.00
580,800.00
578,200.00
645,800.00
683,200.00
684,000.00
121012043
110,000 00
574,000.00
684,000.00
68,00.00
724,600.00
12/012044
12/012045
155,000.00
165,000.00
569,600.00
563,400.00
724,600.00
728,400.00
728,400.00
0012046
215000.00
556,800.00
771,800.00
771,800.00
768,200.00
12/012047
12/012048
220,000.00
280,000.00
548,200.00
539,400.00
768,200.00
819,400.00
819,400.00
12/012049
290,000.00
350,000.00
528,200.00
516,600.00
818,200.00
866,600.00
818,200.00
866,600.00
/2/012050
/2/012051
365,000.00
502,600.00
867,600.00
867,600.00
920,800.00
12/012052
12/012053
430,000.00
450,000.00
488,000.00
470,800.00
918,000.00
920,800.00
9,00.00
12/012054
520,000.00
452,800.00
972,800.00
972, 00.00
972,000.00
12/012055
/2/012056
540,000.00
625,000.00
432000.00
410,400.00
972,000.00
1,035,400.00
1,035,400.00
12/012057
645,000.00
735,000.00
385,400.00
359,600.00
1,030,400.00
1,094,600.00
1,030,400.00
1,094,60000
12/012058
121012059
765,000.00
330,200.00
1,095,200.00
1,095,200.00
1,159,600.00
12/012060
12/012061
860,000.00
695,000.00
299,600.00
265,200.00
1,159,600.00
1,160,200.00
1,160,200.00
12/012062
1,000,000.00
229,400.00
189,400.00
1,229,400.00
1,229,400.00
1,229,400.00
1,229,400.00
12/012063
12/012064
1,040,000.00
1,160,000.00
147,800.00
1,307,800.00
1,307,800.00
/21012065
1,205,000.00
101,400.00
1,306,400.00
1,306,400.00
1,383,200.00
12/012066
1,330000.00
53,200.00
1,383,200.00
14,630,000.00
13,010,800.00
27,640,800.00 48,766.67
27,592,033.33
Feb 12, 2024 4:26 pin Prepared by DA. Davidson & Co (Ptd) (Frontier tstates mu
D.v DAViDSDS
SUMMARY OF BONDS REFUNDED
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS,
SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 +
New Money
60.000 (target) Mills
Assumes Investment Grade, 100x, 30•yr. Maturity
(SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections)
Maturity Interest Par
Call
Call
Bond Date Rate Amount
Date
Price
2112J24: Ser 26 NRSP, 5.00%, 100x, 59mis, FG+6% BiRE:
TERM56 12/01/2037 5.000% 95,000-00
12/01/2036
100.000
12/012038 5.000% 130,000.00
12/0112036
100.000
1210W039 5.000% 140,000.00
1210112036
100.000
1210W040 5,000% 185,000.00
12/0112036
100.000
12101/2041 5.000% 190,000.00
12/0112036
100.000
12/01/2042 5.000% 240,000.00
12/01/2036
100.000
12/01/2043 5.000% 255,000.00
12/01f2036
100.000
12/012044 5.000% 305,000-00
12/01/2036
100.000
12/0 W045 5.000% 320,000.00
12101/2036
100.000
1210V2046 5.000% 380,000.00
12/01/2036
100.000
12/0W047 5.000% 400,000.00
12101/2036
100.000
12/01/2048 5.000% 465,000.00
12/01/2036
100.000
12/01/2049 5.000% 490,000,00
12101/2036
100.000
12/01/2060 5.000% 565,000.00
12101/2036
100.000
1210M051 5.000% 595,000.00
12/0112036
100.000
12JO 12052 5.000% 675,000.00
121012036
100.000
12/01/2053 5.000% 710,000.00
121012036
100.000
121012054 5.000% 800,000.00
12/01/2036
100.000
12/012055 5.000% 840,000.00
1210112036
100.000
12/012056 5.000% 1,845,000.00
121012036
100.000
9,625,000.00
Feb 12, 2024 4:26 pm Prepared by D.A. Davidson & Co (PM) (Frontier Estates MD 23:5FE81224-361G266,361G26B)
1) A 0AV11)S0
ESCROW REQUIREMENTS
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 + New Money
50.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00 % Bi-Reassessment Projections)
Dated Date 12/01/2036
Delivery Date 12101/2036
2112/24: Ser 26 NRSP. 5.00 / 100x. 50mis. FG+6 % BiRE
Period Principal
Ending Redeemed Total
12101/2036 9,625,000.00 9,625,000.00
9,625,000.00 9,625,000.00
Feb 12. 2024 4:26 pm Prepared by D.A. Da%idcon & Co (PM) (Frontier totatea Mu ts:—.
