agenda item summary april 16, 2019
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Agenda Item 26
Item # 26 Page 1
AGENDA ITEM SUMMARY April 16, 2019
City Council STAFF
Josh Birks, Economic Health Director John Duval, Legal SUBJECT
Resolution 2019-051 Approving a Development Agreement to Secure Public Benefits for Development of the Waterfield Fourth Filing. EXECUTIVE SUMMARY
The purpose of this item is to approve the Waterfield Development Agreement to Secure Public Benefits (the “Development Agreement”), in accordance with the Consolidated Service Plan for Waterfield Metropolitan Districts Nos. 1-3, approved by City Council on September 18, 2018 (the “Service Plan”). Staff has completed its review of the Development Agreement to ensure it conforms to the Service Plan. STAFF RECOMMENDATION
Staff recommends adoption of the Resolution. BACKGROUND / DISCUSSION
Project Overview Thrive Home Builders (“Thrive”) is proposing to construct approximately 498 homes on 71 acres (net of the school site; 93 acres total) in total 190 dwelling units including 152 single family dwelling units, 22 single family alley loaded dwelling units, and 16 single family attached dwelling units, together with a tract for future development of a maximum of 200 multi-family dwelling units at the northwest corner of Vine Drive and Timberline Road. (Attachment 1) The project, called Waterfield, will follow Thrive’s commitment to healthy, efficient, and local home construction, including all their normal standards and include raw water irrigation, comply with water-sense standards, and re-plat the project to provide urban design and density, alleys, and walkable features. Thrive is a Colorado grown company that has operated in the metro-Denver area for the past 20 years. Thrive is committed to building healthy, efficient, and local homes. They achieve this goal by:
• Healthy - All homes are constructed to the Environmental Protection Agency’s Indoor airPLUS program standards, include active radon ventilation systems, using advanced moisture management practices to reduce the likelihood of mold, and use low Volatile Organic Compound (“VOC”) products.
• Efficient - All homes are constructed to the U.S. Department of Energy Zero Energy Ready Home standard, achieve Energy Star Certified status, and include a RESNET HERS score - an independent energy rating that validates energy efficiency level.
• Local - Locally-sourced products are used when available - an example is blue-stained beetle kill pine.
Thrive also builds affordable homes. Thrive has been building affordable homes, meeting the Denver Inclusionary Housing guidelines through a deed restriction, for the past 12 years at the Stapleton Airport Redevelopment. Thrive has built over 380 affordable homes in the Stapleton project. In addition, they have
Agenda Item 26
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constructed approximately 500 for-sale homes targeted at 80 percent of Area Median Income (“AMI”) at Belle Creek. In both projects, these homes deliver the same Zero Energy Ready features as Thrive uses in market rate housing, including trademark double walls, the ability to add solar panels, and other zero energy ready features. Public Benefits The Service Plan anticipates using the Debt Mill Levy to support the issuance of bonds in the maximum amount of $22.4 million, with an anticipated outstanding balance peak of $15.7 million, to fund the public improvement portion of the following $37.3 million in improvements: 1. Water and Energy Conservation
a. Zero Energy Ready Homes b. LEED Certification c. Net Zero Energy / Distributed Energy Storage Homes d. Solar PV Homes
2. Multimodal Transportation
a. Buffered bicycle lanes b. Six-foot wide sidewalks on both sides of Suniga Road c. Two pedestrian crossings on Suniga Road at Merganser Street
3. Critical Public Infrastructure
a. Design and construction of Suniga Road as a four-lane major arterial in the dedicated Suniga Road right-of-way between the existing Timberline Road and the future Turnberry Road.
b. Compliance with an Alternative Mitigation Strategy identified pursuant to Section 4.6.8 of the Larimer County Urban Area Street Standards by paying its proportionate share of the costs to address the adequate public facilities issues at the intersection of Vine Street and Lemay Avenue
.
4. High Quality and Smart Growth Management a. Alley access to the garages of approximately ninety-three percent (93%) of the homes b. Smaller lot sizes than in the Third Filing c. A high percentage (approximately 44%) of attached housing types
5. Walkability and Pedestrian Friendliness a. Construction of a six-foot wide pedestrian trail (a combination of raised boardwalk and crusher
fines trail) around the perimeter of the wetland b. Paseo-type sidewalk connections through blocks and open space areas
6. Public Spaces
a. The Developer shall include a combination of green courts, pocket parks and a community plaza for the public use and enjoyment of the neighborhood
7. Affordable Housing
a. At least ten percent (10%) of the total number of dwelling units approved within the FDP shall be affordable for-sale dwelling units for families earning eighty percent (80%) of the Fort Collins’ Area Median Income (“AMI”) for a family of four
b. The Developer will continue to participate in a collaborative effort among developers within the boundaries of the Mountain Vista Subarea Plan, the City, a community land trust and entities such as Housing Catalyst and Habitat for Humanity on a strategy for long-term affordability of the Required Affordable Units
c. Sixty-six percent (66%) of the Required Affordable Units must be secured by mechanisms described in the Development Agreement prior to the Developer’s receipt of a building permit for more than fifty percent (50%) of the total number of dwelling units, and the remaining thirty-five percent (34%) of the Required Affordable Units shall be so secured prior to receipt of a building permit for the last one hundred (100) of the dwelling units approved
Agenda Item 26
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Performance Assurances The Service Plan prohibits the issuance of any debt or imposition of the debt mill levy or fees to pay debit unless and until the delivery of the Public Benefits area secured for each development phase of the project in a manner that is approved by City Council. This requirement can be satisfied by one or both of the following methods, as applicable:
• Intergovernmental Agreement - For any of the Public Benefits to be provided by one or more of the Districts, each such District must enter into an intergovernmental agreement with the City agreeing to provide those Public Benefits as a legally enforceable multiple-fiscal year obligation of the District under TABOR or by securing performance of that obligation with a surety bond, letter of credit or other security acceptable to the City and all such intergovernmental agreements must be approved by the City Council by resolution; or
• Approved Development Plan - For any of the Public Benefits to be provided by one or more Developers of the Planned Development, each such Developer must enter into a development agreement with the City under the Developer’s applicable Approved Development Plan, which agreement must legally obligate the Developer to provide those Public Benefits before the City is required to issue building permits and/or certificates of occupancy for structures to be built under the Approved Development Plan for that phase of the Planned Development or to secure such obligations with a surety bond, letter of credit or other security acceptable to the City and all such development agreements must be approved by the City Council by resolution.
Funding/Securing of Public Benefits Although the intent is that one or more of the Districts will fund the required public benefits they have the legal ability to fund and the Developer will fund the remaining public benefits, the Districts and the Developer have not yet apportioned between them the funding of such public benefits. Therefore, it is the Developer that is agreeing in the Development Agreement to secure the provision of all of the Public Benefits. These are secured in the Development Agreement by the City withholding building permits or certificates of occupancy until the particular Public Benefits are provided. Conclusion The Development Agreement satisfies the requirement in the Service Plan that the public benefits be secured. Staff recommends adoption of the Resolution, as the Agreement meets both the spirit of the Metro District Policy and helps the City achieve its strategic objectives. For example, some of the Public Benefits speak to the City’s commitment to CAP goals with energy efficiency benefits that exceed the City’s current code. In addition, the project will create at least 50 units of affordable housing, addressing the City’s objective of increasing the inventory of affordable units as outlined in the Affordable Housing Strategic Plan. Additional Supplied Materials The applicant requesting consideration of the Public Benefits Development Agreement has submitted the following items for Council’s review. These items include:
• Exhibit A - Map of Districts with public benefits distribution (Attachment 1);
• Summary of Public Benefits (Attachment 2);
• City Council Resolution 2018-082 with Service Plan attached (Attachment 3) CITY FINANCIAL IMPACTS
The proposed Development Agreement will not have an impact on the City’s financials. The applicant has paid the fees required under the City’s previous Metro District policy, which fees are designed to offset the cost of staff and outside consultant review.
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ATTACHMENTS
1. Map of Districts with public benefits distribution (PDF) 2. Summary of Public Benefits (PDF) 3. Resolution 2018-082 (PDF) 4. Powerpoint presentation (PDF)
WATERFIELD METRO DISTRICT
Section Item Description of Public Benefit Planning Comments EHO Comments
Page 1 of 3
Water and Energy Conservation
1C1 Zero Energy Ready Homes
All dwelling units will be built to the Department of Energy Zero Energy Ready Home National Program Requirements and the Environmental Protection Agency Indoor airPLUS Program Construction Specifications.
Exceeds Code Additional benefit
1C2 LEED Certification All dwelling units shall achieve LEED for Homes Certification.
Exceeds Code Additional benefit
1C3 Net Zero Energy / Distributed Energy Storage Homes
A minimum of ten percent (10%) of the total number of dwelling units shall be built to achieve a Home Energy Rating System Index Score of 15 or less (the “Net Zero Standard”) or, as an alternative, shall include either a battery storage system within the dwelling unit or access to a battery storage system installed within the FDP which has the capability to supply multiple homes.
Exceeds Code Additional benefit
1C4 Solar PV Homes A minimum of ten percent (10%) of the total number of dwelling units shall be constructed with a rooftop solar photovoltaic system or, as an alternative, shall include access to Distributed Energy Storage.
Exceeds Code Additional benefit
Multimodal Transportation
1D1 Buffered bicycle lanes Buffered bicycle lanes [i.e. six-foot wide, six-inch raised dedicated bicycle lanes] on both sides of Suniga Road in the dedicated Suniga Road right-of-way for the entire length of Suniga Road.
Waterfield design does not go above and beyond that which is normally required. This design is being required of all the proposed developments that abut Suniga Road.
Not Additional benefit
1D2 Six-foot wide sidewalks on both sides of Suniga Road
foot wide sidewalks on both sides of Suniga Road in the dedicated Suniga Road right-of-way for the entire length of Suniga Road
These public sidewalks are required for 4-lane arterial streets
Not Additional benefit
ATTACHMENT 2
WATERFIELD METRO DISTRICT
Section Item Description of Public Benefit Planning Comments EHO Comments
Page 2 of 3
Critical Public Infrastructure
1E1 Design and construction of Suniga Road as a four-lane major arterial
Design and construction of Suniga Road as a four-lane major arterial in the dedicated Suniga Road right-of-way between the existing Timberline Road and the future Turnberry Road.
This is a requirement. The same requirement has been made for Northfield, The Retreat, Aspen Heights, Old Town North and Crowne Apartments at Old Town North.
Not Additional benefit
1E2 Compliance with an Alternative Mitigation Strategy identified pursuant to Section 4.6.8 of the Larimer County Urban Area Street Standards.
Paying its proportionate share of the costs to address the adequate public facilities issues at the intersection of Vine Street and Lemay Avenue/
This is a requirement per the recently revised Adequate Public Facilities standard, LUC Section 3.7.3 (Ordinance 109, 2018) and applies equally to The Retreat and Northfield.
Not Additional benefit
High Quality and Smart Growth Management
1Fi Garages on alleyways Alley access to the garages of approximately ninety-three percent (93%) of the homes
205 of the 498 total number of dwelling units (41%), the alley is the only access in lieu of a street (public or private). Buildings that don’t front on streets are in fundamental non-compliance with the design intent and purpose statement of the L-M-N zone district.
Suggest design change for the developer to include street access to units that do not currently include it.
1Fii Smaller lot sizes The LUC contains no mention of expressing any favorable bias or preference for any residential development that comes in at the higher values within the allowable density range or a different mix of allowable housing types.
Not Additional benefit
1Fiii Density A high percentage (approximately 44%) of attached housing types (two-family and three-, four-, five- and six-plexes)
Since Waterfield contains more than 40 acres, the project is required to have four housing types.
Not Additional benefit
General Neither the LUC or the Draft City Plan include the terms “New Urbanist” or “Smart Growth.” In terms of development review per the LUC, now and in the future, these terms have no meaning.
Remove references to “New Urbanist” in future documents. “Smart Growth” is used in the City’s Metro District Policy.
WATERFIELD METRO DISTRICT
Section Item Description of Public Benefit Planning Comments EHO Comments
Page 3 of 3
Walkability & Pedestrian Friendliness
1Gi Construction of a six-foot wide pedestrian trail
A combination of raised boardwalk and crusher fines trail around the perimeter of the wetland
This is a requirement. Not Additional benefit
1Gii Paseo-type sidewalk connections
Through blocks and open space areas This is a requirement. Not Additional benefit
Public Spaces
1H Public Spaces The Developer shall include a combination of green courts, pocket parks and a community plaza in the FDP for the public use and enjoyment of the neighborhood.
These are required per LUC L-M-N Zone 4.5(D)(6). Also, these spaces compensate for the lack of private outdoor gathering opportunities on a per lot basis for the single family attached dwelling units, most of which do not have yards or patios, only front porches.
Not Additional benefit
Affordable Housing
1I1 Affordable Housing Units At least ten percent (10%) of the total number of dwelling units shall be affordable for-sale dwelling units for families earning eighty percent (80%) of the Fort Collins’ Area Median Income (“AMI”) for a family of four (“Required Affordable Units”)
Exceeds Code Exceeds Code
1I2 Affordable Deed Restriction
The Developer agrees to impose or require the imposition of deed restrictions for a twenty (20)-year period on all Required Affordable Units. The deed restrictions shall limit reconveyances of any of the Required Affordable Units during the twenty (20)-year period to purchasers with incomes of eighty percent (80%) of the Fort Collins AMI for a family of four
Exceeds Code Exceeds Code
CONSOLIDATED SERVICE PLAN
FOR
WATERFIELD METROPOLITAN DISTRICT NOS. 1-3
CITY OF FORT COLLINS, COLORADO
Prepared by:
White Bear Ankele Tanaka & Waldron, Professional Corporation
748 Whalers Way, Suite 210
Fort Collins, Colorado 80525
Submitted On: August 29, 2018
Approved On: September 18, 2018
EXHIBIT A
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Table of Contents
INTRODUCTION ...........................................................................................................................1
Purpose and Intent ........................................................................................................................1
Need for Districts .........................................................................................................................1
Objective of the City regarding Districts’ Service Plan ...............................................................2
City Approvals .............................................................................................................................2
DEFINITIONS .................................................................................................................................2
BOUNDARIES AND LOCATION .................................................................................................5
DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC BENEFIT &
ASSESSED VALUATION .............................................................................................................6
Project and Planned Development ...............................................................................................6
Public Benefits .............................................................................................................................6
Assessed Valuation ......................................................................................................................7
INCLUSION OF LAND IN THE SERVICE AREA ......................................................................7
DISTRICT GOVERNANCE ...........................................................................................................7
AUTHORIZED AND PROHIBITED POWERS ............................................................................7
Prohibited Improvements and Services and other Restrictions and Limitations ........................8
Eminent Domain Restriction ..............................................................................................8
Fee Limitation ....................................................................................................................8
Operations and Maintenance ..............................................................................................8
Fire Protection Restriction .................................................................................................9
Public Safety Services Restriction .....................................................................................9
Grants from Governmental Agencies Restriction ..............................................................9
Golf Course Construction Restriction ..................................................................................9
Television Relay and Translation Restriction ....................................................................9
Sales and Use Tax Exemption Limitation .......................................................................10
Sub-district Restriction ....................................................................................................10
Initial Debt Limitation .....................................................................................................10
Privately Placed Debt Limitation .....................................................................................10
Special Assessments ..........................................................................................................10
PUBLIC IMPROVEMENTS AND ESTIMATED COSTS ..........................................................10
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Development Standards ..............................................................................................................11
Contracting .................................................................................................................................11
Land Acquisition and Conveyance ............................................................................................11
Equal Employment and Discrimination .....................................................................................12
FINANCIAL PLAN/PROPOSED DEBT......................................................................................12
Financial Plan .............................................................................................................................12
Mill Levies .................................................................................................................................12
Aggregate Mill Levy Maximum ......................................................................................12
Regional Mill Levy Not Included in Other Mill Levies ..................................................13
Operating Mill Levy ........................................................................................................13
Gallagher Adjustments .....................................................................................................13
Excessive Mill Levy Pledges ............................................................................................13
Refunding Debt ................................................................................................................13
Maximum Debt Authorization ..........................................................................................13
Maximum Voted Interest Rate and Underwriting Discount ......................................................14
Interest Rate and Underwriting Discount Certification ..............................................................14
Disclosure to Purchasers ............................................................................................................14
External Financial Advisor .........................................................................................................15
Disclosure to Debt Purchasers ....................................................................................................15
Security for Debt ........................................................................................................................15
TABOR Compliance ..................................................................................................................15
Districts’ Operating Costs ..........................................................................................................16
Regional Improvements .................................................................................................................16
Regional Mill Levy Authority ....................................................................................................16
Regional Mill Levy Imposition ..................................................................................................16
City Notice Regarding Regional Improvements ........................................................................16
Regional Improvements Authorized Under Service Plan ..........................................................16
Expenditure of Regional Mill Levy Revenues ...........................................................................17
Intergovernmental Agreement .........................................................................................17
No Intergovernmental Agreement ...................................................................................17
Regional Mill Levy Term ...........................................................................................................17
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Completion of Regional Improvements .....................................................................................17
City Authority to Require Imposition ........................................................................................17
Regional Mill Levy Not Included in Other Mill Levies .............................................................17
Gallagher Adjustment ................................................................................................................17
City Fees ........................................................................................................................................17
Bankruptcy Limitations .................................................................................................................18
Annual Reports and Board Meetings .............................................................................................18
General .......................................................................................................................................18
Board Meetings ………………………………………………………………………………..18
Report Requirements ..................................................................................................................18
Narrative ...........................................................................................................................18
Financial Statements .........................................................................................................18
Capital Expenditures ........................................................................................................19
Financial Obligations ........................................................................................................19
Other Information ............................................................................................................19
Reporting of Significant Events .................................................................................................19
Failure to Submit ........................................................................................................................20
Service Plan Amendments .............................................................................................................20
Material Modifications...................................................................................................................20
Dissolution .....................................................................................................................................20
Sanctions ........................................................................................................................................21
Conclusion .....................................................................................................................................21
Resolution of Approval ..................................................................................................................22
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EXHIBIT
EXHIBIT A-1 Legal Description of District No. 1 Boundaries
EXHIBIT A-2 Legal Description of District No. 2 Boundaries
EXHIBIT A-3 Legal Description of District No. 3 Boundaries
EXHIBIT B-1 District No. 1 Boundary Map
EXHIBIT B-2 District No. 2 Boundary Map
EXHIBIT B-3 District No. 3 Boundary Map
EXHIBIT C Vicinity Map
EXHIBIT D Public Improvement Cost Estimates
EXHIBIT E Public Improvements Maps
EXHIBIT F Financial Plan
EXHIBIT G Public Benefits
EXHIBIT H Disclosure Notice
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I. INTRODUCTION
A. Purpose and Intent.
The Districts, which are intended to be independent units of local government separate
and distinct from the City, are governed by this Service Plan, the Special District Act and
other applicable State law. Except as may otherwise be provided for by State law, City Code
or this Service Plan, the Districts’ activities are subject to review and approval by the City
Council only insofar as they are a material modification of this Service Plan under C.R.S.
Section 32-1-207 of the Special District Act.
It is intended that the Districts will provide all or part of the Public Improvements for
the Project for the use and benefit of all anticipated inhabitants and taxpayers of the Districts.
The primary purpose of the Districts will be to finance the construction of a portion of these
Public Improvements by the issuance of Debt.
It is also intended under this Service Plan that no District shall be authorized to
issue any Debt, impose a Debt Mill Levy or impose any Fees for payment on Debt unless
and until the delivery of the applicable Public Benefits described in Section IV.B of this
Service Plan has been secured in accordance with Section IV.B of this Service Plan.
It is further intended that this Service Plan requires the Districts to pay a portion of the cost
of the Regional Improvements, as provided in Section X of this Service Plan, as part of ensuring
that those privately-owned properties to be developed in the District that benefit from the Regional
Improvements pay a reasonable share of the associated costs.
