22-53 Aprioving Amendment & Restated Service Plan Neighbors Point Metropolitan District 06-08-2022RESO~LUTION NO. 22-53
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, APPROVING AN Al\rIENDED AND
RESTATED SERVICE PLAN FOR THE NEIGHBORS POINT
METROPOLITAN DISTRICT
TNHEIBAS in 2004: the Board of Trustees of the Town of Firestone ("Board") :·e~eived
a request to :·eview a se·-vice plan for a iJroposed Metropolitan Distnct entitled the Neighbors
Point Metropolitan District (the "District"); and
·wHEREAS, on September 30, 2004 and on October 7, 2004, pursuant to stah1te, the
Board conducted a public hearing to review the se1-vice plan ("Original Service Plan") for the
Neighbors Point Metropolitan District and approved said Original Service Plan; and
WHEREAS, after approval of the Original Service Plan, the District -vas organized
pursuant to a comi order and decree on December 2, 2004; and
WHEREAS, in 2013, the Board received a request to review and approve a First
Amendment to the Service Plan for the Neighbors Point Metropolitan District; and
WHEREAS, following notice as required by law, the Board conducted a public hearing
on the request on February 2'!, 2013, and approved the first Amendment to the Service Plan for
the Neighbors Point Metropolitan District; and
WHEREAS, the Board has received a request to review and approve an Amended and
Restated Se1-vice Plan for the Neighbors Point Metropolitan District ("Amended and Restated
Se1-vice Plan"); and
WHEREAS, follmving notice as required by law, the Board conducted a public hearing
on the request on June 8, 2022, and now desires to approve the Amended and Restated Service
Plan; and
WHEREAS, the District anticipates issuing Debt ~as defined in the Amended and
Restated Se1-vice Plan) on or around July 11, 2022 (the "2022 Debt Issuance"); and
WHEREAS, in accordance with Section VI.D.2. of the Amended and Restated Service
Plan and at least thirty (30) days in advance of the 2022 Debt Issuance, on May 27, 2022, the
District submitted to the Board the financing plan and term sheet for the 2022 Debt Issuance (the
"Financing Documents"); and
WHEREAS, the Board has completed its review of the Financing Documents and now
desires to affinnatively state that the 2022 Debt Issuance is within the parameters set forth in the
Amended and Restated Service Plan and does not constih1te a material modification that would
necessitate an amendment of the Amended and Restated Se1-vice Plan pursuant to Section 32-1-
207, C.R.S.
THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN
OF FIRESTONE, COLORADO:
Section 1.
(a)
(b)
(c)
The Board ofTrnstees of the Town of Firestone finds that:
An Amended and Restated Service Plan for the Neighbors Point Metropolitan
District was filed in the office of the Planning and Development Department of
the Town of Firestone; and
Pursuant to statute, the Board of Trustees of the Town of Firestone has authority
to review the Amended and Restated Service Plan with reference to need, service
and economic feasibility; and
The Board of Trustees of the Town of Firestone has reviewed the Amended and
Restated Service Plan, the evidence and related exhibits, and has determined that
the same meets the municipal approval criteria under the Special District Act and,
therefore, has determined to adopt a resolution of approval of the Amended and
Restated Service Plan for the Neighbors Point Metropolitan District.
Section 2. Upon consideration of the Amended and Restated Service Plan for the District,
and evidence presented at the public hearing on the Amended and Restated Service Plan, the
Board of Trustees of the Town of Firestone does find, detem1ine and declare, as required by
C.R.S. § 32-1-203(2), as follows:
(a) That there is sufficient existing and projected need for organized service in the
area to be serviced by the District;
(b) That the existing service in the area to be served by the District is inadequate for
present and projected needs;
(c) That the District is capable of providing economical and sufficient service to the
area within its proposed boundaries; and
( d) That the area to be included in the District has, or will have, the financial ability
to discharge the proposed indebtedness on a reasonable basis.
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Section 3. In accordance with C.R.S. § 32 -1-204.S(l)(c), the Board of Trustees hereby
approves the Amended and Restated Service Plan for the Neighbors Point Metropolitan District,
as set forth in Exhibit A to this Resolution , subject to and contingent upon compliance with the
follO\.v ing condition:
(a) The District shall not be authorized to issue Debt until the District has reimbursed
the Town for all the charges and fees it has incmTed with its attorneys and consultant relating to
their review of this Amended and Restated Service Plan as approved herein .
If any of the above-stated conditions are not met, the Town may revoke its approval of the
Amended and Restated 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 4. In accordance with Section VI.D.2. of the Amended and Restated Service
Plan, the Board of Trustees hereby finds and affirms that the Board has completed its review of
the Financing Documents and now desires to affirmatively state that the 2022 Debt Issuance is
within the parameters set forth in the Amended and Restated Service Plan and does not constitute
a material modification that would necessitate an amendment of the Amended and Restated
Service Plan pursuant to Section 32-1-207 , C.R.S .
(a) By adoption of this Resolution , the Town hereby confirms that the District may
proceed with the 2022 Debt Issuance without amending the Amended and Restated Service Plan.
INTRODUCED, READ AND ADOPTED this 8th day of June , 2022 .
TOWN OF FIRESTONE , COLORADO
Drew Alan Peterson, Mayor
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AMENDED AND RESTATED SERVICE PLAN
FOR
NEIGHBORS POINT METROPOLITAN DISTRICT
TOWN OF FIRESTONE, COLORADO
Prepared
By
2154 E. Commons Ave, Suite 2000
Centennial, CO 80122
Approval Date:
June 8, 2022
WHITE BEAR ANKELE
TANAKA & WALDRON
ATTORNEYS AT LAW
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TABLE OF CONTENTS
I. INTRODUCTION........................................................................................................... 1
A. Purpose and Intent................................................................................................. 1
B. Need for the District.............................................................................................. 1
C. Objective of the Town Regarding the Service Plan. ............................................. 1
D. Consultants. ........................................................................................................... 2
II. DEFINITIONS ................................................................................................................ 2
III. BOUNDARIES ................................................................................................................ 5
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION ........................................................................ 5
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
........................................................................................................................................... 5
A. Powers of the District and Service Plan Amendment. .......................................... 6
B. Preliminary Engineering Survey. ........................................................................ 10
VI. FINANCIAL PROVISIONS ........................................................................................ 10
A. General. ............................................................................................................... 10
B. Maximum Voted Interest Rate and Maximum Underwriting Discount. ............ 11
C. Mill Levies. ......................................................................................................... 11
D. Debt Parameters. ................................................................................................. 12
E. Debt Instrument Disclosure Requirement. .......................................................... 13
F. Privately Placed Debt Limitation. ....................................................................... 13
G. TABOR Compliance. .......................................................................................... 13
H. District’s Organizational Costs and Operation and Maintenance Costs. ............ 13
I. Town O&M MIll Levy ....................................................................................... 14
VII. ANNUAL REPORT ...................................................................................................... 14
A. General. ............................................................................................................... 14
B. Reporting of Significant Events. ......................................................................... 14
VIII. DISSOLUTION ............................................................................................................. 14
IX. DISCLOSURE NOTICES............................................................................................ 15
X. INTERGOVERNMENTAL AGREEMENT.............................................................. 15
XI. NON-COMPLIANCE WITH SERVICE PLAN........................................................ 16
XII. CONCLUSION ............................................................................................................. 16
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LIST OF EXHIBITS
EXHIBIT A Vicinity Map
EXHIBIT B Initial Boundary Map and Legal Description
EXHIBIT C Financial Plan
EXHIBIT D Capital Plan - List of Public Improvements
EXHIBIT E Disclosure Notice
EXHIBIT F Intergovernmental Agreement
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I. INTRODUCTION
A. Purpose and Intent.
The District is an independent unit of local government, separate and distinct from the
Town. The primary purpose of the District will be to finance the construction of the Public
Improvements. The District will provide ongoing operation and maintenance services as
specifically set forth in this Amended and Restated Service Plan and in the Amended and Restated
Intergovernmental Agreement between the Town and the District.
This Amended and Restated Service Plan is intended to accommodate the phasing of the
Project and the infrastructure needs of each phase. This Amended and Restated Service Plan,
including all exhibits hereto, supersedes all prior service plans and service plan amendments.
B. Need for the District.
On October 6, 2004, the Town approved the Neighbors Point Metropolitan District Service
Plan (the “Original Service Plan”). Following approval of the Original Service Plan, on December
2, 2004, the Weld County District Court granted an Order and Decree (subsequently amended on
March 22, 2005) organizing the District. On February 27, 2013, the Town approved that certain
First Amendment to Service Plan for Neighbors Point Metropolitan District (the “First
Amendment”). The First Amendment, among other things, provided for a reduction in the size of
the District that resulted from exclusion of certain property that was ultimately included into the
adjacent NP125 Metropolitan District. This Amended and Restated Service Plan reflects the
current District boundaries along with current infrastructure costs and an updated financing plan.
There were not at the time of formation of the District nor are there currently other governmental
entities, including the Town, located in the immediate vicinity of the District that consider it
desirable, feasible or practical to undertake the planning, design, acquisition, construction,
installation, relocation, redevelopment, and financing of the Public Improvements needed for the
Project. The District is therefore necessary in order for the Public Improvements required for the
Project to be provided in the most economic manner possible.
C. Objective of the Town Regarding the Service Plan.
The Town’s objective in approving the Service Plan for the District is to authorize the
District to provide for the planning, design, acquisition, construction, installation, relocation and
redevelopment of the Public Improvements from the proceeds of Debt to be issued by the District.
All Debt is expected to be repaid by taxes imposed and collected at a mill levy no higher than the
Maximum Debt Mill Levy, as the same may be increased as set forth in Section VI.C.1; by Fees
as limited by Section V.A.20; and/or by Special Assessments as set forth in Section V.A.21.
This Amended and Restated Service Plan is intended to establish a limited purpose for the
District and explicit financial constraints that are not to be violated under any circumstances. The
primary purpose of the District is to provide the Public Improvements associated with development
pursuant to the Approved Development Plan.
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The District shall dissolve upon payment or defeasance of all Debt incurred or upon a court
determination that adequate provision has been made for the payment of all Debt, except that if
the District has ongoing operation and maintenance functions, the District shall not be required to
dissolve. Additionally, if the Board of Directors of the District determines that the existence of the
District is no longer necessary to accomplish the purposes set forth in this Amended and Restated
Service Plan, the Board of Directors of the District shall promptly effectuate the dissolution of the
District.
The District is authorized to finance the Public Improvements that can be funded from Debt
which is to be repaid from Fees, Special Assessments or tax revenues collected from a mill levy
which shall not exceed the Maximum Debt Mill Levy, as well as other legally available sources of
revenue, and to maintain certain of the Public Improvements as set forth in this Amended and
Restated Service Plan and the Amended and Restated Intergovernmental Agreement with the
Town. It is the intent of this Amended and Restated Service Plan to assure to the extent possible
that no property bear an economic burden that is greater than that associated with revenues from
the Maximum Debt Mill Levy, the Maximum Operation and Maintenance Mill Levy, Fees, and
Special Assessments, even under bankruptcy or other unusual situations. Generally, the costs of
Public Improvements that cannot be funded within these parameters are not costs to be paid by the
District.
D. Consultants.
This Amended and Restated Service Plan has been prepared by the following:
District Counsel District Engineer
White Bear Ankele Tanaka & Waldron
2154 East Commons Avenue, Suite 2000
Centennial, CO 80122
bdickhoner@wbapc.com
Independent District Engineering Services
1626 Cole Boulevard, Suite 125
Lakewood, CO 80401
barrettmarrocco@idesllc.com
Underwriter
Piper Sandler & Co.
1200 17th Street, Suite 1250
Denver, CO 80202
zach.bishop@psc.com
II. DEFINITIONS
In this Amended and Restated Service Plan, the following terms shall have the meanings
indicated below, unless the context hereof clearly requires otherwise:
Approved Development Plan: means a development plan, subdivision development agreement or
other land use application process established by the Town for the Project as approved in its final
form by the Town pursuant to the Town Code, as may be amended from time to time pursuant to
the Town Code, that identifies, among other things, the Public Improvements necessary for
facilitating development of property within the Service Area.
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Board: means the board of directors of the District.
Capital Plan: means the Capital Plan described in Section V.B. which includes a list of the Public
Improvements financed by the District and the cost of the Public Improvements.
C.R.S.: means the Colorado Revised Statutes, as the same may be amended from time to time.
Debt: means bonds, notes, debentures, certificates, capital leases or other multiple fiscal year
obligations for the payment of which the District has promised to impose an ad valorem property
tax mill levy.
Debt Proceeds Contribution: the District anticipates issuing general obligation bonds to pay for
certain public infrastructure and has agreed to contribute Two-Hundred Fifty Thousand Dollars
($250,000) of the net proceeds generated by this bond issuance to the Town for the purpose of
the Town constructing certain traffic calming improvements on Town owned and maintained
streets within the District.
