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Home My WebLink About24-81 Approving a Consolidated Service Plan for Coal Ridge Metropolitan District 08-28-2024RESOLUTION NO.24-81 WHEREAS, the Board of Trustees of the Town of Firestone ("Board") has received a request to review and approve the Service Plan for Coal Ridge Metropolitan District ("District"); and WHEREAS, following notice as required by law, the Board conducted a public hearing on the request on August 28, 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 (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. Section 3. In accordance with C.R.S. § 32-1-204.5(1)(c), the Board of Trustees hereby approves the Service Plan for the District, as set forth in Exhibit A to this Resolution, subject to and contingent upon compliance with the following condition: (a) The District shall not be authorized to issue Debt until the District has reimbursed 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 of approval. ......... .. WMI ATT ST: ri a Gonzalez, Town Clerk TOWN OF FIRESTONE, COLORADO Don ®r Conyac\-Jr,,-Mayor "IN 2 EXHIBIT A Service Plan SERVICE PLAN FOR COAL RIDGE METROPOLITAN DISTRICT TOWN OF FIRESTONE, COLORADO Prepared by McGeady Becher P.C. 450 E. 171h Avenue, Suite 400 Denver, Colorado 80203 Submitted: May 13, 2024 Re -submitted: July 12, 2024 Final with Town revisions: August 26, 2024 Initials 4865-2735-3565, v. 1 TABLE OF CONTENTS I. INTRODUCTION.............................................................................................................. 1 A. Purpose and Intent................................................................................................... 1 B. Need for the District................................................................................................ 1 C. Objective of the Town Regarding District's Service Plan ...................................... 1 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........................................................... 8 8. Growth Limitations..................................................................................... 8 9. Conveyance.................................................................................................8 10. Eminent Domain......................................................................................... 8 11. Water Rights/Resources Limitation............................................................ 8 12. Inclusion Limitation.................................................................................... 8 13. Exclusion Limitation................................................................................... 9 14. Overlap Limitation...................................................................................... 9 15. Total Debt Issuance Limitation................................................................... 9 16. Sales and Use Tax....................................................................................... 9 17. Monies from Other Governmental Sources ................................................ 9 18. Consolidation Limitation............................................................................ 9 19. Subdistrict Limitation............................................................................... 10 20. Fees...........................................................................................................10 21. Special Assessments................................................................................. 10 22. Revenue Bonds Limitation....................................................................... 10 23. Public Improvement Fee and Sales Tax Limitation .................................. 10 24. Bankruptcy Limitation.............................................................................. 10 25. Reimbursement Agreement...................................................................... 11 26. Service Plan Amendment Requirement.................................................... 1 I B. Preliminary Engineering Survey........................................................................... 11 VI. FINANCIAL PROVISIONS............................................................................................ 12 A. General..................................................................................................................12 i 4865-2735-3565, v. 1 B. Maximum Voted Interest Rate and Maximum Underwriting Discount ............... 12 C. Mill Levies............................................................................................................ 12 D. Debt Parameters.................................................................................................... 13 E. Debt Instrument Disclosure Requirement............................................................. 14 F. Privately Placed Debt Limitation.......................................................................... 15 G. TABOR Compliance............................................................................................. 15 H. District's Organizational Costs and Operation and Maintenance Costs ............... 16 I. Town O&M Mill Levy.......................................................................................... 16 VII. ANNUAL REPORT......................................................................................................... 16 A. General..................................................................................................................16 B. Reporting of Significant Events............................................................................ 16 VIII. DISSOLUTION................................................................................................................ 17 IX. DISCLOSURE NOTICES................................................................................................ 18 X. INTERGOVERNMENTAL AGREEMENT.................................................................... 18 XI. NON-COMPLIANCE WITH SERVICE PLAN.............................................................. 19 XII. CONCLUSION.................................................................................................................19 4865-2735-3565, v. 1 LIST OF EXHIBITS EXHIBIT A Vicinity Map EXHIBIT B Initial District Boundary Map and Legal Description EXHIBIT C Intentionally Deleted EXHIBIT D Financial Plan EXHIBIT E Capital Plan EXHIBIT E-1 Regional Improvements EXHIBIT F Intergovernmental Agreement EXHIBIT G Disclosure Notice 4865-2735-3565, v. 1 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 in order 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 the District has ongoing operation and maintenance functions authorized under an Intergovernmental Agreement with the Town, or has covenant enforcement functions, 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 bear an economic burden that is greater than that associated with revenues from the Maximum Debt Mill Levy, the Maximum Operation and Maintenance Mill Levy, Fees and Special Assessments, even under bankruptcy 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 MU Firestone LLC 6900 E. Belleview Avenue, Suite 300 Greenwood Village, CO 80111 Financial Advisor or Underwriter Piper Sandler & Co. 1144 151h Street, Suite 2050 Denver, CO 80202 II. DEFINITIONS District Counsel McGeady Becher P.C. 450 E. 17th Avenue, Suite 400 Denver, CO 80203 District Engineer Redland Consulting Group, Inc. 1500 West Canal Court, Bldg. B Littleton, CO 80120 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. 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. 2 4865-2735-3565, v. 1 District: means the Coal Ridge 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 commercial 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, toil, 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 D 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 F. 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 not limited to Debt, capital costs, organizational costs, 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. 3 4865-2735-3565, v. 1 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 1, 2024, 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, 2024, 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 (which includes maintenance), replacement and depreciation of the Public Improvements; (3) the costs of covenant enforcement and design review services the District provides; (4) the costs of operating Public Improvements that have not been dedicated to the Town or another governmental authority, which may include, but not be limited to, parks, open space, drainage facilities, including a stormwater conveyance system, utility, drainage and access tracts, alleys and common area fencing and landscaping; and (5) 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 Hamilton Heights. 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. 