PRIOR BOND DEBT SERVICE
FRONTIER ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2036
Pay & Cancel Refunding of (proposed) Series 2026 + New Money
50.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full Growth + 6.00°% Bi-Reassessment Projections)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
06/012037
12/012037
95,000.00
240,625,00
5.000% 240,625.00
240,625.00
335,625,00
576,250.00
06/012038
12/012038
130,000.00
238,250.00
5.000% 238,250.00
238,250.00
368,250.00
606,500.00
06/01/2039
121012039
140,000.00
235,000.00
5.000% 235,000.00
235,000.00
375,000.00
610,000.00
06/01/2040
12/012040
185,O00-00
231,500.00
5.000°% 231,500,00
231,500.00
416,500.00
648,000.00
06/01/2041
12/012041
190,000.00
226,675.00
5.000°% 226,875.00
226,875.00
416,876-00
643,750.00
06/01/2042
121012042
240,000.00
222,125.00
5.000%222,125.00
222,125.00
462,125.00
684,250.00
06/01/2043
12/012043
255,000.00
216,125.00
5.000"% 216,12500
216,125.00
471,125.00
687,250.00
06/012044
121OW044
305,000.00
209,750.00
5.000% 209.750.00
209,750.00
514,750.00
724,500.00
06/012045
12/012045
320,000.00
202,125.00
5.000% 202,125.00
202,125.00
522,125.00
724,250.00
06/012046
12/01/2046
380,O00-00
194,125.00
5.000% 194,125.00
194,125.00
574,125.00
768,250.00
06/012047
12/01/2047
400,00000
184,62500
&000% 184,625.00
184,625.00
5fi4,625O0
769,250.00
O6/0112048
12/012048
465,000.00
174,625.00
5.000% 174,625.D0
174,625.00
639,625.00
814,250.00
06/01/2049
12101/2049
490,000.00
163,000.00
5.000% 163,000.00
163,000.00
653,000.00
816,OD0.00
06/012050
12/01/2050
665,000.00
150,750.00
5.000% 150,750.00
150,750,00
715,750.00
866,500.00
06/012051
12/01/2051
595,000.00
136,625.00
5.000% 136,625.00
136,625.00
731625.00
868,250.00
06/01/2052
12/01/2052
675,000.00
121,750.00
5.000% 121,750.00
121,750.00
7.0050
918,500.00
06/012053
12/012053
710,000.00
5.000 % 104,875.00
814,875.00
919,750.00
06101/2054
121012054
800,000.00
87,125.00
5.000% 87,125.00
87126-00
887:125.00
974,250.00
061O W055
12/012055
840,000.00
67,125.00
5000% 67,125.00
67,125.00
907,125.00
974,250.00
06/012056
12/012056
1,845,000.00
46,125.00
5 000% 46,125.00
46,125.00
1,891,125.00
1,937,250.00
9,625,000.00
6,906,250.00
16,531,250.00
16,531,250.00
Feb 12, 2024 4:26 pm Prepared by DA. Davidson & Co (PM) (Frontier Estates MD 216FEB 1224
18
u a uawlSON
BOND SOLUTION
FRONTIER
ESTATES METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
GENERAL
OBLIGATION REFUNDING & IMPROVEMENT BONDS,
SERIES 2036
Pay
& Cancel Refunding of (proposed) Series 2026
+ New Money
60.000 (target) Mills
Assumes Investment Grade, 100x, 30-yr. Maturity
(SERVICE PLAN: Full
Growth + 6.00% Bi-Reassessment
Projections)
Period
Proposed
Proposed
Debt Service Total Adj
Debt Service
Revenue Unused
Constraints Revenues
Debt Service
Coverage
Ending
Principal
Debt Service
Adjustments
1210112037
585,200
-48,767 536,433
610,200
576,491
611,320
40,058
1,120
107.47 %
100.18%
12/D11203$
25,000
25,000
25,000
610,200
609,200
609,200
611,320
2,120
100.35%
12101/2038
121OW039
643,200
643,200
645,800
648,240
648,240
5,040
2,440
100.78%
100.38%
12/01/2040
12101/2042
60,000
105,000
643,200
683,200
68
00
687,374
687,374
4174
3,,374
100-
1004949%
12/01/2043
110,000
684,000
724,600
684,,000
724,600
728,856
4,256
100.59%
12/01/2044
12/01/2045
155,000
165,000
728,400
728,400
728,856
456
1,028
100.06%
100.13%
12101/2046
215,000
728,400
771,800
768,200
772,828
772,828
4,628
100.60%
12/01/2047
12/0112048
220000
280:000
768,200
819,400
819,400
819,437
37
1,237
100.00%
100.15%
1210112049
290,000
818,200
818,200
866,600
819,437
868,844
2,244
100.26%
12/0112050
350,000
365,000
866,600
867,600
867,600
868,&14
1,244
100.14%
12/01/2051
12101/2052
430:000
918,000
918,000
920,800
921,214
921,214
3,214
100-04%
100,40%
12101/2053
450,000
520,000
920,800
972,800
972,800
976,727
927
100.40%
12/01/2054
12/0112055
540,000
972,000
972,000
1,035,400
976,727
1,035,571
4,727
4,17l
171
100.02%
100.02%
12/0112056
12/01/2057
625,000
645,000
1,035,400
1,030,400
1,030,400
1,035,571
1,097,945
5,171
3,345
100.50%
100.25
12101/2058
735:000
765,000
1,094,600
1,095,200
1,094,600
1,095,200
1,097,945
100-38
12101/2059
12/01/2060
860,000
1,159,600
1,159,600
1,160,200
1,164,062
1,164,062
4,462
4,462
3,862
100,33%
100-39
12/01/2061
12101/2062
895,000
1.000,000
1,160,200
1,229,400
1,229,400
1,234,145
4,745
4,745
100.39%
100.39I
12101/2063
1,040,000
1,229,400
1,307,800
1,229,400
1,307,800
1,234,145
1,308,434
634
100.05%
12/01/2064
1210112065
1,160,000
1,205,000
1,306,400
1,306,400
1,308,434
2,034
3,980
100.16%
10029%
12/01/2066
1:330:000
1,383,200
1,383,200
1,387,180
14,630,000
27,640,800
48,767 27,592,033
27,713,667
121,634
Feb 12, 2024 4:26 pm Prepared by D.A. Davidson & Cc (Pid) (Frontier Estates MD 23:BFEB1224-361G26B,361G26B)
EXHIBIT D
Capital Plan
FinntL-rEstaies Capital Tn pwvem entPhn 3� rDD --4
I 4,
ITM, MT11 i ..t
V —
ci-- Fr
rr,,i�:.dra-d-n Requ�,—,m ent
Total
n stud krPlCalbn Petit ea
evel:pn era e 5
Fk
4 7 EO ii 'I
1c,
j,tqabDn Tar-,5
Total
a.