District: means Neighbors Point Metropolitan District.
District Boundaries: means the property within the Initial Boundaries.
End User: means any owner, or tenant of any owner, of any taxable improvement within the
District who is intended to become burdened by the imposition of ad valorem property taxes
subject to the Maximum Debt Mill Levy. By way of illustration, a resident homeowner, renter,
commercial property owner, or commercial tenant is an End User. A person or entity that
constructs homes or commercial structures with the intention of selling to others is not an End
User.
External Financial Advisor: means a consultant that: (i) advises Colorado governmental entities
on matters relating to the issuance of securities by Colorado governmental entities, including
matters such as the pricing, sales and marketing of such securities and the procuring of bond
ratings, credit enhancement and insurance in respect of such securities; (ii) shall be an underwriter,
investment banker, or individual listed as a public finance advisor in the Bond Buyer’s Municipal
Market Place; and (iii) is not an officer or employee of the District and has not been otherwise
engaged to provide services in connection with the transaction related to the applicable Debt. If
the District has engaged a municipal adviser that meets the foregoing criteria and has a fiduciary
duty to the District, the municipal adviser may fill the role of the External Financial Advisor.
Fees: means any fee, rate, toll, penalty or charge imposed or received by the District for services,
programs or facilities provided by the District, as described in Section V.A.20 below.
Financial Plan: means the Financial Plan described in Section VI and attached as Exhibit C which
describes how the Public Improvements are expected to be financed and how the Debt is expected
to be incurred.
Initial Boundaries: means the boundaries of the District’s area described in the Initial Boundary
Map and Legal Description, attached hereto as Exhibit B.
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Intergovernmental Agreement or Amended and Restated Intergovernmental Agreement: means
the amended and restated intergovernmental agreement between the District and the Town, a form
of which is attached hereto as Exhibit F. The Intergovernmental Agreement may be amended from
time to time by the District and the Town.
Maximum Debt Mill Levy: means the maximum mill levy the District is permitted to impose for
payment of Debt as set forth in Section VI.C.1 below.
Maximum Debt Mill Levy Imposition Term: means the period of time, commencing upon the date
when the District first issues any debt, in which the District’s Debt mill levy may be imposed.
Maximum Operation and Maintenance Mill Levy: means the maximum mill levy the District is
permitted to impose for payment of Operation and Maintenance Costs, as set forth in Section
VI.C.2 below.
Mill Levy Adjustment: means, if, on or after October 6, 2004 there are changes in the method of
calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the
Maximum Debt Mill Levy and the Maximum Operation and Maintenance Mill Levy may be
increased or decreased to reflect such changes, such increases and decreases to be determined by
the Board in good faith (such determination to be binding and final) so that to the extent possible,
the actual tax revenues generated by the applicable mill levy, as adjusted for changes occurring on
or after October 6, 2004, 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.
Operation and Maintenance Costs: means (1) planning and design costs of Public Improvements
identified by the District as being payable from its operation and maintenance mill levy; (2) the
costs of repair, replacement and depreciation of the Public Improvements; (3) the costs of any
covenant enforcement and design review services, or other services, programs and facilities the
District may provide; and (4) the costs of ongoing administrative, accounting and legal services to
the District.
Project: means the development or property commonly referred to as Neighbors Point.
Public Improvements: means a part or all of the improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed by the District 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 District Boundaries and/or the Service Area, and which improvements will serve
the future taxpayers and inhabitants of the property within the Project, the District Boundaries
and/or the Service Area, as determined by the Board of the District.
Service Area: means the Initial Boundaries.
Service Plan or Amended and Restated Service Plan: means this Amended and Restated Service
Plan for the District approved by Town Board.
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Service Plan Amendment: means an amendment to the Service Plan approved by Town Board in
accordance with the Town’s ordinance and the applicable state law.
Special Assessment: means the levy of an assessment within the boundaries of a special
improvement district pursuant to Section V.A.21 below.
Special District Act: means Title 32, Article 1 of the Colorado Revised Statutes, as amended from
time to time.
State: means the State of Colorado.
Taxable Property: means real or personal property which is subject to ad valorem taxes imposed
by the District.
Town: means the Town of Firestone, Colorado.
Town Board: means the Town Board of Trustees of the Town of Firestone, Colorado.
Town Code: means the Town Code of the Town of Firestone, Colorado.
Town O&M Mill Levy: means three (3) mills, to be imposed and collected by the District in
accordance with Section VI.I. below for purposes of defraying the Town’s ongoing operations and
maintenance expenses associated with Public Improvements within or without the boundaries of
the District and which directly benefit the taxpayers, property owners, and residents of the District.
Total Debt Limit: means Seven Million Dollars ($7,000,000) which Total Debt Limit includes all
Debt issued by the District for Public Improvements.
III. BOUNDARIES
A Vicinity Map depicting the Project is attached hereto as Exhibit A. The area of the Initial
Boundaries includes approximately 191 acres, and the legal description and map of the Initial
Boundaries are set forth in Exhibit B. It is anticipated that the District’s boundaries may change
from time to time as it undergoes inclusions and exclusions pursuant to Section 32-1-401, C.R.S.,
and Section 32-1-501, C.R.S., subject to the limitations set forth in Section V.A.12-13 below.
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS
AND CURRENT ASSESSED VALUATION
The property within the Service Area consists of approximately 92.13 acres of land, fully
developed. The population of the Service Area at build-out is estimated to be approximately
470 people. The current assessed valuation of the property within the Service Area is Four Million,
Two Hundred Sixty-Seven Thousand, Three Hundred Seventy Dollars ($4,267,370.00) for
purposes of this Amended and Restated Service Plan, and the 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 C.
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Approval of this Amended and Restated 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 Amended and Restated Service Plan or any of the exhibits attached thereto, which
approvals shall be as set forth in an Approved Development Plan.
Approval of this Amended and Restated 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 District and Service Plan Amendment.
The District has the power and authority to provide the Public Improvements and related
operation and maintenance services as such power and authority are described in the Special
District Act and other applicable statutes, common law, and the Constitution, subject to the
limitations set forth herein, in the Approved Development Plan, and in the Intergovernmental
Agreement.
1. Operation and Maintenance Limitation. The purpose of the District
is to plan for, design, acquire, construct, install, relocate, redevelop and finance the Public
Improvements. The District shall dedicate the Public Improvements to the Town or other
appropriate jurisdiction in a manner consistent with the Approved Development Plan, the
Intergovernmental Agreement, and other rules and regulations of the Town and applicable
provisions of the Town Code. The District is authorized, but not obligated, to own, operate and
maintain Public Improvements not otherwise required to be dedicated to the Town or other public
entity, including, but not limited to street improvements (including roads, curbs, gutters, culverts,
sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping, and other street
improvements), traffic and safety controls, retaining walls, park and recreation improvements and
facilities, trails, open space, landscaping, drainage improvements (including detention and
retention ponds, trickle channels, and other drainage facilities), irrigation system improvements
(including wells, pumps, storage facilities, and distribution facilities), and all necessary equipment
and appurtenances incident thereto. Notwithstanding the foregoing, all parks, trails and open space
not otherwise dedicated to the Town and owned by the District shall be open to the general public
free of charge. The District may provide covenant enforcement, design review services and other
services to the residents, owners and taxpayers within the District pursuant to and in accordance
with § 32-1-1004(8) C.R.S. The District may impose a mill levy, Special Assessments and/or Fees
to pay for Operation and Maintenance Costs in accordance with this Amended and Restated
Service Plan and the Intergovernmental Agreement.
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2. Fire Protection Limitation. The District shall not be authorized to
plan for, design, acquire, construct, install, relocate, redevelop, finance, operate or maintain fire
protection facilities or services, unless such facilities and services are provided pursuant to an
intergovernmental agreement with the Town and the Frederick-Firestone Fire Protection District.
The authority to plan for, design, acquire, construct, install, relocate, redevelop or finance fire
hydrants and related improvements installed as part of the water system shall not be limited by this
provision.
3. Television Relay and Translation Limitation; Mosquito Control, and
Other Limitations. Unless such facilities and services are provided pursuant to the
Intergovernmental Agreement, the District shall not be authorized to plan for, design, acquire,
construct, install, relocate, redevelop, finance, operate, maintain, or provide: (a) any television
relay and translation facilities and services, other than for the installation of conduit as a part of a
street construction project; (b) any mosquito control facilities and services; and (c) any solid waste
disposal, collection and transportation facilities and services.
4. Limitation on Extraterritorial Service. The District shall be
authorized to provide services or facilities outside the Initial Boundaries or to establish fees, rates,
tolls, penalties or charges for any services or facilities only in accordance with an Approved
Development Plan, the Intergovernmental Agreement, or other agreement to which the Town is a
party or otherwise gives its written consent, as evidenced by resolution of the Town Board of
Trustees.
5. Telecommunication Facilities. The District agrees that no
telecommunication facilities shall be constructed except pursuant to the Intergovernmental
Agreement and that no such facilities owned, operated or otherwise allowed by the District shall
affect the ability of the Town to expand its public safety telecommunication facilities or impair
existing telecommunication facilities.
6. Construction Standards Limitation. The District will ensure that the
Public Improvements constructed by the District are designed and constructed in accordance with
the standards and specifications of the Town and of other governmental entities having proper
jurisdiction. The District will obtain the approval of civil engineering plans from the appropriate
jurisdiction and will obtain applicable permits for construction and installation of Public
Improvements prior to performing such work.
7. Zoning and Land Use Requirements. The District shall be subject to
all of the Town’s zoning, subdivision, building code and other land use requirements.
8. Growth Limitations. The Town shall not be limited in implementing
Board or voter approved growth limitations, even though such actions may reduce or delay
development within the District and the realization of District revenue.
9. Conveyance. The District agrees to convey to the Town, upon
written notification from the Town and at no cost to the Town, any interest in real property owned
by the District that is necessary, in the Town's sole discretion, for any Town capital improvement
projects for transportation, utilities or drainage, so long as such conveyance does not interfere with
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the District’s ability to construct, operate and/or maintain Public Infrastructure, as the same may
be limited by this Amended and Restated Service Plan.
10. Eminent Domain. The District shall not be authorized to exercise,
nor shall it use the power of eminent domain, except as otherwise provided pursuant to an
intergovernmental agreement with the Town.
11. Water Rights/Resources Limitation. The District shall not acquire,
own, manage, adjudicate or develop potable water rights or resources except for the sole purpose
of transferring such water rights to the Town or to another governmental entity at the direction of
the Town. The District may be permitted to construct, finance, operate and maintain a non- potable
water system for the development and may be permitted to own, manage, adjudicate and develop
the non-potable water rights which will be used in such non-potable system, only if required or
authorized by an intergovernmental agreement with the Town, separate and distinct from the
Intergovernmental Agreement. Provided however that nothing herein shall prohibit the District
from reimbursing the developer of the Project for the costs of raw water.
12. Inclusion Limitation. Without prior written notice to the Town, the
District shall not include into its boundaries any property. No property will be included within the
District at any time unless such property has been annexed into the Town’s corporate limits.
13. Exclusion Limitation. The District may exclude from its boundaries
any property within the District Boundaries. Any exclusion shall require the prior written notice
to the Town. The District shall not exclude from its boundaries property upon which a Debt mill
levy has been imposed for the purpose of the inclusion of such property into another district that
has been or will be formed under the Special District Act, without the prior written consent of the
Town, as evidenced by resolution of the Town Board of Trustees.
14. Overlap Limitation. The boundaries of the District shall not overlap
with any other district if such overlap will cause the District’s mill levy to exceed the Maximum
Debt Mill Levy or the Maximum Operation and Maintenance Mill Levy.
15. Total Debt Issuance Limitation. The District shall not issue Debt in
excess of the Total Debt Limit. The Total Debt Limit shall not be applicable to refunding or
refinancing of Debt authorized to be issued pursuant to the Service Plan unless the principal
amount of the refunding bonds exceed the principal amount originally issued, in which case the
difference shall count against the Total Debt Limit. At no time during its existence shall the District
have Debt outstanding in excess of the Total Debt Limit.
16. Debt Proceeds Contribution. The Town desires to construct certain
traffic calming improvements on streets within the District. The streets within the District were
previously constructed to the Town’s standards by the developer and accepted by the Town. The
Town owns and maintains all streets within the District. The Town has recently determined that
traffic calming measures are needed within the community and the District has agreed to provide
the Debt Proceeds Contribution to the Town for purposes of paying for such traffic calming
improvements.
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17. Sales and Use Tax. The District shall not exercise its Town sales and
use tax exemption.
18. Monies from Other Governmental Sources. The District shall not
apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds
available from or through governmental or non-profit entities that the Town is eligible to apply
for, except pursuant to the Intergovernmental Agreement. This Section shall not apply to specific
ownership taxes which shall be distributed to and be a revenue source for the District without any
limitation.