The Districts are not intended to provide ongoing operations and maintenance services
except as expressly authorized in this Service Plan.
It is the intent of the Districts to dissolve upon payment or defeasance of all Debt incurred
or upon a court determination that adequate provision has been made for the payment of all Debt,
except that if the Districts are authorized in this Service Plan to perform continuing operating or
maintenance functions, the Districts shall continue in existence for the sole purpose of providing
such functions and shall retain only the powers necessary to impose and collect the taxes or Fees
authorized in this Service Plan to pay for the costs of those functions.
It is intended that the Districts shall strictly comply the provisions of this Service Plan
and that the City may enforce any non-compliance with these provisions as provided in
Section XVII of this Service Plan.
B. Need for the Districts.
There are currently no other governmental entities, including the City, located in the
immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the
planning, design, acquisition, construction, installation, relocation, redevelopment and financing
of the Public Improvements needed for the Project. Formation of the Districts is therefore
2
necessary in order for the Public Improvements required for the Project to be provided in the most
economic manner possible.
C. Objective of the City Regarding Districts’ Service Plan.
The City’s objective in approving this Service Plan is to authorize the Districts to provide
for the planning, design, acquisition, construction, installation, relocation and redevelopment of
the Public Improvements from the proceeds of Debt to be issued by the Districts, but in doing so,
to also establish in this Service Plan the means by which both the Regional Improvements and the
Public Benefits will be provided. Except as specifically provided in this Service Plan, all Debt is
expected to be repaid by taxes and Fees imposed and collected for no longer than the Maximum
Debt Mill Levy Imposition Term for residential properties, and at a tax mill levy no higher than
the Maximum Debt Mill Levy. Fees imposed for the payment of Debt shall be due no later than
upon the issuance of a building permit unless a majority of the Board which imposes such a Fee is
composed of End Users as provided in Section VII.B.2. Debt which is issued within these
parameters and, as further described in the Financial Plan, will insulate property owners from
excessive tax and Fee burdens to support the servicing of the Debt and will result in a timely and
reasonable discharge of the Debt.
D. City Approvals.
Any provision in this Service Plan requiring “City” or “City Council” approval or consent
shall require the City Council’s prior written approval or consent exercised in its sole discretion.
Any provision in this Service Plan requiring “City Manager” approval or consent shall require the
City Manager’s prior written approval or consent exercised in the City Manager’s sole discretion.
II. DEFINITIONS
In this Service Plan, the following words, terms and phrases which appear in a capitalized
format shall have the meaning indicated below, unless the context clearly requires otherwise:
Aggregate Mill Levy: means the total mill levy resulting from adding a District’s Debt Mill
Levy and Operating Mill Levy. A District’s Aggregate Mill Levy does not include any
Regional Mill Levy that the District may levy.
Aggregate Mill Levy Maximum: means the maximum number of combined mills that each
District may each levy for their Debt Mill Levy and Operating Mill Levy, at a rate not to
exceed the limitation set in Section IX.B.1 of this Service Plan.
Approved Development Plan: means a City-approved development plan or other land-use
application required by the City Code for identifying, among other things, public
improvements necessary for facilitating the development of property within the Service
Area, which plan shall include, without limitation, any development agreement required
by the City Code.
Board or Boards: means the duly constituted board of directors of any of the Districts, or
the boards of directors of all of the Districts, in the aggregate.
Bond, Bonds or Debt: means bonds, notes or other multiple fiscal year financial obligations
3
for the payment of which a District has promised to impose an ad valorem property tax
mill levy, Fees or other legally available revenue. Such terms do not include contracts
through which a District procures or provides services or tangible property.
City: means the City of Fort Collins, Colorado, a home rule municipality.
City Code: means collectively the City’s Municipal Charter, Municipal Code, Land Use
Code and ordinances as all are now existing and hereafter amended.
City Council: means the City Council of the City of Fort Collins, Colorado.
City Manager: means the City Manager of the City of Fort Collins, Colorado.
C.R.S.: means the Colorado Revised Statutes.
Debt Mill Levy: means a property tax mill levy imposed on Taxable Property within a
District for the purpose of paying Debt as authorized in this Service Plan, at a rate not to
exceed the limitations set in Section IX.B.
Developer: means a person or entity that is the owner of property or owner of contractual
rights to property in the Service Area that intends to develop the property.
District: means Waterfield Metropolitan District No. 1, Waterfield Metropolitan District
No. 2 or Waterfield Metropolitan District No. 3, individually, each organized under and
governed by this Service Plan.
District No. 1 Boundaries: means the boundaries of the area legally described in Exhibit
“A-1” attached hereto and incorporated by reference and as depicted in the District No. 1
Boundary Map.
District No. 2 Boundaries: means the boundaries of the area legally described in Exhibit
“A-2” attached hereto and incorporated by reference and as depicted in the District No. 2
Boundary Map.
District No. 3 Boundaries: means the boundaries of the area legally described in Exhibit
“A-3” attached hereto and incorporated by reference and as depicted in the District No. 3
Boundary Map.
District No. 1 Boundary Map: means the map of the District No. 1 Boundaries attached
hereto as Exhibit “B-1” and incorporated by reference.
District No. 2 Boundary Map: means the map of the District No. 2 Boundaries attached
hereto as Exhibit “B-2” and incorporated by reference.
District No. 3 Boundary Map: means the map of the District No. 3 Boundaries attached
hereto as Exhibit “B-3” and incorporated by reference.
Districts: means Waterfield Metropolitan District No. 1, Waterfield Metropolitan District
No. 2 and Waterfield Metropolitan District No. 3, collectively, organized under and
governed by this Service Plan.
End User: means any owner, or tenant of any owner, of any property within the Districts,
who is intended to become burdened by the imposition of ad valorem property taxes and/or
Fees. By way of illustration, a resident homeowner, renter, commercial property owner or
4
commercial tenant is an End User. A Developer and any person or entity that constructs
homes or commercial structures is not an End User.
External Financial Advisor: means a consultant that: (1) is qualified to advise Colorado
governmental entities on matters relating to the issuance of securities by Colorado
governmental entities including matters such as the pricing, sales and marketing of such
securities and the procuring of bond ratings, credit enhancement and insurance in respect of
such securities; (2) shall be an underwriter, investment banker, or individual listed as a
public finance advisor in the Bond Buyer’s Municipal Market Place or, in the City’s sole
discretion, other recognized publication as a provider of financial projections; and (3) is
not an officer or employee of the Districts or an underwriter of the Districts’ Debt.
Fees: means the fees, rates, tolls, penalties and charges the Districts are authorized to
impose and collect under this Service Plan.
Financial Plan: means the Financial Plan described in Section IX of this Service Plan which
was prepared by D.A. Davidson and Co. in accordance with the requirements of this
Service Plan and describes (a) how the Public Improvements are to be financed; (b) how
the Debt is expected to be incurred; and (c) the estimated operating revenue derived from
property taxes and any Fees for the first budget year through the year in which all of the
Districts’ Debt is expected to be defeased or paid in the ordinary course.
Maximum Debt Authorization: means the total Debt the Districts are permitted to issue as
set forth in Section IX.B.7 of this Service Plan.
Maximum Debt Mill Levy Imposition Term: means the maximum term during which a
District’s Debt Mill Levy may be imposed on residential property within its boundaries.
This maximum term shall not exceed forty (40) years from December 31 of the year this
Service Plan is approved by City Council.
Operating Mill Levy: means a property tax mill levy imposed on Taxable Property for the
purpose of funding District administration, operations and maintenance as authorized in
this Service Plan, including, without limitation, repair and replacement of Public
Improvements, and imposed at a rate not to exceed the limitations set in Section IX.B of
this Service Plan.
Planned Development: means the private development or redevelopment of the properties
in the Service Area, commonly referred to as the Waterfield development, under an
Approved Development Plan.
Project: means the installation and construction of the Public Improvements for the Planned
Development.
Public Improvements: means the improvements and infrastructure the Districts are
authorized by this Service Plan to fund and construct for the Planned Development to serve
the future taxpayers and inhabitants of the Districts, except as specifically prohibited or
limited in this Service Plan. Public Improvements shall include, without limitation, the
improvements and infrastructure described in Exhibit “D” attached hereto and
incorporated by reference. Public Improvements do not include Regional Improvements.
5
Regional Improvements: means any regional public improvement identified by the City, as
provided in Section X of this Service Plan, for funding, in whole or part, by a Regional
Mill Levy levied by the Districts.
Regional Mill Levy: means the property tax mill tax imposed on Taxable Property for the
purpose of planning, designing, acquiring, funding, constructing, installing, relocating
and/or redeveloping the Regional Improvements and/or to fund the administration and
overhead costs related to the Regional Improvements as provided in Section X of this
Service Plan.
Service Area: means the property within the District No. 1 Boundaries, District No. 2
Boundaries and District No. 3 Boundaries, collectively, as may be amended from time to
time as further set forth in this Service Plan and the Special District Act.
Special District Act: means Article 1 in Title 32 of the Colorado Revised Statutes, as
amended.
Service Plan: means this service plan for the Districts approved by the City Council.
Service Plan Amendment: means a material modification of the Service Plan approved by
the City Council in accordance with the Special District Act, this Service Plan and any
other applicable law.
State: means the State of Colorado.
Taxable Property: means the real and personal property within the Service Area that will
subject to the ad valorem taxes imposed by the Districts.
TABOR: means Colorado’s Taxpayer’s Bill of Rights in Article X, Section 20 of the
Colorado Constitution.
Vicinity Map: means the map attached hereto as Exhibit “C” and incorporated by
reference depicting the location of the Service Area within the regional area surrounding
it.
III. BOUNDARIES AND LOCATION
The area of the Service Area includes approximately 93 acres. A legal description and map
of the District No. 1 Boundaries are attached hereto as Exhibit A-1 and Exhibit B-1, respectively,
a legal description and map of the District No. 2 Boundaries are attached hereto as Exhibit A-2
and Exhibit B-2, respectively, and a legal description and map of the District No. 3 Boundaries
are attached hereto as Exhibit A-3 and Exhibit B-3, respectively. It is anticipated that the Districts’
boundaries may expand or contract from time to time as the Districts undertake inclusions or
exclusions pursuant to the Special District Act, subject to the limitations set forth in this Service
Plan. The location of the Service Area is further depicted in the Vicinity Map attached as Exhibit
“C”.
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IV. DESCRIPTION OF PROJECT, PLANNED DEVELOPMENT, PUBLIC
BENEFITS & ASSESSED VALUATION
A. Project and Planned Development.
The current Developer of the Project and Planned Development, Thrive Home Builders, is
a nationally acclaimed builder which emphasizes environmental conservation, and is currently
Denver’s largest builder of “for sale” affordable housing. The current Preliminary Development
Plan for the Planned Development includes approximately 190 total residential units and is
intended to be revised to include 498 residential units. Of the planned 498 residential units, 50
units are intended to be “affordable housing”. All of the 498 residential units are planned to be
zero energy ready units or net zero energy units. The Planned Development is currently intended
to reach build out in 2026, with an estimated population of 1,145 persons. In accordance with
the Financial Plan, the estimated assessed valuation of the Planned Development in 2023 will be
$9,989,117, and in 2028 will be $18,743,620.
Approval of this Service Plan by the City Council does not imply approval of the
development of any particular land-use for any specific area within the Districts. Any such
approval must be contained within an Approved Development Plan.
B. Public Benefits.
In addition to providing a portion of the Public Improvements and Regional Improvements,
the organization of the Districts is intended to enable the Project and Planned Development to
deliver a number of public benefits, including, but not limited to, affordable housing, energy and
water conservation, community services, multi-modal transportation, zero energy ready and net
zero energy homes, housing variety, new urbanist alley load planning concepts and other
innovation. The public benefits to be provided under this Service Plan are specifically described
in Exhibit G attached hereto and incorporated herein by reference (collectively, the “Public
Benefits”).
Therefore, notwithstanding any provision to the contrary contained in this Service Plan, no
District shall be authorized to issue any Debt or to impose a Debt Mill Levy or any Fees for
payment of Debt on any Taxable Property unless and until the delivery of the Public Benefits
specifically related to the phase of the Planned Development or portion of the Project to be
financed with such Debt, Debt Mill Levy or Fees, are secured in a manner approved by the City
Council. To satisfy this precondition to the issuance of Debt and to the imposition of the Debt
Mill Levy and Fees, delivery of the Public Benefits for each phase of the Project and the Planned
Development must be secured by the following methods, as applicable:
1. For any portion of the Public Benefits to be provided by one or more of the Districts,
each such District must enter into an intergovernmental agreement with the City either
(i) agreeing to provide those Public Benefits as a legally enforceable multiple-fiscal
year obligation of the District under TABOR, or by (ii) securing performance of that
obligation with a surety bond, letter of credit or other security acceptable to the City,
and any such intergovernmental agreement must be approved by the City Council by
resolution;
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2. For any portion of the Public Benefits to be provided by one or more Developers of the
Planned Development, each such Developer must either (i) enter into a development
agreement with the City under the Developer’s applicable Approved Development
Plan, which agreement must legally obligate the Developer to provide those Public
Benefits before the City is required to issue building permits and/or certificates of
occupancy for structures to be built under the Approved Development Plan for that
phase of the Planned Development, or (ii) secure such obligations with a surety bond,
letter of credit or other security acceptable to the City, and all such development
agreements must be approved by the City Council by resolution; or
3. For any portion of the Public Benefits to be provided in part by one or more of the
Districts in the Project and in part by one or more of the Developers in the Planned
Development or the Project, an agreement between the City and the affected District(s)
and Developers that secures such Public Benefits as legally binding obligations using
the methods described in subsections 1 and 2 above, and all such agreements must be
approved by the City Council by resolution.
C. Assessed Valuation
The current assessed valuation of the Service Area is approximately One Million Two
Hundred Sixty-Seven Thousand Two Hundred Dollars ($1,267,200) and, at build out, is expected
to be approximately Nineteen Million Dollars ($19,000,000). These amounts are expected to be
sufficient to reasonably discharge the Debt as demonstrated in the Financial Plan.
V. INCLUSION OF LAND IN THE SERVICE AREA
The Districts shall not add any property to the Service Area without the City Council’s
prior written approval and in compliance with the Special District Act. Once a District has issued
Debt, it shall not exclude real property from the District’s boundaries without the prior written
consent of the City Council.
VI. DISTRICT GOVERNANCE
The Districts’ Boards shall be comprised of persons who are a qualified “eligible electors”
of the Districts as provided in the Special District Act. It is anticipated that over time, the End
Users who are eligible electors will assume direct electoral control of the Districts’ Boards as
development within the Service Area progresses. The Districts shall not enter into any agreement
by which the End Users’ electoral control of the Boards is removed or diminished.
VII. AUTHORIZED AND PROHIBITED POWERS
A. General Grant of Powers.
The Districts shall have the power and authority to provide the Public Improvements, the
Regional Improvements and related operation and maintenance services, within and without the
Service Area, as such powers and authorities are described in the Special District Act, other
applicable State law, common law and the Colorado Constitution, subject to the prohibitions,
restrictions and limitations set forth in this Service Plan.
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If, after the Service Plan is approved, any State law is enacted to grant additional powers
or authority to metropolitan districts by amendment of the Special District Act or otherwise, such
powers and authority shall be deemed to be a part hereof and available to be exercised by the
Districts if the City Council first approves the exercise of such powers or authority by the
Districts. Such approval by the City Council shall not constitute a Service Plan Amendment.
B. Prohibited Improvements and Services and other Restrictions and Limitations.
The Districts’ powers and authority under this Service Plan to provide Public
Improvements and services and to otherwise exercise their other powers and authority under the
Special District Act and other applicable State law, are prohibited, restricted and limited as
hereafter provided. Failure to comply with these prohibitions, restrictions and limitations shall
constitute a material modification under this Service Plan and shall entitle the City to pursue all
remedies available at law and in equity as provided in Section XVII of this Service Plan:
1. Eminent Domain Restriction
The Districts shall not exercise their statutory power of eminent domain without first
obtaining resolution approval from the City Council. This restriction on the Districts’
exercise of the eminent domain power is being voluntarily acquiesced to by the Districts
and shall not be interpreted in any way as a limitation on the Districts’ sovereign powers
and shall not negatively affect the Districts’ status as political subdivision of the State as
conferred by the Special District Act.
2. Fee Limitation
Any Fees imposed for the repayment of Debt, as authorized by this Service Plan, shall not
be imposed by the Districts upon or collected from an End User. In addition, Fees imposed
for the payment of Debt shall not be imposed unless and until the requirements for securing
the delivery of the relevant portion of the Public Benefits have been satisfied in accordance
with Section IV.B of this Service Plan. Notwithstanding any of the foregoing, this Fee
limitation shall not apply to any Fee imposed to fund the operation, maintenance, repair or
replacement of Public Improvements or the administration of the Districts.
3. Operations and Maintenance
The primary purpose of the Districts is to plan for, design, acquire, construct, install,
relocate, redevelop and finance a portion of the Public Improvements. The Districts shall
dedicate the Public Improvements to the City or other appropriate jurisdiction or owners’
association in a manner consistent with the Approved Development Plan and the City
Code, provided that nothing herein requires the City to accept a dedication. Each District
is specifically authorized to operate and maintain any part or all of the Public
Improvements not otherwise conveyed or dedicated to the City or another appropriate
governmental entity. Additionally, the Districts are authorized to operate and maintain
any part or all of the Public Improvements not otherwise conveyed or dedicated to the City
or another appropriate governmental entity until such time that the Districts dissolve.
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4. Fire Protection Restriction
The Districts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain fire protection facilities or services, unless
such facilities and services are provided pursuant to an intergovernmental agreement with
the Poudre Fire Authority. The authority to plan for, design, acquire, construct, install,
relocate, redevelop, finance, own, operate or maintain fire hydrants and related
improvements installed as part of the water system shall not be limited by this subsection.
5. Public Safety Services Restriction
The Districts are not authorized to provide policing or other security services. However,
the Districts may, pursuant to C.R.S. § 32-1-1004(7), as amended, furnish security services
pursuant to an intergovernmental agreement with the City.
6. Grants from Governmental Agencies Restriction
The Districts shall not apply for grant funds distributed by any agency of the United States
Government or the State without the prior written approval of the City Manager. This does
not restrict the collection of Fees for services provided by the Districts to the United States
Government or the State.
7. Golf Course Construction Restriction
Acknowledging that the City has financed public golf courses and desires to coordinate the
construction of public golf courses within the City’s boundaries, the Districts shall not be
authorized to plan, design, acquire, construct, install, relocate, redevelop, finance, own,
operate or maintain a golf course unless such activity is pursuant to an intergovernmental
agreement with the City.
8. Television Relay and Translation Restriction
The Districts are not authorized to plan for, design, acquire, construct, install, relocate,
redevelop, finance, own, operate or maintain television relay and translation facilities and
services, other than for the installation of conduit as a part of a street construction project,
unless such facilities and services are provided pursuant to prior written approval from the
City Council.
9. Potable Water and Wastewater Treatment Facilities
Acknowledging that the City and other existing special districts operating within the City
currently own and operate treatment facilities for potable water and wastewater that are
available to provide services to the Service Area, the Districts shall not plan, design,
acquire, construct, install, relocate, redevelop, finance, own, operate or maintain such
facilities without obtaining the City Council’s prior written approval either by
intergovernmental agreement or as a Service Plan Amendment.
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10. Sales and Use Tax Exemption Limitation
The Districts shall not exercise any City sales and use tax exemption otherwise available
to the Districts under the City Code.
11. Sub-district Restriction
The Districts shall not create any sub-district pursuant to the Special District Act without
the prior written approval of the City Manager.
12. Privately Placed Debt Limitation
Prior to the issuance of any privately placed Debt, the Districts shall obtain the certification
of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of the
District’s Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as
defined in C.R.S. Section 32-1-103(12)) to be borne by [insert the
designation of the Debt] does not exceed a reasonable current [tax-
exempt] [taxable] interest rate, using criteria deemed appropriate by us
[me] and based upon our [my] analysis of comparable high yield
securities; and (2) the structure of [insert designation of the Debt],
including maturities and early redemption provisions, is reasonable
considering the financial circumstances of the District.
