HomeMy WebLinkAbout02-10-2025 - Special Study Session AgendaSPECIAL STUDY SESSION AGENDA
CITY COUNCIL MEETING
CITY OF WHEAT RIDGE, COLORADO
Monday, February 10, 2025
Starts immediately at the conclusion of the Regular City Council Meeting
This meeting will be conducted as a virtual meeting, and in person, at: 7500 West 29th
Avenue, Municipal Building, Council Chambers.
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noon on February 10, 2025)
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YouTube Live at https://www.ci.wheatridge.co.us/view
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Public Comment on Agenda Items
1. Legacy Metropolitan District Nos. 1-12 Service Plan
Item No. 1
Memorandum
TO: Mayor and City Council
FROM: Patrick Goff, City Manager
Jerry Dahl, City Attorney
DATE: February 10, 2025
SUBJECT: Legacy Metropolitan District Nos. 1-12 Service Plan
ISSUE:
The City received a draft Service Plan for the Legacy Metropolitan District Nos. 1-12
(collectively, the “Districts”) on January 27, 2025, for approximately 100 acres of
property comprised of the former Lutheran Medical Center campus (the “Property”). The
purpose of the Districts will be to provide all or a portion of public improvements for the
benefit of the residents and taxpayers located within the boundaries of the Districts. Cost of public improvements is estimated at $99 million. The Service Plan would allow
for a maximum debt of $110 million and a maximum debt mill levy of 67 mills for up to
40 years.
The proposed Service Plan describes and sets forth those powers and authorities the Districts shall have as allowed by Colorado law. The exercise of such powers, however,
will at all times be governed by and subject to the terms of an IGA between the City and
the Districts. State law allows local governments to exert significant control over the
organization and operation of special districts. The service plan approval process is the
key to exercising that control.
PRIOR ACTION:
None
BACKGROUND:
Metropolitan districts in Colorado are a common tool for financing the public
infrastructure portion of development projects. All special districts in Colorado
organized under Title 32 of the Colorado Revised Statutes (C.R.S.) are required to file a service plan with the city council of the municipality in which the district is proposed.
White Bear Ankele Tanaka & Waldron, P.C., representing the owners of this property, filed the Legacy Metropolitan District Nos. 1-12 Service Plan with the City on January
27, 2025. The purpose of the Districts is to provide public infrastructure improvements
within and without the Property. The Districts will acquire and/or design, finance, construct and install public improvements for the use and benefit of the residents and
taxpayers located with the boundaries of the Districts.
Special Study Session Memo – Legacy Metropolitan District Service Plan
February 10, 2025
Page 2
There are minimum requirements for the types of information that a service plan must
contain as detailed in Section 32-1-202(2) of the C.R.S. These are:
1. A description of the proposed services; 2. A financial plan showing how the proposed services are to be financed;
3. A preliminary engineering or architectural survey showing how the proposed
services are to be provided;
4. A map of the proposed special district boundaries and an estimate of the
population and valuation for assessment of the proposed special district; 5. A general description of the facilities to be constructed and the standards of
such construction;
6. A general description of the estimated cost of acquiring land, engineering
services, legal services, administrative service, initial proposed indebtedness and
estimated proposed maximum interest rates and discounts, and other major expenses related to the organization and initial operation of the district; and
7. A description of any arrangement or proposed agreement with any political
subdivision for the performance of any services between the proposed special
district and such other political subdivision.
FINANCIAL IMPACT:
The City did not require a submittal fee for this service plan. Costs associated with this
service plan include staff and attorney time to review the submitted documents, the draft Districts City IGA, respond to Council questions, and to prepare the needed City
Council resolution of approval, if granted, under the statute.
RECOMMENDATIONS:
Staff recommends approval of the Service Plan and IGA to provide the appropriate
financing tool to fund the public infrastructure improvements required for the
redevelopment of the Lutheran Legacy Campus.
ATTACHMENTS:
1. Legacy Metropolitan District Nos. 1-12 Service Plan
2. Service Plan presentation
SERVICE PLAN FOR LEGACY METROPOLITAN DISTRICT NOS. 1-12 IN THE CITY OF WHEAT RIDGE, COLORADO
Prepared By:
WHITE BEAR ANKELE TANAKA & WALDRON2154 E. Commons Avenue, Suite 2000 Centennial, CO 80122
Approved February 24, 2025
ATTACHMENT 1
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TABLE OF CONTENTS
I. INTRODUCTION..............................................................................................................1
A. Purpose and Intent. ...................................................................................................1
B. Need for the Districts. ..............................................................................................1
C. Objective of the City Regarding Service Plan. ........................................................1
II. DEFINITIONS ...................................................................................................................2
III. BOUNDARIES PROPOSED LAND USE/POPULATION PROJECTIONS/ ASSESSED VALUATION ................................................................................................4
IV. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES 5
A. Powers of the Districts and Service Plan Amendment. ...........................................5
B. Preliminary Engineering Survey. .............................................................................7
C. Other Powers. ...........................................................................................................8
D. Facilities to be Constructed and/or Acquired. ..........................................................8
V. FINANCIAL PLAN ...........................................................................................................9
A. General. ....................................................................................................................9
B. Maximum Voted Interest Rate and Maximum Underwriting Discount. .................9
C. Maximum Debt Mill Levy. ......................................................................................9
D. Maximum Debt Mill Levy Imposition Term. ........................................................10
E. Debt Repayment Sources. ......................................................................................11
F. Security for Debt. ...................................................................................................11
G. TABOR Compliance. .............................................................................................11
H. Districts’ Operating Costs. .....................................................................................11
I. Special Improvement District. ...............................................................................11
VI. ANNUAL REPORT .........................................................................................................12
A. General ...................................................................................................................12
J. Reporting of Significant Events. ............................................................................13
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IX. DISSOLUTION ................................................................................................................14
X. DISCLOSURE TO PURCHASERS ...............................................................................14
XI. INTERGOVERNMENTAL AGREEMENT ................................................................14
XII. CONCLUSION ................................................................................................................14
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LIST OF EXHIBITS
EXHIBIT A Legal Description of Districts
EXHIBIT B District Boundaries Map
EXHIBIT C City of Wheat Ridge Vicinity Map
EXHIBIT D Intergovernmental Agreement between the Districts and the City of Wheat Ridge
EXHIBIT E Capital Plan
EXHIBIT F Financial Plan
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I. INTRODUCTION
A. Purpose and Intent.
The purpose of the Districts will be to provide all or a portion of Public Improvements as
further defined and described in this Service Plan (within and without the Districts’ boundaries as will be determined by the Board to be in the best interest of the Districts and in accordance with the Service Plan), for the benefit of the residents and taxpayers located within the Project. The primary purpose of the Districts will be to finance the construction of these Public Improvements and have authorization as is necessary to own, operate and maintain Public Improvements not
otherwise transferred to another public entity. The Districts shall also be authorized, but not required, to provide covenant enforcement and design review services in accordance with the Special District Act. Upon completion to City standards, the Districts will convey to the City such Public Improvements as are constructed by the Districts in accordance with the Approved Development Plan. The Districts are independent units of local government, separate and distinct
from the City, and, except as may otherwise be provided for by State or local law or this Service Plan, their activities are subject to review by the City only insofar as they may deviate in a material matter from the requirements of the Service Plan.
B. Need for the Districts.
The Project is not presently served with the facilities and/or services proposed to be
provided by the Districts, nor does the City nor any other special district have any plans to provide such services within a reasonable time and on a comparable basis. 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. The Districts are therefore necessary in order for the Public Improvements required for the Project to be provided in the most economic manner possible. Approval of this Service Plan shall not indicate, implicitly or expressly, that any land use applications now on file with the City or any land use applications filed in the future will be approved by the City.
C. Objective of the City Regarding Service Plan.
The City’s objective in approving the Service Plan for the Districts is to authorize the Districts to provide for the planning, design, acquisition, demolition, construction, installation, relocation and redevelopment of the Public Improvements from the proceeds of Debt to be issued by the Districts and to further authorize the Districts to own, operate and maintain certain of the
Public Improvements. All Debt is expected to be repaid by taxes imposed and collected for no
longer than the Maximum Debt Mill Levy Imposition Term and at a mill levy no higher than the Maximum Debt Mill Levy, and/or repaid by Fees as limited by Section IV.A.8. Debt which is issued within these parameters 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. It is the intent of this Service Plan to assure to the extent possible that no property bear an
economic burden that is greater than that associated with the Maximum Debt Mill Levy in amount and that no property bear an economic burden for Debt that is greater than that associated with the Maximum Debt Mill Levy Imposition Term in duration even under bankruptcy or other unusual
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situations. Generally, the cost of Public Improvements that cannot be funded within these parameters are not costs to be paid by the Districts.
This Service Plan is intended to establish financial constraints and requirements associated
with the Districts that are not to be violated under any circumstances. The primary purpose is to provide for the Public Improvements and services associated with the Project and regional needs.
II. DEFINITIONS
In this Service Plan, the following terms shall have the meanings indicated below, unless the context clearly requires otherwise:
Approved Development Plan: means a development plan, subdivision improvement plan, or other process established by the City (including but not limited to approval of a final plat, minor development plat or site plan) for identifying, among other things, Public Improvements necessary for facilitating development for property within the Service Area, as approved by the City pursuant to the City Code, and as may be amended pursuant to the City Code from time to time.
Board: means the board of directors of one District or the boards of directors of all Districts, in the aggregate, as the context may require.
Capital Plan: means the capital plan attached hereto as Exhibit E and referenced in Section IV.B which includes (i) a description of the type of capital facilities to be developed by the Districts; (ii) an estimate of the cost of the proposed facilities; and (iii) a capital expenditure plan
correlating expenditures with development.
City: means the City of Wheat Ridge, Colorado.
City Council: means the City Council of the City of Wheat Ridge, Colorado.
C.R.S.: means Colorado Revised Statutes.
Debt: means bonds, notes or other multiple fiscal year financial obligations for the payment
of which the District has pledged to impose an ad valorem property tax mill levy. The definition of Debt shall not include intergovernmental agreements between and among any of the Districts.
District: means any one of the Legacy Metropolitan District No. 1, Legacy Metropolitan District No. 2, Legacy Metropolitan District No. 3, Legacy Metropolitan District No. 4, Legacy
Metropolitan District No. 5, Legacy Metropolitan District No. 6, Legacy Metropolitan District No.
7, Legacy Metropolitan District No. 8, Legacy Metropolitan District No. 9, Legacy Metropolitan District No. 10, Legacy Metropolitan District No. 11, and Legacy Metropolitan District No. 12.
Districts: means Legacy Metropolitan District No. 1, Legacy Metropolitan District No. 2, Legacy Metropolitan District No. 3, Legacy Metropolitan District No. 4, Legacy Metropolitan
District No. 5, Legacy Metropolitan District No. 6, Legacy Metropolitan District No. 7, Legacy
Metropolitan District No. 8, Legacy Metropolitan District No. 9, Legacy Metropolitan District No. 10, Legacy Metropolitan District No. 11, and Legacy Metropolitan District No. 12.
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Districts Boundaries: means the legal boundaries of the Districts as described in Exhibit A attached hereto.
District Boundary Map: means the map attached hereto as Exhibit B, depicting the
boundaries of the Districts.
District No. 1: means Legacy Metropolitan District No. 1.
District No. 2: means Legacy Metropolitan District No. 2.
District No. 3: means Legacy Metropolitan District No. 3.
District No. 4: means Legacy Metropolitan District No. 4.
District No. 5: means Legacy Metropolitan District No. 5.
District No. 6: means Legacy Metropolitan District No. 6.
District No. 7: means Legacy Metropolitan District No. 7.
District No. 8: means Legacy Metropolitan District No. 8.
District No. 9: means Legacy Metropolitan District No. 9.
District No. 10: means Legacy Metropolitan District No. 10.
District No. 11: means Legacy Metropolitan District No. 11.
District No. 12: means Legacy Metropolitan District No. 12.
End User: means any owner, or tenant of any owner, of any platted Taxable Property within the District for which a certificate of occupancy has been issued. By way of illustration, a
resident homeowner, renter, commercial property owner, or commercial tenant is an End User. The business entity that constructs homes or commercial structures is not an End User.
External Financial Advisor: means a consultant that: (i) advises Colorado governmental entities on matters relating to the issuance of securities by Colorado governmental entities, including matters such as the pricing, sales and marketing of such securities and the procuring of
bond ratings, credit enhancement and insurance in respect of such securities; (ii) shall be an underwriter, investment banker, or individual listed as a public finance advisor in the Bond Buyer’s Municipal Market Place; and (iii) is not an officer or employee of the Districts and has not been otherwise engaged to provide services in connection with the transaction related to the applicable
Debt.
Fees: means any fee imposed by the District for services, programs or facilities provided by the District, as described in Section IV.A.8 below.
Financial Plan: means the Financial Plan described in Section V which generally describes (i) how the Public Improvements are anticipated to be financed; (ii) how the Debt is expected to
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be incurred; and (iii) the estimated operating revenue derived from property taxes for the first budget year. Such Financial Plan may be adjusted by the Board in the future as is necessary to accommodate phasing or other financial or development considerations so long as any such
adjustment does not exceed either the Maximum Debt Mill Levy or the Maximum Debt Mill Levy Imposition Term. The Financial Plan is based upon current estimates and will change based on actual development of the Project.
Maximum Debt Mill Levy: means the maximum mill levy the District is permitted to impose for payment of Debt as further set forth in Section V.C below, including adjustments to
the Maximum Debt Mill Levy as are permitted under Section V.C.
Maximum Debt Mill Levy Imposition Term: means the maximum term for imposition of a debt service mill levy on a particular property as set forth in Section V.D below.
Project: means the development or property commonly referred to as Legacy Lutheran.
Public Improvements: means a part or all of the improvements authorized to be planned,
designed, acquired, constructed, installed, relocated, redeveloped and financed as generally described in the Special District Act, except as specifically limited in Section IV below, to serve the future taxpayers and inhabitants of the Service Area as determined by the Board.
Service Area: means the property within the Districts Boundaries.
Service Plan: means this Service Plan for the Districts approved by City Council.
Service Plan Amendment: means an amendment to the Service Plan approved by City Council in accordance with the City Code and applicable state law.
Special District Act: means Section 32-1-101, et seq., C.R.S., as amended from time to time.
State: means the State of Colorado.
TABOR: the Colorado Taxpayer’s Bill of Rights.
Taxable Property: means real or personal property within the Service Area subject to ad valorem taxes imposed by the District.
III. BOUNDARIES PROPOSED LAND USE/POPULATION PROJECTIONS/
ASSESSED VALUATION
The area of the Districts Boundaries includes approximately 100 acres. A legal description of the District Boundaries is attached hereto as Exhibit A. A District Boundary Map is attached hereto as Exhibit B. A vicinity map is attached hereto as Exhibit C. It is anticipated that a District’s boundaries may change from time to time as it undergoes inclusions and exclusions
pursuant to Section 32-1-401, et seq., C.R.S., and Section 32-1-501, et seq., C.R.S., subject to the
limitations set forth in Section IV below.
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Approval of this Service Plan by the City does not imply approval of the development of a specific area within the Service Area, nor does it imply approval of the number of residential units identified in this Service Plan or any of the exhibits attached thereto, unless the same is contained
within an Approved Development Plan.
IV. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
A. Powers of the Districts and Service Plan Amendment.
The Districts shall have the power and authority to provide the Public Improvements and
related ownership, operation and maintenance services within and without the boundaries of the Districts as such power and authority is described in the Special District Act, and other applicable statutes, common law and the State constitution, subject to the limitations set forth herein.
1. Operations and Maintenance Limitation. The purpose of the Districts is to plan for, design, acquire, construct, install, relocate, redevelop,
finance, own, and maintain the Public Improvements. The Districts shall dedicate the Public Improvements to the City or other appropriate jurisdiction in a manner contemplated under the Approved Development Plan and other rules and regulations of the City and applicable provisions of the City Code. The Districts shall be authorized to own, operate and maintain Public Improvements not
otherwise dedicated to the City or other public entity consistent with the Approved Development Plan.
2. Fire Protection Limitation. The Districts shall not be authorized to plan for, design, acquire, construct, install, relocate, redevelop, finance, operate or maintain fire protection facilities or services, unless such facilities and services are
provided pursuant to an intergovernmental agreement with the City. The authority to plan for, design, acquire, construct, install, relocate, redevelop or finance fire hydrants and related improvements installed as part of the water system shall not be limited by this provision. Fire protection and emergency response services will
be provided by the West Metro Fire Protection District.