19. Consolidation Limitation. The District shall not file a request with
any Court to consolidate with another Title 32 district without the prior written consent of the
Town, as evidenced by resolution of the Town Board of Trustees.
20. Subdistrict Limitation. The District shall not create any subdistrict
pursuant to Section 32-1-1101, C.R.S. without the prior written consent of the Town, as evidenced
by resolution of the Town Board of Trustees.
21. Fees. If authorized by the Intergovernmental Agreement, the District
may impose and collect Fees for services, programs or facilities furnished by the District, and may
from time to time increase or decrease such fees, and may use the revenue from such fees for the
repayment of Debt, capital costs, or Operation and Maintenance Costs and for the payment of any
indebtedness of the District.
22. Special Assessments. If authorized in the Intergovernmental
Agreement, the 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
District is authorized to finance.
23. Revenue Bonds Limitation. Revenue Bonds are bonds payable in
whole or in part from revenues other than the District’s property and specific ownership taxes. At
least thirty (30) days prior to issuing any revenue bonds, the District shall submit all relevant details
of such issuance to the Town Board, which may elect to treat the issuance of the revenue bonds as
a material modification of the Service Plan. If it is determined by the Town Board that the issuance
of revenue bonds constitutes a material modification of the Service Plan, the District shall proceed
to amend the Service Plan in accordance with Section 32-1-207, C.R.S. prior to issuing any
revenue bonds. If it is determined by the Town Board that such issuance does not constitute a
material modification of the Service Plan, the Town Board may issue a resolution to that effect,
after receipt of which the District may proceed with such issuance without need for approval of a
material modification of the Service Plan. The Town Board shall make its determination in writing
to the District within twenty (20) days after submittal of the information by the District, unless the
Town and District mutually agree to a different date. Failure of the Town to provide such
determination that the issuance of revenue bonds is not a material modification of the Service Plan
within twenty (20) days shall be deemed as a determination that such action is not a material
modification that requires an amendment to the Service Plan.
10
63876351.v2
24. Public Improvement Fee and Sales Tax Limitation. The District
shall not impose, collect, receive, spend or pledge to any Debt any fee, assessment, tax or charge
which is collected by a retailer in the District on the sale of goods or services by such retailer and
which is measured by the sales price of such goods or services, except as provided pursuant to an
agreement with the Town approved by the Town Board.
25. Bankruptcy Limitation. All of the limitations contained in this
Amended and Restated Service Plan, including, but not limited to, those pertaining to the
Maximum Debt Mill Levy, the Maximum Operation and Maintenance Mill Levy, and Fees have
been established under the authority of the Town to approve a Service Plan pursuant to Section
32-1-204.5, C.R.S. It is expressly intended that such limitations.
a. Shall not be subject to set-aside for any reason or by any
court of competent jurisdiction, absent a Service Plan Amendment; and
b. Are, together with all other requirements of Colorado law,
included in the “political or governmental powers” reserved to the State under the U.S. Bankruptcy
Code (11 U.S.C.) Section 903, and are also included in the “regulatory or electoral approval
necessary under applicable bankruptcy law” as required for confirmation of a Chapter 9
Bankruptcy Plan under Bankruptcy Code Section 943(b)(6).
The filing of any bankruptcy petition by any District shall constitute, simultaneously with such
filing, a material departure of the express terms of this Amended and Restated Service Plan, thus
necessitating a material modification that must be submitted to the Town for its consideration as a
Service Plan Amendment.
26. Reimbursement Agreement. If the District utilizes reimbursement
agreements to obtain reimbursements from third-party developers or adjacent landowners for costs
of improvements that benefit third-party landowners, such agreements shall be done in accordance
with Town Code. If a reimbursement agreement exists or is entered into for an improvement
financed by the District, any and all resulting reimbursements received for such improvement shall
be deposited in the District’s debt service fund and used for the purpose of retiring the District’s
debt.
27. Service Plan Amendment Requirement. This Amended and Restated
Service Plan has been designed with sufficient flexibility to enable the District to provide required
services and facilities under evolving circumstances without the need for numerous amendments.
Actions of any District which violates the limitations set forth in V.A. above or in VII.C or VII.D
shall be deemed to be material modifications to this Amended and Restated Service Plan and the
Town shall be entitled to all remedies available under State and local law to enjoin such actions of
the District.
B. Preliminary Engineering Survey.
The District has the authority to provide for the planning, design, acquisition, construction,
installation, relocation, redevelopment, maintenance, and financing of the Public Improvements.
A Capital Plan, including a list of the Public Improvements developed by the District and the cost
11
63876351.v2
of the Public Improvements is attached hereto as Exhibit D. The District shall be authorized to
construct Public Improvements that shall be more specifically defined in each applicable 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. The estimated costs of the Public Improvements which may be planned for, designed,
acquired, constructed, installed, relocated, redeveloped, maintained or financed was prepared
based upon a preliminary engineering survey and estimates derived from the zoning on the
property within the District and is approximately Thirteen Million One Hundred Sixty-Two
Thousand Ninety Dollars and Ninety-Nine Cents ($13,162,090.99).
All of the Public Improvements constructed by the District 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 Plan. All
construction cost estimates are based on the assumption that construction conforms to applicable
local, State or Federal requirements.
VI. FINANCIAL PROVISIONS
A. General.
The District is authorized to provide for the planning, design, acquisition, construction,
installation, relocation and/or redevelopment of the Public Improvements from its revenues and
by and through the proceeds of Debt to be issued by the District. The District may impose a mill
levy on taxable property within its boundaries as a primary source of revenue for repayment of
Debt and for Operations and Maintenance Costs. The District may also rely upon various other
revenue sources authorized by law. At the District’s discretion, these may include the power to
assess Fees as provided in Section 32-1-1001(l), C.R.S., as amended from time to time and as
limited by Section V.A.20 above, and the District may impose Special Assessments as provided
in Section 32-1-1101.7, C.R.S. and in accordance with Section V.A.21, above.
The Financial Plan for the District, which is attached hereto as Exhibit C, reflects that the
District will issue no more Debt than the District can reasonably expect to pay from revenues
derived from the Maximum Debt Mill Levy, Fees, Special Assessments and other legally available
revenues. The District may issue such Debt on a schedule and in such year or years as the District
determines shall meet the needs of the Financial Plan referenced above and phased to serve
development as it occurs.
B. Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed
eighteen percent (18%). The proposed maximum underwriting discount will be four percent (4%).
Debt, when issued, will comply with all relevant requirements of this Amended and Restated
Service Plan, State law and Federal law as then applicable to the issuance of public securities.
C. Mill Levies.
12
63876351.v2
1. The Maximum Debt Mill Levy, which shall be subject to a Mill
Levy Adjustment, shall be the maximum mill levy the District is permitted to impose upon the
taxable property within the District for payment of Debt, and shall be Fifty Mills (50) mills for so
long as the total amount of aggregate Debt of the District exceeds fifty percent (50%) of the
District’s assessed valuation.
At such time as the total amount of aggregate Debt of the District is equal to or less than
fifty percent (50%) of the District’s assessed valuation, either on the date of issuance of any Debt
or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be
subject to the Maximum Debt Mill Levy and, as a result, the mill levy may be imposed at such a
rate as is necessary to pay the Debt service on such Debt, without limitation of rate increase;
provided, however, that after any conversion to an unlimited mill levy, the District shall not issue
additional Debt that would cause the aggregate Debt to exceed 50% of the District’s then assessed
value. For the purposes of the foregoing, the Board may further provide that such Debt shall
remain secured by such increased mill levy, notwithstanding any subsequent change in the
District’s Debt to assessed value ratio.
2. The Maximum Operation and Maintenance Mill Levy, which shall
be subject to a Mill Levy Adjustment, shall be the maximum mill levy the District is permitted to
impose upon the taxable property within the District for payment of Operation and Maintenance
Costs, and shall be 60.000 mills until such time that the District issues Debt. After the District
issues Debt, the Maximum Operation and Maintenance Mill Levy shall be 10.000 mills, subject to
the Mill Levy Adjustment. The Maximum Operation and Maintenance Mill Levy shall apply to
the District’s ability to increase its mill levy as necessary for provision of operation and
maintenance services to its taxpayers and service users until such time as End Users cast the
majority of affirmative votes taken by the District’s Board of Directors at a meeting authorizing
an increase of such Maximum Operation and Maintenance Mill Levy, at which time the mill levy
may be such amount as is necessary to pay the Operation and Maintenance Cost.
D. Debt Parameters.
1. All Debt issued by the District must be issued in compliance with
the requirements of Section 32-1-1101, C.R.S. and all other requirements of State law. On or
before the effective date of approval of an Approved Development Plan by the Town, the District
shall not: (a) issue any Debt; (b) impose a mill levy for the payment of Debt by direct imposition
or by transfer of funds from the operating fund to the Debt service funds; (c) impose and collect
any Fees used for the purpose of repayment of Debt, or (d) levy any Special Assessments.
2. At least thirty (30) days prior to issuing any Debt, the District shall
submit all relevant details of such issuance to the Town Board. If it is determined by the Town
Board that the issuance of such Debt constitutes a material modification of the Service Plan, the
District shall proceed to amend the Service Plan in accordance with Section 32-1-207, C.R.S. prior
to issuing any Debt. If it is determined by the Town Board that such issuance does not constitute
a material modification of the Service Plan, the Town Board may issue a resolution to that effect,
after receipt of which the District may proceed with such issuance without need for approval of a
material modification of the Service Plan. The Town Board shall make its determination in writing
to the District within twenty (20) days after submittal of the information by the District, unless the
13
63876351.v2
Town and District mutually agree to a different date. Failure of the Town to provide such
determination that the issuance of Debt is not a material modification of the Service Plan within
twenty (20) days shall be deemed as a determination that such action does is not a material
modification that requires an amendment to the Service Plan.
3. The District shall not pledge any revenue or property of the Town
as security for the indebtedness set forth in this Amended and Restated Service Plan. Approval of
this Amended and Restated Service Plan shall not be construed as a guarantee by the Town of
payment of any of the District’s obligations, nor shall anything in the Service Plan be construed
so as to create any responsibility or liability on the part of the Town in the event of default by the
District in the payment of any such obligation.
4. The District shall not issue Debt in excess of the Total Debt Limit,
which Total Debt Limit includes any Debt issued for Public Improvements; provided that the
foregoing shall not include the principal amount of Debt which has been refinanced or refunded
unless the principal amount of the refunding bonds exceeds the principal amount of the bonds to
be refunded, in which case the difference shall count against the Total Debt Limit..
5. Any Debt issued by the 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 Amended and Restated Service Plan pursuant to Section
32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material
modification has been approved by the Town as part of a Service Plan Amendment. The Town
shall be entitled to all remedies available at law to enjoin such actions of the District, including the
remedy of enjoining the issuance of additional authorized but unissued debt, until such material
modification is remedied.
6. The Maximum Debt Mill Levy Imposition Term shall not exceed
forty (40) years from the date upon which the District first issues any Debt. Upon expiration of
the Maximum Debt Mill Levy Imposition Term, the District shall not impose a levy for repayment
of any and all Debt (or use the proceeds of any mill levy for repayment of Debt) on any single
property within its Service Area, unless a majority of the Board of Directors of the District are End
Users and have voted in favor of a refunding of a part or all of the Debt and such refunding will
result in a net present value savings as set forth in Section 11-56-101, C.R.S.; et seq. Any Debt,
issued with a mill levy pledge or which results in a mill levy pledge, that exceeds the Maximum
Debt Mill Levy Imposition term shall be deemed a material modification of this Amended and
Restated Service Plan and shall not be an authorized issuance of Debt unless and until such material
modification has been approved by the Town by a service plan amendment.
E. Debt Instrument Disclosure Requirement.
In the text of each Bond and any other instrument representing and constituting Debt, the District
shall set forth a statement in substantially the following form:
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
14
63876351.v2
Bond contained herein, in the resolution of the District authorizing the issuance of
this Bond and in the Service Plan for creation of the District.
Similar language describing the limitations in respect of the payment of the principal of and interest
on Debt set forth in this Amended and Restated Service Plan shall be included in any document
used for the offering of the Debt for sale to persons, including, but not limited to, a developer of
property within the boundaries of the District.
F. Privately Placed Debt Limitation.
Prior to the issuance of any privately placed Debt, the District shall obtain the certification of an
External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of the District’s
Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as defined in Section
32-1-103(12), C.R.S.) to be borne by [insert the designation of the Debt] does not
exceed a reasonable current [tax- exempt] [taxable] interest rate, using criteria
deemed appropriate by us [me] and based upon our [my] analysis of comparable
high yield securities; and (2) the structure of [insert designation of the Debt],
including maturities and early redemption provisions, is reasonable considering the
financial circumstances of the District.
