HomeMy WebLinkAbout 19-84 Homestead Ranch Metro Dist 1-4 Serv PlanRESOLUTION NO. 19-84
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, APPROVING THE CONSOLIDATED
SERVICE PLAN FOR THE HOMESTEAD RANCH METROPOLITAN
DISTRICT NOS. 14
WHEREAS, Article I of Title 32 of the Colorado Revised Statutes, as amended (the
"Special District Act") authorizes the formation of various kinds of governmental entities to
finance and operate public services and infrastructure, including metropolitan districts; and
WHEREAS, pursuant to the Special District Act, Eagle Development Corporation (the
"Petitioner") has submitted to the Town of Firestone (the "Town") a consolidated service plan
the "Service Plan") for the proposed Homestead Ranch Metropolitan District Nos. 14 (the
"Districts"), a copy of which is attached as Exhibit A and incorporated herein by reference; and
WHEREAS, the Districts will be organized to provide for the planning, design,
acquisition, construction, installation and financing of certain public improvements, as more
specifically described in the Service Plan; and
WHEREAS, in accordance with the Special District Act, the Petitioner published notice
A the hearing before the Town Board of Trustees (the "Board") for consideration of the Service
Plan in the Longmont Times -Call, a newspaper of general circulation, on August 29, 2019, as
evidenced by the Affidavit of Publication attached hereto as Exhibit B and incorporated herein
by this reference; and
WHEREAS, in accordance with the Special District Act, the Petitioner mailed by first
class mail notice of the hearing before the Town Board on August 27, 2019 to all property
owners within the boundaries of the Districts, as evidenced by the Affidavit of Mailing and
Publication Notice of Public Hearing attached hereto as Exhibit C and incorporated herein by
this reference; and
WHEREAS, in accordance with the Special District Act, notice of the hearing before the
Town Board was also mailed by the Petitioner by first class mail on August 27, 2019 and to
interested persons, defined as follows: (1) the Colorado Division of Local Government; and (2)
the governing body of any municipality or special district which has levied an ad valorem tax
within the next preceding tax year, and which has boundaries within a radius of three miles of the
District's boundaries, as evidenced by the Affidavit of Mailing and Publication Notice of Public
Hearing attached hereto as Exhibit C; and
WHEREAS, the Special District Act requires that any service plan submitted to the
district court for creation of a metropolitan district must first be approved by resolution of the
governing body of the municipality within which the proposed districts lies; and
WHEREAS, following notice as required b
y law, the Board conducted a public hearing
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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) A Service Plan for the Homestead Ranch Metropolitan District Nos. 1-4 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) That Petitioner has fulfilled in a timely manner the notice requirements under the
Special District Act in regards to the public hearing by the Board of Trustees on
approval of the District's Service Plan; and
(d) The Board of Trustees of the Town of Firestone has reviewed the Service Plan,
along with the evidence and related exhibits as presented at the public hearing,
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 proposed Homestead Ranch Metropolitan
District Nos. 14.
Section 2. Upon consideration of the Service Plan for the Districts, 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 Section 3241 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 Districts;
(b) That the existing service in the area to be served by the Districts are inadequate
for present and projected needs;
(c) That the Districts are capable of providing economical and sufficient service to
the area within its proposed boundaries; and
(d) That the area to be included in the Districts has, or will have, the financial ability
to discharge the proposed indebtedness on a reasonable basis.
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Section 3. The Board of Trustee's findings are based solely on the evidence presented at the
public hearing and set forth in the Service Plan, and that the Town of Firestone has no conducted
any independent investigation of the evidence. The Town of Firestone makes no guarantee as to
the financial viability of the Districts or achievability of the desired results.
Section 4. That pursuant to Section 32-1-204.5(1)(c), C.R.S., the Board of Trustees hereby
imposes the following conditions upon its approval of the Service Plan:
(a) The Districts shall not be authorized to issue Debt until the Districts has
reimbursed the Town for all the charges and fees it has incurred with its attorneys and consultant
relating to their review of this Service Plan and in connection with the modification of the
Service plan approved herein; and
(b)
(c)
If any of the above -stated conditions (a) through (c) 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.
Section 5. Upon consideration of the Service Plan, and all evidence presented at the public
hearing on the Service Plan, the Service Plan for the Homestead Ranch Metropolitan District
Nos. 1-4, as set forth in Exhibit A to this Resolution, is hereby approved, subject to the
conditions stated in Section 4 above, in accordance with Section 324-204.5(1)(c), C.R.S.
Section 6. That the Board of Trustee's approval of the Service Plan is not a waiver or a
limitation upon any power that the Town of Firestone or Board of Trustees is legally permitted to
exercise regarding the property within the Districts.
INTRODUCED, READ AND ADOPTED this nth day of�, 2019.
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ATTEST:
®UN��{ ,
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Leah Vanarsdall, Town Cleric
AS TO FORM:
Town Attorney
TOWN OF
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COLORADO
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EXHIBIT A
HOMESTEAD RANCH METROPOLITAN DISTRICT CONSOLIDATED SERVICE
PLAN
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Prepared Uy:
SPENCER FAKE LLP
1700 Lincoln Street, Suite 2000
Denver, CO 802034554
SubmilteclJ�dy26, 2019
TABLE OF CONTENTS
Page
I. INTRODUCTION. f 4 4 0 a a 4 * a 4 0 9 9 4 0 6 a a 0 0 P 0 6 a a 0 0 t 4 a # 0 * 0 4 0 9 $ # a 4 4 4 4 1 a # 6 4 a a 0 0 4 0 & a a 6 & 0 4 4 0 # 4 * a * t 4 0 a a * 4 6 & a I I a 4 a a 4 1
A. Purpose and Intent. . 6 0 6 6 4 4 4 0 a 0 0 k 4 0 a a 4 4 4 4 a 0 a 0 a a 4 a 4 0 a 6 a 4 0 0 4 a 0 4 6 6 a 0 4 a 9 A 0 6 * 4 0 0 0 0 6 0 6 & 4 4 a 4 0 a 6 1 0 a 4 a a a a 6 6 6 0 0 * a 0 * a 0 6 & a 0 0 a a & 6 6 4 4 a 1
B. Need for the Districts..................................................................................................... 1
C. Objective of the Town Regarding the Service Plan. . a & 0 0 a 9 0 % 4 * 0 0 4 0 a A 6 6 4 4 4 4 a 0 a * a 6 4 4 4 a a a 0 a 6 & 0 4 4 a 0 A 6 a a 0 & 0 a 1 6 a 1
D. Organizers and Consultants. 4 0 & 4 0 a 4 4 0 a 6 0 0 0 9 4 4 6 a 0 4 0 t 0 * 4 $ * 6 4 4 . I * 4 * a * a 4 0 4 0 4 a 6 a a 6 0 0 a 4 & $ 6 3
II. DEFINITIONS....................................................................................................................... 3
III. BOUNDARIES...................................................................................................................... 7
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION................................................................................ 7
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES.......... 8
A. Powers of the Districts and Service Plan Amendment.... 0 # * 6 4 4 0 4 0 4 $ $ & & 4 0 4 4 * 6 4 6 a 4 a 9 4 t * 6 a & 4 0 0 0 4 4 0 a 0 4 4 a 4 8
1. Operation and Maintenance Limitation................................................................... 8
2. Fire Protection Limitation........................................................................................ 9
3. Television Relay and Translation Limitation.......................................................... 9
4. Limitation on Extraterritorial Service....................................................................... 9
5. Telecornnunication Facilities................................................................................... 9
6. Construction Standards Limitation........................................................................... 9
7. Zoning and Land Use Requirements. . 4 & * 6 0 6 a & 6 & 4 * 4 0 4 a 0 & 4 6 4 0 0 0 A & 4 * a 4 & 4 a & & A 4 0 a 0 4 9 6 & 0 * 4 * a 0 a a 0 4 6 a & a 6 A 6 4 4 k 4 . 4 a 6 6 9
8. Conveyance...............................................................................................................10
9. Eminent Domain......................................................................................................10
10. Water Rights/Resources Limitation......................................................................... 10
11. Inclusion Limitation. . A 4 6 a 0 a 0 A 4 6 a 0 4 a & 4 & a 6 4 0 a A a 6 & 4 a 6 . a & a 6 6 6 4 0 6 a 6 a 4 6 4 6 . a a 0 4 6 4 6 4 a 6 6 A 6 6 6 0 4 a a a & a 4 6 a 4 a a 0 4 6 4 0 a a a & a * & 4 & 4 a a a 10
12. Exclusion Limitation.. 0 * & 0 0 9 9 a 4 0 4 4 4 4 * 0 $ & 4 0 1 1 # 4 0 0 6 0 0 a I t I a d I & 0 0 6 * # & 0 a 4 0 0 4 6 4 6 6 1 a a I t * 0 4 a a 0 a 9 1 0 a 0 a I a a I # 0 $ 0 4 6 9 9 0 1 * # 9 0 a 4 1 4 4 10
13. Overlap Limitation..................................................................................................4 10
14. Monies fiorn Other Governmental Sources............................................................ 10
15. Consolidation Limitation........................................................................................ 10
16. Subdistrict Limitation............................................................................................. 11
17. Fees......................................................................................................................... 11
18. Special Assessrments............................................................................................... 11
19. Revenue Bonds Limitation..................................................................................... 11
20. Public Improvement Fee and Sales Tax Limitation.................................................12
21. Bankruptcy Limitation............................................................................................412
22. Reimbursement Agreement....................................................................................12
23. Service Plan Amendment Requirement.................................................................. r
r
G. TABOR Compliance,., ... * 4 6 $ . 0 4 * * a * 0 0 4 9 1 8 9 0 a 9 a a 0 0 6 0 0 9 0 * 4 0 * a 6 $ 4 0 . 4 0 4 1 4 0 4 a i a * 4 0 0 9 a 0 & a 4 6 a 0 6 6 9 9 6 4 . 4 # 17
H. Districts' Organizational Costs and Operation and Maintenance Costs... 0 4 a & a 4 18
VIII. ANNUAL REPORT............................................................................................................18
A. General. . 0 0 0 4 a a 6 a I a 0 4 * a a to 0 0 & a& 18
B. Reporting of Significant Events......................................................................................18
IX. DISSOLUTION.,. I A 0 a * 9 4 . 4 0 4 6 * 6 a a 6 0 9 9 4 a a 6 0 a a I a I * 4 a 6 6 a a & 0 4 1 1 a a a a a & 0 a a 0 0 6 a a 6 a a 1 0 . 0 4 a & 0 6 a 6 6 4 4 0 0 0 0 4 6 a a a & m am 0 a a 8 @1 6 0 4 a 00 90 46 60 ad 40 a 0 a *a619
X. DISCLOSURE NOTICES,,,,,,,,,,,,,,,, 40040*40400 evil met@ too 19
XI. INTERGOVERNMENTAL AGREEMENT........................................................................419
XII. COMPLIANCE WITH LAWS..............................................................................................19
XIII. CONCLUSION,. I a a 0 a 9 4 4 1 a a 9 0 & a a * 5 * 9 6 a a 6 1 4 a a 0 0 4 a I a a 0 a 4 0 & 4 6 6 6 a A a 9 4 0 0 a a 6 0 a 0 a a 0 a a a e 6 6 a a a a 6 4 4 4 & 0 4 0 0 6 6 a a a 0 0 4 4 a 9 a 0 a a 6 a 0 0 0 a 0 a 0 a I a 6 * 4 0 4 a a a 619
ii
LIST OF EXHIBITS
Exhibit A Legal Description
Exhibit B Boundary Map
Exhibit C Vicinity Map
Exhibit D Property Owners' Consents
Exhibit E Engineering Estimates
Exhibit F Location of Public Improvements
Exhibit G Financing Plan
Exhibit H Legal Counsel Letter
Exhibit I Form of Disclosure Notice
Exhibit J Form of Town Disclosure Statement
Exhibit K Form of Intergovernmental Agreement between Districts and Town
Exhibit L Resolution of Town of Firestone Approving Service Plan
111
HOMESTEAD RANCH METROPOLITAN DISTRICT NOS, 14
CONSOLIDATED SERVICE PLAN
I. INTRODUCTION
A. Purpose and Intent.
The Districts shall be named the Homestead Ranch Metropolitan District Nos. 1-
(collectively, the "Districts"). The Districts are farmed are independent units of local government,
separate and distinct from the Town. The primary purpose of the Districts will be to finance the
construction of the Public Improvements needed for the property comprising the Homestead Ranch
Subdivision (the "Property" or the "Project"), including, but not limited to certain streets, traffic safety
controls, street lighting, sanitary sewer, water, landscaping, storm drainage, and park and recreation
improvements for developments to be known as the Homestead Ranch Subdivision ("Homestead
Ranch"). The developer of Homestead Ranch, owner of the Property, excluding rights -of -way and
tracts dedicated to the Town, and the petitioner for the formation of the Districts are Eagle
Development Corporation, a Colorado corporation, its affiliates, subsidiaries, successors, heirs and
assigns (collectively referred to herein as the "Developer"). The Districts are intended to provide for
the financing of public improvements for Homestead Ranch, and will provide certain ongoing
operation and maintenance services as specifically set forth in this Service Plan and in the
Intergovernmental Agreement between the Town and the Districts. The Districts will consist of
approximately two hundred seventy two and six hundred ninety-three hundredths (272.693) acres
within the initial Districts' boundaries. There are not currently anticipated to be any future inclusion
areas and the multiple Districts are proposed to accommodate the phasing of the project and
anticipated infi•astructure needed for each phase, all as fiirther described in this Service Plan, together
with all exhibits hereto (the "Service Plan").