13. Special Assessments
The Districts shall not impose special assessments without the prior written approval of the
City Council.
VIII. PUBLIC IMPROVEMENTS AND ESTIMATED COSTS
Exhibit D summarizes the type of Public Improvements that are projected to be constructed
and/or installed by the Districts. The cost, scope, and definition of such Public Improvements may
vary over time. The total estimated costs of Public Improvements, as set forth in Exhibit D,
excluding any improvements paid for by the Regional Mill Levy necessary to serve the Planned
Development, are approximately Forty-Three Million Nine Hundred Eighty One Thousand Fifty
Dollars ($43,981,050) in project costs in 2018 dollars. The cost estimates are based upon
preliminary engineering, architectural surveys, and reviews of the Public Improvements and
include all construction cost estimates together with estimates of costs such as land acquisition,
engineering services, legal expenses and other associated expenses. Maps of the anticipated
location, operation, and maintenance of Public Improvements are attached hereto as Exhibit E.
Changes in the Public Improvements or costs, which are approved by the City in an Approved
Development Plan, shall not constitute a Service Plan Amendment. In addition, the City shall not
be bound by this Service Plan in reviewing and approving the Approved Development Plan and
the Approved Development Plan shall supersede the Service Plan with regard to the cost, scope
and definition of Public Improvements. Provided, however, any agreement approved and entered
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into under Section IV.B of this Service Plan for the provision of a Public Improvement that is also
a Public Benefit, shall supersede both this Service Plan and the applicable Approved Development
Plan.
Except as otherwise provided by an agreement approved under Section IV.B of this Service
Plan: (i) the design, phasing of construction, location and completion of Public Improvements will
be determined by the Districts to coincide with the phasing and development of the Planned
Development and the availability of funding sources; (ii) the Districts may, in their discretion,
phase the construction, completion, operation, and maintenance of Public Improvements or defer,
delay, reschedule, rephase, relocate or determine not to proceed with the construction, completion,
operation, and maintenance of Public Improvements, and such actions or determinations shall not
constitute a Service Plan Amendment; and (iii) the Districts shall also be permitted to allocate
costs between such categories of the Public Improvements as deemed necessary in its discretion.
The City Code has development standards, contracting requirements and other legal
requirements related to the construction and payment of public improvements and related to certain
operation activities. Relating to these, the Districts shall comply with the following requirements:
A. Development Standards.
The Districts shall ensure that the Public Improvements are designed and constructed in
accordance with the standards and specifications of the City Code and of other governmental
entities having proper jurisdiction, as applicable. The Districts directly, or indirectly through any
Developer, will obtain the City’s approval of civil engineering plans and will obtain applicable
permits for construction and installation of Public Improvements prior to performing such work.
Unless waived by the City Council, the Districts shall be required, in accordance with the City
Code, to post a surety bond, letter of credit, or other approved development security for any Public
Improvements to be constructed by the Districts. Such development security may be released in
the City Manager’s discretion when the constructing District has obtained funds, through Debt
issuance or otherwise, adequate to insure the construction of the Public Improvements, unless such
release is prohibited by or in conflict with any City Code provision, State law or any agreement
approved and entered into under Section IV.B of this Service Plan. Any limitation or requirement
concerning the time within which the City must review the Districts’ proposal or application for
an Approved Development Plan or other land use approval is hereby waived by the Districts.
B. Contracting.
The Districts shall comply with all applicable State purchasing, public bidding and
construction contracting.
C. Land Acquisition and Conveyance.
The purchase price of any land or improvements acquired by the Districts from the
Developer shall be no more than the then-current fair market value as confirmed by an independent
MAI appraisal for land and by an independent professional engineer for improvements. Land,
easements, improvements and facilities conveyed to the City shall be free and clear of all liens,
encumbrances and easements, unless otherwise approved by the City Manager prior to
conveyance. All conveyances to the City shall be by special warranty deed, shall be conveyed at
no cost to the City, shall include an ALTA title policy issued to the City, shall meet the
environmental standards of the City and shall comply with any other conveyance prerequisites
required in the City Code.
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D. Equal Employment and Discrimination.
In connection with the performance of all acts or activities hereunder, the Districts shall
not discriminate against any person otherwise qualified with respect to its hiring, discharging,
promoting or demoting or in matters of compensation solely because of race, color, religion,
national origin, gender, age, military status, sexual orientation, gender identity or gender
expression, marital status, or physical or mental disability, and further shall insert the foregoing
provision in contracts or subcontracts entered into by the Districts to accomplish the purposes of
this Service Plan.
IX. FINANCIAL PLAN/PROPOSED DEBT
This Section IX of the Service Plan describes the nature, basis, method of funding and
financing limitations associated with the acquisition, construction, completion, repair,
replacement, operation and maintenance of Public Improvements.
A. Financial Plan.
The Districts’ Financial Plan, attached as Exhibit F and incorporated by reference, reflects
the Districts’ anticipated schedule for incurring Debt to fund Public Improvements in support of
the Project. The Financial Plan also reflects the schedule of all anticipated revenues flowing to the
Districts derived from Districts’ mill levies, Fees imposed by the Districts, specific ownership
taxes, and all other anticipated legally available revenues. The Financial Plan is based on
economic, political and industry conditions as they exist presently and reasonable projections and
estimates of future conditions. These projections and estimates are not to be interpreted as the only
method of implementation of the Districts’ goals and objectives but rather a representation of one
feasible alternative. Other financial structures may be used so long they are in compliance with
this Service Plan. The Financial Plan incorporates all of the provisions of this Section IX.
Based upon the assumptions contained therein, the Financial Plan projects the issuance of
Bonds to fund Public Improvements and anticipated Debt repayment based on the development
assumptions and absorptions of the property in the Service Area by End Users. The Financial Plan
anticipates that the Districts will acquire, construct, and complete all of the Public Improvements
needed to serve the Service Area.
The Financial Plan demonstrates that the Districts will have the financial ability to
discharge all Debt to be issued as part of the Financial Plan on a reasonable basis. Furthermore,
the Districts will secure the certification of an External Financial Advisor who will provide an
opinion as to whether such Debt issuances are in the best interest of the Districts at the time of
issuance.
B. Mill Levies.
It is anticipated that the Districts will impose a Debt Mill Levy and an Operating Mill Levy
on all property within the Service Area. In doing so, the following shall apply:
1. Aggregate Mill Levy Maximum
The Aggregate Mill Levy shall not exceed in any year the Aggregate Mill Levy
Maximum, which is fifty (50) mills.
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2. Regional Mill Levy Not Included in Other Mill Levies
The Regional Mill Levy shall not be counted against the Aggregate Mill Levy
Maximum.
3. Operating Mill Levy
Each District may impose an Operating Mill Levy of up to fifty (50) mills until such
District imposes a Debt Mill Levy. Once a District imposes a Debt Mill Levy of any
amount, such District’s Operating Mill Levy shall not exceed ten (10) mills at any
point.
4. Gallagher Adjustments
In the event the State’s method of calculating assessed valuation for the Taxable
Property changes after January 1, 2018, or any subsequent constitutionally mandated
tax credit, cut or abatement, the Districts’ Aggregate Mill Levy, Debt Mill Levy,
Operating Mill Levy, and Aggregate Mill Levy Maximum, amounts herein provided
may be increased or decreased to reflect such changes; such increases or decreases shall
be determined by the District’s Board in good faith so that to the extent possible, the
actual tax revenues generated by such mill levies, as adjusted, are neither enhanced nor
diminished as a result of such change occurring after January 1, 2018. For purposes of
the foregoing, a change in the ratio of actual valuation to assessed valuation will be a
change in the method of calculating assessed valuation.
5. Excessive Mill Levy Pledges
Any Debt issued with a mill levy pledge, or which results in a mill levy pledge, that
exceeds the Aggregate Mill Levy Maximum or the Maximum Debt Mill Levy
Imposition Term, shall be deemed a material modification of this Service Plan and shall
not be an authorized issuance of Debt unless and until such material modification has
been approved by a Service Plan Amendment.
6. Refunding Debt
The Maximum Debt Mill Levy Imposition Term may be exceeded for Debt refunding
purposes if: (1) a majority of the issuing District’s Board is composed of End Users
and have voted in favor of a refunding of a part or all of the Debt; or (2) such refunding
will result in a net present value savings.
7. Maximum Debt Authorization
The Districts anticipate approximately Forty Three Million Nine Hundred Eighty One
Thousand Fifty Dollars ($43,981,050) in project costs in 2018 dollars as set forth in
Exhibit D, and anticipate issuing approximately Twenty Two Million Four Hundred
Twenty Nine Thousand Seven Hundred Fifty Dollars ($22,429,750) in Debt to pay such
costs as set forth in Exhibit F, which Debt issuance amount shall be the amount of the
Maximum Debt Authorization. The Districts collectively shall not issue Debt in excess
of the Maximum Debt Authorization. In addition, no District shall issue any Debt
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unless and until delivery of the relevant portion of the Public Benefits have been
secured as required in Section IV.B of this Service Plan. Bonds, loans, notes or other
instruments which have been refunded shall not count against the Maximum Debt
Authorization. Intergovernmental Capital Pledge Agreements among two or more of
the Districts pledging the collection and payment of property taxes or Fees by one
District for the repayment of Debt by a separate issuing District shall not count against
the Maximum Debt Authorization. The Districts must seek prior resolution approval
by the City Council to issue Debt in excess of the Maximum Debt Authorization to pay
the actual costs of the Public Improvements set forth in Exhibit D plus inflation,
contingencies and other unforeseen expenses associated with such Public
Improvements. Such approval by the City Council shall not constitute a material
modification of this Service Plan requiring a Service Plan Amendment so long as
increases are reasonably related to the Public Improvements set forth in Exhibit D and
any Approved Development Plan.
C. Maximum Voted Interest Rate and Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
The maximum interest rate on any Debt, including any defaulting interest rate, is not permitted to
exceed Twelve Percent (12%). The maximum underwriting discount shall be three percent (3%).
Debt, when issued, will comply with all relevant requirements of this Service Plan, the Special
District Act, other applicable State law and federal law as then applicable to the issuance of public
securities.
D. Interest Rate and Underwriting Discount Certification.
The Districts shall retain an External Financial Advisor to provide a written opinion on the
market reasonableness of the interest rate on any Debt and any underwriter discount paid by the
Districts as part of a Debt financing transaction. The Districts shall provide this written opinion
to the City before issuing any Debt based on it.
E. Disclosure to Purchasers.
In order to notify future End Users who are purchasing residential lots or dwellings units
in the Service Area that they will be paying, in addition to the property taxes owed to other taxing
governmental entities, the property taxes imposed under the Debt Mill Levy, the Operating Mill
Levy and possibly the Regional Mill Levy, the Districts shall not be authorized to issue any Debt
under this Service Plan until there is included in the Developer’s Approved Development Plan
provisions that require the following:
1. That the Developer, and its successors and assigns, shall prepare and submit to the
City Manager for his approval a disclosure notice in substantially the form attached
hereto as Exhibit H (the “Disclosure Notice”);
2. That when the Disclosure Notice is approved by the City Manager, the Developer
shall record the Disclosure Notice in the Larimer County Clerk and Recorders
Office; and
3. That the approved Disclosure Notice shall be provided by the Developer, and by its
successors and assigns, to each potential End User purchaser of a residential lot or
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dwelling unit in the Service Area before that purchaser enters into a written
agreement for the purchase and sale of that residential lot or dwelling unit.
F. External Financial Advisor.
An External Financial Advisor shall be retained by the Districts to provide a written
opinion as to whether any Debt issuance is in the best interest of the issuing District once the total
amount of Debt issued by the Districts exceeds Five Million Dollars ($5,000,000). The External
Financial Advisor is to provide advice to the issuing District’s Board regarding the proposed terms
and whether Debt conditions are reasonable based upon the status of development within the
District, the projected tax base increase in the District, the security offered and other considerations
as may be identified by the Advisor. The issuing District shall include in the transcript of any Bond
transaction, or other appropriate financing documentation for related Debt instrument, a signed
letter from the External Financial Advisor providing an official opinion on the structure of the
Debt, stating the Advisor’s opinion that the cost of issuance, sizing, repayment term, redemption
feature, couponing, credit spreads, payment, closing date, and other material transaction details of
the proposed Debt serve the best interest of the issuing District.
Debt shall not be undertaken by the Districts if found to be unreasonable by the External
Financial Advisor.
G. Disclosure to Debt Purchasers.
Any Debt of the Districts shall set forth a statement in substantially the following form:
“By acceptance of this instrument, the owner of this Debt agrees and
consents to all of the limitations with respect to the payment of the
principal and interest on this Debt contained herein, in the resolution
of the District authorizing the issuance of this Debt and in the
Service Plan of the District. This Debt is not and cannot be a Debt
of the City of Fort Collins”
Similar language describing the limitations with respect to the payment of the principal and
interest on Debt set forth in this Service Plan shall be included in any document used for the
offering of the Debt for sale to persons, including, but not limited to, a Developer of property
within the Service Area.
H. Security for Debt.
The Districts shall not pledge any revenue or property of the City as security for the
indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed
as a guarantee by the City of payment of any of the Districts’ obligations; nor shall anything in the
Service Plan be construed so as to create any responsibility or liability on the part of the City in
the event of default by the Districts in the payment of any such obligations.
I. TABOR Compliance.
The Districts shall comply with the provisions of TABOR. In the discretion of the Boards,
the Districts may set up other qualifying entities to manage, fund, construct and operate facilities,
services, and programs. To the extent allowed by law, any entity created by a District will remain
under the control of the District’s Board.
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J. Districts’ Operating Costs.
The estimated cost of acquiring land, engineering services, legal services and
administrative services, together with the estimated costs of the Districts’ organization and initial
operations, are anticipated to be $200,000, which will be eligible for reimbursement from Debt
proceeds.
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for administration and to plan and cause the Public Improvements to be operated
and maintained. The first year’s operating budget is estimated to be $100,000.
Ongoing administration, operations and maintenance costs may be paid from property
taxes collected through the imposition of an Operating Mill Levy as set forth in Section IX.B.3 of
this Service Plan, as well as other revenues legally available to the Districts.
X. REGIONAL IMPROVEMENTS
The Districts shall be authorized to provide for the planning, design, acquisition, funding,
construction, installation, relocation, redevelopment, administration and overhead costs related to
the provision of Regional Improvements. At the discretion of the City, the Districts shall impose
a Regional Improvement Mill Levy on all property within the Districts’ boundaries under the
following terms:
A. Regional Mill Levy Authority.
The Districts shall seek the authority to impose an additional Regional Mill Levy of five
(5) mills as part of the Districts’ initial TABOR election. The Districts shall also seek from the
electorate in that election the authority under TABOR to enter into an intergovernmental
agreement with the City obligating the Districts to pay as a multiple-fiscal year obligation the
proceeds from the Regional Mill Levy to the City. Obtaining voter-approval of the Regional Mill
Levy and this intergovernmental agreement shall be a precondition to the Districts issuing any
Debt and imposing the Operating Mill Levy, the Debt Mill Levy and any Fees for the repayment
of Debt under this Service Plan.
B. Regional Mill Levy Imposition.
The Districts shall each impose the Regional Mill Levy at a rate not to exceed five (5) mills
within one year of receiving written notice from the City Manager to the Districts requesting the
imposition of the Regional Mill Levy and stating the mill rate to be imposed.
C. City Notice Regarding Regional Improvements.
Such notice from the City shall provide a description of the Regional Improvements to be
constructed and an analysis explaining how the Regional Improvements will be beneficial to
property owners within the Service Area. The City shall make a good faith effort to require planned
developments that (i) are adjacent to the Service Area and (ii) will benefit from the Regional
Improvement also impose a Regional Mill Levy, to the extent possible.
D. Regional Improvements Authorized Under Service Plan.
If the Districts are so notified by the City Manager, the Regional Improvements shall be
considered public improvements that the Districts would otherwise be authorized to design,
construct, install re-design, re-construct, repair or replace pursuant to this Service Plan and
applicable law.
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E. Expenditure of Regional Mil Levy Revenues.
Revenue collected through the imposition of the Regional Mill Levy shall be expended as follows:
1. Intergovernmental Agreement
If the City and the Districts have executed an intergovernmental agreement
concerning the Regional Improvements, then the revenue from the Regional Mill
Levy shall be used in accordance with such agreement; or
2. No Intergovernmental Agreement
If no intergovernmental agreement exists between the Districts and the City, then
the revenue from the Regional Mill Levy shall be paid to the City, for use by the
City in the planning, designing, constructing, installing, acquiring, relocating,
redeveloping or financing of Regional Improvements which benefit the End Users
of the Districts as prioritized and determined by the City.
F. Regional Mill Levy Term.
The imposition of the Regional Mill Levy shall not exceed a term of twenty-five (25) years
from December 31 of the tax collection year after which the Regional Mill Levy is first imposed.
G. Completion of Regional Improvements.
All Regional Improvements shall be completed prior to the end of the twenty-five (25) year
Regional Mill Levy term.
H. City Authority to Require Imposition.
The City’s authority to require the initiation of the imposition of a Regional Mill Levy shall
expire fifteen (15) years after December 31st of the year in which a District first imposes a Debt
Mill Levy.
I. Regional Mill Levy Not Included in Other Mill Levies.
The Regional Mill Levy imposed shall not be applied toward the calculation of the
Aggregate Mill Levy Maximum.
J. Gallagher Adjustment.
In the event the method of calculating assessed valuation is changed after January 1, 2018,
or any subsequent constitutionally mandated tax credit, cut or abatement, the Regional Mill Levy
may be increased or shall be decreased to reflect such changes; such increases or decreases shall
be determined by the Districts’ Boards in good faith so that to the extent possible, the actual tax
revenues generated by the Regional Mill Levy, as adjusted, are neither enhanced nor diminished
as a result of such change occurring after January 1, 2018. For purposes of the foregoing, a change
in the ratio of actual valuation to assessed valuation will be a change in the method of calculating
assessed valuation
XI. CITY FEES
The Districts shall pay all applicable City fees as required by the City Code.
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XII. BANKRUPTCY LIMITATIONS
All of the limitations contained in this Service Plan, including, but not limited to, those
pertaining to the Aggregate Mill Levy Maximum, Maximum Debt Mill Levy Imposition Term and
Fees, have been established under the authority of the City in the Special District Act to approve
this Service Plan. It is expressly intended that by such approval such limitations: (i) shall not be
set aside for any reason, including by judicial action, absent a Service Plan Amendment; and (ii)
are, together with all other requirements of State law, included in the “political or governmental
powers” reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section 903, and are
also included in the “regulatory or electoral approval necessary under applicable non-bankruptcy
law” as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section
943(b)(6).
XIII. ANNUAL REPORTS AND BOARD MEETINGS
A. General.
Each of the Districts shall be responsible for submitting an annual report to the City Clerk
no later than September 1st of each year following the year in which the Order and Decree creating
the Districts have been issued. The Districts may file a consolidated annual report. The annual
report may be made available to the public on the City’s website.
B. Board Meetings.
Each of the Districts’ Boards shall hold at least one public board meeting in three of the
four quarters of each calendar year, beginning in the first full calendar year after the Districts’
creation. Notice for each of these meetings shall be given in accordance with the requirements of
the Special District Act and other applicable State Law. This meeting requirement shall not apply
until there is at least one End User of property within the District. Also, this requirement shall no
longer apply when a majority of the directors on the District’s Board are End Users.
C. Report Requirements.
Unless waived by the City Manager, each of the Districts’ annual report must include the
following:
1. Narrative
A narrative summary of the progress of the District in implementing its Service
Plan for the report year.
2. Financial Statements
Except when exemption from audit has been granted for the report year under the
Local Government Audit Law, the audited financial statements of the District for
the report year including a statement of financial condition (i.e., balance sheet) as
of December 31 of the report year and the statement of operation (i.e., revenue and
expenditures) for the report year.
