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Resolution 43, 2018
{00354798} LONGS PEAK METROPOLITAN DISTRICT AMENDED AND RESTATED SERVICE PLAN As Approved By City of Wheat Ridge, Colorado July 9, 2018 Prepared By SETER & VANDER WALL, P.C. 7400 E. ORCHARD ROAD, #3300 GREENWOOD VILLAGE, CO 80111 {00350627} TABLE OF CONTENTS I. INTRODUCTION .................................................................................................... 1 A. Overview. .................................................................................................... 1 B. Amended and Restated Plan. ........................................................................ 1 C. Existing Conditions. ....................................................................................... 2 D. Estimation of Population and Assessed Valuation. ....................................... 4 II. PURPOSE OF THE DISTRICT ................................................................................ 4 III. GENERAL POWERS OF THE DISTRICT .............................................................. 4 A. Public Utilities. ............................................................................................. 5 1. Water. ................................................................................................. 5 2. Sanitation. .......................................................................................... 5 3. Television Relay and Translator Facilities. ....................................... 6 4. Telephone Service. ............................................................................. 6 5. Gas and Electric Service. ................................................................... 6 B. Streets. ......................................................................................................... 6 C. Traffic and Safety Controls. .......................................................................... 6 D. Parks and Recreation...................................................................................... 7 E. Transportation. ............................................................................................... 7 F. Mosquito and Pest Control............................................................................. 7 G. Legal Powers. ................................................................................................. 8 H. Other. .................................................................................................... 8 IV. DESCRIPTION OF PROPOSED FACILITIES ....................................................... 9 A. General Power to Construct Improvements. ................................................. 9 B. Water System. ............................................................................................... 9 C. Streets, Public Roadway Improvements and Traffic Study. .........................10 1. Street and Public Roadway System. ..................................................10 2. Public Parking. ...................................................................................11 3. Landscaping. ......................................................................................11 4. Signals and Signage. ..........................................................................11 D. Sanitary Sewer and Stormwater collection System. .....................................12 1. Sanitary Sewer. ..................................................................................12 2. Stormwater Collection and Treatment. ..............................................12 E. Parks and Recreation. ....................................................................................12 F. Transportation. ..............................................................................................13 G. Television Relay and Translator. ..................................................................13 {00350627} H. Mosquito and Pest Control.............................................................................13 I. Cost of Proposed Facilities and Public Improvements. .................................13 V. FINANCIAL PLAN ...............................................................................................14 A. Mill Levy Limitation......................................................................................14 B. Debt Issuance and Limitations. .....................................................................14 1. Bonds.. ...............................................................................................14 C. Identification of District Revenue. ................................................................15 1. Tax Credit/Public Improvement Fee. .................................................15 2. Add-On Public Improvement Fee. .....................................................15 3. Use Tax Sharing. ................................................................................16 4. Ad Valorem Property Tax Levy. .......................................................16 5. Tax Increment Financing. ..................................................................16 6. Specific Ownership Tax. ....................................................................16 7. Other Revenue Sources. .....................................................................17 D. Security for Debt. ..........................................................................................17 E. Financial Plan. ...............................................................................................17 F. Regional Improvements. ...............................................................................18 G. Services of District. .......................................................................................18 VI. ANNUAL REPORTING ...........................................................................................18 VII. LANDOWNERS PUBLIC IMPROVEMENTS .......................................................19 VIII. CONSERVATION TRUST FUND ...........................................................................19 IX. MODIFICATION OF SERVICE PLAN ..................................................................19 X. DISTRICT DISSOLUTION .....................................................................................19 XI. RESOLUTION OF APPROVAL .............................................................................20 XII. DISCLOSURE ................................................................................................20 XIII. INTERGOVERNMENTAL AGREEMENTS...........................................................20 {00350627} XIV. BOARD OF DIRECTORS ........................................................................................21 XV. STATUTORY REVIEW ...........................................................................................21 XVI. CONCLUSION ................................................................................................22 {00350627} LIST OF EXHIBITS EXHIBIT A VICINITY MAP EXHIBIT B-1 LEGAL DESCRIPTION AND DETAILED MAP OF DISTRICT BOUNDARIES EXHIBIT B-2 MAP OF DISTRICT SERVICE AREA EXHIBIT C DISTRICT AUTHORIZED IMPROVEMENTS EXHIBIT C-1 WATER SYSTEM IMPROVEMENTS EXHIBIT C-2 A. Streets and Public Roadways B. Signals and Signage EXHIBIT C-3 SANITARY SEWER IMPROVEMENTS EXHIBIT C-4 STORM WATER COLLECTION AND WATER QUALITY PONDS EXHIBIT C-5 PARK AND RECREATION IMPROVEMENTS EXHIBIT C-6 CATV AND TELEPHONE FACILITIES EXHIBIT D COST OF DISTRICT FACILITIES EXHIBIT E FINANCING PLAN EXHIBIT F INTERGOVERNMENTAL AGREEMENTS EXHIBIT G RESOLUTION OF APPROVAL - CITY OF WHEAT RIDGE EXHIBIT H DISTRICT/DEVELOPER AGREEMENTS EXHIBIT I DIRECTOR DISTRICT BOUNDARIES {00350627} LONGS PEAK METROPOLITAN DISTRICT SERVICE PLAN I. INTRODUCTION A. Overview The District is named the Longs Peak Metropolitan District ("District"). The District is a quasi-municipal corporation and political subdivision of the State of Colorado. Its boundaries are within the City of Wheat Ridge, Colorado (hereinafter “Wheat Ridge" or "City"). The District is generally located west of Interstate 70, south of State Highway 58, north of West 32nd Avenue and north/east of Eldridge Street. The District was organized in 2006 under the Special District Act, §§ 32-1-101, et seq., C.R.S. and is delegated powers under §§ 32-1-1001, 1004, and 1101, C.R.S. A vicinity map is attached as Exhibit A. The District’s boundary legal description and boundary map are attached as Exhibit B-1 (the “Property” or the “District”). A map of property that is anticipated to be included and/or served in the future is attached as Exhibit B-2 (the “Service Area”). The District may modify its boundaries in accordance with the Special District Act. B. Amended and Restated Plan This Amended and Restated Service Plan (the "Service Plan" or "Plan") amends and supersedes the District’s original service plan approved in 2006 (the “2006 Service Plan”), constitutes a material modification of the 2006 Service Plan pursuant to § 32-1-207(2)(a), Colorado Revised Statutes, and, requires approval by the Wheat Ridge City Council in accordance with § 32- 1-207(2)(a), C.R.S . The 2006 Service Plan is on file with the City and District’s custodian of records. This Plan was prepared with the assistance of the following individuals and organizations: {00350627} 2 District Counsel: Seter & Vander Wall, P.C. 7400 E Orchard Road, Suite 3300 Greenwood Village, Colorado 80111 (303) 770-2700 kseter@svwpc.com Attn: Kim J. Seter, Esq. Bond Counsel: Kutak Rock LLP 1801 California Street, #3000 Denver, CO 80202 (303) 297-2400 Saranne.Maxwell@KutakRock.com Attn: Saranne Maxwell, Esq. Financial Consultants: Simmons & Wheeler, PC 340 Inverness Way South, Suite 490 Englewood, Colorado 80112 (303) 689-0833 mark@simmonswheeler.com Attn: Mark Chambers Development Director Evergreen-Clear Creek Crossing, L.L.C. 1873 S. Bellaire Street, Suite 1200 Denver, CO 80222 (602) 808-8600 cmcright@evgre.com Attn: Christine McRight C. Existing Conditions At the time of the approval of this Plan, the Property consists mostly of vacant undeveloped land. The Property lies within the boundaries of Jefferson County (the “County”), the City of Wheat Ridge, the Denver Regional Transportation District, the Urban Drainage and Flood Control District, the West Metro Fire District, the Scientific and Cultural Facilities District the Prospect Park and Recreation District, and the I-70/Kipling Corridors Urban Renewal Area. A portion of the Property lies within the boundaries of the Applewood Sanitation District and North Table Mountain {00350627} 3 Water and Sanitation District. The Property is traversed by a raw sewer main owned and maintained by the Applewood Sanitation District. The sewer main currently does not lie within any public right-of-way and inhibits the development of the site. The 2006 Service Plan was made subject to an Annexation and Development Agreement dated December 20, 2004, as amended, among the City, and, Cabela’s Retail Inc. (“Cabela’s”) and Coors Brewing Company (“Coors”) (the “Annexation Agreement”). The Annexation Agreement contemplated the development of a Cabela’s superstore and associated commercial development. The District was organized to provide public improvements, facilities, and services to support the development of the Cabela’s superstore project. The 2006 Service Plan, the Annexation Agreement, and the 2006 Intergovernmental Agreement between the City and the District (attached to the 2006 Service Plan) (the “2006 IGA”) provided the anticipated financings, exercise of powers and services, including the construction of public infrastructure and certain limitations on the District’s operations. The Annexation Agreement and the 2006 IGA are being terminated as part of the approval of this Plan. Certain public improvements authorized by the 2006 Service Plan were constructed to serve the Property but there remains a lack public infrastructure improvements presently available to serve development of the Property. The District is the only existing public entity willing or able to provide public infrastructure facilities and services sufficient for development of the Property. A portion of the Property is now part of a planned mixed-use development known as Clear Creek Crossing. The District has entered or will be entering into new agreements that set forth terms and conditions for the District’s provision of public improvements and services for Clear Creek Crossing. {00350627} 4 D. Estimates of Population and Assessed Valuation The Property is expected to be used for: business and commercial purposes, including but not limited to health care, entertainment, dining, retail, and hospitality; residential purposes, including multifamily residences; and, parks and recreation, including trail systems and open space. The assessed valuation of the Property after build-out and occupancy of all retail space and residences is estimated in the Financial Plan, Exhibit E. The estimated residential population at buildout is expected to reach approximately 425 to 475 residents in 315 multifamily units. II. PURPOSE OF THE DISTRICT The purpose of the District is to provide public infrastructure improvements and services within and without its boundaries to secure the health, safety, prosperity, serenity and general welfare of its citizens and invitees and to promote the Clear Creek Crossing planned development. The District will acquire and/or design, finance and construct and install public improvements for the use and benefit of the citizens of Wheat Ridge, the District’s taxpayers and owners of the Property, and the public at large, accomplishing these purposes through the issuance and repayment of debt instruments more fully described in Section V, "Financing Plan." The District will dedicate some of these public improvements to other entities for operation and maintenance and will own, operate maintain and repair other public improvements and furnish District services indefinitely into the future. Jurisdiction and venue for any dispute concerning this Service Plan shall be proper and exclusive in the district court for Jefferson County, Colorado. III. GENERAL POWERS OF THE DISTRICT The District shall have power and authority to furnish the services and design, acquire, finance, construct, operate and maintain the facilities described in this Section III and this Plan. {00350627} 5 The District may further provide activities in support of business recruitment, management and development within the District. The District may utilize any and all powers delegated under Colorado law and this Plan to effectuate the purposes set forth herein. The District shall take no action contrary to City decisions or orders or orders regarding land use and building regulation. District projects shall be subject to City regulatory authority as provided by Colorado law, the Wheat Ridge Charter and Code of Laws, and covenants, conditions and restrictions imposed by the owners of the property. A. Public Utilities 1. Water The design, acquisition, financing, installation, construction, operation and maintenance of a water and irrigation water delivery and distribution system, that shall include, but not be limited to, transmission and distribution systems for domestic and other public or private purposes, together with all necessary and proper reservoirs, equipment and appurtenances incident thereto which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, together with extensions of and improvements to the systems within and without the District’s boundaries. 2. Sanitation The design, acquisition, financing, installation, construction, operation and maintenance of storm drainage and sanitary sewer collection and treatment systems that shall include, but not be limited to, flood control and surface drainage improvements and all equipment and appurtenances incident thereto, together with facilities, land and easements and all necessary extensions of and improvements within and without the boundaries of the District. {00350627} 6 3. Television Relay and Translator Facilities The design, acquisition, financing, construction, installation, operation and maintenance of television relay and translator facilities that shall include, but not be limited to, cable television and communication facilities, satellite television facilities and internet and other telecommunication facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities within and without the boundaries of the District. 4. Telephone Service The financing of line extensions for new telephone service to the Property. B. Streets The design, acquisition, financing, installation, construction, operation and maintenance of street and roadway improvements that shall include, but not be limited to, curbs, gutters, culverts, storm sewers and other natural or man-made drainage, retaining walls and appurtenances, as well as sidewalks, access drives, bike lanes, screen walls, bridges, parking facilities, lots and other parking structures, paving, lighting, grading, landscaping, tunnels and other street improvements, together with all necessary, incidental, and appurtenant facilities, land and easements and extensions of and improvements within and without the District’s boundaries. C. Traffic and Safety Controls The design, acquisition, financing, installation, construction, operation and maintenance of traffic and safety protection facilities and services, traffic and safety controls, street lights, signalization and other devices on streets and highways, environmental monitoring for public safety as well as other facilities and improvements that shall include, but not be limited to, entry signage, access gates, signalization at intersections, traffic signs, area identification signs, directional {00350627} 7 assistance, driver information signs and all necessary, incidental and appurtenant facilities, land, easements and extensions of and improvements within and without the District’s boundaries. D. Parks and Recreation The design, acquisition, financing, installation, construction, operation and maintenance of public park and recreation facilities or programs that shall include, but not be limited to, museums, cultural and community facilities, bike paths, hiking trails, pedestrian trails, trailhead facilities, signage, pedestrian bridges, pedestrian malls, plaza areas and amenities, public fountains and sculpture, public art, botanical gardens, community gardens, picnic areas, common area landscaping and weed control, outdoor lighting of all types, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to said facilities systems within and without the District boundaries. E. Transportation The design, acquisition, financing, installation, construction of public transportation system improvements that shall include, but not be limited to, transportation equipment, park and ride facilities and attendant parking lots and structures, roofs, covers and kiosks, including, but not limited to, facilities for the conveyance of the public consisting of public restrooms, buses, automobiles and other means of conveyance, and structures for repair, operations and maintenance of such facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to the facilities or systems within and without the boundaries of the District. F. Mosquito and Pest Control The design, acquisition, financing, installation, construction, operation and maintenance of facilities, property, equipment and programs for the elimination and control of mosquitoes and {00350627} 8 other pests that shall include all necessary, incidental and appurtenant facilities, land and easements, acquired by condemnation or otherwise, and the extensions of and improvements to such facilities or services. G. Legal Powers The powers of the District will be exercised by its board of directors to the extent necessary or desirable to provide the services, improvements and facilities contemplated in this Service Plan. The improvements and services, along with all other activities permitted by law and necessary for the completion of facilities and provision of services will be undertaken in accordance with, and pursuant to, the procedures and conditions contained in the Special District Act, the codes and requirements of the City of Wheat Ridge, and this Service Plan, as any or all of the same may be amended from time to time. H. Other In addition to the powers enumerated above, the board of directors of the District shall also have the following authority: 1. To amend this Service Plan as it deems appropriate subject only to statutory procedures enacted for that purpose; 2. To provide written notice to the City pursuant to § 32-1-207, C.R.S., of actions the District board believes are permitted by this Service Plan, but which may be unclear, after which, the City’s failure to object to or seek enjoinment of such activities shall constitute agreement by the City that such activities are within the scope of this Service Plan; 3. To forego, reschedule, or restructure the financing, construction and acquisition of any improvements and facilities to accommodate the pace of growth, resource availability, potential inclusions of property, potential development of the improvements and {00350627} 9 facilities by other entities or for reasons related solely to market, financing or economic conditions affecting the District or its taxpayers subject to the provisions of this Plan; and 4. Subject to the provisions of this Plan, to exercise all implied powers under Title 1 and Title 32, C.R.S., reasonably necessary to enable the District to carry out the purposes and to exercise the powers delegated to it in Sections II and III of this Service Plan in the reasonable discretion of the board of directors of the District. IV. DESCRIPTION OF PROPOSED FACILITIES A. General Power to Construct Improvements The following descriptions of improvements are preliminary and are subject to modification and revision as engineering plans, financing, construction scheduling and costs require. Improvements and services not specifically described are permitted as long as they are generally contemplated in the powers delegated in Section III. The District may own, operate and maintain, or, dedicate to another entity or agency (an “Operating Agency”) to own, operate and maintain the public improvements and facilities authorized by this Service Plan. The District shall construct or insure construction of all public improvements and facilities are in accordance with the standards of the Operating Agency to which they are to be dedicated or conveyed. Public improvements to be owned, operated and maintained by the District shall be constructed pursuant to the standards and specifications of the City, except as otherwise specifically provided herein or by subsequent approval by the City. B. Water System Plan drawings for the Water System are attached as Exhibit C-1. Planned improvements include design, financing, construction and/or acquisition of new looped water mains, pumping and other facilities within the District and the relocation of existing lines and the payment of {00350627} 10 connection fees for an entirely new system for water supply and distribution for domestic use and irrigation of landscaped areas. Potable water supply, and ownership, operations and maintenance is expected to be provided by one or more other entities pursuant to agreements to be executed following the approval of this Plan. Some facilities may be furnished by other entities and financed by the District. Water system components within Director District No. 5 will be installed by North Table Mountain Water and Sanitation District. Water system components within the remainder of the District will be paid for by the District and installed by Consolidated Mutual Water Company in accordance with its standards, specifications and requirements. The water system improvements will continue to be owned and maintained by Consolidated Mutual Water Company. C. Streets, Public Roadways, Parking, Landscaping and Traffic Safety 1. Street and Public Roadway System. Planned improvements include design, grading, construction and/or acquisition of a public street and roadway system and associated facilities and amenities. The street and public roadway improvements are listed on Exhibit C-2. Public streets and roadways within the District will be treated separately from those outside the District’s boundaries. The District will dedicate Clear Creek Crossing Drive and 40th Avenue to the City for its operation and maintenance. Any other public street and roadway improvements within the District’s boundaries will be owned and maintained by the District. All public street improvements shall be subject to the operational control and jurisdiction of the City as public streets and shall be fully available and accessible to all members of the public, subject to the ordinances and regulations of the City applicable generally to similar facilities throughout its corporate limits, even if they are owned and maintained by the District. Upon dissolution of the {00350627} 11 District, the City will accept the conveyance of all streets and public roadways. Turn lanes, traffic ramps, overpasses and underpasses crossing or connecting to Colorado State Highway No. 58 and U.S. Interstate 70 and all improvements located in highway right-of- way will be dedicated or conveyed to the Colorado Department of Transportation, the City or the County as provided in the Intergovernmental Agreement for Construction of the I-70 and 32nd Avenue Interchange dated March 26, 2018 and any other specific agreement(s) related to those improvements, including but not limited to the Intergovernmental Agreement between the City and the Colorado Department of Transportation for Operation of Ramps and Associated Improvements dated March 26, 2018. 2. Public Parking. The District may undertake the design, acquisition, financing, grading, construction and/or installation, operation and maintenance of a public parking system. 3. Landscaping. Landscaping required by the City may be installed by the District along roadway or other rights-of-way, public parking areas, public plaza areas, landscape tracts and trail easements. The District may install and maintain landscaped areas throughout its boundaries, including along the internal drive ways and at entrances to and within the Property. 4. Signals and Signage. Improvements include new traffic signals and controls associated with the new public streets and interchanges. Signage will include but not be limited to entry signage, general and specific wayfinding signs and markers, monuments (primary and landmark) and promotional structures, highway signs, public facility signage, and traffic and pedestrian information signage. {00350627} 12 D. Sanitary Sewer and Stormwater Collection System 1. Sanitary Sewer. Planned improvements include design, financing, construction and\or acquisition of new sanitary sewer collection mains, pump stations and appurtenant facilities within the District for an entirely new system for sanitary sewage collection and transmission service. Treatment and disposal of sanitary sewage and ongoing ownership, operation and maintenance of the collection system and facilities for the Clear Creek Crossing development will be furnished by the Applewood Sanitation District. Plan drawings describing the sanitary sewer improvements are attached as Exhibit C-3. 2. Stormwater Collection and Treatment. The District may design, acquire, finance, construct and install a storm water drainage collection system consisting of lateral collection lines, water quality ponds and detention and retention facilities. The storm water improvements are depicted on Exhibit C-4. Design and construction will satisfy the requirements of the Colorado Department of Public Health-Water Quality Control Division, the United States Environmental Protection Agency, the US Army Corps of Engineers, the City and the Urban Drainage and Flood Control District. The storm water collection system will be owned, operated and maintained by the District. E. Parks and Recreation Anticipated improvements include new trails, open space, plazas, landscaping, lighting, public restrooms, public art and similar features throughout the District, as well as land acquisition, grading and land preparation for these improvements. Specific improvements include: plazas, parks, open space, trails, trail access and trail realignments as shown on Exhibit C-5. {00350627} 13 F. Transportation The District is within the Denver Regional Transportation District and has no current plans to provide any public transportation facilities. However, the District may provide bus stops or other amenities if agreement is reached with transportation provider(s) to service the District. G. Television Relay and Translator The District may finance, construct or acquire underground cable television and relay facilities and finance the extension of telephone service lines into the District to the extent permitted by existing law. The cable television facilities and extended telephone lines are depicted on Exhibit C-6. H. Mosquito and Pest Control The District may develop or participate with other public entities to develop a mosquito and pest control program in the District subject to the terms of this Plan. The District may, at the appropriate time, fund studies or improvements intended to provide pest control within the area. The District will not undertake any Mosquito and Pest Control if it would impair its ability to pay the principal and interest on the Bonds. I. Cost of Proposed Facilities and Public Improvements District consultants have prepared a preliminary engineering report which is attached as Exhibit D. It generally lists proposed facilities contemplated for construction or acquisition by the District and their estimated costs in current dollars. The City is not responsible for assuming any of the costs of the improvements to be funded by the District except as expressly provided in this Service Plan, the Intergovernmental Agreement for Construction of the I-70 and 32nd Avenue Interchange, and the forthcoming Public Finance Agreement identified in Section XIII (2) of this Plan. The City will not be responsible for the {00350627} 14 District’s debt under any circumstances. Additional funds needed to complete public improvements will be obtained from other public entities, developers or other property owners. V. FINANCING PLAN This section describes the nature, basis, method of funding, debt and mill levy limitations associated with the District's public improvements program and operations. A detailed Financing Plan and statement of assumptions is contained in Exhibit E. This Financing Plan is a projection and forecast of revenues and costs. It is provided for the sole purpose of demonstrating that the public improvements can be constructed and financed with the assumptions stated. The District is not bound by any of the assumptions, plans, projections or forecasts provided therein. A. Mill Levy Limitation The District’s aggregate mill levy is not subject to any limitation beyond those imposed by the Colorado Constitution and the Colorado Revised Statutes. B. Debt Issuance and Limitations The District may incur debt by any means lawful for a public metropolitan district including the issuance of tax-exempt obligations, taxable obligations and/or revenue obligations. The District may issue refunding bonds to defease original issue bonds pursuant to Colorado Law without consultation or approval of the City. 1. Bonds. The District may issue Bonds contemplated by the forthcoming Public Finance Agreement identified in Section XIII (2) of this Plan and the Financing Plan attached as Exhibit E without further approval of the City. Proceeds from the Bonds shall be used only for reimbursement or payment towards the design construction, acquisition and installation of the public improvements listed and described in this Plan or the Public Finance Agreement identified in Section XIII (2) of this Plan and shall {00350627} 15 be allocated in accordance with the Distribution Agreement dated December 16, 2016 and Intergovernmental Agreement for Hook Ramp Cost Reimbursement with the City. The term of the Bonds will not exceed 30 years. C. Identification of District Revenue As demonstrated in the Financing Plan, the District will rely on the following sources of revenue. 1. Tax Credit/Public Improvement Fee. The Public Finance Agreement identified in Section XIII (2) of this Plan is anticipated to include terms whereby the City adopts the following tax credits: 1.5 % of its sales tax imposed on retail sales occurring within the District; 5.0 % of its lodging tax imposed on lodging sales occurring within the District; and 2.5 % of its admissions tax imposed on admissions sales occurring within the District. Corresponding public improvement fees in the same amounts credited above will be imposed on certain District Property and received by the District (collectively, the “Credit PIF”). 2. Add-On Public Improvement Fees. Certain Property owners have or will impose covenants on the Clear Creek Crossing property requiring the collection of public improvement fees of: 0.5 % on sales and services to be collected by retail and service establishments within the District’s boundaries; 0.5 % on lodging sales to be collected by hospitality establishments within the District’s boundaries; and 0.5 % on admissions sales to be collected by entertainment establishments within the District’s boundaries (collectively, the “Add-On PIF”). The District will enter into an IGA under which the City will collect the Credit PIF and Add-On PIF remittances and forward the revenues to the District generally in the form of the PIF Collecting Agent Agreement identified in Section XIII (6) of this Plan. Copies of PIF Covenants generally in the form anticipated for use in the District are attached as Exhibit H-1. {00350627} 16 3. Use Tax Sharing. The Public Finance Agreement identified in Section XIII (2) of this Plan is anticipated to provide that the City will share or rebate to the Developer 2% of the 3.5% use tax rate imposed and collected on original construction on the Clear Creek Crossing property. Some or all of the use tax that is shared or rebated may be assigned to the District. 4. Ad Valorem Property Tax Levy. The District secured the full benefit of its mill levy via the Cooperation Agreement with Renewal Wheat Ridge, whereby Renewal Wheat Ridge will return to the District all Tax Increment Financing (TIF) revenues generated by the District’s mill levy. According to the Financing Plan, the levy needed to support the operations, maintenance and administrative expenses following construction of the Public Improvements is not expected to exceed 25 mills. The District certified 25 mills for collection in 2018 to finance a portion of its operations, maintenance and administrative expenses for budget year 2018. Excess revenues from the operations mill levy can be used to service the District’s debt, reimburse operations and capital advances, and otherwise pay for costs of public infrastructure at the District Board’s discretion. According to the Financing Plan, the levy needed to support the District’s debt service for the Bonds is not expected to exceed 35 mills. 5. Tax Increment Financing. The Financing Plan attached as Exhibit E and draft public finance agreements with the City and the Wheat Ridge Urban Renewal Authority attached as Exhibit F anticipate that the Wheat Ridge Urban Renewal Authority will provide the District with a five million dollar contribution to finance the development of public improvements and facilities for Clear Creek Crossing. 6. Specific Ownership Tax. The District receives specific ownership tax distributions based on the amount of District mill levy revenue compared to total revenue collected throughout Jefferson County. The portion of specific ownership tax revenue attributed to the District’s debt {00350627} 17 service mill levy is anticipated to be pledged to the Bonds with the remainder used for operations and maintenance. 7. Other Revenue Sources. The District may receive revenues from any fees, rates, tolls or charges allowed by law. The District may receive revenue from developer advances or contributions. The District’s board of directors is authorized to utilize any combination of these revenue sources for debt service, operations and maintenance within the limitations provided by law and the City’s Resolution of Approval of the District. D. Security for Debt The District’s debt may be secured by any of the District revenues, its fees, rates, tolls or charges, as the market requires. E. Financing Plan The financing plan prepared by District consultant(s) contains the following: 1. The total anticipated debt limit; 2. The total amount of anticipated debt to be incurred during the three (3) year period commencing with the approval of this Service Plan; 3. All proposed sources of revenue and projected District expenses, as well as the assumptions upon which they are based, for at least a ten-year period from the date of approval of this Service Plan; 4. The dollar amount of any anticipated financing, including capitalized interest, costs of issuance, estimated maximum rates and discounts, and any expenses related to the Public Improvements; 5. A detailed repayment plan covering the life of any financing, including the {00350627} 18 frequency and amounts expected to be collected from all sources; and, 6. The amount of any reserve fund and the expected level of annual debt service coverage that will be maintained for any financing. F. Regional Improvements The District will not participate in the funding of any regional public infrastructure improvements not detailed in this Service Plan except through approval of an amendment to this Service Plan by the City and the District’s board of directors. This does not preclude the funding and construction of traffic safety controls and other facilities outside the District’s boundaries needed for development of the Property. Failure to comply with this section shall be deemed to be a material modification of the Service Plan. G. Services of District The District will require operating funds to plan and cause the public improvements to be designed, constructed and maintained and to repay advances made to the District to the extent they are not paid with bond proceeds. The costs are expected to include: legal, engineering, accounting and bond issuance costs, compliance with state reporting and other administrative requirements. The 2018 operating budget including costs of bond issuance is included in the Financing Plan. The operating budget should reduce substantially in subsequent years after all construction has been completed and advances reimbursed. VI. ANNUAL REPORTING The District will provide annual audits and budgets to the State of Colorado as required by law with a copy to the City, upon request. The District will, within 120 days of the end of each fiscal year, provide the City with a full and complete accounting of the expenditure of all funds received pursuant to the Public Finance Agreement identified in Section XIII (2) of this Plan. {00350627} 19 VII. LANDOWNERS PUBLIC IMPROVEMENTS The creation of the District shall not relieve the landowners or developers of the property, their successors or assigns of the obligation to construct public improvements required by any annexation or other subdivision improvement agreement. VIII. CONSERVATION TRUST FUND The District may not claim entitlement to funds from the Conservation Trust Fund derived from lottery proceeds. IX. MODIFICATION OF SERVICE PLAN The District will obtain the approval of the City before making any material modifications to this Service Plan. Material modifications include modifications of a basic or essential nature including additions of service types provided by the District and changes in debt limits. This is not an exclusive list of actions that may be identified as a material modification. City approval is not required for modifications to this Service Plan necessary for the execution and financing or construction of public improvements or provision of services already outlined in this Service Plan. If the District fails to comply material provision of this Service Plan, the City, upon a finding of such failure by the City Council, following notice to the District and an opportunity to be heard, may withhold issuance of any funding or any related permit, authorization, acceptance or other administrative or City approval needed by the District or required by City ordinances, codes, rules or regulations. X. DISTRICT DISSOLUTION The District may be dissolved upon fulfilling its purposes as set forth in this Service Plan and any amendments hereto. {00350627} 20 XI. RESOLUTION OF APPROVAL The District incorporates the City's 2018 Resolution of Approval attached at Exhibit G into this Service Plan. XII. DISCLOSURE The current property owners and the District will take steps to ensure that the developers of the property located within the District provide written notice at the time of closing to purchasers of land regarding the existence of taxes, charges, or assessments which may be imposed in connection with the District. The District will comply with its public disclosure requirements, including the annual notice to electors pursuant to § 32-1-809(1), C.R.S. and the public disclosure recorded pursuant to § 32-1-104.8 C.R.S. . XIII. INTERGOVERNMENTAL AGREEMENTS The District is or may be may be a party to several intergovernmental agreements. 1. Intergovernmental Agreement for Construction of the I-70 and 32nd Avenue Interchange with the City of Wheat Ridge attached as Exhibit F; 2. Public Finance Agreement with the City of Wheat Ridge and Evergreen-Clear Creek Crossing, L.L.C. attached as Exhibit F; 3. Hook Ramp Cost Reimbursement Agreement with the City of Wheat Ridge attached as Exhibit F; 4. Cooperation Agreement with the Renewal Wheat Ridge attached as Exhibit F; 5. PIF Collection Agreement with the City of Wheat Ridge attached as Exhibit F; 6. Intergovernmental Agreement on Annexations, Inclusions and Tax Levies and Supplemental Intergovernmental Agreement on Annexations, Inclusions and Tax Levies attached as Exhibit F; 7. Public Finance Agreement with Renewal Wheat Ridge and Evergreen-Clear Creek Crossing, L.L.C. attached as Exhibit F; {00350627} 21 8. Potential Agreement with Applewood Sanitation District; 9. Potential Agreement with Prospect Park and Recreation District; 10. Potential Agreement with Urban Drainage and Flood Control; 11. Potential Agreement with North Table Mountain Water and Sanitation District; 12. Potential Agreement with Consolidated Mutual Water Company; 13. Other XIV. BOARD OF DIRECTORS The District has been operating under the 2006 Service Plan with five Director Districts pursuant to § 32-1-301(2)(f), C.R.S. The District may increase the number of board directors and Director Districts pursuant to statute, which shall not constitute a material modification of this Plan. Current Director District boundaries are shown on Exhibit I. An example of the potential Director District boundaries utilizing seven Districts is also shown on Exhibit I. XV. STATUTORY REVIEW This Service Plan for the Longs Peak Metropolitan District satisfies the requirements of the Special District Control Act (§§ 32-1-201, et seq., C.R.S.) and the requirements of the Colorado Constitution. It is further stated that in accordance with § 32-1-203(2), C.R.S.: A. There is sufficient existing and projected need for organized service in the area to be serviced by the District; B. Without the District, the existing service in the area is inadequate for present and projected needs; C. The District is capable of providing economical and sufficient service to the proposed development within its boundaries; and D. The Property included within the District does have and will have the financial ability to discharge the proposed indebtedness on a reasonable basis. X V L C O N C L U S I O N T h e r e f o r e , t h e D i s t r i c t r e q u e s t s t h a t t h e C i t y C o u n c i l , w h i c h h a s j u r i s d i c t i o n t o a p p r o v e t h i s S e r v i c e P l a n b y v i r t u e o f § s S 3 2 - 1 - 2 0 4 . 5 a n d 2 0 7 , C . R . S . , a d o p t a r e s o l u t i o n a p p r o v i n g t h i s S e r v i c e P l a n f o r t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t . R e s p e c t f u l l y s u b m i t t e d , S E T E R & V A N D E R W A L L , P . C . B y : { 0 0 3 5 0 6 2 7 } 2 2 {00351118} EXHIBIT A VICINITY MAP FEBRUARY 10.2006 —MARTIN /MARTIN 1 ag CLF*KAVE. P.O.B I 51500 LAICZW5O.00 aOi 5U.41 .elaa FAX SO.4 1 .A05 VICINITY MAP N.T.S. Vicinity Map ±Jefferson County offers this service for informational purposes only for the convenience of the user andassumes no liability whatsoever associated with the use or misuse of this data. This data is provided "as is"and Jefferson County disclaims all representations and warranties expressed or implied, including withoutlimitation all representations and warranties as to the completeness, accuracy, correctness, merchantabilityand fitness for a particular purpose of any data and any and all warranties of title related thereto.Sources: Esri, HERE, Garmin, USGS, Intermap, INCREMENT P, NRCan, Esri Japan, METI, Esri China(Hong Kong), Esri Korea, Esri (Thailand), NGCC, © OpenStreetMap contributors, and the GIS UserCommunity Author: Date: 6/15/2018 0 7 14mi {00351118} EXHIBIT B-1 LEGAL DESCRIPTION AND DETAILED MAP OF DISTRICT BOUNDARIES {00352659} 1. Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado 2. Lot 6, Key E, Foothills West Industrial Park, City of Wheat Ridge, County of Jefferson, State of Colorado 3. Lot 8, Key D, Foothills West Industrial Park, City of Wheat Ridge, County of Jefferson, State of Colorado 4. Lot 7, Key E, Foothills West Industrial Park, City of Wheat Ridge, County of Jefferson, State of Colorado 5. Lot 1, Key B, Foothills West Industrial Park, City of Wheat Ridge, County of Jefferson, State of Colorado 6. Lot 2, Key B, Foothills West Industrial Park, City of Wheat Ridge, County of Jefferson, State of Colorado METROPOLITAN DISTRICT BOUNDARY 02/20/06 DESCRIPTION A PARCEL OF LAND,LOCATED IN THE SOUTHEAST QUARTER OF SECTION 19,THE SOUTHWEST QUARTER OF SECTION 20,THE NORTHWEST QUARTER OF SECTION 29 AND THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 30,BEING IN TOWNSHIP 3 SOUTH,RANGE 69 WEST OF THE SIXTH PRINCIPAL MERIDIAN,COUNTY OF JEFFERSON, STATE OF COLORADO,DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF THE SAID NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 30,WHENCE THE EAST QUARTER CORNER OF SAID SECTION 30 LIES S01°01’50”E ALONG THE EAST LINE OF THE SAID NORTHEAST QUARTER OF SECTION 30,1320.79 FEET; THENCE S89°10’02’W ALONG THE SOUTH LINE OF THE SAID NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 30,1315.31 FEET TO THE WEST LINE OF SAID NORTHEAST QUARTER OF THE NORTHEAST QUARTER; THENCE N00°55’47”W ALONG SAID WEST LINE,1320.36 FEET TO THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 19; THENCE N00°07’30”W ALONG THE WEST LINE OF SAID SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER,913.46 FEET TO THE SOUTHWEST LINE OF AN 80’WIDE DENVER WATER BOARD EASEMENT RECORDED AT RECEPTION NO.92130445 IN THE JEFFERSON COUNTY CLERK AND RECORDER’S OFFICE; THENCE S89°0T31’W,57.62 FEET TO A NON-TANGENT CURVE; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 791.19 FEET,A CENTRAL ANGLE OF 15°21’56”,HAVING A CHORD OF 211.55 FEET WHICH BEARS N50°55’48’W TO A NON-TANGENT CURVE; 1 Metropolitan District Boundary THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 1529.61 FEET,A CENTRAL ANGLE OF 12°49’32”,HAVING A CHORD OF 341.69 FEET WHICH BEARS N75°38’51 ‘W TO A POINT OF COMPOUND CURVATURE; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 1022.23 FEET,A CENTRAL ANGLE OF 1O00517,HAVING A CHORD OF 179.75 FEET WHICH BEARS N87°06’16”W TO A POINT OF TANGENCY; THENCE S87°51’06’W,175.73 FEET; THENCE N00°23’12’W,174.56 FEET TO THE SOUTH LINE OF THE NORTH HALF,OF THE SOUTHEAST QUARTER OF SAID SECTION 19; THENCE S89°07’31’W ALONG SAID SOUTH LINE,410.63 FEET TO THE SOUTHWEST CORNER OF THE SAID NORTH HALF; THENCE N00°23’12”W,171.61 FEET TO A NON-TANGENT CURVE CONCAVE NORHTWESTERLY HAVING A RADIUS OF 505.40; THENCE THROUGH A CENTRAL ANGLE OF 53°02’20”,NORTHEASTERLY ALONG THE ARC OF SAID CURVE 467.85 FEET,SAID CURVE HAVING A CHORD OF 451.32 FEET WHICH BEARS N28°13’09”E TO THE POINT OF TANGENCY; THENCE N01°41’59”E,141.51 FEET TO THE SOUTHERLY RIGHT-OF-WAY LINE OF STATE HIGHWAY 58 AS DESCRIBED IN THAT DOCUMENT RECORDED IN DEED BOOK 2177,PAGE 367 IN THE JEFFERSON COUNTY CLERK AND RECORDERS OFFICE; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE N87°01’30”E,A DISTANCE OF 2,426.47 FEET TO THE WEST LINE OF SAID SOUTHWEST QUARTER OF SECTION 20; THENCE S00°08’l 1’W,ALONG SAID WEST LINE,796.40 FEET TO THE SOUTHEAST CORNER OF THE SAID NORTH HALF,OF THE SOUTHEAST QUARTER OF SECTION 19; THENCE S89°07’31’W,ALONG THE SOUTH LINE OF SAID NORTH HALF,1319.03 FEET TO THE NORTHWEST CORNER OF SAID SOUTHEAST QUARTER,OF THE SOUTHEAST QUARTER OF SECTION 19; THENCE S00°07’30”E,ALONG THE WEST LINE OF SAID SOUTHEAST QUARTER OF THE 2 Metropolitan District Boundary SOUTHEAST QUARTER,382.28 FEET TO THE NORTH LINE OF THAT PARCEL DESCRIBED IN THAT DOCUMENT RECORDED AT BOOK 1992,PAGE 752 IN SAID OFFICE; THENCE ALONG THE NORTH LINE OF SAID PARCEL THE FOLLOWING 3 COURSES: 1)N89°5230”E,425.00 FEET; 2)N64°57’30’E,177.70 FEET; 3)S89°39’40”E,731.27 FEET TO THE WEST LINE OF THE SAID SOUTHWEST QUARTER OF SECTION 20; THENCE NOO°08’ll”E ALONG SAID WEST LINE,7.56 FEET TO THE NORTH LINE OF THE SOUTH 3/4 OF LOTS 21 THROUGH 24,ROXBURY GARDENS,DESCRIBED IN THAT DOCUMENT AS RECORDED AT RECEPTION NO.09337790 IN SAID OFFICE; THENCE N89°01’07”E ALONG SAID NORTH LINE,990.43 FEET TO THE WEST RIGHT-OF-WAY LINE OF INTERSTATE 70 AS RECORDED IN THOSE DOCUMENTS RECORDED AT BOOK 1855, PAGE 425 AND BOOK 1952,PAGE 286; THENCE ALONG SAID WEST RIGHT-OF-WAY LINE THE FOLLOWING FOUR COURSES: 1)S00°41’53’E,1005.12 FEET TO THE SOUTH LINE OF SAID SECTION 20; 2)S00°45’49”E,1321.80 FEET TO THE SOUTH LINE OF THE NORTHWEST QUARTER OF THE SAID NORTHWEST QUARTER OF SECTION 29; 3)S00°43’42”E,241.50 FEET; 4)S06°23’48”W,82.23 FEET TO THE SOUTH LINE OF LOT 16,SAID ROXBURY GARDENS; THENCE S89°24’52’W ALONG SAID SOUTH LINE,986.91 FEET TO THE WEST LINE OF SAID LOT 16,BEING THE SAID EAST LINE OF THE NORTHEAST QUARTER OF SECTION 30; THENCE N01°01’50W ALONG SAID EAST LINE,323.40 FEET TO THE POINT OF BEGINNING, CONTAINING 178.01 ACRES,(7,754,240.5 SF)MORE OR LESS. SUBJECT TO THE I RIGHT-OF-WAY OF /AND ALL COVENANTS AND AGREEMENTS OF RECORD. FEBRUARY 20,2006 WRITTEN,BY MARTIN/MARTIN INC.BASED ON FARNSWORTH GROUP,INC.LEGAL DESCRI PTION 3 Metropolitan District Boundary EXHIBIT ‘A’ LEGAL DESCRIPTION of AMENDED ANNEXABLE LANDS Petitioner: LONGS PEAK METROPOLITAN DISTRICT Amended March 3, 2010 BEING PORTIONS OF COLORADO STATE HIGHWAY 58, TOGETHER WITH PORTIONS OF WEST 44TH AVENUE, ALSO TOGETHER WITH OTHER LANDS, ALL LYING WITHIN SECTIONS 19 AND 20, TOWNSHIP 3 SOUTH, RANGE 69 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF JEFFERSON, STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 19, FROM WHENCE THE SOUTHEAST CORNER OF SAID SOUTHWEST QUARTER (SW 1/4) BEARS SOUTH 00°22'44" EAST A DISTANCE OF 2642.03 FEET, WITH ALL BEARINGS HEREIN RELATED THERETO; THENCE SOUTH 67°26’43” WEST, 2340.64 FEET TO THE NORTHWEST CORNER OF THAT CERTAIN LAND AS DESCRIBED AND CONVEYED TO THE COLORADO DEPARTMENT OF TRANSPORTATION AT RECEPTION No. 2008011087, SAID POINT BEING COINCIDENT WITH THE SOUTH LINE OF COLORADO STATE HIGHWAY 58 AS DESCRIBED AND CONVEYED IN BOOK 2227, PAGE 531, AND BEING THE POINT OF BEGINNING; THENCE ALONG SAID SOUTH LINE, SOUTH 80°35’52” WEST, 268.65 FEET TO THE WEST LINE OF SAID SOUTHWEST QUARTER; THENCE ALONG SAID WEST LINE, NORTH 00°09’20” WEST, 289.15 FEET TO A POINT ON THE BOUNDARY OF THAT CERTAIN LAND DESCRIBED AS PARCEL No. 26 AT RECEPTION No. 2008002606; THENCE LEAVING SAID WEST LINE OF SAID SOUTHWEST QUARTER, ALONG SAID PARCEL No. 26 BOUNDARY THE FOLLOWING TWO (2) COURSES: 1. NORTH 79°47’37” EAST, 403.08 FEET TO A POINT; 2. NORTH 59°33’27” EAST, 313.45 FEET TO THE SOUTHWEST CORNER OF THAT CERTAIN LAND DESCRIBED AS PARCEL No. 26A AT RECEPTION No. 2008002606; THENCE ALONG SAID PARCEL No. 26A BOUNDARY THE FOLLOWING FOUR (4) COURSES: 1. NORTH 14°08’11” EAST, 160.20 FEET TO A POINT; 2. NORTH 00°13’13” WEST, 187.99 FEET TO A POINT; 3. SOUTH 89°29’42” WEST, 290.63 FEET TO A POINT; 4. NORTH 00°53’57” WEST, 89.92 FEET TO A POINT ON THE NORTH LINE OF WEST 44TH AVENUE AS DESCRIBED AND CONVEYED IN BOOK 359, PAGE 223; THENCE ALONG SAID NORTH LINE, AND PARALLEL WITH THE NORTH LINE OF SAID SOUTHWEST QUARTER (SW ¼), NORTH 89°06’03” EAST, 1228.91 FEET TO A TANGENT CURVE TO THE LEFT CONCAVE NORTHWESTERLY; THENCE NORTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 20.00 FEET, AND WHOSE LONG CHORD BEARS NORTH 44°21’13” EAST AND HAS A CHORD LENGTH OF 28.16 FEET, THROUGH A CENTRAL ANGLE OF 89°29’40”, FOR AN ARC LENGTH OF 31.24 FEET TO A POINT ON THE WEST LINE OF FLORA STREET; THENCE ALONG SAID WEST LINE, NORTH 00°23’37” WEST, 20.88 FEET TO A POINT; 1 EFILED Document CO Jefferson County District Court 1st JD Filing Date: Jun 10 2010 3:05PM MDT Filing ID: 31575986 Review Clerk: Matt J Forbes DATE FILED: June 10, 2010 5:05 PM CASE NUMBER: 2006CV1042 THENCE NORTH 89°36’23” EAST, 50.00 FEET TO A POINT ON THE EAST LINE OF SAID FLORA STREET; THENCE ALONG A NON-TANGENT CURVE TO THE LEFT CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 30.00 FEET, AND WHOSE LONG CHORD BEARS SOUTH 45°38’47” EAST AND HAS A CHORD LENGTH OF 42.61 FEET, THROUGH A CENTRAL ANGLE OF 90°30’20”, FOR AN ARC LENGTH OF 47.39 FEET TO A POINT 50.00 FEET DISTANT FROM THE SAID NORTH LINE OF SAID SOUTHWEST QUARTER (SW ¼); THENCE PARALLEL SAID NORTH LINE, NORTH 89°06’03” EAST, 355.69 FEET TO A POINT; THENCE SOUTH 00°23’37” EAST, 10.00 FEET TO A POINT ON THE AFORMENTIONED NORTH LINE OF SAID WEST 44TH AVENUE AS DESCRIBED AND CONVEYED IN BOOK 359, PAGE 223, AND ALSO DESCRIBED AND CONVEYED IN BOOK 323, PAGE 323 AND RECEPTION No. 89033001; THENCE ALONG SAID NORTH LINE OF SAID WEST 44TH AVENUE THE FOLLOWING THREE (3) COURSES: 1. NORTH 89°06’03” EAST, 228.09 FEET TO A TANGENT CURVE TO THE LEFT CONCAVE NORTHERLY; 2. EASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 915.00 FEET, AND WHOSE LONG CHORD BEARS NORTH 83°04’22” EAST AND HAS A CHORD LENGTH OF 192.18 FEET, THROUGH A CENTRAL ANGLE OF 12°03’22”, FOR AN ARC LENGTH OF 192.53 FEET TO A POINT OF TANGENCY; 3. NORTH 77°02’41” EAST, 34.00 FEET TO A POINT ON THE BONDARY OF THAT CERTAIN PARCEL AS DESRIBED AND CONVEYED TO THE COUNTY OF JEFFERSON IN THAT CERTAIN WARRANTY DEED RECORDED APRIL 18, 1989 AT RECEPTION No. 89033000; THENCE ALONG THE BOUNDARY OF SAID PARCEL THE FOLLOWING THREE (3) COURSES: 1. NORTH 12°57’19” WEST, 10.00 FEET TO A POINT; 2. NORTH 77°02’41” EAST, 1561.50 FEET TO A POINT; 3. SOUTH 12°57’19” EAST, 10.00 FEET TO A POINT ON THE AFORMENTIONED NORTH LINE OF SAID WEST 44TH AVENUE; THENCE ALONG SAID NORTH LINE, NORTH 77°02’41” EAST, 1496.90 FEET TO A POINT, SAID POINT ALSO BEING A POINT OF CURVATURE OF THE NORTH LINE OF SAID WEST 44TH AVENUE; THENCE LEAVING SAID NORTH LINE, SOUTH 12°57’19” EAST, 80.00 FEET TO THE SOUTH LINE OF SAID WEST 44TH AVENUE AS DESCRIBED AND CONVEYED IN BOOK 359, PAGE 223, AND ALSO DESCRIBED AND CONVEYED IN BOOK 323, PAGE 323 AND RECEPTION No. 89033001; THENCE ALONG SAID SOUTH LINE THE FOLLOWING THREE (3) COURSES: 1. SOUTH 77°02’41” WEST, 3092.40 FEET TO A TANGENT CURVE TO THE RIGHT CONCAVE NORTHERLY; 2. WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 995.00 FEET, AND WHOSE LONG CHORD BEARS SOUTH 83°04’22” WEST AND HAS A CHORD LENGTH OF 208.98 FEET, THROUGH A CENTRAL ANGLE OF 12°03’22”, FOR AN ARC LENGTH OF 209.37 FEET TO A POINT OF TANGENCY, SAID POINT BEING 40.00 FEET DISTANT FROM THE NORTH LINE OF THE SOUTHWEST QUARTER (SW ¼) OF SAID SECTION 19; 2 3 3. PARALLEL SAID NORTH LINE OF SAID SOUTHWEST QUARTER (SW ¼), SOUTH 89°06’03” WEST, 1413.02 FEET TO THE NORTHEAST CORNER OF THE AFORMENTIONED PARCEL No. 26A; THENCE LEAVING SAID SOUTH LINE OF SAID WEST 44TH AVENUE, AND ALONG THE EAST LINE OF SAID PARCEL No. 26A, SOUTH 00°23’24” EAST, 348.26 FEET TO THE SOUTHEAST CORNER OF SAID PARCEL No. 26A, AND BEING COINCIDENT WITH THE NORTHWEST CORNER OF PARCEL No. 24 AS DESCRIBED AND CONVEYED AT RECEPTION No. 2008075289; THENCE ALONG THE NORTH LINE OF SAID PARCEL No. 24 AND CONTINUING ALONG THE NORTH LINE OF PARCEL No. 25 AS DESCRIBED AND CONVEYED AT RECEPTION No. 2007134180, SOUTH 85°42’49” EAST, 518.97 FEET TO THE NORTH LINE OF COLORADO STATE HIGHWAY 58; THENCE ALONG SAID NORTH LINE OF SAID COLORADO STATE HIGHWAY 58 THE FOLLOWING FIVE (5) COURSES: 1. NORTH 80°04’22” EAST, 705.82 FEET TO A POINT; 2. NORTH 87°12’09” EAST, 300.46 FEET TO A POINT ON THE EAST LINE OF THE SAID SOUTHWEST QUARTER (SW ¼) OF SAID SECTION 19; 3. NORTH 00°22’44” WEST, 0.28 FEET TO A POINT; 4. SOUTH 76°20’55” EAST, 199.73 FEET TO A POINT; 5. NORTH 86°53’17” EAST, 36.69 FEET TO A POINT; THENCE LEAVING SAID NORTH LINE, SOUTH 01°45’57” WEST, 250.95 FEET TO A POINT ON THE SOUTH LINE OF SAID COLORADO STATE HIGHWAY 58; THENCE ALONG SAID SOUTH LINE THE FOLLOWING TWO (2) COURSES: 1. SOUTH 87°00’55” WEST, 949.49 FEET TO A POINT; 2. SOUTH 80°35’52” WEST, 231.36 FEET TO THE NORTHEAST CORNER OF THAT CERTAIN LAND AS DESCRIBED AND CONVEYED TO THE COLORADO DEPARTMENT OF TRANSPORTATION AT RECEPTION No. 2008011087; THENCE THE BOUNDARY OF SAID CERTAIN LAND AS DESCRIBED AND CONVEYED TO THE COLORADO DEPARTMENT OF TRANSPORTATION THE FOLLOWING FIVE (5) COURSES: 1. SOUTH 63°00’12” WEST, 458.54 FEET TO A POINT; 2. SOUTH 74°18’51” WEST, 322.38 FEET TO A POINT; 3. NORTH 74°33’52” WEST, 239.61 FEET TO A POINT; 4. NORTH 86°15’04” WEST, 260.84 FEET TO A POINT; 5. NORTH 00°11’45” WEST, 14.08 FEET TO THE POINT OF BEGINNING. CONTAINING 1,452,417 SQUARE FEET OR 3.343 ACRES OF LAND, MORE OR LESS. End of Legal Description. Frank M. Zwolinski, P.L.S. For and on Behalf of CLC Associates, Inc. Colorado License No. 38060 F:\2008\08-0074 - Coors Property\Survey\_Legals\LONGS PEAK METRO 3-09-2010.doc LONGS PEAK METROPOLITAN DISTRICT SERVICE AREA BOUNDARY LEGEND LONGS PEAK METROPOLITAN DISTRICT SERVICE AREA BOUNDARY MARTIN/MARTIN C O N S U L T I N G E N G I N E E R S 12499 WEST COLFAX AVENUE, LAKEWOOD, COLORADO 80215 303.431.6100 MARTINMARTIN.COM COLORADO HIGHWAY 58 R.O.W . IN T E R S T A T E - 7 0 YO U N G F I E L D S T R E E T CLEAR CREEK DRIVE (40th AVE. UNDER PASS) (BRIDGE) (40th AVENUE) 32nd AVE. 44th AVE . {00351118} EXHIBIT B-2 MAP OF DISTRICT SERVICE AREA LONGS PEAK METROPOLITAN DISTRICT SERVICE AREA BOUNDARY LEGEND LONGS PEAK METROPOLITAN DISTRICT SERVICE AREA BOUNDARY MARTIN/MARTIN C O N S U L T I N G E N G I N E E R S 12499 WEST COLFAX AVENUE, LAKEWOOD, COLORADO 80215 303.431.6100 MARTINMARTIN.COM COLORADO HIGHWAY 58 R.O.W . IN T E R S T A T E - 7 0 YO U N G F I E L D S T R E E T CLEARCREEK DRIVE (40th AVE. UNDER PASS) (BRIDGE) (40th AVENUE) 32nd AVE. 44th AVE . {00351118} EXHIBIT C DISTRICT FACILITIES {00351599} 16922535.3 Eligible District Public Improvements and Facilities The District may acquire existing public improvements and facilities or reimburse advances for the construction of existing public improvements and facilities, whether located within or without the District’s boundaries, if such public improvements and facilities were constructed to serve property within the District. The District may design, acquire, finance, install, and construct the following public improvements and facilities: Water The design, acquisition, financing, installation and construction of a water and irrigation water delivery and distribution system, that shall include, but not be limited to, transmission and distribution systems for domestic and other public or private purposes, together with all necessary and proper reservoirs, equipment and appurtenances incident thereto which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, together with extensions of and improvements to the systems within and without the District’s boundaries. Sanitation The design, acquisition, financing, installation and construction of storm drainage and sanitary sewer collection and treatment systems that shall include, but not be limited to, flood control and surface drainage improvements and all equipment and appurtenances incident thereto, together with facilities, land and easements and all necessary extensions of and improvements within and without the boundaries of the District. Television Relay and Translator Facilities The design, acquisition, financing, construction, installation and construction of television relay and translator facilities that shall include, but not be limited to, cable television and communication facilities, satellite television facilities and internet and other telecommunication facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities within and without the boundaries of the District. Telephone Service The financing of line extensions for new telephone service to the Property. Streets The design, acquisition, financing, installation and construction of street and roadway improvements that shall include, but not be limited to, curbs, gutters, culverts, storm sewers and other natural or man- made drainage, retaining walls and appurtenances, as well as sidewalks, bridges, parking facilities, lots and other parking structures, paving, lighting, grading, landscaping, tunnels and other street improvements, together with all necessary, environmental assessment or other regulatory requirements, incidental, and appurtenant facilities, land and easements, and extensions of and improvements within and without the District’s boundaries. {00351599} 16922535.3 Traffic and Safety Controls The design, acquisition, financing, installation and construction of traffic and safety protection facilities and services, traffic and safety controls, street lights, signalization and other devices on streets and highways, environmental monitoring for public safety as well as other facilities and improvements that shall include, but not be limited to, entry signage, access gates, signalization at intersections, traffic signs, area identification signs, directional assistance, driver information signs and all necessary, incidental and appurtenant facilities, land, easements and extensions of and improvements within and without the District’s boundaries. Parks and Recreation The design, acquisition, financing, installation and construction of public park and recreation facilities or programs that shall include, but not be limited to, museums, cultural and community facilities, bike paths, hiking trails, pedestrian trails, trailhead facilities, signage, pedestrian bridges, pedestrian malls, plaza areas and amenities, public fountains and sculpture, public art, botanical gardens, community gardens, picnic areas, common area landscaping and weed control, outdoor lighting of all types, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to said facilities systems within and without the District boundaries. Transportation The design, acquisition, financing, installation and construction of public transportation system improvements that shall include, but not be limited to, transportation equipment, park and ride facilities and attendant parking lots and structures, roofs, covers and kiosks, including, but not limited to, facilities for the conveyance of the public consisting of public restrooms, buses, automobiles and other means of conveyance, and structures for repair, operations and maintenance of such facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to the facilities or systems within and without the boundaries of the District. Land Acquisition The costs incurred by the District and Developer as associated with the acquisition of land required for the Eligible Public Improvements. {00351118} EXHIBIT C-1 WATER SYSTEM IMPROVEMENTS TRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTR TRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTR WWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWW 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Streets and Public Roadways B. 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TRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTR TRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTR WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWW WWWWW W WWWW WWWWWWW TRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTRTR TRTRTRTRTRTRTR TRTRTRTRTR TRTR TRTRTRTRTRTRTR TRTRTRTRTRTRTR TRTRTRTRTR TRTR TRTRTRTRTRTRTRTRTR MARTIN/MARTIN C O N S U L T I N G E N G I N E E R S 12499 WEST COLFAX AVENUE, LAKEWOOD, COLORADO 80215 303.431.6100 MARTINMARTIN.COM NOT FOR CONSTRUCTION CDOT "A" LINE LEGEND {00351118} EXHIBIT C-6 CATV AND TELEPHONE FACILITIES {00351118} EXHIBIT D COSTS OF DISTRICT FACILITIES PHASE 1 PHASE 2 COST CATEGORY 2E Funded LPMD/Consolidated Water TOTAL PROJECT SUMMARY DEMOLITION, GRADING, AND EROSION CONTROL $0 $3,336,904 $3,336,904 PAD DEVELOPMENT $0 $0 $0 STORM SEWER / WETLANDS $0 $5,947,383 $5,947,383 40TH AVE. AND CLEAR CREEK DRIVE $0 $1,233,180 $1,233,180 CLEAR CREEK DRIVE $0 $1,701,617 $1,701,617 CCC SIGNAGE $0 $1,520,366 $1,520,366 DRY UTILITIES $900,061 $318,654 $1,218,715 TRAILS AND SIDEWALKS $0 $1,516,169 $1,516,169 APPLEWOOD SANITARY SEWER $0 $2,126,887 $2,126,887 CONSOLIDATED MUTUAL WATER $0 $853,056 $853,056 RETAINING WALL AND MAIN ACCESS DRIVES $1,113,618 $1,333,477 $2,447,095 CLEAR CREEK DR., RAMPS TO 32ND AVE $3,412,239 $0 $3,412,239 I-70 AND 32ND AVENUE INTERCHANGE $11,429,646 $0 $11,429,646 2E - ENVIRONMENTAL STUDIES $507,000 $0 $507,000 SOFT COSTS (Design, Engineering, Project Mgt, Insurance, Fees)$3,079,132 $3,633,034 $6,712,166 TOTAL $20,441,696 $23,520,727 $43,962,423 Hard Cost Estimate, Mortenson, May 25, 2018. Clear Creek Crossing - Public Infrastructure {00351118} EXHIBIT E FINANCING PLAN {00352724} Longs Peak Metropolitan District Financing Plan The purpose of this Financing Plan is to show the feasibility of the District’s financing of the proposed public improvements, facilities and services. This Financial Plan demonstrates one feasible way that the District may finance the proposed public improvements, facilities and services. Operations and Maintenance Revenue/Expenditures Revenue Expenditures Year Assessed Value Operations Mill Levy Operations Mill Levy Revenue Specific Ownership Tax Revenue Total Revenue County Treasurer Fees Cash Available for Operations and Maintenance Expenses 2019 $980,844 25 $24,521 $1,471 $25,992 $361 $25,631 2020 $980,844 25 $24,521 $1,471 $25,992 $361 $25,631 2021 $4,004,561 25 $100,114 $6,007 $106,121 $1,474 $104,647 2022 $18,113,629 25 $452,841 $27,170 $480,011 $6,667 $473,344 2023 $18,269,664 25 $456,742 $27,404 $484,146 $6,724 $477,422 2024 $20,113,893 25 $502,847 $30,171 $533,018 $7,403 $525,615 2025 $20,113,893 25 $502,847 $30,171 $533,018 $7,403 $525,615 2026 $20,516,171 25 $512,904 $30,774 $543,679 $7,551 $536,127 2027 $20,516,171 25 $512,904 $30,774 $543,679 $7,551 $536,127 2028 $20,926,495 25 $523,162 $31,390 $554,552 $7,702 $546,850 2029 $20,926,495 25 $523,162 $31,390 $554,552 $7,702 $546,850 2030 $21,345,024 25 $533,626 $32,018 $565,643 $7,856 $557,787 2031 $21,345,024 25 $533,626 $32,018 $565,643 $7,856 $557,787 2032 $21,771,925 25 $544,298 $32,658 $576,956 $8,013 $568,943 2033 $21,771,925 25 $544,298 $32,658 $576,956 $8,013 $568,943 2034 $22,207,363 25 $555,184 $33,311 $588,495 $8,174 $580,322 2035 $22,207,363 25 $555,184 $33,311 $588,495 $8,174 $580,322 2036 $22,651,511 25 $566,288 $33,977 $600,265 $8,337 $591,928 2037 $22,651,511 25 $566,288 $33,977 $600,265 $8,337 $591,928 2038 $23,104,541 25 $577,614 $34,657 $612,270 $8,504 $603,767 2039 $23,104,541 25 $577,614 $34,657 $612,270 $8,504 $603,767 2040 $23,566,632 25 $589,166 $35,350 $624,516 $8,674 $615,842 2041 $23,566,632 25 $589,166 $35,350 $624,516 $8,674 $615,842 2042 $24,037,964 25 $600,949 $36,057 $637,006 $8,847 $628,159 2043 $24,037,964 25 $600,949 $36,057 $637,006 $8,847 $628,159 2044 $24,518,724 25 $612,968 $36,778 $649,746 $9,024 $640,722 2045 $24,518,724 25 $612,968 $36,778 $649,746 $9,024 $640,722 2046 $25,009,098 25 $625,227 $37,514 $662,741 $9,205 $653,536 2047 $25,009,098 25 $625,227 $37,514 $662,741 $9,205 $653,536 2048 $25,509,280 25 $637,732 $38,264 $675,996 $9,389 $666,607 2049 $25,509,280 25 $637,732 $38,264 $675,996 $9,389 $666,607 {00352724} 2 Funding of Public Improvements and Facilities Category Revenue Expenditure City 2E Funding $10,000,000 City 2E Advance $10,441,696 URA Funding $5,000,000 Bond Proceeds: Capitalized Interest Debt Service Reserve Fund $21,865,000 $2,186,500 $1,899,300 Developer Advance $13,220,800 City 2E Reimbursement $10,441,696 Public Improvements and Facilities (2E + CCC + Coors Facilities) $46,000,000 TOTAL $60,257,496 $60,257,496 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) 1 D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) a t 3 5 . 0 0 0 ( t a r g e t ) D i s t r i c t M ill s + 0 . 00 0 U R A M il l s p l u s D i s t r i c t ' s s h a r e o f A v a i l . 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, 2 3 7 1 4 , 1 4 7 , 7 9 5 1 8 , 2 6 9 , 6 6 4 35 . 0 0 0 6 2 6 , 6 4 9 3 7 , 5 9 9 0 20 2 4 0 1 , 2 1 7 , 7 3 6 6 2 , 1 0 4 , 5 4 5 3 , 9 9 4 , 1 7 5 0 0 0 0 1 , 1 1 1 , 7 0 5 5 6 , 6 9 6 , 9 4 1 1 6 , 1 1 9 , 7 1 9 2 0 , 1 1 3 , 8 9 3 35 . 0 0 0 6 8 9 , 9 0 7 4 1 , 3 9 4 0 20 2 5 0 62 , 1 0 4 , 5 4 5 3 , 9 9 4 , 1 7 5 0 0 0 0 56 , 6 9 6 , 9 4 1 1 6 , 1 1 9 , 7 1 9 2 0 , 1 1 3 , 8 9 3 35 . 0 0 0 6 8 9 , 9 0 7 4 1 , 3 9 4 0 20 2 6 0 1 , 2 4 2 , 0 9 1 6 3 , 3 4 6 , 6 3 6 4 , 0 7 4 , 0 5 8 0 0 0 0 1 , 1 3 3 , 9 3 9 5 7 , 8 3 0 , 8 8 0 1 6 , 4 4 2 , 1 1 3 2 0 , 5 1 6 , 1 7 1 35 . 0 0 0 7 0 3 , 7 0 5 4 2 , 2 2 2 0 20 2 7 0 63 , 3 4 6 , 6 3 6 4 , 0 7 4 , 0 5 8 0 0 0 0 57 , 8 3 0 , 8 8 0 1 6 , 4 4 2 , 1 1 3 2 0 , 5 1 6 , 1 7 1 35 . 0 0 0 7 0 3 , 7 0 5 4 2 , 2 2 2 0 20 2 8 0 1 , 2 6 6 , 9 3 3 6 4 , 6 1 3 , 5 6 9 4 , 1 5 5 , 5 3 9 0 0 0 0 1 , 1 5 6 , 6 1 8 5 8 , 9 8 7 , 4 9 8 1 6 , 7 7 0 , 9 5 5 2 0 , 9 2 6 , 4 9 5 35 . 0 0 0 7 1 7 , 7 7 9 4 3 , 0 6 7 0 20 2 9 0 64 , 6 1 3 , 5 6 9 4 , 1 5 5 , 5 3 9 0 0 0 0 58 , 9 8 7 , 4 9 8 1 6 , 7 7 0 , 9 5 5 2 0 , 9 2 6 , 4 9 5 35 . 0 0 0 7 1 7 , 7 7 9 4 3 , 0 6 7 0 20 3 0 0 1 , 2 9 2 , 2 7 1 6 5 , 9 0 5 , 8 4 0 4 , 2 3 8 , 6 5 0 0 0 0 0 1 , 1 7 9 , 7 5 0 6 0 , 1 6 7 , 2 4 8 1 7 , 1 0 6 , 3 7 4 2 1 , 3 4 5 , 0 2 4 35 . 0 0 0 7 3 2 , 1 3 4 4 3 , 9 2 8 0 20 3 1 0 65 , 9 0 5 , 8 4 0 4 , 2 3 8 , 6 5 0 0 0 0 0 60 , 1 6 7 , 2 4 8 1 7 , 1 0 6 , 3 7 4 2 1 , 3 4 5 , 0 2 4 35 . 0 0 0 7 3 2 , 1 3 4 4 3 , 9 2 8 0 20 3 2 0 1 , 3 1 8 , 1 1 7 6 7 , 2 2 3 , 9 5 7 4 , 3 2 3 , 4 2 3 0 0 0 0 1 , 2 0 3 , 3 4 5 6 1 , 3 7 0 , 5 9 3 1 7 , 4 4 8 , 5 0 2 2 1 , 7 7 1 , 9 2 5 35 . 0 0 0 7 4 6 , 7 7 7 4 4 , 8 0 7 0 20 3 3 0 67 , 2 2 3 , 9 5 7 4 , 3 2 3 , 4 2 3 0 0 0 0 61 , 3 7 0 , 5 9 3 1 7 , 4 4 8 , 5 0 2 2 1 , 7 7 1 , 9 2 5 35 . 0 0 0 7 4 6 , 7 7 7 4 4 , 8 0 7 0 20 3 4 0 1 , 3 4 4 , 4 7 9 6 8 , 5 6 8 , 4 3 6 4 , 4 0 9 , 8 9 2 0 0 0 0 1 , 2 2 7 , 4 1 2 6 2 , 5 9 8 , 0 0 5 1 7 , 7 9 7 , 4 7 2 2 2 , 2 0 7 , 3 6 3 35 . 0 0 0 7 6 1 , 7 1 3 4 5 , 7 0 3 0 20 3 5 0 68 , 5 6 8 , 4 3 6 4 , 4 0 9 , 8 9 2 0 0 0 0 62 , 5 9 8 , 0 0 5 1 7 , 7 9 7 , 4 7 2 2 2 , 2 0 7 , 3 6 3 35 . 0 0 0 7 6 1 , 7 1 3 4 5 , 7 0 3 0 20 3 6 0 1 , 3 7 1 , 3 6 9 6 9 , 9 3 9 , 8 0 5 4 , 4 9 8 , 0 8 9 0 0 0 0 1 , 2 5 1 , 9 6 0 6 3 , 8 4 9 , 9 6 5 1 8 , 1 5 3 , 4 2 1 2 2 , 6 5 1 , 5 1 1 35 . 0 0 0 7 7 6 , 9 4 7 4 6 , 6 1 7 0 20 3 7 69 , 9 3 9 , 8 0 5 4 , 4 9 8 , 0 8 9 0 0 63 , 8 4 9 , 9 6 5 1 8 , 1 5 3 , 4 2 1 2 2 , 6 5 1 , 5 1 1 35 . 0 0 0 7 7 6 , 9 4 7 4 6 , 6 1 7 0 20 3 8 1, 3 9 8 , 7 9 6 7 1 , 3 3 8 , 6 0 1 4 , 5 8 8 , 0 5 1 0 0 1, 2 7 6 , 9 9 9 6 5 , 1 2 6 , 9 6 4 1 8 , 5 1 6 , 4 9 0 2 3 , 1 0 4 , 5 4 1 35 . 0 0 0 7 9 2 , 4 8 6 4 7 , 5 4 9 0 20 3 9 71 , 3 3 8 , 6 0 1 4 , 5 8 8 , 0 5 1 0 0 65 , 1 2 6 , 9 6 4 1 8 , 5 1 6 , 4 9 0 2 3 , 1 0 4 , 5 4 1 35 . 0 0 0 7 9 2 , 4 8 6 4 7 , 5 4 9 0 20 4 0 1, 4 2 6 , 7 7 2 7 2 , 7 6 5 , 3 7 3 4 , 6 7 9 , 8 1 2 0 0 1, 3 0 2 , 5 3 9 6 6 , 4 2 9 , 5 0 3 1 8 , 8 8 6 , 8 2 0 2 3 , 5 6 6 , 6 3 2 35 . 0 0 0 8 0 8 , 3 3 5 4 8 , 5 0 0 0 20 4 1 72 , 7 6 5 , 3 7 3 4 , 6 7 9 , 8 1 2 0 0 66 , 4 2 9 , 5 0 3 1 8 , 8 8 6 , 8 2 0 2 3 , 5 6 6 , 6 3 2 35 . 0 0 0 8 0 8 , 3 3 5 4 8 , 5 0 0 0 20 4 2 1, 4 5 5 , 3 0 7 7 4 , 2 2 0 , 6 8 0 4 , 7 7 3 , 4 0 8 0 0 1, 3 2 8 , 5 9 0 6 7 , 7 5 8 , 0 9 3 1 9 , 2 6 4 , 5 5 6 2 4 , 0 3 7 , 9 6 4 35 . 0 0 0 8 2 4 , 5 0 2 4 9 , 4 7 0 0 20 4 3 74 , 2 2 0 , 6 8 0 4 , 7 7 3 , 4 0 8 0 0 67 , 7 5 8 , 0 9 3 1 9 , 2 6 4 , 5 5 6 2 4 , 0 3 7 , 9 6 4 35 . 0 0 0 8 2 4 , 5 0 2 4 9 , 4 7 0 0 20 4 4 1, 4 8 4 , 4 1 4 7 5 , 7 0 5 , 0 9 4 4 , 8 6 8 , 8 7 7 0 0 1, 3 5 5 , 1 6 2 6 9 , 1 1 3 , 2 5 5 1 9 , 6 4 9 , 8 4 7 2 4 , 5 1 8 , 7 2 4 35 . 0 0 0 8 4 0 , 9 9 2 5 0 , 4 6 0 0 20 4 5 75 , 7 0 5 , 0 9 4 4 , 8 6 8 , 8 7 7 0 0 69 , 1 1 3 , 2 5 5 1 9 , 6 4 9 , 8 4 7 2 4 , 5 1 8 , 7 2 4 35 . 0 0 0 8 4 0 , 9 9 2 5 0 , 4 6 0 0 20 4 6 1, 5 1 4 , 1 0 2 7 7 , 2 1 9 , 1 9 6 4 , 9 6 6 , 2 5 4 0 0 1, 3 8 2 , 2 6 5 7 0 , 4 9 5 , 5 2 0 2 0 , 0 4 2 , 8 4 4 2 5 , 0 0 9 , 0 9 8 35 . 0 0 0 8 5 7 , 8 1 2 5 1 , 4 6 9 0 20 4 7 77 , 2 1 9 , 1 9 6 4 , 9 6 6 , 2 5 4 0 0 70 , 4 9 5 , 5 2 0 2 0 , 0 4 2 , 8 4 4 2 5 , 0 0 9 , 0 9 8 35 . 0 0 0 8 5 7 , 8 1 2 5 1 , 4 6 9 0 20 4 8 1,5 4 4 , 3 8 4 7 8 , 7 6 3 , 5 8 0 5 , 0 6 5 , 5 7 9 0 0 1, 4 0 9 , 9 1 0 7 1 , 9 0 5 , 4 3 1 2 0 , 4 4 3 , 7 0 1 2 5 , 5 0 9 , 2 8 0 35 . 0 0 0 8 7 4 , 9 6 8 5 2 , 4 9 8 0 20 4 9 78 , 7 6 3 , 5 8 0 5 , 0 6 5 , 5 7 9 0 0 71 , 9 0 5 , 4 3 1 2 0 , 4 4 3 , 7 0 1 2 5 , 5 0 9 , 2 8 0 35 . 0 0 0 8 7 4 , 9 6 8 5 2 , 4 9 8 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 30 0 1 9 , 0 7 0 , 6 3 0 19 2 , 4 2 0 2 0 0 1 7 , 2 9 5 , 9 0 4 21 , 7 0 8 , 7 0 3 1 , 3 0 2 , 5 2 2 8 0 0 , 1 1 7 [1 ] 7 . 2 0 % i n 2 0 1 8 . E s t ' d a t 6 . 5 6 % b e g . 2 0 1 9 . [* ] N o t i n c l . H o t e l s ; p r e s e n t e d i n R o o m s [2 ] M a x T a r g e t / C a p ; M o d i f i e d p e r R e s ' l A V R a t i o @ F u l l b u i l d o u t ( e s t . ) 6/8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x NR L F F i n P l a n A b s 3 1 . 5 0 % N o T I F Pre p a r e d b y D . A . D a v i d s o n & C o . Dr a f t : F o r d i s c u s s i o n p u r p o s e s o n l y . 1 1 20 5 0 20 4 0 20 8 0 YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 20 3 7 20 3 8 20 3 9 20 4 0 20 4 1 20 4 2 20 4 3 20 4 4 20 4 5 20 4 6 20 4 7 20 4 8 20 4 9 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) a t 3 5 . 0 0 0 ( t a r g e t ) D i s t r i c t M il l s + 0 . 00 0 U R A M ill s p l u s D i s t r i c t ' s s h a r e o f A v a i l . S a l e s & L o d g i n g R ev e n u e s - - 0 6 / 0 8 / 2 0 1 8 S e r i e s 2 0 1 9 , G . O . B o n d s , N o n - R a t e d , 1 5 0 x , 2 0 4 9 F i n a l M a t u r i t y Le s s U.R . A . B a s e A . V . U . R . A . U. R . A . U.R . A . An n u a l An n u a l S a l e s A n n u a l S a l e s An n u a l A n n . A d m i s s i o n s A n n . A d m i s s i o n s A n n u a l An n . L o d g i n g A n n . L od g i n g bie n n i a l l y Ne t T o t a l D / S M i l l L e v y To t a l Sa l e s R e v . * Cr e d i t P I F Ad d - o n PI F A d m i s s i o n s R e v . C r e d i t P I F Ad d - o n P I F L o d g i n g R e v . C r e d i t P I F Ad d-o n P I F To t a l re a s s e s s e d As s e s s e d [ 0 . 0 0 0 T a r g e t ] C o l l e c t i o n s (E x c l L r g . F o r m a t ) @ 1 . 5 0 % @ 0 . 5 0 % (E x c l L r g . F o r m a t ) @ 2 . 5 0 % @ 0 . 5 0 % @ 5 . 0 0 % @ 0 . 