B. Need for the Districts.
There are not at the time of formation of the Districts currently other governmental entities,
including the Town, located in the immediate vicinity of the Districts that consider it desirable,
feasible or practical to undertake the planning, design, acquisition, construction, installation,
relocation, redevelopment, and financing of the Public Improvements needed for the Project. The
Districts are therefore necessary in order for the Public Improvements required for the Project to
be provided in the most economical manner possible.
C. Objective of the Town Regarding the Service Plan,
The Town's objective in approving approving the Service Plan for the Districts are to authorize the
Districts to provide for the planning, design, acquisition, construction, installation, relocation and
redevelopment of the Public Improvements from the proceeds of Debt to be issued by the Districts.
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 below
Except as expressly provided in this Service Plan, all public improvements and facilities that
are financed, constructed, installed or acquired by the Districts shall be dedicated and conveyed to
1
the Town, or its designee and will be operated and maintained by the Town or its designee upon
Town acceptance and completion of the Districts' warranty obligations. The Districts shall not
provide fire protection or emergency services, which fire protection and emergency services shall be
provided by the Frederick -Firestone Area Fire Protection District, either directly or, with respect to
emergency services, through contract. The Districts may exercise those powers of a Metropolitan
District Nos. 14 set forth in §§3244001 and 4004, C.R.S. only to implement the provisions of this
Service Plan and only to the extent authorized by and in a manner consistent with this Service
Plan.
The Districts are generally located north of Firestone Boulevard, South of Zinnia Avenue
(WCR 26) and East of Ingalls Street (WCR 17). The proposed boundaries of the Districts are
limited to those boundaries described in Exhibit A, attached hereto.
This Service Plan is intended to establish a limited purpose for the Districts and explicit
financial constraints that are not to be violated under any circumstances. The primary purpose of
the Districts is to provide the Public Improvements associated with development pursuant to an
Approved Development Plan. Except for the Operation and Maintenance Costs, the Districts are
authorized to pay as provided herein, operation and maintenance services are allowed only through
the Intergovermnental Agreement with the Town.
Each 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 Districts has ongoing operation and maintenance functions authorized under an
Intergovernmental Agreement with the Town, the Districts shall not be required to dissolve but
shall retain only the power necessary to impose and collect taxes (subject to the Maximum
Operation and Maintenance Mill Levy), Special Assessments or Fees in amounts necessary to pay
for those Operation and Maintenance Costs. Additionally, if the Board of Directors of a District
determines that the existence of that Districts are no longer necessary to accomplish the purposes
set forth in this Service Plan, the Board of Directors of that District shall promptly effectuate the
dissolution of that District.
The Districts shall be 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 fiom a
mill levy which shall not exceed the Maximum Debt Mill Levy, as well as other legally available
sources of revenue, and to maintain certain of the Public Improvements as set forth in the
Intergovermnental 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 Districts.
With regard to Regional Improvements, this Service Plan and the Intergovernmental
Agreement also provide for the Districts to pay a portion of the cost of regional infrastructure as
part of ensuring that development and those that benefit from development pay for the associated
costs.
2
D. Organizers and Consultants.
This Service Plan has been prepared by the following Developer and participating
consultants (the "Organizers"):
Developer:
Eagle Development Corporation
c/o Jeff Mark
212 N. Wahsatch Avenue, Suite 301
Colorado Springs, Colorado 80903
(719) 635-3200
(719) 635-3244
mark(it' landhuisco.com.
Financial Advisor:
George K. Baum &Company
Alan T. Matlosz
Senior Vice President
1400 Wewatta Street # 800
Denver, CO 80202
Phone: 303-391-5503
Fax: 303-391-5603
matlosz(c't)glcbautn.com
Bond Counsel:
Kline Alvarado Veio, P.C.
Donald R. Bieber, Esq
1775 Sherman Street, Suite 1790
Denver, Colorado 80203
Phone: 720.697.7513
dbieberr(a'*vfirtn. cons
II. DEFINITIONS
District Cotulsel:
Spencer Fane LLP
David Sean O'Leary, Esq.
1700 Lincoln Street, Suite 2000
Denver, Colorado 80203
(303) 839-3800
(303) 839-3838 (fax)
dolear r�pencerfane.com
En rg•neer:
Core Engineering Group
Richard Schindler, P.E.
15004 1"Avenue S.
Burnsville, MN 55306
Phone: 719-570-1100
Fax: 952-3034212
Rich(cc cegl .corn
Supplemental En ing_eering/Maps:
Northern Engineering
c% Ryan Banning, P.E.
301 North Howes Street, Suite 100
Fort Collins, Colorado 80521
Phone: 970-2214158
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 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 (1) Public Improvements
necessary for facilitating development of the property within the Service Area; and (2) any
developer guarantees in connection with development of the property. Unless otherwise
expressly set forth in this Service Plan by specific reference thereto, an Approved
Development Plan does not include any plan, process or approval denoted as preliminary
under the Town Code.
3
Board: means the board of directors of the Districts.
Capital Plan: means the Capital Plan and engineering estimates of probable capital costs
described in Exhibit E, which includes: (a) a comprehensive list of the Public
Improvements to be developed by the Districts; (b) an engineer's estimate of the cost of
the Public Improvements; and (c) a pro forma capital expenditure plan correlating
expenditures with development.
C.R.S. means the Colorado Revised Statutes, as the same maybe amended $om time to
time.
Debt: means bonds, notes, debentures, certificates, contracts, capital leases or other
multiple fiscal year obligations for the payment of which the Districts has promised to
impose an ad valorem property tax mill levy, collect Fee revenue, and/or levy Special
Assessments,
Development Fee: means the one-time development or system development fee imposed
by the Districts on a per square -foot basis at or prior to the issuance of a certificate of
occupancy for the unit or structure to assist with the planning and development of the
Public Improvements, subject to the limitations below.
District: means each of the Homestead Ranch Metropolitan District Nos. 1-4, individually.
Districts: means the Homestead Ranch Metropolitan District Nos. 1-4, collectively.
District Boundaries: means the property within the Initial Boundaries, together with any
portion of the property within the Inclusion Area Boundaries (if applicable) that may be
included from time to tone pursuant to Section 32-1401, et seq, C.R.S.
End User: means any owner, or tenant of any owner, of any taxable improvement within a
District who is intended to become burdened by the imposon of ad valorem property
taxes subject to the Maximum Debt Mill Levy. By way of illustration, a resident
homeowner, renter, connnercial 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 govermnental 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 Districts and has not been otherwise engaged to provide services in connection with
the transaction related to the applicable Debt. If a District has engaged a municipal adviser
that meets the foregoing criteria and has a fiduciary duty to the Districts, the municipal
adviser may fill the role of the External Financial Advisor.
Fees: means any fee, rate, toll, penalty or charge imposed or received by a District for
services, programs or facilities provided by that District, as described below.
Financial all. means the Financial Plan described in Section V and attached as Exhibit
G, which describes (i) how the Public Improvements are expected to be fmanced; (ii) how
the Debt is expected to be incurred; and (iii) the estimated operating revenue derived fi•om
property taxes for the first budget year.
Initial Boundaries: means the boundaries of the Districts' area described in the Initial
Boundary Map, attached hereto as Exhibit B and Legal Descriptions attached as Exhibit
A.
Intergovernmental Agreement: means the intergovernmental agreement between the
Districts and the Town, a form of which is attached hereto as Exhibit L. The
Intergovernmental Agreement may be amended from time to time by the Districts and the
Town.
Maximum Debt Mill Lew: means the maximum mill levy the Districts are permitted to
impose for payment of Debt as set forth in Section V.e below.
Maximum Operation and Maintenance Mill Levy: means the maximum mill levy the
Districts are permitted to impose for payment of Operation and Maintenance Costs, as set
forth below.
Maximum Aggregate Mi11 Levy: means the maximum combined mill levy the Districts are
permitted to impose upon the taxable property within the Districts for payment of all
expenses categories, including but limited to Debt, capital costs, organizational costs, and
Operation and Maintenance Costs. The Maximum Aggregate Mill Levy is set forth below.
Mill Levy Adjustment: means, if, on or after January 1, 2019, there are changes in the
method of calculating assessed valuation or any constitutionally mandated tax credit, cut
or abatement, the Maximum Debt Mill Levy and the Maximum Operation and Maintenance
Mill Levy may be increased or decreased to reflect such changes, such increases and
decreases to be determined by the Board in good faith (such determination to be binding
and final) so that to the extent possible, the actual tax revenues generated by the applicable
mill levy, as adjusted for changes occurring after January 1, 2019, are neither diminished
or enhanced as a result of such changes. For purposes of the foregoing, 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 Districts as being payable fiom its operation and
maintenance mill levy; (2) the costs of repair, replacement and depreciation of the Public
Improvements; (3) the costs of any covenant enforcement and design review services the
Districts may provide; and (4) the costs of ongoing administrative, accounting and legal
services to the Districts.
5
Organizational Costs: means the estimated initial cost of acquiring land, engineering
services, legal services and administrative services, together with the estimated costs of the
Districts' organization and initial operations, as set forth in Section VILH below, which
Organizational Costs are eligible for reimbursement out of Debt proceeds.
Pro ect: means the development or property commonly referred to as Homestead Ranch.
Public Improvements: means a part or all of the improvements authorized to be planned,
designed, acquired, constructed, installed, relocated, redeveloped and financed by the
Districts as generally described in the Special District Act and in accordance with the
Approved Development Plan, except as specifically limited in Section V below, which
improvements benefit the property within the Project, the Districts' Boundaries and/or the
Service Area, and which improvements will serve the future taxpayers and inhabitants of
the property within the Project, the Districts Boundaries and/or the Service Area, as
determined by the Boards of the Districts.
Regional Improvements: means improvements or facilities that benefit the property within
and without the Districts Boundaries and/or the Service Area and which are to be financed
pursuant to Section VI below.
Service Area: means the Initial Boundaries and the Inclusion Area Boundaries.
Service Plan: means this amended and restated service plan for the Districts approved by
Town Board, which Service Plan replaces in their entirety the original service plan,
together with the first and second amendments to the original service plan.
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 tie levy of an assessment within the boundaries of a special
improvement district pursuant to Section V.A.20 below.
Special District Act: means Title 32, Article 1 of the Colorado Revised Statutes, as
amended fiom tithe to tithe.
State: means the State of Colorado.
Taxable Property: means real or personal property which is subject to ad valorem taxes
imposed by a District.
Town: means the Town of Firestone, Colorado.
Town Board: means the Town Board of Trustees of the Town of Firestone, Colorado.
Town Code: means the Town Code of the Town of Firestone, Colorado.
Total Debt Limit: means Twenty Five Million Dollars ($25,000,000.00) which Total Debt
Limit includes all Debt issued by either of the Districts for Public Improvements and
Regional Improvements.
Urban Renewal Authority: means the Town of Firestone Urban Renewal Authority
("FURA") .
The Districts will assist with the financing of the constlllction of public improvements for
the Homestead Ranch development, which improvements shall be constructed to Town
standards, warranted by the Districts, and dedicated and conveyed to the Town or its
designee as provided in this Service Plan, or as otherwise required by the Town. The public
improvements shall be financed, in part, through the issuance of indebtedness as set forth
in Article V, "Financial Plan." Except as specified in or pursuant to this Service Plan, the
Districts shall not construct or own any improvements, shall not provide for any
maintenance, repair or operation of any improvements, and shall not perform any services
without the consent of the Town as evidenced by a resolution of approval of the Town of
Firestone Board of Trustees (the "Board of Trustees"). In addition, the Districts will not
contract with any other governmental entity to receive any services which are or may
become available from the Town, or to provide any services to or within any other
governmental entity without the prior written consent of the Town. The Districts shall not
provide any services or facilities within any area of the Districts overlapping with the
service area of another district without first obtaining the written consent of each and every
district whose service area is so overlapped.
The Districts shall dissolve when then financial obligations are paid or provided for, or
otherwise upon request of the Town, subject to then -applicable statutory requirements, all
as further provided in Article VIII.
III. BOUNDARIES, PROJECTED POPULATION &ASSESSED VALUATION
The Districts consist of approximately two hundred seventy two and six hundred nulety-
tluee hundredths (272.693) acres located entirely within the boundaries of the Town, as more
particularly set forth in the legal description attached hereto as Exhibit A and as shown on the
boundary maps, attached hereto as Exhibit B, and the vicinity map, attached hereto as Exhibit C.
It is anticipated that the Districts' boundaries may change from time to time as they undergo
inclusions and exclusions pursuant to Section 324401, et seq., C.R.S., and Section 324-501, et
seq., C.R.S., subject to the limitations set forth in Section V below.
V.
PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION
The property within the Service Area of the Districts, consisting of approximately two
hunched seventy two and six hundred ninety-three hundredths (272.693) acres is being developed
for the anticipated construction of seven hundred fifty-two (752) single-family homes. The current
population of the Districts is zero. The population of the Districts at full build -out is estimated to
be Eighteen Hundred Eighty (1,880) people (based upon an estimate of 2.5 persons per residential
unit) subject to development approval by the Town. It is acknowledged that Town development
7
standards and requirements may affect the foregoing munbers of anticipated homes and
population. The petitioner, also the Developer of the Districts properties, has received the consents
of the property owners to the formation of these Districts, which consents, for the owners of all
property to be located within the Districts, are attached hereto as Exhibit D and incorporated herein
by this reference. The estimated value of the property at full build out is approximately Three
Hundred One Million, Six Hundred Thirty Seven Thousand, Three Hundred Thirty -Two and
no/l00 Dollars ($301,637,332) and the assessed value at full build -out in of the project is estimated
to be Twenty One Million, Seven Hundred Seventeen Thousand, Eight Hundred Eighty -Eight and
no/100 Dollars ($21,717,888) for residential development and Twenty Seven Million, Fifty -Five
Thousand, Four Hundred Seventy Seven and no/100 Dollars ($27,055,477) for improved lot value,
which assessed value of the Property within the Service Area at build -out is expected to be
sufficient to reasonably discharge the Debt under the Financial Plan attached hereto as Exhibit G.