19
3. Capital Expenditures
Unless disclosed within a separate schedule to the financial statements, a summary
of the capital expenditures incurred by the District in development of improvements
in the report year.
4. Financial Obligations
Unless disclosed within a separate schedule to the financial statements, a summary
of financial obligations of the District at the end of the report year, including the
amount of outstanding Debt, the amount and terms of any new District Debt issued
in the report year, the total assessed valuation of all Taxable Property within the
Service Area as of January 1 of the report year and the current total District mill
levy pledged to Debt retirement in the report year.
5. Board Contact Information
The names and contact information of the current directors on the District’s Board,
any District manager and the attorney for the District shall be listed in the report.
The District’s current office address, phone number, email address and any website
address shall also be listed in the report.
6. Other Information
Any other information deemed relevant by the City Council or deemed reasonably
necessary by the City Manager.
D. Reporting of Significant Events.
The annual report of each District shall also include information as to any of the following
that occurred during the report year:
1. Boundary changes made or proposed to the District’s boundaries as of
December 31 of the report year.
2. Intergovernmental Agreements with other governmental entities, either entered
into or proposed as of December 31 of the report year.
3. Copies of the District’s rules and regulations, if any, or substantial changes to
the District’s rules and regulations as of December 31 of the report year.
4. A summary of any litigation which involves the District’s Public Improvements
as of December 31 of the report year.
5. A list of all facilities and improvements constructed by the District that have
been dedicated to and accepted by the City as of December 31 of the report
year.
6. Notice of any uncured events of default by the District, which continue beyond
a ninety (90) day period, under any Debt instrument.
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.
20
E. Failure to Submit.
In the event the annual report is not timely received by the City Clerk or is not fully
responsive, notice of such default shall be given to the District’s Board at its last known address.
The failure of the District to file the annual report within forty-five (45) days of the mailing of
such default notice by the City Clerk may constitute a material modification of the Service Plan,
at the discretion of the City Manager.
XIV. SERVICE PLAN AMENDMENTS
This Service Plan is general in nature and does not include specific detail in some instances.
The Service Plan has been designed with sufficient flexibility to enable the Districts to provide
required improvements, services and facilities under evolving circumstances without the need for
numerous amendments. Modification of the general types of improvements and facilities making
up the Public Improvements, and changes in proposed configurations, locations or dimensions of
the Public Improvements, shall be permitted to accommodate development needs provided such
Public Improvements are consistent with the then-current Approved Development Plans for the
Project and any agreement approved by City Council pursuant Section IV.B of this Service Plan.
Any action of one or more of the Districts, which is a material modification of this Service Plan
requiring a Service Plan Amendment as provided in Section XV of this Service Plan or that is a
violation or breach of any other provision of this Service Plan, shall be deemed to be a material
modification to this Service Plan unless otherwise expressly provided in this Service Plan. All
other departures from the provisions of this Service Plan shall be considered on a case-by-case
basis as to whether such departures are a material modification under this Service Plan or the
Special District Act.
XV. MATERIAL MODIFICATIONS
Material modifications to this Service Plan may be made only in accordance with C.R.S.
Section 32-1-207 as a Service Plan Amendment. No modification shall be required for an action
of the Districts that does not materially depart from the provisions of this Service Plan, unless
otherwise provided in this Service Plan.
Departures from the Service Plan by any of the Districts that constitute a material
modification requiring a Service Plan Amendment include, without limitation:
1. Actions or failures to act that create materially greater financial risk or burden to
the taxpayers of any of the Districts;
2. Performance of a service or function, construction of an improvement, or
acquisition of a major facility that is not closely related to an improvement, service,
function or facility authorized in the Service Plan;
3. Failure to perform a service or function, construct an improvement or acquire a
facility required by the Service Plan; and
4. Failure to comply with any of the preconditions, prohibitions, limitations and
restrictions of this Service Plan.
XVI. DISSOLUTION
Upon independent determination by the City Council that the purposes for which any
District was created have been accomplished, the District shall file a petition in district court for
21
dissolution as provided in the Special District Act. In no event shall dissolution occur until such
District has provided for the payment or discharge of all of its outstanding indebtedness and other
financial obligations as required pursuant to the Special District Act or any other applicable State
law.
In addition, if within three (3) years from the date of the City Council’s approval of this
Service Plan no agreement contemplated under Section IV.B of this Service Plan has been entered
into by the City with any of the Districts and/or any Developer, despite the parties conducting good
faith negotiations attempting to do so, the City may opt to pursue the remedies available to it under
C.R.S. Section 32-1-701(3) in order to compel the Districts to dissolve in a prompt and orderly
manner. In such event: (i) the limited purposes and powers of the Districts, as authorized herein,
shall automatically terminate and be expressly limited to taking only those actions that are
reasonably necessary to dissolve; (ii) the Board of Directors of each of the Districts will be deemed
to have agreed with the City regarding its dissolution without an election pursuant to C.R.S. §32-
1-704(3)(b); (iii) the Districts shall take no action to contest or impede the dissolution of the
Districts and shall affirmatively and diligently cooperate in securing the final dissolution of the
Districts, and (iv) subject to the statutory requirements of the Special District Act, the Districts
shall thereupon dissolve.
XVII. SANCTIONS
Should any of the Districts undertake any act without obtaining prior City Council approval
or consent or City Manager approval or consent under this Service Plan, that constitutes a material
modification to this Service Plan requiring a Service Plan Amendment as provided herein or under
the Special Districts Act, or that violates or is in breach of any provision of this Service Plan, the
City Council may impose one (1) or more of the following sanctions, as it deems appropriate:
1. Exercise any applicable remedy under the Special District Act;
2. Withhold the issuance of any permit, authorization, acceptance or other
administrative approval, or withhold any cooperation, necessary for the District’s
development or construction or operation of improvements or provision of services;
3. Exercise any legal remedy under the terms of any intergovernmental agreement
under which the District is in default; or
4. Exercise any other legal and equitable remedy available under the law, including
seeking prohibitory and mandatory injunctive relief against the District, to ensure
compliance with the provisions of the Service Plan or applicable law.
XVIII. CONCLUSION
It is submitted that this Service Plan, as required by C.R.S. Section 32-1-203(2), establishes
that:
1. There is sufficient existing and projected need for organized service in the Service Area
to be served by the Districts;
2. The existing service in the Service Area to be served by the Districts is inadequate for
present and projected needs;
22
3. The Districts are capable of providing economical and sufficient service to the Service
Area; and
4. The Service Area does have, and will have, the financial ability to discharge the
proposed indebtedness on a reasonable basis.
XIX. RESOLUTION OF APPROVAL
The Districts agree to incorporate the City Council’s resolution approving this Service
Plan, including any conditions imposed by the City Council on such approval, into the copy of the
Service Plan presented to the District Court for and in Larimer County, Colorado.
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FORT COLLINS: 301 North Howes Street, Suite 100, 80521 | 970.221.4158 GREELEY: 820 8th Street, 80631 | 970.395.9880 | WEB: www.northernengineering.com
Exhibit A-1
DESCRIPTION: THRIVE-WATERFIELD METROPOLITAN DISTRICT 1 BOUNDARY
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of Fort Collins, County of Larimer, State of Colorado being more particularly described as follows: Considering the South line of the Southwest Quarter of said Section 5 as bearing South 88°53'23" East and with all bearings contained herein relative thereto: COMMENCING at the Southwest Corner of said Section 5; thence along the West line of said Southwest Quarter, North 00° 43' 26" East, 176.00 feet to the POINT OF BEGINNING; thence along said West line, North 00° 43' 26" East, 583.78 to the Northerly line of Tract A, Waterfield Third Subdivision; thence along said Northerly line, South 89° 21' 34" East, 76.81 feet; thence along the Easterly right-of-way line of Larimer County Road 11 and along a curve concave to the East having a central angle of 06° 27' 15" with a radius of 1032.00 feet, an arc length of 116.25 feet and the chord of which bears North 07° 34' 25" West, 116.19 feet; thence along the North right-of-way line of New Vine Drive the following 5 courses and distances: South 89° 21' 34" East, 315.58 feet; thence along a curve concave to the North having a central angle of 10° 20' 29" with a radius of 1017.50 feet, an arc length of 183.65 feet and the chord of which bears North 85° 28' 12" East, 183.40 feet; thence, North 80° 17' 57" East, 788.29 feet; thence along a curve concave to the South having a central angle of 10° 43' 43" with a radius of 1132.50 feet, an arc length of 212.06 feet and the chord of which bears North 85° 39' 49" East, 211.75 feet; thence, South 88° 58' 20" East, 1021.66 feet to the West right-of-way line of Timberline Drive; thence along said West right-of-way line, South 00° 16' 52" West, 130.01 feet; thence along the South line of Tract J, Waterfield Third Filing, North 88° 58' 20" West, 991.58 feet; thence along the Easterly line of Merganser Drive the following 4 courses and distances: along a curve concave to the Southeast having a central angle of 04° 17' 22" with a radius of 1361.68 feet, an arc length of 101.94 feet and the chord of which bears South 17° 03' 36" West, 101.92 feet; thence along a curve concave to the Northwest having a central angle of 04° 47' 14" with a radius of 1361.68 feet, an arc length of 113.77 feet and the chord of which bears South 17° 18' 32" West, 113.74 feet; thence along a curve concave to the Southeast having a central angle of 18° 39' 57" with a radius of 662.94 feet, an arc length of 215.97 feet and the chord of which bears South 10° 22' 10" West, 215.02 feet; thence, South 01° 02' 11" West, 478.43 feet; thence along the North right-of-way line of East Vine Drive, North 88° 53' 23" West, 1425.13 feet; thence along the Southerly portion of Tract A, Waterfield Third Filing the following 2 courses and distances: North 00° 43' 26" East, 140.34 feet; thence, North 89° 16' 22" West, 50.67 feet to the POINT OF BEGINNING, containing 1,484,373 square feet or 34.077 acres more or less. AND A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of Fort Collins, County of Larimer, State of Colorado being more particularly described as follows:
Considering the West line of the Southwest Quarter of said Section 5 as bearing North 00°43'27” East and with all bearings contained herein relative thereto: COMMENCING at the Southwest Corner of said Section 5; thence along the West line of said Southwest Quarter, North 00°43’27” East, 1126.91 feet; thence departing said West line, South 89°16’33” East, 1073.16 feet to the POINT OF BEGINNING; thence, North 05°42’56” East, 75.54 feet; thence, North 06°55’57” West, 37.26 feet; thence, North 10°39’38” West, 79.30 feet; thence, North 62°38’46” East, 226.84 feet; thence, South 27°21’14” East, 174.18 feet; thence, South 62°38’46” West, 303.84 feet to the POINT OF BEGINNING, containing 44,969 square feet or 1.03 acres more or less. The above described Tracts of land contains 1,529,342 square feet or 35.11 acres more or less
and is subject to all easements and rights-of-way now on record or existing.
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FORT COLLINS: 301 North Howes Street, Suite 100, 80521 | 970.221.4158 GREELEY: 820 8th Street, 80631 | 970.395.9880 | WEB: www.northernengineering.com
Exhibit A-2
DESCRIPTION: THRIVE-WATERFIELD METROPOLITAN DISTRICT 2 BOUNDARY
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of Fort Collins, County of Larimer, State of Colorado being more particularly described as follows: Considering the South line of the Southwest Quarter of said Section 5 as bearing South 88°53'23" East and with all bearings contained herein relative thereto: COMMENCING at the West Quarter Corner of said Section 5; thence, South 78° 52' 45" East, 56.93 feet to the POINT OF BEGINNING; thence along the South right-of-way line of Conifer Street the following 3 courses and distances: along a curve concave to the Southeast having a central angle of 89° 34' 44" with a radius of 15.00 feet, an arc length of 23.45 feet and the chord of which bears North 45° 30' 48" East, 21.14 feet; thence, South 89° 41' 50" East, 143.70 feet; thence along a curve concave to the North having a central angle of 25° 31' 24" with a radius of 1075.00 feet, an arc length of 478.87 feet and the chord of which bears North 77° 32' 29" East, 474.92 feet; thence along the Northeasterly line of Tract R and the Northeasterly line of Tract K the following 6 courses and distances: South 61° 27' 39" East, 97.20 feet; thence, South 70° 16' 39" East, 260.00 feet; thence, South 59° 46' 39" East, 389.00 feet; thence, South 53° 31' 39" East, 176.30 feet; thence, South 55° 39' 22" East, 234.78 feet; thence, South 63° 17' 47" East, 104.72 feet; thence along the Northerly line of Tract A, Waterfield P.U.D. First Filing the following 8 courses and distances: thence, South 30° 54' 04" West, 0.29 feet; thence, South 65° 28' 27" East, 13.60 feet; thence, South 83° 09' 44" East, 187.84 feet; thence, North 88° 03' 21" East, 295.91 feet; thence, North 84° 51' 19" East, 153.85 feet; thence, North 74° 44' 55" East, 133.22 feet; thence along the West right-of-way line of Timberline Road the following 3 courses and distances: South 00° 17' 16" West, 54.54 feet; thence, South 79° 42' 44" East, 1.91 feet; thence, South 00° 16' 52" West, 1025.14 feet; thence along the North right-of-way line of New Vine Drive the following 3 courses and distances: North 88° 58' 20" West, 1021.66 feet; thence along a curve concave to the South having a central angle of 10° 43' 43" with a radius of 1132.50 feet, an arc length of 212.06 feet and the chord of which bears South 85° 39' 49" West, 211.75 feet; thence, South 80° 17' 57" West, 479.85 feet; thence along the Westerly line of Tract I, Waterfield Third Filing the following 8 courses and distances: thence, North 09° 42' 03" West, 29.65 feet; thence along a curve concave to the Northeast having a central angle of 65° 36' 07" with a radius of 133.55 feet, an arc length of 152.91 feet and the chord of which bears North 48° 28' 48" West, 144.70 feet; thence along a curve concave to the Southwest having a central angle of 60° 52' 28" with a radius of 254.53 feet, an arc length of 270.43 feet and the chord of which bears North 46° 44' 16" West, 257.89 feet; thence along a curve concave to the Northeast having a central angle of 85° 15' 54" with a radius of 276.97 feet, an arc length of 412.18 feet and the chord of which bears North 32° 37' 02" West, 375.18 feet; thence, North 13° 37' 13" East, 264.08 feet; thence
along a curve concave to the Southeast having a central angle of 75° 39' 02" with a radius of 132.37 feet, an arc length of 174.77 feet and the chord of which bears North 52° 17' 36" East, 162.35 feet; thence along a curve concave to the North having a central angle of 36° 41' 13" with a radius of 440.75 feet, an arc length of 282.22 feet and the chord of which bears North 77° 40' 27" East, 277.42 feet; thence, North 00° 17' 33" East, 382.29 feet; thence along the South line of Tract N, Waterfield Third Filing, North 85° 41' 52" West, 749.41 feet; thence, North 00° 43' 26" East, 154.17 feet to the POINT OF BEGINNING. The above described Tract of land contains 2,607,911 square feet or 59.87 acres more or less and
is subject to all easements and rights-of-way now on record or existing.
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Page 1 of 1
FORT COLLINS: 301 North Howes Street, Suite 100, 80521 | 970.221.4158 GREELEY: 820 8th Street, 80631 | 970.395.9880 | WEB: www.northernengineering.com
Exhibit A-3
DESCRIPTION: THRIVE-WATERFIELD METROPOLITAN DISTRICT 3 BOUNDARY
A Tract of land located in the West Half of Section 5, Township 7 North, Range 68 West, City of Fort Collins, County of Larimer, State of Colorado being more particularly described as follows: Considering the West line of the Southwest Quarter of said Section 5 as bearing North 00°43'27” East and with all bearings contained herein relative thereto: COMMENCING at the Southwest Corner of said Section 5; thence along the West line of said Southwest Quarter, North 00°43’27” East, 1126.91 feet; thence departing said West line, South 89°16’33” East, 1073.16 feet to the POINT OF BEGINNING; thence, North 05°42’56” East, 75.54 feet; thence, North 06°55’57” West, 37.26 feet; thence, North 10°39’38” West, 79.30 feet; thence, North 62°38’46” East, 226.84 feet; thence, South 27°21’14” East, 174.18 feet; thence, South 62°38’46” West, 303.84 feet to the POINT OF BEGINNING. The above described Tract of land contains 44,969 square feet or 1.03 acres more or less and is
subject to all easements and rights-of-way now on record or existing.
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OVERALL DISTRICT
BOUNDARY
E VINE DR
SOUTHWEST CORNER
SECTION 5-T7-R68W
WEST QUARTER CORNER
SECTION 5-T7N-R68W
DISTRICT 1
1,484,373 sq.ft.
34.08 ac
N T
IM
BE
RLIN
E R
D
DISTRICT 1
BOUNDARY
DISTRICT 1
44,969 sq.ft.
1.03 ac
DISTRICT 1
BOUNDARY
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 27, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
DISTRICT 1
AREA BOUNDARY MAP
1" = 400'
B-1
( US SURVEY FEET )
1 inch = ft.
Feet0
NOTE: THIS EXHIBIT IS NOT INTENDED TO BE AMONUMENTED LAND SURVEY. ITS SOLE PURPOSE IS AS AGRAPHIC REPRESENTATION TO AID IN THE VISUALIZATIONOF THE WRITTEN PROPERTY DESCRIPTION WHICH ITACCOMPANIES. THE WRITTEN PROPERTY DESCRIPTIONSUPERCEDES THE EXHIBIT DRAWING.
400
400400
N T
IM
BE
RLIN
E R
D
OVERALL DISTRICT
BOUNDARY
E VINE DR
DISTRICT 2
BOUNDARY
SOUTHWEST CORNER
SECTION 5-T7-R68W
WEST QUARTER CORNER
SECTION 5-T7N-R68W
DISTRICT 2
2,607,911 sq.ft.
59.87 ac
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 27, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
DISTRICT 2
AREA BOUNDARY MAP
1" = 400'
B-2
( US SURVEY FEET )
1 inch = ft.
Feet0
NOTE: THIS EXHIBIT IS NOT INTENDED TO BE AMONUMENTED LAND SURVEY. ITS SOLE PURPOSE IS AS AGRAPHIC REPRESENTATION TO AID IN THE VISUALIZATIONOF THE WRITTEN PROPERTY DESCRIPTION WHICH ITACCOMPANIES. THE WRITTEN PROPERTY DESCRIPTIONSUPERCEDES THE EXHIBIT DRAWING.
400
400400
N T
IM
BE
RLIN
E R
D
OVERALL DISTRICT
BOUNDARY
E VINE DR
DISTRICT 3
BOUNDARY
DISTRICT 3
44,969 sq.ft.