3. Construction Standards Limitation. The Districts will ensure that Public Improvements constructed by the Districts are designed and constructed in accordance with the standards and specifications of the City and of other governmental entities having proper jurisdiction, including the Colorado
Department of Health, and other applicable local, state or federal agencies.
4. Inclusion Limitation. The Districts shall not include within their boundaries any property outside the Service Area without the prior written consent of the City.
5. Overlap Limitation. The Districts shall not consent to the
organization of any other district organized under the Special District Act within
the Service Area which will overlap the boundaries of the Districts unless the
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aggregate mill levy for payment of Debt of such proposed districts will not at any time exceed the Maximum Debt Mill Levy of the Districts.
6. Total Debt Issuance Limitation. The Districts collectively shall not
issue Debt in excess of One-Hundred Ten Million Dollars ($110,000,000). Debt that is issued for the purpose of refunding outstanding Debt shall not be counted against such total debt issuance limitation, provided, however, that if the aggregate principal amount of the refunding Debt exceeds the outstanding aggregate principal amount of the refunded Debt, the increase in principal amount shall be counted
against such debt limitation.
7. Privately Placed Debt Limitation. Prior to the issuance of any privately placed Debt, the issuing District shall obtain the certification of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of
the Districts’ Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as defined in Section 32-1-103(12), C.R.S.) to be borne by [insert the designation of 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.
8. Fee Limitation. The Districts may impose and collect Fees as a
source of revenue for repayment of Debt, capital costs, and/or for operations and maintenance. No Fee related to repayment of Debt shall be authorized to be imposed upon or collected from Taxable Property owned or occupied by an End User. Notwithstanding any of the foregoing, the restrictions in this definition shall
not apply to any Fee imposed upon or collected from Taxable Property for the
purpose of funding operation and maintenance costs of the Districts, including the establishment of a reserve fund for future repairs or replacement costs.
9. Consolidation Limitation. The Districts shall not file a request with any Court to consolidate with another district organized under the Special District
Act, without the prior written consent of the City.
10. Bankruptcy Limitation. All of the limitations contained in this Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy, Maximum Debt Mill Levy Imposition Term and the Fees have been established under the authority of the City to approve a Service Plan with conditions
pursuant to Section 32-1-204.5, C.R.S. It is expressly intended that such
limitations:
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a) shall not be subject to set-aside for any reason or by any court of competent jurisdiction, absent a Service Plan Amendment; and
b) are, together with all other requirements of 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 nonbankruptcy law” as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section
943(b)(6).
Any Debt, issued with a pledge or which results in a pledge, that exceeds the Maximum Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term, shall be deemed a material modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material modification has been approved by the
City as part of a Service Plan Amendment.
11. Service Plan Amendment Requirement. This Service Plan has been designed with sufficient flexibility to enable the Districts to provide Public Improvements and services and facilities under evolving circumstances without the need for numerous amendments. The Districts may seek formal approval from the
City of modifications to this Service Plan which are not material, but for which the Districts may desire a written amendment and approval by the City. Such approval may be evidenced by any instrument executed by the City Manager, City Attorney, or other designated representative of the City as to the matters set forth therein and shall be conclusive and final.
B. Preliminary Engineering Survey.
The Districts shall have authority to provide for the planning, design, acquisition, construction, installation, relocation, redevelopment, maintenance and financing of the Public Improvements within and without the boundaries of the Districts. An estimate of the costs of the
Public Improvements which may be planned for, designed, acquired, constructed, installed,
relocated, redeveloped, maintained or financed was prepared based upon a preliminary engineering survey and estimates derived from the preliminary zoning on the property in the Service Area and is approximately Ninety-Nine Million Dollars ($99,000,000). The Capital Plan attached hereto as Exhibit E includes a description of the types of capital facilities to be developed by the Districts,
an estimate of the cost of the proposed facilities, and a capital expenditure plan correlating
expenditures with development. The actual Public Improvements to be constructed will be determined by the Approved Development Plan, notwithstanding the Capital Plan, and are necessary and for the benefit of all homeowners, residents and property owners within the Districts in order to provide for a coordinated system of Public Improvements for the development of the
Project.
All of the Public Improvements constructed by the Districts will be designed in such a way as to assure that the Public Improvements will be compatible with those of the City and shall be in accordance with the requirements of the City. All construction cost estimates are based on the
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assumption that construction conforms to applicable local, State or Federal requirements. The actual Public Improvements to be constructed will be determined by the City and the Districts, and variations from the Capital Plan or Financial Plan shall not constitute a material modification of
this Service Plan. All Public Improvements contemplated for the Project benefit the residents, property owners, and taxpayers of the District, and such benefit accrues to such residents, property owners, and taxpayers of the District regardless of the specific or general location of the various Public Improvements.
The Public Improvements generally depicted and described in the Capital Plan or Financial
Plan have been presented for illustration only, and the exact design, subphasing of construction and location of the Public Improvements will be determined at the time of City approvals and public works approval and such decisions shall not be considered to be a material modification of the Service Plan.
C. Other Powers.
The Districts shall also have the following authority:
1. Service Plan Amendments. To amend the Service Plan as needed, subject to the appropriate statutory procedures and City Code.
2. Phasing, Deferral. Without amending this Service Plan, to defer, forego, reschedule, or restructure the financing and/or construction of Public
Improvements and facilities, to better accommodate the pace of growth, resource availability, and potential inclusions of property within the Districts.
3. Additional Services. Except as specifically provided herein, to provide such additional services and exercise such powers as are expressly or
impliedly granted by Colorado law, as may be amended from time to time.
D. Facilities to be Constructed and/or Acquired.
The Districts propose to provide and/or acquire Public Improvements necessary and for the benefit of the Project, and the residents, property owners and taxpayers of the Districts as are set
forth in the Approved Development Plan.
Notwithstanding anything in this Service Plan to the contrary, the Districts shall have the authority to enter into any intergovernmental agreements deemed necessary to effectuate the plans of the Districts without further approval from the City. In addition, the Districts shall have the authority to seek electorate authorization to effectuate all purposes set forth in this Service Plan in
order to comply with all applicable constitutional and statutory requirements.
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V. FINANCIAL PLAN
A. General.
The Districts shall be authorized to provide for the planning, design, acquisition,
construction, installation, relocation and/or redevelopment of the Public Improvements by and through the proceeds of Debt to be issued by the Districts. The Financial Plan for the Districts shall be to issue such Debt as the Districts can reasonably pay within the Maximum Debt Mill Levy Imposition Term from revenues derived from the Maximum Debt Mill Levy, Fees and other legally available revenues. A Financial Plan is attached hereto as Exhibit F, which provides
preliminary projections demonstrating that the Districts can reasonably discharge the proposed Debt, consistent with the requirements of the Special District Act. The total Debt that the Districts collectively shall be permitted to issue shall not exceed One-Hundred Ten Million Dollars ($110,000,000) and shall be permitted to be issued in amounts and on a schedule in such year or years as the issuing District, in its discretion, determines is necessary to serve development as it
occurs and can be issued within the parameters established herein. All bonds and other Debt issued by the Districts may be payable from any and all legally available revenues of the Districts, including, but not limited to, ad valorem taxes and Fees. The Districts will also rely upon various other revenue sources authorized by law. These will include the power to assess Fees, rates, tolls, penalties, or charges as provided in Section 32-1-1001(1), C.R.S., as amended from time to time.
The parameters in the Financial Plan are based upon current estimates and will change based on actual development of the Project. The Financial Plan is one projection of the issuance of Debt by the Districts based on certain development assumptions. It is expected that actual development (including, but not limited to product types, market values, and absorption rates) will vary from that projected and illustrated in the Financial Plan, which variations and deviations shall
not constitute a material modification of this Service Plan.
Notwithstanding anything in this Service Plan to the contrary, the projections set forth in this Service Plan and the Financial Plan are projections based upon current market conditions. The actual amounts, interest rates, and terms of any Debt will likely change from that reflected in the
Financial Plan, and each issue of Debt will be based upon the actual conditions existing at the time
of issuance, subject to the limitations of the Service Plan.
B. Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued. In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed
eighteen percent (18%). The proposed maximum underwriting discount will be five percent (5%).
Debt, when issued, will comply with all relevant requirements of this Service Plan, State law and Federal law as then applicable to the issuance of public securities.
C. Maximum Debt Mill Levy.
The “Maximum Debt Mill Levy” shall be the maximum mill levy a District is permitted to
impose upon the taxable property within such District for payment of Debt, and shall be determined
as follows:
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1. For the portion of any aggregate Debt which exceeds fifty percent (50%) of the District’s assessed valuation, the Maximum Debt Mill Levy for such portion of Debt shall be sixty-seven (67) mills less the number of mills necessary
to pay unlimited mill levy Debt described in Section V.C.2 below; provided that if, on or after January 1, 2025, changes are made in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement; the mill levy limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Board in good
faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2025, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed valuation.
2. For the portion of any aggregate Debt which is equal to or less than fifty percent (50%) of the District’s assessed valuation, either on the date of issuance or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be subject to the Maximum Debt Mill Levy and, as a result, the mill levy may be such amount as is necessary to pay the Debt service on such Debt,
without limitation of rate.
3. For purposes of the foregoing, once Debt has been determined to be within Section V.C.2 above, such that the District is entitled to pledge to its payment an unlimited ad valorem mill levy, such District may provide that such Debt shall remain secured by such unlimited mill levy, notwithstanding any
subsequent change in such District’s Debt to assessed ratio. All Debt issued by the District must be issued in compliance with the requirements of Section 32-1- 1101, C.R.S. and all other requirements of State law.
To the extent that the District is composed of or subsequently organized into one or more
subdistricts as permitted under Section 32-1-1101, C.R.S., the term “District” as used herein shall
be deemed to refer to the District and to each such subdistrict separately, so that each of the subdistricts shall be treated as a separate, independent district for purposes of the application of the definitions and limitations herein.
D. Maximum Debt Mill Levy Imposition Term.
The District shall not impose a levy for repayment of any and all Debt (or use the proceeds
of any mill levy for repayment of Debt) on any single property developed for residential uses which exceeds forty (40) years after the year of the initial imposition of such Debt mill levy unless a majority of the Board of the District imposing the mill levy are residents of the District and have voted in favor of a refunding of a part or all of the Debt and such refunding will result in a net
present value savings as set forth in Section 11-56-101, C.R.S.; et seq., as may be amended from
time to time.
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E. Debt Repayment Sources.
All bonds and other Debt issued by the Districts may be payable from any and all legally available revenues of the Districts, including, but not limited to, general ad valorem taxes and Fees.
The Districts will also rely upon various other revenue sources authorized by law. These will include the power to assess Fees, rates, tolls, penalties, or charges as provided in Section 32-1-1001(1), C.R.S., as amended from time to time. In no event shall the debt service mill levy in the District exceed the Maximum Debt Mill Levy or the Maximum Debt Mill Levy Imposition Term, except pursuant to an intergovernmental agreement between a District and the City.
F. Security for Debt.
The Districts shall not pledge any revenue or property of the City as security for the indebtedness. 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 any
District in the payment of any such obligation.
G. TABOR Compliance.
The Districts will comply with the provisions of TABOR. In the discretion of the Board, a District may set up other qualifying entities to manage, fund, construct and operate facilities, services, and programs. To the extent allowed by law, any entity created by a District will remain
under the control of the District’s Board.
H. Districts’ Operating Costs.
The estimated cost of planning services, engineering services, legal services and administrative services, together with the estimated costs of the Districts’ initial operations, are anticipated to be One Hundred Thousand Dollars ($100,000), 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 constructed owned, operated and maintained by the Districts. The initial operating budget is
estimated to be Fifty Thousand Dollars ($50,000) which is anticipated to be derived from property
taxes and other revenues.
The Maximum Debt Mill Levy for the repayment of Debt shall not apply to the District’s ability to increase its mill levy as necessary for the provision of administrative, operation and maintenance services.
I. Special Improvement District.
1. Consistent with the provisions of Section 32-1-1101.7, C.R.S., the Districts shall be authorized:
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a. To establish a special improvement district within the boundaries of the Districts;
b. To levy and collect assessments;
c. To issue bonds or other obligations payable from the assessments to finance all or part of the costs of the Public Improvements; and
d. To undertake and carry out any other activities related or necessary to the foregoing.
2. Assessments levied by the Districts pursuant to Section 32-1-1101.7, C.R.S., shall not be considered property taxes or Fees.
3. Assessments levied by the Districts pursuant to Section 32-1-1101.7, C.R.S., may be used to finance, plan, acquire, and construct the Public Improvements, pay Debt service, and for any other purpose permitted by the
Special District Act.
4. Assessments levied by the Districts pursuant to Section 32-1-1101.7, C.R.S. or any successor statute, shall be due and payable at or prior to the issuance of a certificate of occupancy for any unit, structure or other appurtenance, excluding Public Improvements, on the property assessed. Assessments related to
the repayment of Debt shall not be authorized to be imposed upon or collected from Taxable Property owned or occupied by an End User.
5. Any bonds or other obligations issued by the Districts payable solely from assessments (and including the revenue derived from any action to enforce the collection of such assessments and the revenue derived from the sale or other
disposition of property acquired by the Districts from any action to enforce the collection of such assessments) shall be considered revenue bonds, shall not be considered Debt, and shall not be subject to or count towards the Districts’ total debt issuance limitation set forth in this Service Plan.
6. The Districts may enter into one or more intergovernmental
agreements with any one or more of the Districts regarding establishing special improvement district(s), levying and collecting assessments, issuing bonds or other obligations payable from the assessments, and/or financing the Public Improvements with such revenues and funds. Any such intergovernmental
agreements among the Districts shall not be considered Debt and shall not be
subject to or count towards the total debt issuance limitation set forth in this Service Plan.
VI. ANNUAL REPORT
A. General.
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The Districts shall be responsible for submitting an annual report to the City Clerk at the City’s administrative offices no later than September 1st of each year following the year in which the Service Plan is approved by the City Council. The annual report shall reflect activity and
financial events of the District through the preceding December 31st (the “Report Year”).
J. Reporting of Significant Events.
The annual report shall include information as to any of the following:
I. A narrative summary of the progress of the Districts in implementing its service plan for the Report Year.
II. Except when an exemption from audit has been granted for the report year under the Local Government Audit Law, the audited financial statements of the Districts 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 operations (i.e. revenues and expenditures) for the Report Year.
III. Unless disclosed within a separate schedule to the financial statements, a summary of the capital expenditures incurred by the Districts in development of public facilities in a Report Year, as well as any capital improvements or projects proposed to be undertaken in the five (5) years following the report year.
IV. Unless disclosed within a separate schedule to the financial statements, a summary of the financial obligations of the Districts at the end of the report year, including the amount of outstanding indebtedness, the amount and terms of any new District indebtedness or long-term obligations issued in the Report Year, the amount of payment or retirement of existing indebtedness of the
Districts in the Report Year, the total assessed valuation of all taxable properties within the Districts as of January 1 of the Report Year, and the current mill levy of the Districts pledged to debt retirement in the Report Year.
V. The Districts’ budget for the calendar year in which the annual
report is submitted.
VI. A summary of residential and commercial development which has occurred within the Districts for the report year.
VII. A summary of all fees, charges and assessments imposed by the Districts as of January 1 of the Report Year.
VIII. The name, business address and telephone number of each member
of the Board and its chief administrative officer and general counsel, together with the date, place and time of the regular meetings of the Board.
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IX. DISSOLUTION
Upon an independent determination of the City Council that the purposes for which the Districts was created have been accomplished, the Districts agree to file a petition in the
appropriate District Court for dissolution, pursuant to the applicable State statutes. In no event shall a dissolution occur until the Districts have provided for the payment or discharge of all of their outstanding indebtedness and other financial obligations as required pursuant to State statutes.
X. DISCLOSURE TO PURCHASERS
The Districts will use reasonable efforts to assure that all developers of the property located
within the Districts provides written notice to all purchasers of property in the Districts regarding the Maximum Debt Mill Levy, as well as a general description of the Districts’ authority to impose and collect rates, Fees, tolls and charges. The form of notice shall be filed with the City prior to the initial issuance of the Debt of the Districts and shall be recorded in the Service Area.