G. TABOR Compliance.
The District will comply with the provisions of TABOR. In the discretion of the Board, the
District may set up other qualifying entities to manage, fund, construct and operate facilities,
services, and programs. To the extent allowed by law, any entity created by the District will remain
under the control of the District’s Board, and any such entity shall be subject to and bound by all
terms, conditions, and limitations of the Service Plan and the Intergovernmental Agreement.
H. District’s Organizational Costs and Operation and Maintenance Costs.
The District’s Organizational Costs, including the estimated, engineering services, legal
services and administrative services, together with the estimated costs of the District’s organization
and initial operations, are eligible for reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the District will require
operating funds for Operation and Maintenance Costs including administration and to plan and
cause the Public Improvements to be constructed and maintained, and for ongoing administrative,
accounting and legal costs.
I. Town O&M Mill Levy.
Commensurate with the initial imposition of a debt service mill levy, the District hereby
agrees that is shall impose the Town O&M Mill Levy. The District’s obligation to impose and
collect the revenues from the Town O&M Mill Levy shall begin when the District first imposes a
15
63876351.v2
debt service mill levy and shall not be required to be imposed prior to such date. The District’s
imposition of a Town O&M Mill Levy shall be memorialized in the Intergovernmental Agreement
required by Section X below. The revenues received from the Town O&M Mill Levy shall be
remitted to the Town annually or in accordance with the specific timeframe referenced in the
Intergovernmental Agreement. Revenues generated by the Town O&M Mill Levy and the
District’s obligation to remit said revenues to the Town on an annual basis, as required by this
Service Plan and the Intergovernmental Agreement, shall not be included within or subject to the
Total Debt Limit. The Town O&M Mill Levy shall be separate and apart from the Maximum Debt
Mill Levy and the Maximum Operation and Maintenance Mill Levy.
VII. ANNUAL REPORT
A. General.
The District shall be responsible for submitting an annual report to the Town Clerk no later
than April 30th of each 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 District’s boundary as
of December 31 of the prior year.
2. Copies of the District’s 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 District’s construction of the Public Improvements as
of December 31 of the prior year.
5. A list of all facilities and improvements constructed by the District
that have been dedicated to and accepted by the Town or other service provider providing service
to the property in the District, as of December 31 of the prior year.
6. Notice of any uncured events of default by the District, which
continue beyond a ninety (90) day period, under any Debt instrument.
7. Any inability of the District to pay its obligations as they come due,
in accordance with the terms of such obligations, which continue beyond a ninety (90) day period.
8. Any alteration or revision of the proposed schedule of Debt issuance
set forth in the Financial Plan.
VIII. DISSOLUTION
16
63876351.v2
Upon an independent determination of the Town Board that the purposes for which the
District was created have been accomplished, the District shall dissolve upon payment or
defeasance of all Debt incurred or upon a court determination that adequate provision has been
made for the payment of all Debt, except that if the District has ongoing operation and maintenance
functions the District shall not be required to dissolve. Additionally, if the Board of Directors of
the District determines that the existence of that District is no longer necessary to accomplish the
purposes set forth in this Amended and Restated Service Plan, the Board of Directors of the District
shall promptly effectuate the dissolution of that District.
IX. DISCLOSURE NOTICES
A. In order to notify future End Users who are purchasing residential lots or
dwellings units in the Service Area that they will be paying, in addition to the property taxes owed
to other taxing governmental entities, property taxes imposed by the District to pay Debt and
Operations and Maintenance Costs, the District shall, prior to the issuance of Debt:
1. Prepare and submit to the Town Manager for his or her approval a written
notice to purchasers of property within the District, in substantially the form
attached hereto as Exhibit E (the "Disclosure Notice"). After approval of the
Disclosure Notice by the Town Manager, the District shall record the Disclosure
Notice in the Weld County Clerk and Recorder's Office against all property not
already owned by an End User; and
2. Use reasonable efforts to assure that all builders of residential lots or
dwellings units within the District provide the Disclosure Notice to each potential
End User purchaser of a residential lot or dwelling unit in the Service Area before
that purchaser enters into a written agreement for the purchase and sale of that
residential lot or dwelling unit.
B. To ensure that potential residential buyers are educated about the District,
the District will also use reasonable efforts and due diligence to provide the Disclosure Notice to
the developer or home builders for prominent display at all sales offices, and by inspecting the
sales offices within the District’s boundaries on a quarterly basis to assure the information
provided is accurate and prominently displayed.
C. Within six (6) months of the date of approval of this Amended and Restated
Service Plan, the District will create a public website on which the District will timely post
information related to upcoming meetings and elections, and will make available relevant District
documents and information, including, but not limited to, the service plan, Board meeting minutes,
annual budgets, audits, and annual reports.
D. The District will provide annual notice to all eligible electors of the District,
in accordance with Section 32-1-809, C.R.S. In addition, the District shall record a District public
disclosure document and a map of the District boundaries with the Clerk and Recorder of each
County in which District property is located, in accordance with Section 32-1-104.8, C.R.S.
X. INTERGOVERNMENTAL AGREEMENT
17
63876351.v2
The form of the Intergovernmental Agreement required by the Town Code, relating to the
limitations imposed on the District’s activities, is attached hereto as Exhibit F. The District shall
approve the Intergovernmental Agreement at its first Board meeting after approval of this
Amended and Restated Service Plan, and shall deliver the executed Intergovernmental Agreement
to the Town. The Intergovernmental Agreement may be amended from time to time by the District
and the Town, and may include written consents and agreements of the Town as required
throughout this Amended and Restated Service Plan (e.g., amendments to address the District’s
imposition of Fees for services, programs or facilities furnished by the District pursuant to Section
V.A.20 (“Fee Amendments”)). Alternatively, such written consents of the Town may be obtained
by the District without amending the Intergovernmental Agreement, and the Town and the District
may execute additional written agreements concerning matters set forth in this Amended and
Restated Service Plan. In the event that the District proposes any Fee Amendment to the Town,
the Town Board shall make its determination as to such Fee Amendment in writing to the District
within sixty (60) days after submittal of the Fee Amendment by the District, unless the Town and
District mutually agree to a different date.
The District is also a party to the Cooperation Agreement among the Firestone Urban
Renewal Authority and the Neighbors Point Metropolitan District –Northern Firestone Urban
Renewal Plan (the “FURA Agreement”).
No intergovernmental agreements other than the Intergovernmental Agreement, the FURA
Agreement, and, if necessary, the District’s intergovernmental agreements are anticipated. Except
for such Intergovernmental Agreement with the Town, any intergovernmental agreement proposed
regarding the subject matter of this Amended and Restated Service Plan shall be subject to review
and approval by the Town prior to its execution by the District. Such Town review and approval
shall be with reference to whether the intergovernmental agreement(s) are in compliance with this
Amended and Restated Service Plan, the Intergovernmental Agreement, and the terms of the
Approved Development Plan or other instrument related to the Public Improvements.
XI. NON-COMPLIANCE WITH SERVICE PLAN
In the event it is determined that the District has undertaken any act or omission which
violates the Service Plan or constitutes a material departure from the Service Plan, the Town may
pursue for such violation all remedies available at law or in equity, including without limitation
affirmative injunctive relief to require the District to act in accordance with the provisions of this
Amended and Restated Service Plan. To the extent permitted by law, the District hereby waives
the provisions of Section 32-1-207(3)(b), C.R.S., and agree they will not rely on such provisions
as a bar to the enforcement by the Town of any provisions of this Amended and Restated Service
Plan.
XII. CONCLUSION
It is submitted that this Amended and Restated Service Plan for the District, as required by
Section 32-1-203(2), C.R.S., establishes that:
1. There is sufficient existing and projected need for organized service
in the area to be serviced by the District;
18
63876351.v2
2. The existing service in the area to be served by the District is
inadequate for present and projected needs;
3. The District is capable of providing economical and sufficient
service to the area within its proposed boundaries; and
4. The area to be included in the District has, or will have, the financial
ability to discharge the proposed indebtedness on a reasonable basis.
1 63876351.v2
EXHIBIT A
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EXHIBIT B
Initial Boundary Map and Legal Description
FILING 6
11 .08 ACRES
~
19.14 ACRES
TRACT Q
1.SJAC
SCALE
1" = 500'
NEIGHBORS POINT
METROPOLITAN DISTRICT
BOUNDARY EXHIBIT
AREAS WITHIN
DISTRICT BOUNDARY
EXHIBIT B
(LEGAL DESCRIPTION OF THE PROPERTY INCLUDED
IN THE NEIGHBORS POINT METROPOLITAN DISTRICT)
NEIGHBORS POINT FILING NO. 1 (TRACT D & C), FILING 2 (TRACT Q), FILING 6 & FILING 7
THAT PORTION OF THE SOUTHWEST QUARTER OF SECTION 12, TOWNSHIP 2 NORTH, RANGE 68
WEST OF THE 6TH P.M., WELD COUNTY, COLORADO, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 12 AND CONSIDERING THE
SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 12 TO BEAR SOUTH 89°31'25"
EAST;
THENCE NORTH 41°18’03" EAST, A DISTANCE OF 1437.87 FEET TO THE POINT OF BEGINNING;
THENCE NORTH 17°23'05" WEST, 225.76 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 557.00 FEET AND A
CENTRAL ANGLE OF 42°44'36" AN ARC DISTANCE OF 415.53 FEET
(CHORD BEARS NORTH 38°45'23" WEST, 405.96 FEET);
THENCE NORTH 60°07'42" WEST, 20.00 FEET;
THENCE NORTH 29°52'18" EAST, 58.39 FEET;
THENCE NORTH 00°27'08" WEST, 544.64 FEET;
THENCE NORTH 89°32'52" EAST, 172.58 FEET;
THENCE NORTH 0°27'08" WEST, 126.29 FEET;
THENCE NORTH 79°11'57" WEST, 62.11 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 44.00 FEET AND A
CENTRAL ANGLE OF 32°51'10", AN ARC DISTANCE OF 25.23 FEET
(CHORD BEARS NORTH 05°37'32" WEST, 24.89 FEET);
THENCE NORTH 67°56'52" EAST, 110.52 FEET;
THENCE NORTH 31°45'23" WEST, 57.42 FEET;
THENCE NORTH 57°02'07" WEST, 82.94 FEET;
THENCE SOUTH 89°32'52" WEST, 93.89 FEET;
THENCE NORTH 9°44'20" WEST, 63.93 FEET;
THENCE NORTH 77°25'42" EAST, 22.20 FEET;
THENCE NORTH 64°04'36" EAST, 67.60 FEET;
THENCE NORTH 64°43'19" EAST, 123.46 FEET;
THENCE SOUTH 89°58'03" EAST, 1852.66 FEET;
THENCE SOUTH 0°00'54" WEST, 704.07 FEET;
THENCE NORTH 12°55'45" WEST, 156.92 FEET;
THENCE NORTH 14°22'14" WEST, 77.41 FEET;
THENCE NORTH 18°35'50" WEST, 78.08 FEET;
THENCE NORTH 22°11'50" WEST, 79.39 FEET;
THENCE NORTH 20°52'34" WEST, 89.97 FEET;
THENCE SOUTH 50°23'30" WEST, 204.82 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 523.00 FEET AND A
CENTRAL ANGLE OF 9°56'52" AN ARC DISTANCE OF 90.80 FEET
(CHORD BEARS SOUTH 34°38'04" EAST, 90.69 FEET);
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 20.00 FEET AND A
CENTRAL ANGLE OF 95°21'41" AN ARC DISTANCE OF 33.29 FEET
(CHORD BEARS SOUTH 18°01'13" WEST, 29.58 FEET);
THENCE SOUTH 65°42'03" EAST, 53.69 FEET;
THENCE SOUTH 24°17'57" EAST, 54.00 FEET;
THENCE SOUTH 11°00'03" EAST, 77.68 FEET;
THENCE SOUTH 11°04'44" WEST, 53.68 FEET;
THENCE SOUTH 27°59'05" WEST, 82.46 FEET;
THENCE SOUTH 37°05'43" WEST, 81.48 FEET;
THENCE SOUTH 17°20'40" EAST, 68.10 FEET;
THENCE SOUTH 08°11'24" WEST, 131.34 FEET;
THENCE SOUTH 85°30'59" WEST, 78.12 FEET;
THENCE SOUTH 71°24'51" WEST, 102.80 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 373.00 FEET AND A
CENTRAL ANGLE OF 1°30'42" AN ARC DISTANCE OF 9.84 FEET
(CHORD BEARS NORTH 19°20'30" WEST, 9.84 FEET);
THENCE SOUTH 60°10'57" WEST, 139.73 FEET;
THENCE SOUTH 56°25'46" WEST, 65.00 FEET;
THENCE SOUTH 49°40'55" WEST, 141.59 FEET;
THENCE SOUTH 46°57'17" WEST, 121.94 FEET;
THENCE SOUTH 37°09'28" WEST, 205.39 FEET;
THENCE SOUTH 54°08'02" EAST, 149.93 FEET;
THENCE SOUTH 37°25'39" WEST, 299.69 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 393.00 FEET AND A
CENTRAL ANGLE OF 120°48'45" AN ARC DISTANCE OF 828.67 FEET
(CHORD BEARS NORTH 82°09'59" WEST, 404.81 FEET);
THENCE NORTH 72°36'55" WEST, 30.00 FEET TO THE POINT OF BEGINNING,
CONTAINING 2,673,657 SQUARE FEET, OR 61.37 ACRES, MORE OR LESS
EXHIBIT B
(LEGAL DESCRIPTION OF THE PROPERTY INCLUDED
IN THE NEIGHBORS POINT METROPOLITAN DISTRICT)
NEIGHBORS POINT FILING NO. 3 & 4
THAT PORTION OF THE SOUTHWEST QUARTER OF SECTION 12, TOWNSHIP 2 NORTH, RANGE 68
WEST OF THE 6TH P.M., WELD COUNTY, COLORADO, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 12 AND CONSIDERING THE
SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 12 TO BEAR SOUTH 89°31'25"
EAST;
THENCE SOUTH 89°31’25" EAST, A DISTANCE OF 1496.63 FEET TO THE POINT OF BEGINNING;
THENCE SOUTH 89°31'25" EAST, 1,202.59 FEET;
THENCE NORTH 00°00'54" EAST, 1,325.92 FEET;
THENCE NORTH 89°59'06" WEST, 179.00 FEET;
THENCE NORTH 0°00'54" EAST, 67.49 FEET;
THENCE NORTH 89°59'08" WEST, 140.01 FEET;
THENCE SOUTH 69°33'17" WEST, 48.16 FEET;
THENCE SOUTH 64°17'20" WEST, 126.49 FEET;
THENCE SOUTH 56°51'16" WEST, 44.27 FEET;
THENCE SOUTH 37°25'39" WEST, 140.00 FEET;
THENCE NORTH 52°34'21" WEST, 11.72 FEET;
THENCE SOUTH 37°25'39" WEST, 617.84 FEET;
THENCE NORTH 46°35'15" WEST, 38.04 FEET;
THENCE SOUTH 43°24'45" WEST, 110.00 FEET;
THENCE SOUTH 46°35'15" EAST, 43.79 FEET;
THENCE SOUTH 43°24'45" WEST, 55.95 FEET;
THENCE SOUTH 55°54'17" WEST, 69.31 FEET;
THENCE SOUTH 76°23'49" WEST, 72.29 FEET;
THENCE SOUTH 8°14'53" EAST, 130.89 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 415.00 FEET AND A
CENTRAL ANGLE OF 7°51'49", AN ARC DISTANCE OF 56.96 FEET
(CHORD BEARS NORTH 79°29'16" EAST, 56.91 FEET);
THENCE SOUTH 13°30'29" EAST, 54.01 FEET;
THENCE SOUTH 0°28'35" WEST, 106.46 FEET;
THENCE SOUTH 7°21'26" WEST, 46.14 FEET;
THENCE SOUTH 12°41'20" WEST, 75.28 FEET;
THENCE SOUTH 51°20'12" WEST, 55.94 FEET;
THENCE SOUTH 0°28'35" WEST, 80.00 FEET;
CONTAINING 1,280,888 SQUARE FEET, OR 29.41 ACRES, MORE OR LESS.