1.03 ac
SOUTHWEST CORNER
SECTION 5-T7-R68W
WEST QUARTER CORNER
SECTION 5-T7N-R68W
WEST LINE OF
SECTION 5
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 27, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet0400 400
400
DISTRICT 3
AREA BOUNDARY MAP
1" = 400'
B-3
E VINE DR
PROPOSED
THRIVE - WATERFIELD
METROPOLITAN
DISTRICT
N T
IM
BE
RLIN
E R
D
MOUNTAIN VISTA DR
A
D
R
I
E
L
D
R
TU
RN
BE
RR
Y R
D
INTERNATIONAL BLVD
S
Y
K
E
S
D
R
F
O
R
K
S
D
R
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet01000 1000
1000
VICINITY MAP
C
1" = 1000'
Public Improvements Unit Cost Extended Cost
I. Grading/Miscellaneous
Mobilization / General Conditions 1 LS $1,455,000.00 1,455,000.00$
Clearing and Grubbing and Topsoil Stripping 25 Ac $11,900.00 293,930.00$
Earthwork (cut/fill/place) 150,024 CY $6.00 900,144.00$
Import Fill Dirt 250,000 CY $10.00 2,500,000.00$
Erosion Control / Traffic Control 1 LS $2,079,000.00 2,079,000.00$
Subtotal 7,228,074.00$
II. Roadway Improvements
Parking Lots 490 SY $70.00 34,277.00$
Access Road (24' Section) - LF $205.00 -$
Local Residential Street (51' Section) 13,428 LF $282.00 3,786,696.00$
Local Industrial Street (66' Section) - LF $321.00 -$
Major Collector Street (66' Section) - LF $372.00 -$
Minor Collector Street (76' Section) - LF $431.00 -$
Alley (20' Section) 12,472 EA $133.00 1,658,818.00$
4-Lane Arterial - EA $715.00 -$
Boulvard (Custom) 2,120 LF $331.00 701,720.00$
Traffic Signal Improvements - EA $500,000.00 -$
Street Lighting 1 LS $248,000.00 248,000.00$
Signing and Striping - LS $271,000.00 -$
Subtotal 6,429,511.00$
III. Potable Waterline Improvements
8" Waterline 19,232 LF $90.00 1,730,880.00$
10" Waterline - LF $100.00 -$
12" Waterline - LF $112.00 -$
Utility Borings - LF $1,900.00 -$
Raw Water Requirements - AC-FT $41,428.00 -$
Off-Site Waterline Reimbursement to Loveland Water and Power - LS $750,000.00 -$
Subtotal 1,730,880.00$
IV. Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer 15,697 LF $109.00 1,710,973.00$
10" Sanitary Sewer - LF $114.00 -$
12" Sanitary Sewer - LF $124.00 -$
15" Sanitary Sewer - LF $131.80 -$
8" Subdrain 20,111 LF $75.00 1,508,325.00$
Subdrain Connection Fee - LS $0.00 -$
Sanitary Sewer Repayment - LS $0.00 -$
Subtotal 3,219,298.00$
V. Storm Drainage Improvements
8" Underdrain 4,354 LF $75.00 326,550.00$
18" RCP Storm Sewer 1,864 LF $181.00 337,384.00$
24" RCP Storm Sewer 4,051 LF $191.00 773,741.00$
30" RCP Storm Sewer 80 LF $222.00 17,760.00$
Outlet Structure 3 EA $10,000.00 30,000.00$
Water Quality 63,291 CF $6.00 379,748.00$
Subtotal 1,865,183.00$
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
Page 1 of 2
Public Improvements Unit Cost Extended Cost
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
VI. Non-Potable Irrigation Improvements
6" Non-Potable Waterline - LF $56.00 -$
Non-Potable Waterline Pumphouse - LS $450,000.00 -$
Non-Potable Pond and Delivery Improvements - LS $250,000.00 -$
Flood Irrigation System and Appurtences - LS $0.00 -$
Well Head Replacement - EA $27,500.00 -$
Raw Water Requirements - AC-FT $41,428.00 -$
Subtotal -$
VII. Open Space, Parks and Trails
Structural Demolition - LS $0.00 -$
Natural Area Open Space 14.62 AC $108,900.00 1,592,210.00$
Landscaped Open Space - AC $239,580.00 -$
Regional Trails 13,122 LF $160.00 2,099,520.00$
Monument Signs 2 EA $75,000.00 150,000.00$
Pocket Park and Park Amenities - EA $150,000.00 -$
Open Space Acquisition - AC $20,000.00 -$
Subtotal 3,841,730.00$
VIII. Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $2,432,000.00 2,432,000.00$
Construction Management / Inspection / Testing 1 LS $3,648,000.00 3,648,000.00$
Admin. / Planning / Permitting 1 LS $730,000.00 730,000.00$
Subtotal 6,810,000.00$
Infrastructure Subtotal 31,124,676.00$
Contingency (20%) 6,224,936.00$
Total Cost 37,349,612.00$
Page 2 of 2
Public Improvements Unit Cost Extended Cost
I. Grading/Miscellaneous
Mobilization / General Conditions - LS $1,820,000.00 -$
Clearing and Grubbing and Topsoil Stripping - Ac $11,900.00 -$
Earthwork (cut/fill/place) - CY $6.00 -$
Import Fill Dirt - CY $10.00 -$
Erosion Control / Traffic Control - LS $2,600,000.00 -$
Subtotal -$
II. Roadway Improvements
Parking Lots - SY $70.00 -$
Access Road (24' Section) - LF $205.00 -$
Local Residential Street (51' Section) - LF $282.00 -$
Local Industrial Street (66' Section) - LF $321.00 -$
Major Collector Street (66' Section) 1,458 LF $372.00 542,376.00$
Minor Collector Street (76' Section) 1,003 LF $431.00 432,293.00$
Alley (20' Section) - EA $133.00 -$
4-Lane Arterial 2,603 EA $715.00 1,861,145.00$
Boulvard (Custom) - LF $331.00 -$
Traffic Signal Improvements - EA $500,000.00 -$
Street Lighting - LS $246,000.00 -$
Signing and Striping 1 LS $271,000.00 86,000.00$
Subtotal 2,921,814.00$
III. Potable Waterline Improvements
8" Waterline - LF $90.00 -$
10" Waterline - LF $100.00 -$
12" Waterline 6,458 LF $112.00 723,296.00$
Utility Borings - LF $1,900.00 -$
Raw Water Requirements - AC-FT $41,428.00 -$
Off-Site Waterline Reimbursement to Loveland Water and Power - LS $750,000.00 -$
Subtotal 723,296.00$
IV. Sanitary Sewer and Subdrain Improvements
8" Sanitary Sewer - LF $109.00 -$
10" Sanitary Sewer - LF $114.00 -$
12" Sanitary Sewer 5,412 LF $124.00 671,088.00$
15" Sanitary Sewer - LF $131.80 -$
8" Subdrain - LF $75.00 -$
Subdrain Connection Fee - LS $0.00 -$
Sanitary Sewer Repayment - LS $0.00 -$
Subtotal 671,088.00$
V. Storm Drainage Improvements
8" Underdrain - LF $75.00 -$
18" RCP Storm Sewer - LF $181.00 -$
24" RCP Storm Sewer - LF $191.00 -$
30" RCP Storm Sewer - LF $222.00 -$
Outlet Structure - EA $10,000.00 -$
Water Quality - CF $6.00 -$
Subtotal -$
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
Page 1 of 2
Public Improvements Unit Cost Extended Cost
SUMMARY ESTIMATE OF PRELIMINARY DISTRICT EXPENDITURES
August 7, 2018
NON-BASIC PUBLIC IMPROVEMENT COSTS FOR
WATERFIELD METRO DISTRICT Nos. 1-3
Quantity
AREA - 92.99 ACRES
VI. Non-Potable Irrigation Improvements
6" Non-Potable Waterline - LF $56.00 -$
Non-Potable Waterline Pumphouse - LS $450,000.00 -$
Non-Potable Pond and Delivery Improvements - LS $250,000.00 -$
Flood Irrigation System and Appurtences - LS $0.00 -$
Well Head Replacement - EA $27,500.00 -$
Raw Water Requirements - AC-FT $41,428.00 -$
Subtotal -$
VII. Open Space, Parks and Trails
Structural Demolition - LS $0.00 -$
Natural Area Open Space - AC $108,900.00 -$
Landscaped Open Space - AC $239,580.00 -$
Regional Trails - LF $160.00 -$
Monument Signs - EA $75,000.00 -$
Pocket Park and Park Amenities - EA $150,000.00 -$
Open Space Acquisition - AC $20,000.00 -$
Subtotal -$
VIII. Admin. / Design / Permitting / Etc.
Engineering / Surveying 1 LS $432,000.00 432,000.00$
Construction Management / Inspection / Testing 1 LS $648,000.00 648,000.00$
Admin. / Planning / Permitting 1 LS $130,000.00 130,000.00$
Subtotal 1,210,000.00$
Infrastructure Subtotal 5,526,198.00$
Contingency (20%) 1,105,240.00$
Total Cost 6,631,438.00$
Page 2 of 2
E VINE DR
N T
IM
BE
RLIN
E R
D
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet0400 400
400
STREET MAP
1" = 400'
E
FIGURE 1 OF 5
LEGEND:
MAJOR COLLECTOR
4-LANE ARTERIAL
BOULEVARD
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
STREETS OWNED AND
MAINTAINED BY THE CITY OF
FORT COLLINS
RESIDENTIAL LOCAL
ALLEYWAY
MINOR COLLECTOR
W
W
W
W
W
12" WATER
8" WATER
W
W
W
W
W
W
W
W
W
W
W
W
W
W
8" WATER
8" WATER
12" WATER
E VINE DR
N T
IM
BE
RLIN
E R
D
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet0400 400
400
POTABLE WATER MAP
1" = 400'
E
FIGURE 2 OF 5
LEGEND:
WATER LINE - 12 INCH PVC.
ALL WATER TO BE OWNED
AND MAINTAINED BY ELCO
WATER DISTRICT.
W
WATER LINE - 8 INCH PVC.
ALL WATER TO BE OWNED
AND MAINTAINED BY ELCO
WATER DISTRICT.
W
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
SS
SS
SD
SD
SD
SD
SD
SD
SD
S
D
S
D
SD
S
D
SD
SD
SD
SD
SD
SD
S
D
S
D
SD
S
D
SS
SS
SS
SS
SS
S
S
S
S
SS
S
S
SS
SS
SS
SS
SS
SS
S
S
S
S
SS
S
S
8" SANITARY
SEWER
12" SANITARY
SEWER
8" SUBDRAIN
8" SUBDRAIN
8" SUBDRAIN
8" SANITARY
SEWER
8" SANITARY
SEWER
E VINE DR
N T
IM
BE
RLIN
E R
D
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet0400 400
400
SANITARY SEWER &
SUBDRAIN MAP
1" = 400'
E
FIGURE 3 OF 5
LEGEND:
SS
SEWER LINE - 12 INCH PVC.
ALL SEWER TO BE OWNED
AND MAINTAINED BY
BOXELDER SANITATION
DISTRICT
SEWER LINE - 8 INCH PVC.
ALL SEWER TO BE OWNED
AND MAINTAINED BY
BOXELDER SANITATION
DISTRICT
SS
SUBDRAIN - 8 INCH HDPE.
ALL SUBDRAINS TO BE
OWNED AND MAINTAINED BY
THE METRO DISTRICT.
SD
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
UD
U
D
U
D
UD UD
UD
ST
S
T
24" RCP
24" RCP
18" RCP
18" RCP
30" RCP
18" RCP
24" RCP
E VINE DR
N T
IM
BE
RLIN
E R
D
UD
UD UD UD
8" PERF. PIPE
8" PERF. PIPE
8" PERF. PIPE
18" RCP
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet0400 400
400
STORM DRAINAGE MAP
1" = 400'
E
FIGURE 4 OF 5
LEGEND:
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
24" RCP STORM
DRAIN LINE
ST
DIRECTION OF
CONVEYANCE
DETENTION AREAS
18" RCP STORM
DRAIN LINE
ST
18" HDPE STORM
DRAIN LINE
ST
30" RCP STORM
DRAIN LINE
ST
8" UNDER DRAIN
UD
LID AREAS
E VINE DR
N T
IM
BE
RLIN
E R
D
THRIVE - WATERFIELD
METROPOLITAN DISTRICT
FORT COLLINS
COLORADO
E NG I NE E R NGIEHTRON RN
DESCRIPTION
DRAWN BY
DATE PROJECT
1496-001
EXHIBIT
SCALEDRAWN BY
C. Snowdon
DATE
August 2, 2018
FORT COLLINS: 301 North Howes Street, Suite 100, 80521GREELEY: 820 8th Street, 80631
970.221.4158northernengineering.com
( IN FEET )
1 inch = ft.
Feet0400 400
400
OPEN SPACE, PARKS,
& TRAILS MAP
1" = 400'
E
FIGURE 5 OF 5
LEGEND:
CONNECTIVITY
LANDSCAPING w/
TRAILS
NATURAL AREA
OPEN SPACE
STREETS w/
TREE LAWN AREAS
NOTE: LOCAL STREETS
AND ASSOCIATED UTILITIES
ARE CONCEPTUAL AND
MAY CHANGE AS
DEVELOPMENT OCCURS.
WATERFIELD METROPOLITAN DISTRICT
1 Development Projection at 40.000 (target) District Mills, plus Fees -- SERVICE PLAN -- 07/30/2018
2050 Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020+New, Assumes Investment Grade, 100x, 30-yr. Maturity
2050
< < < < < < < < Residential > > > > > > > > < Platted/Developed Lots >
Mkt Value As'ed Value* As'ed Value District District District
Biennial @ 7.20% @ 29.00% Total D/S Mill Levy D/S Mill Levy S.O. Taxes Total Total
Total Reasses'mt Cumulative of Market Cumulative of Market Assessed [40.000 Target] Collections Collected Facility Fees Available
YEAR Res'l Units @ 6.0% Market Value (2-yr lag) Market Value (2-yr lag) Value [40.000 Cap] @ 98% @ 6% Collections Revenue
2017 0 0 $0 $0 0 $0 $0 $0
2018 0 0 0 0 0 0 0 0
2019 0 0 0 6,369,260 0 0 0 0 0 0
2020 154 0 66,265,781 0 5,218,740 0 0 40.000 0 0 1,540,000 1,540,000
2021 126 121,647,467 0 4,243,100 1,847,085 1,847,085 40.000 72,406 4,344 1,260,000 1,336,750
2022 100 7,298,848 174,874,994 4,771,136 1,734,420 1,513,435 6,284,571 40.000 246,355 14,781 1,000,000 1,261,136
2023 38 194,024,393 8,758,618 1,325,700 1,230,499 9,989,117 40.000 391,573 23,494 380,000 795,068
2024 30 11,641,464 220,595,391 12,591,000 1,325,700 502,982 13,093,981 40.000 513,284 30,797 300,000 844,081
2025 30 235,823,517 13,969,756 883,800 384,453 14,354,209 40.000 562,685 33,761 300,000 896,446
2026 20 14,149,411 260,328,054 15,882,868 0 384,453 16,267,321 40.000 637,679 38,261 200,000 875,940
2027 0 260,328,054 16,979,293 0 256,302 17,235,595 40.000 675,635 40,538 0 716,173
2028 0 15,619,683 275,947,737 18,743,620 0 0 18,743,620 40.000 734,750 44,085 0 778,835
2029 0 275,947,737 18,743,620 0 0 18,743,620 40.000 734,750 44,085 0 778,835
2030 0 16,556,864 292,504,601 19,868,237 0 0 19,868,237 40.000 778,835 46,730 0 825,565
2031 0 292,504,601 19,868,237 0 0 19,868,237 40.000 778,835 46,730 0 825,565
2032 0 17,550,276 310,054,878 21,060,331 0 0 21,060,331 40.000 825,565 49,534 0 875,099
2033 0 310,054,878 21,060,331 0 0 21,060,331 40.000 825,565 49,534 0 875,099
2034 0 18,603,293 328,658,170 22,323,951 0 0 22,323,951 40.000 875,099 52,506 0 927,605
2035 0 328,658,170 22,323,951 0 0 22,323,951 40.000 875,099 52,506 0 927,605
2036 0 19,719,490 348,377,660 23,663,388 0 0 23,663,388 40.000 927,605 55,656 0 983,261
2037 0 348,377,660 23,663,388 0 0 23,663,388 40.000 927,605 55,656 0 983,261
2038 20,902,660 369,280,320 25,083,192 0 0 25,083,192 40.000 983,261 58,996 1,042,257
2039 369,280,320 25,083,192 0 0 25,083,192 40.000 983,261 58,996 1,042,257
2040 22,156,819 391,437,139 26,588,183 0 0 26,588,183 40.000 1,042,257 62,535 1,104,792
2041 391,437,139 26,588,183 0 0 26,588,183 40.000 1,042,257 62,535 1,104,792
2042 23,486,228 414,923,368 28,183,474 0 0 28,183,474 40.000 1,104,792 66,288 1,171,080
2043 414,923,368 28,183,474 0 0 28,183,474 40.000 1,104,792 66,288 1,171,080
2044 24,895,402 439,818,770 29,874,482 0 0 29,874,482 40.000 1,171,080 70,265 1,241,344
2045 439,818,770 29,874,482 0 0 29,874,482 40.000 1,171,080 70,265 1,241,344
2046 26,389,126 466,207,896 31,666,951 0 0 31,666,951 40.000 1,241,344 74,481 1,315,825
2047 466,207,896 31,666,951 0 0 31,666,951 40.000 1,241,344 74,481 1,315,825
2048 27,972,474 494,180,370 33,566,969 0 0 33,566,969 40.000 1,315,825 78,950 1,394,775
2049 494,180,370 33,566,969 0 0 33,566,969 40.000 1,315,825 78,950 1,394,775
2050 29,650,822 523,831,192 35,580,987 0 0 35,580,987 40.000 1,394,775 83,686 1,478,461
2051 523,831,192 35,580,987 0 0 35,580,987 40.000 1,394,775 83,686 1,478,461
2052 31,429,872 555,261,063 37,715,846 0 0 37,715,846 40.000 1,478,461 88,708 1,567,169
2053 555,261,063 37,715,846 0 0 37,715,846 40.000 1,478,461 88,708 1,567,169
2054 33,315,664 588,576,727 39,978,797 0 0 39,978,797 40.000 1,567,169 94,030 1,661,199
2055 588,576,727 39,978,797 0 0 39,978,797 40.000 1,567,169 94,030 1,661,199
2056 35,314,604 623,891,331 42,377,524 0 0 42,377,524 40.000 1,661,199 99,672 1,760,871
2057 623,891,331 42,377,524 0 0 42,377,524 40.000 1,661,199 99,672 1,760,871
2058 37,433,480 661,324,811 44,920,176 0 0 44,920,176 40.000 1,760,871 105,652 1,866,523
2059 661,324,811 44,920,176 0 0 44,920,176 40.000 1,760,871 105,652 1,866,523
2060 39,679,489 701,004,299 47,615,386 0 0 47,615,386 40.000 1,866,523 111,991 1,978,515
______ __________ __________ __________ __________ __________
498 473,765,968 42,691,916 2,561,515 4,980,000 50,233,431
[*] RAR @ 7.96% thru 2017, Subject to future changes per Colorado General Assembly.