3r6m
�rg-�Ag�
ta'.-r-g C-nuact
IS
ri D C,
S
LS
2
—16 ,250 t3n
EA
1
C'
C"'J
C jvi[Engmeer
--F
11-0
—4
2 3,e,3 CIL 0
F r-, 5 -t n t �r 1 I D
LS
3
C�
�,5 ,
Elnsrn- ccnlmiPhas
E
---
E
4 EC,,3� ri :23
C 0 1.1 7-Teqmg and 0 bsmr,"—,
EA
O.0
avem entD e s:qn
24
--
4,5 C- D"
E, P na
E
s
S e *Urj A M B L I I S�=-
IS
Sc, 0 :j
1 C, 1, 0 C, Lu
Rem lov, -BiMi P !3 �-VCD c--MP-��U
1,239800.00
Total
MNMNUW�
Nola=,
4
IS
I
17,500 jic,
�VRE
4 C,
375 jK
15 �� 1) 0 "0
C h-ar and garb
c Y
5,F ij
Terr.CULrj s r-ck:,j7-
c Y
4 le -13 6 .0 13
Ss and P ace TrZ,51,2-
466,9 15
1,38 jK
y
CY
452
5-;7,�96ij-j
tnx,rctz, E ahno_ f-15-' ShijA-')
LS
-,D s ,- C, - -o
Dewa:--Lhg
3 4- 0 jD
9 , 0 i�
Rmnlig
F
IS
4,500 it
"Sc.: Can
Tmffl: C ontri
IF
EEr,
418
2,7 3 9 j) 0
S P-"., Cut
1,E
S,vd6 pi:
IS
4 M fj
C. J-1 c.
D c3tl o2tb-
IS
Hc.,ie, G a2ag�, Shed, B COT1cr=ZE
LS
Gas Lme r, Eh tm3er.lmg MCu3e
-S
S =- n tr T a n'., ?, em
B u2k,:! - msh
SiIF
e TomRen :vat
3 P57 P83.00
Total
E
7 0 JX]
Obf:za*xr�
IF
E-
,,S7E
15
332�31,j
81's er5l-7-35
EA
32
-51--
W:
11 -
WF4
4 'Dj5-m e,�cLM anhoh
_ch ME
�b
EA
--t
— 2 go —j--
9
'5C'
54,520
4 " W '-,'E A b 11
—
IF
IF
4 00
1, 3,414-
4"SawexPt-
IF
7 37 11;
R
2ng W R c c""
IF
6 c har.Dutlil-s 5 Em bil
EA
E
4 S 5am bl,
—
EA
IF
4".HDPE Unde2:imia Sef,'j:�= :;jz.e:
1M
0 ff-S tz-
EA
C 11 H 1 e E 7 -1
IF
3 0
57 JK
14
155,61�
"Sant nZE�,,.-erSDR35PVC
E
41,67�:
4 " D an ei=rtl anro :e
sr-tCutc = at&- S ab 1:
DAY
T m ffl- C 7, n=dS A-bl� A'Ve
DeWaTErng W ROc'-
LF
2,730
-,LP,70
- bacl--ffl(EREQURED)
CY
1 A u 8,85 5 D U
ITotal
I'D i3m. aa�rl-1 anh�h-
EA
=
E,697J:6-
-2
S-L. mn ezvrm anh,'=
EA
75, 9 ij
415 5 4 LO
6 1 ) $ n e -- r M a P. h 0 1 1=
EA
3
9,3E9 jj
-, -
LF
1540
SZji
12 t 12 e 0.0 1
ri I t e C L 3 R C P
LF
1,617
5 J)
, 9 5 5 L
-zrm 2he CM RC P
LF
lE3
21
35'
T]pe R hh-tX S'Lengfr.
E A
H ji
T1cE7 R lih-tX 10 'L=-.,ig-,h
E__
13
-ic' 2 C, A J) C,
132,6SZjj:
T w - R h h t X 15 'L-:: nTh
EA
Z
12,3iQ JK
Draia
EA
1
7,4cgfl'r
,4 9 4 L C,
1911 RiC P.FZS.W
EA
4,75r, L C
3" r0c,.r2o
-7E-�'RZ P.FZ.S.W /Tiash Gua-,d,Resmhui,7c�-W aH
EA
1
6,823.0.