4 4865-2735-3565, v. 1 Regional Improvements: means those Public Improvements required by an Approved Development Plan for the Project that: (a) lie outside the District Boundaries, and (b) have a regional benefit beyond the Project to properties not included within the District, as more specifically contemplated in, but not limited by, Exhibit E-1 of this Service Plan. The Town Board can determine on a case -by -case basis whether an additional mill levy may be imposed for Regional Improvements. 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 Sixteen Million Dollars ($16,000,000), which Total Debt Limit includes any Debt issued for Public Improvements and Regional Improvements. 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. The Town O&M Mill Levy shall not extend beyond 40 years from the first imposition of such levy. III. BOUNDARIES A Vicinity Map depicting the Project is attached hereto as Exhibit A. The area of the Initial District Boundaries includes approximately 28.024 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 seq., C.R.S., and Section 32-1-501, et seq., C.R.S., subject to the limitations set forth in Section V below. 4865-2735-3565, v. 1 IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND CURRENT ASSESSED VALUATION The property within the Initial District Boundaries consists of approximately 28.024 acres of agricultural land. The population of the District at build -out is estimated to be approximately 308 people. The current assessed valuation of the property within the District Boundaries is One Hundred Seventy Thousand Three Hundred Seventy Dollars ($170,370) for purposes of this Service Plan, 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 D. 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, common 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 and Regional Improvements to the Town or other appropriate governmental or quasi -governmental jurisdiction or other non-profit organization (such as a parks or open space foundation) 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 6 4865-2735-3565, v. 1 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 shall 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 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. 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 Design Standards and Construction Specifications for Public 7 4865-2735-3565, v. 1 Improvements of the Town and 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. Growth Limitations. The Town shall not be limited in implementing Board or voter approved growth limitations, even though such actions may reduce or delay development within the District and the realization of District revenue. 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 Improvements, 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. From time to time, it may be necessary for the District to adjust its respective boundaries, and the District may process inclusions of property without providing notice to the Town as long as such property being included is within the Initial Boundaries. Without prior written notice to the Town, the District shall not include into its boundaries any other property. No property will 4865-2735-3565, v. 1 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 Boundaries. Any exclusion of property located outside of the Initial Boundaries shall require prior written notice to the Town. 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 mill levy to exceed the Maximum Debt Mill Levy, 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 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 governmental 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. 9 4865-2735-3565, v. 1 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: 10 4865-2735-3565, v. 1 (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 nonbankruptcy 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 service fund and used for the purpose of retiring the District's debt issued that financed the applicable improvement. 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. or in VLC 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 (except for any anticipated Regional Improvements), including a cost estimate for each category of improvements, is attached hereto as Exhibit E. 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 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 in the property within the District Boundaries and is approximately Seven Million One Hundred Ninety One Thousand Two Hundred Ten Dollars ($7,191,210) and the cost of the Regional Improvements identified on 11 4865-2735-3565, v. 1 Exhibit E-1 attached hereto is approximately Three Million Two Hundred Sixty Eight Thousand One Hundred Fifty Dollars ($3,268,150) for a total Public Improvement cost of Ten Million Four Hundred Fifty Nine Thousand Three Hundred Sixty Dollars ($10,459,360). 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, 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. The Financial Plan for the District, which is attached hereto as Exhibit D, 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 amount of Debt the District shall be permitted to issue for the Public Improvements, including any Debt for Public Improvements to be constructed to serve any special improvement district, shall not exceed Sixteen Million Dollars ($16,000,000) and 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 Service 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, and shall be fifty (50) mills for so long as the total amount of aggregate Debt of the District exceeds fifty percent (50%) of the District's 12 4865-2735-3565, v. 1 assessed valuation. It is anticipated that the District will undertake the planning, design, acquisition, construction, installation, development and financing of certain Regional Improvements as described in Exhibit E-1 and required by an Approved Development Plan for the Project, and any additional regional improvements the District agrees to address. As a result, thereof, if the District undertakes the Regional Improvements, then, the Maximum Debt Mill Levy the District is permitted to impose for payment of debt shall be increased to fifty-five (55) mills, subject to a Mill Levy Adjustment. 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 such amount as is necessary to pay the debt service on such Debt, and 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. 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-five (65) 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. 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. 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-five (65) 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 VI.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. 13 4865-2735-3565, v. 1 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 amount is Sixteen Million Dollars ($16,000,000), which Total Debt Limit includes any Debt issued for Public Improvements and Regional 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 Board of Director of the District 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 L. Any Debt, issued with a mill levy pledge or which results in a mill levy pledge, which 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: 14 4865-2735-3565, v. 1 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 or annually appropriated obligation 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 benefitted with Public Improvements or annually appropriated obligation privately placed with a developer or owner of the property to be benefitted with Public Improvements bear interest at a rate that accrues at a compounding rate. Each instrument evidencing Debt or an annually appropriated obligation that is privately placed with a developer or owner of the property to be benefitted with Public Improvements 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. 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 15 4865-2735-3565, v. 1 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 One Hundred Thousand Dollars ($100,000.00), 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 ($50,000.00) which is anticipated to be derived from property taxes and other revenues. • TI • _ A 1L 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. The Town O&M Mill Levy shall not extend beyond 40 years from the first imposition of such 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 st of each year. 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 (D), C.R.S., as may be amended from time to time: 16 4865-2735-3565, v. 1 1. Boundary changes made or proposed to the District's boundary as of December 31 st of the prior year. 2. Copies of the District's rules and regulations, if any, as of December 31 st of the prior year. 3. A summary of any litigation which involves the Public Improvements as of December 31 st of the prior year; provided however, that if there has been filed with the District any notice or claim of action that would result in financial obligations to be borne by taxpayers of the District, the District shall immediately send written notice to the Town and shall post a notice of any such claim on the District's website. 