5 0 % Av a i l a b l e @ 2 % Va l u e [ A v a i l . t h r u 20 4 0 ] @ 9 8 % in f l . @ 1 % in f l . @ 1 % in f l . @ 1 % Re v e n u e $0 $0 $0 $0 $0 $0 $0 $0 $0 0 $8 9 8 , 0 1 4 0$ 0 0 0 0 0 0 0 0 0 0 0 98 0 , 8 4 4 0 00 0 0 0 0 0 0 0 0 0 98 0 , 8 4 4 0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 35 , 6 6 2 1, 0 0 0 , 4 6 1 0 0.0 0 0 0 2 7 , 8 2 4 , 8 0 9 41 7 , 3 7 2 13 9 , 1 2 4 4 , 4 2 9 , 7 8 4 11 0 , 7 4 5 22 , 1 4 9 3 , 7 9 7 , 8 3 2 1 8 9 , 8 9 2 18 , 9 8 9 1 , 6 9 3 , 2 8 1 1, 0 0 0 , 4 6 1 3 , 0 0 4 , 1 0 0 0.0 0 0 0 2 9 , 5 4 8 , 0 5 4 44 3 , 2 2 1 14 7 , 7 4 0 4 , 4 7 4 , 0 8 2 11 1 , 8 5 2 22 , 3 7 0 4 , 6 0 2 , 9 7 3 2 3 0 , 1 4 9 23 , 0 1 5 1 , 1 2 3 , 9 4 5 1, 0 2 0 , 4 7 0 1 7 , 0 9 3 , 1 5 9 0.0 0 0 0 3 4 , 5 2 3 , 6 5 1 51 7 , 8 5 5 17 2 , 6 1 8 4 , 5 1 8 , 8 2 3 11 2 , 9 7 1 22 , 5 9 4 5 , 4 2 3 , 8 3 6 2 7 1 , 1 9 2 27 , 1 1 9 1 , 8 2 3 , 6 9 2 1, 0 2 0 , 4 7 0 1 7 , 2 4 9 , 1 9 4 0.0 0 0 0 3 5 , 4 8 3 , 7 2 8 53 2 , 2 5 6 17 7 , 4 1 9 4 , 5 6 4 , 0 1 1 11 4 , 1 0 0 22 , 8 2 0 5 , 4 7 8 , 0 7 5 2 7 3 , 9 0 4 27 , 3 9 0 1 , 8 1 2 , 1 3 7 1, 0 4 0 , 8 7 9 1 9 , 0 7 3 , 0 1 4 0.0 0 0 0 3 6 , 4 5 9 , 5 5 5 54 6 , 8 9 3 18 2 , 2 9 8 4 , 6 0 9 , 6 5 1 11 5 , 2 4 1 23 , 0 4 8 5 , 5 3 2 , 8 5 5 2 7 6 , 6 4 3 27 , 6 6 4 1 , 9 0 3 , 0 8 9 1, 0 4 0 , 8 7 9 1 9 , 0 7 3 , 0 1 4 0.0 0 0 0 3 6 , 8 2 4 , 1 5 0 55 2 , 3 6 2 18 4 , 1 2 1 4 , 6 5 5 , 7 4 8 11 6 , 3 9 4 23 , 2 7 9 5 , 5 8 8 , 1 8 4 2 7 9 , 4 0 9 27 , 9 4 1 1 , 9 1 4 , 8 0 6 1, 0 6 1 , 6 9 7 1 9 , 4 5 4 , 4 7 4 0.0 0 0 0 3 7 , 1 9 2 , 3 9 2 55 7 , 8 8 6 18 5 , 9 6 2 4 , 7 0 2 , 3 0 5 11 7 , 5 5 8 23 , 5 1 2 5 , 6 4 4 , 0 6 6 2 8 2 , 2 0 3 28 , 2 2 0 1 , 9 4 1 , 2 6 8 1, 0 6 1 , 6 9 7 1 9 , 4 5 4 , 4 7 4 0.0 0 0 0 3 7 , 5 6 4 , 3 1 6 56 3 , 4 6 5 18 7 , 8 2 2 4 , 7 4 9 , 3 2 8 11 8 , 7 3 3 23 , 7 4 7 5 , 7 0 0 , 5 0 6 2 8 5 , 0 2 5 28 , 5 0 3 1 , 9 5 3 , 2 2 1 1, 0 8 2 , 9 3 1 1 9 , 8 4 3 , 5 6 4 0.0 0 0 0 3 7 , 9 3 9 , 9 5 9 56 9 , 0 9 9 18 9 , 7 0 0 4 , 7 9 6 , 8 2 2 11 9 , 9 2 1 23 , 9 8 4 5 , 7 5 7 , 5 1 1 2 8 7 , 8 7 6 28 , 7 8 8 1 , 9 8 0 , 2 1 2 1, 0 8 2 , 9 3 1 1 9 , 8 4 3 , 5 6 4 0.0 0 0 0 3 8 , 3 1 9 , 3 5 9 57 4 , 7 9 0 19 1 , 5 9 7 4 , 8 4 4 , 7 9 0 12 1 , 1 2 0 24 , 2 2 4 5 , 8 1 5 , 0 8 7 2 9 0 , 7 5 4 29 , 0 7 5 1 , 9 9 2 , 4 0 6 1, 1 0 4 , 5 9 0 2 0 , 2 4 0 , 4 3 5 0.0 0 0 0 3 8 , 7 0 2 , 5 5 2 58 0 , 5 3 8 19 3 , 5 1 3 4 , 8 9 3 , 2 3 8 12 2 , 3 3 1 24 , 4 6 6 5 , 8 7 3 , 2 3 7 2 9 3 , 6 6 2 29 , 3 6 6 2 , 0 1 9 , 9 3 9 1, 1 0 4 , 5 9 0 2 0 , 2 4 0 , 4 3 5 0.0 0 0 0 3 9 , 0 8 9 , 5 7 8 58 6 , 3 4 4 19 5 , 4 4 8 4 , 9 4 2 , 1 7 0 12 3 , 5 5 4 24 , 7 1 1 5 , 9 3 1 , 9 7 0 2 9 6 , 5 9 8 29 , 6 6 0 2 , 0 3 2 , 3 7 7 1, 1 2 6 , 6 8 1 2 0 , 6 4 5 , 2 4 4 0.0 0 0 0 3 9 , 4 8 0 , 4 7 4 59 2 , 2 0 7 19 7 , 4 0 2 4 , 9 9 1 , 5 9 2 12 4 , 7 9 0 24 , 9 5 8 5 , 9 9 1 , 2 8 9 2 9 9 , 5 6 4 29 , 9 5 6 2 , 0 6 0 , 4 6 2 1, 1 2 6 , 6 8 1 2 0 , 6 4 5 , 2 4 4 0.0 0 0 0 3 9 , 8 7 5 , 2 7 8 59 8 , 1 2 9 19 9 , 3 7 6 5 , 0 4 1 , 5 0 8 12 6 , 0 3 8 25 , 2 0 8 6 , 0 5 1 , 2 0 2 3 0 2 , 5 6 0 30 , 2 5 6 2 , 0 7 3 , 1 5 1 1, 1 4 9 , 2 1 5 2 1 , 0 5 8 , 1 4 8 0.0 0 0 0 4 0 , 2 7 4 , 0 3 1 60 4 , 1 1 0 20 1 , 3 7 0 5 , 0 9 1 , 9 2 3 12 7 , 2 9 8 25 , 4 6 0 6 , 1 1 1 , 7 1 4 3 0 5 , 5 8 6 30 , 5 5 9 2 , 1 0 1 , 7 9 8 1, 1 4 9 , 2 1 5 2 1 , 0 5 8 , 1 4 8 0.0 0 0 0 4 0 , 6 7 6 , 7 7 1 61 0 , 1 5 2 20 3 , 3 8 4 5 , 1 4 2 , 8 4 2 12 8 , 5 7 1 25 , 7 1 4 6 , 1 7 2 , 8 3 2 3 0 8 , 6 4 2 30 , 8 6 4 2 , 1 1 4 , 7 4 2 1, 1 7 2 , 1 9 9 2 1 , 4 7 9 , 3 1 1 0.0 0 0 0 4 1 , 0 8 3 , 5 3 9 61 6 , 2 5 3 20 5 , 4 1 8 5 , 1 9 4 , 2 7 0 12 9 , 8 5 7 25 , 9 7 1 6 , 2 3 4 , 5 6 0 3 1 1 , 7 2 8 31 , 1 7 3 2 , 1 4 3 , 9 6 3 1, 1 7 2 , 1 9 9 2 1 , 4 7 9 , 3 1 1 0.0 0 0 0 4 1 , 4 9 4 , 3 7 4 62 2 , 4 1 6 20 7 , 4 7 2 5 , 2 4 6 , 2 1 3 13 1 , 1 5 5 26 , 2 3 1 6 , 2 9 6 , 9 0 5 3 1 4 , 8 4 5 31 , 4 8 5 2 , 1 5 7 , 1 6 7 1, 1 9 5 , 6 4 3 2 1 , 9 0 8 , 8 9 8 0.0 0 0 0 4 1 , 9 0 9 , 3 1 8 62 8 , 6 4 0 20 9 , 5 4 7 5 , 2 9 8 , 6 7 5 13 2 , 4 6 7 26 , 4 9 3 6 , 3 5 9 , 8 7 5 3 1 7 , 9 9 4 31 , 7 9 9 2 , 1 8 6 , 9 7 5 1, 1 9 5 , 6 4 3 2 1 , 9 0 8 , 8 9 8 0.0 0 0 0 4 2 , 3 2 8 , 4 1 1 63 4 , 9 2 6 21 1 , 6 4 2 5 , 3 5 1 , 6 6 2 13 3 , 7 9 2 26 , 7 5 8 6 , 4 2 3 , 4 7 3 3 2 1 , 1 7 4 32 , 1 1 7 2 , 2 0 0 , 4 4 4 1, 2 1 9 , 5 5 6 2 2 , 3 4 7 , 0 7 6 0.0 0 0 0 4 2 , 7 5 1 , 6 9 6 64 1 , 2 7 5 21 3 , 7 5 8 5 , 4 0 5 , 1 7 9 13 5 , 1 2 9 27 , 0 2 6 6 , 4 8 7 , 7 0 8 3 2 4 , 3 8 5 32 , 4 3 9 2 , 2 3 0 , 8 4 9 1, 2 1 9 , 5 5 6 2 2 , 3 4 7 , 0 7 6 0.0 0 0 0 4 3 , 1 7 9 , 2 1 2 64 7 , 6 8 8 21 5 , 8 9 6 5 , 4 5 9 , 2 3 0 13 6 , 4 8 1 27 , 2 9 6 6 , 5 5 2 , 5 8 5 3 2 7 , 6 2 9 32 , 7 6 3 2 , 2 4 4 , 5 8 9 1, 2 4 3 , 9 4 7 2 2 , 7 9 4 , 0 1 7 0.0 0 0 0 4 3 , 6 1 1 , 0 0 5 65 4 , 1 6 5 21 8 , 0 5 5 5 , 5 1 3 , 8 2 3 13 7 , 8 4 6 27 , 5 6 9 6 , 6 1 8 , 1 1 1 3 3 0 , 9 0 6 33 , 0 9 1 2 , 2 7 5 , 6 0 3 1, 2 4 3 , 9 4 7 2 2 , 7 9 4 , 0 1 7 0.0 0 0 0 4 4 , 0 4 7 , 1 1 5 66 0 , 7 0 7 22 0 , 2 3 6 5 , 5 6 8 , 9 6 1 13 9 , 2 2 4 27 , 8 4 5 6 , 6 8 4 , 2 9 2 3 3 4 , 2 1 5 33 , 4 2 1 2 , 2 8 9 , 6 1 9 1, 2 6 8 , 8 2 6 2 3 , 2 4 9 , 8 9 7 0.0 0 0 0 4 4 , 4 8 7 , 5 8 6 66 7 , 3 1 4 22 2 , 4 3 8 5 , 6 2 4 , 6 5 1 14 0 , 6 1 6 28 , 1 2 3 6 , 7 5 1 , 1 3 5 3 3 7 , 5 5 7 33 , 7 5 6 2 , 3 2 1 , 2 5 5 1, 2 6 8 , 8 2 6 2 3 , 2 4 9 , 8 9 7 0.0 0 0 0 4 4 , 9 3 2 , 4 6 2 67 3 , 9 8 7 22 4 , 6 6 2 5 , 6 8 0 , 8 9 7 14 2 , 0 2 2 28 , 4 0 4 6 , 8 1 8 , 6 4 6 3 4 0 , 9 3 2 34 , 0 9 3 2 , 3 3 5 , 5 5 3 1, 2 9 4 , 2 0 3 2 3 , 7 1 4 , 8 9 5 0.0 0 0 0 4 5 , 3 8 1 , 7 8 6 68 0 , 7 2 7 22 6 , 9 0 9 5 , 7 3 7 , 7 0 6 14 3 , 4 4 3 28 , 6 8 9 6 , 8 8 6 , 8 3 3 3 4 4 , 3 4 2 34 , 4 3 4 2 , 3 6 7 , 8 2 4 1, 2 9 4 , 2 0 3 2 3 , 7 1 4 , 8 9 5 0.0 0 0 0 4 5 , 8 3 5 , 6 0 4 68 7 , 5 3 4 22 9 , 1 7 8 5 , 7 9 5 , 0 8 3 14 4 , 8 7 7 28 , 9 7 5 6 , 9 5 5 , 7 0 1 3 4 7 , 7 8 5 34 , 7 7 9 2 , 3 8 2 , 4 0 9 1, 3 2 0 , 0 8 7 2 4 , 1 8 9 , 1 9 3 0.0 0 0 0 4 6 , 2 9 3 , 9 6 0 69 4 , 4 0 9 23 1 , 4 7 0 5 , 8 5 3 , 0 3 4 14 6 , 3 2 6 29 , 2 6 5 7 , 0 2 5 , 2 5 8 3 5 1 , 2 6 3 35 , 1 2 6 2 , 4 1 5 , 3 2 6 1, 3 2 0 , 0 8 7 2 4 , 1 8 9 , 1 9 3 0.0 0 0 0 4 6 , 7 5 6 , 9 0 0 70 1 , 3 5 3 23 3 , 7 8 4 5 , 9 1 1 , 5 6 4 14 7 , 7 8 9 29 , 5 5 8 7 , 0 9 5 , 5 1 1 3 5 4 , 7 7 6 35 , 4 7 8 2 , 4 3 0 , 2 0 4 __ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 0 18 , 0 5 8 , 0 7 4 6 , 0 1 9 , 3 5 8 3, 8 5 2 , 2 3 9 77 0 , 4 4 8 9, 1 3 3 , 1 8 8 91 3 , 3 1 9 6 2 , 5 5 7 , 9 6 9 [* ] D o e s N O T i n c l . L o d g i n g 6/8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x NR L F F i n P l a n A b s 3 1 . 5 0 % N o T I F Pre p a r e d b y D . A . D a v i d s o n & C o . Dr a f t : F o r d i s c u s s i o n p u r p o s e s o n l y . 2 1 20 5 0 20 4 0 20 8 0 YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 20 3 7 20 3 8 20 3 9 20 4 0 20 4 1 20 4 2 20 4 3 20 4 4 20 4 5 20 4 6 20 4 7 20 4 8 20 4 9 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) a t 3 5 . 0 0 0 ( t a r g e t ) D i s t r i c t M il l s + 0 . 00 0 U R A M ill s p l u s D i s t r i c t ' s s h a r e o f A v a i l . S a l e s & L o d g i n g R ev e n u e s - - 0 6 / 0 8 / 2 0 1 8 S e r i e s 2 0 1 9 , G . O . B o n d s , N o n - R a t e d , 1 5 0 x , 2 0 4 9 F i n a l M a t u r i t y Se r i e s 2 0 1 8 A $2 1 , 8 6 5 , 0 0 0 P a r Dis t r i c t Se n i o r S e n i o r C o v . o f N e t D S : C o v . o f N e t D S : [N e t $ 1 6 . 9 1 5 M M ] An n u a l To t a l A n n u a l Re b a t e Ne t A n n u a l A d j . A n n u a l Re l e a s e s Cu m u l a t i v e De b t / De b t / @ 3 5 . 0 0 0 T a r g e t @ 5 0 . 9 6 9 C a p Ne t A v a i l a b l e Ne t D e b t Su r p l u s C r e d i t P I F ( A l l ) ( S a l e s C r . P I F ) S a l e s C r e d i t P I F * S u r p l u s 50 % D / A Su r p l u s As s e s s e d A c t ' l V a l u e @ 0 . 0 0 U R A M i l l s @ 0 . 0 0 U R A M i l l s fo r D e b t S v c Se r v i c e to C i t y to $ 2 , 1 8 6 , 5 0 0 $ 2 , 1 8 6 , 5 0 0 T a r g e t R a t i o Ra t i o + P I F R e v s + P I F R e v s $0 0 0 0 0 0 0% 0 % 0. 0 % 0. 0 % 0 0 0 0 0 0 0% 0 % 0. 0 % 0. 0 % 35 , 6 6 2 $0 35 , 6 6 2 0 0 35 , 6 6 2 0 35 , 6 6 2 2 2 2 9 % 2 0 % 0. 0 % 0. 0 % 1,6 9 3 , 2 8 1 0 1 , 6 9 3 , 2 8 1 7 1 8 , 0 0 8 0 1.5 0 % 1 , 6 9 3 , 2 8 1 0 1 , 7 2 8 , 9 4 3 5 4 6 % 2 0 % 0. 0 % 0. 0 % 1,1 2 3 , 9 4 5 76 5 , 2 7 5 3 5 8 , 6 7 0 7 8 5 , 2 2 1 0 1.5 0 % 3 5 8 , 6 7 0 0 2 , 0 8 7 , 6 1 3 1 2 1 % 1 9 % 14 6 . 9 % 15 5 . 5 % 1,8 2 3 , 6 9 2 1, 4 1 1 , 9 0 0 4 1 1 , 7 9 2 9 0 2 , 0 1 7 31 2 , 9 0 5 0.5 9 % 98 , 8 8 7 0 2 , 1 8 6 , 5 0 0 1 1 9 % 1 9 % 12 9 . 2 % 15 0 . 4 % 1,8 1 2 , 1 3 7 1, 4 0 5 , 9 0 0 4 0 6 , 2 3 7 9 2 0 , 2 6 0 40 6 , 2 3 7 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 1 0 8 % 1 8 % 12 8 . 9 % 15 0 . 5 % 1,9 0 3 , 0 8 9 1, 4 8 9 , 9 0 0 4 1 3 , 1 8 9 9 3 8 , 7 7 7 41 3 , 1 8 9 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 1 0 7 % 1 8 % 12 7 . 7 % 15 0 . 1 % 1,9 1 4 , 8 0 6 1, 4 9 8 , 5 0 0 4 1 6 , 3 0 6 9 4 8 , 1 6 5 41 6 , 3 0 6 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 1 0 4 % 1 8 % 12 7 . 8 % 15 0 . 0 % 1,9 4 1 , 2 6 8 1, 5 2 0 , 9 0 0 4 2 0 , 3 6 8 9 5 7 , 6 4 7 42 0 , 3 6 8 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 1 0 2 % 1 7 % 12 7 . 6 % 15 0 . 0 % 1,9 5 3 , 2 2 1 1, 5 2 6 , 2 0 0 4 2 7 , 0 2 1 9 6 7 , 2 2 3 42 7 , 0 2 1 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 9 9 % 1 7 % 12 8 . 0 % 15 0 . 3 % 1,9 8 0 , 2 1 2 1, 5 5 0 , 3 0 0 4 2 9 , 9 1 2 9 7 6 , 8 9 5 42 9 , 9 1 2 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 9 8 % 1 7 % 12 7 . 7 % 15 0 . 1 % 1,9 9 2 , 4 0 6 1, 5 5 7 , 0 0 0 4 3 5 , 4 0 6 9 8 6 , 6 6 4 43 5 , 4 0 6 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 9 4 % 1 6 % 12 8 . 0 % 15 0 . 3 % 2,0 1 9 , 9 3 9 1, 5 8 2 , 2 0 0 4 3 7 , 7 3 9 9 9 6 , 5 3 1 43 7 , 7 3 9 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 9 3 % 1 6 % 12 7 . 7 % 15 0 . 0 % 2,0 3 2 , 3 7 7 1, 5 8 9 , 7 0 0 4 4 2 , 6 7 7 1 , 0 0 6 , 4 9 6 44 2 , 6 7 7 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 8 9 % 1 5 % 12 7 . 8 % 15 0 . 1 % 2,0 6 0 , 4 6 2 1, 6 1 0 , 4 0 0 4 5 0 , 0 6 2 1 , 0 1 6 , 5 6 1 45 0 , 0 6 2 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 8 7 % 1 5 % 12 7 . 9 % 15 0 . 4 % 2,0 7 3 , 1 5 1 1, 6 1 8 , 4 0 0 4 5 4 , 7 5 1 1 , 0 2 6 , 7 2 7 45 4 , 7 5 1 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 8 3 % 1 4 % 12 8 . 1 % 15 0 . 4 % 2,1 0 1 , 7 9 8 1, 6 4 4 , 3 0 0 4 5 7 , 4 9 8 1 , 0 3 6 , 9 9 4 45 7 , 4 9 8 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 8 0 % 1 4 % 12 7 . 8 % 15 0 . 2 % 2,1 1 4 , 7 4 2 1, 6 5 1 , 9 0 0 4 6 2 , 8 4 2 1 , 0 4 7 , 3 6 4 46 2 , 8 4 2 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 7 6 % 1 3 % 12 8 . 0 % 15 0 . 3 % 2,1 4 3 , 9 6 3 1, 6 7 7 , 1 0 0 4 6 6 , 8 6 3 1 , 0 5 7 , 8 3 8 46 6 , 8 6 3 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 7 3 % 1 2 % 12 7 . 8 % 15 0 . 2 % 2,1 5 7 , 1 6 7 1, 6 8 3 , 7 0 0 4 7 3 , 4 6 7 1 , 0 6 8 , 4 1 6 47 3 , 4 6 7 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 6 9 % 1 2 % 12 8 . 1 % 15 0 . 4 % 2,1 8 6 , 9 7 5 1, 7 1 2 , 6 0 0 4 7 4 , 3 7 5 1 , 0 7 9 , 1 0 0 47 4 , 3 7 5 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 6 6 % 1 1 % 12 7 . 7 % 15 0 . 1 % 2,2 0 0 , 4 4 4 1, 7 1 7 , 3 0 0 4 8 3 , 1 4 4 1 , 0 8 9 , 8 9 1 48 3 , 1 4 4 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 6 1 % 1 0 % 12 8 . 1 % 15 0 . 5 % 2,2 3 0 , 8 4 9 1, 7 4 4 , 0 0 0 4 8 6 , 8 4 9 1 , 1 0 0 , 7 9 0 48 6 , 8 4 9 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 5 7 % 1 0 % 12 7 . 9 % 15 0 . 3 % 2,2 4 4 , 5 8 9 1, 7 5 6 , 2 0 0 4 8 8 , 3 8 9 1 , 1 1 1 , 7 9 8 48 8 , 3 8 9 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 5 2 % 9 % 12 7 . 8 % 15 0 . 1 % 2,2 7 5 , 6 0 3 1, 7 7 9 , 5 0 0 4 9 6 , 1 0 3 1 , 1 2 2 , 9 1 6 49 6 , 1 0 3 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 4 8 % 8 % 12 7 . 9 % 15 0 . 3 % 2,2 8 9 , 6 1 9 1, 7 8 8 , 0 0 0 5 0 1 , 6 1 9 1 , 1 3 4 , 1 4 5 50 1 , 6 1 9 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 4 3 % 7 % 12 8 . 1 % 15 0 . 4 % 2,3 2 1 , 2 5 5 1, 8 1 7 , 3 0 0 5 0 3 , 9 5 5 1 , 1 4 5 , 4 8 7 50 3 , 9 5 5 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 3 8 % 6 % 12 7 . 7 % 15 0 . 1 % 2,3 3 5 , 5 5 3 1, 8 2 5 , 9 0 0 5 0 9 , 6 5 3 1 , 1 5 6 , 9 4 2 50 9 , 6 5 3 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 3 2 % 5 % 12 7 . 9 % 15 0 . 2 % 2,3 6 7 , 8 2 4 1, 8 5 4 , 7 0 0 5 1 3 , 1 2 4 1 , 1 6 8 , 5 1 1 51 3 , 1 2 4 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 2 6 % 4 % 12 7 . 7 % 15 0 . 0 % 2,3 8 2 , 4 0 9 1, 8 6 2 , 2 0 0 5 2 0 , 2 0 9 1 , 1 8 0 , 1 9 6 52 0 , 2 0 9 0.3 7 % 0 0 2 , 1 8 6 , 5 0 0 2 0 % 3 % 12 7 . 9 % 15 0 . 2 % 2,4 1 5 , 3 2 6 1, 8 8 9 , 3 0 0 5 2 6 , 0 2 6 1 , 1 9 1 , 9 9 8 52 6 , 0 2 6 0.3 6 % 0 0 2 , 1 8 6 , 5 0 0 1 4 % 2 % 12 7 . 8 % 15 0 . 2 % 2,4 3 0 , 2 0 4 1, 9 0 0 , 2 0 0 5 3 0 , 0 0 4 1 , 2 0 3 , 9 1 8 53 0 , 0 0 4 0.3 7 % 0 2 , 1 8 6 , 5 0 0 0 0% 0 % 12 7 . 9 % 15 0 . 2 % __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 62 , 5 5 7 , 9 6 9 47 , 4 3 0 , 7 7 5 1 5 , 1 2 7 , 1 9 4 3 1 , 0 4 3 , 5 0 2 1 2 , 9 4 0 , 6 9 4 2,1 8 6 , 5 0 0 2 , 1 8 6 , 5 0 0 [ X Ju n 0 8 18 1 8 n r l f X 2 ] PV t o ' 1 9 @ 8 . 0 % : Ne t s h a r i n g - A l l C r . P I F ( a f t e r R e b a t e ) : 58 . 3 % $2 1 7 , 2 8 9 Ne t s h a r i n g - S a l e s C r . P I F ( a f t e r R e b a t e ) : 28 . 3 % [ * ] A s s u m e s f i r s t r e b a t e $ ' s a p p l i e d t o S a l e s C r e d i t P I F 6/8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x NR L F F i n P l a n A b s 3 1 . 5 0 % N o T I F Pre p a r e d b y D . A . D a v i d s o n & C o . Dr a f t : F o r d i s c u s s i o n p u r p o s e s o n l y . 3 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t S u m m a r y D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) R e s i d e n t i a l D e v e l o p m e n t C o m m e r c i a l D e v e l o p m e n t Pr o d u c t T y p e Pa d 1 - M u l t i - Fa m i l y Pa d 2 - ( T a x - Ex e m p t ) Pa d 3 - I n l i n e Re t a i l / P l a z a Pa d 4 - R e s t a u r a n t Pa d 5 a - Re s t a u r a n t Pa d 5 b - M u l t i - Te n a n t R e t a i l / Re s t a u r a n t Pa d 6 - M u l t i - Te n a n t R e t a i l / Re s t a u r a n t Pa d 7 - F a s t F o o d P a d 8 - F u e l Ba s e $ ( ' 1 8 ) $1 9 1 , 2 5 0 $ 0 / s f $ 1 7 0 / s f $ 2 5 5 / s f $ 2 5 5 / s f $ 1 7 0 / s f $ 2 5 5 / s f $ 3 4 0 / s f $ 3 8 3 / s f Sa l e s $ ( ' 1 8 ) $0 / s f $ 3 0 0 / s f $ 4 5 0 / s f $ 4 5 0 / s f $ 2 0 0 / s f $ 4 5 0 / s f $ 4 5 0 / s f $ 3 5 0 / s f Ta x a b l e % 10 0 % 5 0 % 1 0 0 % 1 0 0 % 5 0 % 5 0 % 1 0 0 % 1 0 0 % Re s ' l T o t a l s 20 1 6 - - - - - - - - - - 20 1 7 - - - - - - - - - - 20 1 8 - - - - - - - - - - 20 1 9 - - - - - - - - - - 20 2 0 3 0 0 3 0 0 - 2 3 , 4 0 0 7 , 4 0 0 5 , 8 0 0 7 , 5 0 0 6 , 0 0 0 3 , 2 0 0 6 , 2 1 0 20 2 1 - - - - - - - - - - 20 2 2 - - - - - - - - - - 20 2 3 - - - - - - - - - - 20 2 4 - - - - - - - - - - 20 2 5 - - - - - - - - - - 20 2 6 - - - - - - - - - - 20 2 7 - - - - - - - - - - 20 2 8 - - - - - - - - - - 20 2 9 - - - - - - - - - - 20 3 0 - - - - - - - - - - 20 3 1 - - - - - - - - - - 20 3 2 - - - - - - - - - - 20 3 3 - - - - - - - - - - 20 3 4 - - - - - - - - - - 20 3 5 - - - - - - - - - - 20 3 6 - - - - - - - - - - 30 0 30 0 - 23 , 4 0 0 7, 4 0 0 5, 8 0 0 7, 5 0 0 6, 0 0 0 3, 2 0 0 6, 2 1 0 MV @ F u l l B u i l d o u t $5 7 , 3 7 5 , 0 0 0 $5 7 , 3 7 5 , 0 0 0 $0 $ 3 , 9 7 8 , 0 0 0 $ 1 , 8 8 7 , 0 0 0 $ 1 , 4 7 9 , 0 0 0 $ 1 , 2 7 5 , 0 0 0 $ 1 , 5 3 0 , 0 0 0 $ 1 , 0 8 8 , 0 0 0 $ 2 , 3 7 5 , 3 2 5 (b a s e p r i c e s ; u n - i n f l . ) Sa l e s @ F u l l B u i l d o u t $0 $ 3 , 5 1 0 , 0 0 0 $ 3 , 3 3 0 , 0 0 0 $ 2 , 6 1 0 , 0 0 0 $7 5 0 , 0 0 0 $ 1 , 3 5 0 , 0 0 0 $ 1 , 4 4 0 , 0 0 0 $ 2 , 1 7 3 , 5 0 0 (b a s e p r i c e s ; u n - i n f l . ) no t e s : P l a t t e d / D e v L o t s = 1 0 % M V ; o n e - y r p r i o r B a s e M V $ i n f l a t e d 2 % p e r a n n u m B a s e S a l e s $ i n f l a t e d 1 % p e r a n n u m S t a b i l i z a t i o n F a c t o r f o r S a l e s = 5 0 % ( Y r 1 ) , 7 5 % ( Y r 2 ) , 1 0 0 % ( Y r 3 - f w d ) H o t e l O c c u p a n c y R a t e s = 5 0 % ( Y r 1 ) , 6 0 % ( Y r 2 ) , 7 0 % ( Y r 3 - f w d ) 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x De v S u m m a r y 3 Pr e p a r e d b y D . A . D a v i d s o n & C o . 4 Pr o d u c t T y p e Ba s e $ ( ' 1 8 ) Sa l e s $ ( ' 1 8 ) Ta x a b l e % 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 MV @ F u l l B u i l d o u t (b a s e p r i c e s ; u n - i n f l . ) Sa l e s @ F u l l B u i l d o u t (b a s e p r i c e s ; u n - i n f l . ) L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t S u m m a r y D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) Pa d 9 - F a s t F o o d Pa d 1 1 - M a i n Ev e n t (E n t e r t a i n m e n t ) Pa d 1 2 - A l a m o Th e a t e r Pa d 1 3 - M u l t i - Te n a n t R e t a i l / Re s t a u r a n t Pa d 1 4 - M u l t i - Te n a n t R e t a i l / Re s t a u r a n t Pa d 1 5 - Re s t a u r a n t Pa d 1 0 - H o t e l 1 P a d 1 6 - H o t e l 2 $3 4 0 / s f $ 1 2 8 / s f $ 2 5 5 / s f $ 1 7 0 / s f $ 1 7 0 / s f $ 2 5 5 / s f $ 6 3 , 7 5 0 / R o o m $ 6 3 , 7 5 0 / R o o m $4 5 0 / s f $ 1 5 5 / s f $ 1 9 3 / s f $ 2 0 0 / s f $ 2 0 0 / s f $ 3 5 0 / s f $ 1 0 2 / R o o m $ 1 0 2 / R o o m 10 0 % 1 0 0 % 5 5 % [ 1 ] 5 0 % 5 0 % 1 0 0 % 1 0 0 % 1 0 0 % Co m m ' l S F * H o t e l R o o m s - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4, 2 0 0 4 9 , 8 1 0 5 0 , 0 0 0 - - - 1 0 0 1 0 0 1 6 3 , 5 2 0 2 0 0 - - - - - - - - - - - - - 1 1 , 7 0 0 1 1 , 7 0 0 5 , 5 0 0 - - 2 8 , 9 0 0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4, 2 0 0 49 , 8 1 0 50 , 0 0 0 11 , 7 0 0 11 , 7 0 0 5, 5 0 0 10 0 10 0 19 2 , 4 2 0 20 0 $1 , 4 2 8 , 0 0 0 $ 6 , 3 5 0 , 7 7 5 $ 1 2 , 7 5 0 , 0 0 0 $ 1 , 9 8 9 , 0 0 0 $ 1 , 9 8 9 , 0 0 0 $ 1 , 4 0 2 , 5 0 0 $ 6 , 3 7 5 , 0 0 0 $ 6 , 3 7 5 , 0 0 0 $5 2 , 2 7 1 , 6 0 0 [* ] N o t i n c l . H o t e l s ; p r e s e n t e d i n R o o m s $1 , 8 9 0 , 0 0 0 $ 7 , 7 2 0 , 5 5 0 $ 5 , 3 0 7 , 5 0 0 $ 1 , 1 7 0 , 0 0 0 $ 1 , 1 7 0 , 0 0 0 $ 1 , 9 2 5 , 0 0 0 $ 2 , 6 0 6 , 1 0 0 $ 2 , 6 0 6 , 1 0 0 $3 9 , 5 5 8 , 7 5 0 [1 ] A s s u m e s 5 5 % G e n e r a l S a l e s / 4 5 % A d m i s s i o n s P l a t t e d / D e v L o t s = 1 0 % M V ; o n e - y r p r i o r B a s e M V $ i n f l a t e d 2 % p e r a n n u m B a s e S a l e s $ i n f l a t e d 1 % p e r a n n u m S t a b i l i z a t i o n F a c t o r f o r S a l e s = 5 0 % ( Y r 1 ) , 7 5 % ( Y r 2 ) , 1 0 0 % ( Y r 3 - f w d ) H o t e l O c c u p a n c y R a t e s = 5 0 % ( Y r 1 ) , 6 0 % ( Y r 2 ) , 7 0 % ( Y r 3 - f w d ) 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x De v S u m m a r y 3 Pr e p a r e d b y D . A . D a v i d s o n & C o . 5 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) 20 5 0 10 0 % R e s i d e n t i a l D e v e l o p m e n t R e s i d e n t i a l S u m m a r y Pa d 1 - M u l t i - F a m i l y In c r / ( D e c r ) i n Fi n i s h e d L o t # U n i t s P r i c e T o t a l U . R . A . U s e T a x # L o t s V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t R e s i d e n t i a l T o t a l @ 3 5 . 0 % o f M V YE A R D e v e l ' d 1 0 % 3 0 0 t a r g e t 2 % V a l u e M a r k e t V a l u e S F D U n i t s @ 3 . 5 0 % 20 1 6 0 0 $1 9 1 , 2 5 0 0 $0 0 0 20 1 7 0 0 19 1 , 2 5 0 0 0 0 0 20 1 8 0 0 19 1 , 2 5 0 0 0 0 0 20 1 9 30 0 5 , 7 3 7 , 5 0 0 19 5 , 0 7 5 0 0 0 0 20 2 0 0 ( 5 , 7 3 7 , 5 0 0 ) 3 0 0 1 9 8 , 9 7 7 5 9 , 6 9 2 , 9 5 0 59 , 6 9 2 , 9 5 0 3 0 0 7 3 1 , 2 3 9 20 2 1 0 0 0 2 0 2 , 9 5 6 0 0 0 0 20 2 2 0 0 0 2 0 7 , 0 1 5 0 0 0 0 20 2 3 0 0 0 2 1 1 , 1 5 5 0 0 0 0 20 2 4 0 0 0 2 1 5 , 3 7 9 0 0 0 0 20 2 5 0 0 0 2 1 9 , 6 8 6 0 0 0 0 20 2 6 0 0 0 2 2 4 , 0 8 0 0 0 0 0 20 2 7 0 0 0 2 2 8 , 5 6 1 0 0 0 0 20 2 8 0 0 0 2 3 3 , 1 3 3 0 0 0 0 20 2 9 0 0 0 2 3 7 , 7 9 5 0 0 0 0 20 3 0 0 0 0 2 4 2 , 5 5 1 0 0 0 0 20 3 1 0 0 0 2 4 7 , 4 0 2 0 0 0 0 20 3 2 0 0 0 2 5 2 , 3 5 0 0 0 0 0 20 3 3 0 0 0 2 5 7 , 3 9 7 0 0 0 0 20 3 4 0 0 0 2 6 2 , 5 4 5 0 0 0 0 20 3 5 0 0 0 2 6 7 , 7 9 6 0 0 0 0 20 3 6 0 0 2 7 3 , 1 5 2 0 0 0 0 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 30 0 0 3 0 0 59 , 6 9 2 , 9 5 0 59 , 6 9 2 , 9 5 0 3 0 0 7 3 1 , 2 3 9 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x Ab s 3 Pre p a r e d b y D . A . D a v i d s o n & C o . 6 20 5 0 10 0 % YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) C o m m e r c i a l D e v e l o p m e n t Pa d 2 - ( T a x - E x e m p t ) Pa d 3 - I n l i n e R e t a i l / P l a z a Pa d 4 - R e s t a u r a n t In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fi n i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m pl e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m p l e t e d I n f l a te d @ M a r k e t I n f l a t e d @ L e a s e - U p De v e l ' d 1 0 % 0 2% V a l u e 1 % % @ 1 0 0 % f a c t o r D e v e l ' d 1 0 % 2 3 , 4 0 0 2 % V a l ue 1 % % @ 5 0 % f a c t o r D e v e l ' d 1 0 % 7 , 4 0 0 2 % V a l u e 1 % % @ 1 0 0 % f a c t o r 0 0 $0 . 0 0 $ 0 $ 0 . 0 0 $0 0 0 $1 7 0 . 0 0 $0 $ 3 0 0 . 0 0 $0 0 0 $2 5 5 . 0 0 $ 0 $ 4 5 0 . 0 0 $0 0 0 0.0 0 0 0 . 0 0 0 0 0 17 0 . 0 0 0 3 0 0 . 0 0 0 0 0 25 5 . 0 0 0 4 5 0 . 0 0 0 0 0 0 0 . 0 0 0 0 . 0 0 5 0 % 0 0 0 17 0 . 0 0 0 3 0 0 . 0 0 0 0 0 25 5 . 0 0 0 4 5 0 . 0 0 0 0 0 0 0 . 0 0 0 0 . 0 0 7 5 % 0 2 3 , 4 0 0 3 9 7 , 8 0 0 17 3 . 4 0 0 3 0 3 . 0 0 0 7 , 4 0 0 1 8 8 , 7 0 0 26 0 . 1 0 0 4 5 4 . 5 0 0 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 ( 3 9 7 , 8 0 0 ) 2 3 , 4 0 0 1 7 6 . 8 7 4 , 1 3 8 , 7 1 1 3 0 6 . 0 3 5 0 % 1 , 7 9 0 , 2 7 6 0 ( 1 8 8 , 7 0 0 ) 7 , 4 0 0 2 6 5 . 3 0 1 , 9 6 3 , 2 3 5 4 5 9 . 0 5 1 0 0 % 3 , 3 9 6 , 9 3 3 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 1 8 0 . 4 1 0 3 0 9 . 0 9 7 5 % 2 , 7 1 2 , 2 6 7 0 0 0 2 7 0 . 6 1 0 4 6 3 . 6 4 1 0 0 % 3 , 4 3 0 , 9 0 2 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 1 8 4 . 0 1 0 3 1 2 . 1 8 1 0 0 % 3 , 6 5 2 , 5 2 0 0 0 0 2 7 6 . 0 2 0 4 6 8 . 2 7 1 0 0 % 3 , 4 6 5 , 2 1 1 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 1 8 7 . 6 9 0 3 1 5 . 3 0 1 0 0 % 3 , 6 8 9 , 0 4 5 0 0 0 2 8 1 . 5 4 0 4 7 2 . 9 5 1 0 0 % 3 , 4 9 9 , 8 6 3 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 1 9 1 . 4 5 0 3 1 8 . 4 6 1 0 0 % 3 , 7 2 5 , 9 3 6 0 0 0 2 8 7 . 1 7 0 4 7 7 . 6 8 1 0 0 % 3 , 5 3 4 , 8 6 2 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 1 9 5 . 2 8 0 3 2 1 . 6 4 1 0 0 % 3 , 7 6 3 , 1 9 5 0 0 0 2 9 2 . 9 1 0 4 8 2 . 4 6 1 0 0 % 3 , 5 7 0 , 2 1 1 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 1 9 9 . 1 8 0 3 2 4 . 8 6 1 0 0 % 3 , 8 0 0 , 8 2 7 0 0 0 2 9 8 . 7 7 0 4 8 7 . 2 9 1 0 0 % 3 , 6 0 5 , 9 1 3 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 0 3 . 1 7 0 3 2 8 . 1 1 1 0 0 % 3 , 8 3 8 , 8 3 5 0 0 0 3 0 4 . 7 5 0 4 9 2 . 1 6 1 0 0 % 3 , 6 4 1 , 9 7 2 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 0 7 . 2 3 0 3 3 1 . 3 9 1 0 0 % 3 , 8 7 7 , 2 2 4 0 0 0 3 1 0 . 8 4 0 4 9 7 . 0 8 1 0 0 % 3 , 6 7 8 , 3 9 2 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 1 1 . 3 7 0 3 3 4 . 7 0 1 0 0 % 3 , 9 1 5 , 9 9 6 0 0 0 3 1 7 . 0 6 0 5 0 2 . 0 5 1 0 0 % 3 , 7 1 5 , 1 7 6 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 1 5 . 6 0 0 3 3 8 . 0 5 1 0 0 % 3 , 9 5 5 , 1 5 6 0 0 0 3 2 3 . 4 0 0 5 0 7 . 0 7 1 0 0 % 3 , 7 5 2 , 3 2 7 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 1 9 . 9 1 0 3 4 1 . 4 3 1 0 0 % 3 , 9 9 4 , 7 0 7 0 0 0 3 2 9 . 8 7 0 5 1 2 . 1 4 1 0 0 % 3 , 7 8 9 , 8 5 1 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 2 4 . 3 1 0 3 4 4 . 8 4 1 0 0 % 4 , 0 3 4 , 6 5 4 0 0 0 3 3 6 . 4 7 0 5 1 7 . 2 6 1 0 0 % 3 , 8 2 7 , 7 4 9 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 2 8 . 8 0 0 3 4 8 . 2 9 1 0 0 % 4 , 0 7 5 , 0 0 1 0 0 0 3 4 3 . 2 0 0 5 2 2 . 4 4 1 0 0 % 3 , 8 6 6 , 0 2 7 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 3 3 . 3 7 0 3 5 1 . 7 7 1 0 0 % 4 , 1 1 5 , 7 5 1 0 0 0 3 5 0 . 0 6 0 5 2 7 . 6 6 1 0 0 % 3 , 9 0 4 , 6 8 7 0 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 0 2 3 8 . 0 4 0 3 5 5 . 2 9 1 0 0 % 4 , 1 5 6 , 9 0 9 0 0 0 3 5 7 . 0 6 0 5 3 2 . 9 4 1 0 0 % 3 , 9 4 3 , 7 3 4 0 0 0 . 0 0 0 0 . 0 0 1 0 0 % 0 0 0 2 4 2 . 8 0 0 3 5 8 . 8 4 1 0 0 % 4 , 1 9 8 , 4 7 8 0 0 3 6 4 . 2 0 0 5 3 8 . 2 7 1 0 0 % 3 , 9 8 3 , 1 7 1 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ 0 0 0 0 0 2 3 , 4 0 0 0 2 3 , 4 0 0 4, 1 3 8 , 7 1 1 63 , 2 9 6 , 7 7 7 7 , 4 0 0 0 7 , 4 0 0 1,9 6 3 , 2 3 5 62 , 6 0 6 , 9 8 0 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x Ab s 3 Pre p a r e d b y D . A . D a v i d s o n & C o . 7 20 5 0 10 0 % YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) Pa d 5 a - R e s t a u r a n t Pa d 5 b - M u l t i - T e n a n t R e t a i l / R e s t a u r a n t Pa d 6 - M u l t i - T e n a n t R e t a i l / R e s t a u r a n t In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fi n i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m p l e t e d I n f l a te d @ M a r k e t I n f l a t e d @ L e a s e - U p De v e l ' d 1 0 % 5 , 8 0 0 2 % V a l u e 1 % % @ 1 0 0 % f a c t o r D e v e l ' d 1 0 % 7 , 5 0 0 2 % V a l u e 1 % % @ 5 0 % f a c t o r D e v e l ' d 1 0 % 6 , 0 0 0 2 % V a l u e 1 % % @ 5 0 % f a c t o r 0 0 $2 5 5 . 0 0 $0 $ 4 5 0 . 0 0 $0 0 0 $1 7 0 . 0 0 $0 $ 2 0 0 . 0 0 $0 0 0 $2 5 5 . 0 0 $0 $ 4 5 0 . 0 0 $0 0 0 25 5 . 0 0 0 4 5 0 . 0 0 0 0 0 17 0 . 0 0 0 2 0 0 . 0 0 0 0 0 25 5 . 0 0 0 4 5 0 . 0 0 0 0 0 25 5 . 0 0 0 4 5 0 . 0 0 0 0 0 17 0 . 0 0 0 2 0 0 . 0 0 0 0 0 25 5 . 0 0 0 4 5 0 . 0 0 0 5, 8 0 0 1 4 7 , 9 0 0 26 0 . 1 0 0 4 5 4 . 5 0 0 7 , 5 0 0 1 2 7 , 5 0 0 17 3 . 4 0 0 2 0 2 . 0 0 0 6 , 0 0 0 1 5 3 , 0 0 0 26 0 . 1 0 0 4 5 4 . 5 0 0 0 ( 1 4 7 , 9 0 0 ) 5 , 8 0 0 2 6 5 . 3 0 1 , 5 3 8 , 7 5 2 4 5 9 . 0 5 1 0 0 % 2 , 6 6 2 , 4 6 1 0 ( 1 2 7 , 5 0 0 ) 7 , 5 0 0 1 7 6 . 8 7 1 , 3 2 6 , 5 1 0 2 0 4 . 0 2 5 0 % 3 8 2 , 5 3 8 0 ( 1 5 3 , 0 0 0 ) 6 , 0 0 0 2 6 5 . 3 0 1 , 5 9 1 , 8 1 2 4 5 9 . 0 5 5 0 % 6 8 8 , 5 6 8 0 0 0 2 7 0 . 6 1 0 4 6 3 . 6 4 1 0 0 % 2 , 6 8 9 , 0 8 6 0 0 0 1 8 0 . 4 1 0 2 0 6 . 0 6 7 5 % 5 7 9 , 5 4 4 0 0 0 2 7 0 . 6 1 0 4 6 3 . 6 4 7 5 % 1 , 0 4 3 , 1 8 0 0 0 0 2 7 6 . 0 2 0 4 6 8 . 2 7 1 0 0 % 2 , 7 1 5 , 9 7 6 0 0 0 1 8 4 . 0 1 0 2 0 8 . 1 2 1 0 0 % 7 8 0 , 4 5 3 0 0 0 2 7 6 . 0 2 0 4 6 8 . 2 7 1 0 0 % 1 , 4 0 4 , 8 1 5 0 0 0 2 8 1 . 5 4 0 4 7 2 . 9 5 1 0 0 % 2 , 7 4 3 , 1 3 6 0 0 0 1 8 7 . 6 9 0 2 1 0 . 2 0 1 0 0 % 7 8 8 , 2 5 8 0 0 0 2 8 1 . 5 4 0 4 7 2 . 9 5 1 0 0 % 1 , 4 1 8 , 8 6 4 0 0 0 2 8 7 . 1 7 0 4 7 7 . 6 8 1 0 0 % 2 , 7 7 0 , 5 6 8 0 0 0 1 9 1 . 4 5 0 2 1 2 . 3 0 1 0 0 % 7 9 6 , 1 4 0 0 0 0 2 8 7 . 1 7 0 4 7 7 . 6 8 1 0 0 % 1 , 4 3 3 , 0 5 2 0 0 0 2 9 2 . 9 1 0 4 8 2 . 4 6 1 0 0 % 2 , 7 9 8 , 2 7 3 0 0 0 1 9 5 . 2 8 0 2 1 4 . 4 3 1 0 0 % 8 0 4 , 1 0 2 0 0 0 2 9 2 . 9 1 0 4 8 2 . 4 6 1 0 0 % 1 , 4 4 7 , 3 8 3 0 0 0 2 9 8 . 7 7 0 4 8 7 . 2 9 1 0 0 % 2 , 8 2 6 , 2 5 6 0 0 0 1 9 9 . 1 8 0 2 1 6 . 5 7 1 0 0 % 8 1 2 , 1 4 3 0 0 0 2 9 8 . 7 7 0 4 8 7 . 2 9 1 0 0 % 1 , 4 6 1 , 8 5 7 0 0 0 3 0 4 . 7 5 0 4 9 2 . 1 6 1 0 0 % 2 , 8 5 4 , 5 1 9 0 0 0 2 0 3 . 1 7 0 2 1 8 . 7 4 1 0 0 % 8 2 0 , 2 6 4 0 0 0 3 0 4 . 7 5 0 4 9 2 . 1 6 1 0 0 % 1 , 4 7 6 , 4 7 5 0 0 0 3 1 0 . 8 4 0 4 9 7 . 0 8 1 0 0 % 2 , 8 8 3 , 0 6 4 0 0 0 2 0 7 . 2 3 0 2 2 0 . 9 2 1 0 0 % 8 2 8 , 4 6 7 0 0 0 3 1 0 . 8 4 0 4 9 7 . 0 8 1 0 0 % 1 , 4 9 1 , 2 4 0 0 0 0 3 1 7 . 0 6 0 5 0 2 . 0 5 1 0 0 % 2 , 9 1 1 , 8 9 4 0 0 0 2 1 1 . 3 7 0 2 2 3 . 1 3 1 0 0 % 8 3 6 , 7 5 1 0 0 0 3 1 7 . 0 6 0 5 0 2 . 0 5 1 0 0 % 1 , 5 0 6 , 1 5 2 0 0 0 3 2 3 . 4 0 0 5 0 7 . 0 7 1 0 0 % 2 , 9 4 1 , 0 1 3 0 0 0 2 1 5 . 6 0 0 2 2 5 . 3 7 1 0 0 % 8 4 5 , 1 1 9 0 0 0 3 2 3 . 4 0 0 5 0 7 . 0 7 1 0 0 % 1 , 5 2 1 , 2 1 4 0 0 0 3 2 9 . 8 7 0 5 1 2 . 1 4 1 0 0 % 2 , 9 7 0 , 4 2 3 0 0 0 2 1 9 . 9 1 0 2 2 7 . 6 2 1 0 0 % 8 5 3 , 5 7 0 0 0 0 3 2 9 . 8 7 0 5 1 2 . 1 4 1 0 0 % 1 , 5 3 6 , 4 2 6 0 0 0 3 3 6 . 4 7 0 5 1 7 . 2 6 1 0 0 % 3 , 0 0 0 , 1 2 8 0 0 0 2 2 4 . 3 1 0 2 2 9 . 8 9 1 0 0 % 8 6 2 , 1 0 6 0 0 0 3 3 6 . 4 7 0 5 1 7 . 2 6 1 0 0 % 1 , 5 5 1 , 7 9 0 0 0 0 3 4 3 . 2 0 0 5 2 2 . 4 4 1 0 0 % 3 , 0 3 0 , 1 2 9 0 0 0 2 2 8 . 8 0 0 2 3 2 . 1 9 1 0 0 % 8 7 0 , 7 2 7 0 0 0 3 4 3 . 2 0 0 5 2 2 . 4 4 1 0 0 % 1 , 5 6 7 , 3 0 8 0 0 0 3 5 0 . 0 6 0 5 2 7 . 6 6 1 0 0 % 3 , 0 6 0 , 4 3 0 0 0 0 2 3 3 . 3 7 0 2 3 4 . 5 2 1 0 0 % 8 7 9 , 4 3 4 0 0 0 3 5 0 . 0 6 0 5 2 7 . 6 6 1 0 0 % 1 , 5 8 2 , 9 8 1 0 0 0 3 5 7 . 0 6 0 5 3 2 . 9 4 1 0 0 % 3 , 0 9 1 , 0 3 5 0 0 0 2 3 8 . 0 4 0 2 3 6 . 8 6 1 0 0 % 8 8 8 , 2 2 8 0 0 0 3 5 7 . 0 6 0 5 3 2 . 9 4 1 0 0 % 1 , 5 9 8 , 8 1 1 0 0 3 6 4 . 2 0 0 5 3 8 . 2 7 1 0 0 % 3 , 1 2 1 , 9 4 5 0 0 2 4 2 . 8 0 0 2 3 9 . 2 3 1 0 0 % 8 9 7 , 1 1 1 0 0 3 6 4 . 2 0 0 5 3 8 . 2 7 1 0 0 % 1 , 6 1 4 , 7 9 9 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ 5,8 0 0 0 5 , 8 0 0 1,5 3 8 , 7 5 2 49 , 0 7 0 , 3 3 6 7 , 5 0 0 0 7 , 5 0 0 1,3 2 6 , 5 1 0 13 , 5 2 4 , 9 5 2 6 , 0 0 0 0 6 , 0 0 0 1,5 9 1 , 8 1 2 24 , 3 4 4 , 9 1 4 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x Ab s 3 Pre p a r e d b y D . A . D a v i d s o n & C o . 8 20 5 0 10 0 % YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) Pa d 7 - F a s t F o o d Pa d 8 - F u e l Pa d 9 - F a s t F o o d In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fi n i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m p l e t e d I n f l a te d @ M a r k e t I n f l a t e d @ L e a s e - U p De v e l ' d 1 0 % 3 , 2 0 0 2 % V a l u e 1 % % @ 1 0 0 % f a c t o r D e v e l ' d 1 0 % 6 , 2 1 0 2 % V al u e 1 % % @ 1 0 0 % f a c t o r D e v e l ' d 1 0 % 4 , 2 0 0 2 % V a l u e 1 % % @ 1 0 0 % f a c t o r 0 0 $3 4 0 . 0 0 $0 $ 4 5 0 . 0 0 $0 0 0 $3 8 2 . 5 0 $0 $ 3 5 0 . 0 0 $0 0 0 $3 4 0 . 0 0 $0 $ 4 5 0 . 0 0 $0 0 0 34 0 . 0 0 0 4 5 0 . 0 0 0 0 0 38 2 . 5 0 0 3 5 0 . 0 0 0 0 0 34 0 . 0 0 0 4 5 0 . 0 0 0 0 0 34 0 . 0 0 0 4 5 0 . 0 0 0 0 0 38 2 . 5 0 0 3 5 0 . 0 0 0 0 0 34 0 . 0 0 0 4 5 0 . 0 0 0 3, 2 0 0 1 0 8 , 8 0 0 34 6 . 8 0 0 4 5 4 . 5 0 0 6 , 2 1 0 2 3 7 , 5 3 3 39 0 . 1 5 0 3 5 3 . 5 0 0 4 , 2 0 0 1 4 2 , 8 0 0 34 6 . 8 0 0 4 5 4 . 5 0 0 0 ( 1 0 8 , 8 0 0 ) 3 , 2 0 0 3 5 3 . 7 4 1 , 1 3 1 , 9 5 5 4 5 9 . 0 5 1 0 0 % 1 , 4 6 8 , 9 4 4 0 ( 2 3 7 , 5 3 3 ) 6 , 2 1 0 3 9 7 . 9 5 2 , 4 7 1 , 2 8 8 3 5 7 . 0 4 1 0 0 % 2 , 2 1 7 , 1 8 7 0 ( 1 4 2 , 8 0 0 ) 4 , 2 0 0 3 5 3 . 7 4 1 , 4 8 5 , 6 9 1 4 5 9 . 0 5 1 0 0 % 1 , 9 2 7 , 9 8 9 0 0 0 3 6 0 . 8 1 0 4 6 3 . 6 4 1 0 0 % 1 , 4 8 3 , 6 3 3 0 0 0 4 0 5 . 9 1 0 3 6 0 . 6 1 1 0 0 % 2 , 2 3 9 , 3 5 9 0 0 0 3 6 0 . 8 1 0 4 6 3 . 6 4 1 0 0 % 1 , 9 4 7 , 2 6 9 0 0 0 3 6 8 . 0 3 0 4 6 8 . 2 7 1 0 0 % 1 , 4 9 8 , 4 7 0 0 0 0 4 1 4 . 0 3 0 3 6 4 . 2 1 1 0 0 % 2 , 2 6 1 , 7 5 3 0 0 0 3 6 8 . 0 3 0 4 6 8 . 2 7 1 0 0 % 1 , 9 6 6 , 7 4 2 0 0 0 3 7 5 . 3 9 0 4 7 2 . 9 5 1 0 0 % 1 , 5 1 3 , 4 5 4 0 0 0 4 2 2 . 3 1 0 3 6 7 . 8 5 1 0 0 % 2 , 2 8 4 , 3 7 0 0 0 0 3 7 5 . 3 9 0 4 7 2 . 9 5 1 0 0 % 1 , 9 8 6 , 4 0 9 0 0 0 3 8 2 . 9 0 0 4 7 7 . 6 8 1 0 0 % 1 , 5 2 8 , 5 8 9 0 0 0 4 3 0 . 7 6 0 3 7 1 . 5 3 1 0 0 % 2 , 3 0 7 , 2 1 4 0 0 0 3 8 2 . 9 0 0 4 7 7 . 6 8 1 0 0 % 2 , 0 0 6 , 2 7 3 0 0 0 3 9 0 . 5 5 0 4 8 2 . 4 6 1 0 0 % 1 , 5 4 3 , 8 7 5 0 0 0 4 3 9 . 3 7 0 3 7 5 . 2 5 1 0 0 % 2 , 3 3 0 , 2 8 6 0 0 0 3 9 0 . 5 5 0 4 8 2 . 4 6 1 0 0 % 2 , 0 2 6 , 3 3 6 0 0 0 3 9 8 . 3 6 0 4 8 7 . 2 9 1 0 0 % 1 , 5 5 9 , 3 1 4 0 0 0 4 4 8 . 1 6 0 3 7 9 . 0 0 1 0 0 % 2 , 3 5 3 , 5 8 9 0 0 0 3 9 8 . 3 6 0 4 8 7 . 2 9 1 0 0 % 2 , 0 4 6 , 5 9 9 0 0 0 4 0 6 . 3 3 0 4 9 2 . 1 6 1 0 0 % 1 , 5 7 4 , 9 0 7 0 0 0 4 5 7 . 1 2 0 3 8 2 . 7 9 1 0 0 % 2 , 3 7 7 , 1 2 5 0 0 0 4 0 6 . 3 3 0 4 9 2 . 1 6 1 0 0 % 2 , 0 6 7 , 0 6 5 0 0 0 4 1 4 . 4 6 0 4 9 7 . 0 8 1 0 0 % 1 , 5 9 0 , 6 5 6 0 0 0 4 6 6 . 2 7 0 3 8 6 . 6 2 1 0 0 % 2 , 4 0 0 , 8 9 6 0 0 0 4 1 4 . 4 6 0 4 9 7 . 0 8 1 0 0 % 2 , 0 8 7 , 7 3 6 0 0 0 4 2 2 . 7 5 0 5 0 2 . 0 5 1 0 0 % 1 , 6 0 6 , 5 6 2 0 0 0 4 7 5 . 5 9 0 3 9 0 . 4 8 1 0 0 % 2 , 4 2 4 , 9 0 5 0 0 0 4 2 2 . 7 5 0 5 0 2 . 0 5 1 0 0 % 2 , 1 0 8 , 6 1 3 0 0 0 4 3 1 . 2 0 0 5 0 7 . 0 7 1 0 0 % 1 , 6 2 2 , 6 2 8 0 0 0 4 8 5 . 1 0 0 3 9 4 . 3 9 1 0 0 % 2 , 4 4 9 , 1 5 4 0 0 0 4 3 1 . 2 0 0 5 0 7 . 0 7 1 0 0 % 2 , 1 2 9 , 6 9 9 0 0 0 4 3 9 . 8 3 0 5 1 2 . 1 4 1 0 0 % 1 , 6 3 8 , 8 5 4 0 0 0 4 9 4 . 8 0 0 3 9 8 . 3 3 1 0 0 % 2 , 4 7 3 , 6 4 6 0 0 0 4 3 9 . 8 3 0 5 1 2 . 1 4 1 0 0 % 2 , 1 5 0 , 9 9 6 0 0 0 4 4 8 . 6 2 0 5 1 7 . 2 6 1 0 0 % 1 , 6 5 5 , 2 4 3 0 0 0 5 0 4 . 7 0 0 4 0 2 . 3 2 1 0 0 % 2 , 4 9 8 , 3 8 2 0 0 0 4 4 8 . 6 2 0 5 1 7 . 2 6 1 0 0 % 2 , 1 7 2 , 5 0 6 0 0 0 4 5 7 . 6 0 0 5 2 2 . 4 4 1 0 0 % 1 , 6 7 1 , 7 9 5 0 0 0 5 1 4 . 7 9 0 4 0 6 . 3 4 1 0 0 % 2 , 5 2 3 , 3 6 6 0 0 0 4 5 7 . 6 0 0 5 2 2 . 4 4 1 0 0 % 2 , 1 9 4 , 2 3 1 0 0 0 4 6 6 . 7 5 0 5 2 7 . 6 6 1 0 0 % 1 , 6 8 8 , 5 1 3 0 0 0 5 2 5 . 0 9 0 4 1 0 . 4 0 1 0 0 % 2 , 5 4 8 , 6 0 0 0 0 0 4 6 6 . 7 5 0 5 2 7 . 6 6 1 0 0 % 2 , 2 1 6 , 1 7 4 0 0 0 4 7 6 . 0 8 0 5 3 2 . 9 4 1 0 0 % 1 , 7 0 5 , 3 9 8 0 0 0 5 3 5 . 5 9 0 4 1 4 . 5 1 1 0 0 % 2 , 5 7 4 , 0 8 6 0 0 0 4 7 6 . 0 8 0 5 3 2 . 9 4 1 0 0 % 2 , 2 3 8 , 3 3 5 0 0 4 8 5 . 6 0 0 5 3 8 . 2 7 1 0 0 % 1 , 7 2 2 , 4 5 2 0 0 5 4 6 . 3 0 0 4 1 8 . 6 5 1 0 0 % 2 , 5 9 9 , 8 2 7 0 0 4 8 5 . 6 0 0 5 3 8 . 2 7 1 0 0 % 2 , 2 6 0 , 7 1 9 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ 3,2 0 0 0 3 , 2 0 0 1,1 3 1 , 9 5 5 27 , 0 7 3 , 2 8 9 6 , 2 1 0 0 6 , 2 1 0 2,4 7 1 , 2 8 8 40 , 8 6 3 , 7 4 5 4 , 2 0 0 0 4 , 2 0 0 1,4 8 5 , 6 9 1 35 , 5 3 3 , 6 9 2 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x Ab s 3 Pre p a r e d b y D . A . D a v i d s o n & C o . 9 20 5 0 10 0 % YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) Pa d 1 1 - M a i n E v e n t ( E n t e r t a i n m e n t ) Pa d 1 2 - A l a m o T h e a t e r Pa d 1 3 - M u l t i - T e n a n t R e t a i l / R e s t a u r a n t In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n Ge n e r a l S a l e s Ad m i s s i o n s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fin i s h e d L o t S q u a r e F t p e r S q F t , $ S a l e s / S F S t a b . / A n n u a l S a l e s $ S a l e s / S F S t a b . / A n n u a l S a l e s Fi n i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C om p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p R e v e n u e I n f l a t e d @ L e a s e - U p R e v e n u e S F V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p De v e l ' d 1 0 % 4 9 , 8 1 0 2 % V a l u e 1 % % @ 1 0 0 % f a c t o r D e v e l ' d 1 0 % 5 0 , 0 0 0 2 % V a l u e 1% % @ 55 % f a c t o r 1 % % @ 4 5 % f a c t o r D e v e l ' d 1 0 % 1 1 , 7 0 0 2 % V a l u e 1 % % @ 5 0 % f a c to r 0 0 $1 2 7 . 5 0 $0 $ 1 5 5 . 0 0 $0 0 0 $2 5 5 . 0 0 $0 $ 1 9 3 . 0 0 $0 $ 1 9 3 . 0 0 $0 0 0 $1 7 0 . 0 0 $0 $ 2 0 0 . 0 0 $0 0 0 12 7 . 5 0 0 1 5 5 . 0 0 0 0 0 25 5 . 0 0 0 1 9 3 . 0 0 0 1 9 3 . 0 0 0 0 0 17 0 . 0 0 0 2 0 0 . 0 0 0 0 0 12 7 . 5 0 0 1 5 5 . 0 0 0 0 0 25 5 . 0 0 0 1 9 3 . 0 0 0 1 9 3 . 0 0 0 0 0 17 0 . 0 0 0 2 0 0 . 0 0 0 49 , 8 1 0 6 3 5 , 0 7 8 13 0 . 0 5 0 1 5 6 . 5 5 0 5 0 , 0 0 0 1 , 2 7 5 , 0 0 0 26 0 . 1 0 0 1 9 4 . 9 3 0 1 9 4 . 9 3 0 0 0 17 3 . 4 0 0 2 0 2 . 0 0 0 0 ( 6 3 5 , 0 7 8 ) 4 9 , 8 1 0 1 3 2 . 6 5 6 , 6 0 7 , 3 4 6 1 5 8 . 1 2 1 0 0 % 7 , 8 7 5 , 7 3 3 0 ( 1 , 2 7 5 , 0 0 0 ) 5 0 , 0 0 0 2 6 5 . 3 0 1 3 , 2 6 5 , 1 0 0 1 9 6 . 8 8 1 0 0 % 5 , 4 1 4 , 1 8 1 1 9 6 . 8 8 1 0 0 % 4 , 4 2 9 , 7 8 4 0 0 17 6 . 8 7 0 2 0 4 . 0 2 0 0 0 0 1 3 5 . 3 0 0 1 5 9 . 7 0 1 0 0 % 7 , 9 5 4 , 4 9 0 0 0 0 2 7 0 . 6 1 0 1 9 8 . 8 5 1 0 0 % 5 , 4 6 8 , 3 2 3 1 9 8 . 8 5 1 0 0 % 4 , 4 7 4 , 0 8 2 1 1 , 7 0 0 1 9 8 , 9 0 0 18 0 . 4 1 0 2 0 6 . 0 6 0 0 0 0 1 3 8 . 0 1 0 1 6 1 . 2 9 1 0 0 % 8 , 0 3 4 , 0 3 5 0 0 0 2 7 6 . 0 2 0 2 0 0 . 8 4 1 0 0 % 5 , 5 2 3 , 0 0 6 2 0 0 . 8 4 1 0 0 % 4 , 5 1 8 , 8 2 3 0 ( 1 9 8 , 9 0 0 ) 1 1 , 7 0 0 1 8 4 . 0 1 2 , 1 5 2 , 9 5 8 2 0 8 . 1 2 5 0 % 6 0 8 , 7 5 3 0 0 0 1 4 0 . 7 7 0 1 6 2 . 9 1 1 0 0 % 8 , 1 1 4 , 3 7 6 0 0 0 2 8 1 . 5 4 0 2 0 2 . 8 4 1 0 0 % 5 , 5 7 8 , 2 3 6 2 0 2 . 8 4 1 0 0 % 4 , 5 6 4 , 0 1 1 0 0 0 1 8 7 . 6 9 0 2 1 0 . 2 0 7 5 % 9 2 2 , 2 6 1 0 0 0 1 4 3 . 5 9 0 1 6 4 . 5 4 1 0 0 % 8 , 1 9 5 , 5 1 9 0 0 0 2 8 7 . 1 7 0 2 0 4 . 8 7 1 0 0 % 5 , 6 3 4 , 0 1 8 2 0 4 . 8 7 1 0 0 % 4 , 6 0 9 , 6 5 1 0 0 0 1 9 1 . 4 5 0 2 1 2 . 3 0 1 0 0 % 1 , 2 4 1 , 9 7 9 0 0 0 1 4 6 . 4 6 0 1 6 6 . 1 8 1 0 0 % 8 , 2 7 7 , 4 7 5 0 0 0 2 9 2 . 9 1 0 2 0 6 . 9 2 1 0 0 % 5 , 6 9 0 , 3 5 8 2 0 6 . 9 2 1 0 0 % 4 , 6 5 5 , 7 4 8 0 0 0 1 9 5 . 2 8 0 2 1 4 . 4 3 1 0 0 % 1 , 2 5 4 , 3 9 8 0 0 0 1 4 9 . 3 9 0 1 6 7 . 8 4 1 0 0 % 8 , 3 6 0 , 2 4 9 0 0 0 2 9 8 . 7 7 0 2 0 8 . 9 9 1 0 0 % 5 , 7 4 7 , 2 6 2 2 0 8 . 9 9 1 0 0 % 4 , 7 0 2 , 3 0 5 0 0 0 1 9 9 . 1 8 0 2 1 6 . 5 7 1 0 0 % 1 , 2 6 6 , 9 4 2 0 0 0 1 5 2 . 3 7 0 1 6 9 . 5 2 1 0 0 % 8 , 4 4 3 , 8 5 2 0 0 0 3 0 4 . 7 5 0 2 1 1 . 0 8 1 0 0 % 5 , 8 0 4 , 7 3 5 2 1 1 . 0 8 1 0 0 % 4 , 7 4 9 , 3 2 8 0 0 0 2 0 3 . 1 7 0 2 1 8 . 7 4 1 0 0 % 1 , 2 7 9 , 6 1 2 0 0 0 1 5 5 . 4 2 0 1 7 1 . 2 2 1 0 0 % 8 , 5 2 8 , 2 9 0 0 0 0 3 1 0 . 8 4 0 2 1 3 . 1 9 1 0 0 % 5 , 8 6 2 , 7 8 2 2 1 3 . 1 9 1 0 0 % 4 , 7 9 6 , 8 2 2 0 0 0 2 0 7 . 2 3 0 2 2 0 . 9 2 1 0 0 % 1 , 2 9 2 , 4 0 8 0 0 0 1 5 8 . 5 3 0 1 7 2 . 9 3 1 0 0 % 8 , 6 1 3 , 5 7 3 0 0 0 3 1 7 . 0 6 0 2 1 5 . 3 2 1 0 0 % 5 , 9 2 1 , 4 1 0 2 1 5 . 3 2 1 0 0 % 4 , 8 4 4 , 7 9 0 0 0 0 2 1 1 . 3 7 0 2 2 3 . 1 3 1 0 0 % 1 , 3 0 5 , 3 3 2 0 0 0 1 6 1 . 7 0 0 1 7 4 . 6 6 1 0 0 % 8 , 6 9 9 , 7 0 9 0 0 0 3 2 3 . 4 0 0 2 1 7 . 4 8 1 0 0 % 5 , 9 8 0 , 6 2 4 2 1 7 . 4 8 1 0 0 % 4 , 8 9 3 , 2 3 8 0 0 0 2 1 5 . 6 0 0 2 2 5 . 3 7 1 0 0 % 1 , 3 1 8 , 3 8 5 0 0 0 1 6 4 . 9 3 0 1 7 6 . 4 0 1 0 0 % 8 , 7 8 6 , 7 0 6 0 0 0 3 2 9 . 8 7 0 2 1 9 . 6 5 1 0 0 % 6 , 0 4 0 , 4 3 0 2 1 9 . 6 5 1 0 0 % 4 , 9 4 2 , 1 7 0 0 0 0 2 1 9 . 9 1 0 2 2 7 . 6 2 1 0 0 % 1 , 3 3 1 , 5 6 9 0 0 0 1 6 8 . 2 3 0 1 7 8 . 1 7 1 0 0 % 8 , 8 7 4 , 5 7 3 0 0 0 3 3 6 . 4 7 0 2 2 1 . 8 5 1 0 0 % 6 , 1 0 0 , 8 3 4 2 2 1 . 8 5 1 0 0 % 4 , 9 9 1 , 5 9 2 0 0 0 2 2 4 . 3 1 0 2 2 9 . 8 9 1 0 0 % 1 , 3 4 4 , 8 8 5 0 0 0 1 7 1 . 6 0 0 1 7 9 . 9 5 1 0 0 % 8 , 9 6 3 , 3 1 9 0 0 0 3 4 3 . 2 0 0 2 2 4 . 0 7 1 0 0 % 6 , 1 6 1 , 8 4 3 2 2 4 . 0 7 1 0 0 % 5 , 0 4 1 , 5 0 8 0 0 0 2 2 8 . 8 0 0 2 3 2 . 1 9 1 0 0 % 1 , 3 5 8 , 3 3 4 0 0 0 1 7 5 . 0 3 0 1 8 1 . 7 5 1 0 0 % 9 , 0 5 2 , 9 5 2 0 0 0 3 5 0 . 0 6 0 2 2 6 . 3 1 1 0 0 % 6 , 2 2 3 , 4 6 1 2 2 6 . 3 1 1 0 0 % 5 , 0 9 1 , 9 2 3 0 0 0 2 3 3 . 3 7 0 2 3 4 . 5 2 1 0 0 % 1 , 3 7 1 , 9 1 7 0 0 0 1 7 8 . 5 3 0 1 8 3 . 5 7 1 0 0 % 9 , 1 4 3 , 4 8 2 0 0 0 3 5 7 . 0 6 0 2 2 8 . 5 7 1 0 0 % 6 , 2 8 5 , 6 9 6 2 2 8 . 5 7 1 0 0 % 5 , 1 4 2 , 8 4 2 0 0 0 2 3 8 . 0 4 0 2 3 6 . 8 6 1 0 0 % 1 , 3 8 5 , 6 3 6 0 0 1 8 2 . 1 0 0 1 8 5 . 4 0 1 0 0 % 9 , 2 3 4 , 9 1 6 0 0 3 6 4 . 2 0 0 2 3 0 . 8 6 1 0 0 % 6 , 3 4 8 , 5 5 3 2 3 0 . 8 6 1 0 0 % 5 , 1 9 4 , 2 7 0 0 0 2 4 2 . 8 0 0 2 3 9 . 2 3 1 0 0 % 1 , 3 9 9 , 4 9 3 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ 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A . D a v i d s o n & C o . 10 20 5 0 10 0 % YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) Pa d 1 4 - M u l t i - T e n a n t R e t a i l / R e s t a u r a n t Pa d 1 5 - R e s t a u r a n t Pa d 1 0 - H o t e l 1 In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n $ S a l e s An n u a l S a l e s In c r / ( D e c r ) i n Mk t V a l u e An n u a l L o d g Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fin i s h e d L o t S q u a r e F t p e r S q F t , pe r S q F t , S t a b . / R e v e n u e Fin i s h e d L o t R o o m s pe r r o o m , AD R * Re v e n u e SF V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p SF V a l u e @ C o m p l ete d I n f l a t e d @ M a r k e t I n f l a t e d @ L e a s e - U p Ro o m s V a l u e @ C o m p l e t e d I n fl a t e d @ M a r k e t I n f l a t e d @ O c c ' p c y De v e l ' d 1 0 % 1 1 , 7 0 0 2 % V a l u e 1 % % @ 5 0 % f a c t o r D e v e l ' d 1 0 % 5 , 5 0 0 2 % Va l u e 1 % % @ 1 0 0 % f a c t o r D e v e l ' d 1 0 % 1 0 0 2% Va l u e 1% % @ 1 0 0 % f a c t o r 0 0 $1 7 0 . 0 0 $0 $ 2 0 0 . 0 0 $0 0 0 $2 5 5 . 0 0 $0 $ 3 5 0 . 0 0 $0 0 0 $6 3 , 7 5 0 $0 $ 1 0 2 . 0 0 $0 0 0 17 0 . 0 0 0 2 0 0 . 0 0 0 0 0 25 5 . 0 0 0 3 5 0 . 0 0 0 0 0 63 , 7 5 0 0 1 0 2 . 0 0 0 0 0 17 0 . 0 0 0 2 0 0 . 0 0 0 0 0 25 5 . 0 0 0 3 5 0 . 0 0 0 0 0 63 , 7 5 0 0 1 0 2 . 0 0 0 0 0 17 3 . 4 0 0 2 0 2 . 0 0 0 0 0 26 0 . 1 0 0 3 5 3 . 5 0 0 1 0 0 6 3 7 , 5 0 0 65 , 0 2 5 0 1 0 3 . 0 2 0 0 0 17 6 . 8 7 0 2 0 4 . 0 2 0 0 0 26 5 . 3 0 0 3 5 7 . 0 4 0 0 ( 6 3 7 , 5 0 0 ) 1 0 0 6 6 , 3 2 6 6 , 6 3 2 , 5 5 0 1 0 4 . 0 5 5 0 % 1 , 8 9 8 , 9 1 6 11 , 7 0 0 1 9 8 , 9 0 0 18 0 . 4 1 0 2 0 6 . 0 6 0 5 , 5 0 0 1 4 0 , 2 5 0 27 0 . 6 1 0 3 6 0 . 6 1 0 0 0 0 6 7 , 6 5 2 0 1 0 5 . 0 9 6 0 % 2 , 3 0 1 , 4 8 6 0 ( 1 9 8 , 9 0 0 ) 1 1 , 7 0 0 1 8 4 . 0 1 2 , 1 5 2 , 9 5 8 2 0 8 . 1 2 5 0 % 6 0 8 , 7 5 3 0 ( 1 4 0 , 2 5 0 ) 5 , 5 0 0 2 7 6 . 0 2 1 , 5 1 8 , 1 1 1 3 6 4 . 2 1 1 0 0 % 2 , 0 0 3 , 1 6 3 0 0 0 6 9 , 0 0 5 0 1 0 6 . 1 4 7 0 % 2 , 7 1 1 , 9 1 8 0 0 0 1 8 7 . 6 9 0 2 1 0 . 2 0 7 5 % 9 2 2 , 2 6 1 0 0 0 2 8 1 . 5 4 0 3 6 7 . 8 5 1 0 0 % 2 , 0 2 3 , 1 9 4 0 0 0 7 0 , 3 8 5 0 1 0 7 . 2 0 7 0 % 2 , 7 3 9 , 0 3 7 0 0 0 1 9 1 . 4 5 0 2 1 2 . 3 0 1 0 0 % 1 , 2 4 1 , 9 7 9 0 0 0 2 8 7 . 1 7 0 3 7 1 . 5 3 1 0 0 % 2 , 0 4 3 , 4 2 6 0 0 0 7 1 , 7 9 3 0 1 0 8 . 2 8 7 0 % 2 , 7 6 6 , 4 2 8 0 0 0 1 9 5 . 2 8 0 2 1 4 . 4 3 1 0 0 % 1 , 2 5 4 , 3 9 8 0 0 0 2 9 2 . 9 1 0 3 7 5 . 2 5 1 0 0 % 2 , 0 6 3 , 8 6 1 0 0 0 7 3 , 2 2 9 0 1 0 9 . 3 6 7 0 % 2 , 7 9 4 , 0 9 2 0 0 0 1 9 9 . 1 8 0 2 1 6 . 5 7 1 0 0 % 1 , 2 6 6 , 9 4 2 0 0 0 2 9 8 . 7 7 0 3 7 9 . 0 0 1 0 0 % 2 , 0 8 4 , 4 9 9 0 0 0 7 4 , 6 9 3 0 1 1 0 . 4 5 7 0 % 2 , 8 2 2 , 0 3 3 0 0 0 2 0 3 . 1 7 0 2 1 8 . 7 4 1 0 0 % 1 , 2 7 9 , 6 1 2 0 0 0 3 0 4 . 7 5 0 3 8 2 . 7 9 1 0 0 % 2 , 1 0 5 , 3 4 4 0 0 0 7 6 , 1 8 7 0 1 1 1 . 5 6 7 0 % 2 , 8 5 0 , 2 5 3 0 0 0 2 0 7 . 2 3 0 2 2 0 . 9 2 1 0 0 % 1 , 2 9 2 , 4 0 8 0 0 0 3 1 0 . 8 4 0 3 8 6 . 6 2 1 0 0 % 2 , 1 2 6 , 3 9 8 0 0 0 7 7 , 7 1 1 0 1 1 2 . 6 7 7 0 % 2 , 8 7 8 , 7 5 6 0 0 0 2 1 1 . 3 7 0 2 2 3 . 1 3 1 0 0 % 1 , 3 0 5 , 3 3 2 0 0 0 3 1 7 . 0 6 0 3 9 0 . 4 8 1 0 0 % 2 , 1 4 7 , 6 6 2 0 0 0 7 9 , 2 6 5 0 1 1 3 . 8 0 7 0 % 2 , 9 0 7 , 5 4 3 0 0 0 2 1 5 . 6 0 0 2 2 5 . 3 7 1 0 0 % 1 , 3 1 8 , 3 8 5 0 0 0 3 2 3 . 4 0 0 3 9 4 . 3 9 1 0 0 % 2 , 1 6 9 , 1 3 8 0 0 0 8 0 , 8 5 0 0 1 1 4 . 9 4 7 0 % 2 , 9 3 6 , 6 1 9 0 0 0 2 1 9 . 9 1 0 2 2 7 . 6 2 1 0 0 % 1 , 3 3 1 , 5 6 9 0 0 0 3 2 9 . 8 7 0 3 9 8 . 3 3 1 0 0 % 2 , 1 9 0 , 8 3 0 0 0 0 8 2 , 4 6 7 0 1 1 6 . 0 9 7 0 % 2 , 9 6 5 , 9 8 5 0 0 0 2 2 4 . 3 1 0 2 2 9 . 8 9 1 0 0 % 1 , 3 4 4 , 8 8 5 0 0 0 3 3 6 . 4 7 0 4 0 2 . 3 2 1 0 0 % 2 , 2 1 2 , 7 3 8 0 0 0 8 4 , 1 1 7 0 1 1 7 . 2 5 7 0 % 2 , 9 9 5 , 6 4 5 0 0 0 2 2 8 . 8 0 0 2 3 2 . 1 9 1 0 0 % 1 , 3 5 8 , 3 3 4 0 0 0 3 4 3 . 2 0 0 4 0 6 . 3 4 1 0 0 % 2 , 2 3 4 , 8 6 5 0 0 0 8 5 , 7 9 9 0 1 1 8 . 4 2 7 0 % 3 , 0 2 5 , 6 0 1 0 0 0 2 3 3 . 3 7 0 2 3 4 . 5 2 1 0 0 % 1 , 3 7 1 , 9 1 7 0 0 0 3 5 0 . 0 6 0 4 1 0 . 4 0 1 0 0 % 2 , 2 5 7 , 2 1 4 0 0 0 8 7 , 5 1 5 0 1 1 9 . 6 0 7 0 % 3 , 0 5 5 , 8 5 7 0 0 0 2 3 8 . 0 4 0 2 3 6 . 8 6 1 0 0 % 1 , 3 8 5 , 6 3 6 0 0 0 3 5 7 . 0 6 0 4 1 4 . 5 1 1 0 0 % 2 , 2 7 9 , 7 8 6 0 0 0 8 9 , 2 6 5 0 1 2 0 . 8 0 7 0 % 3 , 0 8 6 , 4 1 6 0 0 2 4 2 . 8 0 0 2 3 9 . 2 3 1 0 0 % 1 , 3 9 9 , 4 9 3 0 0 3 6 4 . 2 0 0 4 1 8 . 6 5 1 0 0 % 2 , 3 0 2 , 5 8 4 0 0 9 1 , 0 5 1 0 1 2 2 . 0 1 7 0 % 3 , 1 1 7 , 2 8 0 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ 11 , 7 0 0 0 1 1 , 7 0 0 2,1 5 2 , 9 5 8 18 , 6 8 1 , 9 0 4 5 , 5 0 0 0 5 , 5 0 0 1,5 1 8 , 1 1 1 32 , 2 4 4 , 7 0 1 1 0 0 0 1 0 0 6,6 3 2 , 5 5 0 47 , 8 5 3 , 8 6 5 * A v g D a i l y R a t e 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x Ab s 3 Pre p a r e d b y D . A . D a v i d s o n & C o . 11 20 5 0 10 0 % YE A R 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 20 3 0 20 3 1 20 3 2 20 3 3 20 3 4 20 3 5 20 3 6 L O N G ' S P E A K M E T R O P O L I T A N D I S T R I C T ( E v e r g r e e n ) D e v e l o p m e n t P r o j e c t i o n ( s c 3 ) - - B u i l d o u t P l a n ( u p d a t e d 5 / 2 9 / 1 8 ) Pa d 1 6 - H o t e l 2 In c r / ( D e c r ) i n Mk t V a l u e An n u a l L o d g Fin i s h e d L o t R o o m s p e r r o o m , AD R * Re v e n u e To t a l To t a l To t a l T o t a l A n n u a l T o t a l A n n u a l T o t a l A n n u a l U . R . A . U s e T a x Va l u e o f P l a t t e d & Ro o m s V a l u e @ C o m p l e t e d I n f l a t e d @ M a r k e t I n f l a t e d @ O c c ' p c y Co m m e r c i a l C o m m e r c i a l H o t e l S a l e s R e v . A d m i s s i o n s R e v . L o d g i n g R e v . @ 3 5 . 0 % o f M V De v e l o p e d L o t s De v e l ' d 1 0 % 10 0 2% V a l u e 1% % @ 1 0 0 % f a c t o r M a r k e t V a l u e Sq F t Ro o m s (E x c l L r g F o r m a t ) ( E x c l L r g F o r m a t ) @ 3 . 5 0 % Ad j u s t m e n t 1 Ad j u s t e d V a l u e 0 0 $6 3 , 7 5 0 $ 0 $ 1 0 2 . 0 0 $0 0 0 00 0 0 0 3, 3 8 2 , 2 2 1 3,3 8 2 , 2 2 1 0 0 63 , 7 5 0 0 1 0 2 . 0 0 0 0 0 00 0 0 0 0 0 0 0 63 , 7 5 0 0 1 0 2 . 0 0 0 0 0 00 0 0 0 0 0 10 0 6 3 7 , 5 0 0 65 , 0 2 5 0 1 0 3 . 0 2 0 0 0 00 0 0 0 0 10 , 4 2 6 , 6 1 0 0 ( 6 3 7 , 5 0 0 ) 1 0 0 6 6 , 3 2 6 6 , 6 3 2 , 5 5 0 1 0 4 . 0 5 5 0 % 1 , 8 9 8 , 9 1 6 48 , 7 8 5 , 5 0 0 1 6 3 , 5 2 0 2 0 0 2 7 , 8 2 4 , 8 0 9 4 , 4 2 9 , 7 8 4 3 , 7 9 7 , 8 3 2 5 9 7 , 6 2 2 (3 , 2 0 9 , 8 8 8 ) (1 3 , 6 3 6 , 4 9 8 ) 0 0 0 6 7 , 6 5 2 0 1 0 5 . 0 9 6 0 % 2 , 3 0 1 , 4 8 6 0 0 0 2 9 , 5 4 8 , 0 5 4 4 , 4 7 4 , 0 8 2 4 , 6 0 2 , 9 7 3 0 0 53 8 , 0 5 0 0 0 0 6 9 , 0 0 5 0 1 0 6 . 1 4 7 0 % 2 , 7 1 1 , 9 1 8 5, 8 2 4 , 0 2 6 2 8 , 9 0 0 0 3 4 , 5 2 3 , 6 5 1 4 , 5 1 8 , 8 2 3 5 , 4 2 3 , 8 3 6 71 , 3 4 4 (1 7 2 , 3 3 3 ) (7 1 0 , 3 8 3 ) 0 0 0 7 0 , 3 8 5 0 1 0 7 . 2 0 7 0 % 2 , 7 3 9 , 0 3 7 0 0 0 3 5 , 4 8 3 , 7 2 8 4 , 5 6 4 , 0 1 1 5 , 4 7 8 , 0 7 5 0 0 0 0 0 0 7 1 , 7 9 3 0 1 0 8 . 2 8 7 0 % 2 , 7 6 6 , 4 2 8 0 0 0 3 6 , 4 5 9 , 5 5 5 4 , 6 0 9 , 6 5 1 5 , 5 3 2 , 8 5 5 0 0 0 0 0 0 7 3 , 2 2 9 0 1 0 9 . 3 6 7 0 % 2 , 7 9 4 , 0 9 2 0 0 0 3 6 , 8 2 4 , 1 5 0 4 , 6 5 5 , 7 4 8 5 , 5 8 8 , 1 8 4 0 0 0 0 0 0 7 4 , 6 9 3 0 1 1 0 . 4 5 7 0 % 2 , 8 2 2 , 0 3 3 0 0 0 3 7 , 1 9 2 , 3 9 2 4 , 7 0 2 , 3 0 5 5 , 6 4 4 , 0 6 6 0 0 0 0 0 0 7 6 , 1 8 7 0 1 1 1 . 5 6 7 0 % 2 , 8 5 0 , 2 5 3 0 0 0 3 7 , 5 6 4 , 3 1 6 4 , 7 4 9 , 3 2 8 5 , 7 0 0 , 5 0 6 0 0 0 0 0 0 7 7 , 7 1 1 0 1 1 2 . 6 7 7 0 % 2 , 8 7 8 , 7 5 6 0 0 0 3 7 , 9 3 9 , 9 5 9 4 , 7 9 6 , 8 2 2 5 , 7 5 7 , 5 1 1 0 0 0 0 0 0 7 9 , 2 6 5 0 1 1 3 . 8 0 7 0 % 2 , 9 0 7 , 5 4 3 0 0 0 3 8 , 3 1 9 , 3 5 9 4 , 8 4 4 , 7 9 0 5 , 8 1 5 , 0 8 7 0 0 0 0 0 0 8 0 , 8 5 0 0 1 1 4 . 9 4 7 0 % 2 , 9 3 6 , 6 1 9 0 0 0 3 8 , 7 0 2 , 5 5 2 4 , 8 9 3 , 2 3 8 5 , 8 7 3 , 2 3 7 0 0 0 0 0 0 8 2 , 4 6 7 0 1 1 6 . 0 9 7 0 % 2 , 9 6 5 , 9 8 5 0 0 0 3 9 , 0 8 9 , 5 7 8 4 , 9 4 2 , 1 7 0 5 , 9 3 1 , 9 7 0 0 0 0 0 0 0 8 4 , 1 1 7 0 1 1 7 . 2 5 7 0 % 2 , 9 9 5 , 6 4 5 0 0 0 3 9 , 4 8 0 , 4 7 4 4 , 9 9 1 , 5 9 2 5 , 9 9 1 , 2 8 9 0 0 0 0 0 0 8 5 , 7 9 9 0 1 1 8 . 4 2 7 0 % 3 , 0 2 5 , 6 0 1 0 0 0 3 9 , 8 7 5 , 2 7 8 5 , 0 4 1 , 5 0 8 6 , 0 5 1 , 2 0 2 0 0 0 0 0 0 8 7 , 5 1 5 0 1 1 9 . 6 0 7 0 % 3 , 0 5 5 , 8 5 7 0 0 0 4 0 , 2 7 4 , 0 3 1 5 , 0 9 1 , 9 2 3 6 , 1 1 1 , 7 1 4 0 0 0 0 0 0 8 9 , 2 6 5 0 1 2 0 . 8 0 7 0 % 3 , 0 8 6 , 4 1 6 0 0 0 4 0 , 6 7 6 , 7 7 1 5 , 1 4 2 , 8 4 2 6 , 1 7 2 , 8 3 2 0 0 0 0 0 9 1 , 0 5 1 0 1 2 2 . 0 1 7 0 % 3 , 1 1 7 , 2 8 0 0 0 0 4 1 , 0 8 3 , 5 3 9 5 , 1 9 4 , 2 7 0 6 , 2 3 4 , 5 6 0 0 0 0 __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 10 0 0 1 0 0 6, 6 3 2 , 5 5 0 47 , 8 5 3 , 8 6 5 54 , 6 0 9 , 5 2 7 1 9 2 , 4 2 0 2 0 0 6 3 0 , 8 6 2 , 1 9 6 8 1 , 6 4 2 , 8 8 7 9 5 , 7 0 7 , 7 3 0 6 6 8 , 9 6 7 (0 ) (0 ) * A v g D a i l y R a t e Co m m e r c i a l S u m m a r y 6/ 8 / 2 0 1 8 X 2 L P M D ( E v e r g r e e n ) F i n P l a n 1 8 N E W . x l s x Ab s 3 Pre p a r e d b y D . A . D a v i d s o n & C o . 12 Jun 8, 2018 9:40 am Prepared by D.A. Davidson & Co Quantitative Group~MK (Longs Peak MD 15 (Evergreen):XJUN0818-18NRLFX2) SOURCES AND USES OF FUNDS LONGS PEAK METROPOLITAN DISTRICT (Evergreen) SPECIAL TAX REVENUE BONDS, SERIES 201935.000 (target) District Mills + 0.000 URA Mills + District's Share of Avail. PIF RevenuesNon-Rated, 150x, 2049 Final Maturity (Full Growth Projections - Sc.3)[ Preliminary -- for discussion only ] Dated Date 09/01/2019 Delivery Date 09/01/2019 Sources: Bond Proceeds: Par Amount 21,865,000.00 21,865,000.00 Uses: Project Fund Deposits: Project Fund 16,914,600.00 Other Fund Deposits: Capitalized Interest 2,186,500.00 Debt Service Reserve Fund 1,889,300.00 4,075,800.00 Delivery Date Expenses: Cost of Issuance 874,600.00 21,865,000.00 13 Jun 8, 2018 9:40 am Prepared by D.A. Davidson & Co Quantitative Group~MK (Longs Peak MD 15 (Evergreen):XJUN0818-18NRLFX2) BOND SUMMARY STATISTICS LONGS PEAK METROPOLITAN DISTRICT (Evergreen) SPECIAL TAX REVENUE BONDS, SERIES 201935.000 (target) District Mills + 0.000 URA Mills + District's Share of Avail. PIF RevenuesNon-Rated, 150x, 2049 Final Maturity (Full Growth Projections - Sc.3)[ Preliminary -- for discussion only ] Dated Date 09/01/2019 Delivery Date 09/01/2019 First Coupon 12/01/2019 Last Maturity 12/01/2049 Arbitrage Yield 6.000921% True Interest Cost (TIC)6.000921% Net Interest Cost (NIC)6.000000% All-In TIC 6.349019% Average Coupon 6.000000% Average Life (years)22.594 Weighted Average Maturity (years)22.594 Duration of Issue (years)12.211 Par Amount 21,865,000.00 Bond Proceeds 21,865,000.00 Total Interest 29,641,575.00 Net Interest 29,641,575.00 Bond Years from Dated Date 494,026,250.00Bond Years from Delivery Date 494,026,250.00 Total Debt Service 51,506,575.00 Maximum Annual Debt Service 3,789,500.00 Average Annual Debt Service 1,702,696.69 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price 100.000000 AveragePar Average Average Maturity PV of 1 bpBond Component Value Price Coupon Life Date change Term Bond due 2049 21,865,000.00 100.000 6.000% 22.594 04/05/2042 30,173.70 21,865,000.00 22.594 30,173.70 All-In Arbitrage TIC TIC Yield Par Value 21,865,000.00 21,865,000.00 21,865,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -874,600.00 - Other Amounts Target Value 21,865,000.00 20,990,400.00 21,865,000.00 Target Date 09/01/2019 09/01/2019 09/01/2019 Yield 6.000921%6.349019%6.000921% 14 Jun 8, 2018 9:40 am Prepared by D.A. Davidson & Co Quantitative Group~MK (Longs Peak MD 15 (Evergreen):XJUN0818-18NRLFX2) BOND DEBT SERVICE LONGS PEAK METROPOLITAN DISTRICT (Evergreen)SPECIAL TAX REVENUE BONDS, SERIES 201935.000 (target) District Mills + 0.000 URA Mills + District's Share of Avail. PIF Revenues Non-Rated, 150x, 2049 Final Maturity(Full Growth Projections - Sc.3)[ Preliminary -- for discussion only ] AnnualPeriod Debt Debt Ending Principal Coupon Interest Service Service 12/01/2019 327,975 327,975 327,975 06/01/2020 655,950 655,950 12/01/2020 655,950 655,950 1,311,900 06/01/2021 655,950 655,950 12/01/2021 655,950 655,950 1,311,900 06/01/2022 655,950 655,950 12/01/2022 100,000 6.000% 655,950 755,950 1,411,90006/01/2023 652,950 652,95012/01/2023 100,000 6.000% 652,950 752,950 1,405,90006/01/2024 649,950 649,950 12/01/2024 190,000 6.000% 649,950 839,950 1,489,900 06/01/2025 644,250 644,250 12/01/2025 210,000 6.000% 644,250 854,250 1,498,500 06/01/2026 637,950 637,950 12/01/2026 245,000 6.000% 637,950 882,950 1,520,900 06/01/2027 630,600 630,600 12/01/2027 265,000 6.000% 630,600 895,600 1,526,20006/01/2028 622,650 622,65012/01/2028 305,000 6.000% 622,650 927,650 1,550,30006/01/2029 613,500 613,500 12/01/2029 330,000 6.000% 613,500 943,500 1,557,000 06/01/2030 603,600 603,600 12/01/2030 375,000 6.000% 603,600 978,600 1,582,200 06/01/2031 592,350 592,350 12/01/2031 405,000 6.000% 592,350 997,350 1,589,700 06/01/2032 580,200 580,200 12/01/2032 450,000 6.000% 580,200 1,030,200 1,610,40006/01/2033 566,700 566,70012/01/2033 485,000 6.000% 566,700 1,051,700 1,618,40006/01/2034 552,150 552,150 12/01/2034 540,000 6.000% 552,150 1,092,150 1,644,300 06/01/2035 535,950 535,950 12/01/2035 580,000 6.000% 535,950 1,115,950 1,651,900 06/01/2036 518,550 518,550 12/01/2036 640,000 6.000% 518,550 1,158,550 1,677,100 06/01/2037 499,350 499,350 12/01/2037 685,000 6.000% 499,350 1,184,350 1,683,70006/01/2038 478,800 478,80012/01/2038 755,000 6.000% 478,800 1,233,800 1,712,600 06/01/2039 456,150 456,150 12/01/2039 805,000 6.000% 456,150 1,261,150 1,717,300 06/01/2040 432,000 432,000 12/01/2040 880,000 6.000% 432,000 1,312,000 1,744,000 06/01/2041 405,600 405,600 12/01/2041 945,000 6.000% 405,600 1,350,600 1,756,200 06/01/2042 377,250 377,250 12/01/2042 1,025,000 6.000% 377,250 1,402,250 1,779,50006/01/2043 346,500 346,50012/01/2043 1,095,000 6.000% 346,500 1,441,500 1,788,000 06/01/2044 313,650 313,650 12/01/2044 1,190,000 6.000% 313,650 1,503,650 1,817,300 06/01/2045 277,950 277,950 12/01/2045 1,270,000 6.000% 277,950 1,547,950 1,825,900 06/01/2046 239,850 239,850 12/01/2046 1,375,000 6.000% 239,850 1,614,850 1,854,700 06/01/2047 198,600 198,600 12/01/2047 1,465,000 6.000% 198,600 1,663,600 1,862,20006/01/2048 154,650 154,65012/01/2048 1,580,000 6.000% 154,650 1,734,650 1,889,300 06/01/2049 107,250 107,250 12/01/2049 3,575,000 6.000% 107,250 3,682,250 3,789,500 21,865,000 29,641,575 51,506,575 51,506,575 15 Jun 8, 2018 9:40 am Prepared by D.A. Davidson & Co Quantitative Group~MK (Longs Peak MD 15 (Evergreen):XJUN0818-18NRLFX2) NET DEBT SERVICE LONGS PEAK METROPOLITAN DISTRICT (Evergreen) SPECIAL TAX REVENUE BONDS, SERIES 201935.000 (target) District Mills + 0.000 URA Mills + District's Share of Avail. PIF RevenuesNon-Rated, 150x, 2049 Final Maturity (Full Growth Projections - Sc.3)[ Preliminary -- for discussion only ] Period Total Debt Service Capitalized Net Ending Principal Interest Debt Service Reserve Fund Interest Debt Service 12/01/2019 327,975 327,975 327,975 12/01/2020 1,311,900 1,311,900 1,311,900 12/01/2021 1,311,900 1,311,900 546,625 765,27512/01/2022 100,000 1,311,900 1,411,900 1,411,900 12/01/2023 100,000 1,305,900 1,405,900 1,405,900 12/01/2024 190,000 1,299,900 1,489,900 1,489,900 12/01/2025 210,000 1,288,500 1,498,500 1,498,500 12/01/2026 245,000 1,275,900 1,520,900 1,520,900 12/01/2027 265,000 1,261,200 1,526,200 1,526,200 12/01/2028 305,000 1,245,300 1,550,300 1,550,300 12/01/2029 330,000 1,227,000 1,557,000 1,557,000 12/01/2030 375,000 1,207,200 1,582,200 1,582,200 12/01/2031 405,000 1,184,700 1,589,700 1,589,700 12/01/2032 450,000 1,160,400 1,610,400 1,610,400 12/01/2033 485,000 1,133,400 1,618,400 1,618,400 12/01/2034 540,000 1,104,300 1,644,300 1,644,300 12/01/2035 580,000 1,071,900 1,651,900 1,651,900 12/01/2036 640,000 1,037,100 1,677,100 1,677,100 12/01/2037 685,000 998,700 1,683,700 1,683,700 12/01/2038 755,000 957,600 1,712,600 1,712,60012/01/2039 805,000 912,300 1,717,300 1,717,300 12/01/2040 880,000 864,000 1,744,000 1,744,000 12/01/2041 945,000 811,200 1,756,200 1,756,200 12/01/2042 1,025,000 754,500 1,779,500 1,779,500 12/01/2043 1,095,000 693,000 1,788,000 1,788,000 12/01/2044 1,190,000 627,300 1,817,300 1,817,300 12/01/2045 1,270,000 555,900 1,825,900 1,825,900 12/01/2046 1,375,000 479,700 1,854,700 1,854,700 12/01/2047 1,465,000 397,200 1,862,200 1,862,200 12/01/2048 1,580,000 309,300 1,889,300 1,889,300 12/01/2049 3,575,000 214,500 3,789,500 1,889,300 1,900,200 21,865,000 29,641,575 51,506,575 1,889,300 2,186,500 47,430,775 16 Jun 8, 2018 9:40 am Prepared by D.A. Davidson & Co Quantitative Group~MK (Longs Peak MD 15 (Evergreen):XJUN0818-18NRLFX2) BOND SOLUTION LONGS PEAK METROPOLITAN DISTRICT (Evergreen) SPECIAL TAX REVENUE BONDS, SERIES 201935.000 (target) District Mills + 0.000 URA Mills + District's Share of Avail. PIF RevenuesNon-Rated, 150x, 2049 Final Maturity (Full Growth Projections - Sc.3)[ Preliminary -- for discussion only ] Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Serv Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage 12/01/2019 327,975 -327,975 51,932 51,932 12/01/2020 1,311,900 -1,311,900 1,709,552 1,709,552 12/01/2021 1,311,900 -546,625 765,275 1,190,374 425,099 155.54847%12/01/2022 100,000 1,411,900 1,411,900 2,124,166 712,266 150.44731% 12/01/2023 100,000 1,405,900 1,405,900 2,115,199 709,299 150.45161% 12/01/2024 190,000 1,489,900 1,489,900 2,236,743 746,843 150.12704% 12/01/2025 210,000 1,498,500 1,498,500 2,248,461 749,961 150.04743% 12/01/2026 245,000 1,520,900 1,520,900 2,281,595 760,695 150.01610% 12/01/2027 265,000 1,526,200 1,526,200 2,293,548 767,348 150.27836% 12/01/2028 305,000 1,550,300 1,550,300 2,327,346 777,046 150.12232% 12/01/2029 330,000 1,557,000 1,557,000 2,339,540 782,540 150.25947% 12/01/2030 375,000 1,582,200 1,582,200 2,374,015 791,815 150.04520% 12/01/2031 405,000 1,589,700 1,589,700 2,386,454 796,754 150.11977% 12/01/2032 450,000 1,610,400 1,610,400 2,421,620 811,220 150.37381% 12/01/2033 485,000 1,618,400 1,618,400 2,434,309 815,909 150.41452% 12/01/2034 540,000 1,644,300 1,644,300 2,470,179 825,879 150.22679% 12/01/2035 580,000 1,651,900 1,651,900 2,483,123 831,223 150.31921% 12/01/2036 640,000 1,677,100 1,677,100 2,519,712 842,612 150.24221% 12/01/2037 685,000 1,683,700 1,683,700 2,532,916 849,216 150.43750% 12/01/2038 755,000 1,712,600 1,712,600 2,570,238 857,638 150.07815%12/01/2039 805,000 1,717,300 1,717,300 2,583,708 866,408 150.45175% 12/01/2040 880,000 1,744,000 1,744,000 2,621,778 877,778 150.33130% 12/01/2041 945,000 1,756,200 1,756,200 2,635,518 879,318 150.06936% 12/01/2042 1,025,000 1,779,500 1,779,500 2,674,351 894,851 150.28665% 12/01/2043 1,095,000 1,788,000 1,788,000 2,688,367 900,367 150.35611% 12/01/2044 1,190,000 1,817,300 1,817,300 2,727,978 910,678 150.11160% 12/01/2045 1,270,000 1,825,900 1,825,900 2,742,276 916,376 150.18764% 12/01/2046 1,375,000 1,854,700 1,854,700 2,782,681 927,981 150.03400% 12/01/2047 1,465,000 1,862,200 1,862,200 2,797,266 935,066 150.21298% 12/01/2048 1,580,000 1,889,300 1,889,300 2,838,480 949,180 150.23978% 12/01/2049 3,575,000 3,789,500 -1,889,300 1,900,200 2,853,359 953,159 150.16097% 21,865,000 51,506,575 -4,075,800 47,430,775 73,056,783 25,626,008 17 LONGS PEAK METROPOLITAN DISTRICT 2018 BUDGET MESSAGE Attached please find a copy of the adopted 2018 budget for the Longs Peak Metropolitan District. The Longs Peak Metropolitan District has adopted three separate funds, a General Fund to provide for general operating and maintenance expenditures; a Debt Service Fund to provide for payments on the proposed general obligation debt; and a Capital Projects Fund to provide for the estimated infrastructure costs that are to be built by the District, proposed general obligation debt issuance costs, repayment of developer advances and transfers to the Debt Service Fund. The District’s accountants have utilized the modified accrual basis of accounting and the budget has been adopted after proper postings, publications and public hearing. The primary sources of revenue for the District in 2018 will be property taxes, sales tax sharing, public improvement fees, developer advances and proceeds from the proposed general obligation bonds. The District intends to impose a 55.000 mill levy on property within the District for 2018, of which 25.000 mills will be dedicated to the General Fund and the balance of 30.000 mills will be allocated to the Debt Service Fund. Longs Peak Metropolitan District Adopted Budget General Fund For the Year ended December 31, 2018 Amended Adopted Actual Budget Actual Estimate Budget 2016 2017 8/31/2017 2017 2018 Beginning fund balance 6,164$ -$ 9,082$ 9,082$ 8,421$ Revenues: Property taxes 24,521 24,521 22,390 22,390 24,521 Specific ownership taxes 1,967 1,962 1,544 1,962 1,962 Interest Income - - 345 345 - Developer advance 64,120 118,517 83,919 96,000 53,517 Total revenues 90,608 145,000 108,198 120,697 80,000 Total funds available 96,772 145,000 117,280 129,779 88,421 Expenditures: Accounting 6,640 20,000 4,634 9,000 12,000 Audit - 5,000 - - 5,000 Election expense - - - - 1,000 Insurance 2,484 3,000 2,617 2,617 3,000 Legal 17,678 40,000 25,187 39,000 40,000 Legal - litigation 55,120 24,272 56,223 65,000 - Miscellaneous - 500 - - 500 Landscape maintenance and repairs 5,400 5,400 3,600 5,400 6,000 Treasurer fees 368 368 341 341 368 Contingency - 43,504 - - 18,517 Emergency reserve (3%)- 2,956 - - 2,036 Total expenditures 87,690 145,000 92,602 121,358 88,421 Ending fund balance 9,082$ - 24,678$ 8,421$ - Assessed valuation 980,838$ 980,844$ Mill Levy 25.000 25.000 Longs Peak Metropolitan District Adopted Budget Debt Service Fund For the Year ended December 31, 2018 Amended Adopted Actual Budget Actual Estimate Budget 2016 2017 8/31/2017 2017 2018 Beginning fund balance -$ -$ -$ -$ 29,584$ Revenues: Property taxes - 29,425 26,868 26,868 29,425 Specific ownership taxes - 2,354 1,853 2,600 2,354 Sales tax sharing - 488,475 - - 488,475 Public Improvement fees - 569,888 - - 569,888 Interest income - 200,000 414 525 200,000 Transfer from capital projects - 5,867,374 - - 5,867,374 Total revenues - 7,157,516 29,135 29,993 7,157,516 Total funds available - 7,157,516 29,135 29,993 7,187,100 Expenditures: Interest expense Series 2018 A - 1,232,075 - - 1,232,075 Interest expense Series 2018 B - - - - - Collection fees - 20,000 - - 20,000 Treasurer fees - 441 409 409 441 Trustee / paying agent fees - 5,000 - - 5,000 Total expenditures - 1,257,516 409 409 1,257,516 Ending fund balance -$ 5,900,000$ 28,726$ 29,584$ 5,929,584$ Assessed valuation 980,838$ 980,844$ Mill Levy 30.000 30.000 Total Mill Levy 55.000 55.000 Longs Peak Metropolitan District Adopted Budget Capital Projects Fund For the Year ended December 31, 2018 Amended Adopted Actual Budget Actual Estimate Budget 2016 2017 8/31/2017 2017 2018 Beginning fund balance -$ -$ -$ -$ -$ Revenues: Bond proceeds - Series A - 27,000,000 - - 27,000,000 Miscellaneous income - - - - - Total revenues - 27,000,000 - - 27,000,000 Total funds available - 27,000,000 - - 27,000,000 Expenditures: Capital outlay - 8,987,154 - - 8,987,154 Issuance costs - 716,100 - - 716,100 Repay developer advances - 11,429,372 - - 11,429,372 Transfer to Debt Service - 5,867,374 - - 5,867,374 Contingency - - - - - Total expenditures - 27,000,000 - - 27,000,000 Ending fund balance -$ -$ -$ -$ -$ {00351375} EXHIBIT F INTERGOVERNMENTAL AGREEMENTS 1. Intergovernmental Agreement for Construction of the I-70 and 32nd Avenue Interchange with the City of Wheat Ridge 2. Draft Public Finance Agreement with the City of Wheat Ridge and Evergreen-Clear Creek Crossing, L.L.C. 3. Hook Ramp Cost Reimbursement Agreement with the City of Wheat Ridge 4. Cooperation Agreement with the Renewal Wheat Ridge 5. Draft PIF Collection Agreement with the City of Wheat Ridge 6. Intergovernmental Agreement on Annexations, Inclusions and Tax Levies and Supplemental Intergovernmental Agreement on Annexations, Inclusions and Tax Levies 7. Draft Public Finance Agreement with Renewal Wheat Ridge and Evergreen-Clear Creek Crossing, L.L.C. I N T E R G O V E R N M E N T A L A G R E E M E N T F O R C O N S T R U C T I O N O F T H E 1 - 7 0 A N D 3 2 N D A V E N U E I N T E R C H A N G E T h i s I N T E R G O V E R N M E N T A L A G R E E M E N T F O R C O N S T R U C T I O N O F T H E 1 - 7 0 A N D 3 2 N D A V E N U E I N T E R C H A N G E ( “ A g r e e m e n t ” ) i s e n t e r e d i n t o t h i s d a y o f f l 7 o i - - h , 2 0 1 8 , b y a n d b e t w e e n t h e C i t y o f W h e a t R i d g e , a C o l o r a d o h o m e - r u l e m u n i c i p a l i t y , a n d t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t , a q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o ( t h e “ D i s t r i c t ” ) . R E C I T A L S A . T h e C i t y o f W h e a t R i d g e , C o l o r a d o ( t h e “ C i t y ” ) , i s a C o l o r a d o h o m e r u l e m u n i c i p a l i t y , o r g a n i z e d a n d e x i s t i n g p u r s u a n t t o S e c t i o n 6 o f A r t i c l e X X o f t h e C o l o r a d o C o n s t i t u t i o n . B . T h e C i t y h a s a u t h o r i t y u n d e r A r t i c l e X I V S e c t i o n 1 8 o f t h e C o l o r a d o C o n s t i t u t i o n a n d C . R . S . , 2 9 - 1 - 2 0 1 e t s e q . t o e n t e r i n t o i n t e r g o v e r n m e n t a l a g r e e m e n t s f o r l a w f u l p u r p o s e s a u t h o r i z e d t o i t . C . C i t y o f W h e a t R i d g e 2 0 1 6 B a l l o t I s s u e 2 E a u t h o r i z e d d e b t i n t h e a m o u n t o f T h i r t y - T h r e e M i l l i o n D o l l a r s ( $ 3 3 , 0 0 0 , 0 0 0 ) t o f m a n c e t h e d e s i g n a n d c o n s t r u c t i o n o f C i t y p r o j e c t s . E s t i m a t e d c o s t s o f T e n M i l l i o n D o l l a r s ( $ 1 0 , 0 0 0 , 0 0 0 ) w e r e a l l o c a t e d f o r t h e 1 - 7 0 a n d 3 2 m 1 A v e n u e h o o k r a m p i n t e r c h a n g e c o n s t r u c t i o n ( t h e “ 2 E F u n d s ” ) . D . T h e C i t y e n t e r e d i n t o a n i n t e r g o v e r n m e n t a l a g r e e m e n t w i t h t h e C o l o r a d o D e p a r t m e n t o f T r a n s p o r t a t i o n ( “ C D O T ” ) c o n c e r n i n g t h e d e s i g n , c o n s t r u c t i o n , a n d o p e r a t i o n a n d m a i n t e n a n c e o f t h e r a m p s ( t h e “ C D O T I G A ” ) . T h e C D O T I G A i d e n t i f i e s t h e r a m p p r o j e c t a s t h e “ 1 - 7 0 a n d 3 2 ’ A v e n u e I n t e r c h a n g e ” , p r o j e c t C C 0 7 0 3 - 4 5 3 ( 2 2 4 1 7 ) , a d e p i c t i o n o f w h i c h , t o g e t h e r w i t h a s s o c i a t e d i m p r o v e m e n t s t h a t i n c l u d e b u t a r e n o t l i m i t e d t o t h a t p o r t i o n o f C l e a r C r e e k D r i v e n e c e s s a r y t o m a k e t h e r a m p s f u n c t i o n a l , i s a t t a c h e d a s E x h i b i t A ( t h e “ P r o j ç c t ” ) . T h e D i s t r i c t i s n o t a p a r t y t o t h e C D O T I G A . E . T h e C i t y a n d C D O T h a v e a p p r o v e d o r w i l l b e a p p r o v i n g t h e d e s i g n a n d c o n s t r u c t i o n d o c u m e n t s a n d C D O T w i l l i s s u e a c o n s t r u c t i o n / a c c e s s p e r m i t f o r t h e P r o j e c t . A l l a p p r o v e d d o c u m e n t s g o v e r n i n g t h e P r o j e c t , i n c l u d i n g p e r m i t s , d e s i g n a n d c o n s t r u c t i o n d o c u m e n t s , w i l l b e a t t a c h e d t o t h i s A g r e e m e n t a s E x h i b i t B ( t h e “ P r o j e c t D o c u m e n t s ” ) p r i o r t o t h e D i s t r i c t e x e c u t i n g a n y c o n s t r u c t i o n c o n t r a c t s . F . T h e P r o j e c t i s a r e g i o n a l i m p r o v e m e n t t o f a c i l i t a t e t r a f f i c f l o w i n a n d a r o u n d t h e C i t y i n c l u d i n g a p l a n n e d m i x e d - u s e s u b d i v i s i o n k n o w n a s C l e a r C r e e k C r o s s i n g ( “ C C C ” ) . C C C i s b e i n g d e v e l o p e d b y E v e r g r e e n - C l e a r C r e e k C r o s s i n g , L . L . C . ( “ E v e r g r e e n ” ) . C C C ’ s p u b l i c i n f r a s t r u c t u r e i s b e i n g p r o v i d e d b y t h e D i s t r i c t ( t h e “ C C C P r o j e c t ” ) . G . T h e D i s t r i c t f i n d s t h a t t h e P r o j e c t i s a p u b l i c i m p r o v e m e n t t h a t s e r v e s C C C . T h e C i t y a n d i t s r e s i d e n t s , a n d t h e D i s t r i c t ’ s c o n s t i t u e n t s . { 0 0 3 3 4 8 9 3 } H . T h e D i s t r i c t h a s e n t e r e d i n t o a P r e - C o n s t r u c t i o n a n d C o n s t r u c t i o n M a n a g e m e n t S e r v i c e s A g r e e m e n t w i t h M . A . M o r t e n s o n C o m p a n y ( t h e “ C M ” ) t o p r o v i d e p r e - c o n s t r u c t i o n a n d c o n s t r u c t i o n m a n a g e m e n t s e r v i c e s f o r t h e C C C P r o j e c t ( t h e “ C M A g r e e m e n t ” ) . I . T h e D i s t r i c t h a s e n t e r e d i n t o a n A g r e e m e n t f o r D e v e l o p m e n t D i r e c t o r S e r v i c e s w i t h E v e r g r e e n ( h e r e i n a f t e r r e f e r r e d t o a s t h e “ D D ” ) , t o d i r e c t , c o o r d i n a t e a n d a d m i n i s t e r t h e p r e - c o n s t r u c t i o n a n d c o n s t r u c t i o n p h a s e s o f t h e C C C P r o j e c t i n c o n j u n c t i o n w i t h t h e C M ( t h e “ D D A g r e e m e n t ” ) . J . T h e D i s t r i c t h a s o r w i l l e n t e r i n t o a n A g r e e m e n t f o r E n g i n e e r i n g S e r v i c e s w i t h M a r t i n / M a r t i n , I n c . ( t h e “ E n g i n e e r ” ) t o p r o v i d e p r e - c o n s t r u c t i o n a n d c o n s t r u c t i o n e n g i n e e r i n g s e r v i c e s f o r t h e C C C P r o j e c t ( t h e ‘ E n g i n e e r A g r e e m e n t ” ) . K . T h e C i t y d e s i r e s t o u s e 2 E F u n d s t o p a y f o r t h e D i s t r i c t ’ s c o n s t r u c t i o n o f t h e P r o j e c t i n c o o r d i n a t i o n w i t h t h e C C C P r o j e c t . L . T h e C i t y h a s e n t e r e d i n t o a n I n v e s t i n g 4 T h e F u t u r e P r o j e c t s P r o f e s s i o n a l C o n s u l t i n g S e r v i c e s A g r e e m e n t w i t h A E C O M T e c h n i c a l S e r v i c e s , I n c . ( “ A E C O M ” ) t o p r o v i d e ( I ) m a n a g e m e n t a n d r e v i e w o f p u b l i c i n f r a s t r u c t u r e p r o j e c t s ; ( 2 ) c o n s t r u c t i o n p r o j e c t m a n a g e m e n t a n d i n s p e c t i o n ; ( 3 ) a s s i s t a n c e i n o b t a i n i n g a d d i t i o n a l f u n d i n g ; a n d , ( 4 ) a s s i s t a n c e i n c o m m u n i c a t i o n s d u r i n g p r o j e c t s t o b e p a i d f o r w i t h 2 E F u n d s o n b e h a l f o f t h e C i t y ( t h e “ A E C O M A g r e e m e n t ” ) . M . T h e C i t y a n d t h e D i s t r i c t h a v e e n t e r e d i n t o t h i s A g r e e m e n t i n o r d e r t o : i . P r o v i d e f o r t h e D i s t r i c t t o c o n s t r u c t t h e P r o j e c t o n b e h a l f o f t h e C i t y p u r s u a n t t o t h e P r o j e c t D o c u m e n t s ; i i . P r o v i d e f o r t h e C i t y ’ s p a y m e n t t o t h e D i s t r i c t o f a l l c o s t s o f t h e P r o j e c t u t i l i z i n g t h e C i t y ’ s 2 E F u n d s a n d o t h e r C i t y f u n d s n e c e s s a r y t o c o m p l e t e t h e P r o j e c t ; i i i . P r o v i d e f o r r e i m b u r s e m e n t t o t h e C i t y o f a n y C o n s t r u c t i o n C o s t s , a s d e f i n e d h e r e i n , p a i d i n e x c e s s o f t h e 2 E F u n d s ; a n d i v . P r o v i d e f o r c o o r d i n a t i o n o f a c t i v i t i e s p e r f o r m e d u n d e r t h e C M A g r e e m e n t , D D A g r e e m e n t , E n g i n e e r A g r e e m e n t a n d A E C O M A g r e e m e n t i n a m a n n e r t h a t e n s u r e s t h e P r o j e c t i s c o m p l e t e d i n a c c o r d a n c e w i t h t h e P r o j e c t D o c u m e n t s . N O W T H E R E F O R E , t h e p a r t i e s h a v e e n t e r e d i n t o t h i s A g r e e m e n t . C O V E N A N T S A N D A G R E E M E N T S 1 . S C O P E O F S E R V I C E S . T h e D i s t r i c t w i l l p r o v i d e p r e - c o n s t r u c t i o n , c o n s t r u c t i o n m a n a g e m e n t a n d c o n s t r u c t i o n s e r v i c e s f o r t h e P r o j e c t ( t h e “ D i s t r i c t S e r v i c e s ” ) , a l l a s r e q u i r e d u n d e r t h e C M A g r e e m e n t , t h e D D A g r e e m e n t , t h e E n g i n e e r A g r e e m e n t , a n d t h o s e c e r t a i n c o n s t r u c t i o n c o n t r a c t s t h e d i s t r i c t i s r e q u i r e d t o e n t e r i n t o i n o r d e r t o c o m p l e t e t h e D i s t r i c t S e r v i c e s . { 0 0 3 3 4 8 9 3 } 2 A . S c o p e . T h e s c o p e o f t h e D i s t r i c t S e r v i c e s i s m o r e s p e c i f i c a l l y d e s c r i b e d i n E x h i b i t C . B . C o o r d i n a t i o n . D i s t r i c t S e r v i c e s w i l l b e p r o v i d e d i n c o o r d i n a t i o n w i t h t h e C i t y ’ s a u t h o r i z e d r e p r e s e n t a t i v e : S t e p h e n M c Q u i l k i n , A E C O M T e c h n i c a l S e r v i c e s , I n c . , 6 2 0 0 S . Q u e b e c S t r e e t , G r e e n w o o d V i l l a g e , C O 8 0 1 1 1 ( 3 0 3 . 8 4 3 . 2 1 2 7 ; s t e p h e n . m c q u i l k i n a e c o m . c o m ) ( t h e “ C i t y R e p r e s e n t a t i v e ” ) ( r e f e r e n c e s t o t h e C i t y i n c l u d e t h e C i t y R e p r e s e n t a t i v e ) . C . N o I n t e n d e d B e n e f i c i a r i e s . T h e D i s t r i c t i s r e s p o n s i b l e o n l y f o r c o n s t r u c t i o n o f t h e P r o j e c t p u r s u a n t t o t h e P r o j e c t D o c u m e n t s , t h i s A g r e e m e n t a n d t h e i n t e r g o v e r n m e n t a l A g r e e m e n t f o r H o o k R a m p c o s t R e i m b u r s e m e n t a t t a c h e d h e r e t o a s E x h i b i t E . I t i s n o t r e s p o n s i b l e t o t h e C i t y f o r a n y o b l i g a t i o n s o r p e r f o r m a n c e o w e d t o C D O T , A E C O M o r a n y o t h e r p e r s o n o r e n t i t y . N e i t h e r C D O T , A E C O M n o r a n y o t h e r p e r s o n o r e n t i t y i s a n i n t e n d e d b e n e f i c i a r y o f t h i s A g r e e m e n t . D . A d d i t i o n a l S e r v i c e s T h e C i t y m a y r e q u e s t t h e D i s t r i c t t o p r o v i d e a d d i t i o n a l s e r v i c e s n o t s e t f o r t h i n E x h i b i t C i n w r i t i n g ( t h e “ A d d i t i o n a l S e r v i c e s ” ) . T h e C i t y a n d t h e D i s t r i c t w i l l n e g o t i a t e t h e s c o p e , c o s t a n d m e t h o d o f p a y m e n t f o r A d d i t i o n a l S e r v i c e s , w h i c h m u s t b e m e m o r i a l i z e d b y a w r i t t e n a g r e e m e n t . E . S t a n d a r d o f P e r f o r m a n c e . T h e D i s t r i c t w i l l p e r f o r m t h e D i s t r i c t S e r v i c e s u s i n g t h a t d e g r e e o f s k i l l a n d k n o w l e d g e c u s t o m a r i l y e m p l o y e d b y p r o f e s s i o n a l s p e r f o r m i n g s i m i l a r g e n e r a l c o n t r a c t i n g / c o n s t r u c t i o n m a n a g e m e n t s e r v i c e s i n t h e D e n v e r m e t r o p o l i t a n a r e a . i . T h e C i t y r e p r e s e n t s t h a t t h e P r o j e c t D o c u m e n t s l i s t e d i n E x h i b i t B a r e a l l t h e d o c u m e n t s a n d i n f o r m a t i o n n e c e s s a r y t o c o m p l e t e t h e P r o j e c t a s r e q u i r e d b y t h i s A g r e e m e n t . i i . T h e D i s t r i c t a c k n o w l e d g e s t h a t c o o r d i n a t i o n o f c e r t a i n D i s t r i c t S e r v i c e s w i t h t h e C i t y R e p r e s e n t a t i v e i s n e c e s s a r y ( t h e “ C o o r d i n a t e d S e r v i c e s ” ) . T h e C o o r d i n a t e d S e r v i c e s a r e s e p a r a t e l y i d e n t i f i e d i n E x h i b i t C . T h e C i t y R e p r e s e n t a t i v e i s t h e a g e n t o f t h e C i t y f o r a l l C o o r d i n a t e d S e r v i c e s . 2 . T E R M O F A G R E E M E N T . T h e t e r m o f t h i s A g r e e m e n t b e g i n s o n t h e d a t e o f e x e c u t i o n a n d e n d s ( 1 ) t h r e e y e a r s a f t e r t h e P r o j e c t h a s b e e n d e e m e d s u b s t a n t i a l l y c o m p l e t e d i n t h e m a n n e r d e s c r i b e d a t P a r a g r a p h 4 . C . i i , ( 2 ) b y m u t u a l w r i t t e n a g r e e m e n t o f t h e p a r t i e s ; o r , ( 3 ) b y t h e e x e r c i s e o f t h e t e r m i n a t i o n p r o v i s i o n s i n p a r a g r a p h 9 . 3 . S C H E D U L E . T h e D i s t r i c t w i l l u n d e r t a k e t h e D i s t r i c t S e r v i c e s i n a m a n n e r a n d s e q u e n c e t h a t a s s u r e s t h e i r t i m e l y c o m p l e t i o n i n l i g h t o f t h e p u r p o s e s o f t h i s A g r e e m e n t a n d c o o r d i n a t i o n w i t h t h e C C C P r o j e c t r e q u i r e m e n t s . E s t i m a t e d p e r f o r m a n c e d a t e s f o r c o m p o n e n t s o f t h e D i s t r i c t S e r v i c e s a r e s e t f o r t h s e p a r a t e l y i n E x h i b i t C . 