E;323JDO
T]eTe M Rk Rai: PmmciDwn m Pcmd
SE
40r,
11.013
Ty1re L R iD Rap � S
TIT
Fc,mbay@ 3E"PCP
L
1
34,E35 DO
34,E.35.r0
ond C U7*k-tS W bi
LS1
4E,941Lc1
Channel5H".' 31
LF
i -1
1251
E e "7 ID
Pond A cce 5!! R cad E " C h53 B Rc-ad B ase
SF
1,1Jn
7Lcl
7,
-7-T-errii aIL
IF
5
V Jet & Chen
E A
23,134
917,405.00
Total
W a1eiine In pmvem ents
U nk
0 uantiy
PzreAJnJt
TotalCost;
0 TI-z ±-z
Exsthg 16"W a�rXfa-b L,ieifnu
LE
1
2 3,5 S E 3 C,
23,55EL0
-, E xj5tha stub
Conneozr
E k
5
-
jn
-
W a 7-rM ail DR1E Pvc
,
LF
753C,
52 LO
3 9 1,5 ED ij 3
3"VaL-- " B,.x
EA
4E
2,990 L
134,5ECI.Fjj
EA
9
1,652LG
9,16e jlc,
I"X S,,C2
On
EA
1 C,
7E5)K
5.- L c'
d"Seilds Hori,M-,:.3
p " X 6 " S -,T ±._ 17 e �-
E--
12
5 jj
-7,E
Fi-- F %d-mnt P, s E:n b
EA
12
1 79,96c, ij,
bLI
11 Bhv; C=LsFem
EA
-4,Z75
955-c,
34"5iat.rSa Ass=b-
Ek
246,4E0i-C,
3,4"r atrLr-e
IF
2H J20
11 E.2 IC, C, C,
E"AR',.' AssVW 6:ngh :-Vc
EA
1
1O,1uOjJG
-1 1 3
1" hVathn S er.1ke
EA
1
4,550 Z,
4,5 5 j-, C.
EA
1,5- ci j30
1
C k- a-r W W-- r & P ma s u L Test
EA
=
15EC, ji,
-,c
c crmeczt:� Exits !Z"Bbwoff
EA
I
0
12,11.1 atErMam DR19 PiC
LF
31
84.00
& B,-.x
EA
ji
12"-,'
4,123.0�
23 i3c,
-12"Tee
12"X 2-empshwoffAsalrznbl•
E -1,
2
3512 jjr.
R e s m, m G mve R i a d
S Y
5 j3F,-
1 1,733564 DO
Im pmvem ents
u rit
Quantly
Pire)[Int
ToialCost
.Roadway
A --T.h a t 2 w,--h 9 0 n -a =-
-
-
---T-
-
S ubjiade Mobfinami,
EL4
--
�T_'Coj-jcl
fmaglade
SY
4C,,3E5
tic.
10 4,9 4 9 J) 0
Place 8 " R oaI-m5e
Y
0,3E5
16.8,D
E7E,1-3: ijO
iv-bg M cb2zamp-
E �
8
1,-,oc.Fjj
13,Eno sr,
-
21 4"-ksrha-t-Bc=m L
- - ---------
SY
-'s �,D2
24.e-3
- �,489.F-D
pjace 1 .5"Asp-nar-Top L_
SY
15
920
35 5",3zP
-9-M anh:h-a
45
13 ij
diis,:N
EA
41
40
16,40 C, .0
Emn7jerSuee-11
-
S tf-,gade Mcb:2catt n
EA
1
1,7 -,-' Jj
C, ; jD C,
12"3cai±�ReccN.rac-:;F �,reamde
sy
6,19Ej:1c,
Phc=0
I�e"Rcadcase
SY
C,
21 .00
4,;721,.S
rmu M cb2ta -,r-.
-
EA
I
-
F C,
-�i 7 C, C,
Ph,-e
SY
1,92c,
3350
Ph-- Asrhah-1 S"T,--.r-. Ltt
SY
1,920
-
10.C,5
-
191, q-E. .-I IJ
anhov-s
-EA
5
a
dlis-,-K
EAL
7
"Clj)
2 iju a jj u
15" 30 -Cij
ZF
—E,13r,
3,43 C, L 0
HancLimp Ran p w /Rad:L5 7-2unca--d Dom e-s 1,
EA
3 �, -D r, L" 0
11 id-B hd- Hand tap R am p zu-nc a --= --I D on P 5 5 � 6
E L
—1,9 Q j
—15
M :unah-h- Cu2b & Gu=-2.,*34"
L-Tr
14235
24 j:,r
_-I 4 1,6 z —0jj
S iew ak 5 r, "Y.E
IF
14,,237
33 jjC•
S L-'aw al: 6" (:- a2k)
SF
4,291
6.60
S jjawahChase 2 w/
IF
15
415 jK
6
V-SbaredTn)e Channel3D0AV
LF
512
1 q 9
1--7 C �.m and B acI=I-2--IS jd,�w ai,5
LT
-14,2 37
.90
4 1 _,?, .3 0
mp C :m pn,-an and B mcI--=a--S jieie al=
SF
4,2 St 1
57 4 F C -
1-- n C o, n p a c u -- n and B a c I � a 1: T 2: c 1� C I i a ra e 1
IF
S 12
3 S,D
_9 9 E 3 c-
E n -, , 2 r T L r. ell I a 1 k, r a -t Fe e
c Y
2,p 7 E
-1.50
7,194DC,
Ccncre-7z O:ff-s--'
LS
L
jj
6"Veri2alcu-'t-w/2'?am
LP
11-70
15j
27,H5;",)
Handk�an Ramp w,'Radjis 1=,--r--d Drue5 5D0'.,O'
EA
j", 1,9"f
ic
S hew a-1, 51
LF
113
33 jjC'
3,729DC,
S t=-W a-i- E C'YE
LF
1,136
5 2 L Q
rl.eo
i=-p C cm p a ct-, n andd B a c Ifna-,- S kL= w a I--
IF
1,-� 9 9
-.S0
3, ?,LC-
-76-
Erritr,mr, entalb I:aczFee
Total 3,04
ReuLiitg W aM3 and Fences U nk • uantbj PzJb--jUnJt TotalCost;
M SE R emmrg W aI8
3-:,ajI:-'a2h elawrFenc=
1
Open Raf-Pem et-:rFencJ
LF 5 "1 0 Q
Total 714 ,)00.00
•
Lamiscape and Mfgamn Unit Quantky
Pzmeumt
TotalCost
D ectmous T mes -1-1 /2" C alp,-=r
E,
19
i
E. 9 -1
�9,E,
Da- uju5�ii72Ees -2 "C ak-r
E-
.1
1 49
5 5 2 1
D achuju5 1 -=es -2-1 j2" C A-2rer
E A
Ec a er- T m a 5 - 6 'F eigh t
EA
789A-
17 3 E -, 2 4
5 hnib,= -1, G albn
EA
2-DC,
55.1C,
ii,c, 2 C, : 0
0 marr. enm-C, ias3e 1 G akm.