XI. INTERGOVERNMENTAL AGREEMENT
The form of the intergovernmental agreement, relating to the limitations imposed on the Districts’ activities, is attached hereto as Exhibit D. The Districts shall approve the intergovernmental agreement in the form attached as Exhibit D at their first Board meeting after approval of the Service Plan by the City. The City Council shall approve the intergovernmental agreement in the form attached as Exhibit D at the public hearing approving the Service Plan.
XII. CONCLUSION
It is submitted that this Service Plan for the Districts, as required by Section 32-1-203(2), C.R.S., establishes that:
1. There is sufficient existing and projected need for organized service in the area to be serviced by the Districts;
2. The existing service in the area to be served by the Districts is inadequate for present and projected needs;
3. The Districts are capable of providing economical and sufficient service to the area within its proposed boundaries; and
4. Adequate service is not, and will not be, available to the area through the
City or county or other existing municipal or quasi-municipal corporations, including existing special districts, within a reasonable time and on a comparable basis.
5. The facility and service standards of the Districts are compatible with the
facility and service standards of the City within which the special districts
are to be located and each municipality which is an interested party under Section 32-1-204(1), C.R.S.
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6. The proposal is in substantial compliance with a master plan adopted pursuant to Section 30-28-108, Colorado Revised Statutes;
7. The proposal is in compliance with any duly adopted City, regional or
state long-range water quality management plan for the area.
8. The creation of the Districts is in the best interests of the area proposed to be served.
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EXHIBIT A
Legal Description of the Districts
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EXHIBIT B
District Boundaries Map
DISTRICT 2
DISTRICT 1
DISTRICT 1DISTRICT 1
DISTRICT 1
DISTRICT 4
DISTRICT 6
DISTRICT 5
DISTRICT 3
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PH: 720.638.5190 J:\0110\2406\SURVEY\DISTRICT\LUTHERAN DISTRICT
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EXHIBIT B
98.6072 AC0110-240602.03.251"=350'
CITY OF WHEAT RIDGE, COUNTY OF JEFFERSON, STATE OF COLORADO
TOWNSHIP 3 SOUTH, RANGE 69 WEST OF THE 6TH P.M.
LOCATED IN THE NW 1/4 OF SECT. 26 & THE NE 1/4 OF SECT. 27
LUTHERAN DISTRICT BOUNDARIES
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EXHIBIT C
City of Wheat Ridge Vicinity Map
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EXHIBIT D
Intergovernmental Agreement between District and City of Wheat Ridge
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INTERGOVERNMENTAL AGREEMENT BETWEEN
THE CITY OF WHEAT RIDGE, COLORADO
AND LEGACY METROPOLITAN DISTRICT NOS. 1-12
THIS INTERGOVERNMENTAL AGREEMENT (the “Agreement”) is made and entered into as of this ___ day of ____________, 2025, by, between and among the CITY OF WHEAT RIDGE, Colorado (“City”), and LEGACY METROPOLITAN DISTRICT NO. 1, a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 2, a quasi-municipal corporation and political subdivision of
the State of Colorado; and LEGACY METROPOLITAN DISTRICT NO. 3 a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 4, a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 5, a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 6, a
quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 7, a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 8, a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 9, a quasi-municipal corporation and political subdivision of the State of
Colorado; LEGACY METROPOLITAN DISTRICT NO. 10, a quasi-municipal corporation and political subdivision of the State of Colorado; LEGACY METROPOLITAN DISTRICT NO. 11, a quasi-municipal corporation and political subdivision of the State of Colorado; and LEGACY METROPOLITAN DISTRICT NO. 12, a quasi-municipal corporation and political subdivision of the State of Colorado (each a “District” and collectively the “Districts”). The City and the
Districts are each referred to herein as a “Party” and collectively referred to herein as the “Parties”.
RECITALS
WHEREAS, the Districts was organized to provide those services and to exercise powers
as are more specifically set forth in the Service Plan for Legacy Metropolitan District Nos. 1-12,
approved by the City on February 24, 2025 (“Service Plan”); and
WHEREAS, the Service Plan requires that the Districts approve this Agreement after approval of the Service Plan by the City; and
WHEREAS, the City and the Districts have determined it to be in the best interests of their
respective taxpayers, residents and property owners to enter into this Agreement; and
WHEREAS, all defined terms set forth herein shall have the same meaning as set forth in the Service Plan.
NOW, THEREFORE, in consideration of the covenants and mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:
D-3
COVENANTS AND AGREEMENTS
1. Operations and Maintenance. The purposes of the Districts is to plan for, design, acquire, construct, install, relocate, redevelop, finance, own, and maintain the Public
Improvements. The Districts shall dedicate the Public Improvements to the City or other appropriate jurisdiction in a manner contemplated under the Approved Development Plan and other rules and regulations of the City and applicable provisions of the City Code. The Districts shall be authorized to own, operate and maintain Public Improvements not otherwise dedicated to the City or other public entity consistent with the Approved Development Plan.
2. Construction Standards. The Districts will ensure that Public Improvements constructed by the Districts are designed and constructed in accordance with the standards and specifications of the City and of other governmental entities having proper jurisdiction, including the Colorado Department of Health, and other applicable local, state or federal agencies.
3. Inclusion of Property. The Districts shall not include within its boundaries any
property outside the Service Area without the prior written consent of the City.
4. Total Debt Issuance. The Districts collectively shall not issue Debt in excess of One-Hundred Ten Million Dollars ($110,000,000). Debt that is issued for the purpose of refunding outstanding District Debt shall not be counted against the total debt limitation, provided, however, that if the aggregate principal amount of the refunding Debt exceeds the outstanding aggregate
principal amount of the refunded Debt, the increase in principal amount shall be counted against such debt limitation.
5. Bankruptcy. All of the limitations contained in the Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy, Maximum Debt Mill Levy Imposition Term and the Fees have been established under the authority of the City to approve the
Service Plan with conditions pursuant to Section 32-1-204.5, C.R.S. It is expressly intended that such limitations:
a. shall not be subject to set-aside for any reason or by any court of competent jurisdiction, absent a Service Plan Amendment; and
b. are, together with all other requirements of 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 nonbankruptcy law” as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section 943(b)(6).
Any Debt, issued with a pledge or which results in a pledge, that exceeds the Maximum
Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term, shall be deemed a material modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material modification has been approved by the City as part of a Service Plan Amendment.
6. Dissolution. Upon an independent determination of the City Council that the
purposes for which the Districts was created have been accomplished, the Districts agrees to file a
D-4
petition in the appropriate District Court for dissolution, pursuant to the applicable State statutes. In no event shall a dissolution occur until the Districts have provided for the payment or discharge of all of its outstanding indebtedness and other financial obligations as required pursuant to State
statutes.
7. Disclosure to Purchasers. The Districts will use reasonable efforts to assure that all developers of the property located within the Districts provide written notice to all purchasers of property in the Districts regarding the Maximum Debt Mill Levy, as well as a general description of the Districts’ authority to impose and collect rates, Fees, tolls and charges. The form of notice
shall be filed with the City prior to the initial issuance of the Debt by the Districts and shall be recorded in the Service Area.
8. Annual Report. The Districts shall be responsible for submitting an annual report to the City Clerk at the City’s administrative offices by no later than September 1st of each year following the year in which the Service Plan is approved by the City Council. The annual report
shall reflect activity and financial events of the District during the Report Year.
9. Maximum Debt Mill Levy. The “Maximum Debt Mill Levy” shall be the maximum mill levy a District is permitted to impose upon the taxable property within such District for payment of Debt, and shall be determined as follows:
a. For the portion of any aggregate Debt which exceeds fifty percent (50%) of the
District’s assessed valuation, the Maximum Debt Mill Levy for such portion of Debt shall be sixty-seven (67) mills less the number of mills necessary to pay unlimited mill levy Debt described in Section (b) below; provided that if, on or after January 1, 2025, changes are made in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement; the mill levy
limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Board in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after
January 1, 2025, are neither diminished nor enhanced as a result of such changes.
For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed valuation.
b. For the portion of any aggregate Debt which is equal to or less than fifty percent (50%) of the District’s assessed valuation, either on the date of issuance or at any
time thereafter, the mill levy to be imposed to repay such portion of Debt shall not
be subject to the Maximum Debt Mill Levy and, as a result, the mill levy may be such amount as is necessary to pay the Debt service on such Debt, without limitation of rate.
For purposes of the foregoing, once Debt has been determined to be within Section (b)
above, such that the District is entitled to pledge to its payment an unlimited ad valorem mill levy,
such District may provide that such Debt shall remain secured by such unlimited mill levy, notwithstanding any subsequent change in such District’s Debt to assessed ratio. All Debt issued
D-5
by the District must be issued in compliance with the requirements of Section 32-1-1101, C.R.S. and all other requirements of State law.
To the extent that the District is composed of or subsequently organized into one or more
subdistricts as permitted under Section 32-1-1101, C.R.S., the term “District” as used herein shall be deemed to refer to the District and to each such subdistrict separately, so that each of the subdistricts shall be treated as a separate, independent district for purposes of the application of the definitions and limitations herein.
10. Notices. All notices, demands, requests or other communications to be sent by one
Party to the other hereunder or required by law shall be in writing and shall be deemed to have been validly given or served by delivery of same in person to the address or by courier delivery, via United Parcel Service or other nationally recognized overnight air courier service, or by depositing same in the United States mail, postage prepaid, addressed as follows:
To the Districts: Legacy Metropolitan District Nos. 1-12
2154 East Commons Ave., Suite 2000 Centennial, CO 80122 Attention: Kristin Bowers, Esq. Phone: (303) 858-1800 Fax: (303) 858-1801
Email: kbowers@wbapc.com To the City: City of Wheat Ridge 7500 W. 29th Ave., Wheat Ridge, CO 80033
ATTN: Patrick Goff, City Manager Phone: (303) 235-2805 Email: pgoff@ci.wheatridge.co.us
With a copy to: Murray Dahl Beery & Renaud LLP
710 Kipling Street, Suite 300 Lakewood, CO 80215 ATTN: Gerald Dahl Phone: (303) 493-6670
Email: gdahl@mdkrlaw.com
All notices, demands, requests or other communications shall be effective upon such personal delivery or 1 business day after being deposited with United Parcel Service or other nationally recognized overnight air courier service or 3 business days after deposit in the United
States mail. By giving the other party hereto at least 10 days written notice thereof in accordance
with the provisions hereof, each of the Parties shall have the right from time to time to change its address.
11. Amendment. This Agreement may be amended, modified, changed, or terminated in whole or in part only by a written agreement duly authorized and executed by the Parties hereto
and without amendment to the Service Plan.
D-6
12. Assignment. No Party hereto shall assign any of its rights nor delegate any of its duties hereunder to any person or entity without having first obtained the prior written consent of all other Parties, which consent will not be unreasonably withheld. Any purported assignment or
delegation in violation of the provisions hereof shall be void and ineffectual.
13. Default/Remedies. In the event of a breach or default of this Agreement by any Party, the non-defaulting Parties shall be entitled to exercise all remedies available at law or in equity, specifically including suits for specific performance and/or monetary damages. In the event of any proceeding to enforce the terms, covenants or conditions hereof, the prevailing
Party/Parties in such proceeding shall be entitled to obtain as part of its judgment or award its reasonable attorneys’ fees.
14. Governing Law and Venue. This Agreement shall be governed and construed under the laws of the State of Colorado and venue shall be in the District Court in and for the county in which the Districts are located.
15. Inurement. Each of the terms, covenants and conditions hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns.
16. Integration. This Agreement constitutes the entire agreement between the Parties with respect to the matters addressed herein. All prior discussions and negotiations regarding the subject matter hereof are merged herein.
17. Parties Interested Herein. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon, or to give to, any person other than the District and the City any right, remedy, or claim under or by reason of this Agreement or any covenants, terms, conditions, or provisions thereof, and all the covenants, terms, conditions, and provisions in this Agreement by and on behalf of the District and the City shall be for the sole and exclusive benefit
of the District and the City.
18. Severability. If any covenant, term, condition, or provision under this Agreement shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such covenant, term, condition, or provision shall not affect any other provision contained herein,
the intention being that such provisions are severable.
19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which shall constitute one and the same document.
20. Paragraph Headings. Paragraph headings are inserted for convenience of reference only.
21. Defined Terms. Capitalized terms used herein and not otherwise defined shall have
meanings ascribed to them in the Service Plan.
(Signature page follows)
D-7
D-8
IN WITNESS WHEREOF, this Agreement is executed by the City and District as of the date first above written.