4. Status of the District's construction of the Public Improvements as of December 31 st of the prior year. 5. 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. 6. Notice of any uncured events of default by the District, which continue beyond a ninety (90) day period, under any Debt instrument. 7. Any inability of the District to pay its obligations as they come due, in accordance with the terms of such obligations, which continue beyond a ninety (90) day period. 8. Any alteration or revision of the proposed schedule of Debt issuance set forth in the Financial Plan. 9. Intergovernmental agreements entered into or terminated with other governmental entities. 10. The final assessed valuation of the special district as of December 31 st of the reporting year. 11. A copy of the current year's budget. 12. 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. 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 and or covenant enforcement functions 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 17 4865-2735-3565. v. 1 Board of Directors of the District shall promptly effectuate the dissolution of that District, except that if the District has covenant enforcement functions, the District shall not be dissolved. 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 G (the "Disclosure Notice"). After approval of the Disclosure Notice by the Town Manager, the District shall record the Disclosure Notice in the Weld County Cleric 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. Within the time required by Section 32-1-104.5, 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 Cleric 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 F. 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 18 4865-2735-3565, v. 1 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 is required under this Service Plan or the Intergovernmental Agreement to propose 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. The District is located within the Firestone South Urban Renewal Plan Area and anticipates entering into a Cooperation Agreement with the Firestone Urban Renewal Authority (the "URA")following their organization that would provide for any tax increment received by the URA associated with the District's mill levy will be remitted back to the District (the "FURA Agreement"). Except for such Intergovernmental Agreement with the Town, the FURA Agreement, 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 subject to review and approval by the Town prior to its execution by the District. Such Town review and approval shall be with reference to whether the intergovernmental agreement(s) are in compliance with this Service Plan, the Intergovernmental Agreement, and the terms of the Approved Development Plan or other instrument related to the Public Improvements. 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, after first notifying the District in writing of such material departure and affording the District a cure period not to exceed 90 days, 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: 1. 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 19 4865-2735-3565, v. 1 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. rO 4865-2735-3565, v. 1 EXHIBIT A Vicinity Map A-1 4865-2735-3565, v. 1 ul SADDLERA CA'GOLFCL U6 LLC PARCEL N131 / /900000J (NOT A PART) PARCEL No. 13 / 119403009 (NOTA PART) PARCEL NO. -I IIP403005 ! NITCONSTRUCTIONLL C (NOTA P ART) PARCEL NO. iART) 00015 A PART/ (NOTP U W r�^ ' J W W HA4AL TON w PARCEL 13117g3rR10/G' w (NOTA PART) PARCEL NO. 13111940300,' ¢ N (NOf'.4 PART) 0 w STREET D �\Y i HAMILTON PARCEL ZADEL RANCH tl Sn11,VD t PARCEL NO. INLLAGE —STREET E 131119403003 PART) (NOTA PAR (NOTA PART) :. W ,.. GRANTA VE. �� FGgRT PARK PARCEL NO. 13 11,0 f69046 �� INOTA PART/ .1 HAMILTON PARCEL DISTRICT IMPROVEMENT MAP VICINITY MAP PARCEL NO. 1: 13011700(1 (NOTA FART) 14 15 � Medland WHERE GREAT PLACES BEGIN 720.283.6783 •Iand Planning . Iandacape Architecture REDLAND.COM • Civil Engineering . Construction Management DRAWING NO: PROJECT NO: 22030 DATE: 04/03/2024 1 of 6 a 0 c� U A nn U a H � w � 0 U ..r A 0 LO LO rm Lo Cl) I- N LO W V' MOO 00 '30VITA OOOOMU WS �G -4MAY MM9 30009 W um v .119 Noisami nw cc O(IVHO-100'AiNnoo T13M IN'd H19 `ML9'H "NZ'l '61 '038 VA 38 UAum 31111 (INVI SdSN/V.LIV F- kol x gn p u LEGAL DESCRIPTION PER LAND TITLE GUARANTEE COMPANY COMMITMENT NO. ABC25202203, WITH AN EFFECTIVE DATE OF 12/05/2022 AT 5:00 P.M. ALL OF SECTION 19, TOWNSHIP 2 NORTH, RANGE 67 WEST OF THE 6TH P.M., WELD COUNTY, COLORADO, BEING A PART OF THE TOWN OF FIRESTONE; (1) EXCEPTING THEREFROM THAT PORTION CONVEYED TO UNION PACIFIC RAILROAD COMPANY BY DEED RECORDED JUNE 13, 1910 IN BOOK 320 AT PAGE 187; ALSO (#2) EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE WELD COUNTY TRI-AREA SANITATION DISTRICT BY DEED RECORDED SEPTEMBER 10, 1956 IN BOOK 1459 AT PAGE 398; ALSO (#3) EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE WELD COUNTY TRI-AREA SANITATION DISTRICT BY DEED RECORDED SEPTEMBER 10, 1956 IN BOOK 1459 AT PAGE 399; ALSO (#4) EXCEPTING THEREFROM THAT PORTION CONTAINED IN RULE AND ORDER RECORDED MAY 31, 1968 IN BOOK 595 AS RECEPTION NO. 1517031; ALSO (#5) EXCEPTING THEREFROM THAT PORTION PLATTED AS THE ZADEL RANCH, WESTWIND VILLAGE RECORDED JUNE 15, 1978 IN BOOK 835 AS RECEPTION NO. 1756842; ALSO (#6) EXCEPTING THEREFROM A TRACT OF LAND WHICH IS DESCRIBED AS: BEGINNING AT THE SOUTHEAST CORNER OF SAID SECTION 19; THENCE ALONG THE SOUTH LINE OF THE SE 1/4 OF SAID SECTION, SOUTH 89 DEGREES 40' 59" WEST 341.38 FEET; THENCE NORTH 00 DEGREES 10' 1" WEST 50 FEET; THENCE NORTH 43 DEGREES 00' 00" WEST 753 FEET; THENCE NORTH 02 DEGREES 00' 00" WEST 708.21 FEET; THENCE SOUTH 88 DEGREES 00' 00" WEST 179.90 FEET TO THE EASTERLY RIGHT OF WAY LINE OF THE SOUTH PLATTE SUPPLY CANAL; THENCE ALONG SAID RIGHT OF WAY LINE THE FOLLOWING TEN COURSES: NORTH 46 DEGREES 02' 09" EAST 344.20 FEET; THENCE NORTH 28 DEGREES 05' 09" EAST 148.30 FEET; THENCE NORTH 05 DEGREES 23' 09" EAST 123.20 FEET; THENCE NORTH 39 DEGREES 45' 51" WEST 179.60 FEET; THENCE NORTH 28 DEGREES 45' 51" WEST 48.90 FEET; THENCE NORTH 61 DEGREES 14' 09" EAST 5.00 FEET; THENCE NORTH 28 DEGREES 45' 51" WEST 319.50 FEET; THENCE NORTH 48 DEGREES 14' 09' EAST 635.50 FEET; THENCE SOUTH 41 DEGREES 55' B-2 4865-2735-3565, v. 1 51" EAST 30 FEET; THENCE NORTH 48 DEGREES 4' 09" EAST 570.66 FEET TO THE EAST LINE OF SAID SECTION; THENCE ALONG SAID EAST LINE SOUTH 01 DEGREES 51' 36" EAST 3038.83 FEET MORE OR LESS TO THE POINT OF BEGINNING; ALSO (#7) EXCEPTING THEREFROM THAT PORTION PLATTED AS THE ZADEL RANCH, COMMERCE VILLAGE RECORDED SEPTEMBER 29, 1982 AT RECEPTION NO. 1905061; ALSO (#8) EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE TOWN OF FIRESTONE BY DEED RECORDED JUNE 15, 1992 IN BOOK 1339 AS RECEPTION NO.2291849; ALSO (#9) EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE TOWN OF FIRESTONE BY SPECIAL WARRANTY DEED RECORDED MAY 30, 2001 AT RECEPTION NO. 2852704; ALSO (#10) EXCEPTING THEREFROM THAT PORTION CONVEYED TO SADDLEBACK MARKETING, LLC, A COLORADO LIMITED LIABILITY COMPANY BY WARRANTY DEED RECORDED SEPTEMBER 15, 2003 AT RECEPTION NO. 3106297; ALSO (#11) EXCEPTING THEREFROM THAT PORTION CONVEYED TO FULL SPECTRUM HOMES CORPORATION, A COLORADO CORPORATION BY WARRANTY DEED RECORDED JANUARY 11, 2001 AT RECEPTION NO. 2818639; ALSO (#12) EXCEPTING THEREFROM THAT PORTION CONVEYED TO SADDLEBACK MARKETING, LLC, A COLORADO LIMITED LIABILITY COMPANY BY WARRANTY DEED RECORDED AUGUST 24, 2005 AT RECEPTION NO. 3316419; ALSO (#13) EXCEPTING THEREFROM THAT PORTION PLATTED AS FIRESTONE RETAIL CENTER RECORDED JULY 30, 2004 AT RECEPTION NO. 3204318; ALSO (#14) EXCEPTING THEREFROM THAT PORTION CONVEYED TO SADDLEBACK GOLF CLUB, LLC, A COLORADO LIMITED LIABILITY COMPANY BY QUITCLAIM DEED RECORDED DECEMBER 13, 2000 AT RECEPTION NO. 2813045 AND RE -RECORDED JANUARY 11, 2001 AT RECEPTION NO. 2818638, COUNTY OF WELD, STATE OF COLORADO. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: A PARCEL OF LAND LOCATED IN THE SOUTHEAST 1/2 OF SECTION 19, TOWNSHIP 2 NORTH RANGE 67 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF • om •• l alwAki . • • B-3 4865-2735-3565, v. 1 CONSIDERING THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 19 TO BEAR NORTH 89030'43" WEST AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO; COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 19; THENCE NORTH 89030'43" WEST, COINCIDENT WITH THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 19, A DISTANCE OF 341.38 FEET TO THE SOUTHWEST CORNER OF THAT PARCEL OF LAND DESCRIBED IN DEED RECORDED APRIL 2, 2018 AS RECEPTION NO. 4387530 IN THE RECORDS OF THE CLERK AND RECORDER FOR WELD COUNTY, COLORADO; THENCE COINCIDENT WITH THE WEST LINE OF SAID PARCEL THE FOLLOWING FOUR (4) COURSES AND DISTANCES: 1) NORTH 00°18'24" EAST, A DISTANCE OF 49.81 FEET; 2) NORTH 42-11'33" WEST, A DISTANCE OF 752.91 FEET; 3) NORTH O1°10'53" WEST, A DISTANCE OF 708.29 FEET; 4) SOUTH 88°44'51" WEST, A DISTANCE OF 180.09 FEET TO THE SOUTHERLY RIGHT- OF-WAY LINE OF THE COAL RIDGE IRRIGATION CANAL AS DESCRIBED IN DEED RECORDED DECEMBER 6, 1955 AS RECEPTION NO. 1218436 IN THE RECORDS OF THE CLERK AND RECORDER FOR WELD COUNTY, COLORADO; THENCE COINCIDENT WITH SAID SOUTHERLY RIGHT-OF-WAY LINE THE FOLLOWING FOUR (4) COURSES AND DISTANCES: 1) SOUTH 74°28'00" WEST, A DISTANCE OF 316.91 FEET; 2) SOUTH 49°53'59" WEST, A DISTANCE OF 525.83 FEET; 3) SOUTH 18°02'04" WEST, A DISTANCE OF 242.08 FEET; 4) SOUTH 60°42'02" WEST, A DISTANCE OF 23.56 FEET TO THE NORTHEAST CORNER OF ZADEL RANCH WESTWIND VILLAGE, AS SHOWN ON THE PLAT RECORDED JUNE 15, 1978 AS RECEPTION NO. 1756842 IN THE RECORDS OF THE CLERK AND RECORDER FOR WELD COUNTY, COLORADO; THENCE SOUTH 32009'49" EAST, COINCIDENT TO THE EAST LINE OF SAID ZADEL RANCH WESTWIND VILLAGE, A DISTANCE OF 252.83 FEET; THENCE SOUTH 00030'46" WEST, COINCIDENT TO THE EAST LINE OF SAID ZADEL RANCH WESTWIND VILLAGE, A DISTANCE OF 420.85 FEET TO THE SOUTHEAST CORNER OF SAID SUBDIVISION AND THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 19; B-4 4865-2735-3565, v. 1 THENCE SOUTH 89030'43" EAST, COINCIDENT WITH SAID SOUTH LINE, A DISTANCE OF 1372.32 FEET TO THE TRUE POINT OF BEGINNING. LEGAL DESCRIPTION PREPARED BY: AMERICAN WEST LAND SURVEYING CO. P.O. BOX 129, BRIGHTON, CO. 80601 PHONE: 303-659-1532 FAX: 303-655-0575 JOB NO. 18-216 DATED: MAY 23, 2018 B-5 4865-2735-3565, v. 1 EXHIBIT C Intentionally Deleted C-1 4865-2735-3565, v. 1 EXHIBIT D Financial Plan D-1 4865-2735-3565, v. 1 PIPER ( SANDLER Coal Ridge Metropolitan District Weld County, Colorado General Obligation Bonds, Series 2025 General Obligation Refunding & Improvement Bonds, Series 2035 Service Plan Bond Assumptions Series 2025 Series 2035 Total Closing Date 12/1/2025 12/1/2035 First Call Date 12/1/2030 12/1/2045 Final Maturity 12/1/2055 12/1/2065 Discharge Date 12/2/2065 12/2/2065 Sources of Funds Par Amount 8,235,000 14,960,000 Funds on Hand 0 393,000 Total 8,235,000 15,353,000 Uses of Funds Project Fund 5,879,050 6,146,200 12,025,250= Refunding Escrow 0 8,005,000 Capitalized Interest 1,235,250 0 Reserve Fund 0 927,000 Surplus Deposit 706,000 0 Cost of Issuance 414,700 274,800 Total 8,235,000 15,353,000 Debt Features Projected Coverage at Mill Levy Cap 1.0ox 1.0ox Tax Status Tax -Exempt Tax -Exempt Interest Payment Type Current Current Rating Non -Rated Investment Grade Coupon (Interest Rate) 5.000% 3.000% Annual Trustee Fee $4,000 $4,000 Biennial Reassessment Residential Tax Authority Assumptions Metropolitan District Revenue 6.00% 6.00% Residential Assessment Ratio Service Plan Base Year 2024 Single Family Residential Base Rate 7.15% Debt Service Mills Service Plan Mill Levy Cap 55.000 Specific Ownership Tax 6.00% County Treasurer Fee 1.50% Operations Mill Levy 10.000 Town Mill Levy 3.000 2/23/2024 1 C M c' W J O Z Q W a a r OOOOM 1.. r I I I r MCl) M N N N co A .0 I r r r l l l l l l r r r r r l r l l r r r r r r r r l l l r l l r r r l l r l l I l l r r l r l l r l r r l r r l l l l l r l l r l l l r l r l l l l r l l r l l r l r r l l l r r r l r l l l r r l l l l r l l l r l r r r r l l l l r l l r l r I r r l l l l l l l l l r r l l r l l l r l l l l r r r r r r l l r l r l l r l l I l l l l r r r l l r l r r l l r l l l r r l l l r r l r r r 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COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION BONDS, SERIES 2025 Maturity Bond Component Date Amount Rate Yield Price Term Bond Due 2055: 12/01 /2026 5.000% 5.000% 100.000 12/01/2027 5.000% 5.000% 100,000 12/01/2028 5.000% 5.000% 100.000 12/01 /2029 5.000% 5.000% 100.000 12/01/2030 5.000% 5.000% 100.000 12/01 /2031 5.000% 5.000% 100.000 12/01/2032 40,000 5.000% 5.000% 100.000 12/01/2033 45,000 5.000% 5.000% 100.000 12/01/2034 70,000 5.000% 5.000% 100,000 12/01/2035 75,000 5.000% 5.000% 100.000 12/01/2036 110,000 5.000% 5.000% 100.000 12/01/2037 115,000 5.000% 5.000% 100.000 12/01/2038 150,000 5.000% 5.000% 100.000 12/01/2039 160,000 5.000% 5.000% 100.000 12/01/2040 200,000 5.000% 5.000% 100.000 12/01/2041 210,000 5.000% 5.000% 100.000 12/01/2042 255,000 5.000% 5.000% 100.000 12/01 /2043 265,000 5.000% 5.000% 100.000 12/01 /2044 315,000 5.000% 5.000% 100.000 12/01 /2045 335,000 5.000% 5.000% 100.000 12/01 /2046 390,000 5.000% 5.000% 100.000 12/01 /2047 410,000 5.000% 5.000% 100.000 12/01 /2048 470,000 5.000% 5.000% 100.000 12/01 /2049 495,000 5.000% 5.000% 100.000 12/01 /2050 560,000 5.000% 5.000% 100.000 12/01/2051 590,000 5.000% 5.000% 100.000 12/01/2052 665,000 5.000% 5.000% 100,000 12/01/2053 700,000 5.000% 5.000% 100.000 12/01 /2054 785,000 5.000% 5.000% 100.000 12/01 /2055 825,000 5.000% 5.000% 100.000 8,235,000 Dated Date 12/01 /2025 Delivery Date 12/01 /2025 First Coupon 06/01/2026 Par Amount 8,235,000.00 Original Issue Discount Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 8, 235, 000.00 100.000000% (164,700.00) (2.000000%) 8,070,300.00 98.000000% 8,070,300.00 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-2025) NET DEBT SERVICE COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION BONDS, SERIES 2025 Period Ending Principal Coupon Interest Total Debt Service Capitalized Interest Fund Net Debt Service 12/01/2026 411,750 411,750 411,750 12/01/2027 411,750 411,750 411,750 12/01/2028 411,750 411,750 411,750 12/01/2029 411,750 411,750 411,750 12/01/2030 411,750 411,750 411,750 12/01/2031 411,750 411,750 411,750 12/01/2032 40,000 5,000% 411,750 451,750 451,750 12/01/2033 45,000 5.000% 409,750 454,750 454,750 12/01/2034 70,000 5.000% 407,500 477,500 477,500 12/01/2035 75,000 5,000% 404,000 479,000 479,000 12/01/2036 110,000 5.000% 400,250 510,250 510,250 12/01/2037 115,000 5,000% 394,750 509,750 509,750 12/01/2038 150,000 5.000% 389,000 539,000 539,000 12/01/2039 160,000 5.000% 381,500 541,500 541,500 12/01/2040 200,000 5.000% 373,500 573,500 573,500 12/01/2041 210,000 5,000% 363,500 573,500 573,500 12/01/2042 255,000 5.000% 353,000 608,000 608,000 12/01/2043 265,000 5.000% 340,250 605,250 605,250 12/01/2044 315,000 5.000% 327,000 642,000 642,000 12/01/2045 335,000 5,000% 311,250 646,250 646,250 12/01/2046 390,000 5.000% 294,500 684,500 684,500 12/01/2047 410,000 5.000% 275,000 685,000 685,000 12/01/2048 470,000 5.000% 254,500 724,500 724,500 12/01/2049 495,000 5.000% 231,000 726,000 726,000 12/01/2050 560,000 5.000% 206,250 766,250 766,250 12/01/2051 590,000 5,000% 178,250 768,250 768,250 12/01/2052 665,000 5.000% 148,750 813,750 813,750 12/01/2053 700,000 5.000% 115,500 815,500 815,500 12/01/2054 785,000 5.000% 80,500 865,500 865,500 12/01/2055 825,000 5.000% 41,250 866,250 866,250 8,235,000 9,563,000 17,798,000 1,235,250 16,562,750 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-2025) Sri BOND DEBT SERVICE COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION BONDS, SERIES 2025 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2026 205,875 205,875 12/01/2026 205,875 205,875 411,750 06/01/2027 205,875 205,875 12/01/2027 205,875 205,875 411,750 06/01/2028 205,875 205,875 12/01/2028 205,875 205,875 411,750 06/01/2029 205,876 205,875 12/01/2029 205,876 205,875 411,750 06/01/2030 205,875 205,875 12/01/2030 205,875 205,875 411,750 06/01/2031 205,875 205,875 12/01/2031 205,875 205,875 411,750 06/01/2032 205,875 205,875 12/01/2032 40,000 5.000% 205,875 245,875 451,750 06/01/2033 204,875 204,875 12/01/2033 45,000 5.000% 204,875 249,875 454,750 06/01/2034 203,750 203,750 12/01/2034 70,000 5.000% 203,750 273,750 477,500 06/01/2035 202,000 202,000 12/01/2035 75,000 5.000% 202,000 277,000 479,000 06/01/2036 200,125 200,125 12/01/2036 110,000 5.000% 200,125 310,125 510,250 06/01 /2037 197,375 197,375 12/01/2037 115,000 5.000% 197,375 312,375 509,750 06/01 /2038 194,500 194,500 12/01/2038 150,000 5.000% 194,500 344,500 539,000 06/01 /2039 190,750 190,750 12/01/2039 160,000 5.000% 190,750 350,750 541,500 06/01 /2040 186,750 186,750 12/01/2040 200,000 5.000% 186,750 386,750 573,500 06/01/2041 181,750 181,750 12/01/2041 210,000 5.000% 181,750 391,750 573,500 06/01 /2042 176,500 176,500 12/01/2042 255,000 5.000% 176,500 431,500 608,000 06/01 /2043 170,125 170,125 12/01/2043 265,000 5.000% 170,125 435,125 605,250 06/01 /2044 163,500 163,500 12/01/2044 315,000 5.000% 163,500 478,500 642,000 06/01/2045 155,625 155,625 12/01/2045 335,000 5.000% 155,625 490,625 646,250 06/01 /2046 147,250 147,250 12/01/2046 390,000 5.000% 147,250 537,250 684,500 06/01 /2047 137,500 137,500 12/01/2047 410,000 5.000% 137,500 547,500 685,000 06/01 /2048 127,250 127,250 12/01/2048 470,000 5.000% 127,250 597,250 724,500 06/01 /2049 115,500 115,500 12/01/2049 495,000 5.000% 115,500 610,500 726,000 06/01 /2050 103,125 103,125 12/01/2050 560,000 5.000% 103,125 663,125 766,250 06/01/2051 89,125 89,125 12/01/2051 590,000 5.000% 89,125 679,125 768,250 06/01/2052 74,375 74,375 12/01/2052 665,000 5.000% 74,375 739,375 813,750 06/01/2053 57,750 57,750 12/01/2053 700,000 5.000% 57,750 757,750 815,500 06/01/2054 40,250 40,250 12/01/2054 785,000 5.000% 40,250 825,250 865,500 06/01/2055 20,625 20,625 12/01/2055 825,000 5.000% 20,625 845,625 866,250 8,235,000 9,563,000 17,798,000 17,798,000 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-2025) 12 CALL PROVISIONS COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION BONDS, SERIES 