Approval of this Service Plan by the Town does not imply approval of the development of
a specific area within the Service Area, 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. Property within the Service Area has previously been approved for
development by the Town.
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 Service Area, or
any of their respective successors or assigns, of obligations to construct public improvements for
the Project or of obligations to provide to the Town such financial guarantees as may be required
by the Town to ensure the completion of the Public Improvements, or of any other obligations to
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 Districts and Service Plan Amendment,
The Districts 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, cornrnon law, and the Constitution, subject to the
limitations set forth herein, in the Approved Development Plan, and in the Intergovernmental
Agreement.
1. Operation and Mantenance Limitation. The purpose of the Districts is to
plan for, design, acquire, construct, install, relocate, redevelop and finance the Public
Improvements. The Districts shall dedicate the Public Improvements to the Town or other
appropriate jurisdiction or owners association in a manner consistent with the Approved
Development Plan, the Intergovernmental Agreement, and other rules and regulations of the Town
and applicable provisions of the Town Code. No District shall be authorized to operate and
maintain any part or all of the Public Improvements unless the provision of such operation and
maintenance is pursuant to the Intergovernmental Agreement with the Town. If the Districts is
authorized in the Intergovernmental Agreement to operate and maintain any parks or trails, then
unless otherwise expressly specified in the Intergovernmental Agreement, all such parks and trails
shall be open to the general public free of charge. The Districts may impose a mill levy, Special
Assessments and/or Fees to pay for Operation and Maintenance Costs in accordance with Section
VILH below.
2. Fir e Protection Limitation. The Districts 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 Firestone Fire Protection District. The authority to plan for,
design, acquire, construct, install, relocate, redevelop or finance fire hydrants and related
improvements installed as part of the water system shall not be limited by this provision.
3. Television Relay and Translation Limitation• Mosquito Control and Other
Limitations. Unless such facilities and services are provided pursuant to the Intergovernmental
Agreement, the Districts shall not be authorized to plan for, design, acquire, construct, install,
relocate, redevelop, finance, operate, maintain, or provide: (a) any television relay and translation
facilities and services, other than for the installation of conduit as a part of a street construction
project; (b) any mosquito control facilities and services; (c) any solid waste disposal, collection
and transportation facilities and services; and (d) any security, covenant enforcement and design
review services.
4. Limitation on Extraterritorial Service. The Districts shall be authorized to
provide services or facilities outside the Service Area 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. Telecorrununication Facilities. The Districts 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 Districts shall
affect the ability of the Town to expand its public safety telecommunication facilities or impair
existing telecommunication facilities.
6. Construction Standards Limitation. The Districts will ensure that the Public
Improvements are designed and constructed in accordance with the standards and specifications
of the Town and of other governmental entities having proper jurisdiction. The Districts 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 Districts shall be subject to all of
the Town's zoning, subdivision, building code and other land use requirements.
8. Convey. The Districts 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
Districts 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
9
the Districts' ability to construct, operate and/or maintain Public InfraSLrUCture, as the same may
be limited by this Service Plan.
9. Eminent Domain. The Districts shall provide the Town with written notice
prior to its exercise of the power of eminent domain.
10. Water Rights/Resources Limitation. The Districts shall be authorized to
acquire, own, manage, adjudicate or develop water rights or resources as provided pursuant to the
Intergovernmental Agreement.
11. Inclusion Limitation. It is anticipated that the Districts' boundaries may
change from time to time as they undergo inclusions and exclusions pursuant to Section 32-1401,
et seq., C.R.S., and Section 32-1-501, et seq., C.R.S. No property will be included within any
District at any time unless such property has been annexed into the Town's corporate limits. It is
the intent of this provision that property within the Service Area be included only within one
District.
12. Exclusion Limitation. The Districts may exclude fi•om thee• boundaries any
property within the Districts Boundaries so long as the excluded property is concurrently included
into one of the other Homestead Ranch Metropolitan Districts. Any other exclusion shall require
the prior written notice to and approval by the Town. No District shall 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.
13. Overlap Limitation. The boundaries of a District shall not overlap with any
other district formed under the Special District Act if such overlap will cause that District's
mill levy to exceed the Maximum Debt Mill Levy, the Maximum Operation and Maintenance
Mill Levy and/or the Maximum Aggregate Mill Levy.
14. Monies from Other Governmental Sources. The Districts 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 that shall be distributed to and be a revenue source for the Districts without any limitation.
15. Consolidation Limitation. No District shall 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, unless such consolidation is with one of
the other Districts to which this Service Plan applies.
16. Subdistrict Limitation. No District shall 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.
17. Fees. A District may impose and collect Fees for services, programs or
facilities furnished by that District; may fionn time to time increase or decrease its Fees, and may
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use the revenue from Fees for the payment of Operation and Maintenance Costs and for the
payment of any indebtedness of that District, all subject to the following limitations:
a. Unless specifically authorized in 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, the Districts shall not impose or assess any fees,
rates, tolls, penalties, or charges other than the Development Fee without first obtaining Town
approval of an amendment to this Service Plan, which amendment shall be deemed to be a material
modification of the Service Plan.
b. A District may collect a Development Fee, provided that such
Development Fee does not exceed the following limits:
i. For each single-family detached residential unit, the
Development Fee shall not exceed Two Thousand Five Hundred Dollars ($2,500.00)
ii. For each single-family attached or multi -family residential unit,
the Development Fee shall not exceed Two Thousand Five Hundred Dollars ($2,500.00).
iii. For a structure other than asingle-family or multi -family
residential structure, the Development Fee shall not exceed One Dollar Ninety Cents ($1.90) per
square foot of the structure.
The Development Fee set forth in this Service Plan may increase by up to the
Consumer Price Index for Denver -Boulder, all items, all urban consumers (or its successor index
for any years for which Consumer Price Index is not a)ailable) each year thereafter (as an inflation
adjustment) cornrnencing on January 1, 2019. The Development Fee shall be collected prior to
issuance of a certificate of occupancy.
18. Special Assessments. If authorized in the Intergovernmental Agreement, a
District may establish one or more special improvement districts within its 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 Districts is
authorized to finance.
19. Revenue Bonds Limitation. Revenue Bonds are bonds payable in whole or
in part from revenues other than the Districts' property and specific ownership specific ownership
taxes. If authorized in the Intergovernmental Agreement, the Districts may issue revenue bonds.
20. Public Improvement Fee and Sales Tax Limitation. The Districts 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 Districts 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,
21. 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
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Debt Mill Levy, the Maximum Operation and Maintenance M111 Levy, and Fees have been
established under the authority of the Town to approve a Service Plan pursuant to Section 32-1-
204.5, C.R.S. It is expressly intended that such limitations:
a. Shall not be subject to set -aside for any reason or by any court of
competent jurisdiction, absent a Service Plan Amendment; and
b. Are, together with all other requirements of Colorado law, included
in the "political or governmental powers" reserved to the State under the U.S. Bankruptcy Code
(I I U.S.C.) Section 903, and are also included in the "regulatory or electoral approval necessary
under applicable nonbank uptcy 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 any 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,
22. Reunbursement A�reernent. If any District utilizes reimbursement
agreements to obtain reimbursements fi•om 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
fmanced by a District, any and all resulting reimbursements received for such improvement shall
be deposited in that District's debt service fund and used for the purpose of retiring the Districts'
debt.
23. Service Plan Amendment Requirement. This Service Plan has been
designed with sufficient flexibility to enable the Districts to provide required services and facilities
under evolving circumstances without the need for numerous amendments. Actions of any District
which violates the limitations set forth in V.A. above or in VII.0 or VII.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 Districts.
B. Preliminary En ing Bering Survey.
The Districts 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: (1) a comprehensive list of the Public Improvements to
be developed by the Districts; (2) an estimate of the cost of the Public Improvements, together
with a letter from a Colorado professional registered engineer certifying that such costs are
reasonable in the engineer's opinion and that such estimates were prepared based upon Town
construction standards; and (3) a pro forma capital expenditure plan correlating expenditures with
development is attached hereto as Exhibit E. Maps depicting one proposed layout of the public
improvements are attached hereto as Exhibit F. The Districts shall be authorized to construct
Public Improvements that shall be more specifically defined in each applicable Approved
Development Plan, the hltergovernmental 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. The estimated the costs of the Public Improvements which may be planned for, designed,
acquired, constructed, installed, relocated, redeveloped, maintained or financed was prepared
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based upon a preliminary engineering survey and estimates derived fiom the zoning on the
property in the property within the Service Area and is approximately Twenty -Five Million, One
Hundred Eighty -Six Thousand, One Hundred Fifty and 00/100 Dollars ($25,186,150.00). All of
the Public Improvements will be designed in such a way as to assure 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 Plans. All construction cost estimates are estunates
only and are subject to modification are based on the assumption that construction conforms to
applicable local, State or Federal requirements.
C. Multiple District Structure.
It is anticipated that the Districts, collectively, will undertake the fmancing and
construction of certain of the Public Improvements contemplated herein. Specifically, the Districts
shall enter into one or more intergovernmental agreements with each other that shall govern the
relationships between and among them with respect to the financing, construction and operation
of the Public Improvements. The Districts will establish a mechanism whereby any one or more
of the Districts may separately or collectively fund, construct, install and operate the Public
Improvements.
VI. REGIONAL IMPROVEMENTS
The Districts shall be .authorized and required to provide for the planning, design,
acquisition, construction, installation, relocation and/or redevelopment and to contribute to the
funding of the Regional Improvements, and to fund the administration and overhead costs related
to the provisions of the Regional Improvements incurred as a result of participation in the Regional
Improvements obligations set forth in the Intergovernmental Agreement. The proponents of the
Districts acknowledge and agree that the provisions in this Service Plan and the Intergovernmental
Agreement for the Districts' participation in Regional Improvements are material considerations
in, and conditions of the Town's approval of this Service Plan, and the Town has relied thereon in
approving this Service Plan,
VIL FINANCIAL PROVISIONS
A. General.
The Districts shall be authorized to provide for the planning, design, acquisition,
construction, installation, relocation and/or redevelopment of the Public Improvements fiom their
revenues and by and through the proceeds of Debt to be issued by the Districts. The Districts may
impose a mill levy on taxable property within its boundaries as a primary source of revenue for
repayment of debt service and for operation and maintenance. A District may also rely upon
various other revenue sources authorized by law. At a District's discretion, these may include the
power to assess Fees as provided in Section 32-1-1001(1), C.R.S., as amended fiom time to tune
and as limited by Section V.A.17 above, and a District may impose Special Assessments as
provided in Section 32-14101.7, C.R.S. and i1 accordance with Section V.A.18, above.
The Financial Plan for the Districts, which is attached hereto as Exhibit G, reflects that
each District will issue no more Debt than that District can reasonably expect to pay from revenues
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derived from the Maximum Debt Mill Levy, Fees, Special Assessments and other legally available
revenues. The aggregate amount of Debt the Districts shall be permitted to issue for the Public
Improvements, except for the Regional Improvements, but including any Debt for Public
Improvements to be constructed to serve any special improvement district, shall not exceed
Twenty -Five Million Dollars ($25,000,000.00) and each District may issue such Debt on a
schedule and in such year or years as the Districts determines shall meet the needs of the Financial
Plan referenced above and phased to serve development as it occurs. The Debt limit set forth in
this Section VII.A., when added to the Debt limit for the Regional Public Improvements set forth
in Section VI above, shall not exceed the Total Debt Limit.
General obligation refunding bonds maybe issued by the Districts to defease original issue
District Bonds in compliance with applicable law, but any such refunding shall not extend the
maturity of the bonds being refunded nor increase the total debt service thereon and shall meet the
requirements of § 32- 14 10 1(6)(a), C.R.S. Refunding bonds shall not be subject to the debt limit
stated above, provided that such refunding bonds demonstrate net present value debt service
savings; but if such refunding bonds do not demonstrate net present value debt service savings,
any increase in principal amount of the refunding bonds over the principal amount of bonds being
refunded shall be subject to such debt limit.
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. All debt -related election ballot
questions shall be drafted so as to limit a District's debt service mill levy to the Maximum Debt
Mill Levy. Prior to any election to authorize the issuance of debt, a District shall cause a letter
prepared by an attorney in the State of Colorado to be provided to the Town opining that election
questions related to the Debt include the limitations in this paragraph. Failure to observe the
requirements established in this paragraph shall constitute a material modification under the
Service Plan and shall entitle the Town to all remedies available at law and in equity, including
the remedies provided for in Section VII.D.4, below.
C. Mill Levies,
1. Maximum Debt Mill Lew. The Maximum Debt Mill Levy, which shall be
subject to a Mill Levy Adjustment, shall be the maximum mill levy a District is permittedto impose
upon the taxable property within the Districts for payment of Debt, and shall be fifty (50) mills for
so long as the total amount of aggregate Debt of the Districts exceeds fifty percent (50%) of the
Districts' assessed valuation; provided that if, on or after January 1, 2019, there are changes in the
method of calculating assessed valuation or any constitutionally mandated tax credit, cut or
abatement; the mill levy limitation applicable to such Debt may be increased or decreased to reflect
such changes, such increases or 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 mill levy, as adjusted for changes occurring after January 1, 2019, are neither
diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in
14
the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed
valuation.
At such time as the total amount of aggregate Debt of a District is equal to or less
than fifty percent (50%) of the Districts' 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 Districts' 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 farther provide that such Debt shall remain secured by such increased mill levy,
notwithstanding any subsequent change in the Districts' Debt to assessed value ratio.