LEGACY METROPOLITAN DISTRICT NOS. 1-12
By: President Attest:
By:
Secretary
CITY OF WHEAT RIDGE, COLORADO
By:
Mayor
Attest:
By: Secretary
APPROVED AS TO FORM:
City Attorney
E-1
EXHIBIT E
Capital Plan
SUBTOTALS CONTINGENCY (20%) TOTAL
A.DISTRICT DEMO OF STRUCTURES / INFRASTRUCTURE 10,000,000$ 2,000,000$ 12,000,000$
B.DISTRICT GRADING 2,877,916$ 575,583$ 3,453,499$
C.PUBLIC STREET IMPROVEMENTS (DUDLEY, 32ND, 38TH) 1,166,019$ 233,204$ 1,399,223$
D.LUTHERAN PKWY ROAD IMPROVEMENTS 2,451,816$ 490,363$ 2,942,179$
E.DRAINAGE IMPROVEMENTS 3,396,075$ 679,215$ 4,075,290$
F.ROCKY MOUNTAIN DITCH IMPROVEMENTS 685,370$ 137,074$ 822,444$
G.INTERNAL PUBLIC UTILITIES 15,545,789$ 3,109,158$ 18,654,946$
H.INTERNAL PUBLIC STREETS 9,980,701$ 1,996,140$ 11,976,841$
I.LANDSCAPING & IRRIGATION (PER PCS GROUP) 19,648,278$ 3,929,656$ 23,577,934$
J.DISTRICT EROSION CONTROL & INSPECTIONS 742,500$ 148,500$ 891,000$
79,793,355$
K.SLEEVING 653,400$ 130,680$ 784,080$
L.STREET LIGHTS 1,300,000$ 260,000$ 1,560,000$
M.SIGNALS 400,000$ 80,000$ 480,000$
2,824,080$
N.PUBLIC IMPROVEMENT PERMIT FEES 1,595,867$ 319,173$ 1,915,041$
O.FEES - MISCELLANEOUS 600,000$ 120,000$ 720,000$
2,635,041$
P.DESIGN COSTS 6,000,000$ 1,200,000$ 7,200,000$
Q.PROJECT CONSTRUCTION SUPERVISION 1,994,834$ 398,967$ 2,393,801$
R.POST APPROVAL ENGINEERING / PLANNING 415,800$ 83,160$ 498,960$
S.SURVEYING 1,188,000$ 237,600$ 1,425,600$
T.MATERIAL TESTING 1,188,000$ 237,600$ 1,425,600$
12,943,961$
U.INITIAL ACCEPTANCE WORK 297,000$ 59,400$ 356,400$
V.FINAL ACCEPTANCE WORK 950,400$ 190,080$ 1,140,480$
1,496,880$
GRAND TOTAL W/CONTINGENCY =99,693,316$
CITY ACCEPTANCE COSTS TOTAL =
DRY UTILITY COSTS TOTAL =
LUTHERAN REDEVELOPMENT
01.29.2025
ITEM
DIRECT COSTS
FEES
DRY UTILITY COSTS
INDIRECT COSTS
DIRECT COSTS TOTAL =
CITY ACCEPTANCE COSTS
FEES TOTAL =
INDIRECT COSTS TOTAL =
DISTRICT COST ESTIMATE
UNIT ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST
1 DEMO OF EXISTING STRUCTURES, PARKING LOTS, UTILITIES (PER E5X MANAGEMENT) 23,000,000.00$ LS 1.0 23,000,000.00$
TOTAL = 23,000,000.00$
DISTRICT TOTAL = 10,000,000.00$
*Demo includes:
Removal of all the hospital, excluding the newest addition in the northeast corner
Removal of West Pines buildings at 3400 N Lutheran Pkwy
Removal of Lutheran Medical Pavilion at 3455 N Lutheran Pkwy
Removal of Lutheran Medical Offices at 3555 N Lutheran Pkwy
Removal of Lutheran Medical Center at 3550 N Lutheran Pkwy
Removal of parking lots, wet and dry utilities associated with facilities referenced above
DESCRIPTION
LUTHERAN REDEVELOPMENT
DEMO
01.29.2025
DEMO
UNIT ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST
1 MOBILIZATION 50,000.00$ LS 1.0 50,000.00$ 1.0 50,000.00$ 0 -$ 0 -$
2 TRAFFIC CONTROL 10,000.00$ LS 0.0 -$ 0.0 -$ 0 -$ 0 -$
3 EROSION CONTROL INSTALLATION 1,188,000.00$ LS 0.0 -$ 0.0 -$ 1 1,188,000.00$ 0 -$
4 EROSION CONTROL INSPECTIONS 297,000.00$ LS 0.0 -$ 0.0 -$ 1 297,000.00$ 0 -$
5 MISC MISC. SITE PREP.200,000.00$ LS 1.0 200,000.00$ 0.5 100,000.00$ 0 -$ 0 -$
6 OVEREX IN LOTS & 5' FROM FL IN STREETS AND ALLEYS 3.30$ CY 1,060,000.0 3,498,000.00$ 0.0 -$ 0 -$ 0 -$
7 STRIP AND STOCKPILE TOPSOIL 2.90$ CY 37,000.0 107,300.00$ 0.0 -$ 0 -$ 0 -$
8 OVERLOT CUT OF FILL 3.30$ CY 0.0 -$ 450,000.0 1,485,000.00$ 0 -$ 0 -$
9 ROUGH GRADE SITE 0.40$ SY 0.0 -$ 340,078.0 136,031.20$ 0 -$ 0 -$
10 RELAY TOPSOIL 3.50$ CY 0.0 -$ 37,000.0 129,500.00$ 0 -$ 0 -$
TOTAL = 3,855,300.00$ TOTAL = 1,900,531.20$ TOTAL = 1,485,000.00$ TOTAL = -$
DISTRICT TOTAL* = 1,927,650.00$ DISTRICT TOTAL* = 950,265.60$ DISTRICT TOTAL* = 742,500.00$
GRADING TOTAL = 5,755,831.20$
DISTRICT GRADING TOTAL* = 2,877,915.60$
* District Grading & Erosion Control costs are half of the total costs EROSION CONTROL TOTAL = 1,485,000.00$
DISTRICT EROSION CONTROL TOTAL* = 742,500.00$
DESCRIPTION
LUTHERAN REDEVELOPMENT
GRADING & EROSION CONTROL
01.29.2025
OVEREX GRADING OVERLOT GRADING EROSION CONTROL
UNIT ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST
1 MOBILIZATION 20,000.00$ LS 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 0.0 -$
2 TRAFFIC CONTROL 10,000.00$ LS 1.0 10,000.00$ 1.0 10,000.00$ 1.0 10,000.00$ 0.0 -$
3 8" PVC 99.00$ LF 11,730.0 1,161,270.00$ 1936.0 191,664.00$ 1330.0 131,670.00$ 0.0 -$
4 4' MANHOLE 9,880.00$ EA 73.0 721,240.00$ 12.0 118,560.00$ 3.0 29,640.00$ 0.0 -$
5 8" PVC END CAP 585.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
6 4" SANITARY SERVICES 2,340.00$ EA 300.0 702,000.00$ 115.0 269,100.00$ 0.0 -$ 0.0 -$
7 6" PVC SOLID UNDERDRAIN - SAME TRENCH 38.00$ LF 11,730.0 445,740.00$ 1936.0 73,568.00$ 131.0 4,978.00$ 0.0 -$
8 UNDERDRAIN CLEANOUTS (2.5/MH)1,755.00$ EA 182.0 319,410.00$ 30.0 52,650.00$ 6.0 10,530.00$ 0.0 -$
9 4" UNDERDRAIN SERVICES - SAME TRENCH 2,340.00$ EA 300.0 702,000.00$ 115.0 269,100.00$ 0.0 -$ 0.0 -$
10 SLIP-LINING EXISTING CLAY PIPE SEWER 200.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 4,500.0 900,000.00$
11 CONNECT TO EXISTING 6,000.00$ EA 6.0 36,000.00$ 2.0 12,000.00$ 2.0 12,000.00$ 0.0 -$
TOTAL = 4,117,660.00$ TOTAL = 1,016,642.00$ TOTAL = 218,818.00$ TOTAL = 900,000.00$
SANITARY TOTAL = 6,253,120.00$
DESCRIPTION
LUTHERAN REDEVELOPMENT
SANITARY SEWER
01.29.2025
SINGLE FAMILY TOWNHOMES APARTMENTS LUTHERAN PKWY
UNIT ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST
1 MOBILIZATION 20,000.00$ LS 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$
2 TRAFFIC CONTROL 10,000.00$ LS 1.0 10,000.00$ 1.0 10,000.00$ 1.0 10,000.00$ 0.0 -$ 0.0 -$
3 5' TYPE R INLET 9,750.00$ EA 0.0 -$ 0.0 -$ 12.0 117,000.00$ 0.0 -$ 0.0 -$
4 10' TYPE R INLET 13,650.00$ EA 18.0 245,700.00$ 7.0 95,550.00$ 3.0 40,950.00$ 0.0 -$ 0.0 -$
5 15' TYPE R INLET 16,250.00$ EA 6.0 97,500.00$ 0.0 -$ 1.0 16,250.00$ 0.0 -$ 0.0 -$
6 TYPE C INLET 6,240.00$ EA 9.0 56,160.00$ 1.0 6,240.00$ 9.0 56,160.00$ 0.0 -$ 0.0 -$
7 TYPE D INLET 6,500.00$ EA 2.0 13,000.00$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
8 TYPE 13 INLET 6,500.00$ EA 8.0 52,000.00$ 3.0 19,500.00$ 0.0 -$ 0.0 -$ 0.0 -$
9 TRIPLE TYPE 13 INLET 19,500.00$ EA 4.0 78,000.00$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
10 MANHOLE (4' DIA)6,500.00$ EA 2.0 13,000.00$ 0.0 -$ 0.0 -$ 7.0 45,500.00$ 0.0 -$
11 MANHOLE (5' DIA)9,100.00$ EA 17.0 154,700.00$ 3.0 27,300.00$ 23.0 209,300.00$ 0.0 -$ 0.0 -$
12 MANHOLE (6' DIA)11,050.00$ EA 12.0 132,600.00$ 3.0 33,150.00$ 5.0 55,250.00$ 7.0 77,350.00$ 12.0 132,600.00$
13 ROCKY MOUNTAIN DITCH LATERAL PVC PIPE 95.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 736.0 69,920.00$ 0.0 -$
14 PVC AREA DRAIN SYSTEM 130,000.00$ EA 0.0 -$ 0.0 -$ 1.1 143,000.00$ 0.0 -$ 0.0 -$
15 18" DIA. RCP 120.00$ LF 0.0 -$ 0.0 -$ 5,134.0 616,080.00$ 0.0 -$ 0.0 -$
16 24" DIA. RCP 133.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
17 30" DIA. RCP 187.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
18 36" DIA. RCP 215.00$ LF 5,954.0 1,280,110.00$ 1,286.0 276,490.00$ 0.0 -$ 0.0 -$ 0.0 -$
19 42" DIA. RCP 277.00$ LF 650.0 180,050.00$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
20 48" DIA. RCP 340.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 1,390.0 472,600.00$ 0.0 -$
21 60" DIA. RCP 410.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 1,890.0 774,900.00$
22 18" RCP FES W/ CUTOFF WALL 3,770.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
23 24" RCP FES W/ CUTOFF WALL 4,225.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
24 30" RCP FES W/CUTOFF WALL 4,745.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
25 36" RCP FES W/CUTOFF WALL 5,200.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
26 48" RCP FES W/CUTOFF WALL 5,980.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
27 TYPE VL SOIL RIPRAP CHANNELS 72.00$ SY 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
28 OVERFLOW CUTOFF WALL 175.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 485.0 84,875.00$
29 SPILLWAY TYPE M RIPRAP 75.00$ SY 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 803.0 60,225.00$
30 OUTLET STRUCTURE W/MICROPOOL 52,000.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 4.0 208,000.00$
31 CONCRETE FOREBAY 52,000.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 8.0 416,000.00$
32 OUTFALL TYPE M RIPRAP 52.00$ SY 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
33 MAINTENANCE ACCESS (10' WIDE CONCRETE) 91.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 925.0 84,175.00$
34 TRICKLE CHANNEL (4' WIDE W/6" CURB HEAD) 250.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 1,234.0 308,500.00$
34 UNDERGROUND DETENTION & INFILTRATION SYSTEM 10.00$ CF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 130,680.0 1,306,800.00$
TOTAL = 2,332,820.00$ TOTAL = 488,230.00$ TOTAL = 1,283,990.00$ TOTAL = 685,370.00$ TOTAL = 3,396,075.00$
STORM SEWER TOTAL = 8,186,485.00$
REGIONAL (PONDS)
LUTHERAN REDEVELOPMENT
STORM SEWER
01.29.2025
DESCRIPTION
SINGLE FAMILY TOWNHOMES APARTMENTS ROCKY MOUNTAIN DITCH
UNIT ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST
1 MOBILIZATION 20,000.00$ LS 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 0 -$
2 TRAFFIC CONTROL 10,000.00$ LS 1.0 10,000.00$ 1.0 10,000.00$ 1.0 10,000.00$ 0 -$
3 8" PVC WATERLINE 73.00$ LF 12,370.0 903,010.00$ 2,038.0 148,774.00$ 2,063.0 150,599.00$ 0 -$
4 12" PVC WATERLINE 110.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
5 8" GATE VALVE 3,796.00$ EA 110.0 417,560.00$ 22.0 83,512.00$ 14.3 54,282.80$ 0 -$
6 12" GATE VALVE 6,747.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
7 8"X8" TEE 1,612.00$ EA 28.0 45,136.00$ 4.0 6,448.00$ 2.2 3,546.40$ 0 -$
8 12"X12" TEE 2,373.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
9 12"X8" TEE 2,340.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
10 8"X8" CROSS 1,720.00$ EA 3.0 5,160.00$ 2.0 3,440.00$ 1.1 1,892.00$ 0 -$
11 12"X12" CROSS 2,002.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
12 8" BENDS (11.25, 22.5, 45,90)1,092.00$ EA 36.0 39,312.00$ 4.0 4,368.00$ 11.0 12,012.00$ 0 -$
13 12" BENDS (11.25, 22.5, 45,90)1,976.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
14 12"X8" REDUCER 1,475.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
15 8" DEPRESSION 4,509.00$ EA 19.0 85,671.00$ 6.0 27,054.00$ 4.4 19,839.60$ 0 -$
16 12" DEPRESSION 6,100.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
17 8" ARV W/VAULT 10,390.00$ EA 13.0 135,070.00$ 3.0 31,170.00$ 0.0 -$ 0 -$
18 FIRE HYDRANT ASSEMBLY 11,583.00$ EA 23.0 266,409.00$ 7.0 81,081.00$ 9.9 114,671.70$ 0 -$
19 CAP W/BLOWOFF 2,990.00$ EA 0.0 -$ 0.0 -$ 0.0 -$ 0 -$
20 3/4" WATER SERVICE 5,170.00$ EA 300.0 1,551,000.00$ 115.0 594,550.00$ 0.0 -$ 0 -$
21 3/4" NON-POT SERVICE 5,170.00$ EA 4.0 20,680.00$ 2.0 10,340.00$ 3.0 15,510.00$ 0 -$
22 1.5" IRRIGATION SERVICE 5,170.00$ EA 4.0 20,680.00$ 2.0 10,340.00$ 3.0 15,510.00$ 0 -$
23 6" WATER SERVICE 30,000.00$ EA 0.0 -$ 0.0 -$ 6.0 180,000.00$ 0 -$
24 CONNECT TO EXISTING 3,250.00$ EA 10.0 32,500.00$ 1.0 3,250.00$ 1.0 3,250.00$ 0 -$
TOTAL = 3,552,188.00$ TOTAL = 1,034,327.00$ TOTAL = 601,113.50$ TOTAL = -$
WATERLINE TOTAL = 5,187,628.50$
DESCRIPTION
LUTHERAN REDEVELOPMENT
WATERLINE
01.29.2025
SINGLE FAMILY TOWNHOMES APARTMENTS
UNIT ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST
1 MOBILIZATION 20,000.00$ LS 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 2.0 40,000.00$
2 TRAFFIC CONTROL 10,000.00$ LS 1.0 10,000.00$ 1.0 10,000.00$ 1.0 10,000.00$ 1.0 10,000.00$ 1.0 10,000.00$
3 6IN VERTICAL CURB & GUTTER 2' PAN 27.00$ LF 385.0 10,395.00$ 0.0 -$ 1,367.0 36,909.00$ 8,078.0 218,106.00$ 2,008.0 54,216.00$
5 6IN MEDIAN CURB & GUTTER 1' PAN 68.00$ LF 0.0 -$ 803.0 54,604.00$ 334.0 22,712.00$ 0.0 -$ 0.0 -$
6 4IN MOUNTABLE CURB & GUTTER 2' PAN 64.00$ LF 9,840.0 629,760.00$ 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$
7 PARKING LOT CURB 64.00$ LF 0.0 -$ 0.0 -$ 8,329.0 533,056.00$ 0.0 -$ 0.0 -$
8 ROUNDABOUT CURB 64.00$ LF 0.0 -$ 0.0 -$ 145.0 9,280.00$ 0.0 -$ 0.0 -$
9 ROUNDABOUT CONCRETE 23.00$ SF 0.0 -$ 0.0 -$ 1,523.0 35,029.00$ 0.0 -$ 0.0 -$
10 CONCRETE ALLEY (8" THICK)13.00$ SF 185,315.0 2,409,095.00$ 38,713.0 503,269.00$ 0.0 -$ 0.0 -$ 0.0 -$
11 5' WIDE X 6" THICK SIDEWALK (ADJACENT TO STREETS) 42.00$ LF 7,517.0 315,714.00$ 535.0 22,470.00$ 2,185.0 91,770.00$ 0.0 -$ 0.0 -$
12 5' WIDE X 6" THICK CONCRETE TRAIL 42.00$ LF 8,776.0 368,592.00$ 2,593.0 108,906.00$ 3,452.0 144,984.00$ 0.0 -$ 0.0 -$
13 6' WIDE X 6" THICK SIDEWALK (ADJACENT TO STREETS) 59.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 2,509.0 148,031.00$