E
10C,
249E
9 E, ji o
SF
rs -CI
1 �j
S o d W i-Th3--.,j-,n
SF
E-215"
^ -11)
31-250L0
17 aEL,-= S e=-d,P iepFte G --de
SF
P i-,r-tj,- g . B ed P mpM uktEahim
SF
C.75
44,PI1.25
- E dgm g
LF
6:77
7,9EF.60
Boniies
LF
J"
5911 �ql
5,91920 -
C mug h e r F T
LE
E155
10.5E
6,929 -q C.
S T. Fuma3hr.gs
LS
1
a 6 7 '1
334,7E7.e1
Sh-=--mm 05 �35 'and 12 kIS 'I
LS
I
E rj rj
16110, 0 J-1
LS
1
39� --,3
392,340.63
E h--uj-al-C onim1hr
Ek
2
7,475jj0
14,950.00
Erty M cmm erIS
E P,
1
2 5 10 1" ID Zi C,
21,11-10 . 0
Total 1,057;L7222
T,,mlB udge r 21,977,617 39
EXHIBIT E
Intergovernmental Agreement
I al ROOM 0 1 N re M W&V 1 t
This INTE9DOVE MENTAL AGREEMENT (the "Agreement") is made and entered
into as o day of 2024, by and between the TOWN OF FIRESTONE, a
statutory town organized and eA sting under the laws of the State of Colorado (the "Town"), and
FRONTIER ESTATES METROPOLITAN DISTRICT, a quasi -municipal corporation and
political subdivision of the State of Colorado (the "District"). The Town and the District are
collectively referred to as the Parties.
WITNESSETH:
WHEREAS, C.R.S. § 29-1-203 authorizes the Parties to cooperate and contract with one
another regarding ffinctions, services, and facilities each is authorized to provide; and
WHEREAS, the District was organized to provide those services and to exercise powers
as are more specifically set forth in the District's Service Plan dated 2024 as may be
amended from time to time by Town approval (the "Service Plan"); and
WHEREAS, the Service Plan makes reference to and requires the execution of an
intergovernmental agreement between the Town and the District; and
WHEREAS, the Town has approved the - plat for the Property; and
WHEREAS, the Patties have determined that any capitalized terin not specifically defined
in this Agreement shall have that meaning as set forth in the Service Plan; and
WHEREAS, the Parties have determined it to be in their best interests of their respective
taxpayers, residents, and property owners to enter into this Agreement to comply with the Service
Plan and to address certain matters related to the organization, powers, and authorities of the
District.
NOW, THEREFORE, in consideration of the covenants and mutual agreements herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby aclmowledged, the parties hereto agree as follows:
1. Operations and Maintenance. The District shall dedicate the Public Improvements
to the Town or other appropriate jurisdiction or owners association in a manner consistent with the
Approved Development Plan, the Service Plan, this Agreement, and other rules and regulations of
the Town, and applicable provisions of the Town Code. The District is authorized, but not
obligated, to own, operate, and maintain Public Improvements not otherwise required to be
dedicated to the Town or other public entity, including, but not limited to street improvements
(including roads, curbs, gutters, culverts, sidewalks, bridges, parking facilities, paving, lighting,
grading, landscaping, and other street improvements), traffic and safety controls, retaining walls,
park and recreation improvements and facilities, trails, open space, landscaping, drainage
improvements (including detention and retention ponds, trickle channels, and other drainage
facilities), irrigation system improvements (including wells, pumps, storage facilities, and
distribution facilities), and all necessary equipment and appurtenances incident thereto.
Notwithstanding the foregoing, all parks, trails, and open space not otherwise dedicated to the
Town and owned by the District shall be open to the general public free of charge. The District
may provide covenant enforcement, design review services and other services to the residents,
owners and taxpayers within the District pursuant to and in accordance with § 32-1-1004(8) C.R.S.
The District may impose a mill levy, Special Assessments, and/or Fees to pay for Operation and
Maintenance Costs in accordance with the Service Plan.
2. Town O&M Mill Levy. Commensurate with the initial imposition of a debt service
mill levy, the District hereby agrees that it shall impose the Town O&M Mill Levy. The District's
obligation to impose and collect the revenues from the Town O&M Mill Levy shall begin when
the District first imposes a debt service mill levy and shall not be required to be imposed prior to
such date. Revenues generated by the Town O&M Mill Levy and the District's obligation to remit
said revenues to the Town on an annual basis, as required by the Service Plan and this Agreement,
shall not be included within or subject to the Total Debt Limit. The Town O&M Mill Levy shall
be separate and apart from the Maximum Debt Mill Levy and the Maximum Operation and
Maintenance Mill Levy.
3. Maximum Debt Mill Levy. The Maximum Debt Mill Levy, which shall be subject
to a Mill Levy Adjustment, is the maximum mill levy the District is permitted to impose upon the
taxable property within the District for payment of Debt. The Maximum Debt Mill Levy shall be
fifty (50) mills, subject to a Mill Levy Adjustment, for so long as the total amount of aggregate
Debt of the District exceeds fifty percent (50%) of the District's assessed valuation.