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SPPrepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
1
1
2050
2050
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
WATERFIELD METROPOLITAN DISTRICT
Development Projection at 40.000 (target) District Mills, plus Fees -- SERVICE PLAN -- 07/30/2018
Series 2030, G.O. Bonds, Pay & Cancel Refg of (proposed) Series 2020+New, Assumes Investment Grade, 100x, 30-yr. Maturity
Series 2020 Series 2030
$15,655,000 Par $20,930,000 Par Surplus Senior Senior Cov. of Net DS: Cov. of Net DS:
[Net $13.675 MM] [Net $9.387 MM] Total Annual Release @ Cumulative Debt/ Debt/ @ 40.000 Target @ 40.000 Cap
Net Available Net Debt Net Debt Net Debt Funds on Hand* Surplus 50% D/A Surplus Assessed Act'l Value & 0.0 U.R.A. Mills & 0.0 U.R.A. Mills
for Debt Svc Service Service Service Used as Source to $2,093,000 $2,093,000 Target Ratio Ratio + PIF Revs (net) + PIF Revs (net)
$0 n/a n/a n/a 0% 0%
0 n/a n/a n/a 0% 0%
0 n/a n/a n/a 0% 0%
1,540,000 $0 $0 1,540,000 $1,540,000 0% 0% 0% 0%
1,336,750 1,332,750 1,332,750 4,000 0 1,544,000 249% 9% 100% 100%
1,261,136 1,260,250 1,260,250 886 0 1,544,887 151% 8% 100% 100%
795,068 790,000 790,000 5,068 0 1,549,954 112% 7% 101% 101%
844,081 842,000 842,000 2,081 0 1,552,035 101% 6% 100% 100%
896,446 896,250 896,250 196 0 1,552,232 89% 6% 100% 100%
875,940 872,500 872,500 3,440 0 1,555,671 83% 5% 100% 100%
716,173 714,500 714,500 1,673 0 1,557,345 75% 5% 100% 100%
778,835 774,000 774,000 4,835 0 1,562,180 75% 5% 101% 101%
778,835 775,500 775,500 3,335 15 1,565,500 71% 5% 100% 100%
825,565 821,750 $0 821,750 $1,550,000 (1,546,185) 0 19,315 70% 5% 101% 101%
825,565 [ Ref'd by Ser. '30 ] 837,200 837,200 (11,635) 0 7,680 99% 7% 99% 99%
875,099 872,200 872,200 2,899 0 10,579 99% 7% 100% 100%
875,099 870,800 870,800 4,299 0 14,878 94% 6% 101% 101%
927,605 924,400 924,400 3,205 0 18,083 93% 6% 100% 100%
927,605 925,800 925,800 1,805 0 19,887 88% 6% 100% 100%
983,261 982,000 982,000 1,261 0 21,148 87% 6% 100% 100%
983,261 980,800 980,800 2,461 0 23,610 82% 6% 100% 100%
1,042,257 1,039,400 1,039,400 2,857 0 26,466 81% 6% 100% 100%
1,042,257 1,040,400 1,040,400 1,857 0 28,323 76% 5% 100% 100%
1,104,792 1,101,000 1,101,000 3,792 0 32,115 75% 5% 100% 100%
1,104,792 1,103,800 1,103,800 992 0 33,108 70% 5% 100% 100%
1,171,080 1,171,000 1,171,000 80 0 33,187 68% 5% 100% 100%
1,171,080 1,170,000 1,170,000 1,080 0 34,267 63% 4% 100% 100%
1,241,344 1,238,400 1,238,400 2,944 0 37,211 62% 4% 100% 100%
1,241,344 1,238,400 1,238,400 2,944 0 40,156 57% 4% 100% 100%
1,315,825 1,312,600 1,312,600 3,225 0 43,381 55% 4% 100% 100%
1,315,825 1,313,000 1,313,000 2,825 0 46,206 50% 3% 100% 100%
1,394,775 1,392,400 1,392,400 2,375 0 48,581 48% 3% 100% 100%
1,394,775 1,392,600 1,392,600 2,175 0 50,756 43% 3% 100% 100%
1,478,461 1,476,600 1,476,600 1,861 0 52,617 41% 3% 100% 100%
1,478,461 1,476,000 1,476,000 2,461 0 55,078 37% 2% 100% 100%
1,567,169 1,564,000 1,564,000 3,169 0 58,247 34% 2% 100% 100%
1,567,169 1,567,000 1,567,000 169 0 58,416 30% 2% 100% 100%
1,661,199 1,658,200 1,658,200 2,999 0 61,415 27% 2% 100% 100%
1,661,199 1,659,000 1,659,000 2,199 0 63,613 22% 2% 100% 100%
1,760,871 1,757,800 1,757,800 3,071 0 66,684 19% 1% 100% 100%
1,760,871 1,760,600 1,760,600 271 0 66,955 15% 1% 100% 100%
1,866,523 1,866,000 1,866,000 523 0 67,478 12% 1% 100% 100%
1,866,523 1,864,800 1,864,800 1,723 0 69,202 8% 1% 100% 100%
1,978,515 1,976,000 1,976,000 2,515 71,716 0 4% 0% 100% 100%
_________ _________ _________ _________ _________ _________ _________
50,233,431 9,079,500 39,532,200 48,611,700 1,550,000 71,731 71,731
[ FJul3018 20lfspF ] [ FJul3018 30igr20nF] [*] Estimated balance (tbd)
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SPPrepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
2
1
2050
2050
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
WATERFIELD METROPOLITAN DISTRICT
Operations Revenue and Expense Projection -- 07/30/2018
Total Total S.O. Taxes Total
Assessed Oper'ns Collections Collected Available Total
Value Mill Levy @ 98% @ 6% For O&M Mills
0 10.000 0 0 0 50.000
1,847,085 10.000 18,101 1,086 19,188 50.000
6,284,571 10.000 61,589 3,695 65,284 50.000
9,989,117 10.000 97,893 5,874 103,767 50.000
13,093,981 10.000 128,321 7,699 136,020 50.000
14,354,209 10.000 140,671 8,440 149,112 50.000
16,267,321 10.000 159,420 9,565 168,985 50.000
17,235,595 10.000 168,909 10,135 179,043 50.000
18,743,620 10.000 183,687 11,021 194,709 50.000
18,743,620 10.000 183,687 11,021 194,709 50.000
19,868,237 10.000 194,709 11,683 206,391 50.000
19,868,237 10.000 194,709 11,683 206,391 50.000
21,060,331 10.000 206,391 12,383 218,775 50.000
21,060,331 10.000 206,391 12,383 218,775 50.000
22,323,951 10.000 218,775 13,126 231,901 50.000
22,323,951 10.000 218,775 13,126 231,901 50.000
23,663,388 10.000 231,901 13,914 245,815 50.000
23,663,388 10.000 231,901 13,914 245,815 50.000
25,083,192 10.000 245,815 14,749 260,564 50.000
25,083,192 10.000 245,815 14,749 260,564 50.000
26,588,183 10.000 260,564 15,634 276,198 50.000
26,588,183 10.000 260,564 15,634 276,198 50.000
28,183,474 10.000 276,198 16,572 292,770 50.000
28,183,474 10.000 276,198 16,572 292,770 50.000
29,874,482 10.000 292,770 17,566 310,336 50.000
29,874,482 10.000 292,770 17,566 310,336 50.000
31,666,951 10.000 310,336 18,620 328,956 50.000
31,666,951 10.000 310,336 18,620 328,956 50.000
33,566,969 10.000 328,956 19,737 348,694 50.000
33,566,969 10.000 328,956 19,737 348,694 50.000
35,580,987 10.000 348,694 20,922 369,615 50.000
35,580,987 10.000 348,694 20,922 369,615 50.000
37,715,846 10.000 369,615 22,177 391,792 50.000
37,715,846 10.000 369,615 22,177 391,792 50.000
39,978,797 10.000 391,792 23,508 415,300 50.000
39,978,797 10.000 391,792 23,508 415,300 50.000
42,377,524 10.000 415,300 24,918 440,218 50.000
42,377,524 10.000 415,300 24,918 440,218 50.000
44,920,176 10.000 440,218 26,413 466,631 50.000
44,920,176 10.000 440,218 26,413 466,631 50.000
47,615,386 10.000 466,631 27,998 494,629 50.000
_______ ________ _______
10,672,979 640,379 11,313,358
7/30/2018 F WMD Fin Plan 18 NR LF Fin Plan+2030 Refg SPPrepared by D.A.Davidson & Co.
Draft: For discussion purposes only.
3
WATERFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 7/30/18)
2050
100%
0 Residential Development
3-Story TH SFD CottageIncr/(Decr) in Incr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Finished Lot # Units Price
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market
YEAR Devel'd 10% 89 target 2% Value Devel'd 10% 80 target 2% Value Devel'd 10% 200 target 2% Value
2017 0 0 $380,900 0 0 0 $510,900 0 0 0 $441,900 0
2018 0 0 380,900 0 0 0 510,900 0 0 0 441,900 0
2019 36 1,371,240 388,518 0 24 1,226,160 521,118 0 30 1,325,700 450,738 0
2020 36 0 36 396,288 14,266,381 24 0 24 531,540 12,756,969 30 0 30 459,753 13,792,583
2021 17 (723,710) 36 404,214 14,551,709 24 0 24 542,171 13,012,108 30 0 30 468,948 14,068,434
2022 0 (647,530) 17 412,298 7,009,073 8 (817,440) 24 553,015 13,272,350 30 0 30 478,327 14,349,803
2023 0 0 0 420,544 0 0 (408,720) 8 564,075 4,512,599 30 0 30 487,893 14,636,799
2024 0 0 0 428,955 0 0 0 0 575,356 0 30 0 30 497,651 14,929,535
2025 0 0 0 437,534 0 0 0 0 586,864 0 20 (441,900) 30 507,604 15,228,126
2026 0 0 0 446,285 0 0 0 0 598,601 0 0 (883,800) 20 517,756 10,355,126
2027 0 0 0 455,211 0 0 0 0 610,573 0 0 0 0 528,111 0
2028 0 0 0 464,315 0 0 0 0 622,784 0 0 0 0 538,674 0
2029 0 0 0 473,601 0 0 0 0 635,240 0 0 0 0 549,447 0
2030 0 0 0 483,073 0 0 0 0 647,945 0 0 0 0 560,436 0
2031 0 0 0 492,735 0 0 0 0 660,904 0 0 0 0 571,645 0
2032 0 0 0 502,589 0 0 0 0 674,122 0 0 0 0 583,078 0
2033 0 0 0 512,641 0 0 0 0 687,604 0 0 0 0 594,739 0
2034 0 0 0 522,894 0 0 0 0 701,356 0 0 0 0 606,634 0
2035 0 0 0 533,352 0 0 0 0 715,383 0 0 0 0 618,767 0
2036 0 0 0 544,019 0 0 0 0 729,691 0 0 0 0 631,142 0
2037 0 0 554,899 0 0 0 744,285 0 0 0 643,765 0
______ _________ ______ _________ ______ _________ ______ _________ _____ _________ ______ _________
89 (0) 89 35,827,163 80 0 80 43,554,026 200 0 200 97,360,406
7/30/2018 F WMD Fin Plan 18 Abs
Prepared by D.A. Davidson & Co.
4
2050
100%
0
YEAR
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
WATERFIELD METROPOLITAN DISTRICT
Development Projection -- Buildout Plan (updated 7/30/18)
Residential Summary
2-Story TH DuplexIncr/(Decr) in Incr/(Decr) in
Finished Lot # Units Price Finished Lot # Units Price Total Total Res'l Value +/- of Platted &
# Lots Value @ Completed Inflated @ Market # Lots Value @ Completed Inflated @ Market Residential Total Facility Fees Developed Lots
Devel'd 10% 101 target 2% Value Devel'd 10% 28 target 2% Value Market Value Res'l Units @ $10,000/unit Adjustment Adjusted Value
0 0 $359,900 0 0 0 $410,900 0 $0 0 0 0 0
0 0 359,900 0 0 0 410,900 0 0 0 0 0 0
36 1,295,640 367,098 0 28 1,150,520 419,118 0 0 0 0 0 6,369,260
36 0 36 374,440 13,479,839 0 (1,150,520) 28 427,500 11,970,010 66,265,781 154 1,540,000 0 (1,150,520)
29 (251,930) 36 381,929 13,749,435 0 0 0 436,050 0 55,381,686 126 1,260,000 0 (975,640)
0 (1,043,710) 29 389,567 11,297,453 0 0 0 444,771 0 45,928,679 100 1,000,000 0 (2,508,680)
0 0 0 397,359 0 0 0 0 453,667 0 19,149,398 38 380,000 0 (408,720)
0 0 0 405,306 0 0 0 0 462,740 0 14,929,535 30 300,000 0 0
0 0 0 413,412 0 0 0 0 471,995 0 15,228,126 30 300,000 0 (441,900)
0 0 0 421,680 0 0 0 0 481,435 0 10,355,126 20 200,000 0 (883,800)
0 0 0 430,114 0 0 0 0 491,064 0 0 0 0 0 0
0 0 0 438,716 0 0 0 0 500,885 0 0 0 0 0 0
0 0 0 447,490 0 0 0 0 510,903 0 0 0 0 0 0
0 0 0 456,440 0 0 0 0 521,121 0 0 0 0 0 0
0 0 0 465,569 0 0 0 0 531,543 0 0 0 0 0 0
0 0 0 474,880 0 0 0 0 542,174 0 0 0 0 0 0
0 0 0 484,378 0 0 0 0 553,017 0 0 0 0 0 0
0 0 0 494,066 0 0 0 0 564,078 0 0 0 0 0 0
0 0 0 503,947 0 0 0 0 575,359 0 0 0 0 0 0
0 0 0 514,026 0 0 0 0 586,866 0 0 0 0 0 0
0 0 524,306 0 0 0 598,604 0 0 0 0 0 0
_____ _________ ______ _________ ______ _________ ________ _________ ___________ ______ ______ _________ _________
101 0 101 38,526,727 28 0 28 11,970,010 227,238,331 498 4,980,000 0 0
7/30/2018 F WMD Fin Plan 18 Abs
Prepared by D.A. Davidson & Co.
5
Jul 30, 2018 11:40 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-20NRSPF)
SOURCES AND USES OF FUNDS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION BONDS, SERIES 2020
40.000 (target) Mills, plus Fees
Non-Rated, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2020Delivery Date 12/01/2020
Sources:
Bond Proceeds:Par Amount 15,655,000.00
15,655,000.00
Uses:
Project Fund Deposits:Project Fund 13,674,670.83
Other Fund Deposits:Debt Service Reserve Fund 1,367,229.17
Cost of Issuance:Other Cost of Issuance 300,000.00
Delivery Date Expenses:Underwriter's Discount 313,100.00
15,655,000.00
6
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
SOURCES AND USES OF FUNDS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2030Delivery Date 12/01/2030
Sources:
Bond Proceeds:Par Amount 20,930,000.00
Other Sources of Funds:Funds on Hand* 1,550,000.00Series 2020 - DSRF 1,367,229.17
2,917,229.17
23,847,229.17
Uses:
Project Fund Deposits:Project Fund 9,387,329.17
Refunding Escrow Deposits:Cash Deposit* 14,155,250.00
Cost of Issuance:Other Cost of Issuance 200,000.00
Delivery Date Expenses:Underwriter's Discount 104,650.00
23,847,229.17
Note: [*] Estimated balances, (tbd).
7
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
BOND SUMMARY STATISTICS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2030Delivery Date 12/01/2030First Coupon 06/01/2031Last Maturity 12/01/2060
Arbitrage Yield 4.000000%True Interest Cost (TIC) 4.035168%Net Interest Cost (NIC) 4.022503%All-In TIC 4.103068%Average Coupon 4.000000%
Average Life (years) 22.220Weighted Average Maturity (years) 22.220Duration of Issue (years) 14.527
Par Amount 20,930,000.00Bond Proceeds 20,930,000.00Total Interest 18,602,200.00Net Interest 18,706,850.00Bond Years from Dated Date 465,055,000.00Bond Years from Delivery Date 465,055,000.00Total Debt Service 39,532,200.00Maximum Annual Debt Service 1,976,000.00Average Annual Debt Service 1,317,740.00
Underwriter's Fees (per $1000) Average Takedown Other Fee 5.000000
Total Underwriter's Discount 5.000000
Bid Price 99.500000
Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change
Term Bond due 2060 20,930,000.00 100.000 4.000% 22.220 02/18/2053 36,418.20
20,930,000.00 22.220 36,418.20
All-In ArbitrageTIC TIC Yield
Par Value 20,930,000.00 20,930,000.00 20,930,000.00+ Accrued Interest+ Premium (Discount)- Underwriter's Discount -104,650.00 -104,650.00- Cost of Issuance Expense -200,000.00- Other Amounts
Target Value 20,825,350.00 20,625,350.00 20,930,000.00
Target Date 12/01/2030 12/01/2030 12/01/2030Yield 4.035168% 4.103068% 4.000000%
8
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
BOND DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2031 418,600 418,60012/01/2031 418,600 418,600 837,20006/01/2032 418,600 418,60012/01/2032 35,000 4.000% 418,600 453,600 872,20006/01/2033 417,900 417,90012/01/2033 35,000 4.000% 417,900 452,900 870,80006/01/2034 417,200 417,20012/01/2034 90,000 4.000% 417,200 507,200 924,40006/01/2035 415,400 415,40012/01/2035 95,000 4.000% 415,400 510,400 925,80006/01/2036 413,500 413,50012/01/2036 155,000 4.000% 413,500 568,500 982,00006/01/2037 410,400 410,40012/01/2037 160,000 4.000% 410,400 570,400 980,80006/01/2038 407,200 407,20012/01/2038 225,000 4.000% 407,200 632,200 1,039,40006/01/2039 402,700 402,70012/01/2039 235,000 4.000% 402,700 637,700 1,040,40006/01/2040 398,000 398,00012/01/2040 305,000 4.000% 398,000 703,000 1,101,00006/01/2041 391,900 391,90012/01/2041 320,000 4.000% 391,900 711,900 1,103,80006/01/2042 385,500 385,50012/01/2042 400,000 4.000% 385,500 785,500 1,171,00006/01/2043 377,500 377,50012/01/2043 415,000 4.000% 377,500 792,500 1,170,00006/01/2044 369,200 369,20012/01/2044 500,000 4.000% 369,200 869,200 1,238,40006/01/2045 359,200 359,20012/01/2045 520,000 4.000% 359,200 879,200 1,238,40006/01/2046 348,800 348,80012/01/2046 615,000 4.000% 348,800 963,800 1,312,60006/01/2047 336,500 336,50012/01/2047 640,000 4.000% 336,500 976,500 1,313,00006/01/2048 323,700 323,70012/01/2048 745,000 4.000% 323,700 1,068,700 1,392,40006/01/2049 308,800 308,80012/01/2049 775,000 4.000% 308,800 1,083,800 1,392,60006/01/2050 293,300 293,30012/01/2050 890,000 4.000% 293,300 1,183,300 1,476,60006/01/2051 275,500 275,50012/01/2051 925,000 4.000% 275,500 1,200,500 1,476,00006/01/2052 257,000 257,00012/01/2052 1,050,000 4.000% 257,000 1,307,000 1,564,00006/01/2053 236,000 236,00012/01/2053 1,095,000 4.000% 236,000 1,331,000 1,567,00006/01/2054 214,100 214,10012/01/2054 1,230,000 4.000% 214,100 1,444,100 1,658,20006/01/2055 189,500 189,50012/01/2055 1,280,000 4.000% 189,500 1,469,500 1,659,00006/01/2056 163,900 163,90012/01/2056 1,430,000 4.000% 163,900 1,593,900 1,757,80006/01/2057 135,300 135,30012/01/2057 1,490,000 4.000% 135,300 1,625,300 1,760,60006/01/2058 105,500 105,50012/01/2058 1,655,000 4.000% 105,500 1,760,500 1,866,00006/01/2059 72,400 72,40012/01/2059 1,720,000 4.000% 72,400 1,792,400 1,864,80006/01/2060 38,000 38,00012/01/2060 1,900,000 4.000% 38,000 1,938,000 1,976,000
20,930,000 18,602,200 39,532,200 39,532,200
9
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
NET DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Period Total Net
Ending Principal Interest Debt Service Debt Service
12/01/2031 837,200 837,200 837,20012/01/2032 35,000 837,200 872,200 872,20012/01/2033 35,000 835,800 870,800 870,80012/01/2034 90,000 834,400 924,400 924,40012/01/2035 95,000 830,800 925,800 925,80012/01/2036 155,000 827,000 982,000 982,00012/01/2037 160,000 820,800 980,800 980,80012/01/2038 225,000 814,400 1,039,400 1,039,40012/01/2039 235,000 805,400 1,040,400 1,040,40012/01/2040 305,000 796,000 1,101,000 1,101,00012/01/2041 320,000 783,800 1,103,800 1,103,80012/01/2042 400,000 771,000 1,171,000 1,171,00012/01/2043 415,000 755,000 1,170,000 1,170,00012/01/2044 500,000 738,400 1,238,400 1,238,40012/01/2045 520,000 718,400 1,238,400 1,238,40012/01/2046 615,000 697,600 1,312,600 1,312,60012/01/2047 640,000 673,000 1,313,000 1,313,00012/01/2048 745,000 647,400 1,392,400 1,392,40012/01/2049 775,000 617,600 1,392,600 1,392,60012/01/2050 890,000 586,600 1,476,600 1,476,60012/01/2051 925,000 551,000 1,476,000 1,476,00012/01/2052 1,050,000 514,000 1,564,000 1,564,00012/01/2053 1,095,000 472,000 1,567,000 1,567,00012/01/2054 1,230,000 428,200 1,658,200 1,658,20012/01/2055 1,280,000 379,000 1,659,000 1,659,00012/01/2056 1,430,000 327,800 1,757,800 1,757,80012/01/2057 1,490,000 270,600 1,760,600 1,760,60012/01/2058 1,655,000 211,000 1,866,000 1,866,00012/01/2059 1,720,000 144,800 1,864,800 1,864,80012/01/2060 1,900,000 76,000 1,976,000 1,976,000
20,930,000 18,602,200 39,532,200 39,532,200
10
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
SUMMARY OF BONDS REFUNDED
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
7/30/18: Ser 20 NR SP, 5.00%, 100x, 40mls+fees, FG+6% BiRe:TERM50 12/01/2031 5.000% 135,000.00 12/01/2030 100.000
12/01/2032 5.000% 190,000.00 12/01/2030 100.00012/01/2033 5.000% 200,000.00 12/01/2030 100.00012/01/2034 5.000% 260,000.00 12/01/2030 100.00012/01/2035 5.000% 275,000.00 12/01/2030 100.00012/01/2036 5.000% 345,000.00 12/01/2030 100.00012/01/2037 5.000% 360,000.00 12/01/2030 100.00012/01/2038 5.000% 440,000.00 12/01/2030 100.00012/01/2039 5.000% 460,000.00 12/01/2030 100.00012/01/2040 5.000% 545,000.00 12/01/2030 100.00012/01/2041 5.000% 570,000.00 12/01/2030 100.00012/01/2042 5.000% 665,000.00 12/01/2030 100.00012/01/2043 5.000% 700,000.00 12/01/2030 100.00012/01/2044 5.000% 805,000.00 12/01/2030 100.00012/01/2045 5.000% 845,000.00 12/01/2030 100.00012/01/2046 5.000% 960,000.00 12/01/2030 100.00012/01/2047 5.000% 1,010,000.00 12/01/2030 100.00012/01/2048 5.000% 1,140,000.00 12/01/2030 100.00012/01/2049 5.000% 1,195,000.00 12/01/2030 100.00012/01/2050 5.000% 2,710,000.00 12/01/2030 100.000