EXHIBIT B
(LEGAL DESCRIPTION OF THE PROPERTY INCLUDED
IN THE NEIGHBORS POINT METROPOLITAN DISTRICT)
NEIGHBORS POINT FILING NO. 5 (TRACT B)
THAT PORTION OF THE SOUTHWEST QUARTER OF SECTION 12, TOWNSHIP 2 NORTH, RANGE 68
WEST OF THE 6TH P.M., WELD COUNTY, COLORADO, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 12 AND CONSIDERING THE
SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 12 TO BEAR SOUTH 89°31'25"
EAST;
THENCE NORTH 03°24’37" EAST, A DISTANCE OF 742.26 FEET TO THE POINT OF BEGINNING;
THENCE NORTH 00°27’08" WEST, A DISTANCE OF 847.43 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 16.00 FEET AND A
CENTRAL ANGLE OF 89°59'40", AN ARC DISTANCE OF 25.13 FEET
(CHORD BEARS NORTH 44°32'42" EAST, 22.63 FEET);
THENCE NORTH 89°32'32" EAST, A DISTANCE OF 114.00 FEET;
THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 20.00 FEET AND A
CENTRAL ANGLE OF 60°00'00", AN ARC DISTANCE OF 20.94 FEET
(CHORD BEARS NORTH 60°27'28" WEST, 20.00 FEET);
THENCE SOUTH 89°32'32" WEST, 117.32 FEET;
THENCE SOUTH 0°27'08" EAST, 370.00 FEET;
THENCE SOUTH 23°51'27" EAST, 201.75 FEET;
THENCE NORTH 88°28'41" EAST, 162.06 FEET;
THENCE SOUTH 21°10'08" WEST, 32.52 FEET;
THENCE SOUTH 88°28'41" WEST, 164.43 FEET;
THENCE SOUTH 10°35'57" WEST, 91.74 FEET;
THENCE SOUTH 2°50'05" EAST, 53.58 FEET;
THENCE SOUTH 27°17'22" EAST, 131.19 FEET;
THENCE SOUTH 86°31'17" WEST, 139.85 FEET;
CONTAINING 58,933 SQUARE FEET, OR 1.35 ACRES, MORE OR LESS
3 63876351.v2
EXHIBIT C
Financial Plan
Neighbors Point Metropolitan District
Weld County, Colorado
~~~
Tax-Exempt Loan, Series 2022
Bond Assumptions Series 2022
Closing Date 6/10/2022
Final Maturity 6/10/242
Amortization Through 12/1/2052
Discharge Date 12/1/2062
Sources of Funds
Par Amount 5,650,000
Total 5,650,000
Uses of Funds
Project Fund 5,181,000
Reserve Fund 189,000
Cost of Issuance 280,000
Total 5,650,000
Debt Features
Projected Coverage at Mill Levy Cap 1.16x
Tax Status Tax-Exempt
Rating Non-Rated
Tax-Exempt Rate 4.000%
Assumed Post-Maturity Rate 4.500%
Annual Trustee Fee $4,000
Biennial Reassessment
Residential 2.00%
Tax Authority Assumptions
Metropolitan District Revenue
Debt Service Mills
Service Plan Mill Levy Cap 50.000
Maximum Adjusted Cap 50.000
Target Mill Levy 43.000
Specific Ownership Tax 6.00%
County Treasurer Fee 1.50%
Operations
Mill Levy 7.000
4/25/2022
1
PIPER I SANDLER
Neighbors Point Metropolitan DistrictDevelopment SummaryResidential - Melody Development 2019 Home Sales 2020 Home Sales2021 Home Sales to DateRemaining Lots (Early '22)---TotalStatutory Actual Value (2022)$436,799 $445,615 $504,415 $566,852---2018--------201924------242020-70-----702021--89----892022---4---42023--------2024--------2025--------2026--------2027--------2028--------2029--------2030--------2031--------2032--------2033--------2034--------2035--------2036--------2037--------2038--------2039--------2040--------2041--------2042--------2043--------2044--------2045--------2046--------2047--------2048--------2049--------2050--------2051-------- Total Units2470894---187Total Statutory Actual Value$10,483,176 $31,193,050 $44,892,935 $2,267,408--- $88,836,569J Neighbors Point MD Financial Plan 04.25.22.xlsx Dev4/25/20222PIPER I SANDLER
Neighbors Point Metropolitan DistrictAssessed ValueVacant and Improved Land1Residential - Melody DevelopmentCommercial / State AssessedTotalCumulative Statutory Actual ValueAssessed Value in Collection YearResidential Units DeliveredBiennial ReassessmentCumulative Statutory Actual ValueAssessed Value in Collection YearCumulative Statutory Actual ValueAssessed Value in Collection YearAssessed Value in Collection Year2 Year Lag2 Year Lag 2 Year Lag 2 Year Lag29.00% 2.00% 7.15% 29.00%20182,411,172287,413 445,72420192,442,655 24 15,198,042 545,20720201,955,862699,24070 48,953,00720,550689,759129,260 849,0502021113,370708,37089 86,569,1611,086,660689,759158,110 1,953,1402022(0)567,2004 1,731,383 90,567,9523,500,140689,759200,030 4,267,3702023(0) 32,877 - - 90,567,952 6,189,695 689,759 200,030 6,422,6022024(0) (0) - 1,811,359 92,379,311 6,475,609 689,759 200,030 6,675,6392025(0) (0) - - 92,379,311 6,475,609 689,759 200,030 6,675,6392026(0) (0) - 1,847,586 94,226,897 6,605,121 689,759 200,030 6,805,1512027(0) (0) - - 94,226,897 6,605,121 689,759 200,030 6,805,1512028(0) (0) - 1,884,538 96,111,435 6,737,223 689,759 200,030 6,937,2532029(0) (0) - - 96,111,435 6,737,223 689,759 200,030 6,937,2532030(0) (0) - 1,922,229 98,033,664 6,871,968 689,759 200,030 7,071,9982031(0) (0) - - 98,033,664 6,871,968 689,759 200,030 7,071,9982032(0) (0) - 1,960,673 99,994,337 7,009,407 689,759 200,030 7,209,4372033(0) (0) - - 99,994,337 7,009,407 689,759 200,030 7,209,4372034(0) (0) - 1,999,887 101,994,224 7,149,595 689,759 200,030 7,349,6252035(0) (0) - - 101,994,224 7,149,595 689,759 200,030 7,349,6252036(0) (0) - 2,039,884 104,034,109 7,292,587 689,759 200,030 7,492,6172037(0) (0) - - 104,034,109 7,292,587 689,759 200,030 7,492,6172038(0) (0) - 2,080,682 106,114,791 7,438,439 689,759 200,030 7,638,4692039(0) (0) - - 106,114,791 7,438,439 689,759 200,030 7,638,4692040(0) (0) - 2,122,296 108,237,087 7,587,208 689,759 200,030 7,787,2382041(0) (0) - - 108,237,087 7,587,208 689,759 200,030 7,787,2382042(0) (0) - 2,164,742 110,401,828 7,738,952 689,759 200,030 7,938,9822043(0) (0) - - 110,401,828 7,738,952 689,759 200,030 7,938,9822044(0) (0) - 2,208,037 112,609,865 7,893,731 689,759 200,030 8,093,7612045(0) (0) - - 112,609,865 7,893,731 689,759 200,030 8,093,7612046(0) (0) - 2,252,197 114,862,062 8,051,605 689,759 200,030 8,251,6352047(0) (0) - - 114,862,062 8,051,605 689,759 200,030 8,251,6352048(0) (0) - 2,297,241 117,159,303 8,212,637 689,759 200,030 8,412,6672049(0) (0) - - 117,159,303 8,212,637 689,759 200,030 8,412,6672050(0) (0) - 2,343,186 119,502,490 8,376,890 689,759 200,030 8,576,9202051(0) (0) - - 119,502,490 8,376,890 689,759 200,030 8,576,9202052(0) (0) - 2,390,050 121,892,539 8,544,428 689,759 200,030 8,744,458Total187 33,055,9701. Vacant land value calculated in year prior to construction as 10% build-out market valueJ Neighbors Point MD Financial Plan 04.25.22.xlsx #1 AV4/25/20223PIPER I SANDLER
Neighbors Point Metropolitan DistrictRevenue - Melody DevelopmentTotalDistrict Mill Levy RevenueExpenseTotalAssessed Value in Collection YearDebt Mill LevyDebt Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeAnnual Trustee FeeRevenue Available for Debt Service43.000 Cap 99.50%6.00%1.50%43.000 Cap201820192020849,05020211,953,1400.0000000020224,267,37035.000148,6118,917(2,229)(4,000) 151,29920236,422,60243.000 274,79116,487(4,122)(4,000) 283,15720246,675,63943.000 285,61717,137(4,284)(4,000) 294,47020256,675,63943.000 285,61717,137(4,284)(4,000) 294,47020266,805,15143.000 291,15817,470(4,367)(4,000) 300,26120276,805,15143.000 291,15817,470(4,367)(4,000) 300,26120286,937,25343.000 296,81017,809(4,452)(4,000) 306,16720296,937,25343.000 296,81017,809(4,452)(4,000) 306,16720307,071,99843.000 302,57518,155(4,539)(4,000) 312,19120317,071,99843.000 302,57518,155(4,539)(4,000) 312,19120327,209,43743.000 308,45618,507(4,627)(4,000) 318,33620337,209,43743.000 308,45618,507(4,627)(4,000) 318,33620347,349,62543.000 314,45418,867(4,717)(4,000) 324,60420357,349,62543.000 314,45418,867(4,717)(4,000) 324,60420367,492,61743.000 320,57219,234(4,809)(4,000) 330,99720377,492,61743.000 320,57219,234(4,809)(4,000) 330,99720387,638,46943.000 326,81219,609(4,902)(4,000) 337,51820397,638,46943.000 326,81219,609(4,902)(4,000) 337,51820407,787,23843.000 333,17719,991(4,998)(4,000) 344,17020417,787,23843.000 333,17719,991(4,998)(4,000) 344,17020427,938,98243.000 339,66920,380(5,095)(4,000) 350,95420437,938,98243.000 339,66920,380(5,095)(4,000) 350,95420448,093,76143.000 346,29220,777(5,194)(4,000) 357,87520458,093,76143.000 346,29220,777(5,194)(4,000) 357,87520468,251,63543.000 353,04621,183(5,296)(4,000) 364,93320478,251,63543.000 353,04621,183(5,296)(4,000) 364,93320488,412,66743.000 359,93621,596(5,399)(4,000) 372,13320498,412,66743.000 359,93621,596(5,399)(4,000) 372,13320508,576,92043.000 366,96422,018(5,504)(4,000) 379,47720518,576,92043.000 366,96422,018(5,504)(4,000) 379,47720528,744,45843.000 374,13222,448(5,612)(4,000) 386,968Total9,888,610 593,317 (148,329) (124,000) 10,209,597J Neighbors Point MD Financial Plan 04.25.22.xlsx #1 Rev4/25/20224PIPER I SANDLER
Neighbors Point Metropolitan DistrictDebt ServiceTotal Net Debt ServiceSurplus FundRatio AnalysisSeries 2022Revenue Available for Debt ServiceDated: 6/10/2022 Annual SurplusCumulative BalanceReleased RevenueDebt Service CoverageCoverage at Mill Levy CapSenior Debt to Assessed ValuePar: $5,650,000 $0Proj: $5,181,000 2022151,299 147,350 3,949 0 3,949 103% 133% 287%2023283,157279,4003,75703,757101%118%130%2024294,470292,2002,27002,270101%117%85%2025294,470294,40070070100%117%81%2026300,261296,4003,86103,861101%118%80%2027300,261298,2002,06102,061101%117%77%2028306,167304,8001,36701,367100%117%76%2029306,167306,0001670167100%117%73%2030312,191312,0001910191100%117%71%2031312,191307,6004,59104,591101%118%68%2032318,336313,2005,13605,136102%118%67%2033318,336313,4004,93604,936102%118%64%2034324,604323,4001,20401,204100%117%62%2035324,604322,8001,80401,804101%117%59%2036330,997327,0003,99703,997101%118%56%2037330,997325,8005,19705,197102%118%53%2038337,518334,4003,11803,118101%118%51%2039337,518337,4001180118100%117%47%2040344,170340,0004,17004,170101%118%45%2041344,170342,2001,97001,970101%117%41%2042350,954347,0633,89203,892101%118%39%2043350,954350,6752790279100%117%35%2044357,875356,0001,87501,875101%117%32%2045357,875355,6502,22502,225101%117%29%2046364,933364,85083083100%116%26%2047364,933363,1501,78301,783100%117%22%2048372,133371,0001,13301,133100%117%18%2049372,133367,9504,18304,183101%118%14%2050379,477379,45027027100%116%11%2051379,477374,8254,65204,652101%118%6%2052386,968385,7501,21801,218100%117%0%Total10,209,597 10,134,31375,28575,285J Neighbors Point MD Financial Plan 04.25.22.xlsx CI Debt Loan4/25/20225PIPER I SANDLER