2025 Call Table: CALL Call Date Call Price 12/01 /2030 103.00 12/01 /2031 102.00 12/01 /2032 101.00 12/01 /2033 100.00 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-2025) 13 BOND SOLUTION COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION BONDS, SERIES 2025 Period Ending Proposed Principal Proposed Debt Service Debt Service Adjustments Total Adj Debt Service Revenue Constraints Unused Revenues Debt Service Coverage 12/01/2026 411,750 (411,750) 12/01/2027 411,750 (411,750) 9,023 9,023 12/01/2028 411,750 (411,750) 68,474 68,474 12/01/2029 411,750 411,750 170,695 (241,055) 41.46% 12/01/2030 411,750 411,750 283,097 (128,653) 68.75% 12/01/2031 411,750 411,750 380,331 (31,419) 92.37% 12/01 /2032 40,000 451,750 451,750 454,807 3,057 100.68% 12/01/2033 45,000 454,750 454,750 454,807 57 100.01% 12/01/2034 70,000 477,500 477,500 482,335 4,835 101.01% 12/01/2035 75,000 479,000 479,000 482,335 3,335 100.70% 12/01/2036 110,000 510,250 510,250 511,515 1,265 100.25% 12/01/2037 115,000 509,750 509,750 511,515 1,765 100.35% 12/01/2038 150,000 539,000 539,000 542,446 3,446 100.64% 12/01/2039 160,000 541,500 541,500 542,446 946 100.17% 12/01/2040 200,000 573,500 573,500 575,233 1,733 100.30% 12/01/2041 210,000 573,500 573,500 575,233 1,733 100.30% 12/01/2042 255,000 608,000 608,000 609,987 1,987 100.33% 12/01/2043 265,000 605,250 605,250 609,987 4,737 100.78% 12/01/2044 315,000 642,000 642,000 646,826 4,826 100.75% 12/01/2045 335,000 646,250 646,250 646,826 576 100.09% 12/01/2046 390,000 684,500 684,500 685,876 1,376 100.20% 12/01/2047 410,000 685,000 685,000 685,876 876 100.13% 12/01/2048 470,000 724,500 724,500 727,269 2,769 100.38% 12/01/2049 495,000 726,000 726,000 727,269 1,269 100.17% 12/01/2050 560,000 766,250 766,250 771,145 4,895 100.64% 12/01/2051 590,000 768,250 768,250 771,145 2,895 100.38% 12/01/2052 665,000 813,750 813,750 817,653 3,903 100.48% 12/01/2053 700,000 815,500 815,500 817,653 2,153 100.26% 12/01/2054 785,000 865,500 865,500 866,953 1,453 100.17% 12/01/2055 825,000 866,250 866,250 866,953 703 100.08% 8,235,000 17,798,000 (1,235,250) 16,562,750 16,295,712 (267,038) Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-2025) 14 SOURCES AND USES OF FUNDS COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Dated Date 12/01 /2035 Delivery Date 12/01 /2035 Sources: Bond Proceeds: Par Amount 14,960,000.00 Other Sources of Funds: Surplus Fund 393,000.00 15,353,000.00 Uses: Project Fund Deposits: Project Fund 6,146,200.00 Refunding Escrow Deposits: Cash Deposit 8,005,000.00 Other Fund Deposits: Debt Service Reserve Fund 927,000.00 Cost of Issuance: 200,000.00 Delivery Date Expenses: Underwriter's Discount 74,800.00 15,353,000.00 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) 15 BOND SUMMARY STATISTICS COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Dated Date 12/01 /2035 Delivery Date 12/01 /2035 Last Maturity 12/01 /2065 Arbitrage Yield 3.000000% True Interest Cost (TIC) 3.032428% Net Interest Cost (NIC) 3.022974% All -In TIC 3.120228% Average Coupon 3.000000% Average Life (years) 21.763 Duration of Issue (years) 15.678 Par Amount 14,960,000.00 Bond Proceeds 14,960,000.00 Total Interest 9,767,400.00 Net Interest 9,842,200.00 Total Debt Service 24,727,400.00 Maximum Annual Debt Service 2,085,750.00 Average Annual Debt Service 824,246.67 Underwriter's Fees (per $1000) Average Takedown Other Fee 5.000000 Total Underwriter's Discount 5.000000 Bid Price 99,500000 Par Average Average Bond Component Value Price Coupon Life Term Bond due 2065 14,960,000.00 100.000 3.000% 21.763 14,960,000.00 21.763 All -In Arbitrage TIC TIC Yield Par Value 14,960,000.00 14,960,000.00 14,960,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount (74,800.00) (74,800.00) - Cost of Issuance Expense (200,000.00) - Other Amounts Target Value 14,885,200.00 14,685,200.00 14,960,000.00 Target Date 12/01 /2035 12/01 /2035 12/01 /2035 Yield 3,032428% 3.120228% 3.000000% Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) BOND PRICING COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Maturity Bond Component Date Amount Rate Yield Price Term Bond due 2065: 12/01 /2036 60,000 3.000% 3.000% 100.000 12/01 /2037 60,000 3.000% 3.000% 100.000 12/01/2038 95,000 3.000% 3.000% 100.000 12/01 /2039 95,000 3.000% 3.000% 100.000 12/01 /2040 135,000 3.000% 3.000% 100.000 12/01 /2041 135,000 3.000% 3.000% 100.000 12/01 /2042 175,000 3.000% 3.000% 100.000 12/01 /2043 180,000 3.000% 3,000% 100.000 12/01 /2044 225,000 3.000% 3.000% 100.000 12/01 /2045 230,000 3.000% 3.000% 100.000 12/01 /2046 275,000 3.000% 3.000% 100.000 12/01 /2047 285,000 3.000% 3.000% 100.000 12/01/2048 335,000 3.000% 3,000% 100,000 12/01/2049 345,000 3.000% 3.000% 100.000 12/01/2050 400,000 3.000% 3,000% 100.000 12/01/2051 410,000 3.000% 3.000% 100.000 12/01/2052 470,000 3.000% 3.000% 100.000 12/01/2053 485,000 3.000% 3.000% 100.000 12/01/2054 550,000 3.000% 3.000% 100.000 12/01/2055 565,000 3.000% 3.000% 100.000 12/01/2056 635,000 3,000% 3.000% 100.000 12/01/2057 650,000 3.000% 3.000% 100.000 12/01/2058 725,000 3.000% 3.000% 100.000 12/01/2059 750,000 3.000% 3.000% 100.000 12/01/2060 830,000 3.000% 3.000% 100.000 12/01/2061 855,000 3.000% 3.000% 100.000 12/01/2062 945,000 3.000% 3.000% 100.000 12/01/2063 970,000 3.000% 3.000% 100,000 12/01/2064 1,065,000 3.000% 3.000% 100.000 12/01/2065 2,025,000 3.000% 3.000% 100,000 14,960,000 Dated Date 12/01 /2035 Delivery Date 12/01 /2035 First Coupon 06/01/2036 Par Amount 14,960,000.00 Original Issue Discount Production 14,960,000.00 100.000000% Underwriter's Discount (74,800.00) (0.500000%) Purchase Price 14,885,200.00 99,500000% Accrued Interest Net Proceeds 14,885,200.00 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) MINA NET DEBT SERVICE COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Period Ending Principal Coupon Interest Total Debt Service Debt Service Reserve Fund Net Debt Service 12/01/2036 60,000 3.000% 448,800 508,800 508,800 12/01/2037 60,000 3.000% 447,000 507,000 507,000 12/01/2038 95,000 3.000% 445,200 540,200 540,200 12/01/2039 95,000 3.000% 442,350 537,350 537,350 12/01/2040 135,000 3.000% 439,500 574,500 574,500 12/01/2041 135,000 3.000% 435,450 570,450 570,450 12/01/2042 175,000 3.000% 431,400 606,400 606,400 12/01 /2043 180,000 3.000% 426,150 606,150 606,150 12/01/2044 225,000 3.000% 420,750 645,750 645,750 12/01/2045 230,000 3.000% 414,000 644,000 644,000 12/01 /2046 275,000 3.000% 407,100 682,100 682,100 12/01/2047 285,000 3.000% 398,850 683,850 683,850 12/01/2048 335,000 3.000% 390,300 725,300 725,300 12/01/2049 345,000 3.000% 380,250 725,250 725,250 12/01/2050 400,000 3.000% 369,900 769,900 769,900 12/01/2051 410,000 3.000% 357,900 767,900 767,900 12/01/2052 470,000 3.000% 345,600 815,600 815,600 12/01/2053 485,000 3.000% 331,500 816,500 816,500 12/01/2054 550,000 3.000% 316,950 866,950 866,950 12/01/2055 565,000 3.000% 300,450 865,450 865,450 12/01/2056 635,000 3.000% 283,500 918,500 918,500 12/01/2057 650,000 3.000% 264,450 914,450 914,450 12/01/2058 725,000 3.000% 244,950 969,950 969,950 12/01/2059 750,000 3.000% 223,200 973,200 973,200 12/01/2060 830,000 3.000% 200,700 1,030,700 1,030,700 12/01/2061 855,000 3.000% 175,800 1,030,800 1,030,800 12/01/2062 945,000 3.000% 150,150 1,095,150 1,095,150 12/01 /2063 970,000 3.000% 121,800 1,091,800 1,091,800 12/01/2064 1,065,000 3.000% 92,700 1,157,700 1,157,700 12/01/2065 2,025,000 3.000% 60,750 2,085,750 927,000 1,158,750 14,960,000 9,767,400 24,727,400 927,000 23,800,400 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) 18 COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2036 224,400 224,400 12/01/2036 60,000 3.000% 224,400 284,400 508,800 06/01/2037 223,500 223,500 12/01/2037 60,000 3.000% 223,500 283,500 507,000 06/01/2038 222,600 222,600 12/01/2038 95,000 3.000% 222,600 317,600 540,200 06/01/2039 221,175 221,175 12/01/2039 95,000 3.000% 221,175 316,175 637,350 06/01/2040 219,750 219,750 12/01/2040 135,000 3.000% 219,750 354,750 574,500 06/01/2041 217,725 217,725 12/01/2041 135,000 3.000% 217,725 352,725 570,450 06/01/2042 215,700 215,700 12/01/2042 175,000 3.000% 216,700 390,700 606,400 06/01/2043 213,075 213,075 12/01/2043 180,000 3.000% 213,075 393,075 606,150 06/01/2044 210,375 210,375 12/01/2044 225,000 3.000% 210,375 435,375 645,750 06/01/2045 207,000 207,000 12/01/2045 230,000 3.000% 207,000 437,000 644,000 06/01/2046 203,550 203,550 12/01/2046 275,000 3.000% 203,550 478,550 682,100 06/01/2047 199,425 199,425 12/01/2047 285,000 3.000% 199,425 484,425 683,850 06/01 /2048 195,150 195,150 12/01/2048 335,000 3.000% 195,150 530,150 725,300 06/01 /2049 190,125 190,125 12/01/2049 345,000 3.000% 190,125 535,125 725,250 06/01 /2050 184,950 184,950 12/01/2050 400,000 3.000% 184,950 584,950 769,900 06/01/2051 178,950 178,950 12/01/2051 410,000 3.000% 178,950 588,950 767,900 06/01 /2052 172,800 172,800 12/01/2052 470,000 3.000% 172,800 642,800 815,600 06/01/2053 165,750 165,750 12/01/2053 485,000 3.000% 165,750 650,750 816,500 06/01 /2054 158,475 168,475 12/01/2054 550,000 3.000% 158,475 708,475 866,950 06/01 /2055 150,225 150,225 12/01/2055 565,000 3.000% 150,225 