14 8' WIDE X 6" THICK CONCRETE TRAIL 68.00$ LF 1,279.0 86,972.00$ 1,152.0 78,336.00$ 2,803.0 190,604.00$ 0.0 -$ 0.0 -$
15 8' WIDE X 6" THICK SIDEWALK (ADJACENT TO STREETS) 68.00$ LF 0.0 -$ 0.0 -$ 1,784.0 121,312.00$ 8,181.0 556,308.00$ 1,518.0 103,224.00$
16 8" CROSSPAN (532 SF)14.00$ SF 1,755.0 24,570.00$ 1,170.0 16,380.00$ 0.0 -$ 7,607.0 106,498.00$ 0.0 -$
17 HANDICAP RAMPS (30SF)2,535.00$ EA 37.0 93,795.00$ 5.0 12,675.00$ 0.0 -$ 45.0 114,075.00$ 11.0 27,885.00$
18 PREP, COMPACTION & BACKFILL LF 6.50$ LF 27,797.0 180,680.50$ 5,083.0 33,039.50$ 20,399.0 132,593.50$ 16,259.0 105,683.50$ 3,526.0 22,919.00$
19 PREP, COMPACTION & BACKFILL SF 1.60$ SF 187,070.0 299,312.00$ 39,883.0 63,812.80$ 1,523.0 2,436.80$ 7,607.0 12,171.20$ 0.0 -$
20 FIBERMESH 12.50$ CY 5,657.8 70,723.09$ 1,101.4 13,767.87$ 624.9 7,811.63$ 808.0 10,100.28$ 144.3 1,803.16$
21 ENVIRONMENTAL IMPACT FEE 3.25$ CY 5,657.8 18,388.00$ 1,101.4 3,579.65$ 624.9 2,031.02$ 808.0 2,626.07$ 144.3 468.82$
TOTAL = 4,537,996.60$ TOTAL = 940,839.81$ TOTAL = 1,360,528.95$ TOTAL = 1,155,568.06$ TOTAL = 408,546.98$
CONCRETE TOTAL = 8,403,480.40$
OFFSITE - DUDLEY, 38TH, 32ND
LUTHERAN REDEVELOPMENT
CONCRETE
01.29.2025
DESCRIPTION
SINGLE FAMILY TOWNHOMES APARTMENTS REGIONAL (PKWY)
UNIT ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL ENGINEER'S TOTAL
PRICE UNIT EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST EST. QUANT. COST
1 MOBILIZATION 20,000.00$ LS 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 1.0 20,000.00$ 2.0 40,000.00$
2 TRAFFIC CONTROL 10,000.00$ LS 0.0 -$ 0.0 -$ 0.0 -$ 1.0 10,000.00$ 4.0 40,000.00$
3 SUBGRADE PREP 5.30$ SY 19772.0 104,791.60$ 1,934.0 10,250.20$ 27,128.0 143,778.40$ 0.0 -$ 5,460.0 28,938.00$
4 8" ROAD BASE, 2' BEHIND FLOWLINE OF CURB/WALK 15.50$ SY 19,772.0 306,466.00$ 1,934.0 29,977.00$ 3,651.0 56,590.50$ 0.0 -$ 5,460.0 84,630.00$
5 8" PARKING LOT ROAD BASE, 2' BEHIND FLOWLINE OF CURB/WALK 15.50$ SY 0.0 -$ 0.0 -$ 23,477.0 363,893.50$ 0.0 -$ 0.0 -$
6 5" ASPHALT 39.00$ SY 16,853.0 657,267.00$ 1,692.0 65,988.00$ 2,742.0 106,938.00$ 0.0 -$ 0.0 -$
7 8" ASPHALT 65.00$ SY 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 2,811.0 182,715.00$
8 5" PARKING LOT ASPHALT 39.00$ SY 0.0 -$ 0.0 -$ 19,545.0 762,255.00$ 0.0 -$ 0.0 -$
9 ADJUST MANHOLES 1,005.00$ EA 40.0 40,200.00$ 5.0 5,025.00$ 18.0 18,090.00$ 3.3 3,316.50$ 0.0 -$
10 ADJUST VALVES 380.00$ EA 31.0 11,780.00$ 10.0 3,800.00$ 10.0 3,800.00$ 40.0 15,200.00$ 22.0 8,360.00$
11 ROTOMILL AND OVERLAY 18.50$ SY 0.0 -$ 0.0 -$ 0.0 -$ 27,678.0 512,043.00$ 0.0 -$
12 SAWCUT 5.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 1,505.0 7,525.00$ 3,556.0 17,780.00$
13 DEMO ASPHALT/ROAD BASE FOR UTILITY INSTALL 5.50$ SF 0.0 -$ 0.0 -$ 0.0 -$ 47,861.0 263,235.50$ 0.0 -$
14 DEMO PARKING LOT FOR UTILITY INSTALL 5.50$ SF 0.0 -$ 0.0 -$ 7,110.0 39,105.00$ 0.0 -$ 0.0 -$
16 PKWY ASPHALT AND ROADBASE R&R 58.00$ SY 0.0 -$ 0.0 -$ 0.0 -$ 5,317.0 308,386.00$ 0.0 -$
17 PARKING LOT R&R FOR STORM SEWER INSTALL 58.00$ SF 0.0 -$ 0.0 -$ 2,200.0 127,600.00$ 0.0 -$ 0.0 -$
18 SPECIAL PROVISIONS FOR OFFSITE WIDENINGS 130,000.00$ LS 0.0 -$ 0.0 -$ 0.0 -$ 0.0 -$ 2.0 260,000.00$
19 SIGNAGE (PER CENTERLINE LENGTH)4.00$ LF 12,013.0 48,052.00$ 1,942.0 7,768.00$ 1,355.0 5,420.00$ 5,398.0 21,592.00$ 3,556.0 14,224.00$
20 STRIPING (PER CENTERLINE LENGTH)25.00$ LF 0.0 -$ 0.0 -$ 0.0 -$ 5,398.0 134,950.00$ 3,233.0 80,825.00$
21 PARKING LOT STRIPING 65,000.00$ LS 0.0 -$ 0.0 -$ 2.5 162,500.00$ 0.0 -$ 0.0 -$
TOTAL = 1,188,556.60$ TOTAL = 142,808.20$ TOTAL = 1,809,970.40$ TOTAL = 1,296,248.00$ TOTAL = 757,472.00$
ASPHALT TOTAL = 5,195,055.20$
OFFSITE - DUDLEY, 38TH, 32ND
LUTHERAN REDEVELOPMENT
ASPHALT
01.29.2025
DESCRIPTION
SINGLE FAMILY TOWNHOMES APARTMENTS REGIONAL (PKWY)
TRACT AREA USE COST/SF TOTAL COST
A 24,721 BUFFER/LANDSCAPE 8.75$ 216,308.75$ B 7,795 GREENWAY/LANDSCAPE 7.85$ 61,190.75$
C 7,646 GREENWAY/LANDSCAPE 7.85$ 60,021.10$ D 11,270 GREENWAY/LANDSCAPE 7.85$ 88,469.50$
E 24,655 POCKET PARK 18.00$ 443,790.00$ F 35,486 POCKET PARK 18.00$ 638,748.00$
G 3,802 GREENWAY/LANDSCAPE 7.85$ 29,845.70$ H 3,802 GREENWAY/LANDSCAPE 7.85$ 29,845.70$
I 40,373 GREENWAY/LANDSCAPE 7.85$ 316,928.05$
K 13,287 BUFFER/LANDSCAPE 6.75$ 89,687.25$
L 5,655 POCKET PARK 18.00$ 101,790.00$
M 19,981 POCKET PARK 18.00$ 359,658.00$
N 41,158 POCKET PARK 18.00$ 740,844.00$
O 30,497 BUFFER/LANDSCAPE 6.75$ 205,854.75$
W 82,818 PLAZA/BUFFER/LANDSCAPE 44.00$ 3,643,992.00$
AA 135,623 LINEAR PARKWAY 22.50$ 3,051,517.50$ BB 54,680 PLAZA/POND HARDSCAPE 37.50$ 2,050,500.00$
CC 152,726 OPEN SPACE/TRAILS/DRAINAGE 4.50$ 687,267.00$ DD 5,140 GREENWAY/LANDSCAPE 7.85$ 40,349.00$
EE 5,044 GREENWAY/LANDSCAPE 7.85$ 39,595.40$ FF 134,595 OPEN SPACE/TRAILS/DRAINAGE 5.75$ 773,921.25$
GG 3,718 ENTRY LANDSCAPE 12.50$ 46,475.00$ TOTAL 844,472 13,716,598.70$
J 26,829 BUFFER/LANDSCAPE 7.85$ 210,607.65$
P 26,370 BUFFER/LANDSCAPE 5.75$ 151,627.50$ Q 8,797 POCKET PARK 18.00$ 158,346.00$
R 6,225 POCKET PARK 18.00$ 112,050.00$ S 11,809 POCKET PARK 18.00$ 212,562.00$
T 7,454 POCKET PARK 18.00$ 134,172.00$ U 24,145 BUFFER/LANDSCAPE 5.75$ 138,833.75$
V 21,517 POCKET PARK/FOUNTAINS/FEATURES 45.00$ 968,265.00$
X 13,725 POCKET PARK 18.00$ 247,050.00$
Y 17,224 POCKET PARK 18.00$ 310,032.00$
Z 16,455 BUFFER/LANDSCAPE 5.75$ 94,616.25$
TOTAL 180,550 2,738,162.15$
UNIT QTY DESCRIPTION UNIT PRICE TOTAL COST
EA 4 ENTRY MONUMENT 325,000.00$ 1,300,000.00$
LF 8,397 FENCING 27.00$ 226,719.00$ SF 144,939 STREETSCAPE 11.50$ 1,666,798.50$
TOTAL 3,193,517.50$
19,648,278.35$ 3,929,655.67$
23,577,934.02$
20% MOBILIZATION & CONTINGENCYLUTHERAN PROPERTY LANDSCAPE IMPROVEMENTS GRAND TOTAL
LUTHERAN PROPERTY COST ESTIMATE
SITE LANDSCAPE IMPROVEMENTS
SUBTOTAL
TRACT LANDSCAPE IMPROVEMENTS
LANDSCAPE IMPROVEMENTS WITH MULTI-FAMILY OR EXISTING BUILDING
ESTIMATE PROVIDED BY PCS GROUP
F-1
EXHIBIT F
Financial Plan
Legacy Metropolitan District Nos. 1-12
Jefferson County, Colorado
~~~
General Obligation & Tax Increment Revenue Bonds, Series 2025
General Obligation Refunding & Improvement Bonds, Series 2035
~~~
Service Plan
Bond Assumptions Series 2025 Series 2035 Total
Closing Date 12/1/2025 12/1/2035
First Call Date 12/1/2030 12/1/2040
Final Maturity 12/1/2055 12/1/2065
Discharge Date 12/2/2065 12/2/2065
Sources of Funds
Par Amount 75,745,000 88,545,000
Funds on Hand 0 10,940,000
Total 75,745,000 99,485,000
Uses of Funds
Project Fund 56,509,350 26,824,275 83,333,625
Refunding Escrow 0 65,985,000
Capitalized Interest 11,361,750 0
Reserve Fund 0 6,033,000
Surplus Deposit 6,059,000 0
Cost of Issuance 1,814,900 642,725
Total 75,745,000 99,485,000
Debt Features
Projected Coverage at Mill Levy Cap 1.00x 1.00x
Tax Status Tax-Exempt Tax-Exempt
Interest Payment Type Current Current
Rating Non-Rated Non-Rated
Coupon (Interest Rate)5.000%4.000%
Annual Trustee Fee $4,000 $4,000
Biennial Reassessment
Residential 2.00%2.00%
Tax Authority Assumptions
Metropolitan District Revenue
Service Plan
Service Plan Base Year 2025
Debt Service Mills
Service Plan Mill Levy Cap 67.000
Specific Ownership Tax 6.00%
County Treasurer Fee 1.50%
U.R.A. Debt Service Mills
Base Assessed Value $0
Base Year 2026
U.R.A. Mill Levy 48.723
Through 2050
Taxing Authorities Mill Levy Proportion Contribution
R1 School General Fund 44.526 61% 27.000
Wheat Ridge 1.830 100% 1.830
West Metro Fire Protection 12.807 50% 6.404
County General Fund 26.978 50% 13.489
2/3/2025
1
Legacy Metropolitan District Nos. 1-12
Development Summary
Single Family
PA-2 PA-3 PA-4 PA-4 PA-4 PA-5 PA-5 PA-6 Total
Statutory Actual
Value (2024)$680,000 $680,000 $900,000 $800,000 $725,000 $1,200,000 $1,200,000 $725,000
2025 ---------
2026 89 26 36 39 90 42 27 66 415
2027 ---------
2028 ---------
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Total Units 89 26 36 39 90 42 27 66 415
Total Statutory
Actual Value $60,520,000 $17,680,000 $32,400,000 $31,200,000 $65,250,000 $50,400,000 $32,400,000 $47,850,000 $337,700,000
B Legacy MD Nos. 1-12 Service Plan 02.03.25.xlsx Dev 2/3/20252
Statutory Actual
Value (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
2061
2062
2063
2064
2065
Total Units
Total Statutory
Actual Value
Legacy Metropolitan District Nos. 1-12
Development Summary
Multi Family
PA-1PA-2PA-7-----Total
$300,000 $300,000 $300,000 -----
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-242------242
--321-----321
332-------332
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332242321-----895
$99,600,000 $72,600,000 $96,300,000 -----$268,500,000
B Legacy MD Nos. 1-12 Service Plan 02.03.25.xlsx Dev 2/3/20253
Legacy Metropolitan District Nos. 1-12
Assessed Value
Vacant and Improved Land1 Residential Total
Cumulative Statutory
Actual Value
Assessed Value in
Collection Year
Residential Parcels
Delivered
Biennial
Reassessment Actual Value Reduction per Unit Total Reduction Statutory Value Assessment Rate
Assessed Value in
Collection Year
Assessed Value in
Collection Year
2 Year Lag (70,000)2 Year Lag 2 Year Lag
2.00% Inflated at 2.86%
2025 41,030,000 0 - - 0 (70,000) 0 0 6.700% 0 0
2026 9,630,000 0 416 - 426,876,120 (72,002) (29,952,832) 396,923,288 6.250%0 0
2027 9,960,000 10,257,500 1 - 529,070,450 (74,061) (30,883,544) 498,186,906 6.800%0 10,257,500
2028 0 2,407,500 1 10,581,409 647,462,103 (76,179) (31,842,993) 615,619,110 6.800% 26,990,784 29,398,284
2029 0 2,490,000 -- 647,462,103 (78,358) (32,753,703) 614,708,400 6.800% 33,876,710 36,366,710
2030 0 0 - 12,949,242 660,411,345 (80,599) (33,690,459) 626,720,886 6.800% 41,862,099 41,862,099
2031 0 0 -- 660,411,345 (82,904) (34,654,006) 625,757,339 6.800% 41,800,171 41,800,171
2032 0 0 - 13,208,227 673,619,571 (85,275) (35,645,110) 637,974,461 6.800% 42,617,020 42,617,020
2033 0 0 -- 673,619,571 (87,714) (36,664,560) 636,955,011 6.800% 42,551,499 42,551,499
2034 0 0 - 13,472,391 687,091,963 (90,223) (37,713,167) 649,378,796 6.800% 43,382,263 43,382,263
2035 0 0 -- 687,091,963 (92,803) (38,791,763) 648,300,200 6.800% 43,312,941 43,312,941
2036 0 0 - 13,741,839 700,833,802 (95,457) (39,901,208) 660,932,594 6.800% 44,157,758 44,157,758
2037 0 0 -- 700,833,802 (98,188) (41,042,382) 659,791,420 6.800% 44,084,414 44,084,414
2038 0 0 - 14,016,676 714,850,478 (100,996) (42,216,194) 672,634,284 6.800% 44,943,416 44,943,416
2039 0 0 -- 714,850,478 (103,884) (43,423,578) 671,426,901 6.800% 44,865,817 44,865,817
2040 0 0 - 14,297,010 729,147,488 (106,855) (44,665,492) 684,481,996 6.800% 45,739,131 45,739,131
2041 0 0 -- 729,147,488 (109,911) (45,942,925) 683,204,563 6.800% 45,657,029 45,657,029
2042 0 0 - 14,582,950 743,730,438 (113,055) (47,256,893) 696,473,545 6.800% 46,544,776 46,544,776
2043 0 0 -- 743,730,438 (116,288) (48,608,440) 695,121,998 6.800% 46,457,910 46,457,910
2044 0 0 - 14,874,609 758,605,046 (119,614) (49,998,641) 708,606,405 6.800% 47,360,201 47,360,201
2045 0 0 -- 758,605,046 (123,035) (51,428,602) 707,176,444 6.800% 47,268,296 47,268,296
2046 0 0 - 15,172,101 773,777,147 (126,554) (52,899,460) 720,877,687 6.800% 48,185,236 48,185,236
2047 0 0 -- 773,777,147 (130,173) (54,412,385) 719,364,762 6.800% 48,087,998 48,087,998
2048 0 0 - 15,475,543 789,252,690 (133,896) (55,968,579) 733,284,111 6.800% 49,019,683 49,019,683
2049 0 0 -- 789,252,690 (137,726) (57,569,280) 731,683,410 6.800% 48,916,804 48,916,804
2050 0 0 - 15,785,054 805,037,744 (141,665) (59,215,762) 745,821,982 6.800% 49,863,320 49,863,320
2051 0 0 -- 805,037,744 (145,716) (60,909,333) 744,128,411 6.800% 49,754,472 49,754,472
2052 0 0 - 16,100,755 821,138,499 (149,884) (62,651,340) 758,487,159 6.800% 50,715,895 50,715,895
2053 0 0 -- 821,138,499 (154,170) (64,443,168) 756,695,331 6.800% 50,600,732 50,600,732
2054 0 0 - 16,422,770 837,561,269 (158,580) (66,286,243) 771,275,026 6.800% 51,577,127 51,577,127
2055 0 0 -- 837,561,269 (163,115) (68,182,029) 769,379,240 6.800% 51,455,283 51,455,283
2056 0 0 - 16,751,225 854,312,494 (167,780) (70,132,035) 784,180,459 6.800% 52,446,702 52,446,702
2057 0 0 -- 854,312,494 (172,578) (72,137,811) 782,174,683 6.800% 52,317,788 52,317,788
2058 0 0 - 17,086,250 871,398,744 (177,514) (74,200,953) 797,197,791 6.800% 53,324,271 53,324,271
2059 0 0 -- 871,398,744 (182,591) (76,323,100) 795,075,644 6.800% 53,187,878 53,187,878
2060 0 0 - 17,427,975 888,826,719 (187,813) (78,505,941) 810,320,778 6.800% 54,209,450 54,209,450
2061 0 0 -- 888,826,719 (193,185) (80,751,210) 808,075,508 6.800% 54,065,144 54,065,144