2. Operations and Maintenance Mill LevX. The Districts will be allowed to
impose an additional mill levy for operations, administration and maintenance of Public
Improvements and additional administration expenses of the Districts. The Operation and
Maintenance Mill Levy, which shall be subject to a Mill Levy Adjustment, shall be permitted to
be imposed upon the taxable property within the Districts for payment of Operation and
Maintenance Costs, and shall be fifty (50) mills until such time that the Districts issues Debt. After
the Districts issues Debt, the Operation and Maintenance Mill Levy for the Districts are anticipated
to be ten (10) mills; provided that if, on or after January 1, 2019, there are changes in the method
of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement; the
mill levy limitation applicable to such mill levy may be increased or decreased to reflect such
changes, such increases or 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 mill levy, as adjusted for changes occurring after January 1, 2019, are neither
diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in
the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed
valuation. The Operation and Maintenance Mill Levy shall apply to the Districts' 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 Operation and
Maintenance Mill Levy.
3. Additional Mill Levy and Tax Increment. The District is located with the
boundaries of the proposed Bighorn Urban Renewal Plan (the "Plan"). Pursuant to an
Intergovermnental Agreement for Property Tax Increment Revenue Sharing to be entered into by
and between the District and FURA within sixty days of the organization of the District (or as soon
thereafter as possible), the District shall agree that FURA may retain and expend 100% of the
property tax increment revenues derived from an additional fifteen (15) mills certified and imposed
for a period of five years commencing on the date of approval by the Town of the Plan ("District
Increment"). The District acknowledges that the service area is benefited by the approval of the
Plan and activities and undertakings of FURA in furtherance of the Plan and Urban Renewal Law.
4. The Maximum Aggregate Mill Levy, The Maximum Aggregate Mill Levy
(which shall be adjusted to reflect any Mill Levy Adjustment in the Maximum Debt Mill Levy and
the Operation and Maintenance Mill Levy) shall be the maximum combined mill levy a District is
permitted to impose upon the taxable property within the Districts for payment of all expense
15
categories, including but not limited to Debt, capital costs, organizational costs, and Operation and
Maintenance Costs, (exclusive of the additional fifteen (15) mill levy imposed for the fast five
years after approval of the Plan), and shall be sixty (60) mills until such time as End Users cast the
majority of affirmative votes taken by the Districts' Board of Directors at a meeting authorizing
an increase of such Maximum Aggregate Mill Levy; provided that if, on or after January 1, 2019,
there are changes in the method of calculating assessed valuation or any constitutionally mandated
tax credit, cut or abatement; the mill levy limitation applicable to such Maximum Aggregate Mill
Levy may be increased or decreased to reflect such changes, such increases or 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 mill levy, as adjusted for changes
occurring after January 1, 2019, are neither diminished nor enhanced as a result of such changes.
For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a
change in the method of calculating assessed valuation. The foregoing notwithstanding, any action
taken by the District to increase the Maximum Debt Mill Levy must be taken in accordance with
Section VII.C.1, above.
D. Debt Parameters.
1. All Debt issued by a District must be issued ui compliance with the
requirements of Section 3241 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, no District shall: (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,
2. No District shall 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 a 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 a District in the payment of any such obligation.
3. The Districts shall not issue Debt in excess of the Total Debt Limit, which
amount is Twenty Five Million Dollars ($25,000,000.00), 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 refunded or which is a contractual
pledge of taxes or other revenue from a District to another District.
4. Any Debt issued by a District 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 Districts, including the remedy of enjoining the
issuance of additional authorized but unissued debt, until such material modification is remedied.
16
E. Debt Instillment 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:
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
Districts authorizing the issuance of this Bond and in the Service Plan for
creation of the Districts.
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 ofproperty within
the boundaries of the Districts.
F. Privately Placed Debt Limitation.
Prior to the issuance of any privately placed Debt, the Districts 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 Districts' 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 Districts.
G. TABOR Compliance.
The Districts will comply with the provisions of TABOR. In the discretion of the Board, a
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 a District will remain
tinder the control of that 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. Districts' Organizational Costs and Operation and Maintenance Costs,
The Districts' Organizational Costs, including the estimated cost of acquiring land,
engineering services, legal services and administrative services, together with the estimated costs
of the Districts' organization and initial operations are eligible for reimbursement from Debt
proceeds.
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In addition to the capital costs of the Public Improvements, the Districts will requne
operating fiends 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 operating budget for the Districts is set forth in the Financing Plan,
VIII. ANNUAL REPORT
A. General.
Each District shall be responsible for submitting an annual report to the Town Clerk within
120 days of the end of the Districts' fiscal year.
B. Reporting of Significant Events.
The annual report shall include information as to any of the following:
1. Boundary changes made or proposed to the Districts' boundary as of
December 31 of the prior year.
2. Copies of the Districts' rules and regulations, if any, as of December 31 of
the prior year.
3. A summary of any litigation which involves the Public Improvements as of
December 31 of the prior year.
4. Status of the Districts' construction of the Public Improvements as of
December 31 of the prior year.
5. A list of all facilities and improvements constructed by the Districts that
have been dedicated to and accepted by the Town or other service provider provng service to
the property in the Districts, as of December 31 of the prior year.
6. Notice of any uncured events of default by the Districts, which continue
beyond a ninety (90) day period, Linder any Debt instrument.
7. Any inability of the Districts to pay its obligations as they come due, in
accordance with the terms of such obligations, which continue beyond a ninety (90) day period.
IX. DISSOLUTION
Upon an independent determination of the Town Board that the purposes for which a
District was created have been accomplished, that District agrees to file a petition in the appropriate
District Court for dissolution, pursuant to the applicable State statutes. In no event shall dissolution
occur until the Districts has provided for the payment or discharge of all of its outstanding
indebtedness and other financial obligations as required pursuant to State statutes.
X. DISCLOSURE NOTICES
The Districts will use reasonable efforts to assure that all developers of the property located
within the Districts provide written notice to all purchasers or lessees of property in the Districts
regarding the Maximum Debt Mill Levy as well as a description of the District's authority to
impose and collect rates, fees, penalties or charges. The Districts shall provide notice to all eligible
electors of the Districts, in accordance with Section 32-1-809, C.R.S. and record a Districts public
disclosure document and a map of the Districts boundaries with the Clerk and Recorder of each
County in which Districts' property is located, in accordance with Section 32-1-104.8, C.R.S.
XL INTERGOVERNMENTAL AGREEMENT
The form of the Intergovernmental Agreement required by the Town Code, relating to the
limitations imposed on the Districts' activities, is attached hereto as Exhibit K. The Districts shall
approve the Intergovernmental Agreement at their first Board meeting after its organizational
election, and shall upon approval deliver the executed Intergovernmental Agreement to the Town.
The Intergovernmental Agreement may be amended from time to time by the Districts and the
Town, and may include written consents and agreements of the Town as required throughout this
Service Plan. Alternatively, such written consents of the Town may be obtained by the Districts
without amending the Intergovernmental Agreement, and the Town and each of the Districts may
execute additional written agreements concerning matters set forth in this Service Plan.
The Districts will also enter into an ultergovermnental agreement regarding the functions
and services to be provided by each District, and the mechanisms to be used by the Districts for
the sharing of costs of Public Improvements. No intergovernmental agreements other than the
Intergovernmental Agreement and the District's inter -district intergovernmental agreements are
anticipated.
XII. COMPLIANCE WITH LAWS
The approval of the Service Plan shall not limit the Town in implementing any growth
limitations imposed by the Board of Trustees or the voters. The District shall be subject to all of
the Town's zoning, subdivision, building code or land use requirements.
XIII. CONCLUSION
It is submitted that this Service Plan for the Districts, 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 Districts;
2. The existing service in the area to be served by the Districts is inadequate for
present and projected needs;
3. The Districts are capable of providing economical and sufficient service to the area
within its proposed boundaries; and
19
4. The area to be included in the Districts has, or will have, the financial ability to
discharge the proposed indebtedness on a reasonable basis.
20
EXHIBIT A
Legal Description
DESCRIPTION: DISTRICT 1
A tract of all being a portion of Lot 2, Homestead at Firestone Minor Plat, recorded at
Weld County Clerk and Recorder at Reception No. 3289490, located in the West Half of
Section 4, Township 2 North, Range 67 West of the 6th P.M., Town of Firestone, County
of Weld, State of Colorado, and being more particularly described as follows:
Considering the East line of the Northwest Quarter of Section 4 as bearing South 00° 08'
05" West and with all bearings contained herein relative thereto:
COMMENCING at the Center Quarter corner of Section 4; thence, North 63° 02' S1"
West, 1263.49 feet to the POINT OF BEGINNING; thence, North 90° 00' 00" West,
50.00 feet; thence, North 00' 00' 00" West, 100.00 feet; thence, North 90° 00' 00" East,
50.00 feet; thence, South 00° 00' 00" East, 100.00 feet to the POINT OF BEGINNING.
The above described tract of land contains 5,000 feet or 0.115 acres, more or less and is
subject to all easements and rights -of --way now on record or existing.
LMS
August 26, 2016
S:\Survey Jobs\91 I-009\Dwg\District Map\911-009 District I Description. docx
301 fV. Nowes Street, Suite 100, Fort Coilins, CO 80521 I 970.221.4158 I www.northerne��gineeri��g.corn
NW CORNER
SECTION 4-2-67
50' ROW
WEST4 CORNER
SECTION 4-2-67
SE CORNER
SECTION 4-2-67
301 North Howes Street, Suite 100
Fort Collins, Colorado 80521
DISTRICT 1
- _r50' ROW
ZINNIA AVENUE (WCR 26)
DISTRICT 2
DISTRICT 3
DISTRICT 1
00 sq. ft.
1.115 ac.
POINT OF
BEGINNING
7�6325\�
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SOUTH LINE
OF THE NW 4
SECTION 4-2-67
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DISTRICT 4
FIRESTONE BLVD. (WCR 24�
50' ROW
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ENGINEERI NG
PHONE: 970.221.4158
www.northernengineeri ng.com
NORTH 4 CORNER
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HOMESTEAD RANCH
METRO DISTRICT
DRAWN BY: L. Smith ISHEET NO:
SCALE: 1 "=700'
Mn FEBRUARY 26, 2016 D 1
DESCRIPTION: DISTRICT 2
A tract of all being a portion of Lot 2, Homestead at Firestone Minor Plat, recorded at
Weld County Cleric and Recorder at Reception No. 3289490, located in the West Half of
Section 4, Township 2 North, Range 67 West of the 6th P.M., Town of Firestone, County
of Weld, State of Colorado, and being more particularly described as follows:
Considering the East line of the Northwest Quarter of Section 4 as bearing South 00° 08'
05" West and with all bearings contained herein relative thereto:
COMMENCING at the Center Quarter corner of Section 4; thence along the South line
of the Northwest Quarter of Section 4, North 89° 19' 09" West, 1353.42 feet to the
POINT OF BEGINNING; thence, South 01° 13' 36" West, 272.41 feet; thence, South
26° 37' 16" West, 320.00 feet; thence, North 89° 24' 03" West, 438.73 feet to an angle
point of aforementioned Lot 2; thence along the line of said Lot 2, North 89° 24' 03"
West, 610.00 feet to the East right -of --way line of Ingalls Street (WCR 17); thence along
said East line the following 2 courses and distance: North 00° 05' 14" East, 561.68 feet;
thence, North 00° 04' 48" East, 2757.52 feet to a point also being on the South right-of-
way line of Zinnia Avenue (WCR 26); thence, South 47° 54' 01" East, 1155.75 feet;
thence, South 19° 32' 51" East, 1066.61 feet; thence, South 01° 13' 36" West, 991.99 feet
to the POINT OF BEGINNING.
The above described tract of land contains 3,212,758 feet or 73.755 acres, more or less
and is subject to all easements and rights -of --way now on record or existing.
LMS
August 26, 2016
SASurvey Jobs\911-009\Dwg\District Map\911-009 District 2 Description,docx
301 N. Nowes Street, Suite 100, Fart Collins, CO 80521 I 970.221.4158 � www.northernengineering.com
NW CORNER
SECTION 4-2-67
50' ROW -�
WEST4 CORNER
SECTION 4-2-67
DISTRICT 2
ZINNIA AVENUE (WCR 26) -
DISTRICT 2
3,212,758 sq. ft.
73.755 ac.
DISTRICT 3
DISTRICT 1
SOUTH LINE
OF THE NW 4
SECTION 4-2-67
N89° 19'0911W
1353.42'
POINT OF
BEGINNING
Ale
NO0�5 0F OR P�P�
DISTRICT 4
SE CORNER
SECTION 4-2-67 - -
FIRESTONE BLVD. (WCR 244)
50' ROW
I N E= ENGINEERING
301 North Howes Street, Suite 100 PHONE: 970.221.4158
Fort Collins, Colorado 80521 www.northernengineering.com
NORTH4CORNER
SECTION 4-2-67
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HOMESTEAD RANCH
METRO DISTRICT
DRAWN BY: L. Smith ISHEET NO:
SCALE: 1 "=700'
ISSUED: FEBRUARY 26, 2016
D2
1
DESCRIPTION: DISTRICT 3
A tract of an being a portion of Lot 2, Homestead at Firestone Minor Plat, recorded at
Weld County Clerk and Recorder at Reception No. 3289490, located in the West Half of
Section 4, Township 2 North, Range 67 West of the 6th P.M., Town of Firestone, County
of Weld, State of Colorado, and being more particularly described as follows:
Considering the East line of the Northwest Quarter of Section 4 as bearing South 00° 08'
05" West and with all bearings contained herein relative thereto:
BEGINNING at the Center Quarter corner of Section 4; thence along the South line of
the Northwest Quarter of Section 4, North 890 19' 09" West, 1353.42 feet; thence, North
O10 13' 36" East, 991.99 feet; thence, North 19° 32' 5 1 " West, 1066.61 feet; thence, North
47° 54' 0 1 " West, 1155.75 feet to the South right -of --way Pule of Zinnia Avenue (WCR
26); thence along said South line, South 89° 32' 42" East, 1442.82 feet to a point on Lot
1, Homestead at Firestone Minor Plat; thence along the West, South and East lines of said
Lot 1 the following 3 courses and distance: South 00° 27' 18" West, 385.60 feet; thence,
South 890 32' 42" East, 300.00 feet; thence, North 00° 27' 18" East, 385.60 feet to the
said South right -of --way line; thence along said South line, South 89° 32' 42" East, 810.28
feet to the East line of the Northwest Quarter of Section 4; thence along said East line,
South 00° 08' 05" West, 2767.56 feet to the POINT OF BEGINNING.