20182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052TotalNeighbors Point Metropolitan DistrictRevenueTotalOperations Mill Levy RevenueExpenseTotalAssessed Value in Collection YearO&M Mill LevyO&M Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeRevenue Available for Operations7.000 Cap99.50%6.00%1.50%7.000 Target1,953,14045.00087,891 5,247 (1,318) 91,8204,267,37010.00042,6742,548(640) 44,5816,422,6027.00044,9582,684(674) 46,9686,675,6397.00046,7292,790(701) 48,8186,675,6397.00046,7292,790(701) 48,8186,805,1517.00047,6362,844(715) 49,7656,805,1517.00047,6362,844(715) 49,7656,937,2537.00048,5612,899(728) 50,7316,937,2537.00048,5612,899(728) 50,7317,071,9987.00049,5042,955(743) 51,7177,071,9987.00049,5042,955(743) 51,7177,209,4377.00050,4663,013(757) 52,7227,209,4377.00050,4663,013(757) 52,7227,349,6257.00051,4473,071(772) 53,7477,349,6257.00051,4473,071(772) 53,7477,492,6177.00052,4483,131(787) 54,7937,492,6177.00052,4483,131(787) 54,7937,638,4697.00053,4693,192(802) 55,8597,638,4697.00053,4693,192(802) 55,8597,787,2387.00054,5113,254(818) 56,9477,787,2387.00054,5113,254(818) 56,9477,938,9827.00055,5733,318(834) 58,0577,938,9827.00055,5733,318(834) 58,0578,093,7617.00056,6563,382(850) 59,1898,093,7617.00056,6563,382(850) 59,1898,251,6357.00057,7613,448(866) 60,3438,251,6357.00057,7613,448(866) 60,3438,412,6677.00058,8893,516(883) 61,5218,412,6677.00058,8893,516(883) 61,5218,576,9207.00060,0383,584(901) 62,7228,576,9207.00060,0383,584(901) 62,7228,744,4587.00061,2113,654(918) 63,9471,724,114 102,930 (25,862) 1,801,182J Neighbors Point MD Financial Plan 04.25.22.xlsx #1 Rev4/25/20226PIPER I SANDLER
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
SOURCES AND USES OF FUNDS
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Dated Date 06/10/2022
Delivery Date 06/10/2022
Sources:
Bond Proceeds:
Par Amount 5,650,000.00
5,650,000.00
Uses:
Project Fund Deposits:
Project Fund 5,181,000.00
Other Fund Deposits:
Debt Service Reserve Fund 189,000.00
Cost of Issuance:
Cost of Issuance 250,000.00
Placement Agent 30,000.00
280,000.00
5,650,000.00
7
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
BOND SUMMARY STATISTICS
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Dated Date 06/10/2022
Delivery Date 06/10/2022
Last Maturity 12/01/2052
Arbitrage Yield 4.052561%
True Interest Cost (TIC)4.052561%
Net Interest Cost (NIC)4.089040%
All-In TIC 4.443286%
Average Coupon 4.089040%
Average Life (years)20.228
Duration of Issue (years)13.432
Par Amount 5,650,000.00
Bond Proceeds 5,650,000.00
Total Interest 4,673,312.50
Net Interest 4,673,312.50
Total Debt Service 10,323,312.50
Maximum Annual Debt Service 574,750.00
Average Annual Debt Service 338,746.92
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average
Bond Component Value Price Coupon Life
Loan due 2052 5,650,000.00 100.000 4.089% 20.228
5,650,000.00 20.228
All-In Arbitrage
TIC TIC Yield
Par Value 5,650,000.00 5,650,000.00 5,650,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense -280,000.00
- Other Amounts
Target Value 5,650,000.00 5,370,000.00 5,650,000.00
Target Date 06/10/2022 06/10/2022 06/10/2022
Yield 4.052561%4.443286%4.052561%
8
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
BOND PRICING
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Maturity
Bond Component Date Amount Rate Yield Price
Loan due 2052:
12/01/2022 40,000 4.000% 4.109% 100.000
12/01/2023 55,000 4.000% 4.109% 100.000
12/01/2024 70,000 4.000% 4.109% 100.000
12/01/2025 75,000 4.000% 4.109% 100.000
12/01/2026 80,000 4.000% 4.109% 100.000
12/01/2027 85,000 4.000% 4.109% 100.000
12/01/2028 95,000 4.000% 4.109% 100.000
12/01/2029 100,000 4.000% 4.109% 100.000
12/01/2030 110,000 4.000% 4.109% 100.000
12/01/2031 110,000 4.000% 4.109% 100.000
12/01/2032 120,000 4.000% 4.109% 100.000
12/01/2033 125,000 4.000% 4.109% 100.000
12/01/2034 140,000 4.000% 4.109% 100.000
12/01/2035 145,000 4.000% 4.109% 100.000
12/01/2036 155,000 4.000% 4.109% 100.000
12/01/2037 160,000 4.000% 4.109% 100.000
12/01/2038 175,000 4.000% 4.109% 100.000
12/01/2039 185,000 4.000% 4.109% 100.000
12/01/2040 195,000 4.000% 4.109% 100.000
12/01/2041 205,000 4.000% 4.109% 100.000
12/01/2042 210,000 4.000% 4.109% 100.000
12/01/2043 215,000 4.000% 4.109% 100.000
12/01/2044 230,000 4.000% 4.109% 100.000
12/01/2045 240,000 4.000% 4.109% 100.000
12/01/2046 260,000 4.000% 4.109% 100.000
12/01/2047 270,000 4.000% 4.109% 100.000
12/01/2048 290,000 4.000% 4.109% 100.000
12/01/2049 300,000 4.000% 4.109% 100.000
12/01/2050 325,000 4.000% 4.109% 100.000
12/01/2051 335,000 4.000% 4.109% 100.000
12/01/2052 550,000 4.000% 4.109% 100.000
5,650,000
Dated Date 06/10/2022
Delivery Date 06/10/2022
First Coupon 12/01/2022
Par Amount 5,650,000.00
Original Issue Discount
Production 5,650,000.00 100.000000%
Underwriter's Discount
Purchase Price 5,650,000.00 100.000000%
Accrued Interest
Net Proceeds 5,650,000.00
9
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
NET DEBT SERVICE
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Period Total Debt Service Net
Ending Principal Coupon Interest Debt Service Reserve Fund Debt Service
12/01/2022 40,000 4.000% 107,350.00 147,350.00 147,350.00
12/01/2023 55,000 4.000% 224,400.00 279,400.00 279,400.00
12/01/2024 70,000 4.000% 222,200.00 292,200.00 292,200.00
12/01/2025 75,000 4.000% 219,400.00 294,400.00 294,400.00
12/01/2026 80,000 4.000% 216,400.00 296,400.00 296,400.00
12/01/2027 85,000 4.000% 213,200.00 298,200.00 298,200.00
12/01/2028 95,000 4.000% 209,800.00 304,800.00 304,800.00
12/01/2029 100,000 4.000% 206,000.00 306,000.00 306,000.00
12/01/2030 110,000 4.000% 202,000.00 312,000.00 312,000.00
12/01/2031 110,000 4.000% 197,600.00 307,600.00 307,600.00
12/01/2032 120,000 4.000% 193,200.00 313,200.00 313,200.00
12/01/2033 125,000 4.000% 188,400.00 313,400.00 313,400.00
12/01/2034 140,000 4.000% 183,400.00 323,400.00 323,400.00
12/01/2035 145,000 4.000% 177,800.00 322,800.00 322,800.00
12/01/2036 155,000 4.000% 172,000.00 327,000.00 327,000.00
12/01/2037 160,000 4.000% 165,800.00 325,800.00 325,800.00
12/01/2038 175,000 4.000% 159,400.00 334,400.00 334,400.00
12/01/2039 185,000 4.000% 152,400.00 337,400.00 337,400.00
12/01/2040 195,000 4.000% 145,000.00 340,000.00 340,000.00
12/01/2041 205,000 4.000% 137,200.00 342,200.00 342,200.00
12/01/2042 210,000 4.000% 137,062.50 347,062.50 347,062.50
12/01/2043 215,000 4.000% 135,675.00 350,675.00 350,675.00
12/01/2044 230,000 4.000% 126,000.00 356,000.00 356,000.00
12/01/2045 240,000 4.000% 115,650.00 355,650.00 355,650.00
12/01/2046 260,000 4.000% 104,850.00 364,850.00 364,850.00
12/01/2047 270,000 4.000% 93,150.00 363,150.00 363,150.00
12/01/2048 290,000 4.000% 81,000.00 371,000.00 371,000.00
12/01/2049 300,000 4.000% 67,950.00 367,950.00 367,950.00
12/01/2050 325,000 4.000% 54,450.00 379,450.00 379,450.00
12/01/2051 335,000 4.000% 39,825.00 374,825.00 374,825.00
12/01/2052 550,000 4.000% 24,750.00 574,750.00 189,000 385,750.00
5,650,000 4,673,312.50 10,323,312.50 189,000 10,134,312.50
10
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
DETAILED BOND DEBT SERVICE
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Loan due 2052 (LOAN52)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
12/01/2022 40,000 4.000% 107,350.00 147,350.00 147,350.00
06/01/2023 112,200.00 112,200.00
12/01/2023 55,000 4.000% 112,200.00 167,200.00 279,400.00
06/01/2024 111,100.00 111,100.00
12/01/2024 70,000 4.000% 111,100.00 181,100.00 292,200.00
06/01/2025 109,700.00 109,700.00
12/01/2025 75,000 4.000% 109,700.00 184,700.00 294,400.00
06/01/2026 108,200.00 108,200.00
12/01/2026 80,000 4.000% 108,200.00 188,200.00 296,400.00
06/01/2027 106,600.00 106,600.00
12/01/2027 85,000 4.000% 106,600.00 191,600.00 298,200.00
06/01/2028 104,900.00 104,900.00
12/01/2028 95,000 4.000% 104,900.00 199,900.00 304,800.00
06/01/2029 103,000.00 103,000.00
12/01/2029 100,000 4.000% 103,000.00 203,000.00 306,000.00
06/01/2030 101,000.00 101,000.00
12/01/2030 110,000 4.000% 101,000.00 211,000.00 312,000.00
06/01/2031 98,800.00 98,800.00
12/01/2031 110,000 4.000% 98,800.00 208,800.00 307,600.00
06/01/2032 96,600.00 96,600.00
12/01/2032 120,000 4.000% 96,600.00 216,600.00 313,200.00
06/01/2033 94,200.00 94,200.00
12/01/2033 125,000 4.000% 94,200.00 219,200.00 313,400.00
06/01/2034 91,700.00 91,700.00
12/01/2034 140,000 4.000% 91,700.00 231,700.00 323,400.00
06/01/2035 88,900.00 88,900.00
12/01/2035 145,000 4.000% 88,900.00 233,900.00 322,800.00
06/01/2036 86,000.00 86,000.00
12/01/2036 155,000 4.000% 86,000.00 241,000.00 327,000.00
06/01/2037 82,900.00 82,900.00
12/01/2037 160,000 4.000% 82,900.00 242,900.00 325,800.00
06/01/2038 79,700.00 79,700.00
12/01/2038 175,000 4.000% 79,700.00 254,700.00 334,400.00
06/01/2039 76,200.00 76,200.00
12/01/2039 185,000 4.000% 76,200.00 261,200.00 337,400.00
06/01/2040 72,500.00 72,500.00
12/01/2040 195,000 4.000% 72,500.00 267,500.00 340,000.00
06/01/2041 68,600.00 68,600.00
12/01/2041 205,000 4.000% 68,600.00 273,600.00 342,200.00
06/01/2042 64,500.00 64,500.00
12/01/2042 210,000 4.000% 72,562.50 282,562.50 347,062.50
06/01/2043 67,837.50 67,837.50
12/01/2043 215,000 4.000% 67,837.50 282,837.50 350,675.00
06/01/2044 63,000.00 63,000.00
12/01/2044 230,000 4.000% 63,000.00 293,000.00 356,000.00
06/01/2045 57,825.00 57,825.00
12/01/2045 240,000 4.000% 57,825.00 297,825.00 355,650.00
06/01/2046 52,425.00 52,425.00
12/01/2046 260,000 4.000% 52,425.00 312,425.00 364,850.00
06/01/2047 46,575.00 46,575.00
12/01/2047 270,000 4.000% 46,575.00 316,575.00 363,150.00
06/01/2048 40,500.00 40,500.00
12/01/2048 290,000 4.000% 40,500.00 330,500.00 371,000.00
06/01/2049 33,975.00 33,975.00
12/01/2049 300,000 4.000% 33,975.00 333,975.00 367,950.00
06/01/2050 27,225.00 27,225.00
12/01/2050 325,000 4.000% 27,225.00 352,225.00 379,450.00