At such time as the total amount of aggregate Debt of the District is equal to or less than
fifty percent (50%) of the District's assessed valuation, either on the date of issuance of any Debt
or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be
subject to the Maximum Debt Mill Levy if End Users cast the majority of affirmative votes taken
by the District's Board of Directors at the meeting authorizing such action, and, as a result, the
mill levy may be imposed at such amount as is necessary to pay the debt service on such Debt, and
without limitation of rate increase; provided, however, that after any conversion to an unlimited
mill levy, the District shall not issue additional Debt that would cause the aggregate Debt to exceed
50% of the District's then -assessed value. For the purposes of the foregoing, the Board may further
provide that such Debt shall remain secured by such increased mill levy, notwithstanding any
subsequent change in the District's Debt to assessed value ratio. In the event that the majority of
the District's Board of Directors is not comprised of End Users, the District may seek the consent
of the Town to impose a mill levy not subject to the Maximum Debt Mill Levy. Such consent will
not be a material modification of this Service Plan.
4. Fire Protection. The District shall not be authorized to plan for, design, acquire,
construct, install, relocate, redevelop, finance, operate, or maintain fire protection facilities or
services, unless specifically provided for pursuant to an intergovernmental agreement with the
Town and the Firestone Fire Protection District. This provision shall not limit the District's
authority to plan for, design, acquire, construct, install, relocate, redevelop, or finance fire hydrants
and related improvements installed as part of the water system.
5. Television Relay and Translation; Mosquito Control, and Other Limitations. The
District shall not be authorized to plan for, design, acquire, construct, install, relocate, redevelop,
finance, operate, maintain, or provide: (a) any television relay and translation facilities and
services, other than for the installation of conduit as a part of a street construction project; (b) any
mosquito control facilities and services; and (c) any solid waste disposal, collection, and
transportation facilities and services, unless specifically provided for in a separate agreement with
the Town.
6. Construction Standards. The District will ensure that the Public Improvements
constructed by the District are designed and constructed in accordance with the Town of Firestone
Design Standards and Construction Specifications for Public Improvements and of federal and
state governmental entities having proper jurisdiction. The District will obtain the Town's approval
of civil engineering plans and will obtain applicable permits for construction and installation of
Public Improvements prior to performing such work.
7. Issuance of Privately Placed Debt. Prior to the issuance of any privately placed
Debt, the 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
Section 32-1-103(12), C.R.S.) to be borne by the District for the [insert the
designation of the Debt] does not exceed a market [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.
For purposes of this Section, "privately placed debt" includes any Debt that is sold to a
private entity, including financial institutions, developers, or other private entities, and which no
offering document related to such sale is required. "Privately placed debt" does not include the
sale of Debt to an underwriter who purchases Debt from the District with a view to the distribution
to investors of Debt.
In no event shall Debt that is privately placed with a developer or owner of the property to
be benefrtted with Public Improvements bear interest at a rate that accrues at a compounding rate.
Each instrument evidencing Debt shall provide that the District's obligations thereunder shall be
discharged 40 years after the date that such obligation is issued regardless of whether such
obligation is paid in full.
Notwithstanding the above, in no event shall any financial obligation that is annually
appropriated, but is not Debt, that is entered into with a developer or owner of the Property to be
benefitted with the Public Improvements bear interest at a rate that accrues at a compounding rate.
Each instrument evidencing such annually appropriated financial obligation that is not Debt shall
provide that the District's obligations thereunder shall be discharged 40 years after the date that
such obligation is issued regardless of whether such obligation is paid in full and the net effective
interest rate shall be subject to the certification set forth above; provided, however, that annually
appropriated agreements relating to developer funding and reimbursement agreements shall not be
subject to such certification but shall bear interest, if any, at a rate not to exceed the then current
municipal market index plus 2%.
8. Inclusion and Exclusion. It is anticipated that the District's boundaries may change
from time to time as it undergoes inclusions and exclusions pursuant to Section 32-1-401, et seg.,
C.R.S., and Section 32-1-501, et seg., C.R.S. Without prior written notice to the Town, the District
shall not include within its boundaries any property outside of the Initial District Boundaries. No
property will be included within the District at any time unless such property has been annexed
into the Town's corporate limits. From time to time, it may be necessary for the District to adjust
its boundaries and the District may process exclusions of property without providing notice to the
Town as long as such property being excluded is within the Initial District Boundaries. In no event
shall the District exclude from its boundaries property upon which a Debt mill levy has been
imposed for the purpose of the inclusion of such property into another district that has been or will
be formed under the Special District Act, without the prior written consent of the Town.
9. Total Debt Issuance. The District shall not issue Debt in excess of $25,000,000.
The debt issuance limitation shall not be applicable to refunding or refinancing of Debt authorized
to be issued pursuant to the Service Plan unless the principal amount of the refunding bonds
exceeds the principal amount originally issued, in which case the difference shall count against the
Total Debt Limit. At no time during its existence may the District have Debt outstanding in excess
of the Total Debt Limit.
10. Monies from Other Governmental Sources. The District shall not apply for or
accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available from
or through governmental or non-profit entities that the Town is eligible to apply for, except as may
be specifically provided for herein. This Section shall not apply to specific ownership taxes which
shall be distributed to and constitute a revenue source for the District without any limitation.
11. Fees. The District may impose and collect Fees for services, programs, or facilities
furnished by the District, and may from time to time increase or decrease such fees, and may use
the revenue from such fees for the repayment of Debt, capital costs, or Operation and Maintenance
Costs and for the payment of any indebtedness of the District.