4 . P a y m e n t o f P r o j e c t C o s t s . A . W a i v e r o f D i s t r i c t F e e . T h e D i s t r i c t w i l l n o t c h a r g e a c o n s t r u c t i o n m a n a g e m e n t o r o t h e r f e e f o r t h e D i s t r i c t S e r v i c e s . T h e C i t y s h a l l w a i v e a n y R i g h t o f W a y P e r m i t F e e ( s ) o r o t h e r f e e s c u s t o m a r i l y i m p o s e d b y t h e C i t y . ( 0 0 3 3 4 8 9 3 } 3 B . C o s t o f D i s t r i c t S e r v i c e s a n d t h e P r o j e c t t o b e P a i d b y C i t y . E x c e p t a s p r o v i d e d i n P a r a g r a p h 4 ( F ) b e l o w , t h e C i t y a c k n o w l e d g e s t h a t t h e D i s t r i c t i s a g r e e i n g t o c o m p l e t e t h e P r o j e c t w i t h t h e u n d e r s t a n d i n g t h a t n o c o s t w h a t s o e v e r w i l l b e b o r n e b y t h e D i s t r i c t . T h e C i t y s h a l l p a y t o t h e D i s t r i c t a l l a m o u n t s n e c e s s a r y t o p a y D i s t r i c t c o s t s , o b l i g a t i o n s a n d e x p e n s e s i n c u r r e d i n t h e p e r f o r m a n c e o f t h e D i s t r i c t S e r v i c e s ( t h e “ C o n s t r u c t i o n C o s t s ” ) . A l i s t o f s o m e e s t i m a t e d C o n s t r u c t i o n C o s t s i s a t t a c h e d a s E x h i b i t D ( t h e “ C o n s t r u c t i o n C o s t E s t i m a t e s ” ) . T h e C i t y r e p r e s e n t s t h a t i t s h a l l c o n s i d e r a p p r o p r i a t i o n o f f u n d s f o r p a y m e n t i n 2 0 1 8 i n a n a m o u n t e q u a l t o o r i n e x c e s s o f t h e t o t a l C o n s t r u c t i o n C o s t E s t i m a t e s f o r t h e P r o j e c t a n d t h a t i t s h a l l c o n s i d e r a p p r o p r i a t i o n o f a p p r o p r i a t e a d d i t i o n a l f u n d s n e e d e d i n f u t u r e y e a r s . T h e D i s t r i c t i s n o t o b l i g a t e d t o e n t e r i n t o a n y c o n s t r u c t i o n c o n t r a c t s u n t i l s u f f i c i e n t f u n d s t o p a y t h e c o n t r a c t a m o u n t h a v e b e e n a p p r o p r i a t e d a n d m a d e a v a i l a b l e b y t h e C i t y . C . A p p l i c a t i o n s f o r P a y m e n t . T h e C i t y a c k n o w l e d g e s t h a t t h e D i s t r i c t i s r e l y i n g o n p a y m e n t f r o m t h e C i t y t o p a y C o n s t r u c t i o n C o s t s a n d t h a t f u n d s t h e r e f o r m u s t b e m a d e a v a i l a b l e t o t h e D i s t r i c t t o p a y C o n s t r u c t i o n C o s t s i n a t i m e l y m a n n e r . T h e D i s t r i c t w i l l s u b m i t a p p l i c a t i o n s f o r p a y m e n t t o t h e C i t y r e q u e s t i n g f u n d s t o p a y C o n s t r u c t i o n C o s t s . ( e a c h a n “ A p p l i c a t i o n f o r P a y m e n t ” a n d t o g e t h e r , t h e “ A p p l i c a t i o n s f o r P a y m e n t ” ) . A p p l i c a t i o n s f o r P a y m e n t s h a l l b e s u b m i t t e d o n a f o r m a p p r o v e d b y t h e C i t y a s s u b s t a n t i a l l y s e t f o r t h i n E x h i b i t G . A p p l i c a t i o n s f o r P a y m e n t w i l l ( a ) d e s c r i b e a n d p r o v i d e a c o p y o f a n y T r a d e / C o n s t r u c t i o n C o n t r a c t t h e D i s t r i c t i n t e n d s t o e n t e r i n t o a n d p r o v i d e c o n s t r u c t i o n c o s t s c h e d u l e s f o r e a c h c o n s t r u c t i o n , m a t e r i a l s o r t r a d e c o n t r a c t , o u t l i n i n g t h o s e c o s t s a n d t h e s c h e d u l e u n d e r w h i c h s u c h c o s t s a r e a n t i c i p a t e d t o b e c o m e p a y a b l e ; a n d , ( b ) d e s c r i b e a n y o t h e r C o n s t r u c t i o n C o s t s t h a t ( i ) h a v e b e e n i n c u r r e d a n d ( i i ) a r e a n t i c i p a t e d t o b e i n c u r r e d d u r i n g t h e e n s u i n g 6 0 d a y p e r i o d a l o n g w i t h a s i m i l a r c o n s t r u c t i o n c o s t s c h e d u l e . T h e c o n s t r u c t i o n c o s t s c h e d u l e s s h a l l b e p r o v i d e d t o t h e C i t y i n a d v a n c e o f f a n y A p p l i c a t i o n f o r P a y m e n t , a n d m a y b e r e v i s e d f r o m t i m e t o t i m e , s o l o n g a s t h e r e v i s e d s c h e d u l e s a r e s i m i l a r l y p r o v i d e d t o t h e C i t y . T h e C i t y w i l l c o n s i d e r a n d a p p r o v e t h e A p p l i c a t i o n f o r P a y m e n t a n d m a k e a l l a p p r o v e d f u n d s a v a i l a b l e t o t h e D i s t r i c t t o t i m e l y p a y c o s t s a s t h e y b e c o m e d u e u n d e r t h e c o n s t r u c t i o n c o s t s c h e d u l e o r w h e n a c t u a l l y d u e . T h e C i t y s h a l l d e l i v e r o r o t h e r w i s e m a k e t h e a p p r o v e d f u n d s a v a i l a b l e f o r u s e b y t h e D i s t r i c t s o t h e D i s t r i c t c a n t i m e l y p a y C o n s t r u c t i o n C o s t s i n a m a n n e r t o b e a g r e e d u p o n b y t h e D i s t r i c t a c c o u n t a n t a n d C i t y F i n a n c e D i r e c t o r . i . T h e D i s t r i c t , u s i n g a f o r m a p p r o v e d b y t h e C i t y , s h a l l s u b m i t o n a m o n t h l y b a s i s a n i t e m i z e d l i s t d e m o n s t r a t i n g t h e C o n s t r u c t i o n C o s t s p a i d w i t h f u n d s a p p r o v e d u n d e r a n A p p l i c a t i o n f o r P a y m e n t ( t h e “ E v i d e n c e o f C o s t s ” ) , i n c l u d i n g b u t n o t l i m i t e d t o t h e f o l l o w i n g : 1 ) a n i t e m i z e d l i s t o f c o s t s p a i d b y t h e D i s t r i c t p u r s u a n t t o t h e C M A g r e e m e n t , i n c l u d i n g t h e “ a p p l i c a t i o n s f o r p a y m e n t ” f o r “ s e r v i c e s ” , t r a d e c o n t r a c t o r “ w o r k ” , m a t e r i a l s , s u p p l i e s , a n d e q u i p m e n t p e r f o r m e d o r p r o c u r e d f o r p u r p o s e s o f t h e P r o j e c t ; a n d 2 ) a n i t e m i z e d l i s t o f c o s t s p a i d b y t h e D i s t r i c t p u r s u a n t t o t h e D D A g r e e m e n t f o r s e r v i c e s u n d e r t h a t A g r e e m e n t ; a n d { 0 0 3 3 4 8 9 3 } 4 3 ) a n i t e m i z e d l i s t o f c o s t s p a i d b y t h e D i s t r i c t p u r s u a n t t o t h e E n g i n e e r A g r e e m e n t f o r s e r v i c e s u n d e r t h a t A g r e e m e n t ; a n d 4 ) a n i t e m i z e d l i s t ( s ) d e m o n s t r a t i n g o t h e r c o s t s p a i d b y t h e D i s t r i c t f o r p u r p o s e s o f p e r f o r m i n g s u c h D i s t r i c t S e r v i c e s , i n c l u d i n g b u t n o t l i m i t e d t o c o s t s o f l e g a l , a c c o u n t i n g , t e s t i n g , i n s u r a n c e , p e r f o r m a n c e o r o t h e r b o n d s , o r a n y o t h e r c o n s u l t i n g o r c o n s t r u c t i o n s e r v i c e s , t o t h e e x t e n t s u c h c o s t s a r e w i t h i n t h e s c o p e o f E x h i b i t C . i i . I n n o e v e n t s h a l l t h e C i t y b e o b l i g a t e d t o p a y o r r e i m b u r s e a n y C o n s t r u c t i o n C o s t s w h e n p a y m e n t o r r e i m b u r s e m e n t i s r e q u e s t e d m o r e t h a n t h r e e ( 3 ) y e a r s a f t e r t h e P r o j e c t i s d e e m e d s u b s t a n t i a l l y c o m p l e t e d a s “ s u b s t a n t i a l c o m p l e t i o n ” i s d e f i n e d i n § 2 4 - 9 1 - 1 0 2 ( 5 ) , C o l o r a d o R e v i s e d S t a t u t e s s o l o n g a s t h e d e l a y i s n o t t h e f a u l t o f t h e C i t y . T h e D i s t r i c t i s n o t o b l i g a t e d t o a c c e p t b i d p r o p o s a l s , e x e c u t e c o n t r a c t s f o r c o n s t r u c t i o n o r i n c u r o t h e r o b l i g a t i o n s f o r c o n s t r u c t i o n o f t h e P r o j e c t w i t h o u t f u n d s a p p r o v e d u n d e r a n A p p l i c a t i o n f o r P a y m e n t b e i n g m a d e a v a i l a b l e t o t h e D i s t r i c t . D . P a y m e n t O b j e c t i o n R e s o l u t i o n . T h e C i t y a n d D i s t r i c t a c k n o w l e d g e t h e i m p o r t a n c e o f t i m e l y p e r f o r m a n c e o f a n d p a y m e n t f o r t h e P r o j e c t . I f t h e C i t y h a s a n o b j e c t i o n t o C o n s t r u c t i o n C o s t s t h a t h a v e b e e n s u b m i t t e d o n a m o n t h l y A p p l i c a t i o n f o r p a y m e n t o r E v i d e n c e o f C o s t s , t h e C i t y s h a l l i m m e d i a t e l y n o t i f y t h e D i s t r i c t , C M , a n d D D o f t h e o b j e c t i o n . I f t h e i s s u e c a n n o t b e r e s o l v e d , t h e C i t y m a y s u b m i t t h e i s s u e t o m e d i a t i o n p u r s u a n t t o P a r a g r a p h 1 3 o f t h i s A g r e e m e n t . T h e D i s t r i c t a g r e e s t o r e i m b u r s e t h e C i t y t h e a m o u n t o f C o n s t r u c t i o n C o s t s a g r e e d t o b y t h e P a r t i e s i n m e d i a t i o n , i f a n y , p u r s u a n t t o t h e R e i m b u r s e m e n t A g r e e m e n t a t t a c h e d a s E x h i b i t E . E i t h e r p a r t y m a y p u r s u e t h e c o l l e c t i o n o f a d i s p u t e d a m o u n t i n t h e J e f f e r s o n C o u n t y D i s t r i c t C o u r t a f t e r m e d i a t i o n . E . M u l t i - Y e a r F i s c a l O b I i a t i o n . T h e D i s t r i c t a c k n o w l e d g e s t h a t t h e C i t y ’ s o b l i g a t i o n t o p a y a l l o f t h e D i s t r i c t ’ s C o n s t r u c t i o n C o s t s u n d e r t h i s A g r e e m e n t i s s u b j e c t t o i t s a p p r o p r i a t i o n o f s u f f i c i e n t f u n d s t h e r e f o r . C i t y r e p r e s e n t s t h a t i t p r e s e n t l y i n t e n d s t o p r o p e r l y c o n s i d e r f o r a p p r o p r i a t i o n t h e n e c e s s a r y f u n d s t o c o m p l e t e t h e P r o j e c t i n 2 0 1 8 a n d b u d g e t y e a r s s u b s e q u e n t t o 2 0 1 8 a n d w i l l i n s t r u c t i t s b u d g e t o f f i c e r t o i n c l u d e t h e a p p r o p r i a t i o n i n a l l d r a f t b u d g e t s . N o n - a p p r o p r i a t i o n o f s u c h f u n d s s h a l l b e a c a u s e f o r i m m e d i a t e t e r m i n a t i o n o f t h i s A g r e e m e n t b y t h e D i s t r i c t . T h e C i t y h e r e b y w a i v e s t h e D i s t r i c t ’ s o b l i g a t i o n s u n d e r t h i s A g r e e m e n t i f t h e D i s t r i c t e x e r c i s e s i t s r i g h t t o t e r m i n a t e u n d e r t h i s s u b - P a r a g r a p h E . F . C o n t i n 2 e n c y P a y m e n t . T h e C i t y a n d D i s t r i c t a c k n o w l e d g e t h a t t h e C i t y s h a l l a l l o c a t e t h e 2 E F u n d s t o p a y f o r t h e P r o j e c t , a n d t h a t s u c h f u n d s s h a l l b e u t i l i z e d e n t i r e l y t o p a y C o n s t r u c t i o n C o s t s u n t i l P r o j e c t c o m p l e t i o n ( t h e “ A l l o c a t i o n ” ) . T h e D i s t r i c t a c k n o w l e d g e s t h e C i t y h a s o r w i l l f i r s t u t i l i z e t h e 2 E F u n d s t o p a y 1 ) D e n v e r W a t e r c o n d u i t w o r k l o c a t e d w i t h i n t h e h o o k - r a m p c o n s t r u c t i o n l i m i t s i n t h e e s t i m a t e d a m o u n t o f $ 5 5 7 , 3 3 5 . 6 3 ( o r a c t u a l c o s t ) ; 2 ) R e i m b u r s e m e n t R e q u e s t # 1 f o r E n g i n e e r i n g a n d D e s i g n S e r v i c e s f r o m E v e r g r e e n D e v e l o p m e n t i n t h e a m o u n t o f $ 1 7 6 , 3 0 5 ( o r a c t u a l c o s t ) ; 3 ) R e i m b u r s e m e n t R e q u e s t # 2 f o r P r e c o n s t r u c t i o n M a n a g e m e n t S e r v i c e s f r o m E v e r g r e e n D e v e l o p m e n t i n t h e e s t i m a t e d a m o u n t o f $ 7 4 , 4 4 2 . 3 2 ( o r { 0 0 3 3 4 8 9 3 } 5 a c t u a l c o s t ) ; a n d 4 ) R e i m b u r s e m e n t R e q u e s t # 3 f o r E n g i n e e r i n g , D e s i g n a n d P r e c o n s t r u c t i o n S e r v i c e s i n t h e a m o u n t o f $ 2 5 0 , 7 4 7 . 3 2 ( o r a c t u a l c o s t ) ( t h e a c t u a l c o s t s p a i d b e i n g “ C o n s t r u c t i o n C o s t s ” f o r p u r p o s e s o f t h i s S u b - P a r a g r a p h F ) . T h e C i t y a c k n o w l e d g e s t h a t t h e D i s t r i c t c u r r e n t l y l a c k s a n d m a y c o n t i n u e t o l a c k s u f f i c i e n t f u n d s t o p a y C o n s t r u c t i o n C o s t s t h a t e x c e e d t h e A l l o c a t i o n . i . I f C o n s t r u c t i o n C o s t s e x c e e d t h e A l l o c a t i o n , t h e C i t y w i l l a p p r o p r i a t e a n d m a k e a v a i l a b l e t o t h e D i s t r i c t a d d i t i o n a l f u n d s t o p a y C o n s t r u c t i o n C o s t s n e c e s s a r y t o c o m p l e t e t h e P r o j e c t ( t h e “ C o n t i n g e n c y F u n d s ” ) . i i . T h e D i s t r i c t w i l l r e i m b u r s e t h e C i t y f o r t h e C o n t i n g e n c y F u n d s p a i d t o t h e D i s t r i c t ( i . e . f u n d s p a i d t o f i n a n c e C o n s t r u c t i o n C o s t s t h a t e x c e e d t h e $ 1 0 , 0 0 0 , 0 0 0 A l l o c a t i o n ) ( t h e “ C o n t i n g e n c y R e i m b u r s e m e n t ” ) i n t h e m a n n e r d e s c r i b e d i n t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t / C i t y o f W h e a t R i d g e H o o k R a m p C o s t R e i m b u r s e m e n t A g r e e m e n t a t t a c h e d a s E x h i b i t E ( t h e “ R e i m b u r s e m e n t A g r e e m e n t ” ) . 5 . S T A T U S O F D I S T R I C T A N D R E L A T I O N S H I P T O C I T Y . A . D i s t r i c t i s a n i n d e p e n d e n t c o n t r a c t o r a n d n o t h i n g c o n t a i n e d h e r e i n s h a l l b e c o n s t r u e d a s c o n s t i t u t i n g a n y r e l a t i o n s h i p w i t h t h e C i t y o t h e r t h a n t h a t e x p r e s s e d h e r e i n , n o r s h a l l i t b e c o n s t r u e d a s c r e a t i n g a n y r e l a t i o n s h i p w h a t s o e v e r b e t w e e n t h e C i t y a n d t h e D i s t r i c t ’ s e m p l o y e e s . N e i t h e r t h e D i s t r i c t n o r a n y o f i t s e m p l o y e e s , n o r t h e C M , D D , o r E n g i n e e r a r e o r s h a l l b e d e e m e d e m p l o y e e s o r a g e n t s o f t h e C i t y . T h e D i s t r i c t i s n o t , a n d s h a l l n o t a c t a s , t h e a g e n t o f t h e C i t y . T h e D i s t r i c t s h a l l b e r e s p o n s i b l e f o r p a y i n g a l l a m o u n t s d u e t o c o n s u l t a n t s , t h e C M , D D , a n d E n g i n e e r i n c o n n e c t i o n w i t h t h e p e r f o r m a n c e o f t h e D i s t r i c t S e r v i c e s . F u r t h e r , e x c e p t a s o t h e r w i s e p r o v i d e d h e r e i n , t h e D i s t r i c t h a s s o l e a u t h o r i t y a n d r e s p o n s i b i l i t y t o c o n t r a c t w i t h , t e r m i n a t e , a n d o t h e r w i s e c o n t r o l w h o m i t e n g a g e s t o p e r f o r m t h e D i s t r i c t S e r v i c e s . T h e D i s t r i c t h a s s o l e a u t h o r i t y a n d r e s p o n s i b i l i t y f o r i t s a g e n t s , e m p l o y e e s , s u b - c o n t r a c t o r s a n d a l l o t h e r s i t h i r e s t o p e r f o r m o r a s s i s t i n p e r f o r m i n g t h e D i s t r i c t S e r v i c e s . B . T h e D i s t r i c t a n d t h e D i s t r i c t ’ s e m p l o y e e s a n d s u b c o n t r a c t o r s a r e n o t e n t i t l e d t o w o r k e r s ’ c o m p e n s a t i o n b e n e f i t s u n d e r a n y w o r k e r s ’ c o m p e n s a t i o n i n s u r a n c e p o l i c y o f t h e C i t y . T h e D i s t r i c t i s r e s p o n s i b l e f o r a n y f e d e r a l a n d s t a t e i n c o m e t a x a n d o t h e r a p p l i c a b l e t a x e s a n d o t h e r a m o u n t s t h a t m a y b e d u e o n a n y m o n e y s p u r s u a n t t o t h i s A g r e e m e n t . 6 . W A R R A N T I E S A N D R E P R E S E N T A T I O N S . T h e D i s t r i c t r e p r e s e n t s , w a r r a n t s a n d c o v e n a n t s t h a t : A . I t h a s t h e r e q u i r e d a u t h o r i t y , a b i l i t y , s k i l l s a n d c a p a c i t y t o , a n d s h a l l , p e r f o r m t h e D i s t r i c t S e r v i c e s i n a m a n n e r c o n s i s t e n t w i t h t h i s A g r e e m e n t . B . I t h a s k n o w l e d g e o f a l l o f t h e l e g a l r e q u i r e m e n t s a n d b u s i n e s s p r a c t i c e s i n t h e s t a t e o f C o l o r a d o t h a t m u s t b e f o l l o w e d i n p e r f o r m i n g t h e D i s t r i c t S e r v i c e s , a n d t h e D i s t r i c t S e r v i c e s s h a l l b e p e r f o r m e d i n c o n f o r m i t y w i t h s u c h r e q u i r e m e n t s a n d p r a c t i c e s . { 0 0 3 3 4 8 9 3 } 6 C . T h e e x e c u t i o n , d e l i v e r y a n d p e r f o r m a n c e o f t h i s A g r e e m e n t a n d t h e c o n s u m m a t i o n o f t h e t r a n s a c t i o n s c o n t e m p l a t e d h e r e b y h a v e b e e n d u l y a u t h o r i z e d b y a l l n e c e s s a r y a c t i o n o f t h e b o a r d o f d i r e c t o r s o f t h e D i s t r i c t . A l l s u c h c o n s e n t s a n d a p p r o v a l s a r e i n f u l l f o r c e a n d e f f e c t . D . T h i s A g r e e m e n t c o n s t i t u t e s t h e l e g a l , v a l i d a n d b i n d i n g o b l i g a t i o n o f t h e D i s t r i c t e n f o r c e a b l e i n a c c o r d a n c e w i t h i t s t e r m s . 7 . I N S U R A N C E , I N D E M N I F I C A T I O N A N D B O N D S . A . G o v e r n m e n t a l I m m u n i t y . N e i t h e r t h e D i s t r i c t n o r t h e C i t y w a i v e ( s ) a n y o f t h e i m m u n i t i e s o r l i m i t a t i o n o f l i a b i l i t y , d e f e n s e s , a n d p r o t e c t i o n s p r o v i d e d b y t h e C o l o r a d o G o v e r n m e n t a l I m m u n i t y A c t , C R S 2 4 - 1 0 - l O l e t s e q . o r t h e c o m m o n l a w . B . I n d e m n i f i c a t i o n . W i t h i n t h e l i m i t a t i o n o f t h e C o l o r a d o C o n s t i t u t i o n a n d S t a t u t e s , t h e D i s t r i c t s h a l l d e f e n d , r e l e a s e , i n d e m n i f y a n d s a v e h a r m l e s s t h e C i t y , i t s o f f i c e r s , a g e n t s a n d e m p l o y e e s f r o m a n y a n d a l l c l a i m s o r d a m a g e s , i n c l u d i n g b u t n o t l i m i t e d t o d e a t h , p e r s o n a l i n j u r y , p r o p e r t y l o s s o r d a m a g e o c c u r r i n g a s a r e s u l t o f t h e n e g l i g e n c e o f t h e D i s t r i c t , i t s a g e n t s , e m p l o y e e s o r c o n t r a c t o r s , a n d , t h e C i t y s h a l l d e f e n d , r e l e a s e , i n d e m n i f y a n d s a v e h a r m l e s s t h e D i s t r i c t , i t s o f f i c e r s , a g e n t s a n d e m p l o y e e s f r o m a n y a n d a l l c l a i m s o r d a m a g e s , i n c l u d i n g b u t n o t l i m i t e d t o d e a t h p e r s o n a l i n j u r y , p r o p e r t y l o s s o r d a m a g e o c c u r r i n g a s a r e s u l t o f n e g l i g e n c e o f t h e C i t y , i t s a g e n t s , e m p l o y e e s o r c o n t r a c t o r s . T h e P a r t i e s a c k n o w l e d g e t h a t p r o v i s i o n s o f t h i s p a r a g r a p h a r e n o t i n t e n d e d t o w a i v e a n y o f t h e r i g h t s a n d d e f e n s e s a f f o r d e d t h e C i t y o r t h e D i s t r i c t u n d e r t h e C o l o r a d o G o v e r n m e n t a l I m m u n i t y A c t ( S e c t i o n 2 4 - 1 0 - 1 0 1 , e t . s e q . , C . R . S . ) . I n a d d i t i o n , t h e P a r t i e s a c k n o w l e d g e t h a t a l l s u c h l i a b i l i t i e s , c l a i m s a n d d e m a n d s m a d e b y t h i r d p a r t i e s s h a l l b e s u b j e c t t o a n y n o t i c e r e q u i r e m e n t s , d e f e n s e s , i m m u n i t i e s , a n d l i m i t a t i o n s o f l i a b i l i t y t h a t t h e C i t y , t h e D i s t r i c t , a n d t h e i r o f f i c e r s , a g e n t s a n d e m p l o y e e s m a y h a v e u n d e r t h e C o l o r a d o G o v e r n m e n t a l I m m u n i t y A c t a n d u n d e r a n y o t h e r l a w . C . D i s t r i c t I n s u r a n c e . i . T h e D i s t r i c t s h a l l n o t c o m m e n c e D i s t r i c t S e r v i c e s u n d e r t h i s A g r e e m e n t u n t i l i t h a s o b t a i n e d a l l i n s u r a n c e r e q u i r e d h e r e i n . F o r t h e d u r a t i o n o f t h i s A g r e e m e n t , t h e D i s t r i c t w i l l m a i n t a i n t h e i n s u r a n c e c o v e r a g e r e q u i r e d i n t h i s P a r a g r a p h 7 ( C ) . i i . T h e D i s t r i c t a g r e e s t o p r o c u r e a n d m a i n t a i n , a s C o n s t r u c t i o n C o s t s , t h e f o l l o w i n g p o l i c y o r p o l i c i e s o f i n s u r a n c e . T h e D i s t r i c t s h a l l n o t b e r e l i e v e d o f a n y l i a b i l i t y , c l a i m s , d e m a n d s , o r o t h e r o b l i g a t i o n s a r i s i n g f r o m t h e D i s t r i c t S e r v i c e s b y r e a s o n o f i t s f a i l u r e t o p r o c u r e o r m a i n t a i n i n s u r a n c e , o r b y r e a s o n o f i t s f a i l u r e t o p r o c u r e o r m a i n t a i n i n s u r a n c e i n s u f f i c i e n t c o v e r a g e a m o u n t s , d u r a t i o n s , o r t y p e s . A l l p o l i c i e s s h a l l b e c o n t i n u o u s l y m a i n t a i n e d f r o m t h e d a t e o f c o m m e n c e m e n t o f t h e D i s t r i c t S e r v i c e s . I n t h e c a s e o f a n y c l a i m s - m a d e p o l i c y , t h e n e c e s s a r y r e t r o a c t i v e d a t e s a n d e x t e n d e d r e p o r t i n g p e r i o d s s h a l l b e p r o c u r e d t o m a i n t a i n s u c h c o n t i n u o u s c o v e r a g e . ( 0 0 3 3 4 8 9 3 ) 7 i i i . W o r k e r s ? C o m p e n s a t i o n i n s u r a n c e t o c o v e r o b l i g a t i o n s i m p o s e d b y t h e W o r k e r s ’ C o m p e n s a t i o n A c t o f C o l o r a d o a n d a n y o t h e r a p p l i c a b l e l a w s f o r a n y e m p l o y e e e n g a g e d i n t h e p e r f o r m a n c e o f D i s t r i c t S e r v i c e s u n d e r t h i s A g r e e m e n t , a n d E m p l o y e r s ’ L i a b i l i t y i n s u r a n c e w i t h m i n i m u m l i m i t s o f F I V E H U N D R E D T H O U S A N D D O L L A R S ( $ 5 0 0 , 0 0 0 ) e a c h a c c i d e n t , F I \ T E I - T I I N I J R E D T H O U S A N D D O L L A R S ( $ 5 0 0 , 0 0 0 ) d i s e a s e - p o l i c y l i m i t , a n d F I V E H U N D R E D T H O U S A N D D O L L A R S ( $ 5 0 0 , 0 0 0 ) d i s e a s e - e a c h e m p l o y e e . i v . C o m p r e h e n s i v e G e n e r a l L i a b i l i t y i n s u r a n c e w i t h m i n i m u m c o m b i n e d s i n g l e l i m i t s o f T W O M I L L I O N D O L L A R S ( $ 2 , 0 0 0 , 0 0 0 ) e a c h o c c u r r e n c e a n d T W O M I L L I O N D O L L A R S ( $ 2 , 0 0 0 , 0 0 0 ) a g g r e g a t e . T h e p o l i c y s h a l l b e a p p l i c a b l e t o a l l p r e m i s e s a n d o p e r a t i o n s . T h e p o l i c y s h a l l i n c l u d e c o v e r a g e f o r b o d i l y i n j u r y , b r o a d f o r m p r o p e r t y d a m a g e ( i n c l u d i n g c o m p l e t e d o p e r a t i o n s ) , p e r s o n a l i n j u r y ( i n c l u d i n g c o v e r a g e f o r c o n t r a c t u a l a n d e m p l o y e e a c t s ) , b l a n k e t c o n t r a c t u a l , i n d e p e n d e n t c o n t r a c t o r s , p r o d u c t s , a n d c o m p l e t e d o p e r a t i o n s . T h e p o l i c y s h a l l i n c l u d e c o v e r a g e f o r e x p l o s i o n , c o l l a p s e , a n d u n d e r g r o u n d h a z a r d s . T h e p o l i c y s h a l l c o n t a i n a s e v e r a b i l i t y o f i n t e r e s t p r o v i s i o n a n d s h a l l n a m e t h e C i t y a s a n a d d i t i o n a l n a m e d i n s u r e d . v . C o m p r e h e n s i v e A u t o m o b i l e L i a b i l i t y i n s u r a n c e w i t h m i n i m u m c o m b i n e d s i n g l e l i m i t s f o r b o d i l y i n j u r y a n d p r o p e r t y d a m a g e o f n o t l e s s t h a n O N E M I L L I O N D O L L A R S ( $ 1 , 0 0 0 , 0 0 0 ) e a c h o c c u r r e n c e a n d O N E M I L L I O N D O L L A R S ( $ 1 , 0 0 0 , 0 0 0 ) a g g r e g a t e w i t h r e s p e c t t o e a c h o f t h e D i s t r i c t ’ s o w n e d , h i r e d a n d / o r n o n - o w n e d v e h i c l e s a s s i g n e d t o o r u s e d i n p e r f o r m a n c e o f t h e D i s t r i c t S e r v i c e s . T h e p o l i c y s h a l l c o n t a i n a s e v e r a b i l i t y o f i n t e r e s t p r o v i s i o n . v i . E v e r y p o l i c y r e q u i r e d a b o v e s h a l l b e p r i m a r y i n s u r a n c e , a n d a n y i n s u r a n c e c a r r i e d b y t h e C i t y , i t s o f f i c e r s , o r i t s e m p l o y e e s , s h a l l b e e x c e s s a n d n o t c o n t r i b u t o r y i n s u r a n c e t o t h a t p r o v i d e d b y t h e D i s t r i c t . D e d u c t i b l e l o s s e s u n d e r e a c h o f t h e r e q u i r e d p o l i c i e s a b o v e a r e C o n s t r u c t i o n C o s t s . v i i . C e r t i f i c a t e s o f i n s u r a n c e s h a l l b e c o m p l e t e d b y t h e D i s t r i c t ’ s i n s u r a n c e a g e n t a s e v i d e n c e t h a t p o l i c i e s p r o v i d i n g t h e r e q u i r e d c o v e r a g e s , c o n d i t i o n s , a n d m i n i m u m l i m i t s a r e i n f u l l f o r c e a n d e f f e c t , a n d s h a l l b e s u b j e c t t o r e v i e w b y t h e C i t y u p o n r e q u e s t . F a i l u r e o n t h e p a r t o f t h e D i s t r i c t t o p r o c u r e o r m a i n t a i n p o l i c i e s p r o v i d i n g t h e r e q u i r e d c o v e r a g e s , c o n d i t i o n s , a n d m i n i m u m l i m i t s s h a l l c o n s t i t u t e a d e f a u l t o f t h i s A g r e e m e n t . U p o n w r i t t e n n o t i c e t o t h e D i s t r i c t o f s u c h d e f a u l t , t h e D i s t r i c t s h a l l h a v e 3 0 d a y s t o c u r e t h e d e f a u l t , t h e f a i l u r e o f w h i c h s h a l l c o n s t i t u t e a m a t e r i a l b r e a c h o f c o n t r a c t u p o n w h i c h t h e C i t y m a y i m m e d i a t e l y t e r m i n a t e t h i s A g r e e m e n t , o r a t i t s d i s c r e t i o n m a y p r o c u r e o r r e n e w a n y s u c h p o l i c y o r a n y e x t e n d e d r e p o r t i n g p e r i o d t h e r e t o a n d m a y p a y a n y { 0 0 3 3 4 8 9 3 } 8 a n d a l l p r e m i u m s i n c o n n e c t i o n t h e r e w i t h , a n d a l l m o n i e s s o p a i d b y t h e C i t y s h a l l b e c o n s i d e r e d C o n s t r u c t i o n C o s t s . 8 . C O N T R A C T O R ! P R O J E C T S U B - C O N T R A C T O R S . T h e D i s t r i c t i s s o l e l y a n d f u l l y r e s p o n s i b l e t o t h e C i t y f o r t h e p e r f o r m a n c e o f t h e D i s t r i c t S e r v i c e s . E v e r y a g r e e m e n t e n t e r e d i n t o b y t h e D i s t r i c t f o r s e r v i c e s , m a t e r i a l s o r s u p p l i e s r e l a t e d t o t h e D i s t r i c t S e r v i c e s s h a l l r e q u i r e t h e p o s t i n g o f a d e q u a t e p e r f o r m a n c e a n d p a y m e n t b o n d s t o e x t e n t c u s t o m a r i l y r e q u i r e d i n t h e i n d u s t r y w i t h t h e C i t y i n c l u d e d a s a n a d d i t i o n a l b e n e f i c i a r y o r o b l i g e e . T h e D i s t r i c t i s s o l e l y a n d e x c l u s i v e l y r e s p o n s i b l e f o r p a y m e n t t o a l l c o n t r a c t o r s , s u b c o n t r a c t o r s , c o n s u l t a n t s a n d m a t e r i a l s s u p p l i e r s . T h e D i s t r i c t w i l l e n s u r e c o n t r a c t o r s a n d s u b - c o n t r a c t o r s c o m p l y w i t h a l l i n s u r a n c e r e q u i r e m e n t s i n f o r m s a n d a m o u n t s a s s e t f o r t h i n E x h i b i t F a n d a l l w a r r a n t i e s ( e x p r e s s o r i m p l i e d ) r e s u l t i n g f r o m a n y s u c h a g r e e m e n t s s h a l l i n u r e t o t h e b e n e f i t o f t h e C i t y a n d i t s s u c c e s s o r s a n d a s s i g n s . T h e D i s t r i c t s h a l l r e q u i r e p e r f o r m a n c e a n d p a y m e n t b o n d s o f a l l c o n t r a c t o r s a n d m a t e r i a l s s u p p l i e r s a d e q u a t e , i n f o r m a n d a m o u n t , t o e n s u r e t h e c o m p l e t i o n o f a l l p h a s e s o f t h e P r o j e c t s u b j e c t t o s u c h c o n t r a c t s . T h e D i s t r i c t s h a l l o b t a i n f r o m a l l c o n t r a c t e d e n t i t i e s p r o v i d i n g s e r v i c e t h e s t a t u t o r y i l l e g a l a l i e n c e r t i f i c a t i o n s , i n f o r m a p p r o v e d b y t h e C i t y A t t o r n e y . 9 . T E R M I N A T I O N : R E M E D I E S . A . T h i s A g r e e m e n t m a y b e t e r m i n a t e d b y e i t h e r p a r t y i n t h e e v e n t o f a m a t e r i a l b r e a c h b y t h e o t h e r p a r t y . U p o n m a t e r i a l b r e a c h , t h e n o n - b r e a c h i n g p a r t y w i l l g i v e t h e o t h e r p a r t y 4 5 d a y s ’ n o t i c e a n d a n o p p o r t u n i t y t o c u r e o r t o e n t e r i n t o a n a g r e e m e n t w i t h t h e n o n - b r e a c h i n g p a r t y a s t o h o w t h e c u r e w i l l b e a c c o m p l i s h e d . B . T h e D i s t r i c t m a y t e r m i n a t e t h i s A g r e e m e n t i m m e d i a t e l y u p o n f a i l u r e o f t h e C i t y t o a p p r o p r i a t e f u n d s f o r t h e P r o j e c t i n a n y f i s c a l y e a r o r t o m a k e f u n d s a v a i l a b l e t o p a y C o n s t r u c t i o n C o s t s p u r s u a n t t o P a r a g r a p h 4 ( C ) h e r e i n . C . I n t h e e v e n t t h i s A g r e e m e n t i s t e r m i n a t e d , t h e C i t y w i l l p a y f o r a l l D i s t r i c t S e r v i c e s p e r f o r m e d p r i o r t o t h e d e s i g n a t e d t e r m i n a t i o n d a t e . N e i t h e r p a r t y s h a l l b e e n t i t l e d t o c l a i m o r r e c e i v e a n y f o r m o f d a m a g e s , w h e t h e r e c o n o m i c ( i n c l u d i n g l o s t p r o f i t s ) , c o n s e q u e n t i a l , p u n i t i v e o r c o m p e n s a t o r y ; t h e o n l y r e m e d i e s p e r m i t t e d h e r e u n d e r f o r t e r m i n a t i o n o f t h e A g r e e m e n t b e i n g t h e r i g h t o f t h e D i s t r i c t t o r e c e i v e p a y m e n t f o r s o m u c h o f t h e D i s t r i c t S e r v i c e s a s h a v e b e e n p e r f o r m e d b y t h e d a t e o f t e r m i n a t i o n , a n d t h e r i g h t o f t h e C i t y t o r e c e i v e a l l p h y s i c a l P r o j e c t i m p r o v e m e n t s , w h e t h e r c o m p l e t e o r i n c o m p l e t e , i n t e r e s t s i n r e a l p r o p e r t y , m a t e r i a l s d e l i v e r e d t o t h e P r o j e c t s i t e o r i n t r a n s i t a n d w h i c h h a v e b e e n p a i d f o r b y t h e C i t y , a l l w a r r a n t i e s , a n d r i g h t s o f c o l l e c t i o n o n p e r f o r m a n c e a n d p a y m e n t b o n d s o b t a i n e d o r o w i n g u n d e r P a r a g r a p h 8 , a n d a l l W o r k P r o d u c t o f t h e D i s t r i c t ( a s d e s c r i b e d i n P a r a g r a p h 1 0 ) . 1 0 . W O R K P R O D U C T . A l l w o r k p r o d u c t o f t h e D i s t r i c t p r e p a r e d p u r s u a n t t o t h i s A g r e e m e n t , i n c l u d i n g , b u t n o t l i m i t e d t o , a l l m a p s , p l a n s , d r a w i n g s , s p e c i f i c a t i o n s , r e p o r t s , e l e c t r o n i c f i l e s , a s - b u i l t d r a w i n g s , a n d o t h e r d o c u m e n t s , i n w h a t e v e r f o r m , s h a l l b e c o m e t h e p r o p e r t y o f t h e C i t y , w h e t h e r o r n o t t h e D i s t r i c t S e r v i c e s a r e c o m p l e t e d . W h e n r e q u e s t e d , a l l w o r k p r o d u c t s h a l l b e d e l i v e r e d t o t h e C i t y i n a f o r m a t c o m p a t i b l e t o t h e C i t y ’ s c o m p u t e r ( 0 0 3 3 4 8 9 3 ) 9 a p p l i c a t i o n s . W o r k p r o d u c t i n o r i g i n a l o r m o d i f i e d f o r m w i l l b e p r o v i d e d t o t h e D i s t r i c t w i t h o u t c h a r g e i f n e e d e d f o r m a i n t e n a n c e , o p e r a t i o n o r c o n s t r u c t i o n o f o t h e r p u b l i c i n f r a s t r u c t u r e . 1 1 . R E A L P R O P E R T Y C O N V E Y A N C E S . T h e D i s t r i c t s h a l l c o n v e y t h e c o m p l e t e d P r o j e c t b y q u i t c l a i m b i l l o f s a l e a s d i r e c t e d b y t h e C i t y u p o n c o m p l e t i o n o f t h e D i s t r i c t S e r v i c e s , o r u p o n T e r m i n a t i o n o f t h i s A g r e e m e n t , i n t h e e v e n t o f t e r m i n a t i o n u n d e r P a r a g r a p h 9 . S u c h c o n v e y a n c e s h a l l b e f r e e a n d c l e a r o f a l l l i e n s a n d i n c l u d e a l l w a r r a n t i e s a n d a s b u i l t d r a w i n g s . 1 2 . N O T I C E S . A n y n o t i c e s o r o t h e r c o m m u n i c a t i o n s r e q u i r e d o r p e r m i t t e d b y t h i s A g r e e m e n t o r b y l a w t o b e s e r v e d o n , g i v e n t o o r d e l i v e r e d t o e i t h e r p a r t y h e r e t o , b y t h e o t h e r p a r t y s h a l l b e i n w r i t i n g a n d s h a l l b e d e e m e d d u l y s e r v e d , g i v e n o r d e l i v e r e d w h e n p e r s o n a l l y d e l i v e r e d t o t h e p a r t y t o w h o m i t i s a d d r e s s e d o r i n l i e u o f s u c h p e r s o n a l s e r v i c e , u p o n r e c e i p t i n t h e U n i t e d S t a t e s m a i l , f i r s t - c l a s s p o s t a g e p r e p a i d , o r b y p e r s o n a l d e l i v e r y s e r v i c e a d d r e s s e d a s f o l l o w s : t o t h e C i t y o f W h e a t R i d g e : P a t r i c k G o f f , C i t y M a n a g e r C i t y o f W h e a t R i d g e 7 5 0 0 W . 2 9 t h A v e . , W h e a t R i d g e , C O 8 0 0 3 3 w i t h a c o p y t o W h e a t R i d g e C i t y A t t o r n e y : G e r a l d D a h l , C i t y A t t o r n e y M u r r a y D a h l K u e c h e n m e i s t e r & R e n a u d , L L P 7 1 0 K i p l i n g S t r e e t , S u i t e 3 0 0 L a k e w o o d , C O 8 0 2 1 5 w i t h a c o p y t o t h e C i t y R e p r e s e n t a t i v e S t e p h e n M c Q u i l k i n A E C O M T e c h n i c a l S e r v i c e s , I n c . 6 2 0 0 5 . Q u e b e c S t r e e t G r e e n w o o d V i l l a g e , C O 8 0 1 1 1 t o t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t d o : K i m J . S e t e r , E s q . S e t e r & V a n d e r W a l l , P . C . 7 4 0 0 E . O r c h a r d R d . , S u i t e 3 3 0 0 G r e e n w o o d V i l l a g e , C O 8 0 1 1 1 w i t h a c o p y t o E v e r g r e e n - C l e a r C r e e k C r o s s i n g , L . L . C . d o : C h r i s t i n e M c R i g h t , D e v e l o p m e n t D i r e c t o r T y l e r C a r i s o n , E x e c u t i v e V i c e P r e s i d e n t E v e r g r e e n D e v c o , I n c . ( 0 0 3 3 4 8 9 3 ) 1 0 1 8 7 3 S . B e l l a i r e S t . . S u i t e 1 2 0 0 D e n v e r , C O 8 0 2 2 2 w i t h a c o p y t o t h e C M : D e r e k B r o w n , C o n s t r u c t i o n E x e c u t i v e M . A . M o r t e n s o n C o m p a n y 1 6 2 1 1 8 t h S t r e e t , S u i t e 4 0 0 D e n v e r , C O 8 0 2 0 2 E i t h e r p a r t y , t h e D i s t r i c t o r t h e C i t y , m a y c h a n g e i t s a d d r e s s f o r t h e p u r p o s e o f t h i s p a r a g r a p h b y g i v i n g w r i t t e n n o t i c e o f s u c h c h a n g e t o t h e o t h e r p a r t y i n t h e m a n n e r p r o v i d e d i n t h i s p a r a g r a p h . 1 3 . D I S P U T E R E S O L U T I O N . A l l c o n f l i c t s s h a l l b e d i s c u s s e d f o r i m m e d i a t e r e s o l u t i o n b e t w e e n t h e i n d i v i d u a l s i n v o l v e d . C o n f l i c t s s h a l l i n c l u d e u n s e t t l e d c l a i m s , c o u n t e r c l a i m s , d i s p u t e s a n d o t h e r m a t t e r s i n q u e s t i o n a r i s i n g o u t o f o r r e l a t i n g t o t h i s A g r e e m e n t o r t h e b r e a c h t h e r e o f . A l l c o n f l i c t s s h a l l b e b r o u g h t t o t h e a t t e n t i o n o f t h e r e l e v a n t p a r t i e s w i t h i n a r e a s o n a b l e t i m e p e r i o d a f t e r t h e d i s p u t e h a s a r i s e n . S h o u l d t h e i n d i v i d u a l s f a i l t o r e s o l v e t h e c o n f l i c t , t h e n t h e c o n f l i c t s h a l l b e r a i s e d t o t h e n e x t l e v e l o f m a n a g e m e n t w i t h i n t h e s t r u c t u r e o f e a c h p a r t y . S h o u l d t h e s e e f f o r t s f a i l t o r e s o l v e t h e c o n f l i c t , t h e C i t y a n d D i s t r i c t s h a l l s u b m i t t o m e d i a t i o n o f t h e d i s p u t e , w h i c h s h a l l b e a r e q u i r e m e n t p r i o r t o a n y l i t i g a t i o n o r o t h e r d i s p u t e r e s o l u t i o n . T h e C i t y a n d D i s t r i c t a g r e e t h a t e a c h i s e n t i t l e d t o t e r m i n a t e t h i s A g r e e m e n t s h o u l d m e d i a t i o n f a i l t o s e t t l e t h e d i s p u t e . 1 4 . U S E T A X . P u r s u a n t t o S e c t i o n 2 2 - 6 7 o f t h e C i t y ’ s C o d e o f L a w s , b u i l d i n g m a t e r i a l s a n d s u p p l i e s p u r c h a s e d f o r t h e D i s t r i c t S e r v i c e s a r e e x e m p t f r o m t h e C i t y ’ s u s e t a x . I f n e c e s s a r y , t h e D i s t r i c t s h a l l m a k e a p p l i c a t i o n f o r t h i s e x e m p t i o n o n b e h a l f o f i t s c o n t r a c t o r s a n d s u p p l i e r s , o n f o r m s p r o v i d e d b y a n d i n c o m p l i a n c e w i t h t h e p r o c e d u r e s o f t h e C i t y ’ s T a x D i v i s i o n . 1 5 . E N T I R E A G R E E M E N T . T h i s A g r e e m e n t c o n s t i t u t e s t h e e n t i r e a g r e e m e n t b e t w e e n t h e p a r t i e s h e r e t o r e l a t i n g t o t h e D i s t r i c t S e r v i c e s a n d s e t s f o r t h t h e r i g h t s , d u t i e s a n d o b l i g a t i o n s o f e a c h p a r t y t o t h e o t h e r a s o f t h e d a t e o f t h i s A g r e e m e n t . A n y p r i o r C i t y a n d D i s t r i c t a g r e e m e n t s , p r o m i s e s , n e g o t i a t i o n s o r r e p r e s e n t a t i o n s r e g a r d i n g t h e P r o j e c t o r D i s t r i c t S e r v i c e s n o t e x p r e s s l y s e t f o r t h i n t h i s A g r e e m e n t a r e o f n o f o r c e a n d e f f e c t . T h i s A g r e e m e n t m a y n o t b e a m e n d e d e x c e p t i n w r i t i n g e x e c u t e d b y b o t h t h e D i s t r i c t a n d t h e C i t y . 1 6 . B I N D I N G A G R E E M E N T . T h i s A g r e e m e n t s h a l l i n u r e t o a n d b e b i n d i n g o n t h e s u c c e s s o r s , a n d a s s i g n s o f t h e p a r t i e s h e r e t o . 1 7 . N O W A I V E R . N o w a i v e r o f a n y o f t h e p r o v i s i o n s o f t h i s A g r e e m e n t s h a l l b e d e e m e d t o c o n s t i t u t e a w a i v e r o f a n y o t h e r o f t h e p r o v i s i o n s o f t h i s A g r e e m e n t , n o r s h a l l s u c h w a i v e r c o n s t i t u t e a c o n t i n u i n g w a i v e r u n l e s s o t h e r w i s e e x p r e s s l y p r o v i d e d t h e r e i n , n o r s h a l l t h e w a i v e r o f a n y d e f a u l t h e r e u n d e r b e d e e m e d a w a i v e r o f a n y s u b s e q u e n t d e f a u l t h e r e u n d e r . 1 8 . O B S E R V E A L L L A W S . T h e D i s t r i c t s h a l l k e e p f u l l y i n f o r m e d a n d c o m p l y w i t h a l l f e d e r a l , s t a t e a n d l o c a l l a w s , o r d i n a n c e s a n d r e g u l a t i o n s a n d a l l o r d e r s a n d d e c r e e s o f { 0 0 3 3 4 8 9 3 } 1 1 b o d i e s o r t r i b u n a l s t h a t m a y a f f e c t t h o s e e n g a g e d o r e m p l o y e d i n t h e p e r f o r m a n c e o f t h i s A g r e e m e n t . 1 9 . C O N T R O L L I N G L A W . T h i s A g r e e m e n t s h a l l b e g o v e r n e d b y a n d c o n s t r u e d i n a c c o r d a n c e w i t h t h e l a w s o f t h e s t a t e o f C o l o r a d o , a n d a n y d i s p u t e s h e r e u n d e r s h a l l b e t r i e d i n t h e c o u r t s o f t h e s t a t e o f C o l o r a d o . J u r i s d i c t i o n a n d v e n u e s h a l l b e p r o p e r a n d e x c l u s i v e i n t h e d i s t r i c t c o u r t f o r J e f f e r s o n C o u n t y . 2 0 . I N C O N S I S T E N C I E S W I T H S C O P E O F S E R V I C E S . T h e i n t e n t a n d p u r p o s e s o f t h i s A g r e e m e n t a n d t h e s c o p e o f D i s t r i c t S e r v i c e s p r o v i d e d i n E x h i b i t C i s t o c o m p l e m e n t e a c h o t h e r ; h o w e v e r , t h e t e r m s a n d p r o v i s i o n s o f t h i s A g r e e m e n t s h a l l p r e v a i l i n t h e e v e n t o f d i s c r e p a n c i e s w i t h , o r c o n f l i c t s o f , t e r m s o r p r o v i s i o n s c o n t a i n e d i n E x h i b i t C a n d o t h e r c o n t r a c t d o c u m e n t s . 2 1 . F O R C E M A J E U R E . N e i t h e r p a r t y w i l l b e l i a b l e o r r e s p o n s i b l e f o r a n y d e l a y o r f a i l u r e i n p e r f o r m a n c e i f s u c h d e l a y o r f a i l u r e i s c a u s e d i n w h o l e o r i n p a r t F o r c e M a j e u r e . F o r c e M a j e u r e m e a n s d e l a y s r e s u l t i n g f r o m c a u s e s b e y o n d t h e r e a s o n a b l e c o n t r o l o f t h e C i t y o r D i s t r i c t , i n c l u d i n g , w i t h o u t l i m i t a t i o n , a c t s o f G o d , a n y d e l a y c a u s e d b y a n y a c t i o n , i n a c t i o n , o r d e r , r u l i n g , m o r a t o r i u m , r e g u l a t i o n , s t a t u t e , c o n d i t i o n o r o t h e r d e c i s i o n o f a n y g o v e r n m e n t a l o r q u a s i - g o v e r n m e n t a l a g e n c y o r e n t i t y h a v i n g r e g u l a t o r y j u r i s d i c t i o n o v e r a n y p o r t i o n o f t h e P r o j e c t p r o p e r t y , o v e r t h e c o n s t r u c t i o n o f t h e P r o j e c t o r o v e r a n y u s e s t h e r e o f , o r b y d e l a y s c a u s e d b y a n y a c t i o n , i n a c t i o n , c o n d i t i o n o r o t h e r d e c i s i o n b y a n y u t i l i t y c o m p a n y r e s p o n s i b l e f o r “ d r y ” u t i l i t i e s , o r b y d e l a y s i n i n s p e c t i o n s o r i n i s s u i n g a p p r o v a l s o r p e r m i t s b y g o v e r n m e n t a l o r q u a s i - g o v e r n m e n t a l a g e n c i e s , o r b y f i r e , c a s u a l t y , f l o o d , a d v e r s e w e a t h e r c o n d i t i o n s s u c h a s , b y w a y o f i l l u s t r a t i o n a n d n o l i m i t a t i o n , w i n d , s n o w s t o r m s w h i c h p r e v e n t o u t d o o r w o r k f r o m b e i n g a c c o m p l i s h e d , s e v e r e r a i n s t o r m s o r b e l o w f r e e z i n g t e m p e r a t u r e s o f a b n o r m a l d e g r e e o r f o r a n a b n o r m a l d u r a t i o n , t o r n a d o e s , e a r t h q u a k e s , f l o o d s , s t r i k e s , l o c k o u t s o r o t h e r l a b o r o r i n d u s t r i a l d i s t u r b a n c e ( w h e t h e r o r n o t o n t h e p a r t o f a g e n t s o r e m p l o y e e s o f e i t h e r p a r t y h e r e t o e n g a g e d i n t h e c o n s t r u c t i o n o f t h e P r o j e c t ) , c i v i l d i s t u r b a n c e , o r d e r o f a n y g o v e r n m e n t , c o u r t o r r e g u l a t o r y b o d y c l a i m i n g j u r i s d i c t i o n o r o t h e r w i s e , a c t o f p u b l i c e n e m y , w a r , r i o t , s a b o t a g e , b l o c k a g e , e m b a r g o , i n a b i l i t y t o s e c u r e m a t e r i a l s o r l a b o r d u e t o r e g i o n a l o r n a t i o n a l s h o r t a g e s ( i n c l u d i n g l a b o r a n d m a t e r i a l s s h o r t a g e s c a u s e d b y n a t i o n a l w e a t h e r o r o t h e r n a t i o n a l e v e n t s ) , o r o t h e r n a t u r a l o r c i v i l d i s a s t e r , d e l a y s c a u s e d b y a n y d i s p u t e r e s o l u t i o n p r o c e s s , o r a n y d e l a y s b y i n j u n c t i o n s o r l a w s u i t s c o n c e r n i n g t h e P r o j e c t . L a c k o f f u n d s a n d i n a b i l i t y t o o b t a i n i n t e r n a l o r C D O T a p p r o v a l s s h a l l n o t c o n s t i t u t e F o r c e M a j e u r e . 2 2 . A D D I T I O N A L M A T T E R S . A . W h e a t R i d g e C o d e o f L a w s . T h i s A g r e e m e n t i s s u b j e c t t o t h e a p p l i c a b l e r e q u i r e m e n t s o f t h e W h e a t R i d g e C o d e o f L a w s , i n c l u d i n g w i t h o u t l i m i t a t i o n , C o d e S e c t i o n 2 - 3 ( F i s c a l y e a r , b u d g e t c o n t a i n s a p p r o p r i a t i o n s , n o c o n t r a c t t o e x c e e d a p p r o p r i a t i o n ) , a n d S e c t i o n 2 - 4 ( N o - d a m a g e s - f o r d e l a y c l a u s e s i n p u b l i c w o r k s c o n t r a c t s . { 0 0 3 3 4 8 9 3 } 1 2 I N W f F N E S S W H E R E O F , t h e p a r t i e s h a v e e x e c u t e d t h i s A g r e e m e n t o n t h e d a t e f i r s t a b o v e w r i t t e n . B y t h e s i g n a t u r e o f i t s r e p r e s e n t a t i v e b e l o w , e a c h p a r t y a f f i r m s t h a t i t h a s t a k e n a l l n e c e s s a r y a c t i o n t o a u t h o r i z e s a i d r e p r e s e n t a t i v e t o e x e c u t e t h i s A g r e e m e n t . C I T Y O F W H E A T R I D G E A h o m e - r u l e m u n i c i p a l i t y o f t h e S t a t e o f C o l o r a d o B y : _ _ _ _ _ _ _ _ B u d S t a r k e r , M a y o r L O N G S P E A K M E T R O P O L I T A N D I S T R I C T A q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o , B y : _ _ _ _ _ _ _ _ _ M i c h a e l G l a e , P r e s i d n t A T T ‘ 1 ’ y j C a r l s o n , S e c r e t a r y { 0 0 3 3 4 8 9 3 } 1 3 E X H I B I T A C D O T A p p r o v e d D e p i c t i o n o f P r o j e c t ( 0 0 3 3 4 8 9 3 ) 1 4 z — + Y O U N C F I E 4 -,— __________ — J _ _ _ _ _ G U R R 1 L T Y P E 7 —— . N C S C A P E D I R E * - U A I . - 1 W E E N A M P S — - — / ‘ I - N ç - y / 1 . — — C H A T T L O N P E N C E J , E X I S T I D M R D w _ 7 ) ‘ R \ / J L p : : -% I P R O P O S E D R O W / / — \ ç _ _ I J ,, —.----—- / ‘ • _ ; • , , , ‘ - - - ‘ • l - / C L E A R C R E E K D R E j - ________________________ _ _ . . . . M A R T I N / M A R n N F o r R e v i e w G A E X H I B I T I N o i C o d e O t S a l i x V a t S C M . : A S N C d g N o R t d . I a w : P l A i d 1 M 1 L i d L i . A f l L L L . __________________ N A i a d : ° _________________ 1 5 5 . 5 0 5 p S M . t & A i . t S J a f r S t 1 5 5 t P E l l z — . V — Y O U N G F I E L D t z z , : z . z z z z _ D R A I I . R N 2 P B B R I D G E ( E X I S T I N G R O W f C H A I N U N G r E N C E 1 — 7 0 — O V E R 3 2 N D X V E . _ \ T - r _ _ i i F . j - - _ 1 — ‘ 1 1 s L * i L C L E A R C R E E ç D R I V E --- _______ . 4 . I 1 I F r 1 V ’ Z 1 Z I N G w / S T I N G R O W E X I S T I N G F R O T T N G E R O N G - B N G 3 2 N G G V E . T B W F I C X I N G B L 5 Z I N N I A S T R E E T __________ v - - - V . . L i P G G : I 1 W 2 0 1 7 ____________________ F o r R . v l e w I G A E X H I B I T 2 P r o j e c t N o J C D d e R . O . G . 0 / • ___________________ p _ R _ _ t + ? > Y O U N G F I E L D ~ T ~ * — T K . \ f D f T . v i ( , " ^ = 3 C = X i S T I N C R . Q W r l ! l Q i t _ - / , p i > ' r r 0 / / L / * L ^ l l 1 - 7 0 R A M P M E T E R » - • . i S O U N O W M . L R E M O V E D ) E X I S T I N G e r a B E R l - ? o ' » * ) * . . . X s 5 5 ^ - E X I S T I N G R . O . W E M ) N E W S O U N C W A U . — F M A T C H E X I S T I N C S O U N D W A L L : w S O U N D * A L L / / / / / I / / / / » « . / c ? / / I I P r o j e c t N o - Z C o d B S t i a e t R e v i s i o n s P « W D a t e F o r R e v i e w m A R T 1 N I G A E X H I B I T 3 f . « n w c i f l t a m u j ; D M * M l P n t K t N « m « r H m t t . 5 e M » : 1 1 0 0 V g t a g l K A a N o t M I r ^ r r . : . ^ U n I L — d m h — N C o * a — < a u > — t E X H I B I T B P R O J E C T D O C U M E N T S 1 . I - 7 0 / 3 2 A v e n u e I n t e r s t a t e A c c e s s R e q u e s t / i 6 0 1 S y s t e m L e v e l F e a s i b i l i t y S t u d y F e b r u a r y 2 0 1 8 2 . C D O T R e s o l u t i o n A p p r o v i n g I n t e r c h a n g e M o d i f i c a t i o n s a t 1 - 7 0 a n d 3 2 A v e n u e 3 . D e p a r t m e n t o f T r a n s p o r t a t i o n S t a t e o f C o l o r a d o , F i n a l H i g h w a y C o n s t r u c t i o n B i d P l a n s o f P r o p o s e d C D O T P r o j e c t N o . C C M 3 6 1 - 0 0 4 . I n t e r s t a t e 7 0 / 3 2 h 1 d A v e I n t e r c h a n g e J e f f e r s o n C o u n t y C o n s t r u c t i o n P r o j e c t C o d e N o . 1 6 0 6 3 , B i d S e t D e c e m b e r 1 4 , 2 0 1 7 . 4 . F H W A I A R A p p r o v a l 5 . N E P A R e - E v a l u a t i o n 6 . C D O T a n d C i t y C o n t r a c t P r o j e c t : C C 0 7 0 3 - 4 5 3 ( 2 2 4 1 7 ) 7 . P e r m i t s { 0 0 3 3 4 8 9 3 } 1 5 E X H I B I T C S C O P E O F D I S T R I C T S E R V I C E S T h e D i s t r i c t s h a l l p e r f o r m t h e D i s t r i c t S e r v i c e s n e c e s s a r y t o c o n s t r u c t t h e P r o j e c t m o r e o r l e s s c o n s i s t i n g o f t h e f o l l o w i n g i t e m s : A . P r e - C o n s t r u c t i o n S e r v i c e s 1 . P r o g r a m R e v i e w a n d E v a l u a t i o n . T h e D i s t r i c t s h a l l , i n c o o r d i n a t i o n w i t h t h e C M a n d D D , r e v i e w t h e E n g i n e e r ’ s p r o g r a m , P r o j e c t D o c u m e n t s , a n d t h e c o n t r a c t u a l r e q u i r e m e n t s t o a s c e r t a i n t h e r e q u i r e m e n t s t o c o n s t r u c t t h e P r o j e c t , o r a n y p h a s e t h e r e o f . 2 . C o n s t r u c t i o n S c h e d u l e . T h e D i s t r i c t s h a l l p r o v i d e t h e C i t y w i t h a c o n s t r u c t i o n s c h e d u l e f o r t h e P r o j e c t , o r a n y p h a s e t h e r e o f . T h e c o n s t r u c t i o n s c h e d u l e s h a l l c o o r d i n a t e s e r v i c e s r e q u i r e d b y t h e D i s t r i c t , C M , D D , E n g i n e e r , A E C O M a n d a n y r e l a t e d C i t y r e s p o n s i b i l i t i e s w i t h t h e a n t i c i p a t e d s c h e d u l e ( s ) . T h e c o n s t r u c t i o n s c h e d u l e s h a l l a l s o i n c l u d e a l i s t o f a n t i c i p a t e d v e n d o r p u r c h a s e o r d e r s , t r a d e c o n t r a c t s , r e c o m m e n d e d f o r m o f c o n t r a c t a n d s u m m a r y o f t h e s e r v i c e s a n d w o r k t o b e p e r f o r m e d u n d e r e a c h . 3 . C o n s t r u c t i o n C o s t E s t i m a t e a n d B u d g e t . T h e D i s t r i c t s h a l l p r o v i d e t h e C i t y w i t h a c o n s t r u c t i o n c o s t e s t i m a t e f o r t h e P r o j e c t , o r a n y p h a s e t h e r e o f , i n c l u d i n g a n i t e m i z e d b u d g e t f o r w o r k , m a t e r i a l s , e q u i p m e n t a n d o t h e r c o s t s b a s e d o n r e q u i r e m e n t s s e t f o r t h i n t h e E n g i n e e r ’ s p r o g r a m f o r t h e s a m e . T h e c o n s t r u c t i o n c o s t e s t i m a t e s h a l l i n c l u d e v a l u e e n g i n e e r i n g c o s t e v a l u a t i o n s o f a l t e r n a t i v e m a t e r i a l s a n d s y s t e m s , i f a n y . 4 . D e s i g n a n d P r o j e c t D o c u m e n t s R e v i e w . T h e D i s t r i c t s h a l l p r o v i d e t h e C i t y w i t h t h e C M ’ s w r i t t e n r e p o r t s r e g a r d i n g t h e C M ’ s r e v i e w o f t h e P r o j e c t D o c u m e n t s a n d a n y o t h e r d e s i g n d o c u m e n t r e l a t e d t o t h e P r o j e c t , o r a n y p h a s e t h e r e o f . 5 . C i t y A p p r o v a l . P r i o r t o c o m m e n c e m e n t o f a n y B i d d i n g a n d C o n t r a c t i n g S e r v i c e s f o r c o n s t r u c t i o n o f t h e P r o j e c t , o r a n y p h a s e t h e r e o f , t h e C i t y m u s t a p p r o v e t h e m o s t c u r r e n t c o n s t r u c t i o n s c h e d u l e , c o n s t r u c t i o n c o s t a n d b u d g e t , a n d t h e f o r m o f c o n t r a c t d o c u m e n t ( s ) f o r t h e s a m e . 6 . O t h e r P r o f e s s i o n a l S e r v i c e s . T h e D i s t r i c t s h a l l s e l e c t , r e t a i n a n d c o o r d i n a t e t h e p r o f e s s i o n a l s e r v i c e s o f s u r v e y o r s , s p e c i a l c o n s u l t a n t s a n d t e s t i n g l a b o r a t o r i e s r e q u i r e d f o r t h e P r o j e c t , o r a n y p h a s e t h e r e o f , a n d s h a l l o t h e r w i s e c o o r d i n a t e s u r v e y s a n d o t h e r p r e - m o b i l i z a t i o n a c t i v i t i e s . 7 . O b t a i n i n g P e r m i t s . T h e D i s t r i c t s h a l l e n s u r e t h a t a l l p e r m i t s a n d g o v e r n m e n t a l a p p r o v a l s a r e o b t a i n e d f o r t h e P r o j e c t b y t h e “ T r a d e C o n t r a c t o r s ” , e x c e p t f o r t h e C D O T c o n s t r u c t i o n a n d a c c e s s p e r m i t w h i c h s h a l l b e o b t a i n e d b y t h e C i t y . T h e C i t y w i l l n o t u n r e a s o n a b l y r e q u i r e a n y i n s p e c t i o n p r i o r t o i s s u a n c e o f a p e r m i t a n d w i l l e x p e d i t e t h e i s s u a n c e o f a l l p e r m i t s n e c e s s a r y t o c o m p l e t e t h e P r o j e c t o r o b t a i n f i n a l a c c e p t a n c e s . ( 0 0 3 3 4 8 9 3 ) 1 6 8 . C D O T A p p r o v a l s . T h e C i t y s h a l l e n s u r e t h a t C D O T h a s p r o v i d e d i t s a p p r o v a l ( s ) o f t h e P r o j e c t D o c u m e n t s p u r s u a n t t o S e c t i o n B ( A ) ( l ) ( h ) o f t h e C D O T I G A . B . B i d d i n g a n d C o n t r a c t i n g 1 . C o m p l i a n c e . T h e D i s t r i c t s h a l l e n s u r e c o m p l i a n c e w i t h a l l b i d d i n g a n d c o n t r a c t i n g r e q u i r e m e n t s o f t h e D i s t r i c t , i n c l u d i n g a l l l a w s o f t h e S t a t e o f C o l o r a d o w i t h r e s p e c t t o p u b l i c p r o j e c t s o f a s p e c i a l d i s t r i c t . 2 . B i d d i n g P a c k a g e P r e p a r a t i o n a n d A p p r o v a l . U p o n t h e C i t y ’ s a p p r o v a l p u r s u a n t t o P a r a g r a p h A ( 5 ) a b o v e , a n d , t h e a p p r o v a l o f a n y a p p l i c a b l e g o v e r n m e n t a l e n t i t y o f t h e C o n s t r u c t i o n D o c u m e n t s f o r t h e P r o j e c t , o r a n y p h a s e t h e r e o f , t h e D i s t r i c t s h a l l p r e p a r e a n d p r o v i d e f o r t h e C i t y ’ s a p p r o v a l t h e B i d d i n g P a c k a g e ( s ) f o r t h e P r o j e c t , o r a p p l i c a b l e p h a s e t h e r e o f . 3 . B i d d i n g P a c k a g e s . U p o n t h e C i t y ’ s a p p r o v a l o f a B i d d i n g P a c k a g e f o r t h e P r o j e c t , t h e D i s t r i c t s h a l l i s s u e t h e B i d d i n g P a c k a g e . T h e D i s t r i c t s h a l l r e v i e w a n d f o r w a r d t o t h e C i t y f o r t h e C i t y ’ s r e v i e w , a t a l l y o f a l l b i d s r e c e i v e d f o r a B i d d i n g P a c k a g e , i n c l u d i n g a d e t a i l e d b i d d i n g a n a l y s i s p r e p a r e d b y t h e C M a n d t h e D i s t r i c t ’ s d e t e r m i n a t i o n o f t h e l o w e s t r e s p o n s i b l e , a n d i f a p p l i c a b l e , r e s p o n s i v e b i d d e r . 4 . A w a r d o f B i d T r a d e C o n t r a c t s / P u r c h a s e O r d e r s . U p o n t h e C i t y ’ s a p p r o v a l o f t h e D i s t r i c t ’ s r e c o m m e n d e d l o w e s t r e s p o n s i b l e a n d r e s p o n s i v e b i d d e r , o r a l t e r n a t i v e b i d , a n d s u b j e c t t o t h e r e q u i r e m e n t s o f P a r a g r a p h 4 ( C ) , i n c l u d i n g t h o s e r e g a r d i n g A p p l i c a t i o n ( s ) f o r P a y m e n t a n d m a k i n g f u n d s a v a i l a b l e , t h e D i s t r i c t s h a l l a c c e p t t h e b i d a n d a w a r d t h e r e s p e c t i v e t r a d e c o n t r a c t ( s ) o r p u r c h a s e o r d e r ( s ) . A l l a w a r d e d t r a d e c o n t r a c t s a n d p u r c h a s e o r d e r s s h a l l b e b e t w e e n t h e D i s t r i c t a n d t h e t r a d e c o n t r a c t o r o r v e n d o r . T h e C i t y s h a l l n o t b e a p a r t y t o a n y t r a d e c o n t r a c t , p u r c h a s e o r d e r , o r o t h e r a g r e e m e n t a p p r o v e d f o r a B i d d i n g P a c k a g e . 5 . N o B i d ; R e j e c t i o n o f B i d . I f t h e D i s t r i c t r e c e i v e s n o b i d f o r a B i d d i n g P a c k a g e , t h e D i s t r i c t s h a l l r e - a d v e r t i s e t h e B i d d i n g P a c k a g e . I f o n l y o n e b i d i s r e c e i v e d o r t h e l o w e s t n e g o t i a t e d b i d f r o m a r e s p o n s i b l e b i d d e r f o r a B i d d i n g P a c k a g e e x c e e d s t h e c o n s t r u c t i o n b u d g e t f o r s u c h B i d d i n g P a c k a g e w o r k , m a t e r i a l s , e q u i p m e n t o r s e r v i c e s , t h e D i s t r i c t s h a l l r e c o m m e n d t o t h e C i t y w h e t h e r t o r e - a d v e r t i s e t h e B i d d i n g P a c k a g e o r a c c e p t s u c h b i d . T h e C i t y s h a l l h a v e s o l e d i s c r e t i o n i n d e t e r m i n i n g w h e t h e r t h e D i s t r i c t m a y a c c e p t s u c h b i d o r r e - a d v e r t i s e t h e B i d d i n g P a c k a g e . 6 . I n s u r a n c e a n d B o n d s . T h e C i t y s h a l l b e n a m e d a s a b e n e f i c i a r y o n a l l r e q u i r e d i n s u r a n c e a n d p e r f o r m a n c e b o n d s r e l a t e d t o c o n s t r u c t i o n o f t h e P r o j e c t . 7 . A s s i g n m e n t a n d T e r m i n a t i o n . I n t h e e v e n t t h e A g r e e m e n t i s t e r m i n a t e d , t h e C i t y m a y i n s t r u c t t h e D i s t r i c t t o a s s i g n , t o t h e e x t e n t i t i s a u t h o r i z e d t o , a n y t r a d e c o n t r a c t o r v e n d o r p u r c h a s e o r d e r r e l a t e d t o t h e P r o j e c t , p r o v i d e d t h e D i s t r i c t i s r e l e a s e d f r o m a n y o b l i g a t i o n t h e r e u n d e r a n d t h e C i t y a g r e e s t o i n d e m n i f y t h e D i s t r i c t f r o m a n d a g a i n s t a n y a n d a l l c l a i m s o r d a m a g e s r e l a t e d t h e r e t o . { 0 0 3 3 4 8 9 3 } 1 7 C . C o n s t r u c t i o n 1 . C o o r d i n a t i o n . T h e D i s t r i c t s h a l l e n s u r e t h a t c o n s t r u c t i o n o f t h e P r o j e c t , o r a n y p h a s e t h e r e o f , i s a d m i n i s t e r e d , m a n a g e d a n d c o o r d i n a t e d i n a m a n n e r c o n s i s t e n t w i t h t h e P r o j e c t D o c u m e n t s , t h e l a t e s t a p p r o v e d c o n s t r u c t i o n c o s t , b u d g e t a n d s c h e d u l e , a n d t h e C o n t r a c t D o c u m e n t s f o r t h e s a m e . 2 . M e e t i n g R e c o r d s . T h e D i s t r i c t s h a l l k e e p f o r t h e C i t y ’ s r e v i e w u p o n r e q u e s t a l l r e c o r d s f r o m a n y m e e t i n g s h e l d t o d i s c u s s p r o c e d u r e s , p r o g r e s s a n d s c h e d u l i n g r e l a t e d t o c o n s t r u c t i o n o f t h e P r o j e c t . T h e D i s t r i c t s h a l l f o r w a r d t o t h e C i t y a l l p r o g r e s s r e p o r t s p r e p a r e d b y t h e C M t h a t r e l a t e t o c o n s t r u c t i o n o f t h e P r o j e c t . 3 . S c h e d u l e U p d a t e . T h e D i s t r i c t s h a l l e n s u r e t h e c o n s t r u c t i o n s c h e d u l e f o r t h e P r o j e c t , o r a n y p h a s e t h e r e o f , i s u p d a t e d a t a p p r o p r i a t e t i m e s b u t n o t m o r e f r e q u e n t t h a n m o n t h l y t o r e f l e c t c u r r e n t c o n d i t i o n s . T h e D i s t r i c t w i l l p r o v i d e t h e C i t y w r i t t e n n o t i c e i f t h e D i s t r i c t l e a r n s t h a t t h e c o n s t r u c t i o n s c h e d u l e f o r t h e e n t i r e P r o j e c t w i l l n o t b e m e t a n d i n f o r m t h e C i t y o f a c t i o n s i t i s t a k i n g t o c o r r e c t o r m i t i g a t e t h e e f f e c t s t h e r e o f . 4 . C o n s t r u c t i o n O b s e r v a t i o n . T h e D i s t r i c t s h a l l e n s u r e t h a t o n - s i t e o b s e r v a t i o n s o f t h e P r o j e c t c o n s t r u c t i o n a r e m a d e a t a l l a p p r o p r i a t e i n t e r v a l s , a n d t h a t i t i s a p p r i s e d o f t h e p r o g r e s s , q u a n t i t y a n d q u a l i t y o f t h e c o n s t r u c t i o n w o r k , a n d t h a t s u c h w o r k , w h e n c o m p l e t e d , w i l l b e i n a c c o r d a n c e w i t h t h e P r o j e c t D o c u m e n t s a n d C o n t r a c t D o c u m e n t s . T h e D i s t r i c t s h a l l e n s u r e t h a t o n - s i t e o b s e r v a t i o n s i n c l u d e t h e e x e r c i s e o f r e a s o n a b l e j u d g m e n t t o g u a r d t h e C i t y a g a i n s t a n y d e f e c t s o r d e f i c i e n c i e s i n t h e P r o j e c t c o n s t r u c t i o n . T h e D i s t r i c t s h a l l k e e p a l l r e p o r t s o f o n - s i t e o b s e r v a t i o n s f o r t h e C i t y ’ s r e v i e w a n d s h a l l p r o m p t l y p r o v i d e w r i t t e n n o t i c e t o t h e C i t y , i n c l u d i n g t h e a p p l i c a b l e r e p o r t , s h o u l d a r e p o r t i d e n t i f y m a t e r i a l d e f e c t s o r d e f i c i e n c i e s i n s u c h c o n s t r u c t i o n o r a n y o t h e r i s s u e t h a t m a y a f f e c t c o m p l i a n c e w i t h t h e P r o j e c t D o c u m e n t s , C o n t r a c t D o c u m e n t s , o r t h e c o n s t r u c t i o n c o s t , b u d g e t o r s c h e d u l e . T h e C i t y m a y , b u t i s n o t r e q u i r e d t o , p e r f o r m o n - s i t e o b s e r v a t i o n s o f t h e P r o j e c t c o n s t r u c t i o n . 5 . L i m i t s o n D i s t r i c t R e s p o n s i b i l i t i e s . T h e D i s t r i c t i s e x c l u s i v e l y r e s p o n s i b l e f o r t h e c o n s t r u c t i o n o f t h e P r o j e c t i n t h e m a n n e r d e s c r i b e d i n t h e P a r a g r a p h 1 o f t h i s A g r e e m e n t p u r s u a n t t o t h e P r o j e c t D o c u m e n t s . 6 . T e s t i n g . T h e D i s t r i c t s h a l l e n s u r e t h a t a l l t h i r d - p a r t y s t r u c t u r a l , m e c h a n i c a l , s o i l s , l a b o r a t o r y , t e s t s , i n s p e c t i o n s a n d r e p o r t s r e q u i r e d b y , t h e C o n s t r u c t i o n D o c u m e n t s , o r b y f e d e r a l , S t a t e o r l o c a l r e g u l a t o r y a p p r o v a l s a r e p e r f o r m e d i n a c c o r d a n c e w i t h t h e s a m e . 7 . U n f o r e s e e n o r C o n c e a l e d C o n d i t i o n s . T h e D i s t r i c t s h a l l g i v e t h e C i t y w r i t t e n n o t i c e o f a n y u n f o r e s e e n o r c o n c e a l e d c o n d i t i o n r e l a t e d t o o r t h a t m a y o t h e r w i s e i m p a c t t h e P r o j e c t c o n s t r u c t i o n w i t h i n a r e a s o n a b l e t i m e a f t e r d i s c o v e r y o f s u c h c o n d i t i o n , i n c l u d i n g b u t n o t l i m i t e d t o n o t i c e o f p r e - e x i s t i n g h a z a r d o u s m a t e r i a l s o r t o x i c s u b s t a n c e s . S u c h n o t i c e s h a l l i n c l u d e e s t i m a t e d i m p a c t s o n t h e c o n s t r u c t i o n c o s t , b u d g e t a n d s c h e d u l e , a n d r e c o m m e n d a t i o n s t o c o r r e c t o r m i t i g a t e s u c h i m p a c t s . 8 . H a z a r d o u s M a t e r i a l s . T h e D i s t r i c t ’ s m i t i g a t i o n o f h a z a r d o u s m a t e r i a l s o r t o x i c s u b s t a n c e s d i s c o v e r e d o n t h e c o n s t r u c t i o n s i t e , t h e i r h a n d l i n g , r e m o v a l , a n d / o r d i s p o s a l a r e e a c h { 0 0 3 3 4 8 9 3 } 1 8 C o n s t r u c t i o n C o s t s t o b e p a i d b y t h e C i t y . H o w e v e r , s u c h m i t i g a t i o n c o s t s i n c u r r e d b y t h e D i s t r i c t w i l l n o t b e i n c l u d e d a s C o n s t r u c t i o n C o s t s f o r p u r p o s e s o f c a l c u l a t i n g a n y C o n t i n g e n c y R e i m b u r s e m e n t . T h e D i s t r i c t s h a l l , t o t h e f u l l e s t e x t e n t p e r m i t t e d b y l a w , d e f e n d , i n d e m n i f y a n d h o l d h a r m l e s s t h e C i t y a n d a n y C i t y e m p l o y e e s o r a g e n t s f r o m a n d a g a i n s t c l a i m s , d a m a g e s , l o s s e s a n d e x p e n s e s , i n c l u d i n g b u t n o t l i m i t e d t o a t t o r n e y s ’ f e e s , f i n e s , j u d g e m e n t s a n d p e n a l t i e s a r i s i n g o u t o f o r r e s u l t i n g f r o m t h e i n t r o d u c t i o n o f h a z a r d o u s m a t e r i a l s o r t o x i c s u b s t a n c e s f r o m t h e p e r f o r m a n c e o f t h e D i s t r i c t S e r v i c e s i n a n y a r e a a f f e c t e d b y h a z a r d o u s m a t e r i a l s o r t o x i c s u b s t a n c e s , e x c e p t t o t h e e x t e n t t h a t s u c h d a m a g e , l o s s o r e x p e n s e i s d u e t o t h e f a u l t o r n e g l i g e n c e o f t h e C i t y . 9 . C h a n g e O r d e r s . T h e D i s t r i c t s h a l l h a v e s o l e d i s c r e t i o n i n e x e c u t i n g c h a n g e o r d e r s f o r o r a m e n d m e n t s t o t r a d e c o n t r a c t s , v e n d o r p u r c h a s e o r d e r s o r a n y o t h e r a g r e e m e n t r e l a t e d t o P r o j e c t c o n s t r u c t i o n , e x c e p t t h a t t h e D i s t r i c t m u s t o b t a i n t h e C i t y ’ s a p p r o v a l o f a n y c h a n g e o r d e r o r a m e n d m e n t t h a t w o u l d r e s u l t i n t h e i n a b i l i t y t o m e e t t h e c o n s t r u c t i o n s c h e d u l e . I f a c h a n g e o r d e r w o u l d c a u s e C o n s t r u c t i o n C o s t s t o e x c e e d t h e a m o u n t m a d e a v a i l a b l e u n d e r t h e c o r r e s p o n d i n g A p p l i c a t i o n f o r P a y m e n t , t h e D i s t r i c t s h a l l s u b m i t a n A p p l i c a t i o n f o r P a y m e n t f o r s u c h a d d i t i o n a l f u n d s a n d s h a l l h a v e n o o b l i g a t i o n t o e x e c u t e t h e c h a n g e o r d e r u n t i l t h e a p p l i c a t i o n i s a p p r o v e d a n d t h e f u n d s a r e m a d e a v a i l a b l e . 1 0 . R e c o r d C o p i e s . T h e D i s t r i c t s h a l l m a k e a v a i l a b l e t o t h e C i t y r e c o r d c o p i e s o f a l l C o n t r a c t D o c u m e n t s a n d a n y p e r m i t s , r e p o r t s , d r a w i n g s , t e s t r e s u l t s , r e q u i r e d s u b m i t t a l s , o r o t h e r d o c u m e n t a t i o n r e l a t e d t o t h e P r o j e c t . 1 1 . P r o v i s i o n o f W a r r a n t i e s . T h e D i s t r i c t s h a l l s e c u r e a n d a s s i g n ( o r o t h e r w i s e t r a n s m i t ) t o t h e C i t y w a r r a n t i e s a n d s i m i l a r s u b m i t t a l s r e q u i r e d b y t h e C o n t r a c t D o c u m e n t s f o r t h e P r o j e c t c o n s t r u c t i o n , a n d d e l i v e r t o t h e C i t y a l l k e y s , m a n u a l s , r e c o r d d r a w i n g s a n d m a i n t e n a n c e s t o c k s . T h e D i s t r i c t s h a l l e n s u r e t h a t a n n u a l w a r r a n t y i n s p e c t i o n s a r e p e r f o r m e d i n a c c o r d a n c e w i t h a w a r r a n t y p e r i o d s e t f o r t h i n t h e C o n t r a c t D o c u m e n t s . I f a n y u n s a t i s f a c t o r y ’ c o n d i t i o n o r d a m a g e d e v e l o p s w i t h i n t h e w a r r a n t y p e r i o d d u e t o m a t e r i a l s o r w o r k m a n s h i p t h a t a r e d e f e c t i v e , i n f e r i o r , o r n o t i n a c c o r d a n c e w i t h t h i s P r o j e c t D o c u m e n t s , a s r e a s o n a b l y d e t e r m i n e d b y t h e C i t y , t h e n t h e D i s t r i c t s h a l l , w h e n n o t i f i e d b y t h e C i t y , i m m e d i a t e l y p l a c e s u c h g u a r a n t e e d w o r k i n a c o n d i t i o n s a t i s f a c t o r y t o t h e C i t y . T h e D i s t r i c t s h a l l , a t t h e C i t y ’ s r e q u e s t , e n f o r c e a l l w a r r a n t y o b l i g a t i o n s t o c o r r e c t t h e w o r k . C o s t s i n c u r r e d b y t h e D i s t r i c t t o e n f o r c e w a r r a n t i e s o r o t h e r w i s e p l a c e g u a r a n t e e d w o r k i n a c o n d i t i o n s a t i s f a c t o r y t o t h e C i t y , a n d , c o s t s p a i d b y t h e C i t y , s h a l l b e c o n s i d e r e d C o n s t r u c t i o n C o s t s . 1 2 . E v i d e n c e o f S a t i s f a c t i o n o f L i e n s . T h e D i s t r i c t s h a l l p r o v i d e t h e C i t y w i t h w r i t t e n e v i d e n c e t h a t a l l p e r s o n s w h o h a v e d o n e w o r k o r f u r n i s h e d m a t e r i a l u n d e r t h i s A g r e e m e n t a n d a r e e n t i t l e d t o l i e n s t h e r e f o r u n d e r a n y l a w s o f t h e S t a t e o f C o l o r a d o h a v e b e e n f u l l y p a i d o r a r e n o t e n t i t l e d t o s u c h l i e n s . 1 3 . A c c e p t a n c e o f I m p r o v e m e n t s . N o a c t o f t h e C i t y o r o f a n y r e p r e s e n t a t i v e t h e r e o f , w h e t h e r p r o v i d i n g a p p r o v a l s r e q u i r e d h e r e u n d e r , p e r f o r m i n g t h e C o o r d i n a t e d S e r v i c e s , o r t h r o u g h g r a n t i n g o r a n y e x t e n s i o n o f t i m e f o r t h e c o m p l e t i o n o f t h e P r o j e c t , s h a l l b e r e g a r d e d a s a n a c c e p t a n c e o f s u c h D i s t r i c t S e r v i c e s o r i m p r o v e m e n t s o r a n y p a r t t h e r e o f , o r o f m a t e r i a l s u s e d t h e r e i n , e i t h e r w h o l l y o r i n p a r t . A c c e p t a n c e o f t h e P r o j e c t , o r a d e s i g n a t e d p o r t i o n t h e r e o f , s h a l l { 0 0 3 3 4 8 9 3 } 1 9 b e e v i d e n c e d o n l y b y a f i n a l c e r t i f i c a t e o f t h e C i t y . B e f o r e a n y f i n a l c e r t i f i c a t e s h a l l b e i s s u e d , t h e D i s t r i c t s h a l l e x e c u t e a n a f f i d a v i t o n t h e c e r t i f i c a t e t h a t i t a c c e p t s t h e s a m e i n f u l l p a y m e n t a n d s e t t l e m e n t o f a l l C o n s t r u c t i o n C o s t s . D . A c c o u n t i n g R e c o r d s . T h e D i s t r i c t s h a l l m a i n t a i n a n d k e e p a c c u r a t e r e c o r d s c o n s i s t e n t w i t h g e n e r a l a c c o u n t i n g s t a n d a r d s , a s a p p l i c a b l e , a n d s a t i s f a c t o r y t o t h e C i t y , r e g a r d i n g t h e D i s t r i c t ’ s i n c u r r e n c e o f C o n s t r u c t i o n C o s t s . E . C o o r d i n a t e d S e r v i c e s . 1 . P r e c o n s t r u c t i o n ; B i d d i n g a n d C o n t r a c t i n g . T h e D i s t r i c t s h a l l e n s u r e t h a t t h e C i t y h a s a r e a s o n a b l e o p p o r t u n i t y t o o b s e r v e o r , o t h e r w i s e v e r i f y i t s s a t i s f a c t i o n w i t h t h e D i s t r i c t ’ s p e r f o r m a n c e o f D i s t r i c t S e r v i c e s s e t f o r t h i n P a r a g r a p h s A a n d B o f t h i s E x h i b i t C . 2 . C o n s t r u c t i o n . T h e D i s t r i c t s h a l l e n s u r e t h a t t h e C i t y h a s a r e a s o n a b l e o p p o r t u n i t y t o o b s e r v e o r , o t h e r w i s e v e r i f y t h r o u g h i n s p e c t i o n , t e s t i n g o r o t h e r m e a n s , t h e s a t i s f a c t o r y p e r f o r m a n c e o f t h e D i s t r i c t S e r v i c e s s e t f o r t h i n P a r a g r a p h C o f t h i s E x h i b i t C . 3 . A p p l i c a t i o n s f o r P a y m e n t a n d E v i d e n c e o f C o s t s . T h e D i s t r i c t s h a l l d i r e c t t h e C M , D D , E n g i n e e r , a n d o t h e r a p p l i c a b l e c o n s u l t a n t s t o c o o r d i n a t e w i t h t h e C i t y t h e p r e p a r a t i o n o f A p p l i c a t i o n s f o r P a y m e n t a n d E v i d e n c e o f C o s t s a s f o l l o w s : i . T h e C M , D D a n d D i s t r i c t c o n s u l t a n t s , a s a p p l i c a b l e , i n c o n s u l t a t i o n w i t h t h e C i t y , s h a l l p r e p a r e a n d s u b m i t A p p l i c a t i o n s f o r P a y m e n t . i i . T h e D D , i n c o n s u l t a t i o n w i t h t h e C i t y , s h a l l r e v i e w , a n d a s a p p r o p r i a t e , e i t h e r c e r t i f y a n “ a p p l i c a t i o n f o r p a y m e n t ” f r o m t h e C M t o t h e D i s t r i c t o r r e t u r n t h e “ a p p l i c a t i o n f o r p a y m e n t ” t o t h e C M i n d i c a t i n g i n w r i t i n g t h e C o n s t r u c t i o n C o s t s i n d i s p u t e a s s e t f o r t h i n S e c t i o n 2 . 5 . 5 o f t h e C M A g r e e m e n t a n d S e c t i o n 6 o f t h e D D A g r e e m e n t . i i i . T h e D D , i n c o n s u l t a t i o n w i t h t h e C i t y , s h a l l r e v i e w a n d v e r i f y t h e C M F e e a n d C M C o s t o f S e r v i c e s s u b m i t t e d w i t h a n “ a p p l i c a t i o n f o r p a y m e n t ” t o b e p a i d t o t h e C M p u r s u a n t t o S e c t i o n 4 . 2 . 1 o f t h e C M A g r e e m e n t . i v . T h e D D , i n c o n s u l t a t i o n w i t h t h e C i t y , s h a l l p r e p a r e a n d s u b m i t t o t h e D i s t r i c t a r e q u e s t f o r r e i m b u r s e m e n t o f c o s t s i n c u r r e d b y t h e D D i n t h e p e r f o r m a n c e o f t h e D D A g r e e m e n t . v . T h e E n g i n e e r , i n c o n s u l t a t i o n w i t h t h e C i t y , s h a l l p r e p a r e a n d s u b m i t t o t h e D i s t r i c t i n v o i c e s f o r p a y m e n t o f s e r v i c e s r e l a t e d t o t h e P r o j e c t . v i . O t h e r c o n s u l t a n t s , i n c o n s u l t a t i o n w i t h t h e C i t y , s h a l l p r e p a r e a n d s u b m i t t o t h e D i s t r i c t i n v o i c e s f o r p a y m e n t o f s e r v i c e s r e l a t e d t o t h e P r o j e c t . F . E s t i m a t e d P e r f o r m a n c e D a t e s . S u b s t a n t i a l c o m p l e t i o n o f t h e P r o j e c t s h a l l b e a c h i e v e d n o l a t e r t h a n 2 4 m o n t h s a f t e r t h e d a t e o n w h i c h t h e D i s t r i c t a w a r d s t h e f i r s t b i d f o r t h e P r o j e c t , o r t h e C i t y a n d a l l o t h e r a u t h o r i t i e s h a v e i s s u e d f i n a l p e r m i t s n e c e s s a r y f o r c o n s t r u c t i o n , w h i c h e v e r ( 0 0 3 3 4 8 9 3 ) 2 0 o c c u r s l a t e r . T h e 2 4 - m o n t h w i n d o w s h a l l b e e x t e n d e d t o a c c o m m o d a t e a n y d e l a y c a u s e d b y F o r c e M a j e u r e . T h e C i t y s h a l l d e t e r m i n e w h e t h e r t h e w o r k h a s b e e n s u b s t a n t i a l l y c o m p l e t e d , u s i n g f a c t o r s d e e m e d a p p r o p r i a t e b y t h e C i t y , l i s t e d i n t h e d e f i n i t i o n o f ? s u b s t a n t i a l c o m p l e t i o n ” p r o v i d e d i n § 2 4 - 9 1 - 1 0 2 ( 5 ) , C o l o r a d o R e v i s e d S t a t u t e s . ( 0 0 3 3 4 8 9 3 ) 2 1 E X H I B I T D C O N S T R U C T I O N C O S T E S T I M A T E S T o b e p r o v i d e d b e f o r e o r a t t h e p u b l i c h e a r i n g o n M a r c h 2 6 , 2 0 1 8 { 0 0 3 3 4 8 9 3 } 2 2 E X H I B I T E I N T E R G O V E R N M E N T A L A G R E E M E N T F O R H O O K R A M P C O S T R E I M B U R S E M E N T T h i s I N T E R G O V E R N M E N T A L A G R E E M E N T F O R H O O K R A M P C O S T R E I M B U R S E M E N T ( “ A g r e e m e n t ” ) i s e n t e r e d i n t o t h i s d a y o f , 2 0 1 8 , b y a n d b e t w e e n t h e C i t y o f W h e a t R i d g e , a C o l o r a d o h o m e - r u l e m u n i c i p a l i t y ( t h e “ C i t y ” ) , a n d t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t , a q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o ( t h e “ D i s t r i c t ” ) . R E C I T A L S N . T h e C i t y i s a C o l o r a d o h o m e r u l e m u n i c i p a l i t y , o r g a n i z e d a n d e x i s t i n g p u r s u a n t t o S e c t i o n 6 o f A r t i c l e X X o f t h e C o l o r a d o C o n s t i t u t i o n . 0 . T h e C i t y h a s a u t h o r i t y u n d e r A r t i c l e X I V S e c t i o n 1 8 o f t h e C o l o r a d o C o n s t i t u t i o n a n d C R S 2 9 - 1 - 2 0 1 e t s e q . t o e n t e r i n t o i n t e r g o v e r n m e n t a l a g r e e m e n t s f o r l a w f u l p u r p o s e s a u t h o r i z e d t o i t . P . T h e C i t y a n d D i s t r i c t e n t e r e d i n t o t h a t c e r t a i n I n t e r g o v e r n m e n t a l A g r e e m e n t f o r C o n s t r u c t i o n o f t h e 1 - 7 0 a n d 3 2 1 1 L A v e n u e I n t e r c h a n g e d a t e d _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , 2 0 1 8 ( t h e “ I G A ” ) , w h e r e b y t h e C i t y a g r e e d t o f i n a n c e t h e c o n s t r u c t i o n o f t h e 1 - 7 0 a n d 3 2 ’ ’ A v e n u e I n t e r c h a n g e ( t h e “ P r o j e c t ” ) a n d t h e D i s t r i c t a g r e e d t o c o n s t r u c t t h e P r o j e c t p u r s u a n t t o t h e t e r m s s e t f o r t h t h e r e i n . Q . T h e I G A r e q u i r e s t h e C i t y t o f i n a n c e a l l “ C o n s t r u c t i o n C o s t s ” i n c u r r e d b y t h e D i s t r i c t i n p e r f o r m a n c e o f t h e “ D i s t r i c t S e r v i c e s ” p r o v i d e d t h e r e i n . R . P a r a g r a p h 4 ( F ) ( i i ) o f t h e I G A r e q u i r e s t h e D i s t r i c t t o r e i m b u r s e t h e C i t y f o r C o n s t r u c t i o n C o s t s p a i d b y t h e C i t y i n e x c e s s o f t h e C i t y ’ s “ A l l o c a t i o n ” o f $ 1 0 , 0 0 0 , 0 0 0 f o r t h e P r o j e c t ( t h e “ C o n t i n g e n c y R e i m b u r s e m e n t ” ) . S . P a r a g r a p h 4 ( D ) o f t h e I G A r e q u i r e s t h e D i s t r i c t t o r e i m b u r s e t h e C i t y f o r C o n s t r u c t i o n C o s t s t h a t h a v e b e e n o b j e c t e d t o a n d a r e s u b s e q u e n t l y a g r e e d t o a t m e d i a t i o n ( t h e “ M e d i a t i o n R e i m b u r s e m e n t ” ) . T . T h e C i t y a n d D i s t r i c t d e s i r e t o e n t e r i n t o t h i s A g r e e m e n t t o s e t f o r t h t h e t e r m s a n d c o n d i t i o n s f o r t h e D i s t r i c t ’ s p a y m e n t t o t h e C i t y o f a n y C o n t i n g e n c y R e i m b u r s e m e n t a n d M e d i a t i o n R e i m b u r s e m e n t a r i s i n g f r o m t h e I G A . N O W T H E R E F O R E , t h e C i t y a n d D i s t r i c t h a v e e n t e r e d i n t o t h i s A g r e e m e n t . 1 . P U R P O S E . T h i s A g r e e m e n t s e t s f o r t h t h e t e r m s b y w h i c h t h e D i s t r i c t w i l l r e i m b u r s e t h e C i t y f o r c e r t a i n C o n s t r u c t i o n C o s t s p a i d t o t h e D i s t r i c t p u r s u a n t t o t h e I G A . T h e C i t y ’ s p a y m e n t t o t h e D i s t r i c t o f ( 1 ) a n y M e d i a t i o n R e i m b u r s e m e n t , a n d , ( 2 ) C o n s t r u c t i o n C o s t s ( 0 0 3 3 4 8 9 3 ) 2 3 a m o u n t i n g t o C o n t i n g e n c y F u n d s p u r s u a n t t o P a r a g r a p h 4 ( F ) ( i i ) o f t h e I G A a r e e a c h m a d e i n c o n s i d e r a t i o n o f t h e D i s t r i c t ’ s c o m p l e t i o n o f t h e P r o j e c t a n d t h e e x e c u t i o n a n d p e r f o r m a n c e o f t h i s A g r e e m e n t . C a p i t a l i z e d t e r m s n o t d e f i n e d h e r e i n s h a l l h a v e t h e m e a n i n g p r o v i d e d i n t h e I G A . 