715,225 865,450 06/01 /2056 141,750 141,750 12/01/2056 635,000 3.000% 141,750 776,750 918,500 06/01/2057 132,225 132,225 12/01/2057 650,000 3.000% 132,225 782,225 914,450 06/01 /2058 122,475 122,475 12/01/2058 725,000 3.000% 122,475 847,475 969,950 06/01/2059 111,600 111,600 12/01/2059 750,000 3.000% 111,600 861,600 973,200 06/01 /2060 100,350 100,350 12/01/2060 830,000 3.000% 100,350 930,350 1,030,700 06/01/2061 87,900 87,900 12/01/2061 855,000 3.000% 87,900 942,900 1,030,800 06/01/2062 75,075 75,075 12/01/2062 945,000 3.000% 75,075 1,020,075 1,095,150 06/01/2063 60,900 60,900 12/01/2063 970,000 3.000% 60,900 1,030,900 1,091,800 06/01/2064 46,350 46,350 12/01/2064 1,065,000 3.000% 46,350 1,111,350 1,157,700 06/01/2065 30,375 30,375 12/01/2065 2,025,000 3.000% 30,375 2,055,375 2,085,750 14,960,000 9,767,400 24,727,400 24,727,400 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) 19 CALL PROVISIONS COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Call Table: CALL Call Date Call Price 12/01 /2045 100.00 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) 20 SUMMARY OF BONDS REFUNDED COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Maturity Bond Date Interest Rate Par Amount Call Date Call Price Series 2025, 2025, TERM55: 12/01 /2036 5.000% 110,000 12/01/2035 100.000 12/01/2037 5.000% 115,000 12/01/2035 100.000 12/01 /2038 5.000% 150,000 12/01/2035 100.000 12/01 /2039 5.000% 160,000 12/01/2035 100.000 12/01 /2040 5.000% 200,000 12/01/2035 100.000 12/01 /2041 5.000% 210,000 12/01/2035 100.000 12/01/2042 5.000% 255,000 12/01/2035 100.000 12/01 /2043 5.000% 265,000 12/01/2035 100.000 12/01/2044 5,000% 315,000 12/01/2035 100.000 12/01/2045 5.000% 335,000 12/01/2035 100.000 12/01/2046 5.000% 390,000 12/01/2035 100.000 12/01 /2047 5.000% 410,000 12/01/2035 100.000 12/01 /2048 5.000% 470,000 12/01/2035 100.000 12/01/2049 5.000% 495,000 12/01/2035 100.000 12/01 /2050 5.000% 560,000 12/01/2035 100.000 12/01/2051 5.000% 590,000 12/01/2035 100.000 12/01/2052 5.000% 665,000 12/01/2035 100.000 12/01/2053 5.000% 700,000 12/01/2035 100.000 12/01/2054 5.000% 785,000 12/01/2035 100.000 12/01/2055 5.000% 825,000 12/01/2035 100.000 8,005,000 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) 21 ESCROW REQUIREMENTS COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Dated Date 12/01/2035 Delivery Date 12/01/2035 Period Principal Ending Redeemed Total 12/01/2035 8,005,000 8,005,000.00 8,005,000 8,005,000.00 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) WE BOND SOLUTION COAL RIDGE METROPOLITAN DISTRICT Weld County, Colorado GENERAL OBLIGATION REFUNDING BONDS, SERIES 2035 Period Ending Proposed Principal Proposed Debt Service Debt Service Adjustments Total Adj Debt Service Revenue Constraints Unused Revenues Debt Service Coverage 12/01/2036 60,000 508,800 508,800 511,515 2,715 100.53% 12/01/2037 60,000 507,000 507,000 511,515 4,515 100.89% 12/01/2038 95,000 540,200 540,200 542,446 2,246 100.42% 12/01/2039 95,000 537,350 537,350 542,446 5,096 100.95% 12/01/2040 135,000 574,500 574,500 575,233 733 100,13% 12/01/2041 135,000 570,450 570,450 575,233 4,783 100.84% 12/01/2042 175,000 606,400 606,400 609,987 3,587 100.59% 12/01/2043 180,000 606,150 606,150 609,987 3,837 100.63% 12/01/2044 225,000 645,750 645,750 646,826 1,076 100.17% 12/01/2045 230,000 644,000 644,000 646,826 2,826 100.44% 12/01/2046 275,000 682,100 682,100 685,876 3,776 100.55% 12/01/2047 285,000 683,850 683,850 685,876 2,026 100.30% 12/01/2048 335,000 725,300 725,300 727,269 1,969 100.27% 12/01/2049 345,000 725,250 725,250 727,269 2,019 100.28% 12/01/2050 400,000 769,900 769,900 771,145 1,245 100.16% 12/01/2051 410,000 767,900 767,900 771,145 3,245 100.42% 12/01/2052 470,000 815,600 815,600 817,653 2,053 100.25% 12/01/2053 485,000 816,500 816,500 817,653 1,153 100.14% 12/01/2054 550,000 866,950 866,950 866,953 3 100.00% 12/01/2055 565,000 865,450 865,450 866,953 1,503 100.17% 12/01/2055 635,000 918,500 918,500 919,210 710 100.08% 12/01/2057 650,000 914,450 914,450 919,210 4,760 100.52% 12/01/2058 725,000 969,950 969,950 974,602 4,652 100.48% 12/01/2059 750,000 973,200 973,200 974,602 1,402 100.14% 12/01/2060 830,000 1,030,700 1,030,700 1,033,318 2,618 100.25% 12/01/2061 855,000 1,030,800 1,030,800 1,033,318 2,518 100.24% 12/01/2062 945,000 1,095,150 1,095,150 1,095,558 408 100.04% 12/01 /2063 970,000 1,091,800 1,091,800 1,095,558 3,758 100.34% 12/01 /2064 1,065,000 1,157,700 1,157,700 1,161,531 3,831 100.33% 12/01/2065 2,025,000 2,085,750 (927,000) 1,158,750 1,161,531 2,781 100.24% 14,960,000 24,727,400 (927,000) 23,800,400 23,878,246 77,846 Feb 23, 2024 4:47 pm Prepared by Piper Sandler Special District Group (Finance 8.901 Coal Ridge MD:C_022324-35R25,35R25) 23 EXHIBIT E Capital Plan E-1 4865-2735-3565, v. 1 Redland V111111F fiffillf PLACES BEGIN Hamilton Parcel District Service Plan Engineer's Preliminary Opinion of Probable Costs April 12, 2024 On -Site Costs Estimated Cost Sanitary Sewer $ 700,600 Water $ 613,650 Storm Sewer $ 654,250 Local Road Improvements $ 1 504,800 Landscape, Irrigation and Amenities $ 807,220 District Roads and Tracts Grading $ 442,770 On -Site Direct Total $ 4,723,290 Construction Contingency 20% $944,658 Mobilization 3% $141,699 Surveying 3% $141,699 Testing 2% $94,466 Construction Management 6% $283,397 Planning, Design and Entitlement 10% $472,329 Permits 0.5% $23,616 Financial Security Bonds 5% $236,165 Payment and Performance Bonds 2.5% $118,082 Easement Acquisitions 0.25% $11,808 On -Site Indirect Total $2,467,919 Total On -Site Costs 17,191,210 4/12/2024 Hamilton Parcel District Service Plan Grading quantities for roadways are based ononassumed 5-ft (vertical) of earthwork over the right-of-way. Areas of cut and fill are assumed to be equal. Final quantities may vary significantly due to site constraints and detailed designs. Erosion Control Maintenance Estimated at5O%ofInitial Installation Cost. Sub excavation not included. ' Rock excavation not included. Dmvatehngand stabilization not included. Retaining walls not included. Un6erdna|nsystem assumes 4'pipe paralleling all oneikasewer. Pond detention facilities include forebay, trickle channel, outlet structure, emergency overflow, and grading. Subgrade is 1' beyond curb and gutter for roads, and directly under for sidewalks, Intersection ramp totals include mid -block ramps. Sanitary and water services not included. Grant Avenue sidewalk totals include extension toHart Park. Grant Avenue roadway quanities are assumed to extend to the intersection with Frontier Street. Grant Avenue is an interim section with curb and gutter on the North side and 28 ft of asphalt except the 295 ft approaching Frontier Street, which has curb and gutter on both sides and 44 ft of asphalt, Local street section assumes curb and gutter on both sides with 30 feet of asphalt. Summary Page 2 of 4/12/2024 Hamilton Parcel District Service Plan OnoUeDisthoi-PruiminaryOpinionmfProbable Cost 411212024 Sanitary Sewer QUANTITY UNIT UNIT PRICE COST Local Streets & Tracts O"|5DR-35PVC 4.105 LF $8800 $328,400 4'Qia,Manho|e 28 EA $8,000.00 $208.000 4"Solid Underdngin-Same Trench m»CXeanuuto 4`106 LF $40.00 *164.200 Sanitary Sewer Subtotal $700^600 Water QUANTITY UNIT UNIT PRICE COST Local Streets &kTracts 8"PVC w/Fittings 4.610 LF —5.00 - 99.650 Fire Hydrant Assembly m/ 6`%3V&2O`6^DIP 10 EA $8,000.00 $80.000 8"Gate Valve 40 EA $2.600.00 $104,000 Pressure Reducing Valve 2 EA $65.000.00 $130.000 Water Subtotal $613.850 Storm Drainage QUANTITY UNIT UNIT PRICE COST Local Streets 4,627 Uc 1O'`RCP (0-8'depth) 356 LF $90.00 $31.950 2/;'RCP (Average Size) 370 LF $110.00 $40.700 3O"RCP (0-D'depth) 450 LF $130.00 $58,500 36,RCP (Average Size) 280 LF $175.00 $45.500 42"RCP (O'8'depth) 525 LF $200.00 $105.000 5'Dia.