12. Consolidation, Dissolution. The District shall not file a request with any Court to
consolidate with another Title 32 district without the prior written consent of the Town, as
evidenced by resolution of the Town Board of Trustees. The District agrees that it shall take all
action necessary to dissolve the District in accordance with the provisions of the Service Plan and
applicable state statutes.
13. Service Plan Amendment Requirement. Any action of the District which violates
the limitations set forth in Sections V.A.1-26 or VI.B—I of the Service Plan, or which constitutes
a material modification, shall be deemed to be a material modification to the Service Plan and the
Town shall be entitled to all remedies available under State and local law to enjoin any such
action(s) of the District. The Town may also seek damages for breach of this Agreement arising
from violations by the District of any provision of the Service Plan.
14. Applicable Laws. The District acknowledges that the property within its
boundaries shall be subject to all ordinances, rules, and regulations of the Town, including without
limitation, ordinances, rules, and regulations relating to zoning, subdividing, building, and land
use, and to all related Town land use policies, master plans, and related plans.
15. Annual Report. The District shall submit an annual report ("Annual Report") to
the Town no later than April 30th of each year following the year in which the Order and Decree
creating the District has been issued, containing the information in Section VII of the Service Plan.
16. Notices. All notices, certificates, or other communications hereunder shall be
sufficiently given and shall be deemed given when given by hand delivery, overnight delivery,
mailed by certified or registered mail, postage prepaid, delivered electronically (if confirmed
promptly telephonically), or dispatched by telegram or telecopy (if confirmed promptly
telephonically), addressed to the following address or at such other address or addresses as any
party hereto shall designate in writing to the other party hereto:
To Town: Town of Firestone
9950 Park Avenue
Firestone, CO 80504
Attention: Town Manager
To District: Frontier Estates Metropolitan District
c/o White Bear Ankele Tanaka & Waldron
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
Attention: Blair Dickhoner
bdielchoner@wbapc.com
All notices, demands, requests, or other communications shall be effective upon such personal
delivery or one (1) business day after being deposited with Federal Express or other nationally
recognized overnight air courier service or three (3) business days after deposit in the United States
mail. By giving the other party hereto at least ten (10) days' written notice thereof in accordance
with the provisions hereof, each of the Parties shall have the right from time to time to change its
address.
17. Miscellaneous.
A. Effective Date. This Agreement shall be in full force and effect and be legally
binding upon final approval of the governing bodies of the Parties.
B. Non -assignability. No party to this Agreement may assign any interest therein to
any person without the consent of the other party hereto at that time, and the terms of this
Agreement shall inure to the benefit of and be binding upon the respective representatives and
successors of each party hereto.
C. Amendments. This Agreement may be amended from time to time by written
amendment, duly authorized, and signed by representatives of the parties hereto.
D. Severability. If any section, subsection, paragraph, clause, phrase, or other
provision of this Agreement shall for any reason be held to be invalid or unenforceable, the
invalidity or unenforceability of such section, subsection, paragraph, clause, phase, or other
provision shall not affect any of the remaining provisions of this Agreement.
E. Execution of Documents. This Agreement may be executed in two (2) counterparts,
either of which shall be regarded for all purposes as one original.
F. Waiver. No waiver by either party of any term or condition of this Agreement shall
be deemed or construed as a waiver of any other term or condition, nor shall a waiver of any
breach be deemed to constitute a waiver of any subsequent breach, whether of the same or of a
different provision of this Agreement.
G. Default/Remedies. In the event of a breach or default of this Agreement by any
party, the non -defaulting party shall be entitled to exercise all remedies available at law or in
equity, specifically including suits for specific performance and/or monetary damages. In the event
of any proceeding to enforce the terms, covenants, or conditions hereof, the prevailing party in
such proceeding shall be entitled to obtain as part of its judgment or award its reasonable attorneys'
fees.
H. Governing Law and Venue. This Agreement shall be governed and construed under
the laws of the State of Colorado. Venue for all actions brought hereunder shall be in the District
Court in and for Weld County.
I. Inurement. Each of the terms, covenants, and conditions hereof shall be binding
upon and inure to the benefit of the Parties hereto and their respective successors and assigns.
J. Paragraph Headings. Paragraph headings are inserted for convenience of reference
only.
K. No Third -Party Beneficiaries. A person or entity that is not a party to this
Agreement will have no right of action under this Agreement.
L. Entirety. This Agreement merges and supersedes all prior negotiations,
representations, and agreements between the parties hereto relating to the subject matter hereof
and this Agreement, which agreement serves to supplement the Service Plan and, along with the
Service Plan, constitutes the entire agreement between the Parties concerning the subject matter
hereof. Any previous intergovernmental agreements between the Parties concerning the subject
matter hereof are superseded by this Agreement.
Remainder of page left blank; signature page follows
IN WITNESS WHEREOF, this Agreement is executed by the Town and the Districts as
of the date first above written.
ac Jr�,
ATTEST:
" rom
una Gonzalez, Town Clerk
DISTRICT
M.
By:
Secretary
President
EXHIBIT F
Disclosure Notice
SPECIAL DISTRICT DISCLOSURE
ATTENTION HOMEBUYER: You are purchasing a home that is located within
Frontier Estates Metropolitan District (the "District"). The District has the authority to issue
bonds or other debt to pay for public improvements and the authority to levy taxes and fees on
all properties within the District for debt repayment and ongoing operations and maintenance.