2 . R E I M B U R S E M E N T . T h e D i s t r i c t c o v e n a n t s t o p a y t o t h e C i t y a n y C o n t i n g e n c y R e i m b u r s e m e n t a n d M e d i a t i o n R e i m b u r s e m e n t ( c o l l e c t i v e l y , t h e “ R e i m b u r s e m e n t ” ) a s f o l l o w s : a . D i s t r i b u t i o n A g r e e m e n t . T h e D i s t r i c t i s a p a r t y t o t h a t c e r t a i n D i s t r i b u t i o n A g r e e m e n t f o r R e i m b u r s e m e n t o f C a p i t a l A d v a n c e s a n d P u r c h a s e o f P u b l i c I n f r a s t r u c t u r e b y a n d b e t w e e n t h e D i s t r i c t , C a b e l a ’ s W h o l e s a l e , I n c . , E v e r g r e e n - C l e a r C r e e k C r o s s i n g , L . L . C . , a n d C o o r s B r e w i n g C o m p a n y d a t e d D e c e m b e r 1 6 , 2 0 1 6 ( t h e “ D i s t r i b u t i o n A g r e e m e n t ” ) . P a r a g r a p h 6 o f t h e D i s t r i b u t i o n A g r e e m e n t s e t s f o r t h a m a n d a t o r y o r d e r f o r t h e D i s t r i c t ’ s d i s t r i b u t i o n o f “ d i s t r i c t r e v e n u e s ” t o r e i m b u r s e c e r t a i n c a p i t a l a d v a n c e s a n d p a y f o r p u b l i c i n f r a s t r u c t u r e i d e n t i f i e d a s t h e “ A d d i t i o n a l I n f r a s t r u c t u r e ” . P a r a g r a p h 6 ( 1 1 ) p r o v i d e s t h a t t h e D i s t r i c t m a y d i s t r i b u t e “ d i s t r i c t r e v e n u e s ” t o “ c a u s e t h e c o n s t r u c t i o n o f t h e A d d i t i o n a l I n f r a s t r u c t u r e , b y f i n a n c i n g t h e c o n s t r u c t i o n d i r e c t l y a n d / o r p a y i n g t o E v e r g r e e n t h e c o s t o f a n y A d d i t i o n a l I n f r a s t r u c t u r e c o n s t r u c t e d b y E v e r g r e e n a n d a c q u i r e d b y t h e D i s t r i c t . . , u n t i l t h e D i s t r i c t h a s f i n a n c e d t h e c o s t o f a l l A d d i t i o n a l I n f r a s t r u c t u r e ” . T h e “ A d d i t i o n a l I n f r a s t r u c t u r e ” i s t h e P r o j e c t a n d C C C P r o j e c t . b . P a y m e n t f r o m B o n d P r o c e e d s . T h e D i s t r i c t c u r r e n t l y a n t i c i p a t e s t h e i s s u a n c e o f o n e o r m o r e s e r i e s o f b o n d s t o f i n a n c e t h e d i s t r i b u t i o n s s e t f o r t h i n P a r a g r a p h s 6 ( I ) a n d 6 ( 1 1 ) o f t h e D i s t r i b u t i o n A g r e e m e n t ( t h e “ B o n d s ” ) . T h e D i s t r i c t c o v e n a n t s t o i n c l u d e t h e R e i m b u r s e m e n t i n t h e a p p r o v e d u s e s f o r t h e B o n d s s u b j e c t t o i t s a b i l i t y t o i s s u e t h e B o n d s w i t h s u f f i c i e n t p r o c e e d s a n d r e a s o n a b l e t e r m s t h e r e f o r . I f t h e R e i m b u r s e m e n t i s i n c l u d e d i n t h e a p p r o v e d u s e s f o r t h e B o n d s , t h e D i s t r i c t s h a l l p a y t o t h e C i t y a l l r e m a i n i n g p r o c e e d s u p t o t h e R e i m b u r s e m e n t a m o u n t a f t e r t h e C C C P r o j e c t h a s b e e n f i n a n c e d a n d c o m p l e t e d i n i t s e n t i r e t y . I n n o e v e n t s h a l l t h e C i t y b e e n t i t l e d t o a n y R e i m b u r s e m e n t p a y m e n t f r o m t h e B o n d s u n t i l t h e D i s t r i c t h a s c o m p l e t e d a n d p a i d f o r t h e C C C P r o j e c t “ A d d i t i o n a l I n f r a s t r u c t u r e ” i n i t s e n t i r e t y . c . P a y m e n t f r o m G e n e r a l F u n d . I f t h e D i s t r i c t i s u n a b l e t o p a y t o t h e C i t y t h e e n t i r e R e i m b u r s e m e n t p u r s u a n t t o P a r a g r a p h 2 ( b ) o f t h i s A g r e e m e n t , t h e D i s t r i c t , i n a n y y e a r , a n d s u b j e c t t o t h e r e q u i r e m e n t s o f t h e D i s t r i b u t i o n A g r e e m e n t , m a y a p p r o p r i a t e a n d p a y f r o m i t s g e n e r a l f u n d s o m e o r a l l o f t h e R e i m b u r s e m e n t . d . S u b j e c t t o A n n u a l A p p r o p r i a t i o n . T h e D i s t r i c t ’ s o b l i g a t i o n t o p a y t h e R e i m b u r s e m e n t t o t h e C i t y i s s u b j e c t t o t h e a n n u a l a p p r o p r i a t i o n o f f u n d s b y t h e D i s t r i c t u p o n a d e t e r m i n a t i o n b y t h e D i s t r i c t ’ s B o a r d o f D i r e c t o r s t h a t f u n d s a r e a v a i l a b l e t h e r e f o r a n d t h a t s u c h f u n d s a r e n o t n e e d e d o r p l e d g e d f o r o t h e r D i s t r i c t o b l i g a t i o n s . A c c o r d i n g l y , t h e D i s t r i c t ’ s o b l i g a t i o n t o p a y t h e R e i m b u r s e m e n t t o t h e C i t y d o e s n o t c o n s t i t u t e a d e b t , i n d e b t e d n e s s , o r m u l t i p l e f i s c a l y e a r o b l i g a t i o n o f t h e D i s t r i c t . { 0 0 3 3 4 8 9 3 } 2 4 e . N o I n t e r e s t . T h e C i t y a g r e e s t h a t t h e R e i m b u r s e m e n t s h a l l a c c r u e i n t e r e s t a t a r a t e o f z e r o p e r c e n t ( 0 % ) p e r a n n u m a n d s h a l l n o t b e s u b j e c t t o a n y s t a t u t o r y i n t e r e s t o r p e n a l t y o f a n y k i n d w h a t s o e v e r . 3 . T E R 1 ’ s ’ I . T h i s A g r e e m e n t s h a l l b e c o m e e f f e c t i v e u p o n t h e c r e a t i o n o f a C o n t i n g e n c y R e i m b u r s e m e n t o r M e d i a t i o n R e i m b u r s e m e n t a n d s h a l l c o n t i n u e i n e f f e c t u n t i l t h e D i s t r i c t h a s p a i d t h e R e i m b u r s e m e n t i n f u l l . T h i s A g r e e m e n t m a y b e t e r m i n a t e d b y t h e m u t u a l a g r e e m e n t o f t h e C i t y a n d D i s t r i c t , u p o n w h i c h a l l o b l i g a t i o n s h e r e i n s h a l l b e d e e m e d s a t i s f i e d . 4 . A C C O U N T I N G F O R F U N D S . T h e C i t y a n d D i s t r i c t s h a l l d i r e c t t h e i r a c c o u n t i n g s t a f f a n d c o n s u l t a n t s t o a c c o u n t f o r a n d d e t e r m i n e t h e a m o u n t o f a n y R e i m b u r s e m e n t o b l i g a t i o n t o b e p a i d b y t h e D i s t r i c t . A n y d i s p u t e o v e r t h e a m o u n t o f t h e R e i m b u r s e m e n t s h a l l b e r e s o l v e d i n t h e s a m e m a n n e r a s a p a y m e n t o b j e c t i o n a s s e t f o r t h i n P a r a g r a p h 4 ( D ) o f t h e I G A . 5 . N O T I C E S . A n y n o t i c e s o r o t h e r c o m m u n i c a t i o n s r e q u i r e d o r p e r m i t t e d b y t h i s A g r e e m e n t o r b y l a w t o b e s e r v e d o n , g i v e n t o o r d e l i v e r e d t o e i t h e r p a r t y h e r e t o , b y t h e o t h e r p a r t y s h a l l b e i n w r i t i n g a n d s h a l l b e d e e m e d d u l y s e r v e d , g i v e n o r d e l i v e r e d w h e n p e r s o n a l l y d e l i v e r e d t o t h e p a r t y t o w h o m i t i s a d d r e s s e d o r i n l i e u o f s u c h p e r s o n a l s e r v i c e , u p o n r e c e i p t i n t h e U n i t e d S t a t e s m a i l , f i r s t - c l a s s p o s t a g e p r e p a i d , o r b y p e r s o n a l d e l i v e r y s e r v i c e a d d r e s s e d a s f o l l o w s : t o t h e C i t y o f W h e a t R i d g e : P a t r i c k G o f f , C i t y M a n a g e r C i t y o f W h e a t R i d g e 7 5 0 0 W . 2 9 t h A v e . W h e a t R i d g e , C O 8 0 0 3 3 w i t h a c o p y t o W h e a t R i d g e C i t y A t t o r n e y : G e r a l d D a h l , C i t y A t t o r n e y M u r r a y D a h l K u e c h e n m e i s t e r & R e n a u d , L L P 7 1 0 K i p l i n g S t r e e t , S u i t e 3 0 0 L a k e w o o d , C O 8 0 2 1 5 t o t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t d o : K i m J . S e t e r , E s q . S e t e r & V a n d e r W a l l , P . C . 7 4 0 0 E . O r c h a r d R d . , S u i t e 3 3 0 0 G r e e n w o o d V i l l a g e , C O 8 0 1 1 1 E i t h e r p a r t y , t h e D i s t r i c t o r t h e C i t y , m a y c h a n g e i t s a d d r e s s f o r t h e p u r p o s e o f t h i s p a r a g r a p h b y g i v i n g w r i t t e n n o t i c e o f s u c h c h a n g e t o t h e o t h e r p a r t y i n t h e m a n n e r p r o v i d e d i n t h i s p a r a g r a p h . 6 . A S S I G N M E N T . T h i s A g r e e m e n t m a y b e a s s i g n e d o n l y w i t h t h e p r i o r w r i t t e n c o n s e n t o f t h e n o n - a s s i g n i n g p a r t y . ( 0 0 3 3 4 8 9 3 ) 2 5 B u d S t e r , M a y o r 7 . A M E N D M E N T . A n y a m e n d m e n t o r m o d i f i c a t i o n t o t h i s A g r e e m e n t s h a l l b e m a d e i n w r i t i n g e x e c u t e d b y b o t h t h e C i t y a n d D i s t r i c t . 8 . G O V E R N I N G L A W / V E N U E . T h i s A g r e e m e n t s h a l l b e g o v e r n e d b y a n d c o n s t r u e d i n a c c o r d a n c e w i t h t h e l a w s o f t h e S t a t e o f C o l o r a d o i n t h e D i s t r i c t C o u r t f o r J e f f e r s o n C o u n t y , C o l o r a d o . 9 . C O U N T E R P A R T E X E C U T I O N . T h i s A g r e e m e n t m a y b e e x e c u t e d i n c o u n t e r p a r t s , a n d t h e a u t h o r i z e d s i g n a t u r e s o f e i t h e r t h e C i t y o r D i s t r i c t a f f i x e d t o a c o u n t e r p a r t s i g n a t u r e s h a l l b e d e e m e d t o c o n s t i t u t e e x e c u t i o n o f t h e o r i g i n a l A g r e e m e n t . 1 0 . S E V E R A B I L I T Y . I f a n y p r o v i s i o n s o f t h i s A g r e e m e n t s h a l l f o r a n y r e a s o n b e i n v a l i d o r u n e n f o r c e a b l e , t h e r e m a i n d e r o f t h i s A g r e e m e n t s h a l l n o t b e a f f e c t e d t h e r e b y a n d s h a l l b e e n f o r c e d t o t h e g r e a t e s t e x t e n t p e r m i t t e d b y l a w . 1 1 . N O T H I R D - P A R T Y B E N E F I C I A R I E S . N o t h i n g i n t h i s A g r e e m e n t , e x p r e s s o r i m p l i e d , i s i n t e n d e d t o o r s h a l l c o n f e r u p o n a n y o t h e r p e r s o n o r e n t i t y a n y r i g h t , b e n e f i t o r r e m e d y o f a n y n a t u r e w h a t s o e v e r u n d e r o r b y r e a s o n o f t h i s A g r e e m e n t , i n c l u d i n g a n y p e r s o n s o r e n t i t i e s w h o h a v e a d v a n c e d m o n i e s t o t h e D i s t r i c t , b u t a r e n o t p a r t i e s h e r e t o . i N W I T N E S S W H E R E O F , t h e p a r t i e s h a v e e x e c u t e d t h i s A g r e e m e n t o n t h e d a t e f i r s t a b o v e w r i t t e n . B y t h e s i g n a t u r e o f i t s r e p r e s e n t a t i v e b e l o w , e a c h p a r t y a f f i r m s t h a t i t h a s t a k e n a l l n e c e s s a r y a c t i o n t o a u t h o r i z e s a i d r e p r e s e n t a t i v e t o e x e c u t e t h i s A g r e e m e n t . C I T Y O F W H E A T R I D G E A h o m e - r u l e m u n i c i p a l i t y o f t h e S t a t e o f C o l o r a d o B y : _ _ _ _ _ _ _ _ _ _ _ _ _ L O N G S P E A K M E T R O P O L I T A N D I S T R I C T A q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o ‘ T y l e N a r l s o n , S e c r e t a r y { 0 0 3 3 4 8 9 3 } 2 6 E X H I B I T F C O N T R A C T E D E N T I T Y I N S U R A N C E R E Q U I R E M E N T S F o r t h e d u r a t i o n o f t h i s A g r e e m e n t , t h e f o l l o w i n g i n s u r a n c e r e q u i r e m e n t s a p p l y . I . C o n t r a c t e d e n t i t i e s s h a l l n o t b e r e l i e v e d o f a n y l i a b i l i t y , c l a i m s , d e m a n d s , o r o t h e r o b l i g a t i o n s a s s u m e d p u r s u a n t t o t h e c o n t r a c t d o c u m e n t s b y r e a s o n o f f a i l u r e t o p r o c u r e o r m a i n t a i n i n s u r a n c e , o r b y r e a s o n o f f a i l u r e t o p r o c u r e o r m a i n t a i n i n s u r a n c e i n s u f f i c i e n t a m o u n t s , d u r a t i o n s , o r t y p e s . 2 . U n l e s s a c o n t r a c t e d e n t i t y ’ s a c t i v i t y i s i n s u r e d u n d e r t h e D i s t r i c t ’ s o w n p o l i c y r e q u i r e d b y t h i s A g r e e m e n t u n d e r P a r a g r a p h 9 ( C ) , a c o n t r a c t e d e n t i t y s h a l l p r o c u r e a n d m a i n t a i n , a n d s h a l l c a u s e e a c h o f i t s s u b c o n t r a c t o r ( s ) t o p r o c u r e a n d m a i n t a i n ( o r s h a l l i n s u r e t h e a c t i v i t y o f t h e s u b c o n t r a c t o r ( s ) i n t h e c o n t r a c t e d e n t i t y ’ s o w n p o l i c y w i t h r e s p e c t t o ) , t h e m i n i m u m i n s u r a n c e c o v e r a g e s l i s t e d b e l o w . S u c h c o v e r a g e s s h a l l b e p r o c u r e d a n d m a i n t a i n e d w i t h f o r m s a n d i n s u r e r s a c c e p t a b l e t o t h e D i s t r i c t , a s r e q u i r e d b y t h e C i t y . A l l c o v e r a g e s s h a l l b e c o n t i n u o u s l y m a i n t a i n e d f r o m t h e d a t e o f c o m m e n c e m e n t o f t h e c o n t r a c t e d e n t i t y ’ s w o r k o r s e r v i c e s . I n t h e c a s e o f a n y c l a i m s - m a d e p o l i c y , t h e n e c e s s a r y r e t r o a c t i v e d a t e s a n d e x t e n d e d r e p o r t i n g p e r i o d s s h a l l b e p r o c u r e d t o m a i n t a i n s u c h c o n t i n u o u s c o v e r a g e . A . W o r k e r s ’ C o m p e n s a t i o n i n s u r a n c e t o c o v e r o b l i g a t i o n s i m p o s e d b y t h e W o r k e r s ’ C o m p e n s a t i o n A c t o f C o l o r a d o a n d a n y o t h e r a p p l i c a b l e l a w s f o r a n y e m p l o y e e e n g a g e d i n t h e p e r f o r m a n c e o f w o r k o r s e r v i c e s u n d e r t h e a g r e e m e n t , a n d E m p l o y e r s ’ L i a b i l i t y i n s u r a n c e w i t h m i n i m u m l i m i t s o f F I V E H U N D R E D T H O U S A N D D O L L A R S ( $ 5 0 0 , 0 0 0 ) e a c h a c c i d e n t , F I V E H U N D R E D T H O U S A N D D O L L A R S ( $ 5 0 0 , 0 0 0 ) d i s e a s e - p o l i c y l i m i t , a n d F I V E H U N D R E D T H O U S A N D D O L L A R S ( $ 5 0 0 , 0 0 0 ) d i s e a s e - e a c h e m p l o y e e . B . C o m p r e h e n s i v e G e n e r a l L i a b i l i t y i n s u r a n c e w i t h m i n i m u m c o m b i n e d s i n g l e l i m i t s o f T W O M I L L I O N D O L L A R S ( $ 2 , 0 0 0 , 0 0 0 ) e a c h o c c u r r e n c e a n d T W O M I L L I O N D O L L A R S ( $ 2 , 0 0 0 , 0 0 0 ) a g g r e g a t e . T h e p o l i c y s h a l l b e a p p l i c a b l e t o a l l p r e m i s e s a n d o p e r a t i o n s . T h e p o l i c y s h a l l i n c l u d e c o v e r a g e f o r b o d i l y i n j u r y , b r o a d f o r m p r o p e r t y d a m a g e ( i n c l u d i n g c o m p l e t e d o p e r a t i o n s ) , p e r s o n a l i n j u r y ( i n c l u d i n g c o v e r a g e f o r c o n t r a c t u a l a n d e m p l o y e e a c t s ) , b l a n k e t c o n t r a c t u a l , i n d e p e n d e n t c o n t r a c t o r s , p r o d u c t s , a n d c o m p l e t e d o p e r a t i o n s . T h e p o l i c y s h a l l i n c l u d e c o v e r a g e f o r e x p l o s i o n , c o l l a p s e , a n d u n d e r g r o u n d h a z a r d s . T h e p o l i c y s h a l l c o n t a i n a s e v e r a b i l i t y o f i n t e r e s t s p r o v i s i o n . C . C o m p r e h e n s i v e A u t o m o b i l e L i a b i l i t y i n s u r a n c e w i t h m i n i m u m c o m b i n e d s i n g l e l i m i t s f o r b o d i l y i n j u r y a n d p r o p e r t y d a m a g e o f n o t l e s s t h a n O N E M I L L I O N D O L L A R S ( $ 1 , 0 0 0 , 0 0 0 ) e a c h o c c u r r e n c e a n d O N E M I L L I O N D O L L A R S ( $ 1 , 0 0 0 , 0 0 0 ) a g g r e g a t e w i t h r e s p e c t t o e a c h o f t h e c o n t r a c t e d e n t i t y ’ s o w n e d , h i r e d a n d / o r n o n - o w n e d v e h i c l e s a s s i g n e d t o o r u s e d i n p e r f o r m a n c e o f t h e s e r v i c e s . T h e p o l i c y s h a l l c o n t a i n a s e v e r a b i l i t y o f i n t e r e s t s p r o v i s i o n . 3 . T h e p o l i c i e s r e q u i r e d a b o v e , e x c e p t f o r t h e W o r k e r s ’ C o m p e n s a t i o n i n s u r a n c e a n d E m p l o y e r s ’ L i a b i l i t y i n s u r a n c e , s h a l l b e e n d o r s e d t o i n c l u d e t h e D i s t r i c t , t h e { 0 0 3 3 4 8 9 3 } 2 7 C i t y , a n d t h e i r o f f i c e r s a n d e m p l o y e e s , a s a d d i t i o n a l i n s u r e d s . E v e r y p o l i c y r e q u i r e d a b o v e s h a l l b e p r i m a r y i n s u r a n c e , a n d a n y i n s u r a n c e c a r r i e d b y t h e D i s t r i c t , i t s o f f i c e r s , o r i t s e m p l o y e e s , s h a l l b e e x c e s s a n d n o t c o n t r i b u t o r y i n s u r a n c e t o t h a t p r o v i d e d b y t h e c o n t r a c t e d e n t i t y . T h e a d d i t i o n a l i n s u r e d e n d o r s e m e n t f o r t h e C o m p r e h e n s i v e G e n e r a l L i a b i l i t y i n s u r a n c e r e q u i r e d a b o v e s h a l l n o t c o n t a i n a n y e x c l u s i o n f o r b o d i l y i n j u r y o r p r o p e r t y d a m a g e a r i s i n g f r o m c o m p l e t e d o p e r a t i o n s . T h e c o n t r a c t e d e n t i t y s h a l l b e s o l e l y r e s p o n s i b l e f o r a n y d e d u c t i b l e l o s s e s u n d e r e a c h o f t h e p o l i c i e s r e q u i r e d a b o v e . 4 . C e r t i f i c a t e s o f i n s u r a n c e s h a l l b e c o m p l e t e d b y t h e c o n t r a c t e d e n t i t y ’ s i n s u r a n c e a g e n t a s e v i d e n c e t h a t p o l i c i e s p r o v i d i n g t h e r e q u i r e d c o v e r a g e s , c o n d i t i o n s , a n d m i n i m u m l i m i t s a r e i n f u l l f o r c e a n d e f f e c t , a n d s h a l l b e s u b j e c t t o r e v i e w a n d a p p r o v a l b y t h e C i t y . E a c h c e r t i f i c a t e s h a l l i d e n t i f ’ t h e P r o j e c t a n d s h a l l p r o v i d e t h a t t h e c o v e r a g e s a f f o r d e d u n d e r t h e p o l i c i e s s h a l l n o t b e c a n c e l l e d , t e r m i n a t e d o r m a t e r i a l l y c h a n g e d u n t i l a t l e a s t 3 0 d a y s p r i o r w r i t t e n n o t i c e h a s b e e n g i v e n t o t h e D i s t r i c t . I f t h e w o r d s “ e n d e a v o r t o ’ a p p e a r i n t h e p o r t i o n o f t h e c e r t i f i c a t e a d d r e s s i n g c a n c e l l a t i o n , t h o s e w o r d s s h a l l b e s t r i c k e n f r o m t h e c e r t i f i c a t e b y t h e a g e n t ( s ) c o m p l e t i n g t h e c e r t i f i c a t e . T h e C i t y r e s e r v e s t h e r i g h t t o r e q u e s t a n d r e c e i v e a c e r t i f i e d c o p y o f a n y p o l i c y a n d a n y e n d o r s e m e n t t h e r e t o . 5 . F a i l u r e o n t h e p a r t o f t h e c o n t r a c t e d e n t i t y t o p r o c u r e o r m a i n t a i n p o l i c i e s p r o v i d i n g t h e r e q u i r e d c o v e r a g e s , c o n d i t i o n s , a n d m i n i m u m l i m i t s s h a l l c o n s t i t u t e a m a t e r i a l b r e a c h o f c o n t r a c t u p o n w h i c h t h e D i s t r i c t m a y i m m e d i a t e l y t e r m i n a t e i t s c o n t r a c t w i t h t h e e n t i t y , o r a t i t s d i s c r e t i o n m a y p r o c u r e o r r e n e w a n y s u c h p o l i c y o r a n y e x t e n d e d r e p o r t i n g p e r i o d t h e r e t o a n d m a y p a y a n y a n d a l l p r e m i u m s i n c o n n e c t i o n t h e r e w i t h , a n d a l l m o n i e s s o p a i d b y t h e D i s t r i c t s h a l l b e r e p a i d b y t h e c o n t r a c t e d e n t i t y t o t h e D i s t r i c t u p o n d e m a n d , o r t h e D i s t r i c t m a y o f f s e t t h e c o s t o f t h e p r e m i u m s a g a i n s t a n y m o n i e s d u e t o t h e c o n t r a c t e d e n t i t y f r o m t h e D i s t r i c t . { 0 0 3 3 4 8 9 3 } 2 8 E X H I B I T G C I T Y A P P L I C A T I O N F O R P A Y M E N T F O R M I N T E R G O V E R N M E N T A L A G R E E M E N T F O R C O N S T R U C T I O N O F T H E 1 - 7 0 A N D 3 2 N D A V E N U E I N T E R C H A N G E A p p l i c a t i o n f o r P a y m e n t N o . _ _ _ _ _ _ _ [ D a t e ] A . T r a d e C o n t r a c t • B i d A p p r o v e d o n [ a d d d a t e ] • B i d / C o n t r a c t A m o u n t B . A d d i t i o n a l C o n s t r u c t i o n C o s t s • [ L i s t o f I n c u r r e d C o n s t r u c t i o n C o s t s ] • [ L i s t C o n s t r u c t i o n C o s t s A n t i c i p a t e d t o b e I n c u r r e d i n E n s u i n g 6 0 D a y s ] [ A t t a c h T r a d e C o n t r a c t ] [ A t t a c h C o n s t r u c t i o n C o s t S c h e d u l e r e T r a d e C o n t r a c t ] [ A t t a c h I n v o i c e s f o r I n c u r r e d C o n s t r u c t i o n C o s t s ] [ A t t a c h C o n s t r u c t i o n C o s t S c h e d u l e f o r A n t i c i p a t e d C o n s t r u c t i o n C o s t s ] ( 0 0 3 3 4 8 9 3 } 2 9 z 0 H H D - J - J F z L U L U > 0 L I , L U U U c , I , I , © U i D I D L L 7 r A x . 4 {00351387} 16755236.18 PUBLIC FINANCE AGREEMENT THIS PUBLIC FINANCE AGREEMENT (“Agreement”) is effective the ___ day of __________, 2018 (“Effective Date”), by and among the CITY OF WHEAT RIDGE, a home rule city of the State of Colorado (“City”), LONGS PEAK METROPOLITAN DISTRICT, a quasi-municipal corporation and political subdivision of the State of Colorado (“District”), and EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Developer”). The City, the District, and the Developer are collectively referred to as the “Parties” and individually as a “Party.” RECITALS WHEREAS, the Developer is the owner of approximately __ acres of real property generally located at the southwest corner of the intersection of Interstate 70 and Colorado Highway 58, as more particularly described on Exhibit 1 (“Property”); and WHEREAS, the Developer desires to develop the Property in phases as a mixed-use commercial development (“Project”); and WHEREAS, the District was organized to furnish public infrastructure improvements, facilities and services in connection with the development of the Property; and WHEREAS, the District is authorized to exercise powers in the District’s Service Plan approved by the City on March 13, 2006, as amended from time to time (“Service Plan”), within and without its legal boundaries as now or hereafter constituted; and WHEREAS, the City and the District have determined it to be in the best interests of their taxpayers, residents and property owners to enter into this Agreement, to finance the construction of certain public improvements for development of the Property; and WHEREAS, the Parties agree that this Agreement shall supersede and replace the financing terms set forth in the Intergovernmental Agreement by and between the City and the District, dated December 11, 2006; 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 agree: COVENANTS AND AGREEMENTS 1. City Land Use Powers Exclusive. The City shall have and exercise sole and exclusive jurisdiction over land use and building regulation (e.g., zoning, subdivision, building permit decisions) within the boundaries of the District. The Developer and the District shall take no action contrary to such decisions or orders of the City, provided such decisions or orders are lawful. District and Developer projects shall be subject to City regulatory authority as provided by state law, the Wheat Ridge Charter and Code of Laws, and any and all covenants, conditions and restrictions applicable to the Property. {00351387} 2 16755236.18 2. Definitions. Words and phrases not otherwise defined herein shall have the meaning ascribed to them in the Wheat Ridge Code of Laws. The following words and phrases shall have the meanings set forth below: “Act” means the Special District Act, Colorado Revised Statutes §§32-1-101, et seq. “Add-On PIF Revenue” means all revenue collected by the PIF Collection Agent from the Admissions Add-On PIF, Lodging Add-On PIF, and Retail Add-On PIF. “Admissions Add-On PIF” means the public improvement fee imposed on the Property in the amount of 0.5% on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of the Admissions Add-On PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of this Agreement and the District Bond Documents. “Admissions Add-On PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Admissions Add-On PIF within the Property. “Admissions Credit PIF” means the public improvement fee imposed on the Property in the amount of 2.5% on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of the Admissions Credit PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of this Agreement and the District Bond Documents. “Admissions Credit PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Admissions Credit PIF within the Property. “Admissions Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Admissions Tax. “Admissions Tax” means the municipal admissions charge imposed by the City on the right or privilege to gain entrance to any place, event, performance, or scheduled activity held within the City, at such rates and on such terms and conditions as are prescribed in Section 22-101 of the Code. “Admissions Tax Credit” means the credit against the City’s Admissions Tax in the amount of 2.5% (subject to adjustment as provided in the Tax Credit Ordinance) on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), as implemented pursuant to the Tax Credit Ordinance. {00351387} 3 16755236.18 “Approval Delays” means any delays in the commencement of the construction of the Public Improvements related to the City’s or CDOT’s failure to review and approve the plans and specifications for construction of the Public Improvements within a reasonable time after receipt of applications or requests for approval of the same, or by any breach of the obligations of the City set forth in this Agreement. “Authority Costs” means the Authority’s reasonable and necessary third-party out of pocket fees, costs and expenses incurred in drafting and negotiating the Authority Public Finance Agreement, and other related documentation necessary or appropriate for the issuance of the Bonds. “Authority Payment” a one-time lump sum cash payment of $5,000,000.00 paid by the Authority to the District as described in the Authority Public Finance Agreement. “Authority Public Finance Agreement” means the Public Finance Agreement by and among the Wheat Ridge Urban Renewal Authority, Developer, and District, dated _______, as the same may be amended from time to time. “Bonds” means one or more series of bonds issued by the District in accordance with the terms of the Act, which may be in the form of a note, loan, or other financial obligation identified as a Bond, including any bonds, notes, loans, or other financial obligations issued by the District to refund Bonds. “CDOT” means the Colorado Department of Transportation. “City” means the City of Wheat Ridge, Colorado, a home rule municipal corporation. “City Bonds” means bonds issued by the City with a maximum repayment amount of $38,500,000 supported by the pledge of revenue received by the City from the taxes authorized by the approval of 2016 Ballot Issue 2E.1 “City Costs” means the City’s reasonable and necessary third-party out of pocket fees, costs and expenses incurred in drafting and negotiating this Agreement, the PIF Covenants, PIF Collection Agreement and other related documentation necessary or appropriate for the issuance of the Bonds. “City Contributions” means, for each calendar year, an amount equal to (a) the aggregate revenue that would have been due to the City for Sales Tax attributable to the Project had the City not granted the Sales Tax Credit, less (b) the aggregate revenue from Sales Tax attributable to the Project actually collected by the City. “Costs of Issuance” means, collectively, the reasonable and necessary costs (as determined by the District) incurred in connection with the issuance of the Bonds, including, without limitation, compensation for all underwriters or placement agents who have provided services relative to this Agreement or the Bonds, financial consultant fees, fees and expenses of bond counsel, counsel to the underwriter, and counsel to any Party or entity from which an opinion of counsel is required, fees and expenses of any provider of credit enhancement, bond insurance, or 1 Note to City: Is there a more specific reference we can make to define the series of bonds? {00351387} 4 16755236.18 guaranty, fees and expenses of the Trustee, bond registrar, paying agent, rebate agent, escrow verification provider, any fees and/or payments due in connection with the initiation or termination of an interest rate exchange agreement or interest rate cap agreement, and transfer agent and rating agency fees. “Credit PIF Revenue” means all revenue collected by the PIF Collection Agent from the Admissions Credit PIF, Lodging Credit PIF, and Retail Credit PIF. “Developer Advances” means, collectively, amounts advanced to the District by any party to finance the District’s capital improvements and related expenditures pursuant to one or more Reimbursement Agreements. Developer Advances shall also include, without limitation, Eligible Costs paid directly by Developer and reasonably accepted by the District. “District Bond Documents” means, collectively, the resolutions, indentures, loan agreements, custodial agreement and any other instrument or agreement pursuant to which the Bonds are issued or incurred and secured as to repayment. “District Bond Requirements” means the principal and interest due on the Bonds (in the case of principal, whether due at maturity or upon prior optional or mandatory redemption), any amounts required in accordance with the applicable District Bond Documents to fund or replenish any reserve funds or surplus funds, any amounts required to repay any bond insurer or other guarantor of the debt service on the Bonds or provider of liquidity or a credit facility with respect to the Bonds, fees and expenses of the PIF Collection Agent and Trustee, bond registrar, paying agent, rebate agent, authenticating agent or provider of liquidity or a credit facility with respect to the Bonds, any payments due with respect to an interest rate exchange agreement or interest rate cap agreement, and any other amounts reasonably approved by the City Manager. “District Debt Service Mill Levy” means a property tax levy which will be levied by the District on the taxable property of such District, in accordance with the District Bond Documents. The District Debt Service Mill Levy shall be at least 35 mills, and shall be no more than 50 mills, provided, however, that in the event that the method of calculating assessed valuation is changed after January 1, 2018, the maximum and minimum mill levies will be increased or decreased to reflect increases or decreases to be determined by the District in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by such mill levy imposed by the District, as adjusted, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. Subject to the minimum and maximum mill levies described above, no provision of this Agreement shall be interpreted to require the District to levy the District Debt Service Mill Levy in any particular amount. “District Pledged Revenue” means, collectively: (a) the revenue received by the District attributable to the District Debt Service Mill Levy; (b) the revenue received by the District attributable to the District Specific Ownership Taxes; (c) the Credit PIF Revenue; (d) the Pledged Add-On PIF Revenue; and (e) revenue received by the District pursuant to that certain Cooperation Agreement between the District and the Wheat Ridge Urban Renewal Authority {00351387} 5 16755236.18 dated September 6, 2016; provided that all of the foregoing revenue shall be net of the costs of collection. “District Specific Ownership Taxes” means that portion of the District’s annual specific ownership tax revenue attributable to the District Debt Service Mill Levy. “Eligible Accrued Interest” means (a) accrued interest on Developer Advances at a rate set forth in the respective Reimbursement Agreement, and (b) simple per annum interest accrued on Developer Advances for Eligible Costs paid directly by Developer and accepted by the District at a rate equal to Prime plus 7%, compounded annually. Interest shall begin to accrue on Developer Advances on the date the Developer Advance is made. “Eligible Costs” means, collectively, (a) the reasonable and customary expenditures for engineering, design, and construction of Public Improvements, including necessary and reasonable soft costs, as certified and approved in accordance with Exhibit 4, (b) Land Acquisition Costs, as certified and approved in accordance with Exhibit 4, (c) Pre-Financing Costs, (d) Developer Advances and Eligible Accrued Interest, and (e) Costs of Issuance. Cost savings in the line items listed for Eligible Costs in Exhibit 2 may be allocated to cost overruns in any other line item. Notwithstanding anything to the contrary in this Agreement, Eligible Costs shall include all additional costs not expressly described in this Agreement that are approved administratively in writing by the City Manager, provided such costs are consistent with the intent of the parties to this Agreement. “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with this Agreement. “Force Majeure” means any one or more of the following events or circumstances, alone or in combination: fire, earthquake, storm or other casualty; strikes, lockouts, or other labor interruptions or shortages; war, rebellion, riots, acts of terrorism, or other civil unrest; acts of God or of any government; disruption to local, national, or international transport services; shortages of materials or equipment, epidemics, or changes in general economic or other conditions affecting the Project; adverse weather; the discovery of previously unknown facilities, improvements, or other features or characteristics of the Property; or any other event, whether similar or dissimilar to the above, beyond the applicable Party’s reasonable control. “Hook Ramps” means the hook ramp project financed by City Bonds, and defined in Recital D and shown in Exhibit A of that certain Intergovernmental Agreement for Construction of the I-70 and 32nd Avenue Interchange by and between the City and the District dated March 21, 2018 (the “Hook Ramp IGA”), as generally depicted on Exhibit 5. “Hook Ramp Reimbursement” means the “Construction Costs” as defined in the Hook Ramp IGA in excess of $10,000,000 that the District may reimburse pursuant to that certain Intergovernmental Agreement for Hook Ramp Cost Reimbursement by and between the City and the District dated March 21, 2018 (the “Hook Ramp Reimbursement IGA”). {00351387} 6 16755236.18 “Land Acquisition Costs” means the reasonable and necessary costs incurred by the District or the Developer in connection with the acquisition of land, easements, or other property interests required for the Public Improvements, including without limitation costs related to due diligence, financing, title and survey, brokerage commissions, and attorneys’ fees. “Lodging Add-On PIF” means the public improvement fee imposed on the Property in the amount of 0.5% on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of the Lodging Add-On PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of this Agreement and the District Bond Documents. “Lodging Add-On PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Lodging Add-On PIF within the Property. “Lodging Credit PIF” means the public improvement fee imposed on the Property in the amount of 5.0% on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of the Lodging Credit PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of this Agreement and the District Bond Documents. “Lodging Credit PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Lodging Credit PIF within the Property. “Lodging Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Lodging Tax. “Lodging Tax” means the municipal lodgers’ tax imposed by the City at such rate and on such terms and conditions as prescribed in Section 22-100 of the Code. “Lodging Tax Credit” means the credit against the City’s Lodging Tax in the amount of 5.0% (subject to adjustment as provided in the Tax Credit Ordinance) on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, through a third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted, or transacted outside of the Property), as implemented pursuant to the Tax Credit Ordinance. “LPMD IGAs” means Hook Ramp IGA and the Hook Ramp Reimbursement IGA. “Operating Agency” means the entity or agency that will own, operate, and maintain the applicable Public Improvement. {00351387} 7 16755236.18 “Original Construction” means the initial construction of any building, structure, addition, or other improvement, and expressly excluding any demolition or redevelopment of such building, structure, addition, or other improvement subsequent to the issuance of the final certificate of occupancy therefor. “PIFs” means the Admissions Add-On PIF, Admissions Credit PIF, Lodging Add-On PIF, Lodging Credit PIF, Retail Add-On PIF, and Retail Credit PIF. “PIF Collection Agent” means an entity engaged pursuant to a PIF Collection Agreement for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the PIF Covenants. “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District, Developer and the PIF Collection Agent. The Escrow Agent, Trustee, and the City may also be parties to the PIF Collection Agreement. “PIF Covenants” means the Admissions Add-On PIF Covenant, Admissions Credit PIF Covenant, Lodging Add-On PIF Covenant, Lodging Credit PIF Covenant, Retail Add-On PIF Covenant, and Retail Credit PIF Covenant. “PIF Revenue” means all Add-On PIF Revenue and Credit PIF Revenue. “Pledged Add-On PIF Revenue” shall have the meaning set forth in Section 5.2. “Prime” means the prime rate as published in the Wall Street Journal on the first business day of each calendar month, which shall be adjusted on a current monthly basis as of the first business day of each calendar month. “Property” means the real property described and depicted on Exhibit 1. “Pre-Financing Costs” means the reasonable costs of the Developer and the District in forming the District, drafting and negotiating this Agreement, the Authority Public Finance Agreement, the PIF Covenants, PIF Collection Agreement and other related documentation necessary or appropriate for the issuance of the Bonds. “Public Improvements” are all of the facilities listed on the attached Exhibit 2 and the Hook Ramps. “Reimbursement Agreement” means, either individually or collectively, one or more agreements between the District and any other party setting forth terms and conditions under which the Developer Advances are accepted by the District for construction or acquisition of the Public Improvements and other Eligible Costs and later reimbursed by the District. “Remaining Add-On PIF Revenue” shall mean all Add-On PIF Revenue that is not Pledged Add- On PIF Revenue. “Retail Add-On PIF” means the public improvement fee imposed on the Property in the amount of 0.50% on Retail Sales initiated, consummated, conducted, or transacted within the Property {00351387} 8 16755236.18 (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), which will be collected in accordance with the terms of the Retail Add-On PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of this Agreement and the District Bond Documents. “Retail Add-On PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Retail Add-On PIF within the Property. “Retail Credit PIF” means the public improvement fee imposed on the Property in the amount of 1.50% on Retail Sales initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), which will be collected in accordance with the terms of the Retail Credit PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of this Agreement and the District Bond Documents. “Retail Credit PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Retail Credit PIF within the Property. “Retail Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Sales Tax. “Retailer” any person or entity that engages in Retail Sales within the Property. “Revenue Surplus” shall have the meaning set forth in Section 11. “Sales Tax” means the municipal sales tax imposed by the City on sales of goods and services, at such rates and on such terms and conditions as are prescribed in Chapter 22, Article 1 of the Code. “Sales Tax Credit” means the credit against the City’s Sales Tax in the amount of 1.50% (subject to adjustment as provided in the Tax Credit Ordinance) on Retail Sales that are initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), as implemented pursuant to the Sales Tax Credit Ordinance. “Shortfall” shall have the meaning set forth in Section 11. “Tax Credit Ordinance” means Ordinance __________ approving the Admissions Tax Credit, Lodging Tax Credit, and Sales Tax Credit. “Trustee” means the trustee or custodian appointed to serve in such role and designated to receive District Pledged Revenue in accordance with the applicable District Bond Documents. {00351387} 9 16755236.18 “Use Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Use Tax. “Use Tax” means the municipal use tax imposed by the City on sales of goods and services, at such rate and on such terms as conditions as prescribed in Chapter 22, Article 1 of the Code. “Use Tax Rebate” means a rebate of the City’s Use Tax in the amount of 2.00% on Use Sales for development and construction of the Project. “Wheat Ridge Code of Laws” or “Code” means the municipal code and ordinances of the City of Wheat Ridge, Colorado as adopted and as amended from time to time by the Council. 3. Construction of Public Improvements. 3.1 Developer may, in its sole discretion, elect to undertake all or only certain phases of the Project. Developer is only responsible to finance and construct those Public Improvements required to serve the phase of the Project which Developer so elects to undertake pursuant to a subdivision improvements agreement executed by the Developer and the City. 3.2 The Parties will work in good faith with each other to ensure that all of the Public Improvements are acquired and/or constructed in a manner and timing sequence that: (i) utilizes resources in a logical and efficient manner; (ii) minimizes delays on other portions of the Project; (iii) complies with all necessary requirements of governmental entities with jurisdiction over the various aspects of the Public Improvements; and (iv) allows the Parties to fulfill their respective obligations in a timely manner under this Agreement. 4. Admissions Tax Credit, Sales Tax Credit, Lodging Tax Credit, and Use Tax Rebate. 4.1 As of January 1, 2018, the City assesses an Admissions Tax at a rate of 4.0%, a Sales Tax at a rate of 3.5%, and a Lodging Tax at a rate of 10%, all pursuant to the provisions of Chapter 22 of the Wheat Ridge Code of Laws (of which Sale Tax, the Parties recognize, 0.5% will terminate in 2028 pursuant to Ballot Issue 2E, which termination shall not affect the terms and conditions of this Agreement or the Tax Credit Ordinance). The Parties anticipate that the City’s total Admissions Tax revenues, Sales Tax revenues, and Lodging Tax revenues will increase as a result of the development of the Property. Concurrent with the approval of this Agreement, the City shall grant the Admissions Tax Credit, Sales Tax Credit, and Lodging Tax Credit by adopting the Tax Credit Ordinance in substantially the form attached as Exhibit 3. Pursuant to the Tax Credit Ordinance, the Admissions Tax Credit, Sales Tax Credit, and Lodging Tax Credit shall all expire on the earlier to occur of: (i) payment of all principal and interest on Bonds issued by the District; or {00351387} 10 16755236.18 (ii) on the last day of the calendar year which is 25 years after the date the first Bonds are issued. The terms of the Admissions Tax Credit, Sales Tax Credit, and Lodging Tax Credit established hereby are absolute and shall not be extended for any reason, including without limitation extension of the term of, or default in the payment of principal or interest on, any Bonds. 4.2 As of January 1, 2018, the City assesses a Use Tax at a rate of 3.5% pursuant to the provisions of Chapter 22 of the Wheat Ridge Code of Laws. The Parties anticipate that the City’s total Use Tax revenues will increase as a result of the development of the Property. The City hereby grants the Use Tax Rebate on Use Sales for all Original Construction on the Property, and agrees that, within 30 days after receipt of Use Taxes for construction or development of the Project, the City will pay to the Developer an amount equal to the revenue generated by the portion of such Use Taxes subject to the Use Tax Rebate. 5. Public Improvement Fee. 5.1 Prior to the issuance of the first Bonds, the Developer shall impose the PIFs by recording the PIF Covenants on the Property. Developer agrees to irrevocably assign the Credit PIF Revenue to or at the direction of the District, through and until the payment in full or defeasance of the Bonds, and upon the issuance of any Bonds, the District agrees to pledge the Credit PIF Revenue exclusively to the Bonds until the Bonds are paid in full or defeased. Prior to the issuance of any Bonds, the Developer or the District agrees to cause all Credit PIF Revenue to be remitted to the Escrow Agent. 5.2 Prior to the issuance of any Bonds, the Developer or the District agrees to cause all Add-On PIF Revenue to be remitted to the Escrow Agent. Prior to the issuance of the first Bonds, the Developer and the District shall work together to determine the maximum amount of Add-On PIF Revenue that can be in the control of the District and pledged to the Bonds after considering, without limitation, tax laws, rules, regulations, and guidance then in effect (the “Pledged Add-On PIF Revenue”). Upon making such determination, Developer agrees to irrevocably assign the Pledged Add-On PIF Revenue to or at the direction of the District, through and until the payment in full or defeasance of the Bonds, and upon the issuance of any Bonds, the District agrees to pledge the Pledged Add-On PIF Revenue exclusively to the Bonds until the Bonds are paid in full or defeased. 5.3 The District shall provide the City and the Developer with written notice upon the payment in full or defeasance of all Bonds. The Admissions Credit PIF, Lodging Credit PIF, and Retail Credit PIF shall expire upon repayment in full or defeasance of all Bonds; provided, however, if the City is prohibited from rescinding the Admissions Tax Credit, Sales Tax Credit, or Lodging Tax Credit (each a “Tax Credit”) after the applicable expiration of each Tax Credit pursuant to this Agreement, then the Developer shall continue to impose the Admissions Credit PIF, Lodging Credit PIF, and Retail Credit PIF, as applicable, for such period of time and in such amount as is necessary to reimburse the City for any revenue lost by the City due to the inability to rescind the applicable Tax Credit. If such continuation becomes necessary, after payment in full or defeasance of the Bonds, the City may collect, retain, and use for its general municipal purposes that portion of the Admissions Credit PIF, Lodging Credit PIF, and Retail Credit PIF, {00351387} 11 16755236.18 as applicable, which is sufficient to replace the Tax Credit revenues it is otherwise prohibited from collecting directly from property owners and tenants in the PIF Property. The Developer and District shall support and reasonably cooperate with the City in the imposition and collection of such amounts, including the adoption and enforcement of rules and regulations consistent with state law to effectuate the imposition and collection of the said Admissions Credit PIF, Lodging Credit PIF, and Retail Credit PIF, as applicable, on behalf of the City, as provided in this Section. The City’s Admissions Tax Credit, Sales Tax Credit, and Lodging Tax Credit, as applicable, will be charged on the combined total of the subject sales transaction, plus all applicable PIFs payable with respect to such transaction. 5.4 The Developer shall engage a PIF Collection Agent to collect, disburse and account for the PIF Revenue pursuant to the PIF Collection Agreement. The City agrees to serve as the initial PIF Collection Agent upon execution of a PIF Collection Agreement. The PIF Collection Agent shall collect the PIF Revenue in the same manner as the City’s Admissions Tax, Sales Tax, and Lodging Tax is collected within the Property, and shall disburse the PIF Revenue to the Escrow Agent or, after the date of issuance of the first Bonds, shall disburse the Remaining Add-On PIF Revenue to the Escrow Agent and the Pledged Add-On PIF Revenue and the Credit PIF Revenue to the Trustee, in accordance with the PIF Collection Agreement, and the PIF Covenants, less the costs of collection as provided in the PIF Collection Agreement. The PIF Collection Agent and the District will cooperate to develop policies and procedures intended to implement the orderly and uninterrupted collection of the PIF Revenue. PIF Revenue in the hands of the City shall be deemed funds collected for another government within the meaning of Colo. Const. Article X, §20(2)(e). The City or the Developer may terminate the City’s services as PIF Collection Agent upon 60 days’ prior written notice (provided that, if such termination is due to the City’s breach of the PIF Collection Agreement, such termination will be effective immediately) in accordance with the PIF Collection Agreement. 5.5 Subject to the provisions of Sections 5.1, 5.2, and 11, the PIF Revenue shall be used solely and exclusively to pay the Eligible Costs, Authority Costs, City Costs, and District Bond Requirements; provided, however, that (subject to Section 11) if the District Pledged Revenue exceeds the District Bond Requirements for any fiscal year, the Developer may use Remaining Add-On PIF Revenue for any legal purpose. 5.6 Developer shall have the right, in its sole discretion, to increase the Admissions Add-On PIF, Lodging Add-On PIF, Retail Add-On PIF, or a combination of the foregoing, after written notice to the City. After the Bonds have been paid in full or defeased, the Developer shall have the additional right, in its sole discretion, to continue, discontinue, increase, decrease, or otherwise modify the Admissions Add-On PIF, Lodging Add-On PIF, and Retail Add-On PIF. 6. District Debt Service Mill Levy. 6.1 The District shall impose the District Debt Service Mill Levy on the Property as required by the District Bond Documents. 7. District Pledged Revenue. The District Bond Documents shall provide that District Pledged Revenue shall be pledged to the payment of the District Bond Requirements and any premium due in connection with the redemption of the Bonds, and may also be pledged to {00351387} 12 16755236.18 the payment of any other District Bond Requirements and used as provided in Sections 5.5 and 11. To the extent that District Pledged Revenue or Remaining Add-On PIF Revenue is generated prior to the issuance of any Bonds, each Party that receives District Pledged Revenue or Remaining Add-On PIF Revenue shall remit it to the Escrow Agent, and to the extent that no Bonds have been issued and are outstanding, all District Pledged Revenue and Remaining Add- On PIF Revenue on deposit with the Escrow Agent may be applied to the payment of Eligible Costs in accordance with the Reimbursement Agreements, Section 12, and Exhibit 4, and all such District Pledged Revenue may also be applied to the payment of Authority Costs and City Costs in accordance with Section 12 and Exhibit 4. In addition, all funds existing in the District’s debt service fund as of the Effective Date shall be considered District Pledged Revenue and deposited with the Escrow Agent. Except for District Pledged Revenue already committed to payments for Eligible Costs, Authority Costs, and City Costs, upon the issuance of any Bonds, all District Pledged Revenue on deposit with the Escrow Agent shall be remitted by the Escrow Agent either, (i) to the Trustee for application to District Bond Requirements and/or Costs of Issuance or Pre-Financing Costs, or (ii) in accordance with written instructions provided by the Parties hereto. After the issuance of any Bonds, all District Pledged Revenue shall thereafter be remitted to the Trustee in accordance with the terms and provisions of the District Bond Documents, and all Remaining Add-On PIF Revenue on deposit with the Escrow Agent may continue to be applied to the payment of Eligible Costs in accordance with the Reimbursement Agreements, Section 12, and Exhibit 4. 8. Bonds. 8.1 As of the date of this Agreement, the Parties estimate that the Public Improvements will cost $43,500,000. The District shall be authorized to issue Bonds from time to time, in one or more series, in an aggregate principal amount necessary to generate net proceeds sufficient to fund: (i) $43,500,000 to pay Eligible Costs for the Public Improvements, including but not limited to Land Acquisition Costs and approved engineering, design, and construction costs; (ii) Eligible Accrued Interest on up to $43,500,000 of Developer Advances; (iii) Costs of Issuance; (iv) Pre-Financing Costs; (v) Authority Costs; (vi) City Costs; (vii) Capitalized interest for not more than three years from the date of issuance of the applicable series of Bonds; and (viii) A reserve fund and surplus fund. {00351387} 13 16755236.18 Notwithstanding anything to the contrary in this Agreement, the District is authorized to issue additional bonds and other debt in excess of the above aggregate principal amount and in addition to any Bonds if the District is able to finance such additional bonds or other debt exclusively with revenue that is not District Pledged Revenue, or, if such bonds or other debt is subordinate to the Bonds, with District Pledged Revenue sources other than the Credit PIF Revenue. Such additional bonds and other debt shall not be subject to this Agreement. Further, notwithstanding anything to the contrary in this Agreement, the amount set forth in Section 8.1(i) may be increased by mutual written agreement of the City, Developer, and District (to be approved administratively by the City Manager), provided that the additional Eligible Costs are consistent with the intent of this Agreement. 8.2 The Bonds shall be issued upon terms, including interest rates and underwriter discount, that are consistent with and reflect market rates and conditions for bonds similar in character to the Bonds then being issued, at the time of their issue. 8.3 Notwithstanding the City’s contractual obligation as PIF Collection Agent to remit the PIF Revenue as provided in and subject to the limitations of this Agreement, no Bonds issued by the District shall be deemed bonds of the City, and the City shall have no liability for payment of the Bonds. 9. Authority Payment. The District shall use the Authority Payment only to pay for, or reimburse the District or Developer for, Eligible Costs. If the Authority timely pays the entire Authority Payment to the District, the dollar amounts set forth in Section 8.1(i) and 8.1(ii) shall be reduced by the amount of the Authority Payment. 10. Hook Ramps and Environmental Assessment. 10.1 The LPMD IGAs set forth the terms for financing and constructing the Hook Ramps. The Hook Ramp Reimbursement is one of the Eligible Costs under this Agreement and shall be paid pursuant to the Hook Ramp Reimbursement IGA. 10.2 After all other Eligible Costs have been fully paid, as certified by the District and Developer in writing, to the extent a balance remains in the net proceeds of the Bonds, the City shall have the right to payment of the Hook Ramp Reimbursement, to seek payment of up to $507,038 of the costs actually incurred by the City to revise the environmental assessment necessary for construction of the Hook Ramps (“Environmental Assessment Costs”), and to seek payment of up to $35,000 of the costs actually incurred by the City for work performed by Economic & Planning Systems related to the Property (“EPS Costs”), from such balance of net proceeds, which shall be the City’s sole and exclusive right to be reimbursed for such Environmental Assessment Costs and EPS Costs. The Environmental Assessment Costs and EPS Costs constitute Eligible Costs under this Agreement and the District may reimburse the Environmental Assessment Costs pursuant to the District’s power to finance and construct street improvements. Notwithstanding the foregoing, the District shall have no obligation to issue Bonds or additional Bonds sufficient to reimburse the City for such Hook Ramp Reimbursement, Environmental Assessment Costs, or EPS Costs. The City shall seek reimbursement of the Environmental Assessment Costs and EPS Costs in accordance with Section 5 of Exhibit 4. {00351387} 14 16755236.18 10.3 If City breaches or otherwise defaults under the Hook Ramp IGA, it shall be deemed an Event of Default of this Agreement by the City without need for additional notice or an opportunity to cure, and the District and Developer shall each have the right (but not the obligation) to construct the Hook Ramps in accordance with plans and specifications approved by CDOT. The District may issue additional Bonds in excess of the amount set forth in Section 8.1 and in an amount adequate to provide net proceeds to pay the estimated costs to engineer, design, construct, install, finance, and acquire the property interests for the Hook Ramps. The costs incurred by the Developer or District to cure the City’s failure, to engineer, design, construct, install, finance, and acquire the property interests for the Hook Ramps, including Eligible Accrued Interest on any related Developer Advance shall be deemed Eligible Costs, including without limitation reasonable attorneys’ fees; and, notwithstanding anything to the contrary in this Agreement, the Developer shall have no obligation to construct any Public Improvements related to any phase of the Project that reasonably depends upon construction of the Hook Ramps for development. 11. Surplus Fund and City Reimbursements. After Bonds are issued, if the aggregate District Pledged Revenue deposited with the Trustee in any single calendar year exceeds the aggregate District Bond Requirements for such calendar year (a “Revenue Surplus”), the District shall provide the Trustee with written notice to reimburse the City out of the Revenue Surplus for City Contributions made in the preceding calendar year, and the balance of the Revenue Surplus shall be applied at the direction of the District for any legal purpose. Upon defeasance or repayment in full of the Bonds, the District shall direct the Trustee to reimburse the City out of any Revenue Surplus for City Contributions for that calendar year and the prior calendar year, and the balance of the Revenue Surplus shall be applied at the direction of the District for any legal purpose. If the Revenue Surplus is not sufficient to reimburse the City for all City Contributions for the applicable period (a “Shortfall”), then the City shall have no right to reimbursement for the amount of the Shortfall for such period. The District Bond Documents shall provide for the use of the Revenue Surplus as set forth in this Section 11. 12. City, District, and Developer Reimbursements. The District will reimburse Developer Advances in accordance with the respective Reimbursement Agreement, and the District and Developer shall be entitled to reimbursements for Developer Advances for Eligible Costs paid directly. The Developer Advances may be reimbursed from: (i) to the extent no Bonds have been issued, District Pledged Revenue on deposit with the Escrow Agent, (ii) proceeds of the Bonds, and (iii) Remaining Add-On PIF Revenue on deposit with the Escrow Agent. If District Pledged Revenue or Remaining Add-On PIF Revenue on deposit with the Escrow Agent is used to pay Eligible Costs for Public Improvements and Eligible Accrued Interest, the amount of net proceeds of Bonds that may be issued as set forth in Sections 8.1(i) or 8.1(ii), as applicable, shall be reduced by such amount so paid. Notwithstanding anything to the contrary in this Agreement, the Developer shall not be entitled to any funds under this Agreement in excess of an amount equal to the sum of the amounts set forth in Sections 8.1(i), 8.1(ii), and 8.1(iv). The City shall be entitled to be reimbursed for the City Costs, and the Authority shall be entitled to be reimbursed for the Authority Costs, from the Bond proceeds in accordance with the District Bond Documents or from District Pledged Revenue on deposit with the Escrow Agent in accordance with Section 7 and Exhibit 4. {00351387} 15 16755236.18 13. Assignment. Neither the City nor the District shall assign its rights or obligations or delegate its duties hereunder without the prior written consent of the other Parties, which consent may be withheld in such other Parties’ sole discretion. Except as hereinafter provided, this Agreement shall not be assigned in whole or in part by the Developer without the prior written consent of the other Parties; provided, however, the following assignments and transfers will not require any such consent: (i) this Agreement may be assigned to the Trustee for the benefit of the owners of the Bonds, (ii) subject to written notice to the City from Developer containing the name and address of the lender or other party, Developer may pledge, collaterally assign, or otherwise encumber all or any part of its rights under this Agreement, including its right to receive any payment, to any lender or other party that provides acquisition, construction, working capital, or other financing to Developer in connection with development of the Project, acquisition of the Property, and/or construction of the Public Improvements; (iii) subject to a written notice to the City from the Developer, the Developer may assign some or all of its rights, interests, and obligations under this Agreement to the successor owner(s) of the Property or portions thereof provided that Developer directly or indirectly owns at least 50% of the equity interest in, or has managerial control over or the right to direct the day-to-day operations of, such successors owner(s); and (iv) subject to a written notice to the City from the Developer, the Developer may assign some or all of its rights, interests, and obligations under this Agreement to one or more entities who will develop, own and/or operate all or a portion of the Property or of the improvements to be constructed thereon and who are a subsidiary parent company, special purpose entity, affiliate directly or indirectly owned or controlled by or under common direct or indirect control or ownership with Developer, or a joint venture entity formed by Developer or with its investors or partners. 14. Representations and Warranties. 14.1 Representations and Warranties by the City. The City represents and warrants as follows to the Developer and District: (i) The City is a home rule city of the State of Colorado, and has the power to enter into and has taken all actions to date required to authorize this Agreement and to carry out its obligations. (ii) The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on its part to make this Agreement valid and binding upon the City. (iii) The City knows of no litigation, proceeding, initiative, referendum, investigation or threat of any of the same contesting the powers of the City or its officials with respect to this Agreement. (iv) The execution and delivery of this Agreement and the documents required and the consummation of the transactions contemplated by this Agreement will not (i) conflict with or contravene any law, order, rule or regulation applicable to the City or to its governing documents, (ii) result in the breach of any of the terms or provisions or constitute a default under any agreement or other instrument to which the City is a party or by which it may be bound or affected, or (iii) permit any party to terminate any such {00351387} 16 16755236.18 agreement or instruments or to accelerate the maturity of any indebtedness or other obligation of the City. (v) The revenues represented by the Admissions Tax Credit, Lodging Tax Credit, and Sales Tax Credit are not subject to any other or prior pledge or encumbrance, and the City will not pledge or encumber such revenues during the term of this Agreement without the prior written consent of Developer. (vi) This Agreement constitutes a valid and binding obligation of the City, enforceable according to its terms. 14.2 Representations and Warranties by the Developer. The Developer represents and warrants as follows to the City and District: (i) Developer is a Colorado limited liability company and in good standing and authorized to do business in the State of Colorado and has the power and the authority to enter into and perform in a timely manner its obligations under this Agreement. (ii) The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on its part to make this Agreement valid and binding upon Developer. (iii) The Developer knows of no litigation, proceeding, initiative, referendum, investigation or threat of any of the same contesting the powers of the Developer or its principals with respect to this Agreement. (iv) The execution and delivery of this Agreement and the documents required and the consummation of the transactions contemplated by this Agreement will not (i) to the Developer’s actual knowledge (without duty of inquiry or investigation) conflict with or contravene any law, order, rule or regulation applicable to the Developer or to its governing documents, (ii) result in the breach of any of the terms or provisions or constitute a default under any agreement or other instrument to which the Developer is a party or by which it may be bound or affected, or (iii) permit any party to terminate any such agreement or instruments or to accelerate the maturity of any indebtedness or other obligation of the Developer. (v) This Agreement constitutes a valid and binding obligation of the Developer, enforceable according to its terms. 14.3 Representations and Warranties by the District. The District represents and warrants as follows to the City and Developer: (i) The District is a quasi-municipal corporation and political subdivision of the State duly organized under the Act, and has the power and the authority to enter into and perform in a timely manner its obligations under this Agreement. {00351387} 17 16755236.18 (ii) The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on its part to make this Agreement valid and binding upon the District. (iii) The District knows of no litigation, proceeding, initiative, referendum, investigation or threat of any of the same contesting the powers of the District or its officials with respect to this Agreement. (iv) The execution and delivery of this Agreement and the documents required and the consummation of the transactions contemplated by this Agreement will not (i) to the District’s actual knowledge (without duty of inquiry or investigation) conflict with or contravene any law, order, rule or regulation applicable to the District or to its governing documents, (ii) result in the breach of any of the terms or provisions or constitute a default under any agreement or other instrument to which the District is a party or by which it may be bound or affected, or (iii) permit any party to terminate any such agreement or instruments or to accelerate the maturity of any indebtedness or other obligation of the District. (v) This Agreement constitutes a valid and binding obligation of the District, enforceable according to its terms. 15. Events of Default. The following event shall constitute an “Event of Default” under this Agreement: any Party fails in the performance of any covenant or obligation in this Agreement (except for those events allowing the termination of this Agreement as set forth herein), and such failure continues for thirty (30) days after written notice specifying such default and requiring the same to be remedied is given by a non-defaulting Party to the defaulting Party; provided, however, if such default is not of a type which can be cured within such thirty (30) day period and the defaulting Party gives written notice to the non-defaulting Party or Parties within such thirty (30) day period describing therein the reasons such default cannot be cured within such thirty (30) day period, the defaulting Party shall have a reasonable period of time given the nature of the default following the end of such thirty (30) day period to cure such default, provided that such defaulting Party commences such cure within the thirty (30) day period and actively and diligently pursues such cure to completion. 16. Remedies. Upon the occurrence and continuation of an Event of Default, the non-defaulting Party’s remedies will be limited to the right to enforce the defaulting Party’s obligations by an action for injunction, specific performance, or other appropriate equitable remedy or for mandamus, or by an action to collect and enforce payment of sums owing hereunder, and no other remedy (unless otherwise expressly authorized by this Agreement), and, except as expressly provided in this Agreement, no Party will be entitled to claim damages for an Event of Default by the defaulting Party, including, without limitation, lost profits, economic damages, or actual, direct, incidental, consequential, punitive, or exemplary damages; provided, however, that in the event of any litigation or other proceeding to enforce any of the terms, covenants or conditions of this Agreement, the prevailing party in such litigation or other proceeding shall be awarded, as part of its judgment or award, its reasonable attorneys’ fees and costs. Notwithstanding anything to the contrary in this Agreement, in no event shall the City have the right (and the City hereby waives any right) to compel or enjoin the issuance, payment, {00351387} 18 16755236.18 defeasance, refinancing, termination, or refunding of any Bonds, or other similar actions that would impact the Bonds, Bond Proceeds, or the flow of District Pledged Revenue to the Bonds. 17. Nonliability of Officials, Members, Agent, and Employees. Except for willful misconduct, no trustee, board member, commissioner, official, employee, consultant, manager, member, shareholder, partner, attorney, or agent of any Party, nor any lender to any Party or to the Project, will be personally liable under this Agreement or in the event of any default or for any amount that may become due to any Party. 18. Cooperation Regarding Defense. In the event of any litigation or other legal challenge involving this Agreement, the Bonds, or any other material part or provision of this Agreement or the ability of any Party to enter into this Agreement, the Parties will cooperate in such action or challenge, to the extent permitted by law. 19. Precedence. Recognizing that full development of the Project may take up to thirty (30) years and that additional property within the District may be developed, the City approved the Service Plan with sufficient flexibility to accommodate and enable the District to respond to changed conditions over time, while still relying upon the provisions of this Agreement to enable it to exercise appropriate control and supervision of the District as provided by state law. Accordingly, to the extent performance of this Agreement amounts to a material modification from the District’s Service Plan, the District shall seek approval of such modification from the City pursuant to State law. 20. Term. The term of this Agreement is the period commencing on the Effective Date and terminating on the date of payment in full of the Bonds or the full performance of the covenants of this Agreement, whichever occurs later. 21. Integration. This written Agreement and the PIF Collection Agreement constitute the entire agreement between the Parties and supersede all prior written or oral agreements, negotiations, or representations and understandings of the Parties with respect to the subject matter contained herein and in the PIF Collection Agreement, respectively. 22. Exhibits. The following Exhibits are attached hereto and fully incorporated herein by this reference: Exhibit 1: Property Exhibit 2: List of all Public Improvements and Eligible Costs Exhibit 3: Tax Credit Ordinance Exhibit 4: Procedure for Documenting, Certifying, and Paying Certain Costs Exhibit 5: Depiction of Hook Ramps 23. Amendment. This Agreement may be amended, modified, changed, or terminated in whole or in part only by written agreement duly authorized and executed by the Parties. Whether an amendment to this Agreement necessitates an amendment to the Service Plan shall be determined according to state law then in effect, or, where applicable, an express provision of this Agreement. The City Manager is hereby authorized to execute any amendment to this Agreement on behalf of the City and provide any consent or approval required by the City. {00351387} 19 16755236.18 24. No Waiver. A waiver by any Party to this Agreement or the breach of any term or provision of this Agreement must be in writing and will not operate or be construed as a waiver of any subsequent breach by any Party. 25. Venue. Exclusive venue for the trial of any action arising out of any dispute arising out of or related to this Agreement shall be in the district court in the State of Colorado serving Jefferson County. The laws of the State of Colorado govern this Agreement and the relationship of the Parties hereunder without regard to principles of conflicts of laws. 26. Days. If the day for any performance or event provided for herein is a Saturday, a Sunday, a day on which national banks are not open for the regular transactions of business, or a legal holiday pursuant to Section 24-11-101(1) (collectively, a “Holiday”), such day will be extended until the next day that is not a Holiday. 27. Additional Documents or Action. The Parties agree to execute any additional documents or take any additional action, including but not limited to estoppel documents requested or required by third parties, including without limitation, lenders, tenants or potential purchasers, that is reasonably necessary to carry out this Agreement or is reasonably requested by any Party to confirm or clarify the intent of the provisions of this Agreement and to effectuate the agreements and the intent under this Agreement. Notwithstanding the foregoing, however, no Party shall be obligated to execute any additional document or take any additional action unless such document or action is reasonably acceptable to such Party. 28. Severability. If all or any portion of this Agreement, or other agreements subsequently executed in connection with this Agreement, are asserted or determined to be invalid, illegal, unenforceable, or are otherwise precluded, the Parties, within the scope of their powers and duties, will cooperate in the joint defense of such documents. If such defense is unsuccessful and such portion is held by a court of competent jurisdiction to be invalid, illegal, unenforceable, or are otherwise precluded, such portion shall be deemed severable and its invalidity or unenforceability shall not affect the validity or enforceability of any other portion or provision of such documents, and the Parties will use reasonable, diligent, and good faith efforts to amend, reform, or replace such precluded portions to assure, to the extent legally permissible, that each Party substantially receives the benefits that it would have received under this Agreement and such other documents. 29. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all such counterparts shall constitute one and the same instrument. Executed copies hereof may be delivered by email of a PDF document, and, upon receipt, shall be deemed originals and binding upon the parties hereto. Signature pages may be detached and reattached to physically form one document. 30. Scope of Benefits. Except as otherwise stated herein, this Agreement is intended to describe the rights and responsibilities of and between the named Parties and is not intended to, and shall not be deemed to confer any rights upon any persons or entities not named as Parties, nor to limit in any ways the powers and responsibilities of the City, the District, or any other entity not a party hereto; provided that the Trustee shall be deemed to be a third party {00351387} 20 16755236.18 beneficiary hereunder. Notwithstanding anything in this Agreement to the contrary, (a) no third party beneficiary’s consent or approval shall be required for any amendment, modification, or termination of this Agreement or for any waivers or consents granted hereunder, and (b) the rights of said third party beneficiaries may be amended, modified, or terminated by the mutual agreement of the Parties. 31. Multi-Year Contract. If any court determines this Agreement violates the multi- year contract restriction in Section 20, Article X of the Colorado Constitution; this Agreement shall immediately convert to a one (1) year contract with automatic annual renewal, subject only to failure by the City or District to appropriate funds annually. The failure to appropriate or have funds available shall not be a breach of the Agreement. 