2062 0 0 - 17,776,534 906,603,253 (198,710) (83,060,695) 823,542,558 6.800% 55,101,813 55,101,813
2063 0 0 -- 906,603,253 (204,393) (85,436,231) 821,167,022 6.800% 54,949,135 54,949,135
2064 0 0 - 18,132,065 924,735,318 (210,239) (87,879,707) 836,855,611 6.800% 56,000,894 56,000,894
2065 0 0 -- 924,735,318 (216,251) (90,393,067) 834,342,252 6.800% 55,839,358 55,839,358
Total 418 287,854,625
1. Vacant land value calculated in year prior to construction as 10% build-out market value
B Legacy MD Nos. 1-12 Service Plan 02.03.25.xlsx #1 AV 2/3/20254
Legacy Metropolitan District Nos. 1-12
Revenue
Total District Mill Levy Revenue U.R.A. Mill Levy Revenue
Assessed Value in
Collection Year Debt Mill Levy1 Debt Mill Levy
Collections
Specific Ownership
Taxes
Assessed Value in
Collection Year
Base Assessed
Value
Net Assessed
Value
R1 School General
Fund Wheat Ridge
67.000 Cap 99.50%6.00%$0 44.526 Mills 1.830 Mills
67.000 Target Inflated at 0.00%60.64% 100.00%
2025 00.0000000000
2026 067.0000000000
2027 10,257,500 74.772 763,139 45,788 10,257,500 0 10,257,500 276,953 18,771
2028 29,398,284 71.306 2,085,779 125,147 29,398,284 0 29,398,284 793,754 53,799
2029 36,366,710 70.426 2,548,374 152,902 36,366,710 0 36,366,710 981,901 66,551
2030 41,862,099 69.429 2,891,925 173,516 41,862,099 0 41,862,099 1,130,277 76,608
2031 41,800,171 69.532 2,891,925 173,516 41,800,171 0 41,800,171 1,128,605 76,494
2032 42,617,020 69.563 2,949,764 176,986 42,617,020 0 42,617,020 1,150,660 77,989
2033 42,551,499 69.671 2,949,764 176,986 42,551,499 0 42,551,499 1,148,890 77,869
2034 43,382,263 69.703 3,008,759 180,526 43,382,263 0 43,382,263 1,171,321 79,390
2035 43,312,941 69.815 3,008,759 180,526 43,312,941 0 43,312,941 1,169,449 79,263
2036 44,157,758 69.849 3,068,934 184,136 44,157,758 0 44,157,758 1,192,259 80,809
2037 44,084,414 69.965 3,068,934 184,136 44,084,414 0 44,084,414 1,190,279 80,674
2038 44,943,416 70.000 3,130,313 187,819 44,943,416 0 44,943,416 1,213,472 82,246
2039 44,865,817 70.121 3,130,313 187,819 44,865,817 0 44,865,817 1,211,377 82,104
2040 45,739,131 70.158 3,192,919 191,575 45,739,131 0 45,739,131 1,234,957 83,703
2041 45,657,029 70.284 3,192,919 191,575 45,657,029 0 45,657,029 1,232,740 83,552
2042 46,544,776 70.322 3,256,777 195,407 46,544,776 0 46,544,776 1,256,709 85,177
2043 46,457,910 70.454 3,256,777 195,407 46,457,910 0 46,457,910 1,254,364 85,018
2044 47,360,201 70.494 3,321,913 199,315 47,360,201 0 47,360,201 1,278,725 86,669
2045 47,268,296 70.631 3,321,913 199,315 47,268,296 0 47,268,296 1,276,244 86,501
2046 48,185,236 70.673 3,388,351 203,301 48,185,236 0 48,185,236 1,301,001 88,179
2047 48,087,998 70.816 3,388,351 203,301 48,087,998 0 48,087,998 1,298,376 88,001
2048 49,019,683 70.859 3,456,118 207,367 49,019,683 0 49,019,683 1,323,531 89,706
2049 48,916,804 71.008 3,456,118 207,367 48,916,804 0 48,916,804 1,320,754 89,518
2050 49,863,320 71.053 3,525,241 211,514 49,863,320 0 49,863,320 1,346,310 91,250
2051 49,754,472 71.209 3,525,241 211,514 49,754,472 0 49,754,472 0 0
2052 50,715,895 71.256 3,595,745 215,745 50,715,895 0 50,715,895 0 0
2053 50,600,732 71.418 3,595,745 215,745 50,600,732 0 50,600,732 0 0
2054 51,577,127 71.468 3,667,660 220,060 51,577,127 0 51,577,127 0 0
2055 51,455,283 71.637 3,667,660 220,060 51,455,283 0 51,455,283 0 0
2056 52,446,702 71.688 3,741,013 224,461 52,446,702 0 52,446,702 0 0
2057 52,317,788 71.865 3,741,013 224,461 52,317,788 0 52,317,788 0 0
2058 53,324,271 71.919 3,815,834 228,950 53,324,271 0 53,324,271 0 0
2059 53,187,878 72.103 3,815,834 228,950 53,187,878 0 53,187,878 0 0
2060 54,209,450 72.159 3,892,150 233,529 54,209,450 0 54,209,450 0 0
2061 54,065,144 72.352 3,892,150 233,529 54,065,144 0 54,065,144 0 0
2062 55,101,813 72.410 3,969,993 238,200 55,101,813 0 55,101,813 0 0
2063 54,949,135 72.612 3,969,993 238,200 54,949,135 0 54,949,135 0 0
2064 56,000,894 72.673 4,049,393 242,964 56,000,894 0 56,000,894 0 0
2065 55,839,358 72.883 4,049,393 242,964 55,839,358 0 55,839,358 0 0
Total 129,242,899 7,754,574 27,882,907 1,889,842
1. Subject to adjustment based on changes in assessment methodology
B Legacy MD Nos. 1-12 Service Plan 02.03.25.xlsx #1 Rev 2/3/20255
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
2061
2062
2063
2064
2065
Total
Legacy Metropolitan District Nos. 1-12
Revenue
U.R.A. Mill Levy Revenue Expense Total
West Metro Fire
Protection
County General
Fund
Total U.R.A. Mill
Levy
U.R.A. Mill Levy
Collections
County Treasurer
Fee Annual Trustee Fee Revenue Available
for Debt Service
12.807 Mills 26.978 Mills 48.723 Mills 99.50% 1.50%
50.00% 50.00% 56.56% Share Through 2050
000.0000000
0 0 27.558 0 0 (4,000)(4,000)
65,684 138,363 27.558 497,272 (18,906)(4,000) 1,283,293
188,252 396,553 27.558 1,425,196 (52,665)(4,000) 3,579,457
232,874 490,551 27.558 1,763,018 (64,671)(4,000) 4,395,623
268,064 564,678 27.558 2,029,428 (73,820)(4,000) 5,017,048
267,667 563,843 27.558 2,026,426 (73,775)(4,000) 5,014,091
272,898 574,861 27.558 2,066,026 (75,237)(4,000) 5,113,538
272,479 573,977 27.558 2,062,849 (75,189)(4,000) 5,110,410
277,798 585,183 27.558 2,103,124 (76,678)(4,000) 5,211,730
277,354 584,248 27.558 2,099,763 (76,628)(4,000) 5,208,420
282,764 595,644 27.558 2,140,719 (78,145)(4,000) 5,311,644
282,295 594,655 27.558 2,137,163 (78,091)(4,000) 5,308,142
287,795 606,242 27.558 2,178,807 (79,637)(4,000) 5,413,302
287,298 605,195 27.558 2,175,045 (79,580)(4,000) 5,409,596
292,891 616,975 27.558 2,217,382 (81,155)(4,000) 5,516,722
292,365 615,868 27.558 2,213,402 (81,095)(4,000) 5,512,801
298,049 627,842 27.558 2,256,439 (82,698)(4,000) 5,621,925
297,493 626,671 27.558 2,252,228 (82,635)(4,000) 5,617,777
303,271 638,842 27.558 2,295,970 (84,268)(4,000) 5,728,929
302,683 637,602 27.558 2,291,514 (84,201)(4,000) 5,724,541
308,554 649,971 27.558 2,335,967 (85,865)(4,000) 5,837,754
307,931 648,659 27.558 2,331,253 (85,794)(4,000) 5,833,111
313,898 661,227 27.558 2,376,420 (87,488)(4,000) 5,948,417
313,239 659,839 27.558 2,371,432 (87,413)(4,000) 5,943,504
319,300 672,606 27.558 2,417,318 (89,138)(4,000) 6,060,935
0 0 27.558 0 (52,879)(4,000) 3,679,876
0 0 27.558 0 (53,936)(4,000) 3,753,554
0 0 27.558 0 (53,936)(4,000) 3,753,554
0 0 27.558 0 (55,015)(4,000) 3,828,705
0 0 27.558 0 (55,015)(4,000) 3,828,705
0 0 27.558 0 (56,115)(4,000) 3,905,359
0 0 27.558 0 (56,115)(4,000) 3,905,359
0 0 27.558 0 (57,238)(4,000) 3,983,546
0 0 27.558 0 (57,238)(4,000) 3,983,546
0 0 27.558 0 (58,382)(4,000) 4,063,297
0 0 27.558 0 (58,382)(4,000) 4,063,297
0 0 27.558 0 (59,550)(4,000) 4,144,643
0 0 27.558 0 (59,550)(4,000) 4,144,643
0 0 27.558 0 (60,741)(4,000) 4,227,616
0 0 27.558 0 (60,741)(4,000) 4,227,616
6,612,896 13,930,094 50,064,160 (2,689,606) (160,000) 184,212,027
B Legacy MD Nos. 1-12 Service Plan 02.03.25.xlsx #1 Rev 2/3/20256
Legacy Metropolitan District Nos. 1-12
Debt Service
Total Net Debt Service Surplus Fund Ratio Analysis
Series 2025 Series 2035 Total
Revenue Available
for Debt Service Dated: 12/1/2025 Dated: 12/1/2035 Annual Surplus Funds on Hand
Used as a Source
Cumulative
Balance1 Released Revenue Debt Service
Coverage
Senior Debt to
Assessed Value
Series 2025:
Par: $75,745,000 Par: $88,545,000 12,118,000
Proj: $56,509,350 Proj: $26,824,275 Series 2035:
Escr: $65,985,000 -
2025 0 0 0 0 6,059,000 0 n/a n/a
2026 (4,000) 0 0 (4,000) 6,055,000 0 n/a 738%
2027 1,283,293 0 0 1,283,293 7,338,293 0 n/a 258%
2028 3,579,457 0 0 3,579,457 10,917,751 0 n/a 208%
2029 4,395,623 4,392,250 4,392,250 3,373 10,921,123 0 100%179%
2030 5,017,048 5,012,000 5,012,000 5,048 10,926,172 0 100%177%
2031 5,014,091 5,009,250 5,009,250 4,841 10,931,013 0 100%170%
2032 5,113,538 5,113,500 5,113,500 38 10,931,051 0 100%167%
2033 5,110,410 5,109,250 5,109,250 1,160 10,932,211 0 100%160%
2034 5,211,730 5,206,500 5,206,500 5,230 10,937,441 0 100%157%
2035 5,208,420 5,205,000 0 5,205,000 3,420 10,940,000 0 861 100%201%
2036 5,311,644 Refunded 5,306,800 5,306,800 4,844 0 4,844 100%197%
2037 5,308,142 5,306,200 5,306,200 1,942 0 1,942 100%189%
2038 5,413,302 5,412,800 5,412,800 502 0 502 100%185%
2039 5,409,596 5,407,200 5,407,200 2,396 0 2,396 100%177%
2040 5,516,722 5,513,600 5,513,600 3,122 0 3,122 100%172%
2041 5,512,801 5,512,400 5,512,400 401 0 401 100%164%
2042 5,621,925 5,617,600 5,617,600 4,325 0 4,325 100%158%
2043 5,617,777 5,614,800 5,614,800 2,977 0 2,977 100%150%
2044 5,728,929 5,728,000 5,728,000 929 0 929 100%144%
2045 5,724,541 5,722,400 5,722,400 2,141 0 2,141 100%135%
2046 5,837,754 5,837,400 5,837,400 354 0 354 100%129%
2047 5,833,111 5,833,000 5,833,000 111 0 111 100%119%
2048 5,948,417 5,943,600 5,943,600 4,817 0 4,817 100%112%
2049 5,943,504 5,939,400 5,939,400 4,104 0 4,104 100%103%
2050 6,060,935 6,059,600 6,059,600 1,335 0 1,335 100%95%
2051 3,679,876 3,679,000 3,679,000 876 0 876 100%89%
2052 3,753,554 3,752,200 3,752,200 1,354 0 1,354 100%86%
2053 3,753,554 3,749,600 3,749,600 3,954 0 3,954 100%80%
2054 3,828,705 3,824,000 3,824,000 4,705 0 4,705 100%76%
2055 3,828,705 3,827,200 3,827,200 1,505 0 1,505 100%70%
2056 3,905,359 3,901,800 3,901,800 3,559 0 3,559 100%66%
2057 3,905,359 3,904,800 3,904,800 559 0 559 100%60%
2058 3,983,546 3,978,800 3,978,800 4,746 0 4,746 100%55%
2059 3,983,546 3,980,800 3,980,800 2,746 0 2,746 100%49%
2060 4,063,297 4,058,400 4,058,400 4,897 0 4,897 100%43%
2061 4,063,297 4,058,400 4,058,400 4,897 0 4,897 100%37%
2062 4,144,643 4,143,600 4,143,600 1,043 0 1,043 100%31%
2063 4,144,643 4,140,400 4,140,400 4,243 0 4,243 100%24%
2064 4,227,616 4,227,000 4,227,000 616 0 616 100%18%
2065 4,227,616 4,226,600 4,226,600 1,016 0 1,016 100%0%
Total 184,212,027 35,047,750 144,207,400 179,255,150 4,956,877 10,940,000 75,877
1. Assumes $6,059,000 Deposit to Surplus Fund at Closing
B Legacy MD Nos. 1-12 Service Plan 02.03.25.xlsx CI Debt Refg 2/3/20257
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
SOURCES AND USES OF FUNDS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Dated Date 12/01/2025
Delivery Date 12/01/2025
Sources:
Bond Proceeds:
Par Amount 75,745,000.00
75,745,000.00
Uses:
Project Fund Deposits:
Project Fund 56,509,350.00
Other Fund Deposits:
Capitalized Interest Fund 11,361,750.00
Surplus Deposit 6,059,000.00
17,420,750.00
Cost of Issuance:
Cost of Issuance 300,000.00
Delivery Date Expenses:
Underwriter's Discount 1,514,900.00
75,745,000.00
8
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
BOND SUMMARY STATISTICS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Dated Date 12/01/2025
Delivery Date 12/01/2025
Last Maturity 12/01/2055
Arbitrage Yield 5.000000%
True Interest Cost (TIC)5.170011%
Net Interest Cost (NIC)5.102011%
All-In TIC 5.204281%
Average Coupon 5.000000%
Average Life (years)19.606
Duration of Issue (years)12.134
Par Amount 75,745,000.00
Bond Proceeds 75,745,000.00
Total Interest 74,251,750.00
Net Interest 75,766,650.00
Total Debt Service 149,996,750.00
Maximum Annual Debt Service 6,059,500.00
Average Annual Debt Service 4,999,891.67
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 20.000000
Total Underwriter's Discount 20.000000
Bid Price 98.000000
Par Average Average
Bond Component Value Price Coupon Life
Term Bond Due 2055 75,745,000.00 100.000 5.000% 19.606
75,745,000.00 19.606
All-In Arbitrage
TIC TIC Yield
Par Value 75,745,000.00 75,745,000.00 75,745,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount (1,514,900.00) (1,514,900.00)
- Cost of Issuance Expense (300,000.00)
- Other Amounts
Target Value 74,230,100.00 73,930,100.00 75,745,000.00
Target Date 12/01/2025 12/01/2025 12/01/2025
Yield 5.170011%5.204281%5.000000%
9
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
BOND PRICING
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond Due 2055:
12/01/2026 5.000% 5.000% 100.000
12/01/2027 5.000% 5.000% 100.000
12/01/2028 5.000% 5.000% 100.000
12/01/2029 605,000 5.000% 5.000% 100.000
12/01/2030 1,255,000 5.000% 5.000% 100.000
12/01/2031 1,315,000 5.000% 5.000% 100.000
12/01/2032 1,485,000 5.000% 5.000% 100.000
12/01/2033 1,555,000 5.000% 5.000% 100.000
12/01/2034 1,730,000 5.000% 5.000% 100.000
12/01/2035 1,815,000 5.000% 5.000% 100.000
12/01/2036 2,010,000 5.000% 5.000% 100.000
12/01/2037 2,105,000 5.000% 5.000% 100.000
12/01/2038 2,315,000 5.000% 5.000% 100.000
12/01/2039 2,430,000 5.000% 5.000% 100.000
12/01/2040 2,660,000 5.000% 5.000% 100.000
12/01/2041 2,785,000 5.000% 5.000% 100.000
12/01/2042 3,035,000 5.000% 5.000% 100.000
12/01/2043 3,185,000 5.000% 5.000% 100.000