LESS:
COMMENCING at the Center Quarter corner of Section 4; thence, North 63° 02' S1"
West, 1263,49 feet to the POINT OF BEGINNING; thence, North 90° 00' 00" West,
50.00 feet; thence, North 00° 00' 00" West, 100.00 feet; thence, North 90° 00' 00" East,
50.00 feet; thence, South 00° 00' 00" East, 100.00 feet to the POINT OF BEGINNING.
The above described tract of land contains 4,364,316 feet or 100.191 acres, more or less
and is subject to all easements and rights -of --way now on record or existing.
LMS
August 26, 2016
SASurvey Jobs\911-009\Dwg\District Map\911-009 District 3 Description.docx
3Q1 iV. Howes Street, Suite 100, For# Coiiins, CO 80521 � 970.221.4158 � www.northernengineering.com
NW CORNER _� �
SECTION 4-2-67
I
50' ROW —
DISTRICT 3
_ _r50' ROW
ZINNIA AVENUE (WCR 26)
DISTRICT 3 W
4,364,316 sq. ft. a
100.191 ac. o
DISTRICT 2 DISTRICT 1
WEST a CORNER OF THE NW 1
SECTION 4-2-67 4
SECTION 4-2-67
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NORTHWCORNER
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SECTION 4-2-67 SECTION 4-2-67
FIRESTONE BLVD, (WCR 24)
50' ROW
HOMESTEAD RANCH
NORTHERN METRO DISTRICT
DRAWN BY: L. Smith SHEET NO:
ENGINEERING
SCALE: 1 "=700'
301 North Howes Street, Suite 100 PHONE: 970.221.4158
Fort Collins, Colorado 80521 www.northernengineering.com ISSUED: FEBRUARY26,2016 D3
DESCRIPTION: DISTRICT 4
A tract of land being a portion of Lot 2, Homestead at FiY estone Minor Plat, recorded at
Weld County Clerk and Recorder at Reception No. 3289490, located in the West Half of
Section 4, Township 2 North, Range 67 West of the 6th P.M., Town of Firestone, County
of Weld, State of Colorado, and being more particularly described as follows:
Considering the East line of the Northwest Quarter of Section 4 as bearing South 00° 08'
05" West and with all bearings contained herein relative thereto:
BEGINNING at the Center Quarter corner of Section 4; thence along the East line of the
Southwest Quarter of Section 4, South 00° 07' 08" West, 1316.07 feet to an angle point of
aforementioned Lot 2; thence along the Southerly and Easterly line of said Lot 2, North
89° 28' 58" West, 330.00 feet; thence, South 00° 07' 08" West, 1270.00 feet to the North
right -of --way line of Firestone Boulevard (WCR 24); thence along said North line, North
89° 28' 58" West, 1609.06 feet to the Southwest corner of said Lot 2; thence along the
West line of said Lot 2, North 00° 05' 14" East, 2030.81 feet; thence, South 89° 24' 03"
East, 438.73 feet; thence, North 26° 37' 16" East, 320.00 feet; thence, North 01° 13' 36"
East, 272.41 feet to the South line of the Northwest Quarter of Section 4; thence along
said South line, South 89° 19' 09" East, 1353.42 feet to the POINT OF BEGINNING.
The above described tract of land contains 4,296,404 feet or 98.632 acres, more or less
and is subject to all easements and rights -of --way now on record or existing.
LMS
February 255 2016
SASurvey 7obs\911-009\Dwg\District Map\911-009 District 4 Dcscription.docx
301 N. Nowes Street, Suite lOC, Fort Coili►�s, CO 80521 I 970.221.4158 I www.��orthernengir�eering.com
NW CORNER
SECTION 4-2-67
5Y ROW
WEST4 CORNER
SECTION 4-2-67
SE CORNER
SECTION 4-2-67
301 North Howes Sheet, Suite 100
Fort Collins, Colorado 80521
DISTRICT 4
50' ROW
- _ ZINNIA AVENUE (WCR 26)
DISTRICT 2
DISTRICT 3
DISTRICT 1
SOUTH LINE
OF THE NW 4
SECTION 4-2-67
�..0 P� F�RES�ONE
P
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DISTRICT 4
4,296,404 sq. ft.
98.632 ac.
FIRESTONE BLVD. (WCR 24)
50' ROW
O
ENGINEERING
PHONE: 970.221.4158
www,northernangineeri ng.com
NORTH4CORNER
SECTION 4-2-67
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SECTION 4-2-67
HOMESTEAD RANCH
METRO DISTRICT
DRAWN BY: L. Smith
SCALE: 1
"=700'
ISSUED: FEBRUARY 26, 2016
SHEET NO
:
EXHIBIT B
Boundary Maps
NW CORNER
SECTION 4-2-67
50' ROW
WEST4 CORNER
SECTION 4-2-67
SE CORNER
SECTION 4-2-67
301 North Howes Street, Suite 100
Fort Collins, Colorado 80521
MAP OF DISTRICTS
50' ROW
ZINNIA AVENUE (WCR 26)
DISTRICT 2
3,212,758 sq. ft.
73.755 ac.
DISTRICT 3 �,
4,364,316 sq. ft. o
100.191 ac. ocn
DISTRICT 1
�5,000 sq. ft.
0.115 ac.
SOUTH LINE
OF THE NW 4
SECTION 4-2-67
DISTRICT 4
4,296,404 sq. ft.
98.632 ac.
FIRESTONE BLVD. (WCR 24�
50' ROW
133
NORTH 4 CORNER
SECTION 4-2-67
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HOMESTEAD RANCH
METRO DISTRICT
ENGINEERING DRAWN BY: L. Smith SHEET NO:
PHONE: 970,221.4158 SCALE: 1"700'
www.northernengineering.com ISSUED: FEBRUARY 26, 2016 M D 1
EXHIBIT C
Vicinity Map
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I' XHIBIT D
Property Owners' Consents
EAGLE DEVELOPMENT CORPORATION
212 North Wahsatch Avenue, Suite 301
Colorado Springs, Colorado 80903
May 19, 2019
Board of Trustees
Town of Firestone
151 Grant Ave.
Post Office Box 100
Firestone, CO 80520
RE: Proposed Homestead Ranch Metropolitan District Nos. 1-4 (the "Districts")
To The Board of Trustees:
Eagle Development Corporation is the owner of the property, excluding rights of way and tracts
dedicated to the Town, attached hereto as Exhibit A, which property comprises Homestead
Ranch Subdivision and is proposed to constitute the boundaries of the Districts. The purpose of
this letter is to advise that the property owner consents to the organization of the Districts.
STATE OF COLORADO
ss.
COUNTY OF
EAGLE DEVELOPMENT CORPORATION
A Colorado Corporation
By:
Jeff Marlc, President
On this day of 2019, before me, a Notary Public, personally
appeared Jeff Mark in his capacity as President of Eagle Development Corporation, a Colorado
corporation, to me known to be the person described in and who executed the foregoing
instrument, and acknowledged that he executed the same in the indicated capacity as his free act
and deed.
Witness my hand and seal of office.
My commission expires:
[SEAL]
Notary Public
EXHIBIT E
Engineering Estimates
R
51 Grant Street
irestone, Colorado 8052101,
Richam L. Senincuer, a Registerea* ! • e. t
ave estimated typical development costs within the proposed Homestead Ranch
Aetropolitan Districts, Homestead at Firestone is a 752 lot residential subdivision
ocated in the Town of Firestone and is currently in the early planning stages of
�evelopment.
1
t,M
CoSt
Development Construction Cost
$20,815,000
10% Contingency
$2,081,500
Subtotal
$22,896,500
10% Project Administration, Design, Construction
Management
$2,289,650
Grand Total
$25y 186s150
Cost Per Lot (752 lots)
$33,492 per lot
Based on the above assumptions, I believe the Public Improvement Estimate of Probable
Construction Costs contained within the service Plan for Homestead Ranch Metropolitan
Districts is reasonable for the public improvements portion of the proj Diect based on the
known data for this subdivision.
Do R
�InGeYely,
Core Engineering Crroup
Richard Schindler, P.E.
3�7 b o'c
S�ONAL e tt
15004 1S` Avenue S. Burnsville, MIV 55306
719.570.1100 (ph)
Appendix —Cost Calculation
Data from the following sources have been used in preparation of this letter:
1. A Preliminary Plat, prepared by JL Walter Consulting, dated February, 2007,
2. A Preliminary Drainage Report prepared by Tom Knostman, dated June 5, 2006
3. Traffic Impact Study prepared by Eugene Coppola, dated August 8 , 2005
4. Offsite District Costs prepared by Core Engineering Group, dated July 28, 2014
5. Typical Development Costs prepared by Core Engineering Group, dated July 28,
2014
6. Development costs for various residential developments by The Landhuis
Company
The current size of the Homestead at Firestone development is around 280 acres and
currently has a total of 583 lots for a density of 2.08 dwelling units per acre. The current
preliminary plat includes 77 acres of land for open space, detention pond, and gas well
point land uses. It is proposed to change the density of the project to 3.0 d.u./acre which
would equate to approximately 752 single family dwelling units which is used in these
calculations.
The current concept plan by the Birdsall Group has 35,500 feet of streets planned to
serve the project.