32. Successors and Assigns. The rights and obligations created hereby shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 33. Notices. All notices or other communications required or permitted hereunder shall be in writing, and shall be delivered to the receiving party at the address below by (i) personal delivery (including by means of professional messenger service); (ii) nationally recognized overnight courier; (iii) registered or certified mail, postage prepaid, return receipt requested; or (iv) electronic mail, or electronic transmission of a pdf document followed by delivery of a hard copy through one of the methods outlined in (i) through (iii) above, and shall be deemed received upon the date of receipt thereof. City: City of Wheat Ridge Attn: City Manager 7500 W. 29th Ave., 1st Floor Wheat Ridge, CO 80033 Email: pgoff@ci.wheatridge.co.us with copy to: City of Wheat Ridge Attn: City Attorney 7500 W. 29th Ave., 1st Floor Wheat Ridge, CO 80033 Email: gdahl@mdkrlaw.com District: Longs Peak Metropolitan District c/o District Counsel Kim John Seter Seter & Vander Wall 7400 East Orchard Rd {00351387} 21 16755236.18 Ste 3300 Greenwood Village, CO 80111 Email: kseter@svwpc.com Developer: Evergreen-Clear Creek Crossing, L.L.C. 1873 S. Bellaire Street, Ste. 1200 Denver, CO 80222 Attn: Tyler Carlson Email: tcarlson@evgre.com with copy to: 2390 E. Camelback Road, Ste. 410 Phoenix, AZ 85016 Attn: Laura Ortiz Email: lortiz@evgre.com with copy to: Brownstein Hyatt Farber Schreck, LLP 410 17th Street, Suite 2200 Denver, CO 80202 Attention: Carolynne White Email: cwhite@bhfs.com 34. No Waiver of Immunity. Nothing contained in this Agreement constitutes a waiver of sovereign immunity or governmental immunity by any party under applicable state law. [SIGNATURE PAGES FOLLOW] {00351387} 22 16755236.18 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day first above written. LONGS PEAK METROPOLITAN DISTRICT By: Name: Title: ATTEST: By: Name: Title: CITY OF WHEAT RIDGE ATTEST: By: Bud Starker, Mayor By: Office of City Clerk APPROVED AS TO FORM: Gerald E. Dahl, City Attorney {00351387} 16755236.18 DEVELOPER: EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, its Manager By: Evergreen Devco, Inc., a California corporation, its Manager By: Name: Its: {00351387} Exhibit 1-1 16755236.18 EXHIBIT 1 Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT {00351387} Exhibit 2-1 16755236.18 EXHIBIT 2 List of All Public Improvements and Eligible Costs {00351387} 16755236.18 EXHIBIT 3 Tax Credit Ordinance CITY OF WHEAT RIDGE, COLORADO INTRODUCED BY COUNCIL MEMBER ___________ Council Bill No. __ Ordinance No. _______ Series ____ AN ORDINANCE PROVIDING FOR AN ADMISSIONS TAX CREDIT, A SALES TAX CREDIT, AND A LODGING TAX CREDIT AGAINST CERTAIN PUBLIC IMPROVEMENT FEES PAID AT CLEAR CREEK CROSSING WHEREAS, the City of Wheat Ridge (“City”), acting by and through its City Council (“City Council”), is a home rule municipality having all powers conferred by Article XX of the Colorado Constitution; and WHEREAS, the City has entered into a Public Finance Agreement (the “Public Finance Agreement”) with Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado, and Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability corporation (“Developer”), concerning the finance and construction of certain public improvements in association with the development of a mixed-use commercial project known as Clear Creek Crossing (the “Project”) on approximately __ acres of real property generally located at the southwest corner of the intersection of Interstate 70 and Colorado Highway 58, as more particularly described on Exhibit 1 (“Property”); and WHEREAS, all capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Public Finance Agreement; and WHEREAS, pursuant to Section 4.1 of the Public Finance Agreement, the City Council of the City has agreed to consider adoption of an ordinance granting an Admissions Tax Credit in the amount of two and a half percent (2.50%) against the collection of Admissions Sales to the extent that the Admissions Credit PIF in the amount of two and a half percent (2.50%) is collected on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), subject to the terms and limitations set forth in the Public Finance Agreement; and WHEREAS, pursuant to Section 4.1 of the Public Finance Agreement, the City Council of the City has agreed to consider adoption of an ordinance granting a Sales Tax Credit in the amount of one and fifty one-hundredths percent (1.50%) against the collection of Retail Sales to the extent that the Retail Credit PIF in the amount of one and fifty one-hundredths percent (1.50%) is collected on Retail Sales initiated, consummated, conducted, or transacted within the {00351387} 16755236.18 Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), subject to the terms and limitations set forth in the Public Finance Agreement; and WHEREAS, pursuant to Section 4.1 of the Public Finance Agreement, the City Council of the City has agreed to consider adoption of an ordinance granting a Lodging Tax Credit in the amount of five percent (5.0%) against the collection of Lodging Sales to the extent that the Lodging Credit PIF in the amount of five percent (5.0%) has been collected on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, through a third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted, or transacted outside of the Property), subject to the terms and limitations set forth in the Public Finance Agreement; and WHEREAS, providing for such Admissions Tax Credit against the Admissions Credit PIF, Sales Tax Credit against the Retail Credit PIF, and Lodging Tax Credit against the Lodging Credit PIF will substantially aid in the financing and construction of certain necessary public improvements that will benefit the residents of the City and patrons of the Property, and will protect and promote the public health, safety, and general welfare of the residents of the City. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: Section 1. Definitions. “Act” means the Special District Act, Colorado Revised Statutes §§32-1-101, et seq. “Admissions Credit PIF” means the public improvement fee imposed on the Property in the amount of 2.5% on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of the Admissions Credit PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement. “Admissions Credit PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Admissions Credit PIF within the Property. “Admissions Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Admissions Tax. “Admissions Tax” means the municipal admissions charge imposed by the City on the right or privilege to gain entrance to any place, event, performance, or scheduled activity held within the {00351387} 16755236.18 City, at such rates and on such terms and conditions as are prescribed in Section 22-101 of the Code. “Admissions Tax Credit” means the credit against the City’s Admissions Tax in the amount of 2.5% (subject to adjustment as provided in this ordinance) on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), as implemented pursuant to this Ordinance. “Bonds” means one or more series of bonds issued by the District in accordance with the terms of the Act, which may be in the form of a note, loan, or other financial obligation identified as a Bond, including any bonds, notes, loans, or other financial obligations issued by the Districts to refund Bonds. “Credit PIFs” means the Admissions Credit PIF, Lodging Credit PIF, and Retail Credit PIF. “Lodging Credit PIF” means the public improvement fee imposed on the Property in the amount of 5.0% on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of the Lodging Credit PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement. “Lodging Credit PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Lodging Credit PIF within the Property. “Lodging Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Lodging Tax. “Lodging Tax” means the municipal lodgers’ tax imposed by the City at such rate and on such terms and conditions as prescribed in Section 22-100 of the Code, of which an amount equal to 5.0% on Lodging Sales has been permanently earmarked for specific purposes. “Lodging Tax Credit” means the credit against the City’s Lodging Tax in the amount of 5.0% (subject to adjustment as provided in this ordinance) on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, through a third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted, or transacted outside of the Property), as implemented pursuant to this Ordinance. “PIF Collection Agent” means an entity retained for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the PIF Covenants. {00351387} 16755236.18 “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue, entered into in accordance with the Public Finance Agreement. “PIF Covenants” means the Admissions Credit PIF Covenant, Lodging Credit PIF Covenant, and Retail Credit PIF Covenant. “PIF Revenue” means all revenue collected by the PIF Collection Agent from the Credit PIFs. “Retail Credit PIF” means the public improvement fee imposed on the Property in the amount of 1.50% on Retail Sales initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), which will be collected in accordance with the terms of the Retail Credit PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement. “Retail Credit PIF Covenant” means a declaration of covenants by Developer imposing and implementing the Retail Credit PIF within the Property. “Retail Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted that is subject to the City’s Sales Tax. “Sales Tax” means the municipal sales tax imposed by the City on sales of goods and services, at such rates and on such terms and conditions as are prescribed in Chapter 22, Article 1 of the Code. “Sales Tax Credit” means the credit against the City’s Sales Tax in the amount of 1.50% (subject to adjustment as provided in this ordinance) on Retail Sales that are initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), as implemented pursuant to this Ordinance. “Wheat Ridge Code of Laws” or “Code” means the municipal code and ordinances of the City of Wheat Ridge, Colorado as adopted and as amended from time to time by the Council. Section 2. Admissions Tax Credit. In order to implement the provisions of the Public Finance Agreement, there is hereby granted to each person or entity obligated to pay, collect, or remit Admissions Tax on Admissions Sales that are initiated, consummated, conducted, or transacted within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), an Admissions Tax Credit against the collection of the Admissions Taxes as hereinafter set forth. Such Admissions Tax Credit shall be granted in the form of a reduction in the applicable Admissions Tax rate in an amount equal to two and fifty one-hundredths percent (2.50%), and shall attach to a particular transaction only to the extent that the PIF Revenues {00351387} 16755236.18 generated by the Admissions Credit PIF are collected and received by the PIF Collection Agent for such transaction. The Admissions Tax Credit shall be automatic and shall take effect immediately upon the occurrence of an Admissions Sale, but shall be subject to the applicable retailer’s remittance to and receipt by the PIF Collection Agent of the PIF Revenues generated by the Admissions Credit PIF in accordance with the Admissions Credit PIF Covenant and the Public Finance Agreement (as reflected on the taxpayer’s periodic admissions tax report). Section 3. Sales Tax Credit. In order to implement the provisions of the Public Finance Agreement, there is hereby granted to each person or entity obligated to pay, collect, or remit Sales Tax on Retail Sales that are initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), a Sales Tax Credit against the collection of the Sales Taxes as hereinafter set forth. Such Sales Tax Credit shall be granted in the form of a reduction in the applicable Sales Tax rate in an amount equal to one and fifty one-hundredths percent (1.50%), and shall attach to a particular transaction only to the extent that the PIF Revenues generated by the Retail Credit PIF are collected and received by the PIF Collection Agent for such transaction. The Sales Tax Credit shall be automatic and shall take effect immediately upon the occurrence of a Retail Sale, but shall be subject to the applicable retailer’s remittance to and receipt by the PIF Collection Agent of the PIF Revenues generated by the Retail Credit PIF in accordance with the Retail Credit PIF Covenant and the Public Finance Agreement (as reflected on the retailer’s periodic sales tax report). Section 4. Lodging Tax Credit. In order to implement the provisions of the Public Finance Agreement, there is hereby granted to each person or entity obligated to pay, collect, or remit Lodging Tax on the Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party, or otherwise initiated, consummated, conducted, or transacted outside of the Property), a Lodging Tax Credit against the collection of the Lodging Taxes as hereinafter set forth. Such Lodging Tax Credit shall be granted in the form of a reduction in the applicable Lodging Tax rate in an amount equal to five percent (5.0%), and shall attach to a particular transaction only to the extent that the PIF Revenues generated by the Lodging Credit PIF are collected and received by the PIF Collection Agent for such transaction. The Lodging Tax Credit shall be automatic and shall take effect immediately upon the occurrence of a Lodging Sale, but shall be subject to the applicable payor’s remittance to and receipt by the PIF Collection Agent of the PIF Revenues generated by the Lodging Credit PIF in accordance with the Lodging Credit PIF Covenant and the Public Finance Agreement (as reflected on the lodging provider’s periodic lodging tax report). Section 5. Termination of Credits. The Admissions Tax Credit, Sales Tax Credit, and Lodging Tax Credit granted pursuant this Ordinance shall all expire on the earlier to occur of: payment of all principal and interest on Bonds issued by the District; or on the last day of the calendar year which is 25 years after the date the first Bonds are issued. {00351387} 16755236.18 The District shall provide written notice to the City of the date on which Bonds are issued, and the date on which Bonds are paid in full or defeased. Section 6. Invalidity. In the event the Admissions Tax Credit, Sales Tax Credit, or Lodging Tax Credit established herein or any of the Credit PIFs are determined by a final court decision to be unconstitutional, void, or ineffective for any cause, taxpayers shall immediately be required to collect and remit the full Admissions Tax, Sales Tax, or Lodging Tax, as applicable, as provided in Chapter 22 of the Wheat Ridge Code of Laws. Section 7. Change in Tax Rate. Nothing contained in this Ordinance shall prohibit the City, after complying with all requirements of law, from increasing or decreasing the City’s Admissions Tax, Sales Tax, or Lodging Tax rate. Any reduction in the Admissions Tax or Sales Tax shall not affect the amount of the Admissions Tax Credit or Sales Tax Credit; provided, however, (A) if the Admissions Tax is reduced to an amount lower than the Admissions Tax Credit, Admissions Tax Credit shall automatically be reduced to equal the amount of the Admissions Tax and, if the Admissions Tax is thereafter increased, the Admissions Tax Credit shall automatically increase to equal the Admissions Tax until the Admissions Tax exceeds the original amount of the Admissions Tax Credit, or (B) if the Sales Tax is reduced to an amount lower than the Sales Tax Credit, the Sales Tax Credit shall automatically be reduced to equal the amount of the Sales Tax and, if the Sales Tax is thereafter increased, the Sales Tax Credit shall automatically increase to equal the Sales Tax until the Sales Tax exceeds the original amount of the Sales Tax Credit. If the Lodging Tax is reduced, the Lodging Tax Credit shall be automatically reduced to equal the Lodging Tax rate less 5% (by way of example only, if the Lodging Tax is reduced to 8%, the Lodging Tax Credit would be reduced to 3%), and, if the Lodging Tax is thereafter increased, the Lodging Tax Credit shall automatically increase to an amount equal to the Lodging Tax less 5% but not to exceed 5% of Lodging Sales. Section 8. Effect of Credit, Applicability of TABOR. The City Council hereby determines that the creation or termination of the Admissions Tax Credit, Sales Tax Credit, and Lodging Tax Credit does not constitute a tax increase, the imposition of a new tax, or a tax policy change directly causing a net tax revenue gain to the City, and that nothing herein creates a multiple fiscal year financial obligation or other indebtedness of the City, nor does the Admissions Tax Credit, Sales Tax Credit, or Lodging Tax Credit established by this Ordinance nor the termination of Admissions Tax Credit, Sales Tax Credit, or Lodging Tax Credit meet any of the other criteria requiring approval by the electors pursuant to Article X, Section 20 of the Colorado Constitution, also known as the Taxpayer's Bill of Rights (TABOR). Section 9. Safety Clause. The City Council finds, determines, and declares that this Ordinance is promulgated and adopted under the general police power of the City of Wheat Ridge, that it is promulgated for the public health, safety, and welfare of the public and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. The City Council further determines that the Ordinance bears a rational relation to the legislative object sought to be attained. Section 10. Severability; Conflicting Ordinances Repealed. If any section, subsection, or clause of this Ordinance shall be deemed to be unconstitutional or otherwise invalid, {00351387} 16755236.18 the validity of the remaining sections, subsections, and clauses shall not be affected thereby. All other ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. Section 11. Effective Date. This Ordinance shall take effect upon adoption, as permitted by Section 5.11 of the Charter. INTRODUCED, READ, AND ADOPTED on the first reading by a vote of __ to __ on this ____ day of ____________, 2018, ordered published in full in a newspaper of general circulation in the City of Wheat Ridge and Public Hearing and consideration on final passage set for _________ __, 2018, at _____ o’clock p.m., in the Council Chambers, 7500 29th Avenue, Wheat Ridge, Colorado. READ, ADOPTED, AND ORDERED PUBLISHED on second and final reading by a vote of __ to __, this _____ day of _______________, 2018. SIGNED by the Mayor on this _____ day of _______________, 2018. Bud Starker, Mayor ATTEST: Janelle Shaver, City Clerk Approved As To Form Gerald E. Dahl, City Attorney First Publication: Second Publication: Wheat Ridge Transcript Effective Date: {00351387} Exhibit 3-1 16755236.18 EXHIBIT 1 Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT {00351387} Exhibit 4-1 16755236.18 EXHIBIT 4 PROCEDURE FOR DOCUMENTING, CERTIFYING AND PAYING CERTAIN COSTS 1. Applicability. All capitalized terms that are not specifically defined in this Exhibit 4 will have the same meaning as defined in this Agreement. The Parties recognize and acknowledge that in connection with issuance and sale of Bonds, the District Bond Documents related to such Bonds may establish a different procedure for the requisition of District Bond proceeds, in which event that procedure shall be substituted for the procedure in this Exhibit 4 to the extent that they conflict with the procedures in this Exhibit 4; provided, however, the Parties agree to cooperate so that the District Bond Documents or bond documents related to Bonds will include a procedure for certifying the Eligible Costs payable under in-process construction and other contracts to permit Bond proceeds to be applied to direct payments under such contracts. 2. Engineer. The District will select an independent licensed engineer experienced in the design and construction of public improvements in the Denver metropolitan area (the “Engineer”). The Engineer shall be responsible for reviewing, approving, and providing the certificate required by paragraph 3. 3. Documentation of Eligible Costs. The District or Developer will be responsible for documenting all Eligible Costs. Eligible Costs shall be certified in accordance with this Exhibit 4. Eligible Costs for yet to be constructed Public Improvements may be certified when a pay application has been submitted by a contractor that complies with the procedure set forth in this Exhibit 4. All such submissions shall include a certification signed by both the Engineer and an authorized representative of the District or Developer, as applicable. The certificate shall state that the information contained therein is true and accurate to each individual’s actual knowledge and, to such individual’s actual knowledge, qualifies as Eligible Costs. Such submissions will include copies of reasonable backup documentation supporting the listed cost items. 4. Verification, Submission, and Payment from Bond Proceeds. To the extent that Bonds have been issued, Eligible Costs may be paid from Bond proceeds and Remaining Add-On PIF Revenue in accordance with the Agreement. The District or Developer may submit its own request for payment of Eligible Costs or forward third-party requests for payment of Eligible Costs to the District representative, Escrow Agent, or Trustee, as applicable, for review within ten (10) business days. Such review is solely for the purpose of the District representative, Escrow Agent and the Trustee, as applicable, verifying that the work and costs represented in each payment request and supporting documentation qualify as Eligible Costs. The sole grounds for the District representative, Escrow Agent, or the Trustee, as applicable, denying all or a portion of a payment request shall be that (1) all or a portion of the work and costs represented in such payment request and supporting documentation do not qualify as Eligible Costs, or (2) the payment is not ripe pursuant to any Reimbursement Agreement, the Hook Ramp Reimbursement IGA or other contracts setting forth a priority of payment, in which event the payment request may be denied by the District representative, Escrow Agent, or the Trustee, as applicable, only to the extent of the non-qualifying work and costs or payment in such payment request. Upon the earlier of approval of such documentation or expiration of the ten (10) business day period, the Trustee or Escrow Agent, as applicable, will allocate the Eligible Costs to (1) the categories set {00351387} Exhibit 4-2 16755236.18 forth in Section 8.1 of the Agreement, and (2) the Public Improvements according to the category for each listed in Exhibit 2 and the Trustee and Escrow Agent shall together compile an aggregate running total of the Eligible Costs paid in each category. The Trustee or Escrow Agent, as applicable, will make payments of Eligible Costs to the District or Developer as provided in the Agreement and other contracts related to the financing of Public Improvements. So long as the payment request is properly certified according to this procedure, payment will be made within twenty (20) days of submission of the payment request. 5. Reimbursement of Environmental Assessment Costs and EPS Costs. To the extent that Bonds have been issued, the Environmental Assessment Costs and EPS Costs may be reimbursed from Bond proceeds in accordance with Section 10 of the Agreement. In such event, each payment request will be submitted to the District representative, and the Trustee, as applicable, for review within ten (10) business days. Such review is solely for the purpose of the District representative and the Trustee, as applicable, verifying that the work and costs represented in each payment request and supporting documentation qualify as Environmental Assessment Costs or EPS Costs and are eligible for reimbursement under Section 10 of the Agreement. The sole grounds for the District representative or the Trustee, as applicable, denying all or a portion of a payment request shall be that all or a portion of the work and costs represented in such payment request and supporting documentation do not qualify as Environmental Assessment Costs or EPS Costs that are then eligible for reimbursement under Section 10 of the Agreement, in which event the payment request may be denied by the District representative or the Trustee, as applicable, only to the extent of the non-qualifying work and costs in such payment request or to the extent the request was not timely in accordance Section 10 of the Agreement. So long as the payment request is properly certified according to this procedure, payment will be made within twenty (20) days of submission of the payment request. 6. Verification, Submission and Payment from District Pledged Revenue on Deposit with the Escrow Agent. To the extent that no Bonds have been issued, Eligible Costs may be paid from District Pledged Revenue and Remaining Add-On PIF Revenue on deposit with the Escrow Agent in accordance with the Agreement. The District or Developer may submit its own request for payment of Eligible Costs or forward third-party requests for payment of Eligible Costs to the Escrow Agent, for review within ten (10) business days. Such review is solely for the purpose of the District representative and the Escrow Agent verifying that the work and costs represented in each payment request and supporting documentation qualify as Eligible Costs. The sole grounds for the District representative or the Escrow Agent denying all or a portion of a payment request shall be that (1) the all or a portion of the work and costs represented in such payment request and supporting documentation do not qualify as Eligible Costs, or (2) the payment is not ripe pursuant to any Reimbursement Agreement, the Hook Ramp Reimbursement IGA or other contracts setting forth a priority of payment, in which event the payment request may be denied by the District representative or the Escrow Agent only to the extent of the non- qualifying work and costs in such payment request. Upon the earlier of approval of such documentation or expiration of the ten (10) business day period, the Escrow Agent will allocate the Eligible Costs to (1) the categories set forth in Section 8.1 of the Agreement, and (2) the Public Improvements according to the category for each listed in Exhibit 2 and compile an aggregate running total of Eligible Costs paid in each category. The Escrow Agent will make payments of Eligible Costs as provided in this Agreement. So long as the payment request is {00351387} Exhibit 4-3 16755236.18 properly certified according to this procedure, payment will be made within twenty (20) days of submission of the payment request. 6. Reimbursement of City Costs. To the extent that no Bonds have been issued, City Costs may be paid from District Pledged Revenue on deposit with the Escrow Agent, and to the extent that Bonds have been issued, City Costs may be paid from Bond proceeds on deposit with the Trustee, all in accordance with the Agreement. The City may submit its request for reimbursement of City Costs to the District representative, Escrow Agent, or Trustee, as applicable, for review within ten (10) business days. Such review is solely for the purpose of the District representative, Escrow Agent and the Trustee, as applicable, verifying that the costs represented in each payment request and supporting documentation qualify as City Costs. The sole grounds for the District representative, Escrow Agent, or the Trustee, as applicable, denying all or a portion of a payment request shall be that all or a portion of the costs represented in such payment request and supporting documentation do not qualify as City Costs, in which event the payment request may be denied by the District representative, Escrow Agent, or the Trustee, as applicable, only to the extent of the non-qualifying costs or payment in such payment request. So long as the payment request is properly certified according to this procedure, payment will be made within twenty (20) days of submission of the payment request. 7. Reimbursement of Authority Costs. To the extent that no Bonds have been issued, Authority Costs may be paid from District Pledged Revenue on deposit with the Escrow Agent, and to the extent that Bonds have been issued, Authority Costs may be paid from Bond proceeds on deposit with the Trustee, all in accordance with the Agreement. The Authority may submit its request for reimbursement of Authority Costs to the District representative, Escrow Agent, or Trustee, as applicable, for review within ten (10) business days. Such review is solely for the purpose of the District representative, Escrow Agent and the Trustee, as applicable, verifying that the costs represented in each payment request and supporting documentation qualify as Authority Costs. The sole grounds for the District representative, Escrow Agent, or the Trustee, as applicable, denying all or a portion of a payment request shall be that all or a portion of the costs represented in such payment request and supporting documentation do not qualify as Authority Costs, in which event the payment request may be denied by the District representative, Escrow Agent, or the Trustee, as applicable, only to the extent of the non- qualifying costs or payment in such payment request. So long as the payment request is properly certified according to this procedure, payment will be made within twenty (20) days of submission of the payment request. 8. Priority of Payments. Notwithstanding the foregoing provisions, the Parties acknowledge and agree that District Pledged Revenue and Remaining Add-On PIF Revenue on deposit with the Escrow Agent or Bond proceeds controlled by the Trustee may be insufficient to make the payments permitted by the Agreement and this Exhibit 4. In the event that there are insufficient District Pledged Revenue, Remaining Add-On PIF Revenue, or Bond proceeds to make such payments that have been requested, this shall not constitute an event of default under the Agreement. Any such payments shall be made only from available District Pledged Revenue, Remaining Add-On PIF Revenue, or Bond proceeds and any unpaid request, or portion thereof, shall be made when District Pledged Revenue, Remaining Add-On PIF Revenue, or Bond proceeds is thereafter available for release by the Escrow Agent or Trustee, as applicable. In the {00351387} Exhibit 4-4 16755236.18 event that the Escrow Agent or Trustee receives multiple requests for payment of Eligible Costs and the District Pledged Revenue, Remaining Add-On PIF Revenue, or Bond proceeds is insufficient to make all such requested payments, the District Pledged Revenue shall be applied to requests based upon the order they are received, subject to the Agreement and other District contracts establishing priority for payment, with the first payment made to the first request received. {00351387} Exhibit 5-1 16755236.18 EXHIBIT 5 DEPICTION OF HOOK RAMPS {00351387} Exhibit 5-2 16755236.18 DEPICTION OF HOOK RAMPS (Continued) {00351387} Exhibit 5-3 16755236.18 DEPICTION OF HOOK RAMPS (Continued) {00351387} Exhibit 5-4 16755236.18 DEPICTION OF HOOK RAMPS (Continued) I N T E R G O V E R N M E N T A L A G R E E M E N T F O R H O O K R A M P C O S T R E I M B U R S E M E N T T h i s I N T E R G O V E R N M E N T A L A G R E E M E N T F O R H O O K R A M P C O S T R E I M B U R S E M E N T ( “ A g r e e m e n t ” ) i s e n t e r e d i n t o t h i s 4 ” l a y o f 7 ” 2 t L , 2 0 1 8 , b y a n d b e t w e e n t h e C i t y o f W h e a t R i d g e , a C o l o r a d o h o m e - r u l e m u n i c i p a l i t y ( t h e “ C i t y ” ) , a n d t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t , a q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o ( t h e “ D i s t r i c t ” ) . R E C I T A L S A . T h e C i t y i s a C o l o r a d o h o m e r u l e m u n i c i p a l i t y , o r g a n i z e d a n d e x i s t i n g p u r s u a n t t o S e c t i o n 6 o f A r t i c l e X X o f t h e C o l o r a d o C o n s t i t u t i o n . B . T h e C i t y h a s a u t h o r i t y u n d e r A r t i c l e X I V S e c t i o n 1 8 o f t h e C o l o r a d o C o n s t i t u t i o n a n d C R S 2 9 - 1 - 2 0 1 e t s e q . t o e n t e r i n t o i n t e r g o v e r n m e n t a l a g r e e m e n t s f o r l a w f u l p u r p o s e s a u t h o r i z e d t o i t . C . T h e C i t y a n d D i s t r i c t e n t e r e d i n t o t h a t c e r t a i n I n t e r g o v e r n m e n t a l A g r e e m e n t f o r C o n s t r u c t i o n o f t h e 1 - 7 0 a n d 3 2 A v e n u e I n t e r c h a n g e d a t e d { \ - 4 p , , 2 0 1 8 ( t h e “ I G A ” ) , w h e r e b y t h e C i t y a g r e e d t o f i n a n c e t h e c o n s t r u c t i o n o f t h e 1 - 7 0 a n d 3 2 A v e n u e I n t e r c h a n g e ( t h e “ P r o j e c t ” ) a n d t h e D i s t r i c t a g r e e d t o c o n s t r u c t t h e P r o j e c t p u r s u a n t t o t h e t e r m s s e t f o r t h t h e r e i n . D . T h e I G A r e q u i r e s t h e C i t y t o f i n a n c e a l l “ C o n s t r u c t i o n C o s t s ” i n c u r r e d b y t h e D i s t r i c t i n p e r f o r m a n c e o f t h e “ D i s t r i c t S e r v i c e s ” p r o v i d e d t h e r e i n . E . P a r a g r a p h 4 ( F ) ( i i ) o f t h e I G A r e q u i r e s t h e D i s t r i c t t o r e i m b u r s e t h e C i t y f o r C o n s t r u c t i o n C o s t s p a i d b y t h e C i t y i n e x c e s s o f t h e C i t y ’ s “ A l l o c a t i o n ” o f $ 1 0 , 0 0 0 , 0 0 0 f o r t h e P r o j e c t ( t h e “ C o n t i n g e n c y R e i m b u r s e m e n t ” ) . F . P a r a g r a p h 4 ( D ) o f t h e I G A r e q u i r e s t h e D i s t r i c t t o r e i m b u r s e t h e C i t y f o r C o n s t r u c t i o n C o s t s t h a t h a v e b e e n o b j e c t e d t o a n d a r e s u b s e q u e n t l y a g r e e d t o a t m e d i a t i o n ( t h e “ M e d i a t i o n R e i m b u r s e m e n t ” ) . G . T h e C i t y a n d D i s t r i c t d e s i r e t o e n t e r i n t o t h i s A g r e e m e n t t o s e t f o r t h t h e t e r m s a n d c o n d i t i o n s f o r t h e D i s t r i c t ’ s p a y m e n t t o t h e C i t y o f a n y C o n t i n g e n c y R e i m b u r s e m e n t a n d M e d i a t i o n R e i m b u r s e m e n t a r i s i n g f r o m t h e I G A . N O W T H E R E F O R E , t h e C i t y a n d D i s t r i c t h a v e e n t e r e d i n t o t h i s A g r e e m e n t . 1 . P U R P O S E . T h i s A g r e e m e n t s e t s f o r t h t h e t e r m s b y w h i c h t h e D i s t r i c t w i l l r e i m b u r s e t h e C i t y f o r c e r t a i n C o n s t r u c t i o n C o s t s p a i d t o t h e D i s t r i c t p u r s u a n t t o t h e I G A . T h e C i t y ’ s p a y m e n t t o t h e D i s t r i c t o f ( 1 ) a n y M e d i a t i o n R e i m b u r s e m e n t , a n d , ( 2 ) C o n s t r u c t i o n C o s t s a m o u n t i n g t o C o n t i n g e n c y F u n d s p u r s u a n t t o P a r a g r a p h 4 ( F ) ( i i ) o f t h e I G A a r e e a c h m a d e i n c o n s i d e r a t i o n o f t h e D i s t r i c t ’ s c o m p l e t i o n o f t h e P r o j e c t a n d t h e e x e c u t i o n a n d - p e r f o r m a n c e o f { 0 0 3 3 4 4 5 6 3 } A T T A C H M E N T 2 t h i s A g r e e m e n t . C a p i t a l i z e d t e r m s n o t d e f i n e d h e r e i n s h a l l h a v e t h e m e a n i n g p r o v i d e d i n t h e I G A . 2 . R E I M B U R S E M E N T . T h e D i s t r i c t c o v e n a n t s t o p a y t o t h e C i t y a n y C o n t i n g e n c y R e i m b u r s e m e n t a n d M e d i a t i o n R e i m b u r s e m e n t ( c o l l e c t i v e l y , t h e “ R e i m b u r s e m e n t ” ) a s f o l l o w s : a . D i s t r i b u t i o n A g r e e m e n t . T h e D i s t r i c t i s a p a r t y t o t h a t c e r t a i n D i s t r i b u t i o n A g r e e m e n t f o r R e i m b u r s e m e n t o f C a p i t a l A d v a n c e s a n d P u r c h a s e o f P u b l i c I n f r a s t r u c t u r e b y a n d b e t w e e n t h e D i s t r i c t , C a b e l a ’ s W h o l e s a l e , I n c . , E v e r g r e e n - C l e a r C r e e k C r o s s i n g , L . L . C . , a n d C o o r s B r e w i n g C o m p a n y d a t e d D e c e m b e r 1 6 , 2 0 1 6 ( t h e “ D i s t r i b u t i o n A g r e e m e n t ” ) . P a r a g r a p h 6 o f t h e D i s t r i b u t i o n A g r e e m e n t s e t s f o r t h a m a n d a t o r y o r d e r f o r t h e D i s t r i c t ’ s d i s t r i b u t i o n o f “ d i s t r i c t r e v e n u e s ” t o r e i m b u r s e c e r t a i n c a p i t a l a d v a n c e s a n d p a y f o r p u b l i c i n f r a s t r u c t u r e i d e n t i f i e d a s t h e “ A d d i t i o n a l I n f r a s t r u c t u r e ” . P a r a g r a p h 6 ( 1 1 ) p r o v i d e s t h a t t h e D i s t r i c t m a y d i s t r i b u t e “ d i s t r i c t r e v e n u e s ” t o “ c a u s e t h e c o n s t r u c t i o n o f t h e A d d i t i o n a l I n f r a s t r u c t u r e , b y f i n a n c i n g t h e c o n s t r u c t i o n d i r e c t l y a n d / o r p a y i n g t o E v e r g r e e n t h e c o s t o f a n y A d d i t i o n a l I n f r a s t r u c t u r e c o n s t r u c t e d b y E v e r g r e e n a n d a c q u i r e d b y t h e D i s t r i c t . . , u n t i l t h e D i s t r i c t h a s f i n a n c e d t h e c o s t o f a l l A d d i t i o n a l I n f r a s t r u c t u r e ” . T h e “ A d d i t i o n a l I n f r a s t r u c t u r e ” i s t h e P r o j e c t a n d C C C P r o j e c t . b . P a y m e n t f r o m B o n d P r o c e e d s . T h e D i s t r i c t c u r r e n t l y a n t i c i p a t e s t h e i s s u a n c e o f o n e o r m o r e s e r i e s o f b o n d s t o f i n a n c e t h e d i s t r i b u t i o n s s e t f o r t h i n P a r a g r a p h s 6 ( I ) a n d 6 ( 1 1 ) o f t h e D i s t r i b u t i o n A g r e e m e n t ( t h e “ B o n d s ” ) . T h e D i s t r i c t c o v e n a n t s t o i n c l u d e t h e R e i m b u r s e m e n t i n t h e a p p r o v e d u s e s f o r t h e B o n d s s u b j e c t t o i t s a b i l i t y t o i s s u e t h e B o n d s w i t h s u f f i c i e n t p r o c e e d s a n d r e a s o n a b l e t e r m s t h e r e f o r . I f t h e R e i m b u r s e m e n t i s i n c l u d e d i n t h e a p p r o v e d u s e s f o r t h e B o n d s , t h e D i s t r i c t s h a l l p a y t o t h e C i t y a l l r e m a i n i n g p r o c e e d s u p t o t h e R e i m b u r s e m e n t a m o u n t a f t e r t h e C C C P r o j e c t h a s b e e n f i n a n c e d a n d c o m p l e t e d i n i t s e n t i r e t y . I n n o e v e n t s h a l l t h e C i t y b e e n t i t l e d t o a n y R e i m b u r s e m e n t p a y m e n t f r o m t h e B o n d s u n t i l t h e D i s t r i c t h a s c o m p l e t e d a n d p a i d f o r t h e C C C P r o j e c t “ A d d i t i o n a l I n f r a s t r u c t u r e ” i n i t s e n t i r e t y . c . P a y m e n t f r o m G e n e r a l F u n d . I f t h e D i s t r i c t i s u n a b l e t o p a y t o t h e C i t y t h e e n t i r e R e i m b u r s e m e n t p u r s u a n t t o P a r a g r a p h 2 ( b ) o f t h i s A g r e e m e n t , t h e D i s t r i c t , i n a n y y e a r , a n d s u b j e c t t o t h e r e q u i r e m e n t s o f t h e D i s t r i b u t i o n A g r e e m e n t , m a y a p p r o p r i a t e a n d p a y f r o m i t s g e n e r a l f u n d s o m e o r a l l o f t h e R e i m b u r s e m e n t . d . S u b j e c t t o A n n u a l A p p r o p r i a t i o n . T h e D i s t r i c t ’ s o b l i g a t i o n t o p a y t h e R e i m b u r s e m e n t t o t h e C i t y i s s u b j e c t t o t h e a n n u a l a p p r o p r i a t i o n o f f u n d s b y t h e D i s t r i c t u p o n a d e t e r m i n a t i o n b y t h e D i s t r i c t ’ s B o a r d o f D i r e c t o r s t h a t f u n d s a r e a v a i l a b l e t h e r e f o r a n d t h a t s u c h f u n d s a r e n o t n e e d e d o r p l e d g e d f o r o t h e r D i s t r i c t o b l i g a t i o n s . A c c o r d i n g l y , t h e D i s t r i c t ’ s o b l i g a t i o n t o p a y t h e R e i m b u r s e m e n t t o t h e C i t y d o e s n o t c o n s t i t u t e a d e b t , i n d e b t e d n e s s , o r m u l t i p l e f i s c a l y e a r o b l i g a t i o n o f t h e D i s t r i c t . { 0 0 3 3 4 4 5 6 3 } 2 e . N o I n t e r e s t . T h e C i t y a g r e e s t h a t t h e R e i m b u r s e m e n t s h a l l a c c r u e i n t e r e s t a t a r a t e o f z e r o p e r c e n t ( 0 % ) p e r a n n u m a n d s h a l l n o t b e s u b j e c t t o a n y s t a t u t o r y i n t e r e s t o r p e n a l t y o f a n y k i n d w h a t s o e v e r . 3 . T E R M . T h i s A g r e e m e n t s h a l l b e c o m e e f f e c t i v e u p o n t h e c r e a t i o n o f a C o n t i n g e n c y R e i m b u r s e m e n t o r M e d i a t i o n R e i m b u r s e m e n t a n d s h a l l c o n t i n u e i n e f f e c t u n t i l t h e D i s t r i c t h a s p a i d t h e R e i m b u r s e m e n t i n f u l l . T h i s A g r e e m e n t m a y b e t e r m i n a t e d b y t h e m u t u a l a g r e e m e n t o f t h e C i t y a n d D i s t r i c t , u p o n w h i c h a l l o b l i g a t i o n s h e r e i n s h a l l b e d e e m e d s a t i s f i e d . 4 . A C C O U N T I N G F O R F U N D S . T h e C i t y a n d D i s t r i c t s h a l l d i r e c t t h e i r a c c o u n t i n g s t a f f a n d c o n s u l t a n t s t o a c c o u n t f o r a n d d e t e r m i n e t h e a m o u n t o f a n y R e i m b u r s e m e n t o b l i g a t i o n t o b e p a i d b y t h e D i s t r i c t . A n y d i s p u t e o v e r t h e a m o u n t o f t h e R e i m b u r s e m e n t s h a l l b e r e s o l v e d i n t h e s a m e m a n n e r a s a p a y m e n t o b j e c t i o n a s s e t f o r t h i n P a r a g r a p h 4 ( D ) o f t h e I G A . 5 . N O T I C E S . A n y n o t i c e s o r o t h e r c o m m u n i c a t i o n s r e q u i r e d o r p e r m i t t e d b y t h i s A g r e e m e n t o r b y l a w t o b e s e r v e d o n , g i v e n t o o r d e l i v e r e d t o e i t h e r p a r t y h e r e t o , b y t h e o t h e r p a r t y s h a l l b e i n w r i t i n g a n d s h a l l b e d e e m e d d u l y s e r v e d , g i v e n o r d e l i v e r e d w h e n p e r s o n a l l y d e l i v e r e d t o t h e p a r t y t o w h o m i t i s a d d r e s s e d o r i n l i e u o f s u c h p e r s o n a l s e r v i c e , u p o n r e c e i p t i n t h e U n i t e d S t a t e s m a i l , f i r s t - c l a s s p o s t a g e p r e p a i d , o r b y p e r s o n a l d e l i v e r y s e r v i c e a d d r e s s e d a s f o l l o w s : t o t h e C i t y o f W h e a t R i d g e : P a t r i c k G o f f , C i t y M a n a g e r C i t y o f W h e a t R i d g e 7 5 0 0 W . 2 9 t h A v e . W h e a t R i d g e , C O 8 0 0 3 3 w i t h a c o p y t o W h e a t R i d g e C i t y A t t o r n e y : G e r a l d D a h l , C i t y A t t o r n e y M u r r a y D a h l K u e c h e n m e i s t e r & R e n a u d , L L P 7 1 0 K i p l i n g S t r e e t , S u i t e 3 0 0 L a k e w o o d , C O 8 0 2 1 5 t o t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t d o : K i m 3 . S e t e r , E s q . S e t e r & V a n d e r W a l l , P . C . 7 4 0 0 E . O r c h a r d R d . , S u i t e 3 3 0 0 G r e e n w o o d V i l l a g e , C O 8 0 1 1 1 E i t h e r p a r t y , t h e D i s t r i c t o r t h e C i t y , m a y c h a n g e i t s a d d r e s s f o r t h e p u r p o s e o f t h i s p a r a g r a p h b y g i v i n g w r i t t e n n o t i c e o f s u c h c h a n g e t o t h e o t h e r p a r t y i n t h e m a n n e r p r o v i d e d i n t h i s p a r a g r a p h . 6 . A S S I G N M E N T . T h i s A g r e e m e n t m a y b e a s s i g n e d o n l y w i t h t h e p r i o r w r i t t e n c o n s e n t o f t h e n o n - a s s i g n i n g p a r t y . { 0 0 3 3 4 4 5 6 3 } 3 7 . A M E N D M E N T . A n y a m e n d m e n t o r m o d i f i c a t i o n t o t h i s A g r e e m e n t s h a l l b e m a d e i n w r i t i n g e x e c u t e d b y b o t h t h e C i t y a n d D i s t r i c t . 8 . G O V E R N I N G L A W / V E N U E . T h i s A g r e e m e n t s h a l l b e g o v e r n e d b y a n d c o n s t r u e d i n a c c o r d a n c e w i t h t h e l a w s o f t h e S t a t e o f C o l o r a d o i n t h e D i s t r i c t C o u r t f o r J e f f e r s o n C o u n t y , C o l o r a d o . 9 . C O U N T E R P A R T E X E C U T I O N . T h i s A g r e e m e n t m a y b e e x e c u t e d i n c o u n t e r p a r t s , a n d t h e a u t h o r i z e d s i g n a t u r e s o f e i t h e r t h e C i t y o r D i s t r i c t a f f i x e d t o a c o u n t e r p a r t s i g n a t u r e s h a l l b e d e e m e d t o c o n s t i t u t e e x e c u t i o n o f t h e o r i g i n a l A g r e e m e n t . 1 0 . S E V E R A B I L I T Y . I f a n y p r o v i s i o n s o f t h i s A g r e e m e n t s h a l l f o r a n y r e a s o n b e i n v a l i d o r u n e n f o r c e a b l e , t h e r e m a i n d e r o f t h i s A g r e e m e n t s h a l l n o t b e a f f e c t e d t h e r e b y a n d s h a l l b e e n f o r c e d t o t h e g r e a t e s t e x t e n t p e r m i t t e d b y l a w . 1 1 . N O T H I R D - P A R T Y B E N E F I C I A R I E S . N o t h i n g i n t h i s A g r e e m e n t , e x p r e s s o r i m p l i e d , i s i n t e n d e d t o o r s h a l l c o n f e r u p o n a n y o t h e r p e r s o n o r e n t i t y a n y r i g h t , b e n e f i t o r r e m e d y o f a n y n a t u r e w h a t s o e v e r u n d e r o r b y r e a s o n o f t h i s A g r e e m e n t , i n c l u d i n g a n y p e r s o n s o r e n t i t i e s w h o h a v e a d v a n c e d m o n i e s t o t h e D i s t r i c t , b u t a r e n o t p a r t i e s h e r e t o . I N W I T N E S S W H E R E O F , t h e p a r t i e s h a v e e x e c u t e d t h i s A g r e e m e n t o n t h e d a t e f i r s t a b o v e w r i t t e n . B y t h e s i g n a t u r e o f i t s r e p r e s e n t a t i v e b e l o w , e a c h p a r t y a f f i r m s t h a t i t h a s t a k e n a l l n e c e s s a r y a c t i o n t o a u t h o r i z e s a i d r e p r e s e n t a t i v e t o e x e c u t e t h i s A g r e e m e n t . C I T Y O F W H E A T R I D G E A h o m e - r u l e m u n i c i p a l i t y o f t h e S t a t e o f C o l o r a d o B y : _ _ _ _ _ _ _ _ B u d S t a r k e r , M a y o r L O N G S P E A K M E T R O P O L I T A N D I S T R I C T A q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o / ç i _ B y : A T T E S T : M i c h a e l { 0 0 3 3 4 4 5 6 3 } 4 T y l e r a r i s o n , S e c r e t a r y { 0 0 3 3 4 4 5 6 3 } 5 C O O P E R A T I O N A G R E E M E N T B E T W E E N T H E L O N G S P E A K M E T R O P O L I T A N D I S T R I C T A N D T H E W H E A T R I D G E U R B A N R E N E W A L A U T H O R I T Y T H I S C O O P E R A T I O N A G R E E M E N T ( t h i s " A g r e e m e n t " ) d a t e d a s o f S e p t e m b e r 6 , 2 0 1 6 . i s m a d e a n d e n t e r e d i n t o b e t w e e n t h e L O N G S P E A K M E T R O P O L I T A N D I S T R I C T ( t h e " D i s t r i c t " ) , a n d t h e W H E A T R I D G E U R B A N R E N E W A L A U T H O R I T Y d / b / a / R E N E W A L W H E A T R I D G E ( t h e " A u t h o r i t y " ) . W H E R E A S , t h e D i s t r i c t i s a C o l o r a d o s p e c i a l d i s t r i c t a n d a q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o , w i t h a l l t h e p o w e r s a n d a u t h o r i t y g r a n t e d p u r s u a n t t o T i t l e 3 2 , A r t i c l e 1 . P a r t 1 , e l . s e q . , C o l o r a d o R e v i s e d S t a t u t e s ( " C . R . S . " ) ( t h e " S p e c i a l D i s t r i c t A c t " ) a n d p u r s u a n t t o t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t S e r v i c e P l a n , a s a p p r o v e d b y t h e C i t y o f W h e a t R i d g e o n M a r c h 1 3 . 2 0 0 6 : a n d W H E R E A S , t h e C i t y o f W h e a l R i d g e i s a C o l o r a d o h o m e r u l e m u n i c i p a l i t y w i t h a l l t h e p o w e r s a n d a u t h o r i t y g r a n t e d p u r s u a n t t o A r t i c l e X X o f t h e C o l o r a d o C o n s t i t u t i o n a n d i t s h o m e r u l e c h a r t e r ( t h e " C h a r t e r " ) ; a n d W H E R E A S , t h e A u t h o r i t y i s a C o l o r a d o U r b a n R e n e w a l A u t h o r i t y , w i t h a l l t h e p o w e r s a n d a u t h o r i t y g r a n t e d t o i t p u r s u a n t t o T i t l e 3 1 . A r t i c l e 2 5 . P a r t 1 , C . R . S . ( t h e " U r b a n R e n e w a l L a w " ) ; a n d W H E R E A S , p u r s u a n t t o A r t i c l e X I V o f t h e C o l o r a d o C o n s t i t u t i o n , a n d T i t l e 2 9 . A r t i c l e 1 . P a r t 2 , C . R . S . , t h e D i s t r i c t a n d A u t h o r i t y a r e a u t h o r i z e d t o c o o p e r a t e a n d c o n t r a c t w i t h o n e a n o t h e r t o p r o v i d e a n y f u n c t i o n , s e r v i c e o r f a c i l i t y l a w f u l l y a u t h o r i z e d t o e a c h g o v e r n m e n t a l e n t i t y ; a n d W H E R E A S , t h e C i t y C o u n c i l o f t h e C i t y o f W h e a t R i d g e ( t h e " C i t y C o u n c i l " ) h a s p r e v i o u s l y a d o p t e d t h e 1 - 7 0 / K i p l i n g C o r r i d o r s U r b a n R e n e w a l P l a n , a s a m e n d e d ( t h e " U r b a n R e n e w a l P l a n " o r " P l a n ) f o r t h e a r e a d e s c r i b e d t h e r e i n ( t h e " U r b a n R e n e w a l A r e a " ) : a n d W H E R E A S , a d e v e l o p e r ( t h e " D e v e l o p e r " ) h a s o n e o r m o r e c o n t r a c t s t o p u r c h a s e p r o p e r t y c o n s i s t i n g o f a p p r o x i m a t e l y 7 5 . 2 1 a c r e s o f t h e p r o p e r t y c o m m o n l y r e f e r r e d t o a s C l e a r C r e e k C r o s s i n g ( t h e " P r o p e r t y " o r " C l e a r C r e e k C r o s s i n g " ) , w h i c h i s i n t h e U r b a n R e n e w a l A r e a ; a n d W H E R E A S , t h e D e v e l o p e r i s i n t h e p r o c e s s o f s u b m i t t i n g t o t h e C i t y o f W h e a t R i d g e a n d t h e A u t h o r i t y t h e p l a n t o d e v e l o p t h e P r o p e r t y ( t h e " P r o j e c t " ) ; a n d W H E R E A S , t h e P r o j e c t i s b e i n g u n d e r t a k e n t o f a c i l i t a t e t h e e l i m i n a t i o n a n d p r e v e n t i o n o f b l i g h t e d a r e a s a n d t o p r o m o t e d e v e l o p m e n t , r e d e v e l o p m e n t , c o n s e r v a t i o n , a n d r e h a b i l i t a t i o n o f t h e U r b a n R e n e w a l A r e a ; a n d { 0 0 2 3 8 1 7 1 4 1 W H E R E A S , p u r s u a n t t o § 3 1 - 2 5 - 1 1 2 . C . R . S . a n d t h e U r b a n R e n e w a l P l a n , t h e A u t h o r i t y a n d t h e D i s t r i c t a r e s p e c i f i c a l l y a u t h o r i z e d t o d o a l l t h i n g s n e c e s s a r y t o a i d a n d c o o p e r a t e w i t h t h e A u t h o r i t y i n c o n n e c t i o n w i t h t h e p l a n n i n g o r u n d e r t a k i n g o f a n y u r b a n r e n e w a l p l a n s , p r o j e c t s , p r o g r a m s , w o r k s , o p e r a t i o n s , o r a c t i v i t i e s o f t h e A u t h o r i t y , i n c l u d i n g e n t e r i n g i n t o a g r e e m e n t s w i t h t h e A u t h o r i t y , a n d a p p r o p r i a t i n g f u n d s a n d m a k i n g s u c h e x p e n d i t u r e s o f f u n d s t o a i d a n d c o o p e r a t e w i t h t h e A u t h o r i t y i n u n d e r t a k i n g t h e P r o j e c t a n d c a r r y i n g o u t t h e P l a n ; a n d W H E R E A S , t h e P r o p e r t y h a s b e e n p a r t i a l l y d e v e l o p e d u n d e r a d i s c o n t i n u e d c o m m e r c i a l d e v e l o p m e n t p r o j e c t ( t h e " F o r m e r P r o j e c t " ) ; a n d W H E R E A S , t h e D i s t r i c t e n t e r e d i n t o a n a g r e e m e n t w i t h F o r m e r P r o j e c t ' s d e v e l o p e r ( t h e " F o r m e r D e v e l o p e r " ) f o r t h e c o n s t r u c t i o n o f p u b l i c i m p r o v e m e n t s r e q u i r e d f o r t h e F o r m e r P r o j e c t t o b e p a i d f r o m t h e p r o c e e d s o f b o n d s i s s u e d b y t h e D i s t r i c t ( t h e " B o n d s " ) ; a n d W H E R E A S , t o f i n a n c e t h e B o n d s a n d p r o m o t e t h e c o o r d i n a t e d d e v e l o p m e n t o f t h e P r o p e r t y , t h e D i s t r i c t a n d C i t y o f W h e a t R i d g e e n t e r e d i n t o a n i n t e r g o v e r n m e n t a l a g r e e m e n t d a t e d D e c e m b e r 1 1 . 2 0 0 6 ( t h e " 1 G A " ) , w h e r e b y t h e C i t y a g r e e d t o s h a r e a p o r t i o n o f i t s s a l e s t a x r e v e n u e s c o l l e c t e d w i t h i n C l e a r C r e e k C r o s s i n g w i t h t h e D i s t r i c t ( t h e " S a l e s T a x S h a r i n g A r r a n g e m e n t " ) a n d a u t h o r i z e d a f o r t y - y e a r p u b l i c i m p r o v e m e n t f e e o n r e t a i l s a l e s w i t h i n C l e a r C r e e k C r o s s i n g ( t h e " P 1 F " ) ; a n d W H E R E A S , t h e D i s t r i c t h a s a u t h o r i t y t o i m p o s e a m i l l l e v y t o f i n a n c e o p e r a t i o n s , m a i n t e n a n c e , a n d d e b t s e r v i c e p a y m e n t s o n t h e B o n d s ; a n d W H E R E A S , t h e U r b a n R e n e w a l P l a n w a s n o t a d o p t e d u n t i l 2 0 0 9 . a n d h a d i t b e e n i n p l a c e i n 2 0 0 6 . t h e C i t y o f W h e a t R i d g e a n d D i s t r i c t w o u l d h a v e r e q u e s t e d t h e A u t h o r i t y t o p a r t i c i p a t e i n t h e F o r m e r P r o j e c t ' s c o o r d i n a t i o n ; a n d W H E R E A S , t h e F o r m e r P r o j e c t ' s p l a n n i n g a n d c o o r d i n a t i o n d i d n o t c o n t e m p l a t e t h e e f f e c t s t h a t t h e U r b a n R e n e w a l P l a n c o u l d h a v e o n t h e D i s t r i c t ' s m i l l l e v y r e v e n u e s , s p e c i f i c a l l y , t h a t p o r t i o n s o f t h o s e r e v e n u e s w o u l d n o t b e a v a i l a b l e f o r u s e b y t h e D i s t r i c t a n d w o u l d i n s t e a d b e c o m e p r o p e r t y t a x i n c r e m e n t a r e a r e v e n u e s o f t h e A u t h o r i t y ; a n d W H E R E A S , t h e i n a b i l i t y o f t h e D i s t r i c t t o u s e t h e e n t i r e t y o f i t s m i l l l e v y i m p e d e s t h e D i s t r i c t ' s a b i l i t y t o f i n a n c e i t s o p e r a t i o n s , m a i n t e n a n c e , a n d d e b t s e n d e e o b l i g a t i o n s ; a n d W H E R E A S , o n D e c e m b e r 1 4 , 2 0 1 5 . t h e C i t y C o u n c i l a d o p t e d R e s o l u t i o n 5 0 - 2 0 1 5 , w h i c h c o m m e n c e d t h e A u t h o r i t y ' s c o l l e c t i o n o f t h e p r o p e r t y t a x i n c r e m e n t t h r o u g h o u t t h e U r b a n R e n e w a l A r e a ; a n d W H E R E A S , t h e D i s t r i c t ' s b o u n d a r i e s , w h i c h a r e m o r e p a r t i c u l a r l y d e s c r i b e d b y t h e " P r o p e r t y M a p " a t t a c h e d a s E x h i b i t A a n d t h e " D i s t r i c t B o u n d a r y L e g a l D e s c r i p t i o n " a t t a c h e d a s E x h i b i t B ( t h e " D i s t r i c t ' s B o u n d a r i e s " ) , a r e w i t h i n t h e U r b a n R e n e w a l A r e a a n d t h e P l a n ' s p r o p e r t y t a x i n c r e m e n t a r e a ; a n d { 0 0 2 3 X 1 7 1 4 ] 2 W H E R E A S , t h e A u t h o r i t y f i n d s t h a t r e t u r n i n g t h e p r o p e r t y t a x i n c r e m e n t r e v e n u e s g e n e r a t e d w i t h i n t h e D i s t r i c t ' s B o u n d a r i e s , s o t h e D i s t r i c t m a y u s e a l l o f i t s m i l l l e v y r e v e n u e s t o f i n a n c e t h e B o n d s a n d c o o r d i n a t e t h e P r o j e c t w i l l f a c i l i t a t e t h e e l i m i n a t i o n a n d p r e v e n t i o n o f b l i g h t e d a r e a s a n d p r o m o t e d e v e l o p m e n t , r e d e v e l o p m e n t , c o n s e r v a t i o n , a n d r e h a b i l i t a t i o n o f C l e a r C r e e k C r o s s i n g ; a n d W H E R E A S , t h e P r o j e c t r e q u i r e s t h e s a m e p u b l i c i m p r o v e m e n t s t h a t w e r e t o b e i n s t a l l e d a n d p u r c h a s e d u n d e r t h e F o r m e r P r o j e c t p u r s u a n t t o t h e I G A ; a n d W H E R E A S , t h e D i s t r i c t e x p e c t s t o c o n s t r u c t o r t o e n t e r i n t o a n a g r e e m e n t w i t h t h e D e v e l o p e r f o r t h e c o n s t r u c t i o n o f t h e r e m a i n i n g p u b l i c i m p r o v e m e n t s s e t f o r t h b y t h e I G A t o b e p a i d f r o m t h e p r o c e e d s o f t h e B o n d s ; a n d W H E R E A S , t h e D i s t r i c t a n d A u t h o r i t y e x p e c t t o e n t e r i n t o a R e d e v e l o p m e n t A g r e e m e n t ( t h e " R e d e v e l o p m e n t A g r e e m e n t " ) t h a t s e t s f o r t h t h e r i g h t s a n d r e s p o n s i b i l i t i e s o f e a c h p a r t y w i t h r e s p e c t t o t h e f i n a n c i n g a n d c o n s t r u c t i o n o f t h e p u b l i c i m p r o v e m e n t s c o n t e m p l a t e d i n t h e I G A , w h i c h m a y p r o v i d e t h a t t h e A u t h o r i t y w i l l c o m m i t t o t h e D i s t r i c t a p o r t i o n o f t h e U r b a n R e n e w a l P l a n ' s p r o p e r t y t a x i n c r e m e n t a r e a r e v e n u e s o n a n a n n u a l b a s i s : a n d . W H E R E A S , t h e c a p i t a l i z e d t e r m s u s e d h e r e i n a n d n o t o t h e r w i s e d e f i n e d s h a l l h a v e t h e m e a n i n g s s e t f o r t h i n t h e D e v e l o p m e n t A g r e e m e n t : N O W , T H E R E F O R E , i n c o n s i d e r a t i o n o f t h e m u t u a l p r o m i s e s s e t f o r t h b e l o w , t h e D i s t r i c t a n d A u t h o r i t y h a v e e n t e r e d i n t o t h i s A g r e e m e n t . A G R E E M E N T P R O P E R T Y T A X I N C R E M E N T A R E A . T h e A u t h o r i t y a g r e e s t o , r e m i t b a c k t o t h e D i s t r i c t t h a t p o r t i o n o f t h e p r o p e r t y t a x i n c r e m e n t g e n e r a t e d f r o m t h e D i s t r i c t ' s p r o p e r t y t a x m i l l l e v y o n p a r c e l s w i t h i n t h e D i s t r i c t ' s B o u n d a r i e s t h a t i s d e p o s i t e d i n t o t h e s p e c i a l f u n d o f t h e A u t h o r i t y . 1 . 2 . G E N E R A L P R O V I S I O N S . T h i r d P a r t i e s . N e i t h e r t h e D i s t r i c t n o r t h e A u t h o r i t y s h a l l b e o b l i g a t e d o r l i a b l e u n d e r t h e t e r m s o f t h i s A g r e e m e n t t o a n y p e r s o n o r e n t i t y n o t a p a r t y h e r e t o , p r o v i d e d , h o w e v e r , a L e n d e r o r o w n e r ( s ) o f t h e B o n d s , s o l o n g a s t h e B o n d s a r e o u t s t a n d i n g , s h a l l b e a t h i r d p a r t y b e n e f i c i a r y t o t h e p r o v i s i o n s h e r e o f r e l a t e d t o t h e c o l l e c t i o n a n d r e m i t t a n c e t o t h e A u t h o r i t y o r D i s t r i c t o f p r o p e r t y t a x i n c r e m e n t a r e a r e v e n u e s . M o d i f i c a t i o n s . N o m o d i f i c a t i o n o r c h a n g e o f a n y p r o v i s i o n i n t h i s A g r e e m e n t s h a l l b e m a d e , o r c o n s t r u e d t o h a v e b e e n m a d e , u n l e s s s u c h m o d i f i c a t i o n i s m u t u a l l y a g r e e d t o i n w r i t i n g b y a l l p a r t i e s a n d i n c o r p o r a t e d a s a w r i t t e n a m e n d m e n t t o t h i s A g r e e m e n t . M e m o r a n d a o f u n d e r s t a n d i n g a n d c o r r e s p o n d e n c e s h a l l n o t b e c o n s t r u e d a s a m e n d m e n t s t o t h e A g r e e m e n t . 1 0 0 2 3 8 1 7 1 4 1 ( a ) ( b ) 3 ( c ) E n t i r e A g r e e m e n t . T h i s A g r e e m e n t s h a l l r e p r e s e n t t h e e n t i r e a g r e e m e n t b e t w e e n t h e p a r t i e s w i t h r e s p e c t t o t h e s u b j e c t m a t t e r h e r e o f a n d s h a l l s u p e r s e d e a l l p r i o r n e g o t i a t i o n s , r e p r e s e n t a t i o n s , o r a g r e e m e n t s , e i t h e r w r i t t e n o r o r a l , b e t w e e n t h e p a r t i e s r e l a t i n g t o t h e s u b j e c t m a t t e r o f t h i s A g r e e m e n t a n d s h a l l b e i n d e p e n d e n t o f a n d h a v e n o e f f e c t u p o n a n y o t h e r c o n t r a c t s . S e v e r a b i l i t y . I f a n y p r o v i s i o n o f t h i s A g r e e m e n t i s h e l d t o b e i n v a l i d , i l l e g a l o r u n e n f o r c e a b l e , t h e v a l i d i t y , l e g a l i t y a n d e n f o r c e a b i l i t y o f t h e r e m a i n i n g p r o v i s i o n s s h a l l n o t i n a n y w a y b e a f f e c t e d o r i m p a i r e d . ( d ) A s s i g n m e n t E x c e p t a s h e r e i n a f t e r p r o v i d e d , t h i s A g r e e m e n t s h a l l n o t b e a s s i g n e d , i n w h o l e o r i n p a r t , b y e i t h e r p a r t y w i t h o u t t h e w r i t t e n c o n s e n t o f t h e o t h e r s ; p r o v i d e d t h a t t h i s A g r e e m e n t m a y b e a s s i g n e d o r p l e d g e d w i t h o u t t h e w r i t t e n c o n s e n t o f t h e p a r t i e s h e r e t o t o s e c u r e t h e p a y m e n t s d u e o n t h e B o n d s . ( e ) W a i v e r . N o w a i v e r o r b r e a c h o f a n y p r o v i s i o n o f t h i s A g r e e m e n t b y e i t h e r p a r t y s h a l l c o n s t i t u t e a w a i v e r o f a n y o t h e r b r e a c h o r o f s u c h p r o v i s i o n . F a i l u r e o f t h e a n y p a r t y t o e n f o r c e a t a n y t i m e , o r f r o m t i m e t o t i m e , a n y p r o v i s i o n o f t h i s A g r e e m e n t s h a l l n o t b e c o n s t r u e d a s a w a i v e r t h e r e o f . T h e r e m e d i e s r e s e r v e d i n t h i s A g r e e m e n t s h a l l b e c u m u l a t i v e a n d a d d i t i o n a l t o a n y o t h e r r e m e d i e s i n l a w o r i n e q u i t y . I N W I T N E S S W H E R E O F , t h i s A g r e e m e n t i s e x e c u t e d b y t h e p a r t i e s a s o f S e p t e m b e r 6 , ( f ) 2 0 1 6 . W H E A T R I D G E U R B A N R E N E W A L A U T H O R I T Y \ T i m R o g e r s . C h a i r p e r s o n A T T E S T : S t e v e A r t , E x e c u t i v e D i r e c t o r ( 0 0 2 3 8 1 7 1 4 ) 4 L O N G S P E A K M E T R O P O L I T A N D I S T R I C T , a q u a s i - m u n i c i p a l c o r p o r a t i o n a n d p o l i t i c a l s u b d i v i s i o n o f t h e S t a t e o f C o l o r a d o B y : M i c h a e l G l a d e , P r e s i d e n t ) S T A T E O F C O L O R A D O ) s s . ) C O U N T Y O F J E F F E R S O N T h e f o r e g o i n g i n s t r u m e n t w a s a c k n o w l e d g e d b e f o r e m e t h i s j \ \ C t [ a A c • P r e s i d e n t o f t h e L o n g s P e a k M e t r o p o l i t a n D i s t r i c t . 2 0 1 6 b y W I T N E S S M y H a n d a n d O f f i c i a l S e a l . M y C o m m i s s i o n E x p i r e s : . , - C M t p 0 ) 9 • S A R A H E L A I N E E W A N V ^ e a ! ) N O T A R Y P U B U C S T A T E O F C O L O R A D O N O T A R Y I D 2 0 1 5 4 0 4 8 6 8 1 M Y C O M M I S S I O N E X P I R E S O E C E M B E f l i M a m a u b l i c N o ' 5 ( 0 0 2 4 0 6 9 4 2 ) R e a l P r o p e r t y M a p | * I v \ \ n a r , i i « i N H o l m a n S t * V / V C > F l o r a C i I \ V F \ * \ ° \ l \ 5 ! ) % 9 a J i s S ' I l y M i * » p p > a . I c u g w F - — I r - § B e e c h C t ) u t u s S t 8 m I I V 5 I E - - - \ / / a * \ / U a C t < \ o A I I l / I 5 > b , p i E T W ^ p i u z r X s \ V s £ \ > v ? % B B E • X e n o n S t £ W r i f l h t S t 5 E X H I B I T B { 0 0 2 3 8 1 7 1 4 1 6 D i s t r i c t B o u n d a r y L e g a l D e s c r i p t i o n M E T R O P O L I T A N D I S T R I C T B O U N D A R Y 0 2 / 2 0 / 0 6 D E S C R I P T I O N A P A R C E L O F L A N D . L O C A T E D I N T H E S O U T H E A S T Q U A R T E R O F S E C T I O N 1 9 , T H E S O U T H W E S T Q U A R T E R O F S E C T I O N 2 0 . T H E N O R T H W E S T Q U A R T E R O F S E C T I O N 2 9 A N D T H E N O R T H E A S T Q U A R T E R O F T H E N O R T H E A S T Q U A R T E R O F S E C T I O N 3 0 . B E I N G I N T O W N S H I P 3 S O U T H . R A N G E 8 9 W E S T O F T H E S I X T H P R I N C I P A L M E R I D I A N . C O U N T Y O F J E F F E R S O N . S T A T E O F C O L O R A D O , D E S C R I B E D A S F O L L O W S : B E G I N N I N G A T T H E S O U T H E A S T C O R N E R O F T H E S A I D N O R T H E A S T Q U A R T E R O F T H E N O R T H E A S T Q U A R T E R O F S E C T I O N 3 0 . W H E N C E T H E E A S T Q U A R T E R C O R N E R O F S A I D S E C T I O N 3 0 U E S S 0 1 ° 0 1 ' 5 0 " E A L O N G T H E E A S T L I N E O F T H E S A I D N O R T H E A S T Q U A R T E R O F S E C T I O N 3 0 . 1 3 2 0 . 7 9 F E E T ; T H E N C E S 8 9 ° 1 0 0 2 " W A L O N G T H E S O U T H L I N E O F T H E S A I D N O R T H E A S T Q U A R T E R O F T H E N O R T H E A S T Q U A R T E R O F S E C T I O N 3 0 . 1 3 1 5 . 3 1 F E E T T O T H E W E S T L I N E O F S A I D N O R T H E A S T Q U A R T E R O F T H E N O R T H E A S T Q U A R T E R ; T H E N C E N O O ° 5 5 ' 4 7 ' W A L O N G S A I D W E S T L I N E . 1 3 2 0 . 3 6 F E E T T O T H E S O U T H W E S T C O R N E R O F T H E S O U T H E A S T Q U A R T E R O F T H E S O U T H E A S T Q U A R T E R O F S E C T I O N 1 9 ; T H E N C E N 0 0 = 0 7 3 0 " W A L O N G T H E W E S T L I N E O F S A I D S O U T H E A S T Q U A R T E R O F T H E S O U T H E A S T Q U A R T E R . 9 1 3 . 4 6 F E E T T O T H E S O U T H W E S T L I N E O F A N 8 0 " W I D E D E N V E R W A T E R B O A R D E A S E M E N T R E C O R D E D A T R E C E P T I O N N O . 9 2 1 3 0 4 4 5 I N T H E J E F F E R S O N C O U N T Y C L E R K A N D R E C O R D E R ' S O F F I C E ; T H E N C E S 8 9 ° 0 7 ' 3 1 " W . 5 7 . 6 2 F E E T T O A N O N - T A N G E N T C U R V E ; T H E N C E A L O N G A C U R V E T O T H E L E F T H A V I N G A R A D I U S O F 7 9 1 . 1 9 F E E T . A C E N T R A L A N G L E O F 1 5 * 2 1 ' 5 6 * . H A V I N G A C H O R D O F 2 1 1 . 5 5 F E E T W H I C H B E A R S N 5 0 ° 5 5 ' 4 8 " W T O A N O N - T A N G E N T C U R V E ; 7 { 0 0 2 3 8 1 7 1 4 ] T H E N C E A L O N G A C U R V E T O T H E L E F T H A V I N G A R A D I U S O F 1 5 2 9 . 6 1 F E E T , A C E N T R A L A N G L E O F 1 2 * 4 9 3 2 " . H A V I N G A C H O R D O F 3 4 1 . 6 9 F E E T W H I C H B E A R S N 7 5 * 3 8 ^ 1 " W T O A P O I N T O F C O M P O U N D C U R V A T U R E : T H E N C E A L O N G A C U R V E T O T H E L E F T H A V I N G A R A D I U S O F 1 0 2 2 . 2 3 F E E T . A C E N T R A L A N G L E O F 1 0 W i r . H A V I N G A C H O R D O F 1 7 9 . 7 5 F E E T W H I C H B E A R S N 8 7 * 0 6 T 6 " W T O A P O I N T O F T A N G E N C Y ; T H E N C E S 8 7 ° 5 1 ' 0 6 " W , 1 7 5 . 7 3 F E E T ; T H E N C E N O O ° 2 3 ' 1 2 " W , 1 7 4 . 5 6 F E E T T O T H E S O U T H L I N E O F T H E N O R T H H A L F . O F T H E S O U T H E A S T Q U A R T E R O F S A I D S E C T I O N 1 9 ; T H E N C E 8 8 9 * 0 7 3 1 ™ A L O N G S A I D S O U T H L I N E . 4 1 0 . 6 3 F E E T T O T H E S O U T H W E S T C O R N E R O F T H E S A I D N O R T H H A L F ; T H E N C E N O O ° 2 3 ' 1 2 " W , 1 7 1 . 6 1 F E E T T O A N O N - T A N G E N T C U R V E C O N C A V E N O R H T W E S T E R L Y H A V I N G A R A D I U S O F 5 0 5 . 4 0 ; T H E N C E T H R O U G H A C E N T R A L A N G L E O F 5 3 * 0 2 ' 2 0 " . N O R T H E A S T E R L Y A L O N G T H E A R C O F S A I D C U R V E 4 6 7 . 8 5 F E E T . S A I D C U R V E H A V I N G A C H O R D O F 4 5 1 . 3 2 F E E T W H I C H B E A R S N 2 8 " 1 3 W E T O T H E P O I N T O F T A N G E N C Y ; T H E N C E N 0 1 ° 4 1 ' 5 9 ' E . 1 4 1 . 5 1 F E E T T O T H E S O U T H E R L Y R J G H T - O F - W A Y U N E O F S T A T E H I G H W A Y 5 8 A S D E S C R I B E D I N T H A T D O C U M E N T R E C O R D E D I N D E E D B O O K 2 1 7 7 , P A G E 3 6 7 I N T H E J E F F E R S O N C O U N T Y C L E R K A N D R E C O R D E R S O F F I C E ; T H E N C E A L O N G S A I D S O U T H E R L Y R I G H T - O F - W A Y L I N E N 8 7 ° 0 1 " 3 0 - E , A D I S T A N C E O F 2 , 4 2 6 . 4 7 F E E T T O T H E W E S T L I N E O F S A I D S O U T H W E S T Q U A R T E R O F S E C T I O N 2 0 ; T H E N C E S 0 0 - O 8 T 1 " W , A L O N G S A I D W E S T U N E , 7 9 6 . 4 0 F E E T T O T H E S O U T H E A S T C O R N E R O F T H E S A I D N O R T H H A L F . O F T H E S O U T H E A S T Q U A R T E R O F S E C T I O N 1 9 ; T H E N C E S 8 9 * 0 7 3 1 " W . A L O N G T H E S O U T H U N E O F S A I D N O R T H H A L F . 1 3 1 9 . 0 3 F E E T T O T H E N O R T H W E S T C O R N E R O F S A I D S O U T H E A S T Q U A R T E R , O F T H E S O U T H E A S T Q U A R T E R O F S E C T I O N 1 9 ; T H E N C E S O O ° 0 7 3 0 * E . A L O N G T H E W E S T U N E O F S A I D S O U T H E A S T Q U A R T E R O F T H E j 0 0 2 3 8 1 7 1 4 ) 8 S O U T H E A S T Q U A R T E R , 3 8 2 . 2 8 F E E T T O T H E N O R T H U N E O F T H A T P A R C E L D E S C R I B E D I N T H A T D O C U M E N T R E C O R D E D A T B O O K 1 0 9 2 , P A G E 7 5 2 I N S A I D O F F I C E ; T H E N C E A L O N G T H E N O R T H L I N E O F S A I D P A R C E L T H E F O L L O W I N G 3 C O U R S E S : 1 ) N 8 S ° 5 2 - 3 0 * E , 4 2 5 . 0 0 F E E T ; 2 ) N B 4 * 5 T 3 0 " E , 1 7 7 . 7 0 F E E T ; 3 ) S 8 9 - 3 9 - 4 0 - E , 7 3 1 . 2 7 F E E T T O T H E W E S T L I N E O F T H E S A I D S O U T H W E S T Q U A R T E R O F S E C T I O N 2 0 ; T H E N C E N 0 O ' O 8 ' 1 1 " E A L O N G S A I D W E S T L I N E , 7 . 5 6 F E E T T O T H E N O R T H L I N E O F T H E S O U T H 3 / 4 O F L O T S 2 1 T H R O U G H 2 4 . R Q X B U R Y G A R D E N S . D E S C R I B E D I N T H A T D O C U M E N T A S R E C O R O E O A T R E C E P T I O N N O . 0 9 3 3 7 7 9 0 I N S A I D O F F I C E ; T H E N C E N 0 9 * O 1 ' O 7 " E A L O N G S A I D N O R T H L I N E . 9 9 0 . 4 3 F E E T T O T H E W E S T R I G H T - O F - W A Y U N E O F I N T E R S T A T E 7 0 A S R E C O R D E D I N T H O S E D O C U M E N T S R E C O R D E D A T B O O K 1 8 5 5 , P A G E 4 2 5 A N D B O O K 1 9 5 2 . P A G E 2 8 6 ; T H E N C E A L O N G S A I D W E S T R I G H T - O F - W A Y U N E T H E F O L L O W I N G F O U R C O U R S E S : 1 ) S 0 0 ' 4 1 ' 5 3 " E , 1 0 0 5 1 2 F E E T T O T H E S O U T H U N E O F S A I D S E C T I O N 2 0 ; 2 ) S 0 0 * 4 5 ' 4 9 " E , 1 3 2 1 . 8 0 F E E T T O T H E S O U T H U N E O F T H E N O R T H W E S T Q U A R T E R O F T H E S A I D N O R T H W E S T Q U A R T E R O F S E C T I O N 2 9 ; 3 ) S O O * 4 3 ' 4 2 " E , 2 4 1 . 5 0 F E E T ; 4 ) S 0 6 * 2 3 ' 4 8 " W , 8 2 . 2 3 F E E T T O T H E S O U T H L I N E O F L O T 1 6 . S A I D R O X B U R Y G A R D E N S ; T H E N C E S 8 9 ° 2 4 ' 5 2 " W A L O N G S A I D S O U T H U N E . 9 8 6 . 9 1 F E E T T O T H E W E S T L I N E O F S A I D L O T 1 6 , B E I N G T H E S A I D E A S T L I N E O F T H E N O R T H E A S T Q U A R T E R O F S E C T I O N 3 0 : T H E N C E N 0 1 - O V 5 0 W A L O N G S A I D E A S T U N E . 3 2 3 . 4 0 F E E T T O T H E P O I N T O F B E G I N N I N G . C O N T A I N I N G 1 7 8 . 0 1 A C R E S , ( 7 , 7 5 4 . 2 4 0 . 5 S F ) M O R E O R L E S S . S U B J E C T T O T H E I R I G H T - O F - W A Y O F / A N D A L L C O V E N A N T S A N D A G R E E M E N T S O F R E C O R D . F E B R U A R Y 2 0 . 2 0 0 6 W R I T T E N , B Y M A R T I N / M A R T I N I N C . B A S E D O N F A R N S W O R T H G R O U P , I N C . L E G A L D E S C R I P T I O N ( 0 0 2 3 8 1 7 1 4 ) 9 B E I N G P O R T I O N S O F C O L O R A D O S T A T E H I G H W A Y 5 8 , T O G E T H E R W I T H P O R T I O N S O F W E S T 4 4 ™ A V E N U E , A L S O T O G E T H E R W I T H O T H E R L A N D S , A L L L Y I N G W I T H I N S E C T I O N S 1 9 A N D 2 0 , T O W N S H I P 3 S O U T H , R A N G E 6 9 W E S T O F T H E S I X T H P R I N C I P A L M E R I D I A N . C O U N T Y O F J E F F E R S O N . S T A T E O F C O L O R A D O . M O R E P A R T I C U L A R L Y D E S C R I B E D A S F O L L O W S : C O M M E N C I N G A T T H E N O R T H E A S T C O R N E R O F T H E S O U T H W E S T Q U A R T E R ( S W 1 / 4 ) O F S A I D S E C T I O N 1 9 , F R O M W H E N C E T H E S O U T H E A S T C O R N E R O F S A I D S O U T H W E S T Q U A R T E R ( S W 1 / 4 ) B E A R S S O U T H 0 0 ° 2 2 ' 4 4 " E A S T A D I S T A N C E O F 2 6 4 2 . 0 3 F E E T . W I T H A L L B E A R I N G S H E R E I N R E L A T E D T H E R E T O ; T H E N C E S O U T H 6 7 ° 2 6 ' 4 3 " W E S T , 2 3 4 0 . 6 4 F E E T T O T H E N O R T H W E S T C O R N E R O F T H A T C E R T A I N L A N D A S D E S C R I B E D A N D C O N V E Y E D T O T H E C O L O R A D O D E P A R T M E N T O F T R A N S P O R T A T I O N A T R E C E P T I O N N o . 2 0 0 8 0 1 1 0 8 7 , S A I D P O I N T B E I N G C O I N C I D E N T W I T H T H E S O U T H L I N E O F C O L O R A D O S T A T E H I G H W A Y 5 8 A S D E S C R I B E D A N D C O N V E Y E D I N B O O K 2 2 2 7 , P A G E 5 3 1 . A N D B E I N G T H E P O I N T O F B E G I N N I N G ; T H E N C E A L O N G S A I D S O U T H L I N E . S O U T H 8 0 * 3 5 * 5 2 " W E S T . 2 6 8 . 6 5 F E E T T O T H E W E S T L I N E O F S A I D S O U T H W E S T Q U A R T E R ; T H E N C E A L O N G S A I D W E S T L I N E . N O R T H O O W 2 0 " W E S T . 2 8 9 . 1 5 F E E T T O A P O I N T O N T H E B O U N D A R Y O F T H A T C E R T A I N L A N D D E S C R I B E D A S P A R C E L N o . 2 6 A T R E C E P T I O N N o . 2 ( 1 0 8 0 0 2 6 0 6 ; T H E N C E L E A V I N G S A I D W E S T L I N E O F S A I D S O U T H W E S T Q U A R T E R . A L O N G S A I D P A R C E L N o . 2 6 B O U N D A R Y T H E F O L L O W I N G T W O ( 2 ) C O U R S E S : I . N O R T H 7 9 ° 4 7 * 3 7 ~ E A S T , 4 0 3 . 0 8 F E E T T O A P O I N T ; 1 N O R T H 5 9 ° 3 3 ' 2 7 " F A S T , 3 1 3 . 4 5 F E E T T O T H E S O U T H W E S T C O R N E R O F T H A T C E R T A I N L A N D D E S C R I B E D A S P A R C E L N o . 2 6 A A T R E C E P T I O N N o . 2 0 0 8 0 0 2 6 0 6 : T H E N C E A L O N G S A I D P A R C E L N o . 2 6 A B O U N D A R Y T H E F O L L O W I N G F O U R ( 4 ) C O U R S E S : 1 . N O R T H 1 4 ° 0 8 * i r E A S T , 1 6 0 . 2 0 F E E T T O A P O I N T : 2 . N O R T H ( M L 1 3 " 1 3 " W E S T , 1 8 7 . 9 9 F E E T T O A P O I N T : 3 . S O U T H 8 9 ° 2 9 ' 4 2 " W E S T . 2 9 0 . 6 3 F E E T T O A P O I N T : 4 . N O R T H 0 0 ° 5 . V 5 7 " W E S T , 8 9 . 9 2 F E E T T O A P O I N T O N T H E N O R T H L I N E O F W E S T 4 4 ™ A V E N U E A S D E S C R I B E D A N D C O N V E Y E D I N B O O K 3 5 9 , P A G E 2 2 3 : T H E N C E A L O N G S A I D N O R T H L I N E , A N D P A R A L L E L W I T H T H E N O R T H L I N E O F S A I D S O U T H W E S T Q U A R T E R ( S W ' / , ) , N O R T H 8 9 ° 0 6 0 3 " E A S T . 1 2 2 8 . 9 1 F E E T T O A T A N G E N T C U R V E T O T H E L E F T C O N C A V E N O R T H W E S T E R L Y ; T H E N C E N O R T H E A S T E R L Y A L O N G S A I D C U R V E . H A V I N G A R A D I U S O F 2 0 . 0 0 F E E T . A N D W H O S E L O N G C H O R D B E A R S N O R T H 4 4 * 2 1 ' 1 3 " E A S T A N D H A S A C H O R D L E N G T H O F 2 8 . 1 6 F E E T . T H R O U G H A C E N T R A L A N G L E O F 8 9 ° 2 9 4 0 " . F O R A N A R C L E N G T H O F 3 1 . 2 4 F E E T T O A P O I N T O N T H E W E S T L I N E O F F L O R A S T R E E T ; T H E N C E A L O N G S A I D W E S T L I N E . N O R T H 0 © ° 2 3 ' 3 7 " W T . S T . 2 0 . 8 8 F E E T T O A P O I N T ; ( 0 0 2 3 8 1 7 1 4 ) 1 0 T H E N C E N O R T H 8 9 ° 3 6 ' 2 3 " E A S T . 5 0 . 0 0 F E E T T O A P O I N T O N T H E E A S T L I N E O F S A I I ) F L O R A S T R E E T : T H E N C E A L O N G A N O N - T A N G E N T C U R V E T O T H E L E F T C O N C A V E N O R T H E A S T E R L Y , H A V I N G A R A D I U S O F 3 0 . 0 0 F E E T . A N D W H O S E L O N G C H O R D B E A R S S O U T H 4 5 ° 3 T 4 T E A S T A N D H A S A C H O R D L E N G T H O F 4 2 . 6 1 F E E T , T H R O U G H A C E N T R A L A N G L E O F 9 T 3 0 * 2 0 " , F O R A N A R C L E N G T H O F 4 7 . 3 9 F E E T T O A P O I N T 5 0 . 0 0 F E E T D I S T A N T F R O M T H E S A I D N O R T H L I N E O F S A I D S O U T H W E S T Q U A R T E R ( S W % ) ; T H E N C E P A R A L L E L S A I D N O R T H L I N E , N O R T H 8 9 ' 0 6 * 0 3 " E A S T . 3 5 5 . 6 9 F E E T T O A P O I N T ; T H E N C E S O U T H 0 0 ° 2 3 ' 3 7 " E A S T , 1 0 . 0 0 F E E T T O A P O I N T O N T H E A F O R M E N T I O N E D N O R T H L I N E O F S A I D W E S T 4 4 ™ A V E N U E A S D E S C R I B E D A N D C O N V E Y E D I N B O O K 3 5 9 . P A G E 2 2 3 , A N D A L S O D E S C R I B E D A N D C O N V E Y E D I N B O O K 3 2 3 . P A G E 3 2 3 A N D R E C E P T I O N N o . 8 9 0 3 3 0 0 1 ; T H E N C E A L O N G S A I D N O R T H L I N E O F S A I D W E S T 4 4 t h A V E N U E T I I E F O L L O W I N G T H R E E ( 3 ) C O U R S E S : 1 . N O R T H 8 9 n 0 6 " 0 3 * * E A S T . 2 2 8 . 0 9 F E E T T O A T A N G E N T C U R V E T O T I I E L E F T C O N C A V E N O R T H E R L Y ; 2 . E A S T E R L Y A L O N G S A I D C U R V E , H A V I N G A R A D I U S O F 9 1 5 . 0 0 F E E T . A N D W H O S E L O N G C H O R D B E A R S N O R T H 8 3 ° < M * 2 2 " E A S T A N D H A S A C H O R D L E N G T H O F 1 9 2 . 1 8 F E E T , T H R O U G H A C E N T R A L A N G L E O F 1 2 ° 0 3 * 2 2 " . F O R A N A R C L E N G T H O F 1 9 2 . 5 3 F E E T T O A P O I N T O F T A N G E N C V ; 3 . N O R T H 7 7 ° # 2 * 4 1 " E A S T , 3 4 . 0 0 F E E T T O A P O I N T O N T H E B O N D V R Y O F T H A T C E R T A I N P A R C E L A S D E S R I B E D A N D C O N V E Y E D T O T H E C O U N T Y O F J E F F E R S O N I N T H A T C E R T A I N W A R R A N T Y D E E D R E C O R D E D A P R I L 1 8 . 1 9 8 9 A T R E C E P T I O N N o . 8 9 0 3 3 0 0 0 ; T H E N C E A L O N G T H E B O U N D A R Y O F S A I D P A R C E L T H E F O L L O W I N G T H R E E ( 3 ) C O U R S E S : I . N O R T H 1 2 ° 5 7 * 1 9 " W E S T , 1 0 . 0 0 F E E T T O A P O I N T ; 1 N O R T H 7 7 ° 0 2 * 4 1 " E A S T . 1 5 6 1 . 5 0 F E E T T O A P O I N T ; 3 . S O U T H I 2 ° 5 7 ' 1 9 " E A S T , 1 0 . 0 0 F E E T T O A P O I N T O N T H E A F O R M E N T I O N E D N O R T H L I N E O F S A I D W E S T 4 4 ™ A V E N U E ; T H E N C E A L O N G S A I D N O R T H L I N E . N O R T H 7 7 ° 0 2 ' 4 I " E A S T . 1 4 9 6 . 9 0 F E E T T O A P O I N T . S A I D P O I N T A L S O B E I N G A P O I N T O F C U R V A T U R E O F T H E N O R T H L I N E O F S A I D W E S T 4 4 ™ A V E N U E ; T H E N C E L E A V I N G S A I D N O R T H L I N E , S O U T H I 2 ° 5 7 T 9 " E A S T . 8 0 . 