12/01/2044 3,455,000 5.000% 5.000% 100.000
12/01/2045 3,620,000 5.000% 5.000% 100.000
12/01/2046 3,915,000 5.000% 5.000% 100.000
12/01/2047 4,105,000 5.000% 5.000% 100.000
12/01/2048 4,430,000 5.000% 5.000% 100.000
12/01/2049 4,645,000 5.000% 5.000% 100.000
12/01/2050 4,995,000 5.000% 5.000% 100.000
12/01/2051 2,865,000 5.000% 5.000% 100.000
12/01/2052 3,080,000 5.000% 5.000% 100.000
12/01/2053 3,235,000 5.000% 5.000% 100.000
12/01/2054 3,470,000 5.000% 5.000% 100.000
12/01/2055 3,645,000 5.000% 5.000% 100.000
75,745,000
Dated Date 12/01/2025
Delivery Date 12/01/2025
First Coupon 06/01/2026
Par Amount 75,745,000.00
Original Issue Discount
Production 75,745,000.00 100.000000%
Underwriter's Discount (1,514,900.00) (2.000000%)
Purchase Price 74,230,100.00 98.000000%
Accrued Interest
Net Proceeds 74,230,100.00
10
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
NET DEBT SERVICE
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Capitalized
Period Total Interest Net
Ending Principal Coupon Interest Debt Service Fund Debt Service
12/01/2026 3,787,250 3,787,250 3,787,250
12/01/2027 3,787,250 3,787,250 3,787,250
12/01/2028 3,787,250 3,787,250 3,787,250
12/01/2029 605,000 5.000% 3,787,250 4,392,250 4,392,250
12/01/2030 1,255,000 5.000% 3,757,000 5,012,000 5,012,000
12/01/2031 1,315,000 5.000% 3,694,250 5,009,250 5,009,250
12/01/2032 1,485,000 5.000% 3,628,500 5,113,500 5,113,500
12/01/2033 1,555,000 5.000% 3,554,250 5,109,250 5,109,250
12/01/2034 1,730,000 5.000% 3,476,500 5,206,500 5,206,500
12/01/2035 1,815,000 5.000% 3,390,000 5,205,000 5,205,000
12/01/2036 2,010,000 5.000% 3,299,250 5,309,250 5,309,250
12/01/2037 2,105,000 5.000% 3,198,750 5,303,750 5,303,750
12/01/2038 2,315,000 5.000% 3,093,500 5,408,500 5,408,500
12/01/2039 2,430,000 5.000% 2,977,750 5,407,750 5,407,750
12/01/2040 2,660,000 5.000% 2,856,250 5,516,250 5,516,250
12/01/2041 2,785,000 5.000% 2,723,250 5,508,250 5,508,250
12/01/2042 3,035,000 5.000% 2,584,000 5,619,000 5,619,000
12/01/2043 3,185,000 5.000% 2,432,250 5,617,250 5,617,250
12/01/2044 3,455,000 5.000% 2,273,000 5,728,000 5,728,000
12/01/2045 3,620,000 5.000% 2,100,250 5,720,250 5,720,250
12/01/2046 3,915,000 5.000% 1,919,250 5,834,250 5,834,250
12/01/2047 4,105,000 5.000% 1,723,500 5,828,500 5,828,500
12/01/2048 4,430,000 5.000% 1,518,250 5,948,250 5,948,250
12/01/2049 4,645,000 5.000% 1,296,750 5,941,750 5,941,750
12/01/2050 4,995,000 5.000% 1,064,500 6,059,500 6,059,500
12/01/2051 2,865,000 5.000%814,750 3,679,750 3,679,750
12/01/2052 3,080,000 5.000%671,500 3,751,500 3,751,500
12/01/2053 3,235,000 5.000%517,500 3,752,500 3,752,500
12/01/2054 3,470,000 5.000%355,750 3,825,750 3,825,750
12/01/2055 3,645,000 5.000%182,250 3,827,250 3,827,250
75,745,000 74,251,750 149,996,750 11,361,750 138,635,000
11
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
BOND DEBT SERVICE
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2026 1,893,625 1,893,625
12/01/2026 1,893,625 1,893,625 3,787,250
06/01/2027 1,893,625 1,893,625
12/01/2027 1,893,625 1,893,625 3,787,250
06/01/2028 1,893,625 1,893,625
12/01/2028 1,893,625 1,893,625 3,787,250
06/01/2029 1,893,625 1,893,625
12/01/2029 605,000 5.000% 1,893,625 2,498,625 4,392,250
06/01/2030 1,878,500 1,878,500
12/01/2030 1,255,000 5.000% 1,878,500 3,133,500 5,012,000
06/01/2031 1,847,125 1,847,125
12/01/2031 1,315,000 5.000% 1,847,125 3,162,125 5,009,250
06/01/2032 1,814,250 1,814,250
12/01/2032 1,485,000 5.000% 1,814,250 3,299,250 5,113,500
06/01/2033 1,777,125 1,777,125
12/01/2033 1,555,000 5.000% 1,777,125 3,332,125 5,109,250
06/01/2034 1,738,250 1,738,250
12/01/2034 1,730,000 5.000% 1,738,250 3,468,250 5,206,500
06/01/2035 1,695,000 1,695,000
12/01/2035 1,815,000 5.000% 1,695,000 3,510,000 5,205,000
06/01/2036 1,649,625 1,649,625
12/01/2036 2,010,000 5.000% 1,649,625 3,659,625 5,309,250
06/01/2037 1,599,375 1,599,375
12/01/2037 2,105,000 5.000% 1,599,375 3,704,375 5,303,750
06/01/2038 1,546,750 1,546,750
12/01/2038 2,315,000 5.000% 1,546,750 3,861,750 5,408,500
06/01/2039 1,488,875 1,488,875
12/01/2039 2,430,000 5.000% 1,488,875 3,918,875 5,407,750
06/01/2040 1,428,125 1,428,125
12/01/2040 2,660,000 5.000% 1,428,125 4,088,125 5,516,250
06/01/2041 1,361,625 1,361,625
12/01/2041 2,785,000 5.000% 1,361,625 4,146,625 5,508,250
06/01/2042 1,292,000 1,292,000
12/01/2042 3,035,000 5.000% 1,292,000 4,327,000 5,619,000
06/01/2043 1,216,125 1,216,125
12/01/2043 3,185,000 5.000% 1,216,125 4,401,125 5,617,250
06/01/2044 1,136,500 1,136,500
12/01/2044 3,455,000 5.000% 1,136,500 4,591,500 5,728,000
06/01/2045 1,050,125 1,050,125
12/01/2045 3,620,000 5.000% 1,050,125 4,670,125 5,720,250
06/01/2046 959,625 959,625
12/01/2046 3,915,000 5.000%959,625 4,874,625 5,834,250
06/01/2047 861,750 861,750
12/01/2047 4,105,000 5.000%861,750 4,966,750 5,828,500
06/01/2048 759,125 759,125
12/01/2048 4,430,000 5.000%759,125 5,189,125 5,948,250
06/01/2049 648,375 648,375
12/01/2049 4,645,000 5.000%648,375 5,293,375 5,941,750
06/01/2050 532,250 532,250
12/01/2050 4,995,000 5.000%532,250 5,527,250 6,059,500
06/01/2051 407,375 407,375
12/01/2051 2,865,000 5.000%407,375 3,272,375 3,679,750
06/01/2052 335,750 335,750
12/01/2052 3,080,000 5.000%335,750 3,415,750 3,751,500
06/01/2053 258,750 258,750
12/01/2053 3,235,000 5.000%258,750 3,493,750 3,752,500
06/01/2054 177,875 177,875
12/01/2054 3,470,000 5.000%177,875 3,647,875 3,825,750
06/01/2055 91,125 91,125
12/01/2055 3,645,000 5.000%91,125 3,736,125 3,827,250
75,745,000 74,251,750 149,996,750 149,996,750
12
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
CALL PROVISIONS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Call Table: CALL
Call Date Call Price
12/01/2030 103.00
12/01/2031 102.00
12/01/2032 101.00
12/01/2033 100.00
13
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-25SP)
BOND SOLUTION
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION & TAX INCREMENT REVENUE BONDS, SERIES 2025
~~~
Service Plan
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2026 3,787,250 (3,787,250)(4,000)(4,000)
12/01/2027 3,787,250 (3,787,250)1,283,293 1,283,293
12/01/2028 3,787,250 (3,787,250)3,579,457 3,579,457
12/01/2029 605,000 4,392,250 4,392,250 4,395,623 3,373 100.08%
12/01/2030 1,255,000 5,012,000 5,012,000 5,017,048 5,048 100.10%
12/01/2031 1,315,000 5,009,250 5,009,250 5,014,091 4,841 100.10%
12/01/2032 1,485,000 5,113,500 5,113,500 5,113,538 38 100.00%
12/01/2033 1,555,000 5,109,250 5,109,250 5,110,410 1,160 100.02%
12/01/2034 1,730,000 5,206,500 5,206,500 5,211,730 5,230 100.10%
12/01/2035 1,815,000 5,205,000 5,205,000 5,208,420 3,420 100.07%
12/01/2036 2,010,000 5,309,250 5,309,250 5,311,644 2,394 100.05%
12/01/2037 2,105,000 5,303,750 5,303,750 5,308,142 4,392 100.08%
12/01/2038 2,315,000 5,408,500 5,408,500 5,413,302 4,802 100.09%
12/01/2039 2,430,000 5,407,750 5,407,750 5,409,596 1,846 100.03%
12/01/2040 2,660,000 5,516,250 5,516,250 5,516,722 472 100.01%
12/01/2041 2,785,000 5,508,250 5,508,250 5,512,801 4,551 100.08%
12/01/2042 3,035,000 5,619,000 5,619,000 5,621,925 2,925 100.05%
12/01/2043 3,185,000 5,617,250 5,617,250 5,617,777 527 100.01%
12/01/2044 3,455,000 5,728,000 5,728,000 5,728,929 929 100.02%
12/01/2045 3,620,000 5,720,250 5,720,250 5,724,541 4,291 100.08%
12/01/2046 3,915,000 5,834,250 5,834,250 5,837,754 3,504 100.06%
12/01/2047 4,105,000 5,828,500 5,828,500 5,833,111 4,611 100.08%
12/01/2048 4,430,000 5,948,250 5,948,250 5,948,417 167 100.00%
12/01/2049 4,645,000 5,941,750 5,941,750 5,943,504 1,754 100.03%
12/01/2050 4,995,000 6,059,500 6,059,500 6,060,935 1,435 100.02%
12/01/2051 2,865,000 3,679,750 3,679,750 3,679,876 126 100.00%
12/01/2052 3,080,000 3,751,500 3,751,500 3,753,554 2,054 100.05%
12/01/2053 3,235,000 3,752,500 3,752,500 3,753,554 1,054 100.03%
12/01/2054 3,470,000 3,825,750 3,825,750 3,828,705 2,955 100.08%
12/01/2055 3,645,000 3,827,250 3,827,250 3,828,705 1,455 100.04%
75,745,000 149,996,750 (11,361,750) 138,635,000 143,563,104 4,928,104
14
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
SOURCES AND USES OF FUNDS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Dated Date 12/01/2035
Delivery Date 12/01/2035
Sources:
Bond Proceeds:
Par Amount 88,545,000.00
Other Sources of Funds:
Surplus Fund 10,940,000.00
99,485,000.00
Uses:
Project Fund Deposits:
Project Fund 26,824,275.00
Refunding Escrow Deposits:
Cash Deposit 65,985,000.00
Other Fund Deposits:
Debt Service Reserve Fund 6,033,000.00
Cost of Issuance:
Cost of Issuance 200,000.00
Delivery Date Expenses:
Underwriter's Discount 442,725.00
99,485,000.00
15
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
BOND SUMMARY STATISTICS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Dated Date 12/01/2035
Delivery Date 12/01/2035
Last Maturity 12/01/2065
Arbitrage Yield 4.000000%
True Interest Cost (TIC)4.043092%
Net Interest Cost (NIC)4.028704%
All-In TIC 4.062668%
Average Coupon 4.000000%
Average Life (years)17.419
Duration of Issue (years)11.851
Par Amount 88,545,000.00
Bond Proceeds 88,545,000.00
Total Interest 61,695,400.00
Net Interest 62,138,125.00
Total Debt Service 150,240,400.00
Maximum Annual Debt Service 10,259,600.00
Average Annual Debt Service 5,008,013.33
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 5.000000
Total Underwriter's Discount 5.000000
Bid Price 99.500000
Par Average Average
Bond Component Value Price Coupon Life
Term Bond due 2065 88,545,000.00 100.000 4.000% 17.419
88,545,000.00 17.419
All-In Arbitrage
TIC TIC Yield
Par Value 88,545,000.00 88,545,000.00 88,545,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount (442,725.00)(442,725.00)
- Cost of Issuance Expense (200,000.00)
- Other Amounts
Target Value 88,102,275.00 87,902,275.00 88,545,000.00
Target Date 12/01/2035 12/01/2035 12/01/2035
Yield 4.043092%4.062668%4.000000%
16
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
BOND PRICING
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond due 2065:
12/01/2036 1,765,000 4.000% 4.000% 100.000
12/01/2037 1,835,000 4.000% 4.000% 100.000
12/01/2038 2,015,000 4.000% 4.000% 100.000
12/01/2039 2,090,000 4.000% 4.000% 100.000
12/01/2040 2,280,000 4.000% 4.000% 100.000
12/01/2041 2,370,000 4.000% 4.000% 100.000
12/01/2042 2,570,000 4.000% 4.000% 100.000
12/01/2043 2,670,000 4.000% 4.000% 100.000
12/01/2044 2,890,000 4.000% 4.000% 100.000
12/01/2045 3,000,000 4.000% 4.000% 100.000
12/01/2046 3,235,000 4.000% 4.000% 100.000
12/01/2047 3,360,000 4.000% 4.000% 100.000
12/01/2048 3,605,000 4.000% 4.000% 100.000
12/01/2049 3,745,000 4.000% 4.000% 100.000
12/01/2050 4,015,000 4.000% 4.000% 100.000
12/01/2051 1,795,000 4.000% 4.000% 100.000
12/01/2052 1,940,000 4.000% 4.000% 100.000
12/01/2053 2,015,000 4.000% 4.000% 100.000
12/01/2054 2,170,000 4.000% 4.000% 100.000
12/01/2055 2,260,000 4.000% 4.000% 100.000
12/01/2056 2,425,000 4.000% 4.000% 100.000
12/01/2057 2,525,000 4.000% 4.000% 100.000
12/01/2058 2,700,000 4.000% 4.000% 100.000
12/01/2059 2,810,000 4.000% 4.000% 100.000
12/01/2060 3,000,000 4.000% 4.000% 100.000
12/01/2061 3,120,000 4.000% 4.000% 100.000
12/01/2062 3,330,000 4.000% 4.000% 100.000
12/01/2063 3,460,000 4.000% 4.000% 100.000
12/01/2064 3,685,000 4.000% 4.000% 100.000
12/01/2065 9,865,000 4.000% 4.000% 100.000
88,545,000
Dated Date 12/01/2035
Delivery Date 12/01/2035
First Coupon 06/01/2036
Par Amount 88,545,000.00
Original Issue Discount
Production 88,545,000.00 100.000000%
Underwriter's Discount (442,725.00) (0.500000%)
Purchase Price 88,102,275.00 99.500000%
Accrued Interest
Net Proceeds 88,102,275.00
17
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
NET DEBT SERVICE
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Period Total Debt Service Net
Ending Principal Coupon Interest Debt Service Reserve Fund Debt Service
12/01/2036 1,765,000 4.000% 3,541,800 5,306,800 5,306,800
12/01/2037 1,835,000 4.000% 3,471,200 5,306,200 5,306,200
12/01/2038 2,015,000 4.000% 3,397,800 5,412,800 5,412,800
12/01/2039 2,090,000 4.000% 3,317,200 5,407,200 5,407,200
12/01/2040 2,280,000 4.000% 3,233,600 5,513,600 5,513,600
12/01/2041 2,370,000 4.000% 3,142,400 5,512,400 5,512,400
12/01/2042 2,570,000 4.000% 3,047,600 5,617,600 5,617,600
12/01/2043 2,670,000 4.000% 2,944,800 5,614,800 5,614,800
12/01/2044 2,890,000 4.000% 2,838,000 5,728,000 5,728,000
12/01/2045 3,000,000 4.000% 2,722,400 5,722,400 5,722,400
12/01/2046 3,235,000 4.000% 2,602,400 5,837,400 5,837,400
12/01/2047 3,360,000 4.000% 2,473,000 5,833,000 5,833,000