13,810,000.00
11
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
ESCROW REQUIREMENTS
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Dated Date 12/01/2030Delivery Date 12/01/2030
7/30/18: Ser 20 NR SP, 5.00%, 100x, 40mls+fees, FG+6% BiRe
Period Principal
Ending Interest Redeemed Total
12/01/2030 345,250.00 13,810,000.00 14,155,250.00
345,250.00 13,810,000.00 14,155,250.00
12
Jul 30, 2018 11:50 am Prepared by D.A. Davidson & Co Quantitative Group~CB (Waterfield MD 18:FJUL3018-30IG20NF,30IG20NF)
PRIOR BOND DEBT SERVICE
WATERFIELD METROPOLITAN DISTRICT
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030
Pay & Cancel Refunding of (proposed) Series 2020 + New Money
40.000 (target) Mills + Fees
Assumes Investment Grade, 100x, 30-yr. Maturity
(Full Growth + 6% Bi-Reassessment Projections)
[ Preliminary -- for discsussion only ]
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
12/01/2030 345,250 345,25006/01/2031 345,250 345,25012/01/2031 135,000 5.000% 345,250 480,250 1,170,75006/01/2032 341,875 341,87512/01/2032 190,000 5.000% 341,875 531,875 873,75006/01/2033 337,125 337,12512/01/2033 200,000 5.000% 337,125 537,125 874,25006/01/2034 332,125 332,12512/01/2034 260,000 5.000% 332,125 592,125 924,25006/01/2035 325,625 325,62512/01/2035 275,000 5.000% 325,625 600,625 926,25006/01/2036 318,750 318,75012/01/2036 345,000 5.000% 318,750 663,750 982,50006/01/2037 310,125 310,12512/01/2037 360,000 5.000% 310,125 670,125 980,25006/01/2038 301,125 301,12512/01/2038 440,000 5.000% 301,125 741,125 1,042,25006/01/2039 290,125 290,12512/01/2039 460,000 5.000% 290,125 750,125 1,040,25006/01/2040 278,625 278,62512/01/2040 545,000 5.000% 278,625 823,625 1,102,25006/01/2041 265,000 265,00012/01/2041 570,000 5.000% 265,000 835,000 1,100,00006/01/2042 250,750 250,75012/01/2042 665,000 5.000% 250,750 915,750 1,166,50006/01/2043 234,125 234,12512/01/2043 700,000 5.000% 234,125 934,125 1,168,25006/01/2044 216,625 216,62512/01/2044 805,000 5.000% 216,625 1,021,625 1,238,25006/01/2045 196,500 196,50012/01/2045 845,000 5.000% 196,500 1,041,500 1,238,00006/01/2046 175,375 175,37512/01/2046 960,000 5.000% 175,375 1,135,375 1,310,75006/01/2047 151,375 151,37512/01/2047 1,010,000 5.000% 151,375 1,161,375 1,312,75006/01/2048 126,125 126,12512/01/2048 1,140,000 5.000% 126,125 1,266,125 1,392,25006/01/2049 97,625 97,62512/01/2049 1,195,000 5.000% 97,625 1,292,625 1,390,25006/01/2050 67,750 67,75012/01/2050 2,710,000 5.000% 67,750 2,777,750 2,845,500
13,810,000 10,269,250 24,079,250 24,079,250
13
Category Public BenefitPer Unit Total
Water and Energy Conservation
1 All homes DOE Zero Energy Ready & EPA Indoor Air Plus
$28,135 $14,039,185
2 LEED Certified $400 $199,600 1
Delivery of 10% Net Zero Energy (50 units) and/or distributed storage
$47,540 $2,376,995
3 Delivery of 10% rooftop solar (50 units) and/or distributed storage
$8,600 $430,000
Multimodal TransportationBuffered Bike Lane (ROW Land Cost - Suniga) $286 $142,923
Wider than Required Sidewalk (ROW Land Cost - Suniga)
$90 $45,134
Enhanced Pedestrian Crossing (2 proposed crossings on Suniga 6 ft wide each)
$50 $24,840
Critical Public Infrastructure
Major arterial development (ROW Land Cost - Suniga)
$490 $244,474
4 Vine and Lemay (200 Units)
$800 $160,000
High Quality and Smart Growth Management
5 Alley Construction (all units)
$3,324.28 $1,658,818
Smaller lot size (additional utility, water dedication) $8,755 $4,368,740
Increased multifamily development
There are 17 DU over the original 200 units in MMN Zone
Walkability & Pedestrian Friendliness
5 Trail system enhancements (wetland perimeter trail, paseos)
$4,207 $2,099,520
Public Spaces
6
Pocket parks, neighborhood parks, mixed use open space (green courts, community plaza, pocket parks)
$3,491 $1,742,210
Affordable Housing7
10% of homes at 80% AMI $7,222 $3,250,000
TOTAL $61,688 $30,782,439
Footnotes:1
2
3
4
5
6
7
Compared to 2015 code per Rip Reid studyThrive's added cost for LEED Certified3.5 kW systemDifficult to quantify pending APF policy determination. Based on an estimated value for units above what was already approved for APF.As per Exhibit D by Northern EngineeringAs per Exhibit D by Northern Engineering (Open Space & Signage)$65,000 per unit subsidy distributed over 450 units
Non Basic Costs
Environmental Sustainability Outcomes
DISCLAIMER: Preliminary estimates designed to provide illustrative representation for value of public benefit. This illustration is non-binding pending execution of a Development Agreement.
NOTICE OF INCLUSION IN A RESIDENTIAL METROPOLITAN DISTRICT
AND POSSIBLE PROPERTY TAX CONSEQUENCES
Legal description of the property and address:
(Insert legal description and property address).
This property is located in the following metropolitan district:
(Insert District Name).
In addition to standard property taxes identified on the next page, this property is subject to a
metropolitan district mill levy (another property tax) of up to:
(Insert mill levy maximum).
Based on the property’s inclusion in the metropolitan district, an average home sales price of
$300,000 could result in ADDITIONAL annual property taxes up to:
(Insert amount).
The next page provides examples of estimated total annual property taxes that could be due on
this property, first if located outside the metropolitan district and next if located within the
metropolitan district. Note: property that is not within a metropolitan district would not pay
the ADDITIONAL amount.
The metropolitan district board can be reached as follows:
(Insert contact information).
You may wish to consult with: (1) the Larimer County Assessor’s Office, to determine the
specific amount of metropolitan district taxes currently due on this property; and (2) the
metropolitan district board, to determine the highest possible amount of metropolitan district
property taxes that could be assessed on this property.
ESTIMATE OF PROPERTY TAXES
Annual Tax Levied on Residential Property With $300,000 Actual Value Without the District
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert amount
Annual Tax Levied on Residential Property With $300,000 Actual Value With the District
(Assuming Maximum District Mill Levy)
Taxing Entity Mill Levies
(2017**)
Annual tax levied
Insert District Name Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Larimer County Insert amount $ Insert amount
City of Fort Collins Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
Insert entity Insert amount $ Insert amount
TOTAL: Insert total $ Insert total
**This estimate of mill levies is based upon mill levies certified by the Larimer County Assessor’s Office in
December 20__ for collection in 20__, and is intended only to provide approximations of the total overlapping mill
levies within the District. The stated mill levies are subject to change and you should contact the Larimer County
Assessor’s Office to obtain accurate and current information.
FINANCIAL HEALTH OF METROPOLITAN DISTRICT
Financial information for (Insert District Name Here) as of (Insert Date of Last Annual Report
Here):
Notes Amount
Total Assessed Value Insert Notes Insert Amount
Current Mill Levy & Annual Revenue Insert Mill Insert Amount
Current Debt Mill Levy & Annual Revenue Insert Mill Insert Amount
Outstanding Debt Insert Term Insert Amount
Anticipated Payoff Year Insert Notes Insert Amount
Additional information regarding (Insert District Name Here) financial health and formation can
be found at the City of Fort Collins website, available at: fcgov.com.
In addition, the Colorado Department of Local Affairs may have the following materials
available:
Audited Financial Statements
Annual Budget
Annual Report on the Service Plan
Certification of Election Results
Certification of Tax Levies
Notice of Authorization of General Obligation Debt
Notice of Issuance of General Obligation Debt
Transparency – Notice to Electors
Available at:
https://dola.colorado.gov/lgis/lgFinances.jsf
Or
Division of Local Government
1313 Sherman Street, Room 521
Denver, Colorado 80203
(303) 864-7720
Fax: (303) 864-0751
OR
Contact the District at:
_________Metropolitan District ______
_________[Address]________________
_________[Address]________________
_________[Phone]__________________
_________[Fax]____________________
_________[Email]___________________
Presentation Overview
1. Project Overview
2. Metro District Commitments
3. Answers to Council Questions
4. Staff Recommendation
2
Project Description
§ New Urbanist Alley
Load project
§ Increased density
§ 498 units across 5
product types vs.
390 units primarily
Single Family
§ 50 affordable units3
Developer Commitments
Affordable Housing
10% of Units at 80% AMI;
20 Year Deed Restriction
2/3 of Affordable Units
Prior to final 50% of Permits
Final 1/3 of Units
Prior to Final 100 Permits
Energy Efficiency & Renewables
Zero Energy Ready Home Standard:
No CO until HERS Rater certification of compliance
(each home)
Zero Energy/Solar:
20 of the first 200 homes must comply before
additional permits issued
Infrastructure
Construct Suniga Timberline to Turnberry to include:
2 Foot Wider Sidewalks
Buffered Bike Lanes
2 Pedestrian Crossings
5
Conclusions
1. Development Agreement Conforms to the Public Benefits outlined in
the Service Plan
2. Project will create at least 50 units of affordable housing
3. Development Agreement includes performance measures that could
delay issuance of building permits on failure to perform
1. Affordable is front loaded – 2/3 in first half of permits
2. Zero Energy & Solar – 20 Units must comply before the 201st
permit will be issued
3. Zero Energy Ready Home Standard – No individual COs
issued until compliance is certified by third-party6
Affordable Housing
Percent
AMI
Area Median
Income (AMI)HUD Classification
100% 85,100$ Moderate Income
80% 68,100$ Low Income
60% 51,060$ Low Income
50% 42,550$ Very Low Income
30% 25,550$ Extremely Low Income
3 Person 4 Person
80% AMI 61,300$ 68,100$
Monthly Income 5,110$ 5,680$
Available for Housing (38%) 1,942$ 2,158$
Property Taxes (.072%) 200$ 230$
Metro Taxes/HOA Fees ($200/mo) 200$ 200$
Insurance (.038%) 110$ 120$
Monthly Mortgage Payment 1,432$ 1,608$
Loan Amount 266,800$ 299,500$
Down Payment 11,100$ 12,500$
Total Purchase Price 277,900$ 312,000$
HouseholdItem
9
2018, 4 Person Household
Source: Housing & Urban Development, US Gov’t; Social Sustainability
Zero Energy Ready Home
Baseline Home:
§ 2015 IECC Code with local
options
Zero Energy Ready Home:
§ Generates as much energy as
consumes
§ Certified Energy Star Ver. 3 or 3.1
§ Duct Systems in thermal and air
boundary
§ Lights & Appliances – Energy Star
Qualified (80% of lighting)
§ Meet DOE PV-Ready checklist
10
Average HERS Rating – 58 to 62 Average HERS Rating – Low 40s
Zero Energy Ready Home
Zero Energy Ready Home (ZEHR) – Impact
§ Approximate kWh saving / year = 1,350 kWh
§ Approximate Therms saving / year = 300 th
§ Estimated Metric Tons of CO2 equivalent avoided / year = 3
§ Total Annual savings compared to Baseline home: $450
(Assumptions: Baseline was 2015 IECC code, with gas thermal heating. 2,400 Square foot home with 4 Bedrooms, 2 Baths, and a full basement.
Utility rates are default rates.)
11
Metro District Revenue Present Value
12
Item 40 Years Perpetuity Difference
Median Sales Price 425,000$ 425,000$ -$
Typical Fort Collins Mills 90.828 90.828
Typical Fort Collins Property Tax Liability 2,779$ 2,779$ -$
Hypothetical Metro District Mills 50.000 50.000
Metro District Property Tax Liability 1,530$ 1,530$ -$
New Total Property Tax Liability 4,309$ 4,309$ -$
Percent Increase of Property Taxes 55% 55%
Metro Mill Levy Propety Tax Maximum Value as
Present Value$26,253 $30,600 ($4,347)
§ Assumes 5%
Appreciation rate (Based on historic data
1998 to 2018)
§ Assumes 5%
discount rate (Based on current
mortgage rates)
§ Differential
equals
approximately
17% increase in
present value
3-Story
Townhome
Single Family
DetachedCottage
2-Story
TownhomeDuplex
Weighted
Average
Proposed Development Home Values 380,900$ 510,900$ 441,900$ 359,900$ 410,900$ 423,709$
Annual Metro District Tax Liability 1,371$ 1,839$ 1,591$ 1,296$ 1,479$ 1,525$
Present Value - 40 Year Collection 23,529$ 31,560$ 27,297$ 22,232$ 25,382$ 26,174$
Present Value - Collection in Perpetuity 27,425$ 36,785$ 31,817$ 25,913$ 29,585$ 30,507$
Change in collection 3,896$ 5,225$ 4,519$ 3,681$ 4,202$ 4,333$
Metro District Revenue Present Value
Take-Away:
§ Present value calculated on perpetuity increases the value by 17%
compared to the 40-year analysis
13
-1-
RESOLUTION 2019-051
OF THE CITY COUNCIL OF THE CITY OF FORT COLLINS
APPROVING A DEVELOPMENT AGREEMENT TO SECURE PUBLIC
BENEFITS FOR DEVELOPMENT OF THE WATERFIELD FOURTH FILING
WHEREAS, Waterfield, LLC, a Colorado limited liability company, (the “Developer”) has
entered into an agreement with Parker Land Investments, Inc., a Colorado corporation, to acquire
ownership of certain real property described in the replat of a portion of Waterfield Third Filing,
Tract A, Waterfield P.U.D. First Filing and portions of vacated Timberline Road in the City of Fort
Collins (the “Property”); and
WHEREAS, the Waterfield Fourth Filing Project Development Plan for development of
the Property (the “PDP”) was approved by an Administrative Hearing Officer of the City on
January 10, 2019; and
WHEREAS, the Developer has since submitted to the City all plats, plans (including
utility plans), reports and other documents required for the approval of the Waterfield Fourth
Filing Final Development Plan (the “FDP”) for the Property consistent with the PDP and
according to the City’s development application submittal requirements master list copies of
which are on file in the office of the City Engineer and made a part hereof by reference; and
WHEREAS, the FDP has not yet been approved by the City; and
WHEREAS, this Development Agreement will be in addition to the usual development
agreement the Developer is required to enter into with the City under Section 3.3.2(B) of the
City’s Land Use Code as part of the City’s approval process for the FDP; and
WHEREAS, the Developer desires to develop the Property under the FDP to include 498
healthy and energy efficient homes, diverse pedestrian friendly neighborhoods and affordable
housing; and
WHEREAS, pursuant to the provisions of Colorado’s Special District Act, the Developer
previously submitted to the City an application for the Fort Collins City Council’s approval of a
Consolidated Service Plan for the Waterfield Metropolitan District Nos. 1-3 (the “Service Plan”),
which Service Plan the City Council approved on September 18, 2018, in Resolution 2018-082;
and
WHEREAS, the Developer sought the organization of Waterfield Metropolitan District
Nos. 1-3 (the “Districts”) to enable development of the Property in a manner that will provide the
public benefits described in Exhibit “G” of the Service Plan, which include: (1) water and energy
conservation; (2) multimodal transportation; (3) critical public infrastructure; (4) high quality
and smart growth management: (5) walkability & pedestrian friendliness; (6) public spaces; and
(7) affordable housing (collectively, the “Public Benefits”); and
-2-
WHEREAS, Section IV.B.2. of the Service Plan requires that Developer’s provision of
the Public Benefits be secured by a development agreement between the City and the Developer
that has been approved by resolution of the City Council; and
WHEREAS, City staff and the Developer have negotiated the “Development Agreement
to Secure Public Benefits or Waterfield Fourth Filing” attached as Exhibit “A” and incorporated
herein by reference (the “Development Agreement”), which sets forth the terms and conditions
by which the Developer’s provision of the Public Benefits will be secured; and
WHEREAS, the City Council hereby finds that approval of the Development Agreement
is in the City’s best interest and will serve the public’s health, safety and welfare.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT COLLINS, COLORADO, as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby approves the Development Agreement.
Section 3. That the Mayor is authorized to enter into the Development Agreement on
the City’s behalf in substantially the form attached as Exhibit “A,” subject to minor
modifications as the Mayor, in consultation with the City Manager and City Attorney, may
determine to be necessary and appropriate to protect the interests of the City or to the effectuate
the purposes of this Resolution.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this
16th day of April, A.D. 2019.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
FINAL 4-9-19 1
DEVELOPMENT AGREEMENT TO SECURE PUBLIC BENEFITS FOR
WATERFIELD FOURTH FILING
THIS DEVELOPMENT AGREEMENT TO SECURE PUBLIC BENEFITS FOR WATERFIELD FOURTH FILING (the “Agreement”) is made and entered into this ______ day of ___________, 2019, by and between the CITY OF FORT COLLINS, COLORADO, a home rule municipality of the State of Colorado (“City”); PARKER LAND INVESTMENTS, INC., a Colorado corporation (“Owner”); and TH WATERFIELD, LLC, a Colorado limited liability company (“Developer”).