0 0 F E E T T O T H E S O I T H L I N E O F S A I D W E S T 4 1 ™ A V E N U E A S D E S C R I B E D A N D C O N V E Y E D I N B O O K 3 5 9 , P A G E 2 2 3 . A N D A L S O D E S C R I B E D A N D C O N V E Y E D I N B O O R 3 2 3 . P A G E 3 2 3 A N D R E C E P T I O N N o . 8 9 0 3 3 0 0 1 ; T H E N C E A L O N G S A I D S O U T H L I N E T H E F O L L O W I N G T H R E E ( 3 ) C O U R S E S : 1 . S O U T H 7 7 ° 0 2 * 4 1 " W E S T . 3 0 9 2 . 4 0 F E E T T O A T A N G E N T C U R V E T O T H E R I G H T C O N C A V E N O R T H E R L Y ; 2 . W E S T E R L Y A L O N G S A I D C U R V E , H A V I N G A R A D I U S O F 9 9 5 . 0 0 F E E T . A N D W H O S E L O N G C H O R D B E A R S S O U T H S 3 ° 0 4 * 2 2 " W E S T A N D H A S A C H O R D L E N G T H O F 2 0 8 . 9 8 F E E T , T H R O U G H A C E N T R A L A N G L E O F 1 2 ° 0 3 * 2 2 " , F O R A N A R C L E N G T H O F 2 0 9 . 3 7 F E E T T O A P O I N T O F T A N G E N C Y , S A I D P O I N T B E I N G 4 0 . 0 0 F E E T D I S T A N T F R O V I T H E N O R T H L I N E O F T H E S O U T H W E S T Q U A R T E R ( S W ' / « ) O F S A I D S E C T I O N 1 9 : 1 0 0 2 3 8 1 7 1 4 ) 1 1 3 . P A R A L L E L S A I D N O R T H L I N E O F S A I D S O U T H W E S T Q U A R T E R < S W % > . S O U T H 8 9 ° 0 6 * 0 3 " W E S T . 1 4 1 3 . 0 2 F E E T T O T H E N O R T H E A S T C O R N E R O F T H E A F O R M E N T I O N E D P A R C E L N o . 2 6 A : T H E N C E L E A V I N G S A I D S O U T H L I N E O F S A I D W E S T 4 4 ™ A V E N U E , A N D A L O N G T H E E A S T L I N E O F S A I D P A R C E L N o . 2 6 A . S O U T H 0 O ° 2 3 * 2 4 ~ E A S T , 3 4 8 . 2 6 F E E T T O T H E S O U T H E A S T C O R N E R O F S A I D P A R C E L N o . 2 6 A . A N D B E I N G C O I N C I D E N T W I T H T H E N O R T H W E S T C O R N E R O F P A R C E L N o . 2 4 A S D E S C R I B E D A N D C O N V E Y E D A T R E C E P T I O N N o . 2 0 0 8 0 7 5 2 X 9 ; T H E N C E A L O N G T H E N O R T H L I N E O F S A I D P A R C E L N o . 2 4 A N D C O N T I N U I N G A L O N G T H E N O R T H L I N E O F P A R C E L N o . 2 5 A S D E S C R I B E D A N D C O N V E Y E D A T R E C E P T I O N N o . 2 0 0 7 1 3 4 1 8 0 . S O U T H 8 5 ° 4 2 ' 4 9 " E A S T . 5 1 8 . 9 7 F E F . T T O T H E N O R T H L I N E O F C O L O R A D O S T A T E H I G H W A Y 5 8 ; T H E N C E A L O N G S A I D N O R T H L I N E O F S A I D C O L O R A D O S T A T E H I G H W A Y 5 8 T H E F O L L O W I N G F I V E ( 5 ) C O U R S E S : 1 . N O R T H 8 0 T M 2 2 " E A S T . 7 0 5 . 8 2 F E E T T O A P O I N T : 2 . N O R T H 8 7 ° 1 2 " 0 9 ~ E A S T , 3 0 0 . 4 6 F E E T T O A P O I N T O N T H E E A S T L I N E O F T H E S A I D S O U T H W E S T Q U A R T E R ( S W • / « ) O F S A I D S E C T I O N 1 9 ; 3 . N O R T H 0 0 ° 2 2 " 4 4 ~ W E S T , 0 . 2 8 F E E T T O A P O I N T ; 4 . S O U T H 7 6 ° 2 0 * 5 5 * * E A S T . 1 9 9 . 7 3 F E E T T O A P O I N T ; 5 . N O R T H K 6 ° 5 3 " I T E A S T . 3 6 . 6 9 F E E T T O A P O I N T ; T H E N C E L E A V I N G S A I D N O R T H L I N E . S O U T H 0 I ° 4 5 * 5 7 " W E S T . 2 5 0 . 9 5 F E E T T O A P O I N T O N T H E S O U T H L I N E O F S A I D C O L O R A D O S T A T E H I G H W A Y 5 8 ; T H E N C E A L O N G S A I D S O U T H L I N E T H E F O L L O W I N G T W O ( 2 ) C O U R S E S : 1 . S O U T H 8 7 ° 0 0 * 5 5 * * W E S T . 9 4 9 . 4 9 F E E T T O A P O I N T ; 2 . S O U T H 8 0 " 3 5 * 5 2 * * W E S T . 2 3 1 . 3 6 F E F . T T O T H E N O R T H E A S T C O R N E R O F T H A T C E R T A I N L A N D A S D E S C R I B E D A N D C O N V E Y E D T O T H E C O L O R A D O D E P A R T M E N T O F T R A N S P O R T A T I O N A T R E C E P T I O N N o . 2 0 0 8 0 1 1 0 8 7 ; T H E N C E T H E B O U N D A R Y O F S A I D C E R T A I N I - A N D A S D E S C R I B E D A N D C O N V E Y E D T O T H E C O L O R A D O D E P A R T M E N T O F T R A N S P O R T A T I O N T H E F O L L O W I N G F I V E ( 5 ) C O U R S E S : 1 . S O U T H 6 3 ° 0 0 * 1 2 " W E S T . 4 5 8 . 5 4 F E E T T O A P O I N T ; 2 . S O U T H 7 4 ° I 8 * 5 1 * " W E S T . 3 2 2 . 3 8 F E E T T O A P O I N T ; 3 . N O R T H 7 4 ° 3 3 * 5 r W E S T . 2 3 9 . 6 1 F E E T T O A P O I N T ; 4 . N O R T H 8 6 ° 1 5 * 0 4 ~ W E S T . 2 6 0 . 8 4 F F . E T T O A P O I N T : 5 . N O R T H 0 0 ° I 1 * 4 5 * * W E S T . 1 4 . 0 8 F E E T T O T H E P O I N T O F B E G I N N I N G . C O N T A I N I N G 1 , 4 5 2 . 4 1 7 S Q U A R E F E E T O R 3 . 3 4 3 A C R E S O F L A N D . M O R E O R L E S S . { 0 0 2 3 8 1 7 1 4 1 1 2 SVWPC Draft 06.19.2018 {00351434} \\\DE - 23254/0001 - 252344 v2 16791115.2 PIF COLLECTING AGENT AGREEMENT This PIF COLLECTING AGENT AGREEMENT (the "Agreement") is effective _________, 2018, among the LONGS PEAK METROPOLITAN DISTRICT (the "District"), a quasi-municipal corporation and political subdivision of the State of Colorado ("State"), EVERGREEN- CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (the “Developer”), and the CITY OF WHEAT RIDGE (the "City"), a home rule city and political subdivision of the State. RECITALS A. The District was formed to provide Public Improvements and services for development of property within and without its boundaries. B. The District, Developer and the City entered into a Public Finance Agreement (the "PFA"), dated __________, to provide Public Improvement Fees (the “PIFs”) to be imposed on property by means of a covenant that runs with the land and applicable to activity conducted within a project known as Clear Creek Crossing (the “CCC Project”) to support District bonds for the construction of Public Infrastructure all as defined in the PFA (the “District Bonds”). C. The Public Infrastructure to be constructed by the District will touch and concern the land and will benefit the CCC Project and surrounding property. D. The District will enter into one or more agreements with a trustee (the “Trustee”) concerning receipt of funds generated under the PFA and to apply those funds to payments on District Bonds (the "Bond Indenture"). E. The Developer has recorded against the CCC Project property: 1. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Lodging Credit Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; and, 2. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Retail Credit Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; 3. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Admissions Credit Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; {00351434} 2 4. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Admission Add-On Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; 5. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Lodging Add-On Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; and, 6. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Retail Add-On Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado (the "PIF Covenants"), pursuant to which a PIF will be imposed, and funds collected and paid (the “PIF Revenue”). E. The City regularly collects taxes pursuant to the Wheat Ridge Code of Laws and all regulations promulgated thereunder (the "Tax Ordinance") and is willing to collect the PIF Revenue on behalf of the District and the Developer to facilitate the completion of the Public Improvements, which will be beneficial to the City and its citizens. F. The parties acknowledge that (i) the PIFs are a charge imposed pursuant to the PIF Covenants for the benefit of the CCC Project and not through the exercise of any power by the City; (ii) the PIF Revenue is not tax revenue in any form; (iii) the PIF Revenue is to be pledged and used for the payment of the principal of and interest on the District Bonds or as otherwise provided in the PFA and Bond Indentures; and (iv) the authority of the City to collect the PIFs is derived through this Agreement and the City’s authority is limited by and enforceable only in accordance with the terms of this Agreement. G. The District Bonds do not constitute obligations, indebtedness or multiple fiscal year financial obligations of the City and do not constitute or give rise to a pecuniary liability of the City, or a charge against its general credit or taxing powers. The City has no obligations of any nature to pay the principal of or interest on the District Bonds. AGREEMENT NOW, THEREFORE, for and in consideration of the mutual agreements, promises and covenants herein contained, the parties agree as follows: ARTICLE I DEFINITIONS Section 1.1. DEFINITIONS. Any capitalized term not defined in this Agreement but defined in the PIF Covenants shall have the meaning given to such term in the PIF Covenants. If any term is defined in both the PIF Covenants and this Agreement, the definition set forth herein {00351434} 3 shall control for all purposes of this Agreement. The following capitalized terms shall have the following meanings unless the context requires otherwise. "Agreement" means this PIF Collecting Agent Agreement as amended and supplemented from time to time. "City" has the meaning set forth in the introductory paragraph. "Collecting Agent" means the City acting as the agent of the District. "Collection Fee" means a fee equal to ____percent (__%) of the PIF Revenue. "Information" means any written information or guidelines prepared by the District and the Collecting Agent regarding the calculation, payment and reporting of the PIFs, as amended and supplemented from time to time. "Public Improvements" has the meaning set forth in the PFA. “Report Recipients” are the City, Trustee and District. "Waiver of Confidentiality" means a waiver of confidentiality agreement that is substantially similar in form and substance to the form of the Public Financing Addendum which is attached hereto as Exhibit B and incorporated herein by this reference for all purposes, as amended and supplemented from time to time. ARTICLE II PUBLIC IMPROVEMENT FEES Section 2.1. Payment of Public Improvement Fees. The PIFs shall be determined, calculated, adjusted and payable by Retailers in accordance with the terms and provisions of the PIF Covenants. The procedures for the collection, segregation, remittance, payment, delinquencies and reporting (but not for the calculation) of the PIFs shall be substantially similar to those procedures followed by the City for the collection of the related taxes or as otherwise supplemented or provided in the Information. Section 2.2. Remittance of Public Improvement Fees. PIFs shall be payed to the City as the Collecting Agent substantially as set forth below: a. No later than the monthly date that taxes are payable, each Retailer shall remit all PIF amounts payable pursuant to the PIF Covenants to the Collecting Agent on reporting forms provided by the Collecting Agent. b. All adjustments, including refunds, additions or other modifications, to PIFs payable shall be processed in a manner substantially similar to the process followed by the City for an adjustment of sales tax payments. If an adjustment increases the amount of the PIF or {00351434} 4 results in a refund of such PIF, the payer shall claim any credit or pay additional PIFs in the next monthly reporting period utilizing the City’s standard reporting and remittance forms. ARTICLE III COLLECTION OF PUBLIC IMPROVEMENT FEES Section 3.1. Appointment of City as Collecting Agent. a. The District and Developer appoint the City as Collecting Agent for purposes of receiving, collecting, administering, remitting and disbursing all PIF Revenue paid pursuant to the PIF Covenants during the term of this Agreement. City accepts the responsibility of receiving the PIF Revenue and, after deduction of the Collection Fee, depositing the PIF Revenue within three (3) business days after receipt and processing as directed by the District, and upon payment in full or defeasance of the District Bonds, as directed by the Developer. b. PIF Revenue constitutes funds collected for another government within the meaning of Article X, Section 20, of the Colorado Constitution. The City is not the agent of any person other than the District and Developer and shall have only those responsibilities expressly stated and in written correspondence from the District or Developer, as applicable, directing payment or deposit of the PIF Revenue. The obligations of the City under this Agreement shall not constitute a multiple fiscal year direct or indirect debt or other financial obligations of the City, and the payment of any costs incurred or to be incurred by the City in performing its obligations hereunder shall be subject to annual appropriation by the City Council. c. The PIFs collected pursuant to this Agreement will be utilized as provided in the PFA and the Bond Indentures, and, after deduction of the Collection Fee, shall be distributed in accordance with the terms of this Agreement. Section 3.2. Covenant of the Parties. a. Each party hereby represents and warrants to and for the benefit of the other party: (1) That it has full power and legal authority to enter into this Agreement; (2) That it has taken or performed all acts or actions that may be required by its governing documents, statute or charter to confirm its authority to execute, deliver and perform each of its obligations under this Agreement; and (3) That neither the execution and delivery of this Agreement, nor compliance with any of the terms, covenant or conditions of this Agreement will result in a violation of or default under any other agreement or contract to which it is a party or by which it is bound. {00351434} 5 b. From time to time but not later than the last day of each calendar month commencing with the date of execution of this Agreement, each party will, to the extent that it has actual knowledge thereof, provide to the other party a current listing of the name and address of each person or entity required to pay PIFs (the “PIF Obligors”) and the date of opening of the retailer’s store or operation subject to the PIF Covenants. c. The District will file, or cause to be filed, with the Collecting Agent a Waiver of Confidentiality executed by each PIF Obligor, authorizing the Collecting Agent to share information contained in the reports, returns and other documents delivered by the PIF Obligor. The Collecting Agent shall be responsible for providing reports to the Report Recipients only for PIF Obligors for whom the District has provided a Waiver of Confidentiality, and the District shall indemnify and hold the City harmless from any liability that may arise from the release of such reports to the Report Recipients. d. The parties shall cooperate with each other and shall undertake any reasonably necessary action that is required to support or assist in the collection, remittance and reporting of all PIFs. Section 3.3. Provision of PIF Information to PIF Obligors. Within ten days after receipt of written notice from the District of any new PIF Obligor, the Collecting Agent shall provide the PIF Obligor: (i) all Information or policies and procedures adopted by the District regarding the calculation, payment and reporting of PIFs, and (ii) all reporting forms, procedures and other instructions concerning the collection and remittance of PIFs to the Collecting Agent, and all information required under the PIF Covenants Section 3.4. Collection and Reporting of PIF Revenues. a. The parties shall take the following specific actions in connection with the collection and reporting of PIF Revenues: (1) The Collecting Agent shall receive PIF Revenue remitted by PIF Obligors and, after deduction of the Collection Fee, transfer, remit to and deposit it within three (3) business days after receipt and processing thereof as directed in writing by the District or Developer, as applicable. (2) The Collecting Agent shall receive from PIF Obligors all reports, returns and other documents delivered pursuant to the PIF Covenants. If a Waiver of Confidentiality has been provided, the Collecting Agent shall, subject to the terms of Section 3.2.c, make copies of all reports, returns and other documents available to the District and any Trustee. (3) Following the procedures and timelines applied by the City for the collection of taxes, the Collecting Agent shall send a first delinquency notice to any PIF Obligor (i) that fails to timely remit PIFs during the preceding collection month or (ii) that the Collecting Agent has reasonably determined to have paid an incorrect amount for the preceding collection month. The Collecting Agent shall send copies of all first delinquency notices to the District, {00351434} 6 together with a report of the amount of such delinquency, and the period for which such PIF Obligor is delinquent. (4) Following the procedures and timelines applied by the City for the collection of taxes, the Collecting Agent shall send a second delinquency notice to any PIF Obligor that has not paid any delinquent PIF together with a report listing the name of each PIF Obligor to whom the second delinquency notice was sent, the amount of such delinquency, and the period of delinquency. (5) The Collecting Agent is not obligated to distribute additional delinquency notices after the second delinquency notice. (6) In accordance with terms mutually acceptable to and subsequently approved in writing, the City, Developer or District may initiate, pursue and enforce, or cause to be pursued and enforced, civil actions or other judicial proceedings to collect any delinquent PIFs, interest or penalties due, or to enforce any other obligation under the PIF Covenants. Otherwise, the City shall have no obligation to undertake any enforcement action of any nature. (7) Subject to subparagraph b. of this Section 3.4, the Collecting Agent shall prepare and deliver to the District and Developer, on or as soon as practicable after the 45th day following the end of each collection month, a report (i) describing the amount of PIF Sales and the amount of PIF Revenue received by the Collecting Agent from each PIF Obligor during such collection month and for the calendar year to date, (ii) describing the amount of PIF Revenue received since the last report representing delinquent PIF Revenue, including interest and penalties, and the PIF Obligors to whom such delinquent fees are attributable, and (iii) identifying each PIF Obligor who is delinquent in submitting reports, returns and other documents. (8) The Collecting Agent shall, within 90 days after the end of each calendar year, provide the District and Developer an annual unaudited report setting forth the PIF Revenue received by the Collecting Agent for the preceding calendar year. At reasonable times during regular business hours, the District, Developer, any Trustee or their designee are authorized to audit, or cause audits to be conducted of, the Collecting Agent’s books and records. The Collecting Agent shall, within 60 days after notice, pay any deficiency as directed by the District or Developer, together with interest thereon (subject to appropriation by the City Council) at a rate equal to ___________ percent (___%) of the prime rate published in the Wall Street Journal on the date of discovery of such deficiency and notice thereof to the Collecting Agent (not to exceed _________(__%)). b. All reports, information or data concerning PIF Sales or PIF Revenue received by the Collecting Agent shall remain confidential, unless otherwise required to be made public by law. All information shall be used only for purposes of collecting PIFs or enforcing PIF Covenants, monitoring compliances, disseminating information to prospective purchasers or owners of the District Bonds, or as may otherwise be authorized under the PIF Covenants and shall be subject to the terms of Section 3.2.c. {00351434} 7 Section 3.5. Remittance of Public Improvement Fees. All PIF Revenue shall, after deduction of the Collection Fee, be transferred and remitted as directed by the District or Developer, as applicable. The Collecting Agent shall have no responsibility or liability for the application of PIF Revenue to District Bonds or other purposes. Section 3.6. Bankruptcy of Retailer. In the event either party to this Agreement receives notice of any action in the bankruptcy of any PIF Obligor, such party shall, as soon as practicable, give notice or convey copies of such notice which it received to the other party. Section 3.7. Collection Fee and Reimbursable Expenses. In consideration of its performance of collection services hereunder, the Collecting Agent shall retain the Collection Fee on PIF Revenue collected. ARTICLE IV MISCELLANEOUS TERMS Section 4.1. Perfection of Security Interests. The District and the City elect to have all provisions of Section 11-57-201, et seq., C.R.S., as amended, apply to the security interest of such parties in the PIFs; provided, however, that such election shall not operate to modify or limit the rights conferred on the District by any provision of State law. Section 4.2. Beneficiaries of Public Improvement Fees. Notwithstanding the appointment of the City as the Collecting Agent, the District and Developer are the primary beneficiaries of the PIFs in accordance with the terms of the PIF Covenants, the PFA and Bond Indentures. Section 4.3. Sovereign Powers and Immunities. Nothing in this Agreement shall be construed as diminishing, delegating or otherwise restricting any of the sovereign powers or immunities of the City or District. Section 4.4. Resignation; Removal; Assignment. The City may resign as Collecting Agent by submitting a notice of resignation to the District no less than 60 days before the resignation is intended to take effect. The resignation shall be effective on the termination date set forth in such notice. The City may be removed as Collecting Agent by the District or Developer at any time to become effective not earlier than 60 days after notice to the City. If the City has breached a term or condition of this Agreement, the District or Developer may remove the City as Collecting Agent, effective immediately. This Agreement shall not be assigned by either party other than to a successor by operation of law or with the prior written consent of the other parties. Section 4.5. Notice. All notices, certificates or other communications required to be given hereunder shall be in writing and shall be deemed given when delivered in person, or by prepaid overnight express mail or a national courier service, or mailed by certified or registered mail, postage prepaid, addressed as follows: To the City: {00351434} 8 Treasurer’s Office City of Wheat Ridge 7500 West 29th Avenue Wheat Ridge, CO 80033 To the District: Seter & Vander Wall, P.C. 7400 East Orchard Road, Suite 3300 Greenwood Village, CO 80111 Attn: Kim J. Seter, Esq. To the Developer: Evergreen-Clear Creek Crossing, L.L.C. 1873 S. Bellaire Street, Ste. 1200 Denver, CO 80222 Attn: Tyler Carlson Email: tcarlson@evgre.com with copy to: 2390 E. Camelback Road, Ste. 410 Phoenix, AZ 85016 Attn: Laura Ortiz Email: lortiz@evgre.com The parties may by written notice designate any additional or different address to which subsequent notices, certificates or other communications will be sent. Section 4.6. No Third Party Beneficiaries. There are no intended beneficiaries of this Agreement except the City, Developer and the District. Nothing contained in this Agreement shall give or allow any claim or right of action by any person with respect to this Agreement. Section 4.7. Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the parties and their duly authorized successors and assigns. Section 4.8. Amendment. This Agreement may only be amended, changed, modified or altered by an instrument in writing duly executed by each party. Section 4.9. Computation of Time. In computing a period of days, the first day shall be excluded and the last day shall be included. If the last day of any period is not a business day, the period shall be extended to include the next succeeding business day. If a number of months is to be computed by counting the months from a particular day, the period shall end on the same numerical day in the concluding month as the day of the month from which the computation is {00351434} 9 begun, unless there are not that many days in the concluding month, in which case the period shall end on the last day of that month. Section 4.10. Payments Due on a Day Other Than a Business Day. If the date for making any payment or the last day for performance of any act or the exercising of any right as provided in this Agreement shall be a day other than a business day, such payment may be made, or such act performed, or such right may be exercised on the next succeeding business day with the same force and effect as if done on the nominal date provided in this Agreement or the PIF Covenants. Section 4.11. Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof which shall be enforced to implement the manifest intent hereof. Section 4.12. Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 4.13. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State. Section 4.14. No Indemnification by City. The City shall have no obligation to indemnify, hold harmless or defend the District, Developer, any District Bond Trustee or any other person for any purpose whatsoever. The only remedies of the parties are set forth in Section 4.15. Section 4.15. Default and Remedies. If any party fails to perform any of its responsibilities, obligations or agreements to be performed in accordance with the terms and provisions of this Agreement, and if such failure of performance continues for a period of 30 days following notice of default from another party (or such additional period of time as may be reasonably necessary to cure such default as long as the curative action is commenced within such 30 day period and is diligently and continuously pursued to completion), then any non- defaulting party may initiate a court action (i) to enjoin such failure of performance, (ii) to recover damages, and (iii) to seek any other remedy available at law or in equity, including an action for specific performance. The prevailing party in any court action shall be entitled to an award of costs and reasonable attorney fees. No remedy provided under this Agreement shall be required to be exercised as a prerequisite to seeking any other relief to which such party may then be entitled. All rights and remedies under this Agreement are cumulative, and the exercise of any one or more of such rights and remedies shall not preclude the exercise of any other right or remedy for any default at the same or a different time. Any delay in asserting any right or remedy under this Agreement shall not operate as a waiver of any such right or limit such right in any manner. {00351434} 10 Section 4.16. Captions. The captions or headings herein are for convenience only and in no way define, limit or describe the scope or intent of any provisions or Section of this Agreement. This PIF Collecting Agent Agreement is entered into and executed by the parties as of the date set forth above. LONGS PEAK METROPOLITAN DISTRICT By: ATTEST: By: CITY OF WHEAT RIDGE By: Bud Starker, Mayor ATTEST: By: Office of the City Clerk APPROVED AS TO FORM: ___________________________________ Gerald E. Dahl, City Attorney DEVELOPER EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, its Manager By: Evergreen Devco, Inc., a California corporation, its Manager By: Name: Its: {00351434} 11 EXHIBIT A PUBLIC FINANCING ADDENDUM THIS PUBLIC FINANCING ADDENDUM (this "Addendum") is executed this ____ day of _________________, 20__, by ______________________, ("Landlord" or “Owner”), _____________________________________________________ ("Tenant") and ___________________________________________ ("Guarantor") with respect to and forming a part of that certain LEASE AGREEMENT (the "Lease") dated _______________, 20__, for the premises commonly known as _______________________ (the "Premises") in the retail center commonly known as _______________________ located in the City of Wheat Ridge (the "Center"). Recitals This Addendum is made with respect to the following facts: A. Longs Peak Metropolitan District (the "District") is a quasi-municipal corporation and political subdivision of the State of Colorado (the "State") and has been organized under State law to facilitate the financing, acquisition and construction of public improvements needed for the development of the Center and other real property within the boundaries of the District (the "Public Improvements"). B. In connection with the financing for the Public Improvements, the Premises are subject to: 1. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Lodging Credit Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; and, 2. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Retail Credit Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; 3. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Admissions Credit Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; 4. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Admission Add-On Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado; 5. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Lodging Add-On Public Improvement Fee at Reception No. {00351434} 12 in the real property records of the Clerk and Recorder of Jefferson County, Colorado; and, 6. A Declaration of Covenants Imposing and Implementing the Evergreen- Clear Creek Crossing Retail Add-On Public Improvement Fee at Reception No. in the real property records of the Clerk and Recorder of Jefferson County, Colorado (Collectively, the "PIF Covenants"). The PIF Covenants impose on each "Retailer" within the Center the requirement to collect and remit a "Public Improvement Fee" on all "PIF Sales" (as such terms are defined in the PIF Covenants) for the use and benefit of the Owner and District for the purposes described in the PIF Covenants. Addendum For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows: 1. Defined Terms. Each initially capitalized term used in this Addendum, unless otherwise defined in this Addendum, shall have the meaning set forth for the term in the PIF Covenants. 2. Tenant’s Obligations under PIF Covenants. 2.1 Tenant acknowledges that it has received and read the PIF Covenants. Tenant is a Retailer for the purposes of the PIF Covenants and is subject to all terms, conditions, obligations and restrictions imposed on and applicable to Retailers under the PIF Covenants with respect to the Premises and PIF Sales transactions initiated, consummated, conducted or transacted or otherwise occurring from or within any portion of the Premises. Without limiting the generality of the immediately preceding sentence, Tenant shall impose and collect the Public Improvement Fee on all PIF Sales transactions and shall pay all Public Improvement Fee revenues to the Collection Agent, unless otherwise directed by the District, in accordance with the requirements of the PIF Covenants. 2.2 Tenant further acknowledges that if Tenant authorizes any other Retailer to possess or occupy any portion of the Premises, subject in any case to the terms and conditions of the Lease, Tenant will then be an Occupant for the for the purposes of the PIF Covenants, and will be subject to all terms, conditions, obligations and restrictions imposed on and applicable to Occupants under the PIF Covenants, with respect to such portion of the Premises. 2.3 No default by Landlord shall entitle Tenant to any offset, deduction or other defense to Tenant’s payment of all Public Improvement Fees due under the PIF Covenants. {00351434} 13 3. Waiver of Confidentiality. 3.1 Tenant specifically authorizes the Collection Agent, Owner, District, any Bond Trustee and any Person designated by the District and the Collection Agent to: (a) audit Tenant’s books and records with respect to the Premises to determine compliance with Tenant’s obligations to collect and remit Public Improvement Fees in accordance with the PIF Covenants; and (b) release Tenant’s Confidential Information to Landlord, the Collection Agent, the District, any Bond Trustee and owners and prospective purchasers of the Bonds for the purposes described in the PIF Covenants. Tenant acknowledges that Landlord shall maintain the confidentiality of Tenant’s Confidential Information delivered to Landlord, to the extent permitted or required by law, and the District shall cause Tenant’s Confidential Information delivered to the District, the Collection Agent, and any Bond Trustee or prospective purchasers of the Bonds to be maintained as confidential in accordance with the PIF Covenants and to the extent permitted or required by law. 3.2 All Reports made or provided by Tenant shall be maintained by Tenant for at least three years from the date of submission thereof to the Collection Agent, the City, the County and/or the State. 3.3 Tenant’s authorization of the Collection Agent, the Owner, the District and any Bond Trustee under Section 3.1 shall be in effect for any period of time during which a lease is in effect between the Tenant and Landlord, regardless of whether an initial term, a separate term or extension thereof, and such authorization shall terminate on the third anniversary of the earlier to occur of the date of termination of any such lease or the PIF Termination Date. 4. Remedies. 4.1 Tenant acknowledges that Landlord, the District, the Collection Agent and any Bond Trustee, or any Person designated by any of them, shall have a direct right of action and full right and authority to enforce Tenant’s obligations under the PIF Covenants, including the right to all remedies provided under the PIF Covenants, for any default by Tenant under the terms and conditions of the PIF Covenants. 4.2 Tenant’s default under the terms and conditions of the PIF Covenants shall be an event of default under the Lease, and, in addition to the remedies provided in the PIF Covenants, Landlord shall have all remedies available under the Lease for any default by Tenant under the PIF Covenants. 5. General Acknowledgements. 5.1 Tenant acknowledges that the provisions of the PIF Covenants pertaining to Retailers have been or will be agreed to by Declarant, the District and any Bond Trustee, and that Declarant, the District and, if required by the Bond Indentures, any Bond Trustee are or will be relying upon the PIF Covenants in taking certain actions with respect to the Public {00351434} 14 Improvement Fee, the Bond Financing, the undertaking of the acquisition, construction and completion of the Public Improvements, and the incurrence of the Public Improvements Costs with the express understanding and condition that the provisions of the PIF Covenants pertaining to Retailers will not be amended, modified or waived without the prior written consent of Declarant, the District and any Bond Trustee. Accordingly, Tenant agrees that no amendment or modification will be made to, nor any waiver made or accepted by Tenant with respect to, the provisions of the PIF Covenants that pertain to Retailers, and that any such purported amendment, modification or waiver will be void and of no force and effect, unless made with the prior written consent of Declarant, the District and any Bond Trustee. 5.2 Tenant acknowledges that the Public Improvement Fee is not a tax in any form and that the authority of the Collection Agent and others to receive the Public Improvement Fee is derived through the PIF Covenants and the Bond Indentures. Landlord and Tenant have executed this Addendum as of the date set forth in the introductory paragraph of this Addendum. LANDLORD: _____________________, a By: ____________________________________ Name: __________________________________ Title: ___________________________________ TENANT: By: ____________________________________ Name: __________________________________ Title: ___________________________________ INTERGOVERNMENTAL AGREEMENT ON ANNEXATIONS,INCLUSIONS AND TAX LEVIES A.THIS AGREEMENT,dated this J0_day of April,2006,is by and among the following entities: 1.THE CITY OF WHEAT RIDGE,a Colorado home rule municipality (the "City"); PROSPECT RECREATION &PARK DISTRICT,a Title 32 special district and political subdivision of the State of Colorado ("Prospect District");and 2. CABELA'S RETAIL,INC.("Cabela's"),in its own capacity and as an Organizer of the proposed Longs Peak Metropolitan District ("Longs Peak District"). 3. RECITALS: The City has annexed certain property (the "Annexed Property")owned by Cabela's and Coors Brewing Company ("Coors")pursuant to that certain Annexation and Development Agreement entered into as of December 20,2004.The Annexed Property presently consists entirely of the following properties: A. Parcels owned by Coors (collectively referred to as the "Coors Property");1. One or more parcels which Cabela's presently intends to use for a Cabela's retail store (the "Cabela's Store Property");and 2. Certain other properly owned by Cabela's (the "Remaining Cabela's Property").3. Prospect District currently provides park and recreation services within its boundaries,which are located generally west of Youngfield Street and Ward Road between 56' Avenue and Colfax Avenue,and generally east of the bases of North and South Table Mountains.Prospect District operates two parks which are located near the Cabela's Store Properly:Maplegrove Park at 32"'Ave and Gardenia St.,and Arapahoe Park at 44'Ave.and Indiana St.Prospect imposes an ad valorem property tax on taxable property within its district, which is currently levied at the rate cf 3 mills. B. Portions of the Coors Property have been included within the Prospect District boundaries since Prospect District's reorganization in 1999.Other portions of the Coors Property have been included within the Prospect District boundaries as the result of a Stipulation between Coors and Prospect District filed on May 2,2005 in connection with the legal proceeding entitled In re thh Organization of Prospect Recreation <£Park District, Jefferson County,Colorado,Jefferson County District Court,Civil Action No.99 CV 2154, Division 8 (the "Inclusion Proceeding"),and the Order approving that Stipulation entered on C. May 5,2005. The issue of whether the Cabela's Store Property and the Remaining Cabela's Property are or should be included in the Prospect District boundaries remains before the D. Court in the Inclusion Proceeding.The City has intervened in that proceeding,and has opposed the inclusion of any Cabela's properties.Cabela's has adopted the City's position. All of the parties to this Agreement are concerned with potential development of the properties between 32'Ave.and 44"Ave.,west of Youngfield St.and east of Mclntyre St.Tn particular: E. The City has annexed other properties and the District may provide some park and recreation services on the eastern part of this area,and may expand its boundaries to the west; 1. Cabela's is making substantial investments in its properties and is providing some recreation facilities;and 2. 3.After its formation.Longs Peak District may also expand its boundaries to the west,to the extent that its services may be needed to support such development. The parties desire,through this Agreement,to harmonize their relationship and to reach accommodation with each other with respect to certain boundary and taxation issues. The parties anticipate that Longs Peak District will ratify this Agreement,and become bound to its terms following its formation. NOW,THEREFORE,in consideration of the mutual promises contained herein,the sufficiency of which is hereby acknowledged,the parties agree as follows: Inclusion of Property Within Prospect District.Prospect District will take the following actions,to which Cabela's will not object: F. G. 1. a.Prospect District will include the Cabela's Store Property in the District and will create Prospect Recreation &Park District Subdistrict No.3 (the "Subdistrict")encompassing the Cabela's Store Property; b.Prospect District will include the Remaining Cabela's Property in Prospect Recreation &Park District. Mill Levy Limitation for Cabela's Store Property.The tax levy applicable to the Subdistrict shall be capped at 2 mills as long as the Cabela's Store Property is owned by Cabela's Retail,Inc.or a related entity;provided,however,in any event the tax levy applicable to the Subdistrict shall never exceed the mill levy prevailing in the Prospect District generally. 2. Prospect District Boundaries To Be Unaffected bv Future Inclusions by Loncs Peak District.The parlies agree that if additional properties within the boundaries of Prospect District are subsequently included in the boundaries of Longs Peak District,such inclusion will not affect the boundaries of Prospect District, 3. Prospect District Boundaries To Be Unaffected bv Annexations bv the Citv,The parlies agree that the City will not take any action to cause the exclusion from Prospect District 4. (a)of any properties within the Longs Peak District and (b)any additional properties that are within the boundaries of Prospect District that the City may annex in the future. Ratification bv Longs Peak District.Cabela's agrees that upon the formation of the District to cause Longs Peak District promptly to ratify this Agreement.Such ratification shall have the effect of making Longs Peak District a party to this Agreement. 5. Termination of the Inclusion Proceeding.Promptly after the execution of this Agreement by the parties.Prospect will cause its attorney to notify the Court that its Petition under C.R.S.§32-1-307(4)for the Inclusion Within Prospect Recreation <£Park District of Certain Lands Formerly Excluded as Being Used Primarily and Zoned for Agricultural Uses should be denied as moot,and promptly thereafter lo furnish copies of the Order denying that petition to all of the Parties hereto. 6. Term.This Agreement shall be in force until terminated by the agreement of all parties or until terminated by the dissolution of Prospect District. 7. Severability.If any provision in this Agreement is held to be invalid or unenforceable on any occasion or in any circumstance,such holding shall not be deemed lo render the provision invalid or unenforceable on any other occasion or in any other circumstance or to render any other provision hereof invalid or unenforceable,and to that extent the provisions of this Agreement are severable;provided,however,that this provision shall not preclude a court of competent jurisdiction from refusing so lo sever any provision if severance would be inequitable to one or more of the parties. 8. CITY OF WHEAT RIDGE:^ST: By:-4* Mayor,City of Wheat Ridge / Date:~ City Clerk ./ Lf//t>/oZ ED AS TO FORM:APP City Attorney PROSPECT RECREATION &PARKATTEST: DISTRICT: By: Print Name:Secretary Title: APPROVE AS TO FORM:Date: ) t Attorney for Prospect Recreation & Park District / CABELA'S RETAIL,INC. BvT Title:\7\(-r-\[r~r-^AC L-o APPROVE AS TO FORM:Date: Attorney for Prospect Recreation & Park District CABELA'S RETAIL,INC. i2^1 Byr Title:\hOr-, Mz-w GRANTED Movant any pro file a ci Court within lq&l&l /2007 03:04:50 P.. ^ Jefferson County ,MARGIE L.ENQUIST SUPPLEMENTAL INTERGOVERNMENTAL: ON ANNEXATIONS,INCLUSIONS^W!,rs0fl rmimy !)iMna t ,mt,Jsl t[i) TAX LEVIES yMt>•• ludge CATED ON ATTACHMENTi: /l-iling Diift:i-Vb IS 2008 7-0Ti'Vl \|Nf 1 iliitg II):IS6J19.M)S \/,/Kevins fJitL:(nolcy Aiuiri'ii THIS AGREEMENT,dated this day ofDecember,2007,is by and among the following entities:\W PROSPECT RECREATION &PARK DISTRICT,a Title 32 special district and political subdivision ofthe State of Colorado ("Prospect District"); CABELA'S RETAIL,INC.("Cabela's"),a corporation;and LONGS PEAK METROPOLITAN DISTRICT ("Longs Peak District"). RECITALS: 1. 2. 3. A.Prospect District,Cabela's and The City of Wheat Ridge entered into an Intergovernmental Agreement on Annexations,Inclusions and Tax Levies dated April 10,2006 (the "2006 IGA"),pursuant to which the parties agreed (among other things)to the inclusion within Prospect District ofcertain parcels intended for use as a Cabela's retail store,referred to therein as the "Cabela's Store Property,"and agreed that Prospect District would never tax the Cabela's Store Property at a rate in excess of 2 mills,even ifdie tax rate throughout the rest of Prospect District were to be increased from its present 3 mill levy.The reason for this favorable tax treatment was to alleviate the tax inequity on Cabela's arising from the fact that the Cabela's Store Property would be subject to taxation both by Prospect District,which provides park and recreation services exclusively,and by Longs Peak District,which also provides some park and recreation services as part of its portfolio ofmetropolitan district services. B.The Division of Local Government of the Colorado Department of Local Affairs has advised Prospect District that it regards the favorable tax treatment to be accorded to Cabela's Store Property under the 2006 IGA as inconsistent with the requirement of tile Colorado Constitution that property tax levies be uniform within any tax district Without conceding the validity ofthis view of the Colorado Constitution,the parties wish to implement a different method to address the tax inequity faced by Cabela's,to be effective as ofJanuary 1,2006. The parties note that Prospect District has the right,under C.R.S.§32-l-401(l)(c) to include property within its boundaries "with or without conditions."The parties further note that it would be lawful and appropriate for Prospect District,under C.R.S.§32-1-40 l(l)(c),to consider the tax inequity that would otherwise befall Cabela's by the inclusion of the Cabela's Store Property within the District ifCabela's bore all of the property taxes being levied by Prospect District and Longs Peak District. D.Prospect District has found and concluded that Cabela's would in feet be faced with a tax inequity ifit were ultimately liable for all of the taxes imposed by both Prospect District in excess of2 mills as well as all offoe taxes levied by Longs Peak District,and that this tax inequity could be remedied ifthe inclusion ofthe Cabela's Store Property within Prospect District were made on condition that Prospect District make rebate to Cabela's ofany taxes it collects with respect to the Cabela's Store Property that are in excess of the amount that would have been collected at a 2 mill tax levy. C. .« -XI IN ?1 "X s2E \ &^ E.Cabela's and Longs Peak District agree with Prospect District's findings and conclusions in this regard.Cabela's continues to be the sole owner ofthe Cabela's Store Property. F.In the 2006 IGA,Cabela's also agreed to cause Longs Peak District to ratify that agreement.Longs Peak District has at Cabela's request considered the merits ofthe 2006 IGA, as modified by this Agreement,and has concluded that the 2006 IGA should be ratified. G .The parties also anticipate that Longs Peak District will ratify this Agreement,and become bound to its terms following its formation. NOW,THEREFORE,in consideration of the mutual promises contained herein,the sufficiency ofwhich is hereby acknowledged,the parties agree as follows: 1 .Inclusion of Property Within Prospect District.Cabela's Store Property will be included within the Prospect District effective January 1,2006 upon the condition that Prospect District repay to Cabela's the total amount of taxes attributable to the Cabela's Store Property that exceed tire amount that would have been collected at a 2 mill tax levy.This payment by Prospect District to Cabela's shall be made on or before December 3 1 of each year in which taxes were collected,with respect to the taxes actually collected during that calendar year. r 2.Ratification by Lonps Peak District.Longs Peak District acknowledges that condition upon which the Cabela's Store Property is to have been included within Prospect District is fair.Longs Peak District now ratines the entire 2006 IGA,as modified by this Supplemental Agreement,with the understanding that such ratification makes Longs Peak District a party to the 2006 IGA. 3 .Further action.Prospect District shall promptly take appropriate action (a)to advise the Jefferson County District Court and to cause Inclusion Order to be amended to reflect the condition upon the inclusion of the Cabela's Store Property provided for herein and (b)to advise the Department ofLocal Affairs ofthe elimination ofthe disparate tax rate. 4.Kffact of thisi Agreement on the 2006 IGA.This agreement shall supersede and replace that portion ofthe 2006 IGA which provided for he creation of a subdistrict to encompass the Cabela's Store Property within which the tax levy would be capped at 2 mills for the life of the agreement. 5 .Term.This Agreement shall be effective as ofJanuary 1 ,2006,and shall remain in force as long as the 2006 IGA remains in force. 6.Severability.If any provision in this Agreement is held to be invalid or unenforceable on any occasion or in any circumstance,such holding shall not be deemed to render the provision invalid or unenforceable on any other occasion or in any other circumstance nor to render any other provision hereof invalid or unenforceable,and to that extent the provisions ofthis Agreement are severable;provided,however,that this provision shall not preclude a court ofcompetentjurisdiction from refusing so to sever any provision ifseverance would be inequitable to one or more of the parties. Dated:V .2007. -2- PR?b/%&A PROSPECT RECREATION &PARK DISTRICT ATTEST: Print Name:A~.<*4aj n#a: Titled Pate:/Ot^^JL^o ^ Secretary APPROVED AS TO FORM: Attorney for the District CABELA'S RETAIL,INC. /> By:-=i Title: LONGS PEAK DISTRICTATTEST: H4* T< le: APPROVED AS TO FORM:Date: M Attorney for&e District -3- This document constitutes a ruling of the court .and should be treated as,such. Court:CO Jefferson County District Court 1st JD Judge:Margie Enquist File &Serve Transaction ID:18597251 Current Date:Feb 15,2008 Case Number:1999CV2154 Case Name:In the matter of;PROSPECT RECREATION &PARK DISTRICT Court Authorizes Margie Enquist /s/Judge Margie Enquist {00351395} 16762946.10 PUBLIC FINANCE AGREEMENT THIS PUBLIC FINANCE AGREEMENT (“Agreement”) is effective the ___ day of __________, 2018 (“Effective Date”), by and among the WHEAT RIDGE URBAN RENEWAL AUTHORITY, a body corporate and politic of the State of Colorado (“Authority”), LONGS PEAK METROPOLITAN DISTRICT, a quasi-municipal corporation and political subdivision of the State of Colorado (“District”), and EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Developer”). The Authority, the District, and the Developer are collectively referred to as the “Parties” and individually as a “Party.” RECITALS WHEREAS, the Developer is the owner of approximately __ acres of real property generally located at the southwest corner of the intersection of Interstate 70 and Colorado Highway 58, as more particularly described on Exhibit 1 (“Property”) in the City of Wheat Ridge (“City”); and WHEREAS, the District was organized to furnish public infrastructure improvements, facilities and services in connection with the development of the Property; and WHEREAS, the District is authorized to exercise powers in the District’s Service Plan approved by the City on March 13, 2006, as amended from time to time (“Service Plan”) within and without its legal boundaries as now or hereafter constituted; and WHEREAS, the City Council of the City of Wheat Ridge, Colorado (“City”) established the Authority on October 19, 1981; and WHEREAS, an urban renewal plan known as the I-70/Kipling Corridors Urban Renewal Plan (the “Plan”) was adopted and approved by the City in May 2009; and WHEREAS, the Developer has submitted a proposal to the City and the Authority to develop the Property in phases as a mixed-use commercial development (“Project”); WHEREAS, the Authority has determined that the development of the Property in order to remediate blight is consistent with and in furtherance of the purposes of the Authority and the Plan; and WHEREAS, pursuant to the URA Act and the Plan, the Authority may finance undertakings pursuant to the Plan by any method authorized under the URA Act or any other applicable law, including without limitation, issuance of notes, bonds and other obligations in an amount sufficient to finance all or part of the Plan; borrowing of funds and creation of indebtedness; advancement of reimbursement agreements; agreements with public or private entities; and loans, advances and grants from any other available sources; and the Plan authorizes the Authority to pay the principal and interest on any such indebtedness from property tax increment; and {00351395} 2 16762946.10 WHEREAS, the Plan contemplates that a primary method of financing projects within the urban renewal area will be through the use of property tax increment revenues; and WHEREAS, the Plan allows the use of tax increment financing related to property tax; and WHEREAS, the Parties have agreed to enter into this Agreement for the redevelopment of the Property in accordance with the Plan and the URA Act, 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 agree: COVENANTS AND AGREEMENTS 1. Definitions. Words and phrases not otherwise defined herein shall have the meaning ascribed to them in the City Public Finance Agreement. The following words and phrases shall have the meanings set forth below: “Act” means the Special District Act, Colorado Revised Statutes §§32-1-101, et seq. “Authority” means Wheat Ridge Urban Renewal Authority d/b/a Renewal Wheat Ridge, an urban renewal authority and a body corporate and politic of the State of Colorado, which has been duly created, organized, established, and authorized by the City to transact business and exercise its powers as an urban renewal authority, all under and pursuant to the Urban Renewal Statute (“URA Law”), and its permitted successors and assigns. “Authority Costs” means the Authority’s reasonable and necessary third-party out of pocket fees, costs and expenses incurred in drafting and negotiating this Agreement and other related documentation necessary or appropriate for the issuance of the Bonds. “Authority Payment” means a one-time lump sum cash payment of $5,000,000.00. “Bonds” means one or more series of bonds issued by the District in accordance with the terms of the Act and the City Public Finance Agreement, which may be in the form of a note, loan, or other financial obligation identified as a Bond, including any bonds, notes, loans, or other financial obligations issued by the District to refund Bonds. “City” means the City of Wheat Ridge, Colorado, a home rule municipal corporation. “City Public Finance Agreement” means the Public Finance Agreement by and among the City, Developer, and District, dated _______, as the same may be amended from time to time. “Commence Construction“ or “Commencement of Construction” means the commencement of actual physical work on the Public Improvements for the Project by the District or Developer, including without limitation, deconstruction, demolition and/or site grading on the Property as required for the Project. {00351395} 3 16762946.10 “Completion” means initial acceptance by the City of all Public Improvements that are required to be dedicated to the City pursuant to an executed subdivision improvements agreement between the City and the Developer, and issuance of certificates of occupancy for all private improvements within the Project. “Cooperation Agreement” means that certain agreement between the District and the Authority dated September 6, 2016, by which the Authority agrees to remit to the District that portion of the property tax increment generated from the District’s property tax mill levy on parcels within the District’s Boundaries that is deposited into the special fund of the Authority. “District Bond Documents” means, collectively, the resolutions, indentures, loan agreements, custodial agreement and any other instrument or agreement pursuant to which the Bonds are issued or incurred and secured as to repayment. “District Debt Service Mill Levy” means a property tax levy which will be levied by the District on the taxable property of such District, in accordance with the District Bond Documents. The District Debt Service Mill Levy shall be at least 35 mills, and shall be no more than 50 mills, provided, however, that in the event that the method of calculating assessed valuation is changed after January 1, 2018, the maximum and minimum mill levies will be increased or decreased to reflect increases or decreases to be determined by the District in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by such mill levy imposed by the District, as adjusted, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation.. Subject to the minimum and maximum mill levies described above, no provision of this Agreement shall be interpreted to require the District to levy the District Debt Service Mill Levy in any particular amount. “District Pledged Revenue” means, collectively: (a) the revenue received by the District attributable to the District Debt Service Mill Levy; (b) the revenue received by the District attributable to the District Specific Ownership Taxes; (c) the Credit PIF Revenue; (d) the Pledged Add-On PIF Revenue; and (e) revenue received by the District pursuant to that certain Cooperation Agreement between the District and the Wheat Ridge Urban Renewal Authority dated September 6, 2016 and which is attributable to the District Debt Service Mill Levy; provided that all of the foregoing revenue shall be net of the costs of collection. “District Specific Ownership Taxes” means that portion of the District’s annual specific ownership tax revenue attributable to the District Debt Service Mill Levy. “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with this Agreement and the City Public Finance Agreement. “Payment Notice” shall have the meaning set forth in Section 4. {00351395} 4 16762946.10 “Plan” means the I-70/Kipling Corridors Urban Renewal Plan adopted and approved by the City in May 2009, as it may hereinafter be amended from time to time. “Property” means the real property described and depicted on Exhibit 1. “Public Improvements” are all of the facilities listed on the attached Exhibit 2. “Trustee” means the trustee or custodian appointed to serve in such role and designated to receive District Pledged Revenue in accordance with the applicable District Bond Documents. “URA Act” means the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31 of the Colorado Revised Statutes. 2. Construction of Public Improvements. 2.1 Developer may, in its sole discretion, elect to undertake all or only certain phases of the Project. Developer is only responsible to finance and construct those Public Improvements required to serve the phase of the Project which Developer so elects to undertake pursuant to a subdivision improvements agreement executed by the Developer and the City. The design and construction of the Project shall comply in all material respects with all applicable codes and regulations of entities having jurisdiction. If Developer proceeds with the Project, Developer will pay or cause to be paid when due all required fees and costs, including those imposed by the City, in connection with the design, construction, applicable warranty requirements, and use of the Project, all in accordance with the subdivision improvements agreement executed by the Developer and the City. 2.2 Developer will permit representatives of the Authority access to the Property and the Project at reasonable times during regular business hours and with prior notice as necessary for the purpose of carrying out or determining compliance with this Agreement, the Plan, or any City code or ordinance, including without limitation, inspection of any work being conducted; provided that: (a) such inspections shall not shall unreasonably interfere with any then-current use of the Property or Developer’s development or operation of the Project; (b) such inspections shall not damage the Property or any improvements thereon (and the Authority shall immediately provide written notice of any such damage to the Developer and restore the Property to the condition that existed prior to such damage); (c) the Authority shall keep confidential the results and findings of its studies and inspections of the Property; and (d) the Authority shall not perform any Phase II environmental assessment, or any other investigation that would drill, extract, or physically alter or change the condition of the Property, without the Developer’s prior written approval, which approval may be withheld in the Developer’s sole and absolute discretion. The Authority’s rights under this Agreement shall be subject to the rights of any tenants, easement holders, or other users of the Property. The Authority shall carry commercial general liability insurance covering the Authority’s activities (and those of Authority’s agents, consultants and employees) in and about the Property, with a limit of not less than $2,000,000.00 combined single limit per occurrence, against: (A) claims for personal injury liability including, without limitation, bodily injury, death or property damage liability and covering Buyer; (B) operations of independent contractors engaged by Buyer for services or construction on or about {00351395} 5 16762946.10 the Property; and (C) contractual liability, which shall name the District, the Developer, and Developer’s lender, as additional insureds. The Authority shall present a certificate of such insurance in a form reasonably acceptable to the Developer before entering on the Property. In addition, any insurance policy obtained by the Authority shall be written as a primary policy, and shall not be contributing with or in excess of any coverage, which the Developer or District may carry. Notwithstanding anything to the contrary contained herein, the Authority’s obligations in this Section shall survive expiration or any termination of this Agreement. 3. District Debt Service Mill Levy. The District shall impose the District Debt Service Mill Levy on the Property as required by the District Bond Documents. 4. Authority Payment. The District shall send the Authority and Developer written notice promptly after the earlier to occur of Commencement of Construction or issuance of the Bonds (the “Payment Notice”). Within 10 days after receipt of such Payment Notice, the Authority shall pay the Authority Payment to the District by wire instruction of immediately available funds. The District shall use the Authority Payment only to pay for, or reimburse the District or Developer for, Eligible Costs in accordance with the City Public Finance Agreement. If the Authority does not timely pay the entire Authority Payment to the District, it shall be deemed an Event of Default of this Agreement by the Authority without need for additional notice or an opportunity to cure. 5. Cooperation with District and Developer. The Authority agrees to cooperate in a reasonable manner to assist the District in issuing Bonds. 6. Certification Upon Completion. Upon Completion of the Project, the Authority shall issue a certificate of Completion to the Developer and District in accordance with the URA Act. 7. Reimbursement of Authority Costs. The Authority shall have the right to seek reimbursement for the Authority Costs from proceeds of the Bonds on deposit with the Trustee or from District Pledged Revenue on deposit with the Escrow Agent in accordance with the District Bond Documents and Exhibit 4 of the City Public Finance Agreement. 8. Assignments and Sales. 8.1 Neither the Authority nor the District shall assign its rights or obligations or delegate its duties hereunder without the prior written consent of the other Parties, which consent may be withheld in such other Parties’ sole discretion. Except as hereinafter provided, this Agreement shall not be assigned in whole or in part by the Developer without the prior written consent of the other Parties; provided, however, the following assignments and transfers will not require any such consent: (i) this Agreement may be assigned to the Trustee for the benefit of the owners of the Bonds, (ii) subject to written notice to the Authority from Developer containing the name and address of the lender or other party, Developer may pledge, collaterally assign, or otherwise encumber all or any part of its rights under this Agreement, including its right to receive any payment, to any lender or other party that provides acquisition, construction, working capital, or other financing to Developer in connection with development of the Project, acquisition of the Property, and/or construction of the Public Improvements; (iii) subject to a {00351395} 6 16762946.10 written notice to the Authority from the Developer, the Developer may assign some or all of its rights, interests, and obligations under this Agreement to the successor owner(s) of the Property or portions thereof provided that Developer directly or indirectly owns at least 50% of the equity interest in, or directly or indirectly has managerial control of, such successors owner(s); and (iv) subject to a written notice to the Authority from the Developer, the Developer may assign some or all of its rights, interests, and obligations under this Agreement to one or more entities who will develop, own and/or operate all or a portion of the Property or of the improvements to be constructed thereon and who are a subsidiary parent company, special purpose entity, affiliate directly or indirectly owned or controlled by or under common direct or indirect control or ownership with Developer, or a joint venture entity formed by Developer or with its investors or partners. 8.2 Developer shall provide written notice to the Authority of the sale of all or any portion of the Property by Developer during the term of this Agreement. 9. Representations and Warranties. 9.1 Representations and Warranties by the Authority. The Authority represents and warrants as follows to the Developer and District: (i) The Authority is a body corporate and politic of the State of Colorado, duly organized under the URA Act, and has the power to enter into and has taken all actions to date required to authorize this Agreement and to carry out its obligations. (ii) The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on its part to make this Agreement valid and binding upon the Authority. (iii) The Authority knows of no litigation, proceeding, initiative, referendum, investigation or threat of any of the same contesting the powers of the Authority or its officials with respect to this Agreement. (iv) The execution and delivery of this Agreement and the documents required and the consummation of the transactions contemplated by this Agreement a will not (i) conflict with or contravene any law, order, rule or regulation applicable to the Authority or to its governing documents, (ii) result in the breach of any of the terms or provisions or constitute a default under any agreement or other instrument to which the Authority is a party or by which it may be bound or affected, or (iii) permit any party to terminate any such agreement or instruments or to accelerate the maturity of any indebtedness or other obligation of the Authority. (v) The District Pledged Revenues and the Authority Payment are not subject to any other or prior pledge or encumbrance, and the Authority will not pledge or encumber the District Pledged Revenues or Authority Payment during the term of this Agreement without the prior written consent of Developer. (vi) This Agreement constitutes a valid and binding obligation of the Authority, enforceable according to its terms. {00351395} 7 16762946.10 9.2 Representations and Warranties by the Developer. The Developer represents and warrants as follows to the Authority and District: (i) Developer is a Colorado limited liability company and in good standing and authorized to do business in the State of Colorado and has the power and the authority to enter into and perform in a timely manner its obligations under this Agreement. (ii) The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on its part to make this Agreement valid and binding upon Developer. (iii) The Developer knows of no litigation, proceeding, initiative, referendum, investigation or threat of any of the same contesting the powers of the Developer or its principals with respect to this Agreement. (iv) The execution and delivery of this Agreement and the documents required and the consummation of the transactions contemplated by this Agreement will not (i) to the Developer’s actual knowledge (without duty of inquiry or investigation) conflict with or contravene any law, order, rule or regulation applicable to the Developer or to its governing documents, (ii) result in the breach of any of the terms or provisions or constitute a default under any agreement or other instrument to which the Developer is a party or by which it may be bound or affected, or (iii) permit any party to terminate any such agreement or instruments or to accelerate the maturity of any indebtedness or other obligation of the Developer. (v) This Agreement constitutes a valid and binding obligation of the Developer, enforceable according to its terms. 9.3 Representations and Warranties by the District. The District represents and warrants as follows to the Authority and Developer: (i) The District is a quasi-municipal corporation and political subdivision of the State duly organized under the Act, and has the power and the authority to enter into and perform in a timely manner its obligations under this Agreement. (ii) The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on its part to make this Agreement valid and binding upon the District. (iii) The District knows of no litigation, proceeding, initiative, referendum, investigation or threat of any of the same contesting the powers of the Developer or its officials with respect to this Agreement. (iv) The execution and delivery of this Agreement and the documents required and the consummation of the transactions contemplated by this Agreement will not (i) to the District’s actual knowledge (without duty of inquiry or investigation) conflict with or contravene any law, order, rule or regulation applicable to the District or to its governing {00351395} 8 16762946.10 documents, (ii) result in the breach of any of the terms or provisions or constitute a default under any agreement or other instrument to which the District is a party or by which it may be bound or affected, or (iii) permit any party to terminate any such agreement or instruments or to accelerate the maturity of any indebtedness or other obligation of the District. (v) This Agreement constitutes a valid and binding obligation of the District, enforceable according to its terms. 10. Events of Default. The following event shall constitute an “Event of Default” under this Agreement: any Party fails in the performance of any covenant or obligation in this Agreement (except for those events allowing the termination of this Agreement as set forth herein), and such failure continues for thirty (30) days after written notice specifying such default and requiring the same to be remedied is given by a non-defaulting Party to the defaulting Party; provided, however, if such default is not of a type which can be cured within such thirty (30) day period and the defaulting Party gives written notice to the non-defaulting Party or Parties within such thirty (30) day period describing therein the reasons such default cannot be cured within such thirty (30) day period, the defaulting Party shall have a reasonable period of time given the nature of the default following the end of such thirty (30) day period to cure such default, provided that such defaulting Party commences such cure within the thirty (30) day period and actively and diligently pursues such cure to completion. 11. Remedies. Upon the occurrence and continuation of an Event of Default, the non-defaulting Party’s remedies will be limited to the right to enforce the defaulting Party’s obligations by an action for injunction, specific performance, or other appropriate equitable remedy or for mandamus, or by an action to collect and enforce payment of sums owing hereunder, and no other remedy (unless otherwise expressly authorized by this Agreement), and, except as expressly provided in this Agreement, no Party will be entitled to claim damages for an Event of Default by the defaulting Party, including, without limitation, lost profits, economic damages, or actual, direct, incidental, consequential, punitive, or exemplary damages; provided, however, that in the event of any litigation or other proceeding to enforce any of the terms, covenants or conditions of this Agreement, the prevailing party in such litigation or other proceeding shall be awarded, as part of its judgment or award, its reasonable attorneys’ fees and costs. Notwithstanding anything to the contrary in this Agreement, in no event shall the Authority have the right (and the Authority hereby waives any right) to compel or enjoin the issuance, payment, defeasance, refinancing, termination, or refunding of any Bonds, or other similar actions that would impact the Bonds, Bond Proceeds, or the flow of District Pledged Revenue to the Bonds. 12. Indemnification. 12.1 Except as hereinafter provided, from during the physical construction of the Project, and for any action arising during that time period, Developer agrees to indemnify, defend and hold harmless the Authority, its officers, agents and employees, from and against all liability, claims, demands, and expenses, including fines imposed by any applicable state or federal regulatory agency, court costs and attorney fees, on account of any injury, loss, or damage to the extent arising out of any of the work performed by Developer, any subcontractor {00351395} 9 16762946.10 of Developer, or any officer, employee, agent, successor or assign of Developer under this Agreement, but only to the extent such injury, loss, or damage is caused by the negligent act or omission, error, professional error, mistake, accident, or other fault of Developer, any subcontractor of Developer, or any officer, employee, agent, successor or assign of Developer, but excluding any injuries, losses, or damages which are due to the negligence, breach of contract or willful misconduct of the Authority. 12.2 Notwithstanding the foregoing or any provision to the contrary contained in this Agreement, in the event that all or a portion of the Project is financed with a HUD-insured Section 220 or 221(d)(4) loan, and so long as any such loan remains outstanding, any obligation of the Developer to provide indemnification under this Agreement shall be limited to (i) amounts mandated by state law, if any, (ii) coverage afforded under any liability insurance carried by the Developer, and (iii) available “surplus cash“ of the Developer as defined in the Regulatory Agreement executed in connection with any such loan. Until funds from a permitted source for payment of indemnification costs are available for payment, the Developer shall not (a) pay funds to any indemnitee under this Agreement, or (b) pay the deductible on an indemnification policy for any indemnitee under this Agreement 13. Nonliability of Officials, Members, Agent, and Employees. Except for willful misconduct, no trustee, board member, commissioner, official, employee, consultant, manager, member, shareholder, partner, attorney, or agent of any Party, nor any lender to any Party or to the Project, will be personally liable under this Agreement or in the event of any default or for any amount that may become due to any Party. 14. Cooperation Regarding Defense. In the event of any litigation or other legal challenge involving this Agreement, the Bonds, or any other material part or provision of this Agreement or the ability of any Party to enter into this Agreement, the Parties will cooperate in such action or challenge, to the extent permitted by law. 15. Conflicts of Interest. None of the following will have any personal interest, direct or indirect, in this Agreement: a member of the governing body of the Authority, an employee of the Authority who exercises responsibility concerning the Plan, or an individual or firm retained by the Authority who has performed consulting services to the Authority in connection with the Plan or this Agreement. None of the above persons or entities will participate in any decision relating to the Agreement that affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. 16. Anti-Discrimination. Developer, for itself and its successors and assigns, agrees that in the construction of the Eligible Improvements and in the use and occupancy of the Property and the Eligible Improvements, Developer will not discriminate against any employee or applicant for employment because of race, color, religion, sex, sexual orientation, disability, marital status, ancestry, or national origin. 