06/01/2051 19,912.50 19,912.50
12/01/2051 335,000 4.000% 19,912.50 354,912.50 374,825.00
06/01/2052 12,375.00 12,375.00
12/01/2052 550,000 4.000% 12,375.00 562,375.00 574,750.00
5,650,000 4,673,312.50 10,323,312.50 10,323,312.50
11
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
DETAILED BOND DEBT SERVICE
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Bond Variable Rate Table
Begin End Interest
Date Date Rate
06/10/2022 06/01/2042 4.000%
06/01/2042 12/01/2052 4.500%
12
Apr 25, 2022 4:44 pm Prepared by DBC Finance (Finance 8.800 Neighbors Point MD:J_042522-22LOAN)
BOND SOLUTION
NEIGHBORS POINT METROPOLITAN DISTRICT
Weld County, Colorado
~~~
TAX-EXEMPT LOAN, SERIES 2022
20-year Maturity, 30-year Amortization
Period Proposed Proposed CAPI & DSRF Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2022 40,000 147,350 147,350 151,299 3,949 102.68%
12/01/2023 55,000 279,400 279,400 283,157 3,757 101.34%
12/01/2024 70,000 292,200 292,200 294,470 2,270 100.78%
12/01/2025 75,000 294,400 294,400 294,470 70 100.02%
12/01/2026 80,000 296,400 296,400 300,261 3,861 101.30%
12/01/2027 85,000 298,200 298,200 300,261 2,061 100.69%
12/01/2028 95,000 304,800 304,800 306,167 1,367 100.45%
12/01/2029 100,000 306,000 306,000 306,167 167 100.05%
12/01/2030 110,000 312,000 312,000 312,191 191 100.06%
12/01/2031 110,000 307,600 307,600 312,191 4,591 101.49%
12/01/2032 120,000 313,200 313,200 318,336 5,136 101.64%
12/01/2033 125,000 313,400 313,400 318,336 4,936 101.58%
12/01/2034 140,000 323,400 323,400 324,604 1,204 100.37%
12/01/2035 145,000 322,800 322,800 324,604 1,804 100.56%
12/01/2036 155,000 327,000 327,000 330,997 3,997 101.22%
12/01/2037 160,000 325,800 325,800 330,997 5,197 101.60%
12/01/2038 175,000 334,400 334,400 337,518 3,118 100.93%
12/01/2039 185,000 337,400 337,400 337,518 118 100.04%
12/01/2040 195,000 340,000 340,000 344,170 4,170 101.23%
12/01/2041 205,000 342,200 342,200 344,170 1,970 100.58%
12/01/2042 210,000 347,063 347,063 350,954 3,892 101.12%
12/01/2043 215,000 350,675 350,675 350,954 279 100.08%
12/01/2044 230,000 356,000 356,000 357,875 1,875 100.53%
12/01/2045 240,000 355,650 355,650 357,875 2,225 100.63%
12/01/2046 260,000 364,850 364,850 364,933 83 100.02%
12/01/2047 270,000 363,150 363,150 364,933 1,783 100.49%
12/01/2048 290,000 371,000 371,000 372,133 1,133 100.31%
12/01/2049 300,000 367,950 367,950 372,133 4,183 101.14%
12/01/2050 325,000 379,450 379,450 379,477 27 100.01%
12/01/2051 335,000 374,825 374,825 379,477 4,652 101.24%
12/01/2052 550,000 574,750 -189,000 385,750 386,968 1,218 100.32%
5,650,000 10,323,313 -189,000 10,134,313 10,209,597 75,285
13
4 63876351.v2
EXHIBIT D
Capital Plan - List of Public Improvements
Improvement Categories Item Unit Quantity Unit Cost Total Item Cost
Inspection/Town Fees
Total Town Fees LS 1 33,500.00$ 33,500.00$
33,500.00$
Construction Permits
Total Permit Fees LS 1 12,000.00$ 12,000.00$
12,000.00$
Engineering
As‐Builts/Certs LS 1 8,500.00$ 8,500.00$
Construction Support LS 1 8,500.00$ 8,500.00$
17,000.00$
Survey
Construction Survey LS 1 240,000.00$ 240,000.00$
As‐Builts/Certs LS 1 15,000.00$ 15,000.00$
255,000.00$
Geotechnical Engineering
Soil/Materials Testing LS 1 115,000.00$ 115,000.00$
Pavement Design LS 1 3,000.00$ 3,000.00$
Compliance Reports LS 1 3,000.00$ 3,000.00$
121,000.00$
Grading
Mobilization LS 1 10,000.00$ 10,000.00$
Clear/Grub/Demo LS 1 40,000.00$ 40,000.00$
Disposal LS 1 12,500.00$ 12,500.00$
Cut to Fill Streets & Ponds Only CY 84,552 2.50$ 211,380.00$
Fine Grade Ponds & Embankments EST 1 10,500.00$ 10,500.00$
Find Grade PLD Open Space EST 1 17,000.00$ 17,000.00$
Sable Ave. Ditch Final Shaping LF 10,560 2.30$ 24,288.00$
Sable Ave. Drive Entry Restoration EA 14 400.00$ 5,600.00$
331,268.00$
Erosion Control
Silt Fence Perimeter LF 17,250 1.50$ 25,875.00$
VTC Pads EA 7 2,875.00$ 20,125.00$
Straw Bale Dikes EA 50 2.30$ 115.00$
Inlet Protection EST/LS 1 6,500.00$ 6,500.00$
Temp & Native Seeding EST/AC 52 995.00$ 51,740.00$
Sable Ave. Seeding (Borrow) AC 8 995.00$ 8,258.50$
Sable Ave. Straw Check Dams EA 40 2.30$ 92.00$
112,705.50$
Water System
Remove BO & Connect EA 7 300.00$ 2,100.00$
8" C900 DR 18 PVC LF 27,058 37.00$ 1,001,146.00$
8" Valve & Box EA 104 1,800.00$ 187,200.00$
8" x 8" Tee EA 36 810.00$ 29,160.00$
8" x 8" X‐Tee EA 11 790.00$ 8,690.00$
8" x 6" Swivel Tee EA 36 740.00$ 26,640.00$
8" Bends Horz EA 73 515.00$ 37,595.00$
8" Plug/Cap W/2" BO EA 36 630.00$ 22,680.00$
FH Assembly EA 49 4,880.00$ 239,120.00$
8" Vert Lowering EA 35 4,325.00$ 151,375.00$
8" x 6" Reducer EA 13 420.00$ 5,460.00$
6" Horizontal Bends EA 11 365.00$ 4,015.00$
3/4" W Assm. SDL,corp,cs EA 430 1,530.00$ 657,900.00$
3/4" K Copper WL LF 17,600 8.00$ 140,800.00$
2" Landscaping Irrigation Service EA 1 6,020.00$ 6,020.00$
Subtotal
Subtotal
Subtotal
Subtotal
Neighbors Point Metropolitan District
Approximate Development Construction Costs
Subtotal
Subtotal
Subtotal
Page 1 of 3
1" Landscaping Irrigation Service EA 3 3,250.00$ 9,750.00$
.75" Landscaping Irrigation Service EA 4 2,860.00$ 11,440.00$
2,541,091.00$
Storm Sewer
4' Manhole EA 1 2,300.00$ 2,300.00$
6' Manhole EA 16 2,900.00$ 46,400.00$
5' Manhole EA 7 2,600.00$ 18,200.00$
Type "C" Inlet EA 1 5,100.00$ 5,100.00$
Type "D" Inlet EA 1 6,500.00$ 6,500.00$
Double Type "D" Inlet EA 1 10,000.00$ 10,000.00$
5' Type "R" Inlet EA 7 4,050.00$ 28,350.00$
10' Type "R" Inlet EA 16 6,400.00$ 102,400.00$
15' Type "R" Inlet EA 4 8,500.00$ 34,000.00$
20' Type "R" Inlet EA 3 17,280.00$ 51,840.00$
18" RCP LF 2,576 51.00$ 131,376.00$
24" RCP LF 1,842 73.00$ 134,466.00$
30" RCP LF 499 95.00$ 47,405.00$
36" RCP LF 1,101 120.00$ 132,120.00$
42" RCP LF 368 156.00$ 57,408.00$
48" RCP LF 550 187.00$ 102,850.00$
54" RCP LF 622 221.00$ 137,462.00$
34"x 53" HERCP CL3 LF 57 201.00$ 11,457.00$
18" FES EA 13 1,270.00$ 16,510.00$
24" FES EA 3 1,345.00$ 4,035.00$
30" FES EA 1 2,180.00$ 2,180.00$
36" FES EA 5 2,300.00$ 11,500.00$
54" FES EA 2 2,935.00$ 5,870.00$
34" x 53" HERCP FES EA 1 3,355.00$ 3,355.00$
Rip Rap Type "M" SF 4,747 11.00$ 52,217.00$
Sable Ave. 18" RCP Culverts LF 420 86.00$ 36,120.00$
Sable Ave. Pipe Extensions EST/LS 1 600.00$ 600.00$
Sable Ave. Rip Rap Type "M" SF 2,100 11.00$ 23,100.00$
3" Trickle Pan (Fiber) LF 1,890 35.00$ 66,150.00$
1,281,271.00$
Streets
Mobilization Concrete and Paving EST/LS 1 15,000.00$ 15,000.00$
Balance, Shape, & Prep SY 98,147 3.30$ 323,885.10$
Sterilize SG SY 98,147 0.15$ 14,722.05$
4" HBP on 7" ABC SY 95,518 34.00$ 3,247,612.00$
4" HBP on 10" HBP SY 2,629 37.00$ 97,273.00$
6‐4" Curb Walk W/Prep & BF LF 45,785 16.00$ 732,560.00$
HDCP Ramps EA 149 2,145.00$ 319,605.00$
Curb Cuts Driveway Entry EA 2 350.00$ 700.00$
6" Crosspan & Spdrl 54' Complete SF 956 6.15$ 5,879.40$
30" V Curb & Gutter W/Prep & BF LF 3,800 16.00$ 60,800.00$
Color Concrete Cross Walk EA 3 1,980.00$ 5,940.00$
Manhole Adjust EA 182 675.00$ 122,850.00$
WV Adjust EA 154 300.00$ 46,200.00$
BO Adjust EA 11 300.00$ 3,300.00$
Sable Ave. Street Balance SY 19,800 1.30$ 25,740.00$
Sable Ave. Final Shape and Prep SY 19,800 2.00$ 39,600.00$
Sable Ave. Sterilize SG SY 19,800 0.15$ 2,970.00$
Sable Ave. 5" HBP on 8" ABC SY 19,800 35.00$ 693,000.00$
5,757,636.55$
Detached Sidewalk
10' x 6" Set Walk W/ P&BF Trail LF 3,878 47.00$ 182,266.00$
8 'x 4' Det Walk Trail LF 3,533 18.20$ 64,300.60$
Subtotal
Subtotal
Subtotal
Page 2 of 3
4' x 4' Det Walk W/ Thickened Edge LF 260 16.20$ 4,212.00$
250,778.60$
Street Signs & Markings
Stop & Street Blades EA 56 475.00$ 26,600.00$
Traffic Control Signs EA 30 360.00$ 10,800.00$
Birch St. Street Markings EST/LS 1 3,000.00$ 3,000.00$
Sable Ave. Sign and Strip EST/LS 1 4,500.00$ 4,500.00$
44,900.00$
Construction Traffic Control
Sign and Barricade Rental EST/LS 1 9,000.00$ 9,000.00$
Traffic Control EST/LS 1 4,500.00$ 4,500.00$
13,500.00$
Barricades & Fence
Sign Rental EST/LS 1 3,500.00$ 3,500.00$
Construction Barricade Rental EST/LS 1 2,500.00$ 2,500.00$
Phase Barricades EST/LS 1 1,750.00$ 1,750.00$
7,750.00$
Construction Clean Up
Site labor and Equipment EST/LS 1 10,000.00$ 10,000.00$
10,000.00$
Street Lights
Cobra Head EA 5 3,500.00$ 17,500.00$
RSL‐350 EA 75 2,500.00$ 187,500.00$
205,000.00$
Landscape and Irrigation
Irrigation Sod & Beds SF 226,646 0.65$ 147,319.90$
Native Seed Irrigation SF 727,175 0.50$ 363,587.50$
Blue Grass Seed SF 222,616 0.15$ 33,392.40$
Native Seed Irrigation AC 17 750.00$ 12,750.00$
Soil Prep SF 226,646 0.08$ 18,131.68$
Ornamental Grasses 1 Gal EA 92 9.00$ 828.00$
Streel Edger SL 2,857 2.50$ 7,142.50$
Deciduous Trees 2' EA 38 350.00$ 13,300.00$
Deciduous Trees 6' EA 49 350.00$ 17,150.00$
Evergreen Shrubs 5 Gal EA 65 35.00$ 2,275.00$
Deciduous Shrubs 5 Gal EA 108 35.00$ 3,780.00$
Shredded Aspen Mulch SF 4,030 0.35$ 1,410.50$
621,067.48$
Structures and Equipment
Park Pavilion EST/LS 1 10,000.00$ 10,000.00$
Playground Equipment EST/LS 1 20,000.00$ 20,000.00$
Benches EA 2 750.00$ 1,500.00$
Waste Receptacle EA 2 450.00$ 900.00$
32,400.00$
11,647,868.13$
1,164,786.81$
349,436.04$
13,162,090.99$
Prepared by: Independent District Engineering Services (2022)
Notes: 1/ Unit cost are estimates based on recent similar jobs located in the Denver metropolitan area. Actual construction cost may vary.
Notes: 2/ Quantities were taken from "Neighbors Point Metropolitan District Public Improvements Estimate of Probable Construction Cost 5‐12‐04" and were not verified at this time.
Construction Management (3%)
TOTAL ALL IMPROVEMENS WITH CONTINGENCY
Subtotal
Subtotal
Subtotal
Total All Improvement Categories
Contingency (10%)
Subtotal
Subtotal
Subtotal
Subtotal
Subtotal
Page 3 of 3
5 63876351.v2
EXHIBIT E
Disclosure Notice
EXHIBIT E
SPECIAL DISTRICT DISCLOSURE
Name of District: Neighbors Point Metropolitan District
Contact Information for District: c/o White Bear Ankele Tanaka & Waldron
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
District Website: www.sdaco.com