&1anho|e 14 EA $0.500.00 $01.000 5'Type'R'|n|ed 2 EA $10.000.00 $20.000 10`Type'R'|n|ad 3 EA $13.000.00 $38.000 15'Typm'R' |n|e{ 3 EA $16,000.00 $48.000 Subtotal 18" RCP (0-8'depth) 240 LF $90�00 $21,60 5'Oka.Wenhde 1 EA $0,500.00 $6,500 24'Flared End Section 1 E& $3,500.00 $3`500 Subtotal $174,600 Storm Drainage Subtotal $654,250 Onsite Page 3 of 4/12/2024 WA =-JTTftMf--'?71*"A7T0aFy 4/1212024 Street Improvements QUANTITY UNIT UNIT PRICE COST LocalRomds 4,627 Uz ROW Width 60 FT SubgradePrep, Road 18,650 SY $3.00 $55,960 Aggregate Base Course (Class V|8'') 149201 SY~|N $1.40 $208`890 Asphalt Pavement (4'') 02.760 SY-IN $5.75 $360,870 Street Light 23 EA $8.00O.Q0 $185.080 Signa0e 10 EA $80O.O0 $0.800 Mountable Curb wY2'Gutter 9.254 LF $24.00 $222.100 BubgradePrep, Sidewalk 45.528 SF $0'80 $38.420 Concrete Sidewalk 45,520 SF $0`50 $295.880 Concrete Curb Ramp (|ntmneecfiun) 24 EA $2.500^00 $00.000 Concrete Cxosapon 5 EA $4.000'00 $20.000 Capping existing shafts 2 EA $25.000.00 $50.000 Street Improvements Subtotal $1,504,800 District Roads and Tracts Grading QUANTITY UNIT UNIT PRICE COST Erosion Control Install 13 AC $8,000.00 Maintenance (50%ofinitial install) 1 LS $52,580.00 $52.560 Clearing &Grubbing 13 AC *1.000.00 $13.140 Grading (Cut hnFill) 3.800 Cy $2.75 $2Ei950 Import 24,500 CY $10.00 $245.000 District Roads and Tracts Grading Subtotal $44 T0 Dnnite Page of 4/12/2024 Hamilton Parcel District Service Plan OnsiteDistrict ` Preliminary Opinion ofProbable Cost 4/12/2024 Fine Grading 14,436 SF $0.08 $1,155 Soil Amendments 14,436 SF $0.15 $2185 Turf Sod 11.668 SF $0.80 $7.001 Shrub Bed 2.768 8F $15.00 041.520 Concrete Edger 58 LF $60.00 $3,480 Deciduous Trees; 2"Cal, 13 EA $675M $8.775 Irrigation; Turf Sod 11.668 SF $2.00 $23.336 Irrigation; Shrub Drip 2.788 SF $3.00 $8.304 Crusher Fines 432 SF $3.00 $1,296 Table and Chairs 1 EA $3.300.00 *3.300 Litter Receptacle i EA $1.400.00 $1.400 Bench 2 EA $2,200.00 $4,400 Dog Waste Station 1 EA $600.00 $600 Bike Rack 2 EA $800.00 $1.800 Cornho|eSet 1 EA $1.500.00 $1.500 Grill 1 EA $1.000.00 $1.000 Subtotal $111^032 Tract/Open Space QUANTITY UNIT UNIT PRICE COST Soil Amendments 231.140 SF $0.15 $34,671 Soil Conditioners -TaKgraesNative Seed Areas 220.037 8F $0.05 $11,002 NeUveSmed-TaUGneoo 220.037 SF $0.25 $55.009 NahveSeed-ShortGname 8.730 SF $0.25 $1.685 Shrub Bed 4.364 SF $15.00 $65.400 Landscape Edger 235 LP $KOO $2.115 Evergreen Trees; {YHt. 24 EA $600.00 $14.400 Ornamental Trees; 1.5^Cal. 4 EA $650.00 $2^800 Irrigation; Native Seed 226,776 SF $1.20 $272.131 Irrigation; Shrub Drip 4.364 SF $3.00 $13.092 Crusher Fines 7.309 SF $3.00 $21`927 Privacy Fence (Vinyl);O'h8 341 LF $55.00 $18'755 Open Rail Fence (Ceder);42"ht 1.109 LF $30.00 *33,270 Concrete Trail 21.930 SF $GDO $131.580 Subtotal $696,188 Landscape Subtotal $80,220 Onsite District Subtotal CL 0) in LEGEND 010101001M LOCAL ROADS IN 1 AN 1 El 11 AN COLLECTOR 711111114am: UMN-414 K 5 TIJ M T1 FE Ti, M-1. I NOW DIVITI-Al AM W04 19 a I kyj M 0 150 300 SCALE: V'= 300' 15 Z u.'Redland � WHERE GREAT PLACES BEGIN 720.283.6783 -LandPlanning - I..dwap. Architect— REDLAND.COM - Civil Engineering *Construction Management PROJECT NO: 22030 1 DRAWING NO: DATE: 04103/2024 1 2 of 6 SA DDL EBA Clir GOL F CL US L I C PARCEL NO. 131119000009 (ROTA PART) PARCEL NO 131130117000 (A10TA PART) LEGEND ------------- PROPOSED 8" - ------------ OFF -SITE 8" DISTRICT IMPROVEMENT MAP SANITARY SEWER SYSTEM OFF -SITE SANITARY PARCEL NO. 13111940300,5 (NO TA PART) IPARCEL /VO, 131119P?4030602 LLA _L IVO (ROTA PART) PARCEL A/0. 1311 f9403003 (ROTA PART) C4 to WHERE 15 � WHERE GREAT PLACES BEGIN 7&283.6783 :Land Planning . L-d—lift palk,cectruis IMMAND.CON CiviEnginooring -Construction Management DRAWING NO: PROJECT NO: 22030 1 DATE: 04/03/2024 1 3 of 6 PA ROFZ NO, 131119t03,70,1 (WrA PAR TJ PARCEL NO. 131119000005 tNOTA PARr) PARCEL A10. 13M940,7005 Ml I T CONS TRUC TION L L C tWrA PARTJ PARCEL A10, 131 / /Z000 t,6 (NOTA A PA R T) 2640 LF OFF -SITE SWALE w 'k HAU11 TON LL, PARCEL A10. 131119300076 (Alo rl PI.R Tj PARCEL NO. IN I 1,04030t72 < tA'O rA PAR V w STREET HAMI Plimc," "YESTWIND PARCEL VYLL4CE PARCEL NO. (NOTA PART) -_—STREET 13111940300J (MOTA FqRTj 111111 17TWw GRAA17-A VE. H_4RTP,4Rff PARCEL A/0 13/ f301OW46 (A'O T A PA A, Tj TI I I I I H PARCELIVO 13113011,'001) (NO FA PNRTJ LEGEND DETENTION POND ........... STORM SEWER LINE (ONSITE) STORM SEWER LINE (OFF -SITE) 0 250 500 OFF -SITE SWALE SCALE: 1" 500' HAMILTON PARCEL pii ',,,Redland 15 � WHERE GREAT PLACES BEGIN 72U83.6783 .1..dPl...l.g - 1dwp� A.hit-l— REDLAND.COM -CMlE.gi.i.g -C..,I..ti..M... DISTRICT IMPROVEMENT MAP STORM SEWER SYSTEM PROJECT NO: 22030 DRAWING NO: I DATE: 04/03/2024 1 4 of 6 m a L� I LEGEND a 8" WATER LINE 0 150 300 1 1 ;zj SCALE: 1 300' M ra edland w 155� WHERE GREAT PLACES BEGIN 720,283.6783 :lndPh�Planning . 1.ndp. Awhit-twe REDLAND.COM CiyilE.gi.-,i.g C..t-OW.M.n.9--t PROJECT NO: 22030 1 DRAWING NO: DATE: 04/03/2024 1 5 of 6 1D►:4:1IIII aDo Regional Improvements E-1-1 4865-2735-3565, v. 1 Redland WHERE GREAT PLACES BEGIN Hamilton Parcel District Service Plan Off -site Costs [l Estimated Cost Off -Site Street Improvements $563,660 Off -Site Storm $831,430 Off -Site Sanitary $332.650 Landscape, Irrigation and Amenities $418.828 Off -Site Direct Total $�w6 568 Construction Contingency 20m $429,314 Mobilization a% $64397 Surveying 3% $64.3e7 /eonn0 o% **2.931 Construction Management Planning, G% $128.794 Design, and Entitlement Permits 10% $214.657 Financial Security Bonds 0.5% $10.733 Payment and Performance Bonds n% $107.328 Easement Acquisitions 2.5% $53.6e4 0z5% $5.306 Off -Site Indirect Total $1,121,582 Total Off -Site Costs 13,268,150 411212024 Hamilton Parcel Offsite District Service Plan Off -Site District ~ Preliminary Opinion n«Probable Cost 411212024 Street Improvements QUANTITY UNIT UNIT PRICE COST Collector Roads (interim Section) 1,715 Uc ROW Width 80 FT Erosion Control Install 3 AC $8,00000 $25,200 Maintenance (5O%ofinitial install) 1 LS $12.600.00 $12,600 Clearing &Grubbing 3 AC $1.000.00 $3.150 Grading (3FTOver Road Area) 8.893 CY $3:25 $28,910 SubgmdmPrep, Road 6.003 SY $3.00 $18.010 Aggregate Base Course (Class V|10^ 60.025 SY-IN $1.40 $84`040 Asphalt Pavement (8-inoh)'Local 32.013 S\-IN $5.25 $108.070 Signego 2 EA $800.00 *1,200 Street Light g EA $8.000.00 $68.800 O''Vertical Curb o02'Gutter 1.715 LF $24�00 $41.100 GubgmdePrep, Sidewalk 15'440 SF $0.80 $12,860 Concrete Sidewalk 15i440 8F $8.50 $100,360 Off -Site Street Improvements Subtotal $563.680 18" RCP 50 LF $90.00 $4,50 24"RCP (Average Size) 1.950 LF $110.00 $214`500 72"RCP 1.045 LF $325.00 $339'630 5'Dia. Manhole 5 EA $0,500.00 $32.500 6'Dia.W1onho|e G EA $7,500.00 $45.000 Type'C' Inlet 2 EA $3^760.00 $7,500 5'Type'Fy Inlet 1 EA *10.00U0 *10.000 Drainage Swale 2.640 LF $20.00 $52.800 Ditch Crossing 1 EA $50,000.00 $50.000 OffsihePond Modifications 1 EA $75`000.00 $75^000 Off -Site Storm Subtotal %831.430 Sanitary QUANTITY UNIT UNIT PRICE COST 8^PVC Sanitary Sewer (<2O Depth) 1.880 LF $80l0 $150,400 8" PVC Sanitary Sewer (>20'DeptN 30 LF $125.00 $46,250 Sanitary Manhole (<2n'Depth) 7 EA $8000.00 $58.000 Sanitary Manhole (>20' Depth) 1 EA *15.000.00 $15.000 Connect toExisting Manhole i EA $65.000.00 $65.000 Off -Site Sanitary Subtotal $332.660 Offsite page 6mf 7 4112/2024 Hamilton Parcel Offsite District Service Plan Off -Site District ~ Preliminary Opinion cfProbable Cost 4/1212024 Grant Ave ROW and 10' Landscape Buffer QUANTITY UNIT UNIT PRICE COST Soil Amendments 56749 SF *015 $8,512 SoUConditimnem-Ta)lgrmsNotive Seed Areas 10.088 SF *U5 $504 Turf Sod 2`838 8F *0.00 $1,703 Native@eed-TaUsrass 10,088 8F $0.25 $2,522 Native Seed - Short Grass 33`105 8F $0.25 $8,281 Shrub Bed 15`486 SF $15.00 $202.440 Landscape Edger 767 LF $KOU *8.803 Concrete Edger 162 LF *80.00 $9.720 Deciduous Trees; 2"Cal. 41 EA $875.00 $27.675 Evergreen Trees; O'Ht. 18 EA *000.00 *10,800 Ornamental Trees; 1.5^Cal. 23 EA $850.00 $14,950 Irrigation; Turf Sod 2,838 SF $2.00 $5`876 Irrigation; Native Seed 43.253 SF $1.20 $51.904 Irrigation; Shrub Drip 13.486 8F $3.00 $40.488 Privacy Fence (Nny|); 6'ht 40 LF $55.00 $2.200 Community Entry Feature 2 EA $10.000.00 $20.000 Offsite Landscape Subtotal $418,828 Offsite Improvements Total $2,146,568 I i SADDLEBACICGOLFOLUS 11C PARCEL, AU I,-,/ tA'OTA PARO A01TC0Akq7RU0T10,VLLC PARCEL MCI 19111930015 (A10TA PAR?) SHARED OUTFALL & DITCH CROSSING 2640 LF OFF SITE SWALE IblUiLTON PARCEL No. 1171119300016 (A(OrA PARTJ RIA'C,41 il-FSTWIATI VIZIA43E fiVOTA P.4R?) I I H,4RTP.4Rff PARCEL A/0. I391 010004C TI (1VOTA PART) < :MR REGIONAL SANITARY PROPOSED REGIONAL STORM SEWER E1010 GRANT AVENUE (REGIONAL) ........... STORM SEWER LINE (REGIONAL) SANITARY LINE (REGIONAL) SWALE VAXEGGy�_ *MkTmwNsm] PARCEL NO 131130177000 (A'07-A PART) PARCEL A'O, 13 7, 1.9403006 jNOTA PART) PARCEL NO 1311 t9,40,305 fiVOrA PART) PARCEL A10. 131710403002 (NO T A PART) PARCEL A10 IJ 1119403003 (A10TA PART) 0 250 500 �1111� I SCALE: V= 500' 15 P� '.'Redland r4 >� WHERE GREAT PLACES BEGIN 720.283.6783 land Planning • landscape Architecture REDLAND.COM Civil Engin—lor, Construction Management DRAWING NO: PROJECT NO: 22030 DATE: 04/0312024 6 of 6 EXHIBIT F Intergovernmental Agreement F-1 4865-2735-3565, v. 1 "loll 1411111 �KOYW M H I IM My I N .1 a I t THIS INTERGOVERNMENTAL AGI, EEMENT (the "Agreemenf') is made and entered into as of this,)'j? day of 29.' by and between the TOWN OF FIRESTONE, a statutory town organizc�and existing under the laws of the State of Colorado (the "Town"), and COAL RIDGE 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 functions, 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 amended from time to time with 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 final plat for the Property; and WHEREAS, the Parties have determined that any capitalized term 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 acknowledged, the patties hereto agree as follows: 1. Operations and Maintenance. The District shall dedicate the Public Improvements and the Regional Improvements to the Town or other appropriate governmental or quasi - governmental jurisdiction or other organization 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 F-2 4865-2735-3565, v. 1 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. It is anticipated that the District will undertake the planning, design, acquisition, construction, installation, development, and financing of certain Regional Improvements as described in Exhibit E-1 of the Service Plan and required by an Approved Development Plan for the Project, and any additional regional improvements the District agrees to address. In the event the District undertakes the planning, design, acquisition, construction, installation, development, or financing of the Regional Improvements, the Maximum Debt Mill Levy the District is permitted to impose for the payment of Debt shall be increased to fifty-five (55) mills, subject to Mill Levy Adjustment. At such time as the total amount of aggregate Debt of the District imposing its Maximum Debt Mill Levy, combined with the Debt of the District that is pledging its Maximum Debt Mill Levy to the same debt service obligations, 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 and, as a result, the mill levy may be imposed at such a rate as is necessary to pay the Debt service on such Debt, 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 F-3 4865-2735-3565, v. 1 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. 