Name of Districts:
Frontier Estates Metropolitan District
Contact Information for Districts:
/o White Bear Ankele Tanaka & Waldron
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
District Website:
District Boundaries:
See attached map. It is conceivable that additional
boundary adjustments may be made to include or exclude
property from the District. Any such boundary
adjustment is subject to prior approval by the owners of
he property and must be considered at a public hearing
of the District's Boards of Directors.
ose of the District: The District was organized pursuant to C.R.S. § 32-1-101
t seq. The District was created to assist with the
Tanning, design, acquisition, construction, installation,
operation, maintenance, relocation, and financing of
certain public improvements serving the Frontier Estates
project located in the Town of Firestone, Colorado (the
"Town") and described further in the District's Service
.e District may dedicate certain public improvements to
Town or other appropriate jurisdiction. The
erations and maintenance of public improvements
dicated to the Town or other appropriate jurisdiction
ill rest with the Town or other appropriate jurisdiction,
the case may be.
'ublic improvements not dedicated to the Town or other
ppropriate jurisdiction may be owned, operated, and
iaintained by the District. The District has authority to
repose property taxes and other fees, rates, tolls,
enalties, or charges to fund the construction and
,peration and maintenance of improvements as set forth
a the Service Plan.
copy of the District's Service Plan can be found on the
strict's website or by contacting the District at the
strict's contact information above.
Owners Associations: Certain services may be provided within the District by
one or more property owner associations organized as
Colorado non- profit organizations. If a property owners'
association is established, property owners will be subject
o fees and assessments payable to the association which
ill be separate from and in addition to any fees or
assessments payable to the District.
Authorized Types of District Taxes: Debt Mill Levy, Operation and Maintenance Mill Levy,
and Town O&M Mill Levy
These mill levies result in taxes you will owe to the
District and are described further below.
rstriet's Total Debt Issuance $25,000,000
uthorized per District's Service Plan:
Improvements Financed by IThe District intends to issue or have already issued debt
o pay for the following public improvements: streets,
ater, sewer, recreational amenities, and landscaping.
imum Debt Mill Levy that may be Maximum Debt Mill Levy: 50 Mills
A annually on properties within the
-ict to pay back debt: This Mill Levy may fluctuate based on changes in
assessment rates.
t such time as the total amount of aggregate Debt of the
istrict is equal to or less than fifty percent (50%) of the
istrict's assessed valuation, either on the date of
suance of any Debt or at any time thereafter, the mill
vy to be imposed to repay such portion of Debt shall
)t be subject to the Maximum Debt Mill Levy and, as a
Sult, the mill levy may be imposed at such a rate as is
°cessary to pay the Debt service on such Debt, without
mitation of rate increase; provided, however, that after
iy conversion to an unlimited mill levy, the District
call not issue additional Debt that would cause the
;gregate Debt to exceed 50% of the District's then-
;sessed value. For the purposes of the foregoing, the
oard may further provide that such Debt shall remain
:cured by such increased mill levy, notwithstanding any
zbsequent change in the District's Debt-to-assessed-
Aue ratio.
Operation and Maintenance he District intends to impose an Operation and
of the District: aintenance Mill Levy to pay for ongoing
administration, operating, and maintenance obligations.
Maximum Operation and Maintenance Mill
Maximum Operation and Maintenance Mill Levy: 60 Mills until
Levy that may be levied annually on
such time the District issues Debt. After the District issues debt,
properties within the District to pay for the
the Maximum Operation and Maintenance Mill Levy shall be
ongoing operations and maintenance
10 Mills, subject to the Mill Levy Adjustment.
described above.
This Mill Levy may fluctuate based on changes to residential
assessment rates.
The Operation and Maintenance Mill Levy is distinct from the
Debt Mill Levy and cannot be used to repay Debt.
The Maximum Operation and Maintenance Mill Levy shall
apply to the District's ability to increase their mill levy as
necessary for provision of operation and maintenance services
to its taxpayers and service users until such time as End Users
cast the majority of affirmative votes taken by the District's
Board of Directors at a meeting authorizing an increase of such
Maximum Operation and Maintenance Mill Levy, at which time
the mill levy may be such amount as is necessary to pay the
Operation and Maintenance Cost.
Maximum Town O&M Mill Levy that is
Maximum Town O&M Mill Levy: 3 mills
required to be levied annually on properties
within the District and transferred to the
Town.
District Fees:
The District may impose and collect Fees for services,
programs, and facilities furnished by the District, and may from
time to time increase or decrease such fees, and may use the
revenue from such fees for the repayment of Debt, capital costs,
or Operation and Maintenance costs and for the payment of an
indebtedness of the District.
Other Taxing Entities to which you will
Carbon Valley Rec
ay taxes to:
Central Weld County Water (CWC)
Firestone Town
Frederick -Firestone Fire
High Plains Library
Longmont Conservation
Northern Colorado Water (NCW)
School Dist RE1J-Longmont
St Vrain Sanitation
Weld County
** This information is based upon the
property taxes levied on property within the
istricts, imposed in 2024 for collection in
025, and is intended only to provide
II
pproximations of the total overlapping
ill levies within the District. The stated
ill levies are subject to change, and you
hould contact the Weld County Assessor's
office to obtain the most accurate and up-
to-date information.
Sample Calculation of Taxes Owed for a Residential Property within the District:
Assumptions:
Average market value of home in District is $500,000
Debt Mill Levy is 50 mills
Operation and Maintenance Mill Levy is 10 mills
Town O&M Mill Levy is 3 mills
Total Metropolitan District mill levies = 63 mills
Calculation of Metropolitan District Taxes:
$500,000 x .06765 = $33,825 (Assessed Valuation)
$33,825 x .063 mills = $2,131 per year in taxes
Total Additional Mill Levies from Other Taxing Entities: 100.125 mills = $3,387 annual taxes
TOTAL 2024 PROPERTY TAXES FOR A HOME COSTING $500,000 = $5,518
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