12/01/2048 3,605,000 4.000% 2,338,600 5,943,600 5,943,600
12/01/2049 3,745,000 4.000% 2,194,400 5,939,400 5,939,400
12/01/2050 4,015,000 4.000% 2,044,600 6,059,600 6,059,600
12/01/2051 1,795,000 4.000% 1,884,000 3,679,000 3,679,000
12/01/2052 1,940,000 4.000% 1,812,200 3,752,200 3,752,200
12/01/2053 2,015,000 4.000% 1,734,600 3,749,600 3,749,600
12/01/2054 2,170,000 4.000% 1,654,000 3,824,000 3,824,000
12/01/2055 2,260,000 4.000% 1,567,200 3,827,200 3,827,200
12/01/2056 2,425,000 4.000% 1,476,800 3,901,800 3,901,800
12/01/2057 2,525,000 4.000% 1,379,800 3,904,800 3,904,800
12/01/2058 2,700,000 4.000% 1,278,800 3,978,800 3,978,800
12/01/2059 2,810,000 4.000% 1,170,800 3,980,800 3,980,800
12/01/2060 3,000,000 4.000% 1,058,400 4,058,400 4,058,400
12/01/2061 3,120,000 4.000%938,400 4,058,400 4,058,400
12/01/2062 3,330,000 4.000%813,600 4,143,600 4,143,600
12/01/2063 3,460,000 4.000%680,400 4,140,400 4,140,400
12/01/2064 3,685,000 4.000%542,000 4,227,000 4,227,000
12/01/2065 9,865,000 4.000% 394,600 10,259,600 6,033,000 4,226,600
88,545,000 61,695,400 150,240,400 6,033,000 144,207,400
18
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
BOND DEBT SERVICE
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2036 1,770,900 1,770,900
12/01/2036 1,765,000 4.000% 1,770,900 3,535,900 5,306,800
06/01/2037 1,735,600 1,735,600
12/01/2037 1,835,000 4.000% 1,735,600 3,570,600 5,306,200
06/01/2038 1,698,900 1,698,900
12/01/2038 2,015,000 4.000% 1,698,900 3,713,900 5,412,800
06/01/2039 1,658,600 1,658,600
12/01/2039 2,090,000 4.000% 1,658,600 3,748,600 5,407,200
06/01/2040 1,616,800 1,616,800
12/01/2040 2,280,000 4.000% 1,616,800 3,896,800 5,513,600
06/01/2041 1,571,200 1,571,200
12/01/2041 2,370,000 4.000% 1,571,200 3,941,200 5,512,400
06/01/2042 1,523,800 1,523,800
12/01/2042 2,570,000 4.000% 1,523,800 4,093,800 5,617,600
06/01/2043 1,472,400 1,472,400
12/01/2043 2,670,000 4.000% 1,472,400 4,142,400 5,614,800
06/01/2044 1,419,000 1,419,000
12/01/2044 2,890,000 4.000% 1,419,000 4,309,000 5,728,000
06/01/2045 1,361,200 1,361,200
12/01/2045 3,000,000 4.000% 1,361,200 4,361,200 5,722,400
06/01/2046 1,301,200 1,301,200
12/01/2046 3,235,000 4.000% 1,301,200 4,536,200 5,837,400
06/01/2047 1,236,500 1,236,500
12/01/2047 3,360,000 4.000% 1,236,500 4,596,500 5,833,000
06/01/2048 1,169,300 1,169,300
12/01/2048 3,605,000 4.000% 1,169,300 4,774,300 5,943,600
06/01/2049 1,097,200 1,097,200
12/01/2049 3,745,000 4.000% 1,097,200 4,842,200 5,939,400
06/01/2050 1,022,300 1,022,300
12/01/2050 4,015,000 4.000% 1,022,300 5,037,300 6,059,600
06/01/2051 942,000 942,000
12/01/2051 1,795,000 4.000%942,000 2,737,000 3,679,000
06/01/2052 906,100 906,100
12/01/2052 1,940,000 4.000%906,100 2,846,100 3,752,200
06/01/2053 867,300 867,300
12/01/2053 2,015,000 4.000%867,300 2,882,300 3,749,600
06/01/2054 827,000 827,000
12/01/2054 2,170,000 4.000%827,000 2,997,000 3,824,000
06/01/2055 783,600 783,600
12/01/2055 2,260,000 4.000%783,600 3,043,600 3,827,200
06/01/2056 738,400 738,400
12/01/2056 2,425,000 4.000%738,400 3,163,400 3,901,800
06/01/2057 689,900 689,900
12/01/2057 2,525,000 4.000%689,900 3,214,900 3,904,800
06/01/2058 639,400 639,400
12/01/2058 2,700,000 4.000%639,400 3,339,400 3,978,800
06/01/2059 585,400 585,400
12/01/2059 2,810,000 4.000%585,400 3,395,400 3,980,800
06/01/2060 529,200 529,200
12/01/2060 3,000,000 4.000%529,200 3,529,200 4,058,400
06/01/2061 469,200 469,200
12/01/2061 3,120,000 4.000%469,200 3,589,200 4,058,400
06/01/2062 406,800 406,800
12/01/2062 3,330,000 4.000%406,800 3,736,800 4,143,600
06/01/2063 340,200 340,200
12/01/2063 3,460,000 4.000%340,200 3,800,200 4,140,400
06/01/2064 271,000 271,000
12/01/2064 3,685,000 4.000%271,000 3,956,000 4,227,000
06/01/2065 197,300 197,300
12/01/2065 9,865,000 4.000%197,300 10,062,300 10,259,600
88,545,000 61,695,400 150,240,400 150,240,400
19
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
CALL PROVISIONS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Call Table: CALL
Call Date Call Price
12/01/2045 100.00
20
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
SUMMARY OF BONDS REFUNDED
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Series 2025 Service Plan, 25SP, TERM55:
12/01/2036 5.000% 2,010,000 12/01/2035 100.000
12/01/2037 5.000% 2,105,000 12/01/2035 100.000
12/01/2038 5.000% 2,315,000 12/01/2035 100.000
12/01/2039 5.000% 2,430,000 12/01/2035 100.000
12/01/2040 5.000% 2,660,000 12/01/2035 100.000
12/01/2041 5.000% 2,785,000 12/01/2035 100.000
12/01/2042 5.000% 3,035,000 12/01/2035 100.000
12/01/2043 5.000% 3,185,000 12/01/2035 100.000
12/01/2044 5.000% 3,455,000 12/01/2035 100.000
12/01/2045 5.000% 3,620,000 12/01/2035 100.000
12/01/2046 5.000% 3,915,000 12/01/2035 100.000
12/01/2047 5.000% 4,105,000 12/01/2035 100.000
12/01/2048 5.000% 4,430,000 12/01/2035 100.000
12/01/2049 5.000% 4,645,000 12/01/2035 100.000
12/01/2050 5.000% 4,995,000 12/01/2035 100.000
12/01/2051 5.000% 2,865,000 12/01/2035 100.000
12/01/2052 5.000% 3,080,000 12/01/2035 100.000
12/01/2053 5.000% 3,235,000 12/01/2035 100.000
12/01/2054 5.000% 3,470,000 12/01/2035 100.000
12/01/2055 5.000% 3,645,000 12/01/2035 100.000
65,985,000
21
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
ESCROW REQUIREMENTS
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Dated Date 12/01/2035
Delivery Date 12/01/2035
Period Principal
Ending Redeemed Total
12/01/2035 65,985,000 65,985,000.00
65,985,000 65,985,000.00
22
Prepared by Piper Sandler Special District Group (Finance 8.901 Legacy MD Nos. 1-12:BSP-35RSP,35RSP)
BOND SOLUTION
LEGACY METROPOLITAN DISTRICT NOS. 1-12
Jefferson County, Colorado
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2035
~~~
Service Plan
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2036 1,765,000 5,306,800 5,306,800 5,311,644 4,844 100.09%
12/01/2037 1,835,000 5,306,200 5,306,200 5,308,142 1,942 100.04%
12/01/2038 2,015,000 5,412,800 5,412,800 5,413,302 502 100.01%
12/01/2039 2,090,000 5,407,200 5,407,200 5,409,596 2,396 100.04%
12/01/2040 2,280,000 5,513,600 5,513,600 5,516,722 3,122 100.06%
12/01/2041 2,370,000 5,512,400 5,512,400 5,512,801 401 100.01%
12/01/2042 2,570,000 5,617,600 5,617,600 5,621,925 4,325 100.08%
12/01/2043 2,670,000 5,614,800 5,614,800 5,617,777 2,977 100.05%
12/01/2044 2,890,000 5,728,000 5,728,000 5,728,929 929 100.02%
12/01/2045 3,000,000 5,722,400 5,722,400 5,724,541 2,141 100.04%
12/01/2046 3,235,000 5,837,400 5,837,400 5,837,754 354 100.01%
12/01/2047 3,360,000 5,833,000 5,833,000 5,833,111 111 100.00%
12/01/2048 3,605,000 5,943,600 5,943,600 5,948,417 4,817 100.08%
12/01/2049 3,745,000 5,939,400 5,939,400 5,943,504 4,104 100.07%
12/01/2050 4,015,000 6,059,600 6,059,600 6,060,935 1,335 100.02%
12/01/2051 1,795,000 3,679,000 3,679,000 3,679,876 876 100.02%
12/01/2052 1,940,000 3,752,200 3,752,200 3,753,554 1,354 100.04%
12/01/2053 2,015,000 3,749,600 3,749,600 3,753,554 3,954 100.11%
12/01/2054 2,170,000 3,824,000 3,824,000 3,828,705 4,705 100.12%
12/01/2055 2,260,000 3,827,200 3,827,200 3,828,705 1,505 100.04%
12/01/2056 2,425,000 3,901,800 3,901,800 3,905,359 3,559 100.09%
12/01/2057 2,525,000 3,904,800 3,904,800 3,905,359 559 100.01%
12/01/2058 2,700,000 3,978,800 3,978,800 3,983,546 4,746 100.12%
12/01/2059 2,810,000 3,980,800 3,980,800 3,983,546 2,746 100.07%
12/01/2060 3,000,000 4,058,400 4,058,400 4,063,297 4,897 100.12%
12/01/2061 3,120,000 4,058,400 4,058,400 4,063,297 4,897 100.12%
12/01/2062 3,330,000 4,143,600 4,143,600 4,144,643 1,043 100.03%
12/01/2063 3,460,000 4,140,400 4,140,400 4,144,643 4,243 100.10%
12/01/2064 3,685,000 4,227,000 4,227,000 4,227,616 616 100.01%
12/01/2065 9,865,000 10,259,600 (6,033,000) 4,226,600 4,227,616 1,016 100.02%
88,545,000 150,240,400 (6,033,000) 144,207,400 144,282,417 75,017
23
LEGACY METROPOLITAN
DISTRICTS NOS. 1-12
SERVICE PLAN
Agenda
•Background Information
•Director Districts
•Key Financial Terms
•Special Improvement Districts
•City Council Findings
•Benefits of Approval
Background Information
The current property owner of the
Lutheran Legacy Campus (the
“Project”) is requesting the City
Council approve a Service Plan for
Legacy Metropolitan District Nos.
1-12 (collectively, the “Districts”)
to serve the Project.
The Service Plan does not involve
any of the other approvals for the
Project involving the construction
of public or private improvements
within the Project.
Boundary Map
•District Nos. 1-6 encompass
proposed phases of the Project.
•District Nos. 7-12 are small
“director parcels” which may be
expanded as the phasing of the
Project is further developed.
What are Director Districts?
•Some, but not all, metropolitan districts may choose
to have Director Districts included in their initial
boundary plan when the phasing and development of
the project is still being discussed at the time the
service plan is being approved.
•Director Districts allow the property owner to form a
metropolitan district on a small area of land and
then later, when more is known about the
development of the project and through the
inclusion and exclusion process in the Special
District Act, move the boundaries to expand the
Director Districts to include more property.
Key Financial Terms of the Service Plan
Maximum Debt Issuance $110,000,000 Section IV.A.6 and Section
V.A
Cost of Public
Improvements
$99,000,000 Section IV.B
Maximum Debt Mill Levy 67 mills (adjusted from
1/1/2025)
Section V.C
Maximum Debt Mill Levy
Imposition Term
40 years after initial
imposition
Section IV.D
Special Improvement District(s)
•A Special Improvement District
(“SID”) is a financing tool for
financing public improvements
that benefit a specific area
within a metropolitan district.
•A SID exists in a specific
geographic area where the
improvements are constructed
and works in conjunction with
the metropolitan district.
•According to the Special District
Act, a metropolitan district can
create a SID within its
boundaries if it is authorized to
do so in its service plan.
•To organize a SID, the
metropolitan district must pass
a resolution that identifies the
public improvements to be
financed by the SID.
Special Improvement District(s) (cont.)
•Instead of relying on revenue
from property taxes or fees to
issue debt, the SID imposes an
assessment on an equitable
basis (i.e. frontage, zone, or
square footage) in accordance
with the benefits derived from
the public improvements.
•Assessments cannot be imposed
or collected from an End User
(as defined in the Service Plan).
•The SID does not have a
sperate Board of Directors, but
instead, is governed by the
metropolitan district Board of
Directors.
•The metropolitan district must
hold a TABOR election to
authorize the use of a SID to
issue debt.
Disclosure of Districts to Future
Residents
•Real Estate Purchase Contract
discloses that the property is in a
special taxing district.
•Order and Decree organizing the
Districts will be recorded on title.
•Annual notice pursuant to §32-1 -
809, C.R.S, which includes the
Districts’ contact information,
regular meeting dates, current mill
levy, and information about
upcoming elections.
•The Service Plan requires the
Districts to provide written
notice to all purchasers of
property regarding the
Maximum Debt Mill Levy, and
the Districts’ authority to
impose and collect rates, Fees,
tolls and charges. The notice
must be filed with the City prior
to the issuance of Debt.
City Council Findings Regarding the
Service Plan (Section 32-1-203,C.R.S.)
•There is sufficient existing and projected need for organized service
in the area to be serviced by the proposed special district;
•The existing service in the area to be served by the proposed special
district is inadequate for present and projected needs;
•The proposed special district is capable of providing economical and
sufficient service to the area within their proposed boundaries; and
•The area to be included within the proposed special district has, or
will have, the financial ability to discharge the proposed
indebtedness on a reasonable basis.
Benefits of Approving the Service Plan
•The Districts will be providing public improvements where no other
public entity is willing or able to do so.
•The Districts will be providing operations and maintenance services for
public improvements within the Project.
•The City of Wheat Ridge is not obligated for debt issued by the Districts
to fund public improvements.