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 current Design Standards and Construction Specifications for Public Improvements of the Town 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. 8. Inclusion and Exclusion. From time to time, it may be necessary for the District to adjust its boundaries and the District may process inclusions of property without providing notice to the Town as long as such property being included is within the Initial Boundaries. Without prior written notice to the Town, the District shall not include into its boundaries any property outside of the Initial Boundaries. No property will be included within the District at F-4 4865-2735-3565. v. 1 any time unless such property has been annexed into the Town's corporate limits. The District may exclude from its boundaries any property within the District Boundaries. Any exclusion of property located outside of the Initial Boundaries shall require prior written notice to the Town. The District shall not 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, as evidenced by resolution of the Town Board of Trustees. 9. Total Debt Issuance. The District shall not issue Debt in excess of $16,000,000. 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, if the District is to be dissolved, 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 VLB-I of the Service Plan, or which constitutes a material modification under the Town Code, shall be deemed to be a material modification to the Service Plan and the Town, following written notice to the District of such violation and failure to cure the same within 90 days, 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. F-5 4865-2735-3565, v. 1 15. Annual Report. The District shall submit an annual report ("Annual Report") to the Town no later than October 1 st 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 151 Grant Ave. Firestone, Colorado 80102 Attention: Town Manager To District: Coal Ridge Metropolitan District c/o McGeady Becher P.C. 450 E. 17th Avenue, Suite 400 Denver, Colorado 80203 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. F-6 4865-2735-3565, v. 1 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 F-7 4865-2735-3565, v. 1 IN WITNESS WHEREOF, this Agreement is executed by the Town and the Districts as of the date first above written. ATTEST: M IM ; 111c"IRI P, 11K By: Secretary TOWN OF FIRESTON COLORADO on Cony Jc, Jr., M-Jyor vkftynj�-� By: President F-8 4865-2735-3565, v. 1 EXHIBIT G Disclosure Notice ATTENTION HOMEBUYER: You are purchasing a home that is located within Coal Ridge 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. Narne of District: Coal Ridge Metropolitan District Contact Information for Districts: Coal Ridge Metropolitan District c/o McGeady Becher P.C. 450 E. 17'h Avenue, Suite 400 Denver, Colorado 80203 Attn: Paula Williams pwyli�aiiis('a-)s�ecial�district�law.co�m 303-592-4380 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 the property to be included or excluded and must be considered at a public hearing of the District's Board of Directors. G-1 4865-2735-3565, v. I of the District: The District was organized pursuant to C.R.S. § 32-1-101 et seq. The District was created to assist with the planning, design, acquisition, construction, installation, operation, maintenance, relocation, and financing of certain public improvements serving the Hamilton Heights project located in the Town of Firestone, Colorado (the "Town") and described further in the District's Service Plan. .e District may dedicate certain public improvements to Town or other appropriate jurisdiction. The erations and maintenance of public improvements Jicated to the Town or other appropriate jurisdiction ill rest with the Town or other appropriate jurisdiction, the case may be. .blic improvements not dedicated to the Town or other propriate jurisdiction may be owned, operated, and iintained by the District. The District has authority to pose property taxes and other fees, rates, tolls, nalties, or charges to fund the construction and eration and maintenance of improvements as set forth the Service Plan. copy of the District's Service Plan can be found on the istrict's website or by contacting the District at the istrict's contact information above. G-2 4865-2735-3565, v. 1 Services May be provided by Other Certain services may be provided within the District by Organizations: one or more other entities or non-profit organizations. 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. District's Total Debt Issuance $16,000,000 Authorized per District's Service Plan: District Improvements Financed by The District intends to issue or have already issued debt Debt: to pay for the following public improvements: streets, detention, water, sewer, recreational amenities and landscaping. Maximum Debt Mill Levy that may be Maximum Debt Mill Levy: 55.000 Mills levied annually on properties within the District to pay back debt: This Mill Levy may fluctuate based on changes in assessment rates. 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 and, as a result, the mill levy may be imposed at such a rate as is necessary to pay the Debt service on such Debt, 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. Ongoing Operation and Maintenance The District intends to impose an Operation and Services of the District: Maintenance Mill Levy to pay for ongoing administration, operating, and maintenance obligations G-3 4865-2735-3565, v. 1 aximum Operation and Maintenance Maximum Operation and Maintenance Mill Levy: 65 ill Levy that may be levied annually Mills until such time the District issues Debt. After the properties within the District to pay District issues debt, the Maximum Operation and r the ongoing operations and Maintenance Mill Levy shall be 10 Mills, subject to the iintenance described above. Mill Levy Adjustment. n Town O&M Mill Levy that is to be levied annually on s within the District and ;d to the Town. s Mill Levy may fluctuate based on changes to dential assessment rates. he Operation and Maintenance Mill Levy is distinct om the Debt Mill Levy and cannot be used to repay ebt. he Maximum Operation and Maintenance Mill Levy call apply to the District's ability to increase their mill vy as necessary for provision of operation and aintenance services to its taxpayers and service users itil such time as End Users cast the majority of firmative votes taken by the District's Board of irectors at a meeting authorizing an increase of such [aximum Operation and Maintenance Mill Levy, at hich time the mill levy may be such amount as is =ssary to pay the Operation and Maintenance Cost. Town O&M Mill Levy: 3 mills istrict Fees: The District may impose and collect Fees for services, programs 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 he payment of an indebtedness of the District. r Taxing Entities to which you will taxes to: /eld County - 12.024 mills chool District RE1J— 57.238 mills orthern Colorado Water — 1.000 mills own of Firestone — 6.805 mills rederick-Firestone Fire — 15.118 mills t Vrain Sanitation — 0.317 mills arbon Valley Recreation — 4.427 mills igh Plains Library — 3.196 mills otal: 100.125 mills 4865-2735-3565, v. 1 G-4 ** This information is based upon the property taxes levied on property within the Districts, imposed in 2023 for collection in 2024, and is intended only to provide approximations of the total overlapping mill levies within the District. The stated mill levies are subject to change, and you should contact the 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 55 mills Operation and Maintenance Mill Levy is 10 mills Town O&M Mill Levy is 3 mills Total Metropolitan District mill levies = 68 mills Calculation of Metropolitan District Taxes: $500,000 x .06765 = $33,825 (Assessed Valuation) $33,825 x .068 mills = $2,300.10 per year in taxes Total Additional Mill Levies from Other Taxing Entities: 100.125 mills = $3386.73 annual taxes TOTAL 2024 PROPERTY TAXES FOR A HOME COSTING $500,000 = $5,686.83 G-5 4865-2735-3565, v. 1