District Boundaries: See attached map. It is conceivable that additional boundary
adjustments may be made to include or exclude property from the
District. Any such boundary adjustment is subject to prior
approval by the owners of the property and must be considered at
a public hearing of the District's Board of Directors.
Purpose of the District: The District was organized pursuant to C.R.S. § 32-1-101 et seq.
The District was created to assist with the planning, design,
acquisition, construction, installation, operation, maintenance,
relocation, and financing of certain public improvements serving
the Neighbors Point and Sable Glenn projects located in the
Town of Firestone, Colorado (the "Town") and described further
in the District’s Service Plan.
The District may dedicate certain public improvements to the
Town or other appropriate jurisdiction. The operations and
maintenance of public improvements dedicated to the Town or
other appropriate jurisdiction shall rest with the Town or other
appropriate jurisdiction as the case may be.
Public improvements not dedicated to the Town or other
appropriate jurisdiction may be owned, operated, and maintained
by the District. The District has authority to impose property
taxes and other fees, rates, tolls, penalties, or charges to fund the
construction and operation and maintenance of improvements as
set forth in the Service Plan.
A copy of the District’s Service Plan can be found on the
District’s website or by contacting the District at the District
contact information above.
ATTENTION HOMEBUYER: You are purchasing a home that is located within Neighbors Point
Metropolitan District (the “District”). This District has the authority to issue bonds or other debt to pay for
public improvements and the authority to levy taxes and fees on all properties within the District for debt
repayment and ongoing operations and maintenance.
Owners Associations: Certain services may be provided within the District by one or
more property owner associations organized as Colorado non-
profit organizations. If a property owners association is
established, property owners will be subject to fees and
assessments payable to the association which will be separate
from and in addition to any fees or assessments payable to the
District.
Authorized Types of District Taxes: Debt Mill Levy, Operating Mill Levy, and Town O&M Mill
Levy
These mill levies result in taxes you will owe to the District and
are described further below.
District’s Total Debt Issuance Authorized
per District’s Service Plan:
$7,000,000
District Improvements Financed by Debt: The District intends to, or has already issued debt to pay for the
following public improvements: streets, water, sewer, and
landscaping.
Maximum Debt Mill Levy that may be
levied annually on properties within the
District to pay back debt:
Maximum Debt Mill Levy: 50 Mills
This Mill Levy may fluctuate based on changes in assessment
rates.
At such time as the total amount of aggregate Debt of the District
is equal to or less than fifty percent (50%) of the District’s
assessed valuation, either on the date of issuance of any Debt or
at any time thereafter, the mill levy to be imposed to repay such
portion of Debt shall not be subject to the Maximum Debt Mill
Levy and, as a result, the mill levy may be imposed at such a rate
as is necessary to pay the Debt service on such Debt, without
limitation of rate increase; provided, however, that after any
conversion to an unlimited mill levy, the District shall not issue
additional Debt that would cause the aggregate Debt to exceed
50% of the District’s then assessed value. For the purposes of the
foregoing, the Board may further provide that such Debt shall
remain secured by such increased mill levy, notwithstanding any
subsequent change in the District’s Debt to assessed value ratio.
Ongoing Operations and Maintenance
Services of the District:
The District intends to impose an Operating Mill Levy to pay for
ongoing administration, operating and maintenance obligations
Maximum Operating Mill Levy that may be
levied annually on properties within the
District to pay for the ongoing operations
and maintenance described above.
Maximum Operating Mill Levy: 50 Mills until such time the
District issues Debt. After the District issues debt, the Maximum
Operation and Maintenance Mill Levy shall be 10 Mills, subject
to the Mill Levy Adjustment.
This Mill Levy may fluctuate based on changes to residential
assessment rates.
The Operating Mill Levy is distinct from the Debt Mill Levy
taxes and cannot be used to repay Debt.
The Maximum Operation and Maintenance Mill Levy shall apply
to the District’s ability to increase its mill levy as necessary for
provision of operation and maintenance services to its taxpayers
and service users until such time as End Users cast the majority
of affirmative votes taken by the District’s Board of Directors at
a meeting authorizing an increase of such Maximum Operation
and Maintenance Mill Levy, at which time the mill levy may be
such amount as is necessary to pay the Operation and
Maintenance Cost.
Maximum Town O&M Mill Levy that is
required to be levied annually on properties
within the District and transferred to the
Town.
Maximum Town O&M Mill Levy: 3 mills
District Fees: The District may impose and collect Fees for services, programs
facilities furnished by the District, and may from time to time
increase or decrease such fees, and may use the revenue from
such fees for the repayment of Debt, capital costs, or Operation
and Maintenance costs and for the payment of an indebtedness of
the District.
Other Taxing Entities to which you will pay
taxes to:
[List all taxing entities and current mill levies within the District
Boundaries as identified by the Weld County Assessor, including
mille levies and annual tax levied for prior fiscal year]
** This information is based upon the
property taxes levied on property within the
District imposed in 2022 for collection in
2023, and is intended only to provide
approximations of the total overlapping mill
levies within the District. The stated mill
levies are subject to change and you should
contact the Weld County Assessor's office
to obtain the most accurate and up to date
information.
Sample Calculation of Taxes Owed for a Residential Property within the District:
Assumptions:
Average market value of home in District is $500,000
Debt Mill Levy is 50 mills
Operating Mill Levy is 10 mills
Town O&M Mill Levy is 3 mills
Total Metropolitan District mill levies = 63 mills
Calculation of Metropolitan District Taxes:
$500,000 x .0715 = $35,750 (Assessed Valuation)
$35,750 x .063 mills = $2,252 per year in taxes
Total Additional Mill Levies from Other Taxing Entities: mills = $ annual taxes
TOTAL [YEAR] PROPERTY TAXES FOR A HOME COSTING $ = $ ____
6 63876351.v2
EXHIBIT F
Intergovernmental Agreement
AMENDED AND RESTATED
INTER GOVERNMENT AL AGREEMENT BETWEEN
THE TOWN OF FIRESTONE, COLORADO AND THE
NEIGHBORS POINT METROPOLITAN DISTRICT
This AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT (the
"Agreement") is made and entered into as of this 30th day of June, 2022, by and between the
TOWN OF FIRESTONE, a home rule municipal corporation of the State of Colorado (the "Town"),
and the NEIGHBORS POINT METROPOLITAN DISTRICT, a quasi-municipal corporation and
political subdivision of the State of Colorado (the "District"). The Town and the District are
collectively referred to as the Parties.
WITNESSETH:
WHEREAS, C.R.S. § 29-1-203 authorizes the Parties to cooperate and contract with one
another regarding functions, services and facilities each is authorized to provide; and
WHEREAS, the District was organized to provide those services and to exercise powers as
are more specifically set forth in the District's Amended and Restated Service Plan approved by the
Town on June 8, 2022 (the "Service Plan"); and
WHEREAS, the Service Plan makes reference to and requires the execution of an
intergovernmental agreement between the Town and the District; and
WHEREAS, the Town has approved the final plat for the Property; and
WHEREAS, the Parties have determined that any capitalized term not specifically defined in
this Agreement shall have that meaning as set forth in the Service Plan; and
WHEREAS, the Parties have determined it to be in the best interests of their respe ctive
taxpayers, residents and property owners to enter into this Agreement to comply with the Service
Plan and to address certain matters related to the organization, powers and authorities of the District.
NOW, THEREFORE, in consideration of the covenants and mutual agreements herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:
1.Operations and Maintenance. The District shall dedicate the Public Improvements
to the Town or other appropriate jurisdiction or owners association in a manner consistent with the
Approved Development Plan, the Service Plan, this Agreement, and other rules and regulations of
the Town, and applicable provisions of the Town Code. The District is authorized, but not obligated,
to own, operate and maintain Public Improvements not otherwise required to be dedicated to the
Town or other public entity, including, but not limited to street improvements (including roads,
curbs, gutters, culverts, sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping,
and other street improvements), traffic and safety controls, retaining walls, park and recreation
improvements and facilities, trails, open space, landscaping, drainage impr ovements (including
detention and retention ponds, trickle channels, and other drainage facilities), irrigation system
improvements (including wells, pumps, storage facilities, and distribution facilities), and all
necessary equipment and appurtenances incident thereto. Notwithstanding the foregoing, all parks,
63876351.v2