Page 2 of 3
15004 1'` Avenue S. Burnsville, 5�306
719.570.1100 (ph)
r
Typical Construction Costs (35,500 LF of streets)
Item
Cost/foot
Construction
Costs
Watermain — Onsite
$90
$3,1953000
Sanitary Sewer - Onsite
$95
$3,372,500
Storm Sewer - Onsite
$45
$1,597,500
Streets - Onsite
$140
$4,970,000
Grading & Erosion Control
$40
$1,4203000
Oversized Detention Facilities, Channels,
and Crossings — Per Drainage Report
$550,000
Offsite Watermain - Town of Firestone
$860,000
Offsite Water Interconnect
$450,000
Offsite Sanitary Sewer — St. Vrain
Sanitation District
$513,000
Offsite Auxilliary Lanes (57,OOOsf) and
Existing Road Paving (190,000sf) — based
on Traffic Study
$1,976,000
Non -Potable Watermain (Potential)
$551 000
Entryways, Landscaping, Open Space,
Parks
$350,000
Street Lighting (85 lights) & ROW sleeves
$610,000
Regional Trail Connections
$400,000
Subtotal
$20,815,000
Page 3 of 3
15004 1St Avenue S. Burnsville, MN 55306
719.570.1100 (ph)
EXHIBIT F
Location of Public Improvements
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EXHIBIT G
Financing Plan
Homestead Ranch Metro Districts
Town of Firestone, Colorado
Limited Mill General Obligation Bonds
Table of Schedules
Assumptions
Preliminary as of 04/22/2019
5.75% Rate Series 2024
Issue Term Repayment Source
iiRMD
Cover
4122/2019
New Money -Residential Develo
50 Mill Bontl Levy
6 Mill 0&M Levy
Assumes 98.50% of Revenue Available for Debt Service
Par Amount
Project Fund
Proceeds at Close
Series 2024 30 Year Term Residential $181490;000 $175256,495
Total $183490,000 $17,256,495
1 . Cover Page
2 . Schedule of Revenue & Debt Service
3 . Schedule of Operating Mill Levy & Expense
4 . Improved Lot Value
5 . Residential Development
6 . Assessed Value Summar
Series 2024
7 . Debt Service Schedule
8 . Sources and Uses of Funds
Residential
PRELIMINARY -FOR DISCUSSION ONLY 4/22/2019
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Homestead Ranch Metro Districts Hw.m 7
Town of Firestone, Colorado
Limited Mill General Obligation Bonds
Series 2024
Debt Service Schedule
$18,490,000
Interest Annual Capitalizec DSRF Earnings Net Annual
Date Prindpa Rate Interest P & I P & I Interest 2,00% P & I
06101125
531,587.50
531,587,50
(81561,55)
12/01/25
5,750
531,587.50
531,587t5O
11063,175.00
(8,561.55)
13046,051.90
06101/26
531,587.50
531,587,50
(81561455)
12/01/26
5.750
531,587.50
531,587.50
11063,175,00
(81561.55)
110463051,90
O6/01/27
531,587,50
5313587.50
(8,561.55)
12/01/27
5,750
531,587,50
531,587.50
1,063,175.00
(81561,55)
1,046,051.90
O6/01/28
531,587.50
531,587650
(8,561.55)
12101/28
5,750
531,587,50
531,687,50
110630175,00
(8,561.55)
11046,051,90
06101/29
531,587,50
531,587,50
(8,561,55)
12/01/29
5,750
5319587.50
531,587,50
1,063,175.00
(83561455)
11046,051490
06/01/30
531,587.50
531,587,50
(8,561.55)
12/01/30
55,000
5.750
531,587.50
5862587,50
1,118,175.00
(8,561.55)
1,1011051$90
06101/31
530,006,25
530,006.25
(8156155)
12/01/31
180,000
5,750
530,006,25
710,006.25
1,240,012.50
(81561,55)
1,222,889.40
06/01/32
524,831,25
524,831,25
(8,561.55)
12/01/32
190,000
5,750
524,831.25
714,831,25
11239,662,50
(81561.55)
122223539640
06101/33
519,368,75
519,368,75
(81561,55)
12/01/33
235,000
5.750
519,368,75
754,368.75
11273,737,50
(8,561.55)
1,256,614.40
O6/01134
512,612,50
512,612.50
(8,561.55)
12/01/34
250,000
5,750
512,612,50
762,612,50
11275,225,00
(8,561.55)
11258,101,90
06/01/35
505,425,00
505,425400
(8,561.55)
12/01/35
305,000
5.750
505,425,00
8101425.00
11315,850,00
(8,561.55)
11298,726.90
06/01/36
496,656.25
496,656,25
(81561,55)
12101/36
330,000
5,750
_ 496,656.25
8269656.25
11323,312,50
(8,561.55)
1,306,189,40
06/01/37
4871168,75
487,168.75
(85561,55)
12101/37
385,000
5,750
487,168,75
872,168,75
11359,337.50
(81561,55)
1,342,214.40
06/01/38
4761100 00
476,100,00
(81561.55)
12/01/38
4%000
5.750
476,100,00
886,100.00
1,362,200.00
(81561,55)
11345,076,90
06101/39
-
464,312.50
4643312,50
(8,561.55)
12101139
475,000
5.750
464,312,50
9393312.50
11403,625,00
(81561,55)
11386,501.90
06/01/40
450,656.25
4501656,25
(83561,55)
12/01/40
510,000
5.750
450,656,25
960t656625
114113312,50
(8,561,55)
1,394,189.40
06/01/41
435,993.75
435,993,75
(8,561.55)
12/01141
575,000
5,750
435,993.75
11010,993,75
11446,987,50
(8,561.55)
11429,864,40
O6/01/42
4190462.50
4191462,50
(8,561.55)
12/01/42
6%000
5,750
419,462.50
13029,462,50
1,4481925.00
(81561.55)
11431,801,90
06/01/43
401,925.00
401,925.00
(81561,55)
12/01/43
685,000
.5,750
401,925,00
1,086,925.00
11488,850.00
(81561,55)
114711726.90
06/01/44
3823231,25
382,231.25
(8,561.55)
12/01/44
730,000
5,750
3823231,25
11112,231,25
11494,462.50
(8,561,55)
1,4773339.40
06101/45
361,243,75
361,243475
(8,561.55)
12/01/45
810,000
5,750
3611243.75
1,1711243,75
1,532,487.50
(81561.55)
1,515,364.40
06/01/46
337,956.25
3375956.25
(81561,55)
12/01/46
860,000
5.750
337,956.25
11197,956.25
1,535,912.50
(8,561,55)
1,518,789.40
06/01/47
3133231,25
313,231.25
(81561455)
12101147
955,000
5,750
3131231.25
1,2%231.25
11581,462,50
(8,561,55)
11564,339.40
06101/48
285,775.00
285,775,00
(83561455)
12/01/48
1,015,000
5,750
285,775.00
11300,775,00
1,586,550,00
(8,561.55)
1,56%426.90
06/01149
256,593.75
256,593,75
(81561,55)
12/01/49
11120,000
5,750
256,593,75
1,376,593.75
1,633,187.50
(81561,55)
116161064.40
06/01/50
-
224,393475
224,393.75
(81561,55)
12/01/50
11180,000
5,750
224,393.75
1,4043393,75
11628,787.50
(8,561.55)
11611,664,40
06101151
190,468.75
190,468.75
(81561.55)
12101/51
1,300,000
5.750
190,468,75
11490,468.75
11680,937,50
(81561,55)
11663,8K40
06101152
153,093.75
153,093,75
(83561.55)
12/01/52
11380,000
6,750
153,093.75
1 3533 rO93,75
1,686,187.50
(8,561.55)
1,669,064.40
06/01/53
113,418,75
1131418,75
(81561,55)
12/01/53
115003000
5,750
1131418,75
1,613,418.75
1,726,837.50
(81561.55)
11709,714,40
O6/01154
70,293,75
70,293,75
(81561,55)
12/01/54
2,445,000
5,750
701293.75
2,5153293.75
21585,587,50
(864,716,35)
11712,309.60
18,490,000
24,2051487.50
42,6951487.50
423695,487.50
0,00 (1,369,847.68)
41,325,639,82
Dated 12101124 Average Coupon 5.750000
NIC 5.815884
Settlement 12/01124 TIC 5.873541
Arbitrage Yield #NIA
Bond Years 420,965.00
Average Life 22.77
Accrued Interest 0,00
PRELIMINARY -FOR DISCUSSION ONLY 4/2212019
Homestead Ranch Metro Districts
Town of Firestone, Colorado
Limited Mill General Obligation Bonds
Series 2024
Sources and Uses of Funds
Sources
Principal Amount of Bond Issue
Uses
Project Funds at Close
Reserve Fund
Bond Discount
Cost of Issuance
Contingency
50% of Full Reserve
$15.00 /$1,000
18,490,000.00
18,490,000.00
17,256,495.20
856,154.80
277,35U0
100,000000
0400
18,490,000.00
PRELIMINARY -FOR DISCUSSION ONLY 4/22/2019
EXHIBIT H
Legal Counsel Letter
David S. O'Leary, Esq.
Direct Dial: 303-839-3952
doleary@spencerfane.com
August 235 2019
Town of Firestone
Firestone Town Hall
151 Grant Avenue, P.O. Box 100
Firestone, Colorado 80520
Re: Organization of Homestead Ranch Metropolitan District Nos.1-4
File No. 5024117.0012
This firm has acted as counsel to Petitioners in connection with the organization and submittal of the
Service Plan for Homestead Ranch Metropolitan District Nos. 14 (collectively, the "Districts").
Pursuant to the requirements of the Service Plan for the District, this letter confirms that the petitions
For organization of the Districts filed with the Town on July 26, 2019, the Service Plan for the
District, as approved by the Town on September 11, 2019, and the notice, hearing and other
procedures in connection with the approval of the Service Plan, have met the requirements of the
Special District Act, Section 32-1-101, et seq., C.R.S., and that the provisions of the Service Plan, as
amended, including, without limitation, provisions as to the structure and terms of the District's
bonds, fees and revenue sources, are consistent with applicable provisions of title 11 and 32, C.R.S.,
and other applicable law.
Please be advised, however, that this firm has not been engaged as bond counsel to the Districts, nor
will this firm serve as bond counsel at any time for the Districts. This letter does not purport to offer
any opinion of the type customarily required to be given by bond counsel with regard to any bond
transaction of the Districts.
This letter is limited to the use of the addressee as set forth above, and may not be relied upon by
other parties or in connection with any future sale, resale or transfer of bonds and may be relied upon
only as stated herein. This letter may not be used, quoted or referred to, in whole or in part, for any
other purpose without the prior, written consent of the firm.
Very truly yours,
SPENCER FANS LLP
David S. O'Leary
For the Firm
Enclosures
DN 1280568.1
SPENCER FANS LLP I 1700 LINCOLN STREET, SUITE 2000, DENVER, CO 80203-455A I 303.839.3800 I FAX 303.839.3838 I spencerfane.com
EXHIBIT I
Form of Disclosure Notice
Upon recording return to:
Homestead Ranch Metropolitan District Nos. 1-4
c/o Spencer Fane LLP
1700 Lincoln Street, Ste. 2000
Denver, CO 80203
GENERAL DISCLOSURE AND COMMON QUESTIONS
REGARDING THE HOMESTEAD RANCH
METROPOLITAN DISTRICT NOS.1-4
IN WELD COUNTY, COLORADO
1. What is a special district and what does it do?
Colorado special districts are local goverlunents just as municipalities (cities and towns) and counties
are considered local governments. Often, municipalities and counties are limited by law and other
factors as to the services they may provide. Therefore, special districts are formed to provide
necessary public services that the municipality or county cannot otherwise provide. Homestead
Ranch Metropolitan District Nos. 14 are separate and distinct entities; the developer, builder, real
estate agents, or current homeowner cannot change, make any promises, waivers or commitments to
the taxes, operations and maintenance fees, or other fees, tolls or charges of the Districts when they
apply, Guidelines/Covenants, for the Districts.
Homestead Ranch Metropolitan District Nos. 1-4 (collectively, the "District") were organized
pursuant to Orders of the Weld County District Court following an election in November 2019, at
which time a majority of the eligible electors voted in favor of the formation of the District, elected
members to the initial board of directors and voted in favor of certain tax and debt authorization.
The District is aquasi-municipal governmental entity with the power to impose property taxes and
other fees and charges for services within its boundaries. Legal descriptions and a map of the District
are attached hereto as Exhibit "A." The District is governed by an elected board of directors made up
of property owners from each district. Pursuant to the Service Plan for Homestead Ranch
Metropolitan Districts Nos. 1-4 (the "Service Plan") approved September 11, 2019 by the Town of
Firestone, as may be amended from time to time, the District has the ability to construct and finance
major public improvements as well as additional amenities, including, but not limited to park and
recreation, landscaping, water, drainage, wastewater and road improvements within its boundaries.
The District has authority to own, operate and maintain drainage improvements, any recreation and
associated facilities, district pool and clubhouse, parks, tract landscaping, detention ponds and trail
systems and other public facilities and infrastructure not otherwise dedicated to or accepted by the
Town or other applicable public entity, upon appropriate approval of the Town. If the District
operates and maintains such facilities, the expense associated with such activity may be paid from the
District's tax revenues and/or fees lawfully unposed by the District.
DN 1280573.1
2. May the Districts Impose Any Fees Upon Me as a Property Owner?
Special Districts are governmental entities, and have the power to impose property taxes and to adopt
and charge fees, rates, tolls, penalties, or charges for services including but not limited to general
administrative, operations and maintenance services. The District also has the power to adopt and
charge monthly fees, rates, tolls, penalties, or charges for services including but not limited to general
administrative, operations and maintenance services as authorized by the Town for all residential
property within the District's boundaries. The Districts are permitted to impose a Capital
Improvement Fee in the amount of $2,500 per dwelling unit.
All District fees and rates may be adopted and/or amended from time to time by the District's
board of directors at their discretion, as permitted by law.
A homeowners association is separate and distinct from the special districts, and is generally
responsible for reviewing architectural plans for the construction of new homes and enforcing
restrictive covenants in the community to help maintain property values. The homeowners
association is normally responsible for the maintenance and operation of the common areas and
other landscaping within a community and may assess dues to its members but has no ability to
impose taxes. The Districts have the ability to enforce covenants, perform design review, and
perform many homeowners association responsibilities at favorable rates payable through tax
deductible property taxes and District Fees. The Districts, the developer and the builders within
the Districts have elected to have the Districts perform as many of the homeowners' association
functions and services as permitted by law.
Please note that it is the homeowner's responsibility to review and see the Community Covenants
and Guidelines and understand them. By signing the District disclosure you are also agreeing to
follow the community covenants and guidelines. The Covenants and Guidelines go over such
items as commercial vehicle parking restrictions, vehicles with logos, restrictions on very limited
parking of RV's, trailers, boats, etc., landscaping requirements, required fencing, required fence
stain, etc. All improvements to the outside of the home or landscape must be approved with the
Architectural Design Application,
3. How much property tax will the Districts collect to construct improvements and pay for
operations and maintenance?
The District has the authority to impose property taxes for all of the activities identified in its
Service Plan, a copy of which is on file with the Town of Firestone, Colorado and which is
available to prospective purchasers. The District may issue bonds to provide for the costs of capital
improvements within its boundaries. Once the bonds are sold, they must be repaid over time with
interest. The maximum repayment period for the bonds is forty (40) years. The annual payment
on the bonds is known as "debt service." In order to meet the debt service requirements for the
bonds, and to pay operations and maintenance costs associated with the provision of services, the
District will impose a mill levy under the Service Plan. The total combined mill levy for both
operations and debt service is capped pursuant to the Service Plan at 60 mills with the maximum
debt mill levy of 50 mills, both with certain adjustments as permitted by the Service Plan; the mill
levies may be adjusted upward or downward over time as permitted in the Service Plan as
discussed below.
2 DN 1280573.1
4. Why are special districts used for nnancinI4 public infrastructure?
Many areas in Colorado utilize special districts to finance public improvements. Homeowners often
are surprised to find that they have lived for years in water and sanitation districts, or other types of
special districts. Since cities and counties typically do not provide for construction or installation of
water and wastewater systems, roads, or recreation facilities in new communities, special districts are
organized to build these facilities. Special districts and the financial powers they utilize permit early
construction of recreation facilities and other amenities for the benefit of the community. Where
special districts are established, the costs of public unprovements within the community are generally
spread over 20 to 30 years and are paid from mill levies which, under current tax laws, may result in
federal income tax benefits.
5. What limitations exist to make sure the Districts do not create unreasonably high mill
levies?
All general obligation bonds anticipated to be issued by the District will be governed by the
controls adopted by the Colorado legislature and governing the process by which bonds are issued
by special districts. In addition, the organization and operation of the District was overseen by the
Town through its approval of the Service Plan. The Service Plan currently has limited the aggregate
mill levy cap that may be assessed by the District to 60 mills, and the debt service mill levy to 50
mills, subject to adjustment to account for changes in state law with respect to the assessment of
property for taxation purposes, the ratio for determining assessed valuation, or other similar
matters and subject to increases as permitted by the Service Plan. The adjustment allows for tax
revenues to be realized by the District in an equivalent amount as would have been realized by the
District based on a levy of 60 mills absent any change in the manner of the assessment of property
for taxation purposes, the ratio for determining assessed valuation, or other similar matters.