17. Term. The term of this Agreement is the period commencing on the Effective Date and terminating on the date of payment in full of the Bonds or the full performance of the covenants of this Agreement, whichever occurs later. {00351395} 10 16762946.10 18. Integration. This written Agreement constitutes the entire agreement between the Parties and supersedes all prior written or oral agreements, negotiations, or representations and understandings of the Parties with respect to the subject matter contained herein. 19. Exhibits. The following Exhibits are attached hereto and fully incorporated herein by this reference: Exhibit 1: Property Exhibit 2: List of all Public Improvements 20. Amendment. This Agreement may be amended, modified, changed, or terminated in whole or in part only by written agreement duly authorized and executed by the Parties. Whether an amendment to this Agreement necessitates an amendment to the Service Plan shall be determined according to state law then in effect, or, where applicable, an express provision of this Agreement. The Authority’s Executive Director is hereby authorized to execute any amendment to this Agreement on behalf of the Authority and provide any consent or approval required by the Authority. 21. No Waiver. A waiver by any Party to this Agreement of the breach of any term or provision of this Agreement must be in writing and will not operate or be construed as a waiver of any subsequent breach by any Party. 22. Venue. Exclusive venue for the trial of any action arising out of any dispute arising out of or related to this Agreement shall be in the district court in the State of Colorado serving Jefferson County. The laws of the State of Colorado govern this Agreement and the relationship of the Parties hereunder without regard to principles of conflicts of laws. 23. Days. If the day for any performance or event provided for herein is a Saturday, a Sunday, a day on which national banks are not open for the regular transactions of business, or a legal holiday pursuant to Section 24-11-101(1) (collectively, a “Holiday”), such day will be extended until the next day that is not a Holiday. 24. Additional Documents or Action. 24.1 The Parties agree to execute any additional documents or take any additional action, including without limitation estoppel documents requested or required by third parties, including without limitation, lenders, tenants or potential purchasers, that is necessary to carry out this Agreement or is reasonably requested by any Party to confirm or clarify the intent of the provisions of this Agreement and to effectuate the agreements and the intent. Notwithstanding the foregoing, however, no Party shall be obligated to execute any additional document or take any additional action unless such document or action is reasonably acceptable to such Party. 24.2 The Executive Director of the Authority shall have the authority to act on behalf of the Authority under this Agreement. 25. Severability. If all or any portion of this Agreement, or other agreements subsequently executed in connection with this Agreement, are asserted or determined to be invalid, illegal, unenforceable, or are otherwise precluded, the Parties, within the scope of their {00351395} 11 16762946.10 powers and duties, will cooperate in the joint defense of such documents. If such defense is unsuccessful and such portion is held by a court of competent jurisdiction to be invalid, illegal, unenforceable, or are otherwise precluded, such portion shall be deemed severable and its invalidity or unenforceability shall not affect the validity or enforceability of any other portion or provision of such documents, and the Parties will use reasonable, diligent, and good faith efforts to amend, reform, or replace such precluded portions to assure, to the extent legally permissible, that each Party substantially receives the benefits that it would have received under this Agreement and such other documents. 26. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all such counterparts shall constitute one and the same instrument. Executed copies hereof may be delivered by email of a PDF document, and, upon receipt, shall be deemed originals and binding upon the parties hereto. Signature pages may be detached and reattached to physically form one document. 27. Scope of Benefits. Except as otherwise stated herein, this Agreement is intended to describe the rights and responsibilities of and between the named Parties and is not intended to, and shall not be deemed to confer any rights upon any persons or entities not named as Parties, nor to limit in any ways the powers and responsibilities of the Authority, the District, or any other entity not a party hereto; provided that the Trustee shall be deemed to be a third party beneficiary hereunder. Notwithstanding anything in this Agreement to the contrary, (a) no third party beneficiary’s consent or approval shall be required for any amendment, modification, or termination of this Agreement or for any waivers or consents granted hereunder, and (b) the rights of said third party beneficiaries may be amended, modified, or terminated by the mutual agreement of the Parties. 28. Successors and Assigns. The rights and obligations created hereby shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 29. Notices. All notices or other communications required or permitted hereunder shall be in writing, and shall be delivered to the receiving party at the address below by (i) personal delivery (including by means of professional messenger service); (ii) nationally recognized overnight courier; (iii) registered or certified mail, postage prepaid, return receipt requested; or (iv) electronic mail, or electronic transmission of a pdf document followed by delivery of a hard copy through one of the methods outlined in (i) through (iii) above, and shall be deemed received upon the date of receipt thereof. [AUTHORITY] District: Longs Peak Metropolitan District c/o District Counsel Kim John Seter Seter & Vander Wall {00351395} 12 16762946.10 7400 East Orchard Rd Ste 3300 Greenwood Village, CO 80111 Email: kseter@svwpc.com with copy to: District Counsel Kim John Seter Seter & Vander Wall 7400 East Orchard Rd Ste 3300 Greenwood Village, CO 80111 Email: kseter@svwpc.com Developer: Evergreen-Clear Creek Crossing, L.L.C. 1873 S. Bellaire Street, Ste. 1200 Denver, CO 80222 Attn: Tyler Carlson Email: tcarlson@evgre.com with copy to: 2390 E. Camelback Road, Ste. 410 Phoenix, AZ 85016 Attn: Laura Ortiz Email: lortiz@evgre.com with copy to: Brownstein Hyatt Farber Schreck, LLP 410 17th Street, Suite 2200 Denver, CO 80202 Attention: Carolynne White Email: cwhite@bhfs.com 30. No Waiver of Immunity. Nothing contained in this Agreement constitutes a waiver of sovereign immunity or governmental immunity by any party under applicable state law. [SIGNATURE PAGES FOLLOW] {00351395} 13 16762946.10 {00351395} 14 16762946.10 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day first above written. LONGS PEAK METROPOLITAN DISTRICT By: Name: Title: ATTEST: By: Name: Title: WHEAT RIDGE URBAN RENEWAL AUTHORITY By: Name: Title: {00351395} 16762946.10 DEVELOPER: EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, its Manager By: Evergreen Devco, Inc., a California corporation, its Manager By: Name: Its: {00351395} Exhibit 1-1 16762946.10 EXHIBIT 1 Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT {00351395} Exhibit 2-1 16762946.10 EXHIBIT 2 List of All Public Improvements {00351118} EXHIBIT G RESOLUTION OF APPROVAL CITY OF WHEAT RIDGE {00351010} CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO.____ Series of 2018 TITLE: A RESOLUTION APPROVING THE AMENDED AND RESTATED SERVICE PLAN FOR LONGS PEAK METROPOLITAN DISTRICT WHEREAS, the Longs Peak Metropolitan District (“District”) was organized pursuant to the Colorado Special District Act §§ 32-1-101, et seq., C.R.S.; and WHEREAS, the City Council for the City of Wheat Ridge (“City”), as the District’s governing body, approved the District’s Service Plan (“ 2006 Service Plan”) by the adoption of City of Wheat Ridge Resolution No. 09, Series of 2006 on March 13, 2006; and WHEREAS, the 2006 Service Plan provided for the District’s provision and financing of public improvements and services for the development of a commercial retail center (the “2006 Project”); and WHEREAS, some of the 2006 Service Plan’s proposed public improvements were constructed but the 2006 Project was never completed; and WHEREAS, a new mixed-use project has been proposed for the 2006 Project site (the “CCC Project”); and WHEREAS, the District’s provision and financing of the public improvements and services for the CCC Project will materially differ from the 2006 Service Plan; and WHEREAS, the District has petitioned the City to approve an Amended and Restated Service Plan that generally sets forth how the District may provide and finance public improvements and services for the CCC Project (the “2018 Service Plan”). NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, as follows: 1. The above and foregoing recitals are incorporated herein by reference and are adopted as findings and determinations of the City. 2. The City further finds and determines that all applicable requirements of § 32-1-207 (2)(a), C.R.S. relating to the petitioning of the 2018 Service Plan and the consideration thereof by the City, have been met. 3. Based upon the 2018 Service Plan, the City hereby determines as follows: a. The 2018 Service Plan meets the requirements of § 32-1-202 (2), C.R.S. {00351010} 2 b. The CCC Project and 2018 Service Plan demonstrate a sufficient existing and projected need for the District’s provision of organized service. c. Without the District, the existing service in the area is inadequate to serve the present and projected needs of the CCC Project and other property within the District’s boundaries. d. The District is capable of providing economical and sufficient service to the area within its boundaries. e. The area included within the District’s boundaries and financing mechanisms contemplated in the 2018 Service Plan have, or will have, the financial ability to discharge the proposed indebtedness on a reasonable basis. f. Adequate service is not, or will not be, available to the area through the City or other existing municipal or quasi-municipal corporations, including other existing special districts, within a reasonable time and on a comparable basis. g. The facility and service standards of the District are compatible with the facility and service standards of the City. h. The 2018 Service Plan is in compliance with any duly adopted master plan. i. The 2018 Service Plan is in compliance with any duly adopted county, regional, or state long-range water quality management plan for the area. j. The park and recreation facilities, improvements and services furnished and to be furnished by the District do not duplicate or interfere with facilities, improvements or services already provided or to be provided within the District by the Prospect Recreation and Park District. k. Approval of the 2018 Service Plan is in the best interest of the City, its tax payers, the property to be served by the District and the owners thereof. 4. Pursuant to §§ 32-1-207 (2)(a) and 204.5(1), C.R.S., the City does hereby approve the 2018 Service Plan as submitted to the City on June 20, 2018. 5. A certified copy of this Resolution shall be attached to the 2018 Service Plan as Exhibit G, filed in the records of the City, and submitted to the District’s Board of Directors for the purpose of filing in the District Court of Jefferson County and other filings required by law. 6. All resolutions or parts thereof in conflict with the provisions hereof shall be and the same are hereby repealed. {00351010} 3 Done this 25th day of June, 2018, at Wheat Ridge, Colorado. CITY COUNCIL OF THE CITY OF WHEAT RIDGE, JEFFERSON COUNTY, COLORADO By: _____________________________ Bud Starker, Mayor CITY OF WHEAT RIDGE,COLORADO RESOLUTION NO.43 Series of 2018 TITLE:A RESOLUTION APPROVING THE AMENDED AND RESTATED SERVICE PLAN FOR LONGS PEAK METROPOLITAN DISTRICT WHEREAS,the Longs Peak Metropolitan District ("District")was organized pursuant to the Colorado Special District Act §§32-1-101,etseq.,C.R.S.;and WHEREAS,the City Council for the City of Wheat Ridge ("City"),as the District's governing body,approved the District's Service Plan ("2006 Service Plan")by the adoption of City of Wheat Ridge Resolution No.09,Series of 2006 on March 13,2006; and WHEREAS,the 2006 Service Plan provided for the District's provision and financing of public improvements and services for the development of a commercial retail center (the "2006 Project");and WHEREAS,some of the 2006 Service Plan's proposed public improvements were constructed but the 2006 Project was never completed;and WHEREAS,a new mixed-use project has been proposed for the 2006 Project site (the "CCC Project");and WHEREAS,the District's provision and financing of the public improvements and services for the CCC Project will materially differ from the 2006 Service Plan;and WHEREAS,the District has petitioned the City to approve an Amended and Restated Service Plan that generally sets forth how the District may provide and finance public improvements and services for the CCC Project (the "2018 Service Plan"). NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Wheat Ridge,Colorado,as follows: 1.The above and foregoing recitals are incorporated herein by reference and are adopted as findings and determinations of the City. 2.The City further finds and determines that all applicable requirements of §32-1-207 (2)(a),C.R.S.relating to the petitioning of the 2018 Service Plan and the consideration thereof by the City,have been met. 3.Based upon the 2018 Service Plan,the City hereby determines as follows: a.The 2018 Service Plan meets the requirements of §32-1-202 (2),C.R.S. b.The CCC Project and 2018 Service Plan demonstrate a sufficient existing and projected need for the District's provision of organized service. c.Without the District,the existing service in the area is inadequate to serve the present and projected needs of the CCC Project and other property within the District's boundaries. d.The District is capable of providing economical and sufficient service to the area within its boundaries. e.The area included within the District's boundaries and financing mechanisms contemplated in the 2018 Service Plan have,or will have,the financial ability to discharge the proposed indebtedness on a reasonable basis. f.Adequate service is not,or will not be,available to the area through the City or other existing municipal or quasi-municipal corporations,including other existing special districts,within a reasonable time and on a comparable basis. g.The facility and service standards of the District are compatible with the facility and service standards of the City. h.The 2018 Service Plan is in compliance with any duly adopted master plan. i.The 201 8 Service Plan is in compliance with any duly adopted county,regional, or state long-range water quality management plan for the area. J- be furnished by the District do not duplicate or interfere with facilities, improvements or services already provided or to be provided within the District by the Prospect Recreation and Park District. k.Approval of the 2018 Service Plan is in the best interest of the City,its 4.Pursuant to §§32-1-207 (2)(a)and 204.5(1),C.R'S ,the City does hereby approve the 2018 Service Plan as submitted to the City on June 20,2018. 5.A certified copy of this Resolution shall be attached to the 2018 Service Plan as Exhibit G,filed in the records of the City,and submitted to the District's Board of Directors for the purpose of filing in the District Court of Jefferson County and other filings required by law. 6.All resolutions or parts thereof in conflict with the provisions hereof shall be and the same are hereby repealed. 2 DONE AND RESOLVED this 9th day of July,2018. [A)dkr,By: Bud Starker,Mayor ATTEST: *A w )lLUd?\M){(o /W/t- ^faneNe,Shaver,City Clerk * $5iOR^3 3 {00351118} EXHIBIT H DISTRICT/DEVELOPER AGREEMENTS Draft PIF Covenants and Draft SIA {00351400} 16759392.6 When Recorded Return To: Brownstein Hyatt Farber Schreck, LLP 410 Seventeenth Street, 22nd Floor Denver, Colorado 80202 Attn: Judy Landrum DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING LODGING CREDIT PUBLIC IMPROVEMENT FEE THIS DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING LODGING CREDIT PUBLIC IMPROVEMENT FEE (“PIF Covenant”) is made as of the ___ day of [__________], 2018, by EVERGREEN- CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Declarant”). RECITALS A. Capitalized terms used in this PIF Covenant shall have the meanings set forth in Section 1 of this PIF Covenant, and references to Sections and Exhibits shall refer to Sections and Exhibits of this PIF Covenant unless expressly stated otherwise. B. Declarant owns the real property more particularly described on Exhibit A, attached hereto and incorporated herein (the “Property”), which is located in the City of Wheat Ridge, County of Jefferson, State of Colorado, and intends to develop and construct or cause to be constructed a development consisting of a commercial center and the appurtenant improvements to be known as Clear Creek Crossing, which will be benefited by the completion of the Public Improvements. C. In consideration of the benefits to be provided to the Property with respect to construction, installation, operation, and maintenance of the Public Improvements, (i) Declarant has agreed to impose a public improvement fee on the Property and (ii) the City has agreed to credit each portion of the total Lodging Tax due on Lodging Sales occurring within the Property, all in accordance with the terms of this PIF Covenant, the Public Finance Agreement, and the Wheat Ridge Code of Laws. D. The District was organized pursuant to Colorado law in order to provide for the financing, construction, completion, operation and maintenance of certain Public Improvements within or without its boundaries, including, without limitation, the construction and installation of grading improvements, water, sanitation, street, safety, protection, and park and recreation improvements, facilities and services along with all reasonable and necessary soft costs, fees and organizational expenses authorized pursuant to the District’s Service Plan. 16759392.6 {00351400} 2 E. The District intends to issue the District Bonds in order to finance, construct, and complete certain Public Improvements on the Property. The District constitutes the PIF Receiving Party (as defined herein) hereunder and, as a result, owns all right, title, and interest in the PIF Revenue until such time as the District Bonds are paid in full or defeased, as more particularly provided herein. F. Subject to and in accordance with the terms of this PIF Covenant, Declarant desires to impose the obligation to collect and pay, and to provide for the implementation of the collection and payment of, a Lodging Credit PIF on certain Lodging Sales that occur from or within the Property. DECLARATION NOW, THEREFORE, in consideration of the facts set forth in the Recitals, incorporated herein and made a part hereof by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Declarant, Declarant hereby agrees and declares that this PIF Covenant shall run with the land and be binding upon, and effective against all successors in interest, assigns and transferees of the Property as follows: 1. Defined Terms. Except as otherwise expressly provided herein or unless the context requires otherwise, the singular of any term includes the plural of such term. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Public Finance Agreement (as hereinafter defined). The following terms, when used in this PIF Covenant, shall have the following meanings: (a) “Auditor” has the meaning set forth in Section 7 below. (b) “City” means the City of Wheat Ridge, Colorado, a municipal corporation, and includes its successors and assigns. (c) “Commencement Date” means the date on which this PIF Covenant is recorded in the real property records of the County. (d) “County” means the County of Jefferson, State of Colorado. (e) “Declarant” shall mean the Declarant named in this PIF Covenant for so long as such named party holds title to any portion of the Property or a Person who is designated as Declarant in an instrument recorded in the real property records of the County, and executed by the immediately preceding Declarant, who holds title to any portion of the Property. If the Declarant named in this PIF Covenant, or the then-current Declarant, no longer holds title to any portion of the Property and does not record an instrument designating a new Person as Declarant, the Person holding title to the largest parcel within the Property shall become the Declarant, not including any parcel that is used primarily as residential property. Any Person who is designated as a Declarant hereunder shall agree to comply with the terms and provisions of the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenues. 16759392.6 {00351400} 3 (f) “Default Rate” means eighteen percent (18%) per annum, but if such rate exceeds the maximum interest rate permitted by State law, such rate shall be reduced to the highest rate allowed by State law under the circumstances. (g) “Developer” means Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, and any successors and assigns as permitted pursuant to the Public Finance Agreement. (h) “District” means the Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State formed pursuant to the Special District Act, Colorado Revised Statutes §§ 32-1-101, et seq., and its successors and assigns. (i) “District Bonds” means, collectively, one or more series of bonds, which may be in the form of a note, loan, or other financial obligation identified as a District Bond, issued or incurred by the District to finance or refinance the Eligible Costs in accordance with the terms and provisions of the Public Finance Agreement, including any bonds, notes, loans, or other financial obligations issued by the District to refund District Bonds. The definition of District Bonds shall not include any Reimbursement Agreement (as defined in the Public Finance Agreement) entered into between the Developer and the District. (j) “District Bond Documents” means, collectively, the District Bond Indenture and any other documents pursuant to which the District Bonds are issued and secured as to repayment. (k) “District Bond Indenture” means any indenture or similar documents pursuant to which the District Bonds are issued and secured as to repayment. (l) “District Bond Trustee” means the trustee in connection with the issuance of any District Bonds. (m) “Eligible Costs” shall have the meaning provided for “Eligible Costs” in the Public Finance Agreement. (n) “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer, with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. (o) “Hotel Operator” means any Person, including the Declarant and any Owner or Occupant, who is a provider of lodging services and who engages in any Lodging Sales for leases, rentals, lodging, or accommodation within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted or transacted outside of the Property). (p) “Lodging Credit PIF” means the public improvement fee imposed on the Property in the amount of 5.0% on Lodging Sales for leases, rentals, lodging, or accommodations 16759392.6 {00351400} 4 within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner or other third-party, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of this PIF Covenant and will be accounted for and spent in accordance with the terms of this PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement and the District Bond Documents. (q) “Lodging Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted from or within the Property that is subject to the City’s Lodging Tax. (r) “Lodging Tax” means the municipal lodgers’ tax imposed by the City at such rate and on such terms and conditions as prescribed in Section 22-100 of the Wheat Ridge Code of Laws, of which an amount equal to 5.0% on Lodging Sales has been permanently earmarked for specific purposes by the voters of the City. (s) “Lodging Tax Credit” means the credit against the City’s Lodging Tax in the amount of 5.0% on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, through a third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted, or transacted outside of the Property), as implemented pursuant to the Tax Credit Ordinance.. (t) “Lodging Tax Reports” has the meaning set forth in Section 6. (u) “Occupancy Agreement” means any deed, lease, sublease, license, concession or other occupancy agreement between an Owner or an Occupant and a Vendor under which the Vendor is given the right to possess or occupy any portion of the Owned/Leased Property owned or occupied by the Owner or the Occupant. (v) “Occupant” means any Owner or other Person who has the legal right, pursuant to any agreement of any type or nature, to possess or occupy any portion of the Property, including, without limitation, any space within or without any building constructed on any Property; provided, however, that a mortgagee, a trustee or a beneficiary of a deed of trust, or any other Person who has such a right of possession primarily for the purpose of securing a debt or other obligation owed to such Person will not constitute an “Occupant,” unless and until such Person becomes a mortgagee in possession or otherwise possesses or occupies a portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary, or other Person will be an “Occupant” hereunder. (w) “Owned/Leased Property” means with respect to any Owner, the portion of the Property to which such Owner owns fee title and with respect to any Occupant, the portion of the Property which such Occupant has the right to possess or occupy pursuant to an Occupancy Agreement. (x) “Owner(s)” means an individual or entity that owns a fee interest in any portion of the Property, during the period of such ownership. 16759392.6 {00351400} 5 (y) “Person(s)” means an individual, firm, association, unincorporated organization, corporation (for profit or nonprofit), limited liability company, partnership, company, joint stock company, joint venture, trust or government or agency or a political subdivision thereof, any trustee, receiver, assignee or similar representative thereof or any other entity. (z) “PIF” or “Public Improvement Fee” shall mean the Lodging Credit PIF. (aa) “PIF Collection Agent” means an entity retained by the Declarant for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the Public Finance Agreement and PIF Collection Agreement. (bb) “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District and the PIF Collection Agent. The Developer, District Bond Trustee, and the City may also be parties to the PIF Collection Agreement. (cc) “PIF Receiving Party” means, from the date of this PIF Covenant until such time as the District Bonds are paid in full, the District. After payment in full of the District Bonds, the PIF Receiving Party shall be the person or entity designated by the Declarant. (dd) “PIF Reports” has the meaning set forth in Section 5(b). (ee) “PIF Revenue” means collectively, the revenue derived from the imposition of the Lodging Credit PIF. (ff) “Property” has the meaning set forth in the Recitals. (gg) “Purchaser” or “Purchasers” means the purchaser or recipient of goods or services or both from a Vendor in a Lodging Sale. (hh) “Public Finance Agreement” means that certain Public Finance Agreement approved by the City Council on [_________ __, 2018] by Resolution No. [__________], by and between the Developer, the District, and the City setting forth the terms and conditions applicable to construction and financing of certain Public Improvements, as hereafter amended from time to time. (ii) “Public Improvements” shall have the meaning provided for “Public Improvements” in the Public Finance Agreement. (jj) “Records” means those items that must be made available by a Vendor in connection with a lodging tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (kk) “Service Plan” means the Service Plan for the District approved by the City on March 13, 2006, as it may be amended or modified from time to time. (ll) “State” means the state of Colorado. 16759392.6 {00351400} 6 (mm) “Tax Credit Ordinance” means Ordinance [_____________] approving the Lodging Tax Credit. (nn) “Wheat Ridge Code of Laws” means the Code of Laws of the City of Wheat Ridge, Colorado, as the same may be amended or supplemented. 2. Assessment of Public Improvement Fee. From and after the Commencement Date, the Public Improvement Fee shall be imposed on all Lodging Sales within the Property as follows: (a) Every Vendor shall collect from every Purchaser in each Lodging Sale by such Vendor, in its capacity as a Vendor, and remit to the PIF Collection Agent, the Lodging Credit PIF due with respect to such transaction in accordance with this PIF Covenant. To the extent this PIF Covenant does not address any procedural matters relating to the collection of the Lodging Credit PIF by Vendors and such matters are not established by the PIF Collection Agent in accordance with Section 4, the provisions of the Wheat Ridge Code of Laws relating to the collection of Lodging Tax shall apply. (b) Every Owner or Occupant who leases or subleases any portion of its Owned/Leased Property to a Vendor, or who permits a Vendor to occupy any portion of its Owned/Leased Property by license, concession, or otherwise, will expressly require, pursuant to the Occupancy Agreement by virtue of which such Vendor is given the right to possess or occupy such portion of Property, that such Vendor collect the Lodging Credit PIF due with respect to such transaction from each Purchaser in each Lodging Sale by such Vendor and remit the Lodging Credit PIF to the PIF Collection Agent in accordance with the terms of this PIF Covenant. (c) If the initial PIF Collection Agent no longer acts as the PIF Collection Agent, the Declarant shall appoint a new PIF Collection Agent in accordance with Section 5.4 of the Public Finance Agreement, in which case, the Declarant shall provide, or cause to be provided to, each Vendor written notice containing the name and address of the new PIF Collection Agent. Each Vendor shall be entitled to rely upon such written notice of the designation of the new PIF Collection Agent. (d) The Declarant and PIF Receiving Party agree to cause all PIF Revenue to be remitted to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement, and thereafter to the PIF Receiving Party. (e) Notwithstanding the foregoing, the Lodging Credit PIF shall terminate in accordance with Section 5.3 of the Public Finance Agreement. 3. Imposition of Public Improvement Fee. Each Vendor shall collect and remit to the PIF Collection Agent the Lodging Credit PIF for all Lodging Sales that occur within the Property from and after the Commencement Date. Each Vendor shall have the right to make or apply adjustments, exemptions, credits and rebates to the Public Improvement Fee to the same extent adjustments, exemptions, credits and rebates may be made to the Lodging Tax payable under the Wheat Ridge Code of Laws. If an adjustment results in a refund of such Public Improvement Fee, such Vendor shall process the refund or credit for such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment of 16759392.6 {00351400} 7 the Sales Tax. Such Vendor may claim any credit or refund in the next monthly reporting period by use of the standard reporting and remittance forms. Each Occupant who is a Vendor shall provide the Declarant, the District, the PIF Collection Agent, and the PIF Receiving Party with its name and address prior to conducting any Lodging Sales on the Property, and each Occupant will promptly provide the Declarant, the District, the PIF Collection Agent, and the PIF Receiving Party with the name and address of each Vendor upon entering into any Occupancy Agreement by which a Vendor is granted the right to possess or occupy a portion of the Property to conduct Lodging Sales. 4. Lodging Sales Information. The PIF Collection Agent shall establish and circulate to all Vendors and Owner(s) uniform written information relating to the calculation, payment and reporting of Public Improvement Fees, including (i) uniform guidelines specifying the scope of the definition of Lodging Sales for purposes of calculating the Public Improvement Fee due hereunder, and (ii) any collection and reporting procedures which procedures shall take effect no earlier than thirty (30) days after written notice has been provided to all Vendors. Each Vendor will be entitled to rely on the information provided by the PIF Collection Agent for purposes of compliance with this PIF Covenant. Additionally, the PIF Collection Agent shall provide at least thirty (30) days’ prior written notice to Vendors and Owner(s) if the amount of the Lodging Credit PIF changes, for any reason whatsoever. The PIF Collection Agent shall also promptly notify all Vendors and Owner(s) of any procedures that the Vendors must follow with respect to informing Purchasers of the Public Improvement Fee, as such procedures are established in order to comply with the District Bond Documents, applicable laws or reasonable business practices. 5. Calculation, Payment and Reporting of Public Improvement Fee. (a) Whether or not collected from Purchasers, each Vendor shall, on a monthly basis, pay all Public Improvement Fees imposed hereunder attributable to the immediately preceding month from or within any portion of the Owned/Leased Property occupied by such Vendor during such period. All Public Improvement Fees shall be due and payable without notice on the date required for payment of the Lodging Tax under the Wheat Ridge Code of Laws. Each Vendor shall pay all Public Improvement Fees directly to the PIF Collection Agent. (b) Each Vendor that is required to collect the Lodging Credit PIF shall report all Lodging Sales and remit the Public Improvement Fees thereon to the PIF Collection Agent on a monthly basis at the same time that the Vendor reports and remits the Lodging Tax to the City, employing reporting forms (collectively, the “PIF Reports”) and following procedures provided by the PIF Collection Agent that are intended to be substantially similar to those used and required by the City for the remittance of the Sales Tax. So long as any District Bonds are outstanding or the Public Finance Agreement is in effect, the PIF Reports shall also be submitted to the City. The Public Improvement Fee shall be calculated and imposed on each Lodging Sales transaction and added to the sales price of such Lodging Sales prior to the calculation and assessment of any City, County or State sales tax, including the Sales Tax, and before any sales taxes of any other taxing entity required to be imposed by law. The Lodging Tax and all other sales taxes of the City, County, the State, and other taxing entities shall, to the extent that such sales taxes apply to the Lodging Sales transaction, be calculated and assessed on the sum of the Lodging Sales price plus the amount of the Public Improvement Fee. 16759392.6 {00351400} 8 (c) The PIF Collection Agent shall promptly notify in writing each Vendor of the name and address of the PIF Collection Agent and provide appropriate directions for payment and reporting of the Public Improvement Fees. For purposes of compliance with this Section 5(c), each Vendor will be entitled to rely upon such written notice of the designation of the PIF Collection Agent. (d) No provision of this PIF Covenant shall be construed or applied to alter, modify, limit, or affect the Lodging Tax or any other sales taxes that may be imposed by the City, the County or the State or any other applicable taxing authority. 6. Additional Reporting Requirements. (a) Each Vendor that is required to collect the Lodging Credit PIF shall, with respect to that portion of the Owned/Leased Property occupied by such Vendor, deliver to the PIF Collection Agent, along with the PIF Reports, true and complete copies of all written reports, returns, statements, records and declarations, including any supplements or amendments thereto made or provided to the City, the County or the State by such Vendor in connection with all sales taxes for such Vendor’s location within the Owned/Leased Property for the corresponding lodging tax period (collectively, the “Lodging Tax Reports”), at the same time that such Lodging Tax Reports are delivered to the City, the County or the State. (b) If any subsequent adjustments, additions or modifications are made by a Vendor to any sales taxes reported in such Lodging Tax Reports, such Vendor shall provide the PIF Collection Agent with true and complete copies of all revised PIF Reports and Lodging Tax Reports and any other information issued or filed by such Vendor in regard thereto. If any such adjustments include the amount of the Public Improvement Fee which a Vendor is required to remit or pay or results in a refund of such Public Improvement Fee, such Vendor shall process and pay such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment with respect to the Lodging Tax. Such Vendor shall claim any credit or refund or shall pay such additional Public Improvement Fee in the next monthly reporting period by use of the standard reporting and remittance forms. (c) All PIF Reports and Lodging Tax Reports made or provided by a Vendor shall be maintained by such Vendor for at least three (3) years from the date of submission thereof to the PIF Collection Agent, the City, the County and/or the State and, upon written request, will be made available to the PIF Collection Agent and, so long as the Public Finance Agreement remains in effect, to the City, for inspection and audit. (d) All Lodging Tax Reports received by the PIF Collection Agent shall remain confidential and shall be used by the PIF Collection Agent and its employees, agents and consultants only for purposes of collecting the Public Improvement Fee, enforcing the obligations of any Vendor hereunder, and monitoring compliance with the provisions of this PIF Covenant, unless otherwise required to be made public by law or to be made available to others pursuant to this PIF Covenant. (e) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Lodging Tax Reports shall sign, prior to receiving such Lodging Tax Reports, a confidentiality 16759392.6 {00351400} 9 agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Lodging Tax Reports to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Lodging Tax Reports or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Lodging Tax Reports, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent, in its sole discretion. (f) Notwithstanding anything to the contrary in this PIF Covenant, the PIF Collection Agent may aggregate data it receives in the Lodging Tax Reports and include such aggregated data in reports that are delivered to the PIF Receiving Party, Declarant, District, Escrow Agent, the City and District Bond Trustee, provided the aggregated data is anonymized such that it is not associated with any individual Vendor in the reports. 7. Audits and Release of Information by PIF Collection Agent. (a) By acquiring a possessory interest in and to any portion of the Owned/Leased Property that is subject to the terms and conditions of this PIF Covenant, each Vendor hereby specifically authorizes the PIF Collection Agent, District Bond Trustee, the Escrow Agent, the City, the Declarant or the District, and any accountant or financial consultant designated by the foregoing (collectively and, in such capacity, the “Auditor”) to audit its Records with respect to that portion of the Owned/Leased Property occupied by such Vendor to determine compliance with the Public Improvement Fee collection and remittance obligations of such Vendor under this PIF Covenant; provided, however, that no Auditor may be engaged on a contingency-based compensation system. Each Vendor agrees to release to the Auditor any PIF Reports, Lodging Tax Reports and other documents delivered to the City or the PIF Collection Agent by the Vendor that are related to such Vendor’s sales within the Owned/Leased Property. (b) All information released to or gathered by the Auditor in connection with the audit shall be the “Confidential Information.” Any Auditor shall be entitled to share Confidential Information with any other Person entitled to conduct an audit pursuant to this Section 7. All Confidential Information shall be deemed proprietary to each respective Vendor, shall be kept strictly confidential, and shall not be disclosed or otherwise published by the Auditor or any Person to whom the Auditor releases Confidential Information, except for such disclosures or publications as may be required by law or required or permitted by this PIF Covenant. Each Vendor shall be protected by, and may rely on, the confidentiality provisions set forth in this PIF Covenant; provided, however, that notwithstanding anything in this PIF Covenant to the contrary, unless otherwise prohibited or restricted by law, the PIF Collection Agent and the District Bond Trustee are authorized to disclose information regarding specific Public Improvement Fee collections and Lodging Sales transactions of individual Vendors to: (a) certain parties identified in the District Bond Documents, in the manner and to the extent required by the District Bond Documents, and (b) any lender providing financing secured by PIF Revenue. (c) Upon request by the Auditor, all of Vendor’s Records shall be made available for inspection by the Auditor and: (i) the Auditor’s rights in connection with such an audit shall be the same as the rights of the City in connection with a lodging tax audit pursuant to Section 22- 16759392.6 {00351400} 10 42 of the Wheat Ridge Code of Laws; and (ii) the obligations of a Vendor in connection therewith shall be the same as they are in connection with a lodging tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (d) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Confidential Information shall sign, prior to receiving such Confidential Information, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Confidential Information to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Confidential Information or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Confidential Information, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent or the Auditor, in its sole discretion. 8. Compliance and Enforcement. (a) Each Vendor shall comply with all reasonable policies and requirements of the PIF Collection Agent regarding the collection and remittance of Public Improvement Fees and notification to Purchasers of the imposition and collection of the Public Improvement Fee as such policies and requirements are communicated by the PIF Collection Agent to each Vendor in writing from time to time. The failure or refusal of any Vendor to impose, collect or remit the Public Improvement Fee or to comply with the requirements concerning notification to Purchasers as required in this PIF Covenant, will constitute a default by such Vendor under the terms of this PIF Covenant. The PIF Collection Agent, the PIF Receiving Party, District Bond Trustee, the City, any designated successors of the foregoing and any other Person expressly designated in writing by the PIF Receiving Party are expressly made third party beneficiaries of each Owners’, Occupants’ and Vendors’ obligations under this PIF Covenant, including without limitation the assessment, imposition, collection and remittance of the Public Improvement Fee. (b) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged, and each Owner and Occupant will cause any Vendor whom such Owner or Occupant authorizes to possess or occupy any portion of its Owned/Leased Property to acknowledge, prior to conducting any business at any Owned/Leased Property, that the PIF Collection Agent, PIF Receiving Party, the City, and the Declarant will have a direct cause of action and full right and authority to enforce each Vendor’s obligations under this PIF Covenant, and that no default under any provision of the Occupancy Agreement pursuant to which a Vendor occupies any portion of such Owned/Leased Property will entitle any Occupant or Vendor to any offset, deduction or other defense to payment of all Public Improvement Fees due hereunder. (c) All Public Improvement Fees that are not paid when due hereunder will bear interest at the Default Rate and will be subject to a late fee imposed in the discretion of the PIF Collection Agent from time to time in an amount not to exceed the greater of One Hundred Dollars and 00/100 ($100.00) or ten percent (10%) of the amount due. Any Vendor who fails to 16759392.6 {00351400} 11 make timely remittance of any Public Improvement Fees shall pay, or reimburse the PIF Collection Agent for, all costs of enforcement and collection thereof, including reasonable attorney’s fees. (d) Notwithstanding anything to the contrary contained in this PIF Covenant, the Declarant, the Escrow Agent, the PIF Receiving Party, the District Bond Trustee, the PIF Collection Agent, the City, and any Person designated by any of the foregoing parties (collectively, an “Enforcing Party”) shall have the right to enforce all provisions of this PIF Covenant against any Vendor that fails to comply with any term or condition of this PIF Covenant. An Enforcing Party shall also be paid, awarded, and recover from any defaulting Vendor all reasonable costs and expenses incurred by such Enforcing Party in successfully enforcing the obligations of such Vendor under this PIF Covenant in any legal proceeding brought or defended by such Enforcing Party. 9. Use of Public Improvement Fees. The PIF Revenue generated pursuant to this PIF Covenant shall be collected by the PIF Collection Agent and disbursed to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. 10. No Dominion or Control by Declarant. (a) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant shall be deemed to have acknowledged, that the District will be relying upon this PIF Covenant in taking certain actions with respect to the Public Improvement Fee, the District Bonds, the construction, and installation of Public Improvements and the incurrence of Eligible Costs. Accordingly, Declarant hereby agrees, and all other Owners shall be deemed to have agreed, that no amendment or modification will be made to this PIF Covenant, nor any waiver made or accepted by Declarant or any Owner with respect to this PIF Covenant, if: (i) District Bonds are outstanding to which PIF Revenue is pledged, unless such waiver, amendment or modification has been approved in writing by the District and the District Bond Trustee, or (ii) the Escrow Agent continues to receive PIF Revenue for payment or reimbursement of Eligible Costs pursuant to the Public Finance Agreement, unless such waiver, amendment or modification has been approved in writing by the Developer and the District Bond Trustee. Any purported amendment, modification or waiver made without the prior written consent of the District to the extent required pursuant to this Section 10(a) shall be void and of no force and effect. This PIF Covenant shall not be amended or modified without the prior written consent of the City. (b) The PIF Receiving Party shall have all right, title, and interest in, and shall be deemed to possess all dominion and control over and ownership interests in, the Public Improvement Fees and PIF Revenue, provided that the use of such PIF Revenue is subject to the limitations of Section 9 hereof. Until such time as the District Bonds are paid in full or defeased, if and to the extent that the Declarant is deemed to have any right, title, or interest in, or be deemed to exercise any dominion or control over, the Public Improvement Fees or PIF Revenue, which is not intended, all right, title, and interest and dominion or control of Declarant in the Public Improvement Fees and PIF Revenue and the obligations of each Owner shall be, and hereby are, irrevocably and unconditionally transferred, sold, assigned, and conveyed by 16759392.6 {00351400} 12 Declarant to the PIF Receiving Party for payment of District Bonds or otherwise to pay Eligible Costs and completion, operation, and maintenance of the Public Improvements, in accordance with the terms and provisions of the Public Finance Agreement. (c) SUBJECT TO THE EXPRESS TERMS OF THIS SECTION 10, IT IS INTENDED AND HEREBY DECLARED THAT (I) THE PUBLIC IMPROVEMENT FEE IS A CHARGE IMPOSED ON CERTAIN LODGING SALES ON THE PROPERTY FOR THE PURPOSES STATED HEREIN AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS PIF COVENANT; (II) THE NATURE OF THE PUBLIC IMPROVEMENT FEE IS THAT OF A FEE IMPOSED BY PRIVATE COVENANT FOR THE BENEFIT OF THE PROPERTY AND THE PIF RECEIVING PARTY AND NOT THROUGH THE EXERCISE OF ANY POWER BY THE CITY OR ANY OTHER PUBLIC TAXING AUTHORITY; (III) PUBLIC IMPROVEMENT FEES ARE NOT TAX REVENUES IN ANY FORM; AND (IV) ALL PIF REVENUE RECEIVED BY THE PIF RECEIVING PARTY WILL BE USED TO PAY AND DISCHARGE DISTRICT BONDS OR TO OTHERWISE PAY AND REIMBURSE THE ELIGIBLE COSTS, OR AS MAY OTHERWISE BE PROVIDED IN THIS PIF COVENANT, SUBJECT TO THE TERMS AND PROVISIONS OF THE PUBLIC FINANCE AGREEMENT. Declarant hereby acknowledges the foregoing, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged the foregoing, and each Owner and Occupant will cause any Vendor whom such Owner or Occupant permits to possess or occupy any portion of its Owned/Leased Property to acknowledge the foregoing, prior to conducting any business on any Owned/Leased Property. 11. Governing Law. This PIF Covenant will be governed by, and enforced in accordance with, the laws of the State. Venue for any judicial action to interpret or enforce this PIF Covenant shall only be in the Jefferson County District Court of the First Judicial District of Colorado. 12. Covenants Run with the Land. The covenants, agreements, promises, and duties as set forth in this PIF Covenant will run with the Property and be enforceable against both the covenantors and the Property, and will constitute equitable servitudes burdening both the respective covenantor and its Property for the benefit of the respective covenantee. Each covenant to do or refrain from doing some act on or with respect to activities on any portion of the Property under this PIF Covenant (a) is a burden upon such portion of the Property and is for the benefit of the remainder of the Property, (b) will be a covenant running with the land with respect to both the burdened and benefited portions of the Property, and (c) will be binding upon each Owner, Occupant and Vendor and each successor and assign to their respective interests in Property and will inure to the benefit of the Declarant and, as set forth herein, to the other parties authorized to enforce this PIF Covenant. If and to the extent that any of the covenants or other provisions herein would otherwise be unlawful or void for violation of (i) the rule against perpetuities, (ii) the rule restricting restraints on alienation, or (iii) any other applicable statute or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be valid, then the provisions concerned will continue and endure only until the expiration of a period of ninety (90) years after the Commencement Date, or if applicable, the maximum period of time allowed pursuant to C.R.S. § 15-11-1102.5. 16759392.6 {00351400} 13 13. Severability. Invalidation of any of the provisions contained in this PIF Covenant, or of the application thereof to any Person by judgment or court order, will in no way affect any of the other provisions of this PIF Covenant or the application thereof to any other Person or circumstance, and the remainder of this PIF Covenant will remain in effect; provided, however, that in the event such invalidation would render the remaining portions of this PIF Covenant ineffective to carry out the intentions of Declarant as expressed or implied by this PIF Covenant, then the objectionable provision(s) hereof will be construed, and this PIF Covenant will be presumed amended, as if such provision was replaced with an enforceable provision which effectuates, as nearly as possible, the intentions of Declarant. 14. Amendments. Subject to Section 10, Declarant shall be entitled to make amendments to the provisions of this PIF Covenant without the consent of any Owner, Vendor, or other third party and to record any such amendments in the real property records of the County, even if any portion of the Property is not then owned by Declarant; provided, however, in no event shall the Declarant be permitted to reduce the rate of the Lodging Credit PIF until after the date upon which the District Bonds are paid in full or defeased. Notwithstanding the foregoing, Declarant will not record an amendment against any portion of the Property not owned by Declarant without the consent of the then-current Owner (which consent will not be unreasonably withheld, conditioned or delayed) if the amendment would materially and adversely affect the portion of the Property owned by that Owner. 15. No Operating Covenant. This PIF Covenant is not intended to, and does not, create or impose any obligation on an Owner or Vendor to operate, continuously operate, or cause to be operated a business or any particular business on the Property. If such an obligation exists in any other agreement, this PIF Covenant is not intended to and does not modify, limit, or enlarge such other obligation. 16. Assignment; Successor Declarant. Declarant may assign its right, title, and interest in and to this PIF Covenant to any Person (“Assignment”) and such Assignment shall be effective immediately upon recording a document in the real property records for the County evidencing such Assignment; provided, however, that any such assignee shall agree to be bound by the terms and provisions set forth in the Public Finance Agreement relating to the PIF Covenant and the use of the PIF revenues. 17. Recitals. The Recitals shall be deemed incorporated into the terms and conditions of this PIF Covenant as if fully set forth herein. 18. CCIOA Exemption. Declarant does not intend that recording of this PIF Covenant or that imposition of the Public Improvements Fee or that collection and utilization of the PIF Revenue will create or be construed to create a “common interest community” within the meaning of the Colorado Common Interest Ownership Act codified at C.R.S. §§ 38-33.1-101, et seq., as amended. 19. City’s Rights. So long as any District Bonds remain outstanding, or the Public Finance Agreement remains in effect, the City shall have the rights set forth herein and shall be deemed to be a third party beneficiary hereunder. To the extent that no District Bonds remain outstanding and the Public Finance Agreement is no longer in effect, the City shall no longer be 16759392.6 {00351400} 14 deemed to be a third party beneficiary hereunder and shall no longer have the right to receive reports, audit records, approve amendments hereof or otherwise enforce the terms and provisions of this PIF Covenant, except and to the extent that the provisions of Section 5.4 of the Public Finance Agreement permits. [Signatures on Following Page] {00351400} 16759392.6 IN WITNESS WHEREOF, Declarant has executed this PIF Covenant as of the date first set forth above. EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, Its Manager By: Evergreen Devco, Inc., a California corporation, Its Manager By: _______________________________ Name: ______________________________ Title: ______________________________ STATE OF ____________ ) ) ss. COUNTY OF ____________ ) The foregoing was acknowledged before me this _________ day of ____________, 2018, by ____________ as ___________ of Evergreen Devco, Inc., a California corporation, as Manager of Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, as Manager of Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company. WITNESS my hand and official seal. Notary Public for the State of ___________ My Commission Expires: {00351400} 16759018.5 EXHIBIT A Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT 16759018.5 {00351400} 17 When Recorded Return To: Brownstein Hyatt Farber Schreck, LLP 410 Seventeenth Street, 22nd Floor Denver, Colorado 80202 Attn: Judy Landrum DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING ADMISSIONS CREDIT PUBLIC IMPROVEMENT FEE THIS DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING ADMISSIONS CREDIT PUBLIC IMPROVEMENT FEE (“PIF Covenant”) is made as of the ___ day of [__________], 2018, by EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Declarant”). RECITALS A. Capitalized terms used in this PIF Covenant shall have the meanings set forth in Section 1 of this PIF Covenant, and references to Sections and Exhibits shall refer to Sections and Exhibits of this PIF Covenant unless expressly stated otherwise. B. Declarant owns the real property more particularly described on Exhibit A, attached hereto and incorporated herein (the “Property”), which is located in the City of Wheat Ridge, County of Jefferson, State of Colorado, and intends to develop and construct or cause to be constructed a development consisting of a commercial center and the appurtenant improvements to be known as Clear Creek Crossing, which will be benefited by the completion of the Public Improvements. C. In consideration of the benefits to be provided to the Property with respect to construction, installation, operation, and maintenance of the Public Improvements, (i) Declarant has agreed to impose a public improvement fee on the Property and (ii) the City has agreed to credit each portion of the total Admissions Tax due on Admissions Sales occurring within the Property, all in accordance with the terms of this PIF Covenant, the Public Finance Agreement, and the Wheat Ridge Code of Laws. D. The District was organized pursuant to Colorado law in order to provide for the financing, construction, completion, operation and maintenance of certain Public Improvements within or without its boundaries, including, without limitation, the construction and installation of grading improvements, water, sanitation, street, safety, protection, and park and recreation improvements, facilities and services along with all reasonable and necessary soft costs, fees and organizational expenses authorized pursuant to the District’s Service Plan. E. The District intends to issue the District Bonds in order to finance, construct, and complete certain Public Improvements on the Property. The District constitutes the PIF 16759018.5 {00351400} 18 Receiving Party (as defined herein) hereunder and, as a result, owns all right, title, and interest in the PIF Revenue until such time as the District Bonds are paid in full or defeased, as more particularly provided herein. F. Subject to and in accordance with the terms of this PIF Covenant, Declarant desires to impose the obligation to collect and pay, and to provide for the implementation of the collection and payment of, an Admissions Credit PIF on certain Admissions Sales that occur from or within the Property. DECLARATION NOW, THEREFORE, in consideration of the facts set forth in the Recitals, incorporated herein and made a part hereof by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Declarant, Declarant hereby agrees and declares that this PIF Covenant shall run with the land and be binding upon, and effective against all successors in interest, assigns and transferees of the Property as follows: 1. Defined Terms. Except as otherwise expressly provided herein or unless the context requires otherwise, the singular of any term includes the plural of such term. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Public Finance Agreement (as hereinafter defined). The following terms, when used in this PIF Covenant, shall have the following meanings: (a) “Admissions Credit PIF” means the public improvement fee imposed on the Property in the amount of 2.5% on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of this PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement and the District Bond Documents. (b) “Admissions Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted from or within the Property that is subject to the City’s Admissions Tax. (c) “Admissions Tax” means the municipal admissions charge imposed by the City on the right or privilege to gain entrance to any place, event, performance, or scheduled activity held within the City, at such rates and on such terms and conditions as are prescribed in Section 22-101 of the Wheat Ridge Code of Laws. (d) “Admissions Tax Credit” means the credit against the City’s Admissions Tax in the amount of 2.5% on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), as implemented pursuant to the Tax Credit Ordinance. 16759018.5 {00351400} 19 (e) “Admissions Tax Reports” has the meaning set forth in Section 6. (f) “Auditor” has the meaning set forth in Section 7 below. (g) “City” means the City of Wheat Ridge, Colorado, a municipal corporation, and includes its successors and assigns. (h) “Commencement Date” means the date on which this PIF Covenant is recorded in the real property records of the County. (i) “County” means the County of Jefferson, State of Colorado. (j) “Declarant” shall mean the Declarant named in this PIF Covenant for so long as such named party holds title to any portion of the Property or a Person who is designated as Declarant in an instrument recorded in the real property records of the County, and executed by the immediately preceding Declarant, who holds title to any portion of the Property. If the Declarant named in this PIF Covenant, or the then-current Declarant, no longer holds title to any portion of the Property and does not record an instrument designating a new Person as Declarant, the Person holding title to the largest parcel within the Property shall become the Declarant, not including any parcel that is used primarily as residential property. Any Person who is designated as a Declarant hereunder shall agree to comply with the terms and provisions of the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenues. (k) “Default Rate” means eighteen percent (18%) per annum, but if such rate exceeds the maximum interest rate permitted by State law, such rate shall be reduced to the highest rate allowed by State law under the circumstances. (l) “Developer” means Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, and any successors and assigns as permitted pursuant to the Public Finance Agreement. (m) “District” means the Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State formed pursuant to the Special District Act, Colorado Revised Statutes §§ 32-1-101, et seq., and its successors and assigns. (n) “District Bonds” means, collectively, one or more series of bonds, which may be in the form of a note, loan, or other financial obligation identified as a District Bond, issued or incurred by the District to finance or refinance the Eligible Costs in accordance with the terms and provisions of the Public Finance Agreement, including any bonds, notes, loans, or other financial obligations issued by the District to refund District Bonds. The definition of District Bonds shall not include any Reimbursement Agreement (as defined in the Public Finance Agreement) entered into between the Developer and the District. (o) “District Bond Documents” means, collectively, the District Bond Indenture and any other documents pursuant to which the District Bonds are issued and secured as to repayment. 16759018.5 {00351400} 20 (p) “District Bond Indenture” means any indenture or similar documents pursuant to which the District Bonds are issued and secured as to repayment. (q) “District Bond Trustee” means the trustee in connection with the issuance of any District Bonds. (r) “Eligible Costs” shall have the meaning provided for “Eligible Costs” in the Public Finance Agreement. (s) “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer, with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. (t) “Occupancy Agreement” means any deed, lease, sublease, license, concession or other occupancy agreement between an Owner or an Occupant and a Vendor under which the Vendor is given the right to possess or occupy any portion of the Owned/Leased Property owned or occupied by the Owner or the Occupant. (u) “Occupant” means any Owner or other Person who has the legal right, pursuant to any agreement of any type or nature, to possess or occupy any portion of the Property, including, without limitation, any space within or without any building constructed on any Property; provided, however, that a mortgagee, a trustee or a beneficiary of a deed of trust, or any other Person who has such a right of possession primarily for the purpose of securing a debt or other obligation owed to such Person will not constitute an “Occupant,” unless and until such Person becomes a mortgagee in possession or otherwise possesses or occupies a portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary, or other Person will be an “Occupant” hereunder. (v) “Owned/Leased Property” means with respect to any Owner, the portion of the Property to which such Owner owns fee title and with respect to any Occupant, the portion of the Property which such Occupant has the right to possess or occupy pursuant to an Occupancy Agreement. (w) “Owner(s)” means an individual or entity that owns a fee interest in any portion of the Property, during the period of such ownership. (x) “Person(s)” means an individual, firm, association, unincorporated organization, corporation (for profit or nonprofit), limited liability company, partnership, company, joint stock company, joint venture, trust or government or agency or a political subdivision thereof, any trustee, receiver, assignee or similar representative thereof or any other entity. (y) “PIF” or “Public Improvement Fee” shall mean the Admissions Credit PIF. (z) “PIF Collection Agent” means an entity retained by the Declarant for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the Public Finance Agreement and PIF Collection Agreement. 16759018.5 {00351400} 21 (aa) “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District and the PIF Collection Agent. The Developer, District Bond Trustee, and the City may also be parties to the PIF Collection Agreement. (bb) “PIF Receiving Party” means, from the date of this PIF Covenant until such time as the District Bonds are paid in full, the District. After payment in full of the District Bonds, the PIF Receiving Party shall be the person or entity designated by the Declarant. (cc) “PIF Reports” has the meaning set forth in Section 5(b). (dd) “PIF Revenue” means collectively, the revenue derived from the imposition of the Admissions Credit PIF. (ee) “Property” has the meaning set forth in the Recitals. (ff) “Purchaser” or “Purchasers” means the purchaser or recipient of goods or services or both from a Vendor in an Admissions Sale. (gg) “Public Finance Agreement” means that certain Public Finance Agreement approved by the City Council on [_________ __, 2018] by Resolution No. [__________], by and between the Developer, the District, and the City setting forth the terms and conditions applicable to construction and financing of certain Public Improvements, as hereafter amended from time to time. (hh) “Public Improvements” shall have the meaning provided for “Public Improvements” in the Public Finance Agreement. (ii) “Records” means those items that must be made available by a Vendor in connection with an admissions tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (jj) “Service Plan” means the Service Plan for the District approved by the City on March 13, 2006, as it may be amended or modified from time to time. (kk) “State” means the state of Colorado. (ll) “Tax Credit Ordinance” means Ordinance [_____________] approving the Admissions Tax Credit. (mm) “Vendor” means any Person, including the Declarant and any Owner or Occupant, who engages in any Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party, or otherwise initiated, consummated, conducted or transacted outside of the Property). (nn) “Wheat Ridge Code of Laws” means the Code of Laws of the City of Wheat Ridge, Colorado, as the same may be amended or supplemented. 16759018.5 {00351400} 22 2. Assessment of Public Improvement Fee. From and after the Commencement Date, the Public Improvement Fee shall be imposed on all Admissions Sales within the Property as follows: (a) Every Vendor shall collect from every Purchaser in each Admissions Sale by such Vendor, in its capacity as a Vendor, and remit to the PIF Collection Agent, the Admissions Credit PIF due with respect to such transaction in accordance with this PIF Covenant. To the extent this PIF Covenant does not address any procedural matters relating to the collection of the Admissions Credit PIF by Vendors and such matters are not established by the PIF Collection Agent in accordance with Section 4, the provisions of the Wheat Ridge Code of Laws relating to the collection of Admissions Tax shall apply. (b) Every Owner or Occupant who leases or subleases any portion of its Owned/Leased Property to a Vendor, or who permits a Vendor to occupy any portion of its Owned/Leased Property by license, concession, or otherwise, will expressly require, pursuant to the Occupancy Agreement by virtue of which such Vendor is given the right to possess or occupy such portion of Property, that such Vendor collect the Admissions Credit PIF due with respect to such transaction from each Purchaser in each Admissions Sale by such Vendor and remit the Admissions Credit PIF to the PIF Collection Agent in accordance with the terms of this PIF Covenant. (c) If the initial PIF Collection Agent no longer acts as the PIF Collection Agent, the Declarant shall appoint a new PIF Collection Agent in accordance with Section 5.4 of the Public Finance Agreement, in which case, the Declarant shall provide, or cause to be provided to, each Vendor written notice containing the name and address of the new PIF Collection Agent. Each Vendor shall be entitled to rely upon such written notice of the designation of the new PIF Collection Agent. (d) The Declarant and PIF Receiving Party agree to cause all PIF Revenue to be remitted to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement, and thereafter to the PIF Receiving Party. (e) Notwithstanding the foregoing, the Admissions Credit PIF shall terminate in accordance with Section 5.3 of the Public Finance Agreement. 3. Imposition of Public Improvement Fee. Each Vendor shall collect and remit to the PIF Collection Agent the Admissions Credit PIF for all Admissions Sales that occur within the Property from and after the Commencement Date. Each Vendor shall have the right to make or apply adjustments, exemptions, credits and rebates to the Public Improvement Fee to the same extent adjustments, exemptions, credits and rebates may be made to the Admissions Tax payable under the Wheat Ridge Code of Laws. If an adjustment results in a refund of such Public Improvement Fee, such Vendor shall process the refund or credit for such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment of the Sales Tax. Such Vendor may claim any credit or refund in the next monthly reporting period by use of the standard reporting and remittance forms. Each Occupant who is a Vendor shall provide the Declarant, the District, the PIF Collection Agent, and the PIF Receiving Party with its name and address prior to conducting any Admissions Sales on the 16759018.5 {00351400} 23 Property, and each Occupant will promptly provide the Declarant, the District, the PIF Collection Agent, and the PIF Receiving Party with the name and address of each Vendor upon entering into any Occupancy Agreement by which a Vendor is granted the right to possess or occupy a portion of the Property to conduct Admissions Sales. 4. Admissions Sales Information. The PIF Collection Agent shall establish and circulate to all Vendors and Owner(s) uniform written information relating to the calculation, payment and reporting of Public Improvement Fees, including (i) uniform guidelines specifying the scope of the definition of Admissions Sales for purposes of calculating the Public Improvement Fee due hereunder, and (ii) any collection and reporting procedures which procedures shall take effect no earlier than thirty (30) days after written notice has been provided to all Vendors. Each Vendor will be entitled to rely on the information provided by the PIF Collection Agent for purposes of compliance with this PIF Covenant. Additionally, the PIF Collection Agent shall provide at least thirty (30) days’ prior written notice to Vendors and Owner(s) if the amount of the Admissions Credit PIF changes, for any reason whatsoever. The PIF Collection Agent shall also promptly notify all Vendors and Owner(s) of any procedures that the Vendors must follow with respect to informing Purchasers of the Public Improvement Fee, as such procedures are established in order to comply with the District Bond Documents, applicable laws or reasonable business practices. 5. Calculation, Payment and Reporting of Public Improvement Fee. (a) Whether or not collected from Purchasers, each Vendor shall, on a monthly basis, pay all Public Improvement Fees imposed hereunder attributable to the immediately preceding month from or within any portion of the Owned/Leased Property occupied by such Vendor during such period. All Public Improvement Fees shall be due and payable without notice on the date required for payment of the Admissions Tax under the Wheat Ridge Code of Laws. Each Vendor shall pay all Public Improvement Fees directly to the PIF Collection Agent. (b) Each Vendor that is required to collect the Admissions Credit PIF shall report all Admissions Sales and remit the Public Improvement Fees thereon to the PIF Collection Agent on a monthly basis at the same time that the Vendor reports and remits the Admissions Tax to the City, employing reporting forms (collectively, the “PIF Reports”) and following procedures provided by the PIF Collection Agent that are intended to be substantially similar to those used and required by the City for the remittance of the Sales Tax. So long as any District Bonds are outstanding or the Public Finance Agreement is in effect, the PIF Reports shall also be submitted to the City. The Public Improvement Fee shall be calculated and imposed on each Admissions Sales transaction and added to the sales price of such Admissions Sales prior to the calculation and assessment of any City, County or State sales tax, including the Sales Tax, and before any sales taxes of any other taxing entity required to be imposed by law. The Admissions Tax and all other sales taxes of the City, County, the State, and other taxing entities shall, to the extent that such sales taxes apply to the Admissions Sales transaction, be calculated and assessed on the sum of the Admissions Sales price plus the amount of the Public Improvement Fee. (c) The PIF Collection Agent shall promptly notify in writing each Vendor of the name and address of the PIF Collection Agent and provide appropriate directions for payment and reporting of the Public Improvement Fees. For purposes of compliance with this Section 16759018.5 {00351400} 24 5(c), each Vendor will be entitled to rely upon such written notice of the designation of the PIF Collection Agent. (d) No provision of this PIF Covenant shall be construed or applied to alter, modify, limit, or affect the Admissions Tax or any other sales taxes that may be imposed by the City, the County or the State or any other applicable taxing authority. 