WITNESSETH: WHEREAS, the Waterfield Third Filing Final Development Plan and plat were approved by the City on August 4, 2014 (the “Third Filing”); and WHEREAS, the Third Filing was approved for a total of 190 dwelling units including 152 single family dwelling units, 22 single family alley loaded dwelling units, and 16 single family attached dwelling units, together with a tract for future development of a maximum of 200 multi-family dwelling units; and
WHEREAS, the Developer has entered into an agreement with the Owner to acquire ownership of certain real property, including portions of the Third Filing (hereafter sometimes referred to as the "Property" or “Development”) and legally described as follows:
A replat of a portion of Waterfield Third Filing, Tract A, Waterfield P.U.D. First Filing and portions of vacated Timberline Road, located in the West Half of Section 5, Township 7 North, Range 68 West of the 6th Principal Meridian, City of Fort Collins, County of Larimer, State of Colorado; WHEREAS, the Developer desires to develop the Property to include 498 healthy
and energy efficient homes, diverse pedestrian friendly neighborhoods and affordable housing; and
WHEREAS, pursuant to the provisions of Article 1 of Title 32 of the Colorado
Revised Statutes (the “Special District Act”), the City Council of the City, by Resolution 2018-082, approved the Consolidated Service Plan (the “Service Plan”) for the Waterfield Metropolitan District Nos. 1-3 (each a “District” and collectively the “Districts”); and
WHEREAS, organization of the Districts is intended to enable development of the
Property in a manner that will provide the public benefits generally described in Exhibit
EXHIBIT A
FINAL 4-9-19 2
G of the Service Plan, and more particularly defined and described in Paragraph I.B. below (the “Public Benefits”); and
WHEREAS, the Waterfield Fourth Filing Project Development Plan (the “PDP”)
was approved by an Administrative Hearing Officer of the City on January 10, 2019; and WHEREAS, the Developer submitted to the City all plats, plans (including utility
plans), reports and other documents required for the approval of the Waterfield Fourth Filing Final Development Plan (the “FDP”) according to the City’s development application submittal requirements master list copies of which are on file in the office of the City Engineer and made a part hereof by reference; and
WHEREAS, Section IV.B.2. of the Service Plan requires that the Public Benefits to be provided by a developer of a planned development shall be secured by a development agreement between the City and such developer and the City and the Developer desire to secure the Public Benefits in accordance therewith through this Agreement.
NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements of the parties contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, it is agreed as follows:
I. SECURING OF PUBLIC BENEFITS
A. Method of Securing Public Benefits. Although the intent is that one or
more of the Districts will ultimately reimburse the Developer for those Public Benefits they have the legal ability to fund, the Developer shall have the obligation to develop, construct and/or install the Public Benefits in accordance with the terms and conditions of this Agreement.
B. Public Benefits Summary. Exhibit G to the Service Plan generally
summarized seven (7) categories constituting the Public Benefits which are required to be secured: (1) Water and Energy Conservation; (2) Multimodal Transportation; (3) Critical Public Infrastructure; (4) High Quality and Smart Growth Management: (5) Walkability & Pedestrian Friendliness; (6) Public Spaces; and (7) Affordable Housing; each of which is defined and addressed in Sections I.C. through I.I. below.
C. Water and Energy Conservation.
1. Zero Energy Ready Homes. All dwelling units within the approved FDP will be built to the Department of Energy Zero Energy Ready Home National Program Requirements (the “ZERH Standard”) and the Environmental Protection Agency Indoor airPLUS Program Construction Specifications (the “Indoor airPLUS Specifications”). Accordingly, it shall be a prerequisite to the City’s issuance of the certificate of occupancy for each dwelling unit built under the
FINAL 4-9-19 3
approved FDP that evidence of compliance with the ZERH Standard and evidence of compliance with the Indoor airPLUS Specifications be provided to the City by a certified Home Energy Rating System rater (“HERS Rater”).
2. LEED Certification. All dwelling units within the approved FDP shall
achieve LEED for Homes Certification. Accordingly, it shall be a prerequisite to the City’s issuance of the certificate of occupancy for each dwelling unit built under the approved FDP that evidence of final application submittal for the LEED for Homes Certification for such dwelling unit be provided to the City by a HERS Rater.
3. Net Zero Energy / Distributed Energy Storage Homes. A minimum
of ten percent (10%) of the total number of dwelling units in the approved FDP shall be built to achieve a Home Energy Rating System Index Score of 15 or less (the “Net Zero Standard”) or, as an alternative, shall include either a battery storage system within the dwelling unit or access to a battery storage system installed within the FDP which has the capability to supply multiple homes (“Distributed Energy Storage”). Accordingly, of the first 200 new dwelling units built under the approved FDP and for which the City has issued a certificate of occupancy, evidence of one of the following must be provided to the City by a HERS Rater for at least 20 of those dwelling units: (i) compliance with the Net Zero Standard, or (ii) access to Distributed Energy Storage. If such evidence is not provided to the City, the City shall not be required to issue a building permit for any new dwelling unit to be built under the approved FDP until the City determines, to its satisfaction, that at least ten percent (10%) of the dwelling units to be built under said FDP will satisfy this requirement.
4. Solar PV Homes. A minimum of ten percent (10%) of the total number of dwelling units built under the approved FDP shall be constructed with a rooftop solar photovoltaic system or, as an alternative, shall include access to Distributed Energy Storage. Accordingly, of the first 200 new dwelling units built under the approved FDP and for which the City has issued a certificate of occupancy, evidence of one of the following must be provided to the City by a HERS Rater for at least 20 of those dwelling units: (i) the installation of a rooftop solar photovoltaic system, or (ii) access to Distributed Energy Storage. If such evidence is not provided to the City, the City shall not be required to issue a building permit for any new dwelling unit to be built under the approved FDP until the City determines, to its satisfaction, that at least ten percent (10%) of the dwelling units to be built under said FDP will satisfy this requirement.
D. Multimodal Transportation. The Developer shall include the following
features in the FDP to promote the use of multimodal means of travel:
FINAL 4-9-19 4
1. Buffered bicycle lanes [i.e. six-foot wide, six-inch raised dedicated bicycle lanes] on both sides of Suniga Road in the dedicated Suniga Road right-of-way for the entire length of Suniga Road within the FDP;
2. Six-foot wide sidewalks on both sides of Suniga Road in the
dedicated Suniga Road right-of-way for the entire length of Suniga Road within the FDP; and
3. Two pedestrian crossings of Suniga Road at Merganser Street with
each including six-foot wide striping, pedestrian signage and ADA-approved ramps.
Approval of the FDP that includes such multi-modal transportation features and
execution of a development agreement in connection with the FDP obligating the Developer to construct such enhancements shall be a prerequisite to Developer’s receipt from the City of any building permit for construction under the approved FDP. See Exhibit A, attached hereto and incorporated herein by this reference, which generally depicts the location of the multi-modal transportation features described in this Section I.D.
E. Critical Public Infrastructure. The approved FDP documents, including the
FDP development agreement, shall include the following items that are critical to the overall transportation network of the City:
1. Design and construction of Suniga Road as a four-lane major
arterial in the dedicated Suniga Road right-of-way between the existing Timberline Road and the future Turnberry Road as defined in the approved public improvement construction plans for the FDP (“Suniga Road Improvements”), and subject to reimbursement by the City to the Developer for the oversized portion of such improvements in accordance with City regulations therefor; and
2. Compliance with an Alternative Mitigation Strategy identified
pursuant to Section 4.6.8 of the Larimer County Urban Area Street Standards by paying its proportionate share of the costs to address the adequate public facilities issues at the intersection of Vine Street and Lemay Avenue.
Approval of the FDP that includes the Suniga Road Improvements and execution
of a development agreement in connection with the FDP obligating the Developer to provide the Suniga Road Improvements and implement the Alternative Mitigation Strategy in accordance with applicable City regulations regarding the same shall be a prerequisite to Developer’s receipt from the City of any building permit for construction under the approved FDP. See Exhibit A which general depicts the location of the Suniga Road Improvements.
FINAL 4-9-19 5
F. High Quality and Smart Growth Management. The approved FDP shall include higher density and advancement of the City’s smart growth management objectives including: (i) alley access to the garages of approximately ninety-three percent (93%) of the homes (with the remainder of the garages being loaded from the street); (ii) smaller lot sizes than in the Third Filing; and (iii) a high percentage (approximately 43%) of attached housing types (two-family and three-, four-, five- and six-plexes). Approval of the FDP that incorporates the high quality and smart growth management features described herein and execution of a development agreement that obligates the Developer to provide such measures shall be a prerequisite to Developer’s receipt from the City of any building permit for construction under the approved FDP. See Exhibit A which generally depicts the location of the features described in this Section I.F.
G. Walkability & Pedestrian Friendliness. The Developer shall include the
following features in the approved FDP that promote walkability and pedestrian friendliness including: (i) construction of a six-foot wide pedestrian trail (a combination of raised boardwalk and crusher fines trail) around the perimeter of the wetland; and (ii) paseo-type sidewalk connections through blocks and open space areas. Approval of the FDP that incorporates the features described herein and execution of a development agreement that obligates the Developer to provide such features shall be a prerequisite to Developer’s receipt from the City of any building permit for construction under the approved FDP. See Exhibit A which generally depicts the location of the wetland perimeter trail and the sidewalk connections described in this Section I.G.
H. Public Spaces. The Developer shall include a combination of green courts,
pocket parks and a community plaza in the approved FDP for the public use and enjoyment of the neighborhood. Approval of the FDP that incorporates such public spaces and execution of a development agreement that obligates the Developer to provide such spaces shall be a prerequisite to Developer’s receipt from the City of any building permit for construction under the approved FDP. See Exhibit A which generally depicts the location of the public spaces described in this Section I.H.
I. Affordable Housing.
1. At least ten percent (10%) of the total number of dwelling units approved within the FDP shall be affordable for-sale dwelling units for families earning eighty percent (80%) of the Fort Collins’ Area Median Income (“AMI”) for a family of four (“Required Affordable Units”). The Required Affordable Units may be provided through any of the following three mechanisms or any other mechanism mutually agreed upon by the Developer and the City, or any combination of the same:
a. Development of the approved FDP by the Developer with the
Required Affordable Units.
FINAL 4-9-19 6
b. Sale of lots within the approved FDP by the Developer to a non-profit or for-profit builder and the subsequent development of such lots by such builder as part or all of the Required Affordable Units. At the time any such sale is closed, the number of dwelling units approved for construction on such lots shall count toward the Required Affordable Units.
c. Legally enforceable reservation of lots within the approved
FDP for the eventual sale to an entity for development of all or a part of the Required Affordable Units. At the time such reservation is made by the Developer, the number of dwelling units approved for construction on such lots shall count toward the Required Affordable Units. 2. The Developer will continue to participate in a collaborative effort
among developers within the boundaries of the Mountain Vista Subarea Plan, the City, a community land trust and entities such as Housing Catalyst and Habitat for Humanity on a strategy for long-term affordability of the Required Affordable Units. If another method for long-term affordability does not result from the collaborative effort described in this Section I.1.2, the Developer agrees to impose or require the imposition of deed restrictions for a twenty (20)-year period on all Required Affordable Units. The deed restrictions shall limit reconveyances of any of the Required Affordable Units during the twenty (20)-year period to purchasers with incomes of eighty percent (80%) of the Fort Collins AMI for a family of four.
3. Sixty-six percent (66%) of the Required Affordable Units shall be
secured through one of the mechanisms described in Sections I.I.1.a. through c. above (or through any other mechanism agreed upon in writing between the City and the Developer) prior to receipt from the City of a building permit for more than fifty percent (50%) of the total number of dwelling units authorized under the approved FDP, and the remaining thirty-five percent (34%) of the Required Affordable Units shall be so secured prior to receipt from the City of a building permit for the last one hundred (100) of the dwelling units authorized under the approved FDP.
J. City Acknowledgement. The City specifically acknowledges that the
Public Benefits as described and secured in paragraphs I.C. through I.I. above, satisfy the requirement of Section IV.B.2. of the Service Plan for securing the Public Benefits as generally described in Exhibit G of the Service Plan.
II. MISCELLANEOUS
A. City Findings. The City hereby finds and determines that the approval of this Agreement is in the best interests of the public health, safety and general welfare of the City.
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B. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. C. Covenants/Binding Effect. This Agreement shall run with the Property, including any subsequent replatting of all, or a portion of the Property. This Agreement shall also be binding upon and inure to the benefit of the parties hereto, their respective personal representatives, heirs, successors, grantees and assigns. It is agreed that all improvements required pursuant to this Agreement touch and concern the Property regardless of whether such improvements are located on the Property. Assignment of interest within the meaning of this paragraph shall specifically include, but not be limited to, a conveyance or assignment of any portion of the Developer's legal or equitable interest in the Property, as well as any assignment of the Developer's rights to develop the Property under the terms and conditions of this Agreement.
D. Default.
1. Notice; Cure. If any party defaults under this Agreement, the non-defaulting party shall deliver written notice to the defaulting party of such default in accordance with Section II.L, and the defaulting party shall have thirty (30) days from and after receipt of such notice to cure such default. If such default is not of a type which can be cured within such thirty (30) day period and the defaulting party gives written notice to the non-defaulting party within such thirty (30) day period that it is actively and diligently pursuing such cure, the defaulting party shall have a reasonable period of time given the nature of the default following the end of such thirty (30) day period to cure such default, provided that such defaulting party is at all times within such additional time period actively and diligently pursuing such cure and provided further that in no event shall such cure period exceed a total of six (6) months. Notwithstanding the cure period set forth in this Section II.D.1, Developer, its successors and assigns, shall have the right to include a claim for breach of this Agreement in any action brought under C.R.C.P. Rule 106 if Developer, its successors and assigns, believes that the failure to include such claim may jeopardize its ability to exercise its remedies with respect to this Agreement at a later date. Any claim for breach of this Agreement brought before the expiration of the applicable cure period set forth in this Section II.D. shall not be prosecuted by Developer, its successors and assigns, until the expiration of such cure period except as set forth in this Agreement, and shall be dismissed by Developer, its successors and assigns, if the default is cured in accordance with this Section II.D.
2. Remedies. If any default under this Agreement is not cured as described above, the non-defaulting party shall have the right to enforce the defaulting party’s obligation hereunder by an action at law or in equity, including,
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without limitation, injunction and/or specific performance, and shall be entitled to an award of any damages available at law or in equity.
E. Governing Law. This Agreement shall be construed under and governed by the laws of the State of Colorado.
F. Integration; Amendment. This Agreement represents the entire agreement between the parties with respect to the subject matter hereof and there are no oral or collateral agreements or understandings. The parties agree that this Agreement may be amended only by an instrument in writing signed by the City and the Developer, and successors and permitted assigns of the Developer to whom the Developer has granted in writing the right to consent to any such amendments. Notwithstanding the foregoing, this Agreement shall be in addition to and supplemented by the development agreement that will be entered into by the Developer with the City for the Development as required in Section 3.3.2.(B) of the City’s Land Use Code.
G. Jurisdiction and Venue. The City and the Developer, its successors and assigns, stipulate and agree that in the event of any dispute arising out of this Agreement, the courts of the State of Colorado shall have exclusive jurisdiction over such dispute and venue shall only be proper in Larimer County, Colorado. The Parties hereby submit themselves to jurisdiction of the State District Court, 8th Judicial District, County of Larimer, State of Colorado.
H. Liability of Owner. Owner is made a party to this Agreement solely for the purpose of subjecting the Property to the covenants contained in this Agreement and Owner specifically consents to all of the terms and conditions of this Agreement and agrees that the Property shall be subject to the covenants contained herein. The parties expressly acknowledge and agree that Owner shall not be liable for any obligations of the Developer under this Agreement, unless Owner was to exercise any of the rights of the Developer, in which event the obligations of the Developer shall become those of Owner, to the extent such obligations relate to lands then being developed by Owner. I. Multiple-Fiscal Year Obligations. To the extent that any of the obligations of the City contained in this Agreement are or should be considered multiple-fiscal year obligations, such obligations shall be subject to annual appropriation by the Fort Collins City Council, in its sole discretion. J. No Joint Venture or Partnership. No form of joint venture or partnership exists between the Developer, the Owner and the City, and nothing contained in this Agreement shall be construed as making the Developer, the Owners and the City joint venturers or partners.
K. No Third-Party Beneficiaries. Except as otherwise provided in this Agreement, enforcement of the terms and conditions of this Agreement, and all rights of
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action relating to such enforcement, shall be strictly reserved to the City, the Developer, its successors and assigns, and the Owner and nothing contained in this Agreement shall give or allow any such claim or right of action by any third party. Except as otherwise provided in this Agreement, it is the express intention of the City, the Developer, its successors and assigns, and the Owner that any other person receiving services or benefits under this Agreement shall be deemed to be an incidental beneficiary only.
L. Notices. Any notice or communication required under this Agreement between the City, the Developer, and the Owner must be in writing and may be given either personally, by registered or certified mail, return receipt requested, by Federal Express or other reliable courier service that guarantees next day delivery or by facsimile transmission (followed by an identical hard copy via registered or certified mail). If personally delivered, a notice shall be deemed to have been given when delivered to the party to whom it is addressed. If given by any other method, a notice shall be deemed to have been given and received on the first to occur of: (a) actual receipt by any of the addressees designated below as the party to whom notices are to be sent; or (b) as applicable: (i) three (3) days after a registered or certified letter, return receipt requested, containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail; (ii) the following business day after being sent via Federal Express or other reliable courier service that guarantees next day delivery; or (iii) the following business day after being sent by facsimile transmission (provided that such facsimile transmission is promptly followed by an identical hard copy sent via registered or certified mail, return receipt requested). Any party hereto may at any time, by giving written notice to the other party hereto as provided in this Section II.L, designate additional persons to whom notices or communications shall be given and designate any other address in substitution of the address to which such notice or communication shall be given. Such notices or communications shall be given to the parties at their addresses set forth below: If to City: City of Fort Collins ATTN: City Manager 300 LaPorte Avenue Fort Collins, CO 80521 With a copy to: City of Fort Collins ATTN: City Attorney 300 LaPorte Avenue Fort Collins, CO 80521 If to Developer: TH Waterfield, LLC ATTN: Gene Myers 1875 Lawrence Street, Suite 900 Denver, CO 80202
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With copies to: Liley Law Office, LLC ATTN: Lucia A. Liley 419 Canyon Avenue, Suite 220 Fort Collins, CO 80521 M. Paragraph Captions. The captions of the paragraphs are set forth only for the convenience and reference of the parties and are not intended in any way to define, limit or describe the scope or intent of this Agreement. N. Recordation. The City shall record this Agreement in the Larimer County Records, and the Developer shall pay the cost of the same.
O. Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions of this Agreement shall continue in full force.
P. Survival. The covenants, representations and warranties and agreements to be performed or complied with under this Agreement by the respective parties shall be continuing obligations of the respective parties until fully complied with or performed, respectively.
Q. Waiver. No waiver of one or more of the terms of this Agreement shall constitute a waiver of other terms. No waiver of any provision of this Agreement in any instance shall constitute a waiver of such provision in other instances.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first written above. CITY: CITY OF FORT COLLINS, COLORADO,
a Municipal Corporation
By: _______________________________ Mayor
Date: _____________, 2019 ATTEST: ____________________________ Delynn Coldiron, City Clerk
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APPROVED AS TO FORM: _____________________________ John Duval, Deputy City Attorney STATE OF COLORADO ) ) ss COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this ______ day of _________, 2019, by __________________________ as Mayor of the City of Fort Collins.
Witness my hand and official seal. My Commission expires:
Notary Public
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DEVELOPER: TH WATERFIELD, LLC, a Colorado limited liability company
By: _____________________________
Gene Myers, CEO STATE OF COLORADO ) ) ss. COUNTY OF __________ ) The foregoing Agreement was acknowledged before me this ___ day of ___________, 2019, by Gene Myers, CEO of TH Waterfield, LLC. WITNESS my hand and official seal. _____________________________ Notary Public My commission expires: ______________
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OWNER: PARKER LAND INVESTMENTS, INC., a
Colorado corporation
By: _____________________________
Printed Name: ________________ Title: ________________________ STATE OF COLORADO ) ) ss. COUNTY OF __________ ) The foregoing Agreement was acknowledged before me this ___ day of ___________, 2019, by_________________, as __________________ of Parker Land Investments, Inc. WITNESS my hand and official seal. _____________________________ Notary Public My commission expires: ______________
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