In addition, various voter limitations exist which affect the taxing powers of the District, including
maximum annual taxing limitations and expenditure limitations. The TABOR Amendment,
Article X, Section 20 of the Colorado Constitution, also provides for various legal limitations
which may restrict the taxing and spending authority of the District.
The mill levies expected in the District are reasonable and comparable to other developments served
by special districts that provide similar services and amenities. The debt limit and the mill levy cap
will remain in place for general obligation limited tax bonds issued by the District. These limits, as
well as others existing under Colorado law and various voter approvals, are believed to be adequate
to control the tax levels within the District.
Market constraints on property sales by the developer also require that the mill levy within the
District be comparable to mill levies in competing development areas in order to further the
community as an attractive place for individuals to buy homes. Therefore, in the initial stages of
the development, it is in both the District's and the project developer's best interest to maintain a
mill levy in the District comparable to the total property taxes in other similar communities so that
the property taxes paid for the amenities and services in the District are a good value.
3 DN 1280573.1
6. Who bears the risk that the community may not fully develop?
During the early stages of development, the developer of the project will be providing necessary
funding and advancing funds to the District to pay for the public infrastructure construction costs and
operational needs. The developer advances will be reimbursed at the time the District is able to issue
general obligation, limited tax bonds. Property taxes paid and collected within the District will help
pay the costs of all bonds. Therefore, if the actual build -out that occurs is less than what is projected,
the individual property owners will not experience an increase in their tax obligations to the District
beyond the limits described herein. The limited null levy will be assessed the same on each home
and other taxable property in the District regardless of the number of taxable structures. This results
in the risk of development being shared by bondholders and the developer. The property owners also
share risk relative to the bonds, but this risk is limited as discussed above.
7. What will the tax bill look like, and what are the various taxes used for?
It is anticipated that the tax bill for individual properties will show mill levies for Weld County, the
Town of Firestone, school districts and various other public service providers, including the District.
Colorado municipalities certify their mill levies on an annual basis, so the most accurate manner of
ascertaining the specific taxing entities and current total and overlapping mill levy on any property is
to directly contact the County Treasurer and Assessor. Attached hereto as Exhibit "B" is a general
formula for the manner in which residential property in Colorado is assessed.
In surnrnary, it is anticipated that the total mill levy charged to properties within the boundaries of the
District will be comparable to those of surrounding, similar communities.
8. Where can one yet additional information re�ardin� the Districts?
This document is not intended to address all issues associated with special districts generally or
with the District specifically. More information may be obtained by contacting the District's
Manager at: Centennial Consulting Group, 2619 Canton Court, Suite A, Fort Collins, CO 80525;
(970) 484-0101, or the Colorado Department of Local Affairs, (303) 866-2156; or by attending
District meetings, which occur normally two times per year, or when posted. Meetings are held at
212 N. Wahsatch Avenue, Ste. 301, Colorado Springs, CO 80903 or the offices of District Counsel.
The District is also required to keep minutes and other records that are open for inspection by any
citizen, hold elections for the boards of directors, adopt annual budgets, and submit to financial
audits.
HOMESTEAD RANCH METROPOLITAN
DISTRICT NOS. 1-4
Signed:
By:
Its:
President
q DN 1280573.1
I, , hereby acknowledge that I have received and
read this GENERAL DISCLOSURE AND COMMON QUESTIONS REGARDING
HOMESTEAD RANCH METROPOLITAN DISTRICT NOS. 14.
Buyer
Buyer
Buyer
Lot
Lot
Address
Address
Date
Date
5 DN 1280573.1
EXHIBIT A
LEGAL DESCRIl'TION AND MAP OF THE PROPERTY WITHIN THE
HOMESTEAD RANCH METROPOLITAN DISTRICT NOS, 14
DN 1280573.1
EXHIBIT B
GENERAL FORMULA FOR ASSESSMENT OF RESIDENTIAL PROPERTY
The assessment for a home is determined as follows:
The County Assessor's Office determines the Actual Value of the home based upon sales prices
of comparable homes in the area.
To determine the Assessed Valuation, the Actual Value of the home is multiplied by the
Assessment Ratio, which is set every odd numbered year by the state legislature. As of January 1,
2019, the Assessment Ratio was 7.20%. The current Assessment Ratio can be obtained from the
County Assessor's Office.
The applicable Mill Levy is multiplied by the Assessed Valuation of the home, resulting in the
assessment for the home.
For example, a home with an Actual Value of $300,000 at a time when the Assessment Ratio is
7.20% would have an Assessed Value of $21,600. One mill (.001) applied to that valuation for
assessment produces $21.60 of taxes. If the total District mill levy is 50 mills (.050), the portion
of the homeowner's annual tax bill levied by the District would be $1,080 or $90 per month.
7 DN 1280573.1
EXHIBIT J
Form of Town Disclosure Statement
TOWN OF FIRESTONE, COLORADO —DISCLAIMER STATEMENT
Asa requirement imposed in its formation process, the Homestead Ranch Metropolitan
District Nos. 14 (collectively, the "District") is obligated to the Town of Firestone (the "Town")
to include this disclaimer statement in all offering materials used in connection with any bonds
or other financial obligations of the District (or, if no offering materials are used, to give this
disclaimer statement to any prospective purchaser, investor or lender in connection with any such
bonds or other financial obligations of the District). The date of this disclaimer statement is
The Town has not reviewed or participated in the preparation of any offering materials or
any other disclosure documentation relating to any bonds or financial obligations of the District
or any other materials to which this Disclaimer Statement is appended. Other than this
Disclaimer Statement, no other statement of any kind is authorized to be made by or on behalf of
the Town in any offering materials or any other disclosure documentation relating to any bonds
or other financial obligations of the District.
The Town and the District are separate legal entities. The Town is not a party to and is
not obligated with respect to any borrowings, financings, bonds or other financial obligations of
the District. As a statutory requirement for the formation of the District, the Town approved a
Service Plan containing financial and other information furnished by the District's organizers.
The Town's approval of the Service Plan was based upon such information furnished by the
District's organizers without independent investigation by the Town. The District's Service Plan
was prepared in 2019 and not in connection with the offering of any bonds or other financial
obligations. The Town's approval of the District's Service Plan should not be relied upon by
prospective purchasers, bondholders, investors or lenders in evaluating the investment quality of
the District's bonds or other financial obligations. The Service Plan and related agreements do
not impose upon the Town any duties to, nor confer any rights against the Town upon, any
purchasers, investors, lenders, bondholders or other third parties.
{0051593t.1} DN 1771446.1
EXHIBIT K
Form of Intergovernmental Agreement between Districts and Town
INTERGOVERNMENTAL AGREEMENT
BY AND BETWEEN
THE TOWN OF FIRESTONE, COLORADO
AND
HOMESTEAD RANCH METROPOLITAN DISTRICT NOS. 14
THIS INTERGOVERNMENTAL AGREEMENT (the "Agreement") is made and
entered into to be effective as of the day of , 20 , by and between the
TOWN OF FIRESTONE, COLORADO, a municipal corporation of the State of Colorado (the
"Town"), and HOMESTEAD RANCH METROPOLITAN DISTRICT NOS. 14, a quasi -
municipal corporation and political subdivision of the State of Colorado (collectively, the
"District"), individually a "Party" and collectively referred to herein as the "Parties."
RECITALS
WHEREAS, the District was organized to finance, acquire, design, construct and install
certain facilities, provide those services and to exercise powers as are more specifically set forth
in the District's Service Plan approved by the Town on September 11, 2019 by Resolution
(the "Service Plan"); and
WHEREAS, the Service Plan makes reference to the execution of an intergovernmental
agreement between the Town and the District; and
WHEREAS, the Parties have determined it to be in the best interests of their respective
taxpayers, residents and property owners to enter into this Agreement;
NOW, THEREFORE, for and in 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 Parties hereto agree as follows:
COVENANTS AND AGREEMENTS
1. APPLICATION OF LOCAL LAWS. The District hereby 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,
related plans and intergovernmental agreements.
2. NATURE OF DISTRICT. The District agrees that it is organized for the purpose
of financing certain public improvements for the area within its boundaries only (except to the
extent otherwise specifically provided in Article V.c. of the Service Plan), which area is
designated as the proposed Homestead Ranch Subdivision development, and that the District's
purposes, powers, facilities and activities are to be limited and governed by the Service Plan.
The District is not intended to and shall not provide facilities or services outside its boundaries
(except as otherwise specifically provided in Article V.c. of the Service Plan or by
Intergovernmental Agreement with the Town). Further, the District is not intended and shall not
exist perpetually, but instead shall be dissolved in accordance with the Service Plan and this
Agreement once it has completed its financing and has addressed the operations and maintenance
needs for the development. The District shall not provide any services or facilities within any
area of the District overlapping with the service area of another district without first obtaining
the written consent of each and every district whose service area is so overlapped.
3. CHANGES IN BOUNDARIES. The District agrees that, as set forth in the
Service Plan, inclusion of properties within, or any exclusion of properties from, its boundaries
shall constitute a material modification of the Service Plan; any purported inclusion or exclusion
that has not been approved by the Town pursuant to the procedures applicable to a material
modification of the Service Plan shall be void and of no effect. Internal boundary changes
between the multiple Districts shall be permitted if in accordance with statutory requirements so
long as the external boundaries of the Districts as a whole remain intact.
4. TOWN APPROVAL REQUIREMENTS• REVIEW OF DISTRICT
SUBMITTALS. The District agrees that any Town approval requirements contained in the
Service Plan (including, without limitation, any Service Plan provisions requiring that any
change, request, action, event or occurrence be treated as a Service Plan amendment proposal or
be deemed a "material modification" of the Service Plan) shall remain in full force and effect,
and such Town approval shall continue to be required, notwithstanding any future change in law
modifying or repealing any statutory provision concerning service plans, amendments thereof or
modifications thereto. The District agrees to "reimburse the Town for all reasonable
administrative and consultant costs incurred by the Town for any, Town review of reports, plans,
submittals, proposed modifications or requests for administrative approvals, or other materials or
requests provided to the Town by the District pursuant to the Service Plan, this Agreement, state
law or Firestone Municipal Code. The Town may require a deposit of such estimated costs.
5. OWNERSHIP OF IMPROVEMENTS. The Parties agree that the District shall be
permitted to undertalce ownership, operation or maintenance of any public improvements,
facilities or services, as specifically set forth in the Service Plan or by intergovernmental
agreement with the Town.
6. CONSOLIDATION. The District shall not ale a request with the District Court to
consolidate with another district without the prior written consent %J the Town, except for
another Homestead Ranch Metropolitan District Nos, 1.4.
7. DISSOLUTION. The District agrees that it shall take all action necessary to
dissolve the District upon payment or defeasance of the District's bonds or otherwise upon the
request of the Town, in accordance with the provisions of the Service Plan and applicable state
statutes. hi no event shall dissolution occur until the Districts has provided for the payment or
discharge of all of its outstanding indebtedness and other financial obligations as required
pursuant to State statutes.
8. NOTICE OF MEETINGS, The District agrees that it shall submit a copy of the
written notice of every regular or special meeting and work session of the District's Board of
Directors to the Office of the Firestone Town Administrator, by mail, facsimile or hand delivery,
to be received at least one (1) day prior to such meeting.
2
9. ANNUAL REPORT. The District shall be responsible for submitting an annual
report to the Town pursuant to and including the information set forth in the Service Plan.
10. ENTIRE AGREEMENT OF THE PARTIES. This Agreement, including all
exhibits, supersedes any and all prior written or oral agreements and there are no covenants,
conditions, or agreements between the parties except as set forth herein. No prior or
contemporaneous addition, deletion, or other amendment hereto will have any force or affect
whatsoever unless embodied herein in writing.
11. AMENDMENT. This written agreement together with the Service Plan
constitutes the entire agreement between the Parties and supersedes all prior or written or oral
agreements negotiations, or representations and understandings of the Parties with respect to the
subject matter contained herein.
12. ENFORCEMENT. The Parties agree that this Agreement may be enforced in law
or in equity for specific performance, injunctive or other appropriate relief, including damages,
as may be available according to the laws and statutes of the State of Colorado.
13. VENUE. Venue for trial of any action arising out of any dispute hereunder shall
be in Weld County District Court.
14. BENEFICIARIES. Except as otherwise stated herein, this Agreement is intended
to describe the rights and responsibilities of and between the named parties and is not intended
to, and shall not be deemed to, confer any rights upon any persons or entities not named as
parties.
15. EFFECT OF INVALIDITY. If any portion of this Agreement is intended to
describe the rights and responsibilities of and between the named parties and is not intended to,
and shall not be deemed to, confer any rights upon any persons or entities not named as parties.
16. ASSIGNABILITY. Other than as specifically provided for in this Agreement,
neither the Town nor the District shall assign their rights or delegate their duties hereunder
without the prior written consent of the other Parties.
17. SUCCESSOR AND ASSIGNS. Subject to Paragraph 17 hereof, this Agreement
and the rights and obligations created hereby shall be binding upon and inure to the benefit of the
Parties hereto and their respective successors and assigns.