6. Additional Reporting Requirements. (a) Each Vendor that is required to collect the Admissions Credit PIF shall, with respect to that portion of the Owned/Leased Property occupied by such Vendor, deliver to the PIF Collection Agent, along with the PIF Reports, true and complete copies of all written reports, returns, statements, records and declarations, including any supplements or amendments thereto made or provided to the City, the County or the State by such Vendor in connection with all sales taxes for such Vendor’s location within the Owned/Leased Property for the corresponding admissions tax period (collectively, the “Admissions Tax Reports”), at the same time that such Admissions Tax Reports are delivered to the City, the County or the State. (b) If any subsequent adjustments, additions or modifications are made by a Vendor to any sales taxes reported in such Admissions Tax Reports, such Vendor shall provide the PIF Collection Agent with true and complete copies of all revised PIF Reports and Admissions Tax Reports and any other information issued or filed by such Vendor in regard thereto. If any such adjustments include the amount of the Public Improvement Fee which a Vendor is required to remit or pay or results in a refund of such Public Improvement Fee, such Vendor shall process and pay such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment with respect to the Admissions Tax. Such Vendor shall claim any credit or refund or shall pay such additional Public Improvement Fee in the next monthly reporting period by use of the standard reporting and remittance forms. (c) All PIF Reports and Admissions Tax Reports made or provided by a Vendor shall be maintained by such Vendor for at least three (3) years from the date of submission thereof to the PIF Collection Agent, the City, the County and/or the State and, upon written request, will be made available to the PIF Collection Agent and, so long as the Public Finance Agreement remains in effect, to the City, for inspection and audit. (d) All Admissions Tax Reports received by the PIF Collection Agent shall remain confidential and shall be used by the PIF Collection Agent and its employees, agents and consultants only for purposes of collecting the Public Improvement Fee, enforcing the obligations of any Vendor hereunder, and monitoring compliance with the provisions of this PIF Covenant, unless otherwise required to be made public by law or to be made available to others pursuant to this PIF Covenant. (e) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Admissions Tax Reports shall sign, prior to receiving such Admissions Tax Reports, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Admissions Tax Reports to any Person not otherwise entitled pursuant to this PIF 16759018.5 {00351400} 25 Covenant to receive such Admissions Tax Reports or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Admissions Tax Reports, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent, in its sole discretion. (f) Notwithstanding anything to the contrary in this PIF Covenant, the PIF Collection Agent may aggregate data it receives in the Admissions Tax Reports and include such aggregated data in reports that are delivered to the PIF Receiving Party, Declarant, District, Escrow Agent, the City and District Bond Trustee, provided the aggregated data is anonymized such that it is not associated with any individual Vendor in the reports. 7. Audits and Release of Information by PIF Collection Agent. (a) By acquiring a possessory interest in and to any portion of the Owned/Leased Property that is subject to the terms and conditions of this PIF Covenant, each Vendor hereby specifically authorizes the PIF Collection Agent, District Bond Trustee, the Escrow Agent, the City, the Declarant or the District, and any accountant or financial consultant designated by the foregoing (collectively and, in such capacity, the “Auditor”) to audit its Records with respect to that portion of the Owned/Leased Property occupied by such Vendor to determine compliance with the Public Improvement Fee collection and remittance obligations of such Vendor under this PIF Covenant; provided, however, that no Auditor may be engaged on a contingency-based compensation system. Each Vendor agrees to release to the Auditor any PIF Reports, Admissions Tax Reports and other documents delivered to the City or the PIF Collection Agent by the Vendor that are related to such Vendor’s sales within the Owned/Leased Property. (b) All information released to or gathered by the Auditor in connection with the audit shall be the “Confidential Information.” Any Auditor shall be entitled to share Confidential Information with any other Person entitled to conduct an audit pursuant to this Section 7. All Confidential Information shall be deemed proprietary to each respective Vendor, shall be kept strictly confidential, and shall not be disclosed or otherwise published by the Auditor or any Person to whom the Auditor releases Confidential Information, except for such disclosures or publications as may be required by law or required or permitted by this PIF Covenant. Each Vendor shall be protected by, and may rely on, the confidentiality provisions set forth in this PIF Covenant; provided, however, that notwithstanding anything in this PIF Covenant to the contrary, unless otherwise prohibited or restricted by law, the PIF Collection Agent and the District Bond Trustee are authorized to disclose information regarding specific Public Improvement Fee collections and Admissions Sales transactions of individual Vendors to: (a) certain parties identified in the District Bond Documents, in the manner and to the extent required by the District Bond Documents, and (b) any lender providing financing secured by PIF Revenue. (c) Upon request by the Auditor, all of Vendor’s Records shall be made available for inspection by the Auditor and: (i) the Auditor’s rights in connection with such an audit shall be the same as the rights of the City in connection with an admissions tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws; and (ii) the obligations of a Vendor in connection therewith shall be the same as they are in connection with an admissions tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. 16759018.5 {00351400} 26 (d) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Confidential Information shall sign, prior to receiving such Confidential Information, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Confidential Information to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Confidential Information or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Confidential Information, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent or the Auditor, in its sole discretion. 8. Compliance and Enforcement. (a) Each Vendor shall comply with all reasonable policies and requirements of the PIF Collection Agent regarding the collection and remittance of Public Improvement Fees and notification to Purchasers of the imposition and collection of the Public Improvement Fee as such policies and requirements are communicated by the PIF Collection Agent to each Vendor in writing from time to time. The failure or refusal of any Vendor to impose, collect or remit the Public Improvement Fee or to comply with the requirements concerning notification to Purchasers as required in this PIF Covenant, will constitute a default by such Vendor under the terms of this PIF Covenant. The PIF Collection Agent, the PIF Receiving Party, District Bond Trustee, the City, any designated successors of the foregoing and any other Person expressly designated in writing by the PIF Receiving Party are expressly made third party beneficiaries of each Owners’, Occupants’ and Vendors’ obligations under this PIF Covenant, including without limitation the assessment, imposition, collection and remittance of the Public Improvement Fee. (b) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged, and each Owner and Occupant will cause any Vendor whom such Owner or Occupant authorizes to possess or occupy any portion of its Owned/Leased Property to acknowledge, prior to conducting any business at any Owned/Leased Property, that the PIF Collection Agent, PIF Receiving Party, the City, and the Declarant will have a direct cause of action and full right and authority to enforce each Vendor’s obligations under this PIF Covenant, and that no default under any provision of the Occupancy Agreement pursuant to which a Vendor occupies any portion of such Owned/Leased Property will entitle any Occupant or Vendor to any offset, deduction or other defense to payment of all Public Improvement Fees due hereunder. (c) All Public Improvement Fees that are not paid when due hereunder will bear interest at the Default Rate and will be subject to a late fee imposed in the discretion of the PIF Collection Agent from time to time in an amount not to exceed the greater of One Hundred Dollars and 00/100 ($100.00) or ten percent (10%) of the amount due. Any Vendor who fails to make timely remittance of any Public Improvement Fees shall pay, or reimburse the PIF Collection Agent for, all costs of enforcement and collection thereof, including reasonable attorney’s fees. 16759018.5 {00351400} 27 (d) Notwithstanding anything to the contrary contained in this PIF Covenant, the Declarant, the Escrow Agent, the PIF Receiving Party, the District Bond Trustee, the PIF Collection Agent, the City, and any Person designated by any of the foregoing parties (collectively, an “Enforcing Party”) shall have the right to enforce all provisions of this PIF Covenant against any Vendor that fails to comply with any term or condition of this PIF Covenant. An Enforcing Party shall also be paid, awarded, and recover from any defaulting Vendor all reasonable costs and expenses incurred by such Enforcing Party in successfully enforcing the obligations of such Vendor under this PIF Covenant in any legal proceeding brought or defended by such Enforcing Party. 9. Use of Public Improvement Fees. The PIF Revenue generated pursuant to this PIF Covenant shall be collected by the PIF Collection Agent and disbursed to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. 10. No Dominion or Control by Declarant. (a) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant shall be deemed to have acknowledged, that the District will be relying upon this PIF Covenant in taking certain actions with respect to the Public Improvement Fee, the District Bonds, the construction, and installation of Public Improvements and the incurrence of Eligible Costs. Accordingly, Declarant hereby agrees, and all other Owners shall be deemed to have agreed, that no amendment or modification will be made to this PIF Covenant, nor any waiver made or accepted by Declarant or any Owner with respect to this PIF Covenant, if: (i) District Bonds are outstanding to which PIF Revenue is pledged, unless such waiver, amendment or modification has been approved in writing by the District and the District Bond Trustee, or (ii) the Escrow Agent continues to receive PIF Revenue for payment or reimbursement of Eligible Costs pursuant to the Public Finance Agreement, unless such waiver, amendment or modification has been approved in writing by the Developer and the District Bond Trustee. Any purported amendment, modification or waiver made without the prior written consent of the District to the extent required pursuant to this Section 10(a) shall be void and of no force and effect. This PIF Covenant shall not be amended or modified without the prior written consent of the City. (b) The PIF Receiving Party shall have all right, title, and interest in, and shall be deemed to possess all dominion and control over and ownership interests in, the Public Improvement Fees and PIF Revenue, provided that the use of such PIF Revenue is subject to the limitations of Section 9 hereof. Until such time as the District Bonds are paid in full or defeased, if and to the extent that the Declarant is deemed to have any right, title, or interest in, or be deemed to exercise any dominion or control over, the Public Improvement Fees or PIF Revenue, which is not intended, all right, title, and interest and dominion or control of Declarant in the Public Improvement Fees and PIF Revenue and the obligations of each Owner shall be, and hereby are, irrevocably and unconditionally transferred, sold, assigned, and conveyed by Declarant to the PIF Receiving Party for payment of District Bonds or otherwise to pay Eligible Costs and completion, operation, and maintenance of the Public Improvements, in accordance with the terms and provisions of the Public Finance Agreement. 16759018.5 {00351400} 28 (c) SUBJECT TO THE EXPRESS TERMS OF THIS SECTION 10, IT IS INTENDED AND HEREBY DECLARED THAT (I) THE PUBLIC IMPROVEMENT FEE IS A CHARGE IMPOSED ON CERTAIN ADMISSIONS SALES ON THE PROPERTY FOR THE PURPOSES STATED HEREIN AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS PIF COVENANT; (II) THE NATURE OF THE PUBLIC IMPROVEMENT FEE IS THAT OF A FEE IMPOSED BY PRIVATE COVENANT FOR THE BENEFIT OF THE PROPERTY AND THE PIF RECEIVING PARTY AND NOT THROUGH THE EXERCISE OF ANY POWER BY THE CITY OR ANY OTHER PUBLIC TAXING AUTHORITY; (III) PUBLIC IMPROVEMENT FEES ARE NOT TAX REVENUES IN ANY FORM; AND (IV) ALL PIF REVENUE RECEIVED BY THE PIF RECEIVING PARTY WILL BE USED TO PAY AND DISCHARGE DISTRICT BONDS OR TO OTHERWISE PAY AND REIMBURSE THE ELIGIBLE COSTS, OR AS MAY OTHERWISE BE PROVIDED IN THIS PIF COVENANT, SUBJECT TO THE TERMS AND PROVISIONS OF THE PUBLIC FINANCE AGREEMENT. Declarant hereby acknowledges the foregoing, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged the foregoing, and each Owner and Occupant will cause any Vendor whom such Owner or Occupant permits to possess or occupy any portion of its Owned/Leased Property to acknowledge the foregoing, prior to conducting any business on any Owned/Leased Property. 11. Governing Law. This PIF Covenant will be governed by, and enforced in accordance with, the laws of the State. Venue for any judicial action to interpret or enforce this PIF Covenant shall only be in the Jefferson County District Court of the First Judicial District of Colorado. 12. Covenants Run with the Land. The covenants, agreements, promises, and duties as set forth in this PIF Covenant will run with the Property and be enforceable against both the covenantors and the Property, and will constitute equitable servitudes burdening both the respective covenantor and its Property for the benefit of the respective covenantee. Each covenant to do or refrain from doing some act on or with respect to activities on any portion of the Property under this PIF Covenant (a) is a burden upon such portion of the Property and is for the benefit of the remainder of the Property, (b) will be a covenant running with the land with respect to both the burdened and benefited portions of the Property, and (c) will be binding upon each Owner, Occupant and Vendor and each successor and assign to their respective interests in Property and will inure to the benefit of the Declarant and, as set forth herein, to the other parties authorized to enforce this PIF Covenant. If and to the extent that any of the covenants or other provisions herein would otherwise be unlawful or void for violation of (i) the rule against perpetuities, (ii) the rule restricting restraints on alienation, or (iii) any other applicable statute or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be valid, then the provisions concerned will continue and endure only until the expiration of a period of ninety (90) years after the Commencement Date, or if applicable, the maximum period of time allowed pursuant to C.R.S. § 15-11-1102.5. 13. Severability. Invalidation of any of the provisions contained in this PIF Covenant, or of the application thereof to any Person by judgment or court order, will in no way affect any of the other provisions of this PIF Covenant or the application thereof to any other Person or 16759018.5 {00351400} 29 circumstance, and the remainder of this PIF Covenant will remain in effect; provided, however, that in the event such invalidation would render the remaining portions of this PIF Covenant ineffective to carry out the intentions of Declarant as expressed or implied by this PIF Covenant, then the objectionable provision(s) hereof will be construed, and this PIF Covenant will be presumed amended, as if such provision was replaced with an enforceable provision which effectuates, as nearly as possible, the intentions of Declarant. 14. Amendments. Subject to Section 10, Declarant shall be entitled to make amendments to the provisions of this PIF Covenant without the consent of any Owner, Vendor, or other third party and to record any such amendments in the real property records of the County, even if any portion of the Property is not then owned by Declarant; provided, however, in no event shall the Declarant be permitted to reduce the rate of the Admissions Credit PIF until after the date upon which the District Bonds are paid in full or defeased. Notwithstanding the foregoing, Declarant will not record an amendment against any portion of the Property not owned by Declarant without the consent of the then-current Owner (which consent will not be unreasonably withheld, conditioned or delayed) if the amendment would materially and adversely affect the portion of the Property owned by that Owner. 15. No Operating Covenant. This PIF Covenant is not intended to, and does not, create or impose any obligation on an Owner or Vendor to operate, continuously operate, or cause to be operated a business or any particular business on the Property. If such an obligation exists in any other agreement, this PIF Covenant is not intended to and does not modify, limit, or enlarge such other obligation. 16. Assignment; Successor Declarant. Declarant may assign its right, title, and interest in and to this PIF Covenant to any Person (“Assignment”) and such Assignment shall be effective immediately upon recording a document in the real property records for the County evidencing such Assignment; provided, however, that any such assignee shall agree to be bound by the terms and provisions set forth in the Public Finance Agreement relating to the PIF Covenant and the use of the PIF revenues. 17. Recitals. The Recitals shall be deemed incorporated into the terms and conditions of this PIF Covenant as if fully set forth herein. 18. CCIOA Exemption. Declarant does not intend that recording of this PIF Covenant or that imposition of the Public Improvements Fee or that collection and utilization of the PIF Revenue will create or be construed to create a “common interest community” within the meaning of the Colorado Common Interest Ownership Act codified at C.R.S. §§ 38-33.1-101, et seq., as amended. 19. City’s Rights. So long as any District Bonds remain outstanding, or the Public Finance Agreement remains in effect, the City shall have the rights set forth herein and shall be deemed to be a third party beneficiary hereunder. To the extent that no District Bonds remain outstanding and the Public Finance Agreement is no longer in effect, the City shall no longer be deemed to be a third party beneficiary hereunder and shall no longer have the right to receive reports, audit records, approve amendments hereof or otherwise enforce the terms and provisions of this PIF Covenant, except and to the extent that the provisions of Section 5.4 of the Public 16759018.5 {00351400} 30 Finance Agreement permits. [Signatures on Following Page] {00351400} 16759018.5 IN WITNESS WHEREOF, Declarant has executed this PIF Covenant as of the date first set forth above. EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, Its Manager By: Evergreen Devco, Inc., a California corporation, Its Manager By: _______________________________ Name: ______________________________ Title: ______________________________ STATE OF ____________ ) ) ss. COUNTY OF ____________ ) The foregoing was acknowledged before me this _________ day of ____________, 2018, by ____________ as ___________ of Evergreen Devco, Inc., a California corporation, as Manager of Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, as Manager of Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company. WITNESS my hand and official seal. Notary Public for the State of ___________ My Commission Expires: {00351400} 16758875.6 EXHIBIT A Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT 16758875.6 {00351400} 33 When Recorded Return To: Brownstein Hyatt Farber Schreck, LLP 410 Seventeenth Street, 22nd Floor Denver, Colorado 80202 Attn: Judy Landrum DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING RETAIL CREDIT PUBLIC IMPROVEMENT FEE THIS DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING RETAIL CREDIT PUBLIC IMPROVEMENT FEE (“PIF Covenant”) is made as of the ___ day of [__________], 2018, by EVERGREEN- CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Declarant”). RECITALS A. Capitalized terms used in this PIF Covenant shall have the meanings set forth in Section 1 of this PIF Covenant, and references to Sections and Exhibits shall refer to Sections and Exhibits of this PIF Covenant unless expressly stated otherwise. B. Declarant owns the real property more particularly described on Exhibit A, attached hereto and incorporated herein (the “Property”), which is located in the City of Wheat Ridge, County of Jefferson, State of Colorado, and intends to develop and construct or cause to be constructed a development consisting of a commercial center and the appurtenant improvements to be known as Clear Creek Crossing, which will be benefited by the completion of the Public Improvements. C. In consideration of the benefits to be provided to the Property with respect to construction, installation, operation, and maintenance of the Public Improvements, (i) Declarant has agreed to impose a public improvement fee on the Property and (ii) the City has agreed to credit each portion of the total Sales Tax due on Retail Sales occurring within the Property, all in accordance with the terms of this PIF Covenant, the Public Finance Agreement, and the Wheat Ridge Code of Laws. D. The District was organized pursuant to Colorado law in order to provide for the financing, construction, completion, operation and maintenance of certain Public Improvements within or without its boundaries, including, without limitation, the construction and installation of grading improvements, water, sanitation, street, safety, protection, and park and recreation improvements, facilities and services along with all reasonable and necessary soft costs, fees and organizational expenses authorized pursuant to the District’s Service Plan. 16758875.6 {00351400} 34 E. The District intends to issue the District Bonds in order to finance, construct, and complete certain Public Improvements on the Property. The District constitutes the PIF Receiving Party (as defined herein) hereunder and, as a result, owns all right, title, and interest in the PIF Revenue until such time as the District Bonds are paid in full or defeased, as more particularly provided herein. F. Subject to and in accordance with the terms of this PIF Covenant, Declarant desires to impose the obligation to collect and pay, and to provide for the implementation of the collection and payment of, a Retail Credit PIF on certain Retail Sales that occur from or within the Property. DECLARATION NOW, THEREFORE, in consideration of the facts set forth in the Recitals, incorporated herein and made a part hereof by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Declarant, Declarant hereby agrees and declares that this PIF Covenant shall run with the land and be binding upon, and effective against all successors in interest, assigns and transferees of the Property as follows: 1. Defined Terms. Except as otherwise expressly provided herein or unless the context requires otherwise, the singular of any term includes the plural of such term. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Public Finance Agreement (as hereinafter defined). The following terms, when used in this PIF Covenant, shall have the following meanings: (a) “Auditor” has the meaning set forth in Section 7 below. (b) “City” means the City of Wheat Ridge, Colorado, a municipal corporation, and includes its successors and assigns. (c) “Commencement Date” means the date on which this PIF Covenant is recorded in the real property records of the County. (d) “County” means the County of Jefferson, State of Colorado. (e) “Declarant” shall mean the Declarant named in this PIF Covenant for so long as such named party holds title to any portion of the Property or a Person who is designated as Declarant in an instrument recorded in the real property records of the County, and executed by the immediately preceding Declarant, who holds title to any portion of the Property. If the Declarant named in this PIF Covenant, or the then-current Declarant, no longer holds title to any portion of the Property and does not record an instrument designating a new Person as Declarant, the Person holding title to the largest parcel within the Property shall become the Declarant, not including any parcel that is used primarily as residential property. Any Person who is designated as a Declarant hereunder shall agree to comply with the terms and provisions of the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenues. 16758875.6 {00351400} 35 (f) “Default Rate” means eighteen percent (18%) per annum, but if such rate exceeds the maximum interest rate permitted by State law, such rate shall be reduced to the highest rate allowed by State law under the circumstances. (g) “Developer” means Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, and any successors and assigns as permitted pursuant to the Public Finance Agreement. (h) “District” means the Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State formed pursuant to the Special District Act, Colorado Revised Statutes §§ 32-1-101, et seq., and its successors and assigns. (i) “District Bonds” means, collectively, one or more series of bonds, which may be in the form of a note, loan, or other financial obligation identified as a District Bond, issued or incurred by the District to finance or refinance the Eligible Costs in accordance with the terms and provisions of the Public Finance Agreement, including any bonds, notes, loans, or other financial obligations issued by the District to refund District Bonds. The definition of District Bonds shall not include any Reimbursement Agreement (as defined in the Public Finance Agreement) entered into between the Developer and the District. (j) “District Bond Documents” means, collectively, the District Bond Indenture and any other documents pursuant to which the District Bonds are issued and secured as to repayment. (k) “District Bond Indenture” means any indenture or similar documents pursuant to which the District Bonds are issued and secured as to repayment. (l) “District Bond Trustee” means the trustee in connection with the issuance of any District Bonds. (m) “Eligible Costs” shall have the meaning provided for “Eligible Costs” in the Public Finance Agreement. (n) “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer, with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. (o) “Occupancy Agreement” means any deed, lease, sublease, license, concession or other occupancy agreement between an Owner or an Occupant and a Retailer under which the Retailer is given the right to possess or occupy any portion of the Owned/Leased Property owned or occupied by the Owner or the Occupant. (p) “Occupant” means any Owner or other Person who has the legal right, pursuant to any agreement of any type or nature, to possess or occupy any portion of the Property, including, without limitation, any space within or without any building constructed on any Property; provided, however, that a mortgagee, a trustee or a beneficiary of a deed of trust, or 16758875.6 {00351400} 36 any other Person who has such a right of possession primarily for the purpose of securing a debt or other obligation owed to such Person will not constitute an “Occupant,” unless and until such Person becomes a mortgagee in possession or otherwise possesses or occupies a portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary, or other Person will be an “Occupant” hereunder. (q) “Owned/Leased Property” means with respect to any Owner, the portion of the Property to which such Owner owns fee title and with respect to any Occupant, the portion of the Property which such Occupant has the right to possess or occupy pursuant to an Occupancy Agreement. (r) “Owner(s)” means an individual or entity that owns a fee interest in any portion of the Property, during the period of such ownership. (s) “Person(s)” means an individual, firm, association, unincorporated organization, corporation (for profit or nonprofit), limited liability company, partnership, company, joint stock company, joint venture, trust or government or agency or a political subdivision thereof, any trustee, receiver, assignee or similar representative thereof or any other entity. (t) “PIF” or “Public Improvement Fee” shall mean the Retail Credit PIF. (u) “PIF Collection Agent” means an entity retained by the Declarant for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the Public Finance Agreement and PIF Collection Agreement. (v) “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District and the PIF Collection Agent. The Developer, District Bond Trustee, and the City may also be parties to the PIF Collection Agreement. (w) “PIF Receiving Party” means, from the date of this PIF Covenant until such time as the District Bonds are paid in full, the District. After payment in full of the District Bonds, the PIF Receiving Party shall be the person or entity designated by the Declarant. (x) “PIF Reports” has the meaning set forth in Section 5(b). (y) “PIF Revenue” means collectively, the revenue derived from the imposition of the Retail Credit PIF. (z) “Property” has the meaning set forth in the Recitals. (aa) “Purchaser” or “Purchasers” means the purchaser or recipient of goods or services or both from a Retailer in a Retail Sale. (bb) “Public Finance Agreement” means that certain Public Finance Agreement approved by the City Council on [_________ __, 2018] by Resolution No. [__________], by and between the Developer, the District, and the City setting forth the terms and conditions 16758875.6 {00351400} 37 applicable to construction and financing of certain Public Improvements, as hereafter amended from time to time. (cc) “Public Improvements” shall have the meaning provided for “Public Improvements” in the Public Finance Agreement. (dd) “Records” means those items that must be made available by a Retailer in connection with a sales tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (ee) “Retail Credit PIF” means a public improvement fee imposed on the Property in the amount of 1.50% on Retail Sales initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for good or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), which will be collected in accordance with the terms of this PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement and the District Bond Documents. (ff) “Retail Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted from or within the Property that is subject to the City’s Sales Tax (gg) “Retailer” means any Person, including the Declarant and any Owner or Occupant, who: (i) has the legal right, pursuant to a deed, lease, sublease, license, concession, easement or other Occupancy Agreement of any type or nature, to possess or occupy all or any portion of the Property, including, without limitation, any space within any building constructed on all or any portion of the Property; provided that a mortgagee, a trustee under or beneficiary of a deed of trust, or any other Person who has such right of possession primarily for the purpose of securing a debt or other obligation owed to such Person, will not constitute a “Retailer” unless and until such Person becomes an Owner or a mortgagee in possession or otherwise possesses or occupies all or any portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary or other Person will be a “Retailer” hereunder; and (ii) is a seller or provider of goods or services who engages in any Retail Sales initiated, consummated, conducted, transacted or otherwise occurring from or within the Property. (hh) “Sales Tax” means the municipal sales tax imposed by the City on sale of goods and services, at such rates and on such terms and conditions as are prescribed in Chapter 22, Article 1 of the Wheat Ridge Code of Laws. (ii) “Sales Tax Credit” means the credit against the City’s Sales Tax in the amount of 1.50% on Retail Sales that are initiated, consummated, conducted or transacted within the Property (including without limitation all Retail Sales for goods or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within 16758875.6 {00351400} 38 the Property or are delivered to the purchaser from the Retailer’s location within the Property), as implemented pursuant to the Sales Tax Credit Ordinance. (jj) “Sales Tax Credit Ordinance” means Ordinance [_____________] approving the Sales Tax Credit. (kk) “Sales Tax Reports” has the meaning set forth in Section 6. (ll) “Service Plan” means the Service Plan for the District approved by the City on March 13, 2006, as it may be amended or modified from time to time. (mm) “State” means the state of Colorado. (nn) “Wheat Ridge Code of Laws” means the Code of Laws of the City of Wheat Ridge, Colorado, as the same may be amended or supplemented. 2. Assessment of Public Improvement Fee. From and after the Commencement Date, the Public Improvement Fee shall be imposed on all Retail Sales within the Property as follows: (a) Every Retailer shall collect from every Purchaser in each Retail Sale by such Retailer, in its capacity as a Retailer, and remit to the PIF Collection Agent, the Retail Credit PIF due with respect to such transaction in accordance with this PIF Covenant. To the extent this PIF Covenant does not address any procedural matters relating to the collection of the Retail Credit PIF by Retailers and such matters are not established by the PIF Collection Agent in accordance with Section 4, the provisions of the Wheat Ridge Code of Laws relating to the collection of Sales Tax shall apply. (b) Every Owner or Occupant who leases or subleases any portion of its Owned/Leased Property to a Retailer, or who permits a Retailer to occupy any portion of its Owned/Leased Property by license, concession, or otherwise, will expressly require, pursuant to the Occupancy Agreement by virtue of which such Retailer is given the right to possess or occupy such portion of Property, that such Retailer collect the Retail Credit PIF due with respect to such transaction from each Purchaser in each Retail Sale by such Retailer and remit the Retail Credit PIF to the PIF Collection Agent in accordance with the terms of this PIF Covenant. (c) If the initial PIF Collection Agent no longer acts as the PIF Collection Agent, the Declarant shall appoint a new PIF Collection Agent in accordance with Section 5.4 of the Public Finance Agreement, in which case, the Declarant shall provide, or cause to be provided to, each Retailer written notice containing the name and address of the new PIF Collection Agent. Each Retailer shall be entitled to rely upon such written notice of the designation of the new PIF Collection Agent. (d) The Declarant and PIF Receiving Party agree to cause all PIF Revenue to be remitted to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 10 of the Public Finance Agreement, and thereafter to the PIF Receiving Party. (e) Notwithstanding the foregoing, the Retail Credit PIF shall terminate in accordance with Section 5.3 of the Public Finance Agreement. 16758875.6 {00351400} 39 3. Imposition of Public Improvement Fee. Each Retailer shall collect and remit to the PIF Collection Agent the Retail Credit PIF for all Retail Sales that occur within the Property from and after the Commencement Date. Each Retailer shall have the right to make or apply adjustments, exemptions, credits and rebates to the Public Improvement Fee to the same extent adjustments, exemptions, credits and rebates may be made to the Sales Tax payable under the Wheat Ridge Code of Laws. If an adjustment results in a refund of such Public Improvement Fee, such Retailer shall process the refund or credit for such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment of the Sales Tax. Such Retailer may claim any credit or refund in the next monthly reporting period by use of the standard reporting and remittance forms. Each Occupant who is a Retailer shall provide the Declarant, the District, the PIF Collection Agent, and the PIF Receiving Party with its name and address prior to conducting any Retail Sales on the Property, and each Occupant will promptly provide the Declarant, the District, the PIF Collection Agent, and the PIF Receiving Party with the name and address of each Retailer upon entering into any Occupancy Agreement by which a Retailer is granted the right to possess or occupy a portion of the Property to conduct Retail Sales. 4. Retail Sales Information. The PIF Collection Agent shall establish and circulate to all Retailers and Owner(s) uniform written information relating to the calculation, payment and reporting of Public Improvement Fees, including (i) uniform guidelines specifying the scope of the definition of Retail Sales for purposes of calculating the Public Improvement Fee due hereunder, and (ii) any collection and reporting procedures which procedures shall take effect no earlier than thirty (30) days after written notice has been provided to all Retailers. Each Retailer will be entitled to rely on the information provided by the PIF Collection Agent for purposes of compliance with this PIF Covenant. Additionally, the PIF Collection Agent shall provide at least thirty (30) days’ prior written notice to Retailers and Owner(s) if the amount of the Retail Credit PIF changes, for any reason whatsoever. The PIF Collection Agent shall also promptly notify all Retailers and Owner(s) of any procedures that the Retailers must follow with respect to informing Purchasers of the Public Improvement Fee, as such procedures are established in order to comply with the District Bond Documents, applicable laws or reasonable business practices. 5. Calculation, Payment and Reporting of Public Improvement Fee. (a) Whether or not collected from Purchasers, each Retailer shall, on a monthly basis, pay all Public Improvement Fees imposed hereunder attributable to the immediately preceding month from or within any portion of the Owned/Leased Property occupied by such Retailer during such period. All Public Improvement Fees shall be due and payable without notice on the date required for payment of the Sales Tax under the Wheat Ridge Code of Laws. Each Retailer shall pay all Public Improvement Fees directly to the PIF Collection Agent. (b) Each Retailer that is required to collect the Retail Credit PIF shall report all Retail Sales and remit the Public Improvement Fees thereon to the PIF Collection Agent on a monthly basis at the same time that the Retailer reports and remits the Sales Tax to the City, employing reporting forms (collectively, the “PIF Reports”) and following procedures provided by the PIF Collection Agent that are intended to be substantially similar to those used and required by the City for the remittance of the Sales Tax. So long as any District Bonds are outstanding or the Public Finance Agreement is in effect, the PIF Reports shall also be submitted to the City. The 16758875.6 {00351400} 40 Public Improvement Fee shall be calculated and imposed on each Retail Sales transaction and added to the sales price of such Retail Sales prior to the calculation and assessment of any City, County or State sales tax, including the Sales Tax, and before any sales taxes of any other taxing entity required to be imposed by law. The Sales Tax and all other sales taxes of the City, County, the State, and other taxing entities shall, to the extent that such sales taxes apply to the Retail Sales transaction, be calculated and assessed on the sum of the Retail Sales price plus the amount of the Public Improvement Fee. (c) The PIF Collection Agent shall promptly notify in writing each Retailer of the name and address of the PIF Collection Agent and provide appropriate directions for payment and reporting of the Public Improvement Fees. For purposes of compliance with this Section 5(c), each Retailer will be entitled to rely upon such written notice of the designation of the PIF Collection Agent. (d) No provision of this PIF Covenant shall be construed or applied to alter, modify, limit, or affect the Sales Tax or any other sales taxes that may be imposed by the City, the County or the State or any other applicable taxing authority. 6. Additional Reporting Requirements. (a) Each Retailer that is required to collect the Retail Credit PIF shall, with respect to that portion of the Owned/Leased Property occupied by such Retailer, deliver to the PIF Collection Agent, along with the PIF Reports, true and complete copies of all written reports, returns, statements, records and declarations, including any supplements or amendments thereto made or provided to the City, the County or the State by such Retailer in connection with all sales taxes for such Retailer’s location within the Owned/Leased Property for the corresponding sales tax period (collectively, the “Sales Tax Reports”), at the same time that such Sales Tax Reports are delivered to the City, the County or the State. (b) If any subsequent adjustments, additions or modifications are made by a Retailer to any sales taxes reported in such Sales Tax Reports, such Retailer shall provide the PIF Collection Agent with true and complete copies of all revised PIF Reports and Sales Tax Reports and any other information issued or filed by such Retailer in regard thereto. If any such adjustments include the amount of the Public Improvement Fee which a Retailer is required to remit or pay or results in a refund of such Public Improvement Fee, such Retailer shall process and pay such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment with respect to the Sales Tax. Such Retailer shall claim any credit or refund or shall pay such additional Public Improvement Fee in the next monthly reporting period by use of the standard reporting and remittance forms. (c) All PIF Reports and Sales Tax Reports made or provided by a Retailer shall be maintained by such Retailer for at least three (3) years from the date of submission thereof to the PIF Collection Agent, the City, the County and/or the State and, upon written request, will be made available to the PIF Collection Agent and, so long as the Public Finance Agreement remains in effect, to the City, for inspection and audit. 16758875.6 {00351400} 41 (d) All Sales Tax Reports received by the PIF Collection Agent shall remain confidential and shall be used by the PIF Collection Agent and its employees, agents and consultants only for purposes of collecting the Public Improvement Fee, enforcing the obligations of any Retailer hereunder, and monitoring compliance with the provisions of this PIF Covenant, unless otherwise required to be made public by law or to be made available to others pursuant to this PIF Covenant. (e) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Sales Tax Reports shall sign, prior to receiving such Sales Tax Reports, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Sales Tax Reports to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Sales Tax Reports or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Sales Tax Reports, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent, in its sole discretion. (f) Notwithstanding anything to the contrary in this PIF Covenant, the PIF Collection Agent may aggregate data it receives in the Sales Tax Reports and include such aggregated data in reports that are delivered to the PIF Receiving Party, Declarant, District, Escrow Agent, the City and District Bond Trustee, provided the aggregated data is anonymized such that it is not associated with any individual Retailer in the reports. 7. Audits and Release of Information by PIF Collection Agent. (a) By acquiring a possessory interest in and to any portion of the Owned/Leased Property that is subject to the terms and conditions of this PIF Covenant, each Retailer hereby specifically authorizes the PIF Collection Agent, District Bond Trustee, the Escrow Agent, the City, the Declarant or the District, and any accountant or financial consultant designated by the foregoing (collectively and, in such capacity, the “Auditor”) to audit its Records with respect to that portion of the Owned/Leased Property occupied by such Retailer to determine compliance with the Public Improvement Fee collection and remittance obligations of such Retailer under this PIF Covenant; provided, however, that no Auditor may be engaged on a contingency-based compensation system. Each Retailer agrees to release to the Auditor any PIF Reports, Sales Tax Reports and other documents delivered to the City or the PIF Collection Agent by the Retailer that are related to such Retailer’s sales within the Owned/Leased Property. (b) All information released to or gathered by the Auditor in connection with the audit shall be the “Confidential Information.” Any Auditor shall be entitled to share Confidential Information with any other Person entitled to conduct an audit pursuant to this Section 7. All Confidential Information shall be deemed proprietary to each respective Retailer, shall be kept strictly confidential, and shall not be disclosed or otherwise published by the Auditor or any Person to whom the Auditor releases Confidential Information, except for such disclosures or publications as may be required by law or required or permitted by this PIF Covenant. Each Retailer shall be protected by, and may rely on, the confidentiality provisions set forth in this PIF Covenant; provided, however, that notwithstanding anything in this PIF Covenant to the contrary, unless otherwise prohibited or restricted by law, the PIF Collection 16758875.6 {00351400} 42 Agent and the District Bond Trustee are authorized to disclose information regarding specific Public Improvement Fee collections and Retail Sales transactions of individual Retailers to: (a) certain parties identified in the District Bond Documents, in the manner and to the extent required by the District Bond Documents, and (b) any lender providing financing secured by PIF Revenue. (c) Upon request by the Auditor, all of Retailer’s Records shall be made available for inspection by the Auditor and: (i) the Auditor’s rights in connection with such an audit shall be the same as the rights of the City in connection with a sales tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws; and (ii) the obligations of a Retailer in connection therewith shall be the same as they are in connection with a sales tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (d) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Confidential Information shall sign, prior to receiving such Confidential Information, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Confidential Information to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Confidential Information or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Confidential Information, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent or the Auditor, in its sole discretion. 8. Compliance and Enforcement. (a) Each Retailer shall comply with all reasonable policies and requirements of the PIF Collection Agent regarding the collection and remittance of Public Improvement Fees and notification to Purchasers of the imposition and collection of the Public Improvement Fee as such policies and requirements are communicated by the PIF Collection Agent to each Retailer in writing from time to time. The failure or refusal of any Retailer to impose, collect or remit the Public Improvement Fee or to comply with the requirements concerning notification to Purchasers as required in this PIF Covenant will constitute a default by such Retailer under the terms of this PIF Covenant. The PIF Collection Agent, the PIF Receiving Party, District Bond Trustee, the City, any designated successors of the foregoing and any other Person expressly designated in writing by the PIF Receiving Party are expressly made third party beneficiaries of each Owners’, Occupants’ and Retailers’ obligations under this PIF Covenant, including without limitation the assessment, imposition, collection and remittance of the Public Improvement Fee. (b) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged, and each Owner and Occupant will cause any Retailer whom such Owner or Occupant authorizes to possess or occupy any portion of its Owned/Leased Property to acknowledge, prior to conducting any business at any Owned/Leased Property, that the PIF Collection Agent, PIF Receiving Party, the City, and the Declarant will have a direct cause of action and full right and authority to enforce each Retailer’s obligations under this PIF Covenant, 16758875.6 {00351400} 43 and that no default under any provision of the Occupancy Agreement pursuant to which a Retailer occupies any portion of such Owned/Leased Property will entitle any Occupant or Retailer to any offset, deduction or other defense to payment of all Public Improvement Fees due hereunder. (c) All Public Improvement Fees that are not paid when due hereunder will bear interest at the Default Rate and will be subject to a late fee imposed in the discretion of the PIF Collection Agent from time to time in an amount not to exceed the greater of One Hundred Dollars and 00/100 ($100.00) or ten percent (10%) of the amount due. Any Retailer who fails to make timely remittance of any Public Improvement Fees shall pay, or reimburse the PIF Collection Agent for, all costs of enforcement and collection thereof, including reasonable attorney’s fees. (d) Notwithstanding anything to the contrary contained in this PIF Covenant, the Declarant, the Escrow Agent, the PIF Receiving Party, the District Bond Trustee, the PIF Collection Agent, the City, and any Person designated by any of the foregoing parties (collectively, an “Enforcing Party”) shall have the right to enforce all provisions of this PIF Covenant against any Retailer that fails to comply with any term or condition of this PIF Covenant. An Enforcing Party shall also be paid, awarded, and recover from any defaulting Retailer all reasonable costs and expenses incurred by such Enforcing Party in successfully enforcing the obligations of such Retailer under this PIF Covenant in any legal proceeding brought or defended by such Enforcing Party. 9. Use of Public Improvement Fees. The PIF Revenue generated pursuant to this PIF Covenant shall be collected by the PIF Collection Agent and disbursed to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. 10. No Dominion or Control by Declarant. (a) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant shall be deemed to have acknowledged, that the District will be relying upon this PIF Covenant in taking certain actions with respect to the Public Improvement Fee, the District Bonds, the construction, and installation of Public Improvements and the incurrence of Eligible Costs. Accordingly, Declarant hereby agrees, and all other Owners shall be deemed to have agreed, that no amendment or modification will be made to this PIF Covenant, nor any waiver made or accepted by Declarant or any Owner with respect to this PIF Covenant, if: (i) District Bonds are outstanding to which PIF Revenue is pledged, unless such waiver, amendment or modification has been approved in writing by the District and the District Bond Trustee, or (ii) the Escrow Agent continues to receive PIF Revenue for payment or reimbursement of Eligible Costs pursuant to the Public Finance Agreement, unless such waiver, amendment or modification has been approved in writing by the Developer and the District Bond Trustee. Any purported amendment, modification or waiver made without the prior written consent of the District to the extent required pursuant to this Section 10(a) shall be void and of no force and effect. This PIF Covenant shall not be amended or modified without the prior written consent of the City. 16758875.6 {00351400} 44 (b) The PIF Receiving Party shall have all right, title, and interest in, and shall be deemed to possess all dominion and control over and ownership interests in, the Public Improvement Fees and PIF Revenue, provided that the use of such PIF Revenue is subject to the limitations of Section 9 hereof. Until such time as the District Bonds are paid in full or defeased, if and to the extent that the Declarant is deemed to have any right, title, or interest in, or be deemed to exercise any dominion or control over, the Public Improvement Fees or PIF Revenue, which is not intended, all right, title, and interest and dominion or control of Declarant in the Public Improvement Fees and PIF Revenue and the obligations of each Owner shall be, and hereby are, irrevocably and unconditionally transferred, sold, assigned, and conveyed by Declarant to the PIF Receiving Party for payment of District Bonds or otherwise to pay Eligible Costs and completion, operation, and maintenance of the Public Improvements, in accordance with the terms and provisions of the Public Finance Agreement. (c) SUBJECT TO THE EXPRESS TERMS OF THIS SECTION 10, IT IS INTENDED AND HEREBY DECLARED THAT (I) THE PUBLIC IMPROVEMENT FEE IS A CHARGE IMPOSED ON CERTAIN RETAIL SALES ON THE PROPERTY FOR THE PURPOSES STATED HEREIN AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS PIF COVENANT; (II) THE NATURE OF THE PUBLIC IMPROVEMENT FEE IS THAT OF A FEE IMPOSED BY PRIVATE COVENANT FOR THE BENEFIT OF THE PROPERTY AND THE PIF RECEIVING PARTY AND NOT THROUGH THE EXERCISE OF ANY POWER BY THE CITY OR ANY OTHER PUBLIC TAXING AUTHORITY; (III) PUBLIC IMPROVEMENT FEES ARE NOT TAX REVENUES IN ANY FORM; AND (IV) ALL PIF REVENUE RECEIVED BY THE PIF RECEIVING PARTY WILL BE USED TO PAY AND DISCHARGE DISTRICT BONDS OR TO OTHERWISE PAY AND REIMBURSE THE ELIGIBLE COSTS, OR AS MAY OTHERWISE BE PROVIDED IN THIS PIF COVENANT, SUBJECT TO THE TERMS AND PROVISIONS OF THE PUBLIC FINANCE AGREEMENT. Declarant hereby acknowledges the foregoing, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged the foregoing, and each Owner and Occupant will cause any Retailer whom such Owner or Occupant permits to possess or occupy any portion of its Owned/Leased Property to acknowledge the foregoing, prior to conducting any business on any Owned/Leased Property. 11. Governing Law. This PIF Covenant will be governed by, and enforced in accordance with, the laws of the State. Venue for any judicial action to interpret or enforce this PIF Covenant shall only be in the Jefferson County District Court of the First Judicial District of Colorado. 12. Covenants Run with the Land. The covenants, agreements, promises, and duties as set forth in this PIF Covenant will run with the Property and be enforceable against both the covenantors and the Property, and will constitute equitable servitudes burdening both the respective covenantor and its Property for the benefit of the respective covenantee. Each covenant to do or refrain from doing some act on or with respect to activities on any portion of the Property under this PIF Covenant (a) is a burden upon such portion of the Property and is for the benefit of the remainder of the Property, (b) will be a covenant running with the land with respect to both the burdened and benefited portions of the Property, and (c) will be binding upon 16758875.6 {00351400} 45 each Owner, Occupant and Retailer and each successor and assign to their respective interests in Property and will inure to the benefit of the Declarant and, as set forth herein, to the other parties authorized to enforce this PIF Covenant. If and to the extent that any of the covenants or other provisions herein would otherwise be unlawful or void for violation of (i) the rule against perpetuities, (ii) the rule restricting restraints on alienation, or (iii) any other applicable statute or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be valid, then the provisions concerned will continue and endure only until the expiration of a period of ninety (90) years after the Commencement Date, or if applicable, the maximum period of time allowed pursuant to C.R.S. § 15-11-1102.5. 13. Severability. Invalidation of any of the provisions contained in this PIF Covenant, or of the application thereof to any Person by judgment or court order, will in no way affect any of the other provisions of this PIF Covenant or the application thereof to any other Person or circumstance, and the remainder of this PIF Covenant will remain in effect; provided, however, that in the event such invalidation would render the remaining portions of this PIF Covenant ineffective to carry out the intentions of Declarant as expressed or implied by this PIF Covenant, then the objectionable provision(s) hereof will be construed, and this PIF Covenant will be presumed amended, as if such provision was replaced with an enforceable provision which effectuates, as nearly as possible, the intentions of Declarant. 14. Amendments. Subject to Section 10, Declarant shall be entitled to make amendments to the provisions of this PIF Covenant without the consent of any Owner, Retailer, or other third party and to record any such amendments in the real property records of the County, even if any portion of the Property is not then owned by Declarant; provided, however, in no event shall the Declarant be permitted to reduce the rate of the Retail Credit PIF until after the date upon which the District Bonds are paid in full or defeased. Notwithstanding the foregoing, Declarant will not record an amendment against any portion of the Property not owned by Declarant without the consent of the then-current Owner (which consent will not be unreasonably withheld, conditioned or delayed) if the amendment would materially and adversely affect the portion of the Property owned by that Owner. 15. No Operating Covenant. This PIF Covenant is not intended to, and does not, create or impose any obligation on an Owner or Retailer to operate, continuously operate, or cause to be operated a business or any particular business on the Property. If such an obligation exists in any other agreement, this PIF Covenant is not intended to and does not modify, limit, or enlarge such other obligation. 16. Assignment; Successor Declarant. Declarant may assign its right, title, and interest in and to this PIF Covenant to any Person (“Assignment”) and such Assignment shall be effective immediately upon recording a document in the real property records for the County evidencing such Assignment; provided, however, that any such assignee shall agree to be bound by the terms and provisions set forth in the Public Finance Agreement relating to the PIF Covenant and the use of the PIF revenues. 17. Recitals. The Recitals shall be deemed incorporated into the terms and conditions of this PIF Covenant as if fully set forth herein. 16758875.6 {00351400} 46 18. CCIOA Exemption. Declarant does not intend that recording of this PIF Covenant or that imposition of the Public Improvements Fee or that collection and utilization of the PIF Revenue will create or be construed to create a “common interest community” within the meaning of the Colorado Common Interest Ownership Act codified at C.R.S. §§ 38-33.1-101, et seq., as amended. 19. City’s Rights. So long as any District Bonds remain outstanding, or the Public Finance Agreement remains in effect, the City shall have the rights set forth herein and shall be deemed to be a third party beneficiary hereunder. To the extent that no District Bonds remain outstanding and the Public Finance Agreement is no longer in effect, the City shall no longer be deemed to be a third party beneficiary hereunder and shall no longer have the right to receive reports, audit records, approve amendments hereof or otherwise enforce the terms and provisions of this PIF Covenant, except and to the extent that the provisions of Section 5.4 of the Public Finance Agreement permits. [Signatures on Following Page] {00351400} 16758875.6 IN WITNESS WHEREOF, Declarant has executed this PIF Covenant as of the date first set forth above. EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, Its Manager By: Evergreen Devco, Inc., a California corporation, Its Manager By: _______________________________ Name: ______________________________ Title: ______________________________ STATE OF ____________ ) ) ss. COUNTY OF ____________ ) The foregoing was acknowledged before me this _________ day of ____________, 2018, by ____________ as ___________ of Evergreen Devco, Inc., a California corporation, as Manager of Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, as Manager of Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company. WITNESS my hand and official seal. Notary Public for the State of ___________ My Commission Expires: {00351400} 16758673.6 EXHIBIT A Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT 16758673.6 {00351400} 49 When Recorded Return To: Brownstein Hyatt Farber Schreck, LLP 410 Seventeenth Street, 22nd Floor Denver, Colorado 80202 Attn: Judy Landrum DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING LODGING ADD-ON PUBLIC IMPROVEMENT FEE THIS DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING LODGING ADD-ON PUBLIC IMPROVEMENT FEE (“PIF Covenant”) is made as of the ___ day of [__________], 2018, by EVERGREEN- CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Declarant”). RECITALS A. Capitalized terms used in this PIF Covenant shall have the meanings set forth in Section 1 of this PIF Covenant, and references to Sections and Exhibits shall refer to Sections and Exhibits of this PIF Covenant unless expressly stated otherwise. B. Declarant owns the real property more particularly described on Exhibit A, attached hereto and incorporated herein (the “Property”), which is located in the City of Wheat Ridge, County of Jefferson, State of Colorado, and intends to develop and construct or cause to be constructed a development consisting of a commercial center and the appurtenant improvements to be known as Clear Creek Crossing, which will be benefited by the completion of the Public Improvements. C. In consideration of the benefits to be provided to the Property with respect to construction, installation, operation, and maintenance of the Public Improvements, Declarant has agreed to impose a public improvement fee on the Property in accordance with the terms of this PIF Covenant and the Public Finance Agreement. D. The District was organized pursuant to Colorado law in order to provide for the financing, construction, completion, operation and maintenance of certain Public Improvements within or without its boundaries, including, without limitation, the construction and installation 16758673.6 {00351400} 50 of grading improvements, water, sanitation, street, safety, protection, and park and recreation improvements, facilities and services along with all reasonable and necessary soft costs, fees and organizational expenses authorized pursuant to the District’s Service Plan. E. The District intends to issue the District Bonds in order to finance, construct, and complete certain Public Improvements on the Property. The District constitutes an initial PIF Receiving Party (as defined herein) hereunder and, as a result, owns all right, title, and interest in the Pledged PIF Revenue until such time as the District Bonds are paid in full or defeased, as more particularly provided herein. F. Subject to and in accordance with the terms of this PIF Covenant, Declarant desires to impose the obligation to collect and pay, and to provide for the implementation of the collection and payment of, a Lodging Add-On PIF on certain Lodging Sales that occur from or within the Property. DECLARATION NOW, THEREFORE, in consideration of the facts set forth in the Recitals, incorporated herein and made a part hereof by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Declarant, Declarant hereby agrees and declares that this PIF Covenant shall run with the land and be binding upon, and effective against all successors in interest, assigns and transferees of the Property as follows: 1. Defined Terms. Except as otherwise expressly provided herein or unless the context requires otherwise, the singular of any term includes the plural of such term. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Public Finance Agreement (as hereinafter defined). The following terms, when used in this PIF Covenant, shall have the following meanings: (a) “Auditor” has the meaning set forth in Section 7 below. (b) “City” means the City of Wheat Ridge, Colorado, a municipal corporation, and includes its successors and assigns. (c) “Commencement Date” means the date on which this PIF Covenant is recorded in the real property records of the County. (d) “County” means the County of Jefferson, State of Colorado. (e) “Declarant” shall mean the Declarant named in this PIF Covenant for so long as such named party holds title to any portion of the Property or a Person who is designated as Declarant in an instrument recorded in the real property records of the County, and executed by the immediately preceding Declarant, who holds title to any portion of the Property. If the Declarant named in this PIF Covenant, or the then-current Declarant, no longer holds title to any portion of the Property and does not record an instrument designating a new Person as Declarant, the Person holding title to the largest parcel within the Property shall become the Declarant, not including any parcel that is used primarily as residential property. Any Person who is designated 16758673.6 {00351400} 51 as a Declarant hereunder shall agree to comply with the terms and provisions of the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenues. (f) “Default Rate” means eighteen percent (18%) per annum, but if such rate exceeds the maximum interest rate permitted by State law, such rate shall be reduced to the highest rate allowed by State law under the circumstances. (g) “Developer” means Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, and any successors and assigns as permitted pursuant to the Public Finance Agreement. (h) “District” means the Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State formed pursuant to the Special District Act, Colorado Revised Statutes §§ 32-1-101, et seq., and its successors and assigns. (i) “District Bonds” means, collectively, one or more series of bonds, which may be in the form of a note, loan, or other financial obligation identified as a District Bond, issued or incurred by the District to finance or refinance the Eligible Costs in accordance with the terms and provisions of the Public Finance Agreement, including any bonds, notes, loans, or other financial obligations issued by the District to refund District Bonds. The definition of District Bonds shall not include any Reimbursement Agreement (as defined in the Public Finance Agreement) entered into between the Developer and the District. (j) “District Bond Documents” means, collectively, the District Bond Indenture and any other documents pursuant to which the District Bonds are issued and secured as to repayment. (k) “District Bond Indenture” means any indenture or similar documents pursuant to which the District Bonds are issued and secured as to repayment. (l) “District Bond Trustee” means the trustee in connection with the issuance of any District Bonds. (m) “Eligible Costs” shall have the meaning provided for “Eligible Costs” in the Public Finance Agreement. (n) “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer, with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. (o) “Hotel Operator” means any Person, including the Declarant and any Owner or Occupant, who is a provider of lodging services and who engages in any Lodging Sales for leases, rentals, lodging, or accommodation within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted or transacted outside of the Property). 16758673.6 {00351400} 52 (p) “Lodging Add-On PIF” means the public improvement fee imposed on the Property in the amount of 0.5% on Lodging Sales for leases, rentals, lodging, or accommodations within the Property (including without limitation all Lodging Sales made online, by email, by phone, through a travel agency, event planner, or other third-party, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of this PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement and the District Bond Documents.. (q) “Lodging Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted from or within the Property that is subject to the City’s Lodging Tax. (r) “Lodging Tax” means the municipal lodgers’ tax imposed by the City at such rate and on such terms and conditions as prescribed in Section 22-100 of the Wheat Ridge Code of Laws, of which an amount equal to 5.0% on Lodging Sales has been permanently earmarked for specific purposes by the voters of the City. (s) “Lodging Tax Reports” has the meaning set forth in Section 6. (t) “Occupancy Agreement” means any deed, lease, sublease, license, concession or other occupancy agreement between an Owner or an Occupant and a Hotel Operator under which the Hotel Operator is given the right to possess or occupy any portion of the Owned/Leased Property owned or occupied by the Owner or the Occupant. (u) “Occupant” means any Owner or other Person who has the legal right, pursuant to any agreement of any type or nature, to possess or occupy any portion of the Property, including, without limitation, any space within or without any building constructed on any Property; provided, however, that a mortgagee, a trustee or a beneficiary of a deed of trust, or any other Person who has such a right of possession primarily for the purpose of securing a debt or other obligation owed to such Person will not constitute an “Occupant,” unless and until such Person becomes a mortgagee in possession or otherwise possesses or occupies a portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary, or other Person will be an “Occupant” hereunder. (v) “Owned/Leased Property” means with respect to any Owner, the portion of the Property to which such Owner owns fee title and with respect to any Occupant, the portion of the Property which such Occupant has the right to possess or occupy pursuant to an Occupancy Agreement. (w) “Owner(s)” means an individual or entity that owns a fee interest in any portion of the Property, during the period of such ownership. (x) “Person(s)” means an individual, firm, association, unincorporated organization, corporation (for profit or nonprofit), limited liability company, partnership, company, joint stock company, joint venture, trust or government or agency or a political subdivision thereof, any trustee, receiver, assignee or similar representative thereof or any other entity. 16758673.6 {00351400} 53 (y) “PIF” or “Public Improvement Fee” shall mean the Lodging Add-On PIF. (z) “PIF Collection Agent” means an entity retained by the Declarant for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the Public Finance Agreement and PIF Collection Agreement. (aa) “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District and the PIF Collection Agent. The Developer, District Bond Trustee, and the City may also be parties to the PIF Collection Agreement. (bb) “PIF Receiving Party” means, the District with respect to the Pledged PIF Revenue from the date of this PIF Covenant until such time as the District Bonds are paid in full, and the Declarant with respect to the Remaining PIF Revenue. After payment in full of the District Bonds, the PIF Receiving Party for all PIF Revenue shall be the person or entity designated by the Declarant. (cc) “PIF Reports” has the meaning set forth in Section 5(b). (dd) “PIF Revenue” means the revenue derived from the imposition of the Lodging Add-On PIF. (ee) “Pledged PIF Revenue” means PIF Revenue that is pledged to the District Bonds pursuant to the District Bond Documents. (ff) “Property” has the meaning set forth in the Recitals. (gg) “Purchaser” or “Purchasers” means the purchaser or recipient of goods or services or both from a Hotel Operator in an Lodging Sale. (hh) “Public Finance Agreement” means that certain Public Finance Agreement approved by the City Council on [_________ __, 2018] by Resolution No. [__________], by and between the Developer, the District, and the City setting forth the terms and conditions applicable to construction and financing of certain Public Improvements, as hereafter amended from time to time. (ii) “Public Improvements” shall have the meaning provided for “Public Improvements” in the Public Finance Agreement. (jj) “Records” means those items that must be made available by a Hotel Operator in connection with an Lodging tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (kk) “Remaining PIF Revenue” means all PIF Revenue that is not Pledged PIF Revenue. (ll) “Service Plan” means the Service Plan for the District approved by the City on March 13, 2006, as it may be amended or modified from time to time. 16758673.6 {00351400} 54 (mm) “State” means the state of Colorado. (nn) “Wheat Ridge Code of Laws” means the Code of Laws of the City of Wheat Ridge, Colorado, as the same may be amended or supplemented. 2. Assessment of Public Improvement Fee. From and after the Commencement Date, the Public Improvement Fee shall be imposed on all Lodging Sales within the Property as follows: (a) Every Hotel Operator shall collect from every Purchaser in each Lodging Sale by such Hotel Operator, in its capacity as a Hotel Operator, and remit to the PIF Collection Agent, the Lodging Add-On PIF due with respect to such transaction in accordance with this PIF Covenant. To the extent this PIF Covenant does not address any procedural matters relating to the collection of the Lodging Add-On PIF by Hotel Operators and such matters are not established by the PIF Collection Agent in accordance with Section 4, the provisions of the Wheat Ridge Code of Laws relating to the collection of Lodging Tax shall apply. (b) Every Owner or Occupant who leases or subleases any portion of its Owned/Leased Property to a Hotel Operator, or who permits a Hotel Operator to occupy any portion of its Owned/Leased Property by license, concession, or otherwise, will expressly require, pursuant to the Occupancy Agreement by virtue of which such Hotel Operator is given the right to possess or occupy such portion of Property, that such Hotel Operator collect the Lodging Add-On PIF due with respect to such transaction from each Purchaser in each Lodging Sale by such Hotel Operator and remit the Lodging Add-On PIF to the PIF Collection Agent in accordance with the terms of this PIF Covenant. (c) If the initial PIF Collection Agent no longer acts as the PIF Collection Agent, the Declarant shall appoint a new PIF Collection Agent in accordance with Section 5.4 of the Public Finance Agreement, in which case, the Declarant shall provide, or cause to be provided to, each Hotel Operator written notice containing the name and address of the new PIF Collection Agent. Each Hotel Operator shall be entitled to rely upon such written notice of the designation of the new PIF Collection Agent. (d) The Declarant and PIF Receiving Party agree to cause all PIF Revenue to be remitted to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement, and thereafter to the PIF Receiving Party. (e) Notwithstanding anything to the contrary in this PIF Covenant, upon the payment in full or defeasance of all District Bonds, Declarant may increase or decrease the amount of, continue, terminate, or otherwise modify the Lodging Add-On PIF and use such revenues for any legal purpose in Declarant’s sole and absolute discretion. 3. Imposition of Public Improvement Fee. Each Hotel Operator shall collect and remit to the PIF Collection Agent the Lodging Add-On PIF for all Lodging Sales that occur within the Property from and after the Commencement Date. Each Hotel Operator shall have the right to make or apply adjustments, exemptions, credits and rebates to the Public Improvement Fee to the same extent adjustments, exemptions, credits and rebates may be made to the Lodging Tax payable under the Wheat Ridge Code of Laws. If an adjustment results in a refund of such Public Improvement Fee, such Hotel Operator shall process the refund or credit for such adjusted 16758673.6 {00351400} 55 Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment of the Lodging Tax. Such Hotel Operator may claim any credit or refund in the next monthly reporting period by use of the standard reporting and remittance forms. Each Occupant who is a Hotel Operator shall provide the Declarant, the District, the PIF Collection Agent, the City and the PIF Receiving Party with its name and address prior to conducting any Lodging Sales on the Property, and each Occupant will promptly provide the Declarant, the District, the PIF Collection Agent, the City and the PIF Receiving Party with the name and address of each Hotel Operator upon entering into any Occupancy Agreement by which a Hotel Operator is granted the right to possess or occupy a portion of the Property to conduct Lodging Sales. 4. Lodging Sales Information. The PIF Collection Agent shall establish and circulate to all Hotel Operators and Owner(s) uniform written information relating to the calculation, payment and reporting of Public Improvement Fees, including (i) uniform guidelines specifying the scope of the definition of Lodging Sales for purposes of calculating the Public Improvement Fee due hereunder, and (ii) any collection and reporting procedures which procedures shall take