18. ADDITIONAL PROVISIONS. Notwithstanding any provision in the Service
Plan to the contrary, the Town hereby provides its consent and approves the following additional
authorizations for the Districts, subject to final approval of this intergovernmental agreement
with the Town, to be executed at the first meeting of the Districts after approval of this Service
Plan. In the event of any conflict between the provisions in the Service Plan and those set forth
in this Agreement, this Agreement shall control, and the Districts' exercise of the authorities
granted herein shall not constitute material modifications of the Service Plan.
a. Certain Offsite Improvements Permitted. The Parties acknowledge that
construction of certain offsite improvements will be required by an Approved Development Plan
3
for the property within the Districts, and that such offsite improvements are necessary for
development and will benefit property within the Districts and the Districts' constituents. The
Parties acknowledge that some of these improvements may be outside of the Districts'
boundaries but are necessary to provide standard and necessary public facilities and
improvements to the development. The Districts are hereby authorized to construct and finance
such improvements provided such improvements are constructed in accordance with an
Approved Development Plan.
b. Amendment to Water Rights/Resources Limitation. The Districts shall be
allowed to acquire, own, manage, adjudicate or develop non -potable water rights or resources for
the limited purposes of providing landscape maintenance and non -potable irrigation for common
areas within the boundaries of the Districts as may be expanded from time to time. Such
facilities and improvements necessary to provide for non -potable irrigation shall be constructed
in accordance with an Approved Development Plan. The Districts agree to not acquire
additional water for resale purposes.
ATTEST:
Secretary
ATTEST:
Acknowledged and Approved as to Form:
Town Attorney
HOMESTEAD RANCH
METROPOLITAN DISTRICT NOS. 14
By:
President
TOWN OF FIRESTONE
0
EXHIBIT L
Resolution of Town of Firestone Approving Service Plan
RESOLUTION NO. 19-
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, APPROVING THE SERVICE PLAN FOR THE
HOMESTEAD RANCH METROPOLITAN DISTRICT NOS, 14
WHEREAS, Article I of Title 32 of the Colorado Revised Statutes, as amended (the "Special
District Act") authorizes the formation of various kinds of governmental entities to finance and operate
public services and infrastructure, including metropolitan districts; and
WHEREAS, pursuant to the Special District Act, Eagle Development Corporation (the
"Developer") on behalf of the 100% property owner Babcock Land Corp ("Petitioner"), has submitted to
the Town of Firestone (the "Town") a service plan (the "Service Plan") for the proposed Homestead
Ranch Metropolitan District Nos. 14 (the "Districts"); and
WHEREAS, the District will be organized to provide for the planning, design, acquisition,
construction, installation and financing of certain public improvements, as more specifically described in
the Service Plan; and
WHEREAS, pursuant to the provisions of Title 32, Article 1, Part 2, C.R.S. as amended, the
Board of Trustees of the of the Town of Firestone, County of Weld, State of Colorado (the "Town"),
following due notice, held a public hearing on the proposed Service Plan, which hearing was held on
September 11, 2019; and
WHEREAS, while not required pursuant to Section 32-1-204.5, the Petitioner published notice of
the hearing before the Town Board of Trustees (the "Board") for consideration of the Service Plan in the
Longmont Times -Call, a newspaper of general circulation, on August 29, 2019, as evidenced by the
Affidavit of Publication attached hereto as Exhibit A and incorporated herein by this reference and
mailed by first class mail notice of the hearing before the Town Board on September 11, 2019 to all
property owners within the boundaries of the District and to the Division of Local Government, as
evidenced by the Affidavit of Mailing and Publication and the Notice of Public Hearing attached hereto as
Exhibit B and incorporated herein by this reference; and
WHEREAS, the Board of Trustees has considered the Service Plan and all other testimony and
evidence presented at the hearing; and
WHEREAS, based upon the testimony and evidence presented at the hearing, it appears that the
Service Plan for Homestead Ranch Metropolitan District should be approved by the Board of Trustees,
subject to certain conditions set forth below, in accordance with Section 32-1-204.5(1)(c), C.R.S.
THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF
FIlZESTONE, COLORADO:
Section 1. That the Board of Trustees, as the governing body of the Town of Firestone, Colorado,
does hereby determine, based on representations by and on behalf of the Homestead Ranch Metropolitan
District Nos. 14 (collectively, the "Districts") and Eagle Development Corporation, a Colorado
Corporation, (the "Developer"), that all of the requirements of Title 32, Article 1, Part 2, C.R.S., as
amended, relating to the filing of the proposed Service Plan for Homestead Ranch Metropolitan District
Nos. 14 have been fulfilled and that notice of the hearing was given in the time and manner required by
the Town.
Section 2. That, based on representations by and on behalf of the Districts and Developer, the
Board of Trustees of the Town of Firestone, Colorado, has jurisdiction over the subject matter of the
proposed Service Plan pursuant to Title 32, Article 1, Part 2, C.R.S., as amended.
Section 3. That, pursuant to Section 32-1-204.5, C.R.S., Section 32-1-202(2)5 C.R.S., and
Section 32-1-203(2), C.R.S., the Board of Trustees of the Town of Firestone, Colorado, does hereby find
and deternune and declare, based on the Service Plan, the representations by and on behalf of the
Developer, and other evidence presented at the public hearing, that:
(a) There is sufficient existing and projected need for organized service in the areas
to be serviced by the Districts;
(b) The existing service in the areas to be served by the Districts is inadequate for
present and projected needs;
(c) The Districts are capable of providing economical and sufficient service to the
area within their boundaries;
(d) The area in the Districts has, or will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis; and
(e) The approval of the Service Plan is in the best interests of the Districts.
Section 4. That pursuant to Section 32-1-204.5(1)(c), C.R.S., the Board of Trustees hereby
imposes the following conditions upon its approval of the Service Plan:
(a) At its first meeting after the effective date of this Resolution and in no event later
than sixty days after the formation election of the Districts, the Board of Directors of the
Districts shall execute the Intergovernmental Agreement with the Town ("IGA") in the form
presented to the Town Board of Trustees at its September 11, 2019 hearing, or in form
otherwise acceptable to the Town Attorney, and shall deliver the fully executed original of
the IGA to the Town.
(b) The Town is in the process of forming an Urban Renewal Authority ("URA"),
wherein the Town Board of Trustees will be designated at the urban renewal authority for
the Town of Firestone related to area within the proposed Districts. At its first meeting after
the effective date of this Resolution (or as soon thereafter as possible), the Districts and the
Town Board of Trustees shall negotiate and agree to execute an additional
intergovernmental agreement regarding property taxes whereby the Board of the URA and
the Board of Directors for the Districts will agree as follows:
1. to impose and collect a total aggregate mill levy of sixty (60) mills (combined
to include both general operations, maintenance and debt service) (the "District
Mill Levy") subject to adjustments for Gallagherization;
2. to impose and collect a supplemental "add -on" mill levy for the URA of up to
fifteen (15) mills for the first five (5) years after organization of the Districts
(the "URA Mill Levy") subject to adjustments for Gallagherization;
3. as a result of the adoption of an Urban Renewal Plan by the Town, the Districts
and the Town understand that, by operation of the Urban Renewal Law, the
URA is granted certain rights in revenues constituting "Tax Increment
Revenues", and the Town and Districts will ensure that, in the event that any
District Mill Levy Revenues constitute Tax Increment Revenues, such revenues
will be remitted to the Districts for the purpose of funding or refunding the
provision of public improvements or for operations and administration
benefrtting the Districts;
4. any Tax Increment Revenues related to the URA Mill Levy shall be retained by
the URA for the purpose of funding the public purposes of (1) providing
significant social and economic benefits to the Town; (2) furthering the Town's
economic goals as established in the Town's Comprehensive Master Plan and
the Urban Renewal Plan; and (3) generally benefiting the public's health, safety,
and welfare for a period of five (5) years after the date of formation of the
Districts.
(c) That pursuant to the Service Plan, the Districts will pay all reasonable expenses of
the Town, its attorneys and consultants, as well as the Town's reasonable processing fees, in
connection with the processing of the Service Plan approved herein.
If any of the above -stated conditions are not met, the Town may revolve its approval of the
Service Plan by subsequent resolution and/or pursue all legal and equitable remedies available to it for
failure of compliance with such conditions of approval.
Section 5. The Board of Trustee's findings are based solely on the evidence presented at the
public hearing and set for in the Service Plan, and that the Town of Firestone has not conducted any
independent investigation of the evidence. The Town of Firestone makes no guarantee as to the financial
viability of the District or achievability of the desired results.
Section 6. That the Board of Trustee's approval of the Service Plan is not a waiver or a limitation
upon any power that the Town of Firestone or Board of Trustees is legally permitted to exercise regarding
the property within the District.
Section 7. That the Service Plan for Homestead Ranch Metropolitan District Nos. 1-4, as set forth
in Exhibit A to this Resolution and dated July 3 is hereby approved subject to the conditions
stated in Section 4 above, in accordance with Section 32-1-204.5(1)(c), C.R.S."
Section 8. That a certified copy of this Resolution be filed in the records of the Town of
Firestone and submitted to the Districts.
INTRODUCED, READ, ADOPTED AND APPROVED this 1 lt'' day of September, 2019.
TOWN OF FIRESTONE, COLORADO
ATTEST:
Bobbi Sindelar, Mayor
Leah Vanarsdall, Town Clerly
APPROVED AS TO FORM:
William P. Hayashi, Town Attorney
EXHIBIT B
AFFIDAVIT OF PUBLICATION
NOTICE OF PUBLIC HEARING ON SEFlYICE PLAN
IN RE DISTRICT NOS. 1 4 �OV N Of IRESTONE, COU iTY00POLITAN
ivELD, COLORADO
PUBLIC NOTICE IS HEREBY GIVEN that pursuant to § 32.1-204,5, C,It.
S„ a Service Plan (tile "Service Piano) for the proposed Homestead
Ranch Metropolitan District Nos. 1.4 (collectively, the "Dlstrletso),
has been filed with the Firestone Town Clerk and is available for In-
spection in the office of the Town Clerk at 151 Grant Avenue, Firer
stone, Colorado, 80520.
FA public beat a on the Service Plan will be held by the Town of
bier Itr, 2019 at 7:00 Trustees
m at Town Hallafl5of rant Trustees') oil rFisestone,
Colorado, 80520, or as soon as thereafter as the Board of Trustees
may hear such matter.
The pur ose of the hearing Is to consider the Setvl6a Plan and to
fared a ousts for adoplingg a resolution approvin , disapprovinp or
conditionally approving tire Service Plan Ipn accordance with § 32d-
204.5, C.R.S.,
A U toeral dasc�i�ti tr of the lane' contained witi�l�i lino blundarles
of trio propose is untested Is as fo all A tract o 6e ng a� pe
thou of Lut r Huaieslead at Firestone Minor Plat recurded at n t a
County Clerk and Recorder at Reception No. 328�490, located a the
palpest Hal( of Section 4,Township 2 Nortlp Ranye t7 West of the 61h
I ilAa Troxinwtele Z72.G43 acres, more lay less a of Cofor ado, contain*
g pp y
Pursuant to § 32-1.203(3.5), CM4,1 any person owning pr4porty
vdthin the proposed Districts may request Ph t such lovert be W
eluded from trio District by submitting a pelt, Ion wirll te [ card of
the Boaraiof hustees shall(not be Iimlted to Its aetionawith hearing,
to the exclusion of territory based upon such request.
BY
ORDER OF THE FIRESTONE BOARD OF TRUSTEES
PuDllslied: Longmont Times call, August 29, 2019-1632102
Prairie Mountain Media, LL C
PUBLISHER'S AFFIDAVIT
County of Bauider
State of Colorado
Tho undersigned, JD Geddes , being first duly
swoFri under oath, states and afgrins as follows:
1. Hoishe Is the legal Advertising Reviewer of
Prairie Mountain Medla LLC, publls'or oftho
Longmont Tithes Call,
2. The Longmont Tinos Call is a rtewspopor
of general circulation that has been published
continuously and without Interruption for at least
fiftydwo wanks in Boulder County and
meets the legal requisites for a legal newspaper
under Colo. Rev. Slat, 24o70403.
3, The notice that Is attached hereto is a true copy,
published In the Longmont Times CRY
In Boulder County on the following date(s);
AD
t 29, 2019
Subs/c{Ibed and swo ri to me before ma this
1' day of -- li t I !',, (tI/}%
MGLISSA L NAJERA
NOTARY PUBLIC
STATE OF COLORADO
NOTARY 10 20004049936
(SEAL) MY COMh113SIQN EXPIRES OECEMOER 111 2022
Account; 1051323
Ad Number: 1632102
Foo; ;39,73
{00130527.DOC v:l }
EXHIBIT C
AFFADAVIT OF MAILING AND PUBLICATION NOTICE OF PUBLIC HEARING
STA'C>✓ Qp' QQ1 QRAI�Q, COUNTY QF WZ14", TOWN OF FIRESTONE
CERTIFICATE OF MAILING AND PUBLICATION OF NOTICE OF HEARING
IN RE THE MATTER OF HOMESTEAD RANCH METROPOLITAN DISTRICT NOS. 1-4
The undersigned does hereby certify that the NOTICE OF PUBLIC HEARING ON SERVICE
PLAN for the Homestead Ranch Metropolitan District Nos. 14, as shown in Exhibit A attached
hereto and incorporated herein by this reference, was sent by first-class mail on August 27, 2019,
to the Department of Local Affairs, Division of Local Government, and the owners of record of
all property within the proposed Districts, as such owners of record are listed on the records of
the County Assessor and shown in Exhibit B attached hereto and incorporated herein by this
reference.
The undersigned further certifies that the Notice of Public Hearing tivas also published in the
Longmont Times -Call on August 29, 2019, as evidenced by the Affidavit of Publication attached
hcreto as Exhibit C and incorporated herein by this reference.
The mailing and publication of the Notice of Public Hearing has been done as a courtesy and is
not a requirement of the Town of Firestone.
Courtney Linney aralegal
Spencer Fane LLP
1700 Lincoln Street, Suite 2000
Denver, Colorado 80203
STATE OF COT ORADr) }
} ss.
CITY AND COUNTY OF DEN VER }
Subscribed and swam to before me this 27th day of August, 2019, by Courtney Linney,
Paralegal.
Witness my hand and official seal.
(SEAL)
Notary Public
• • I r W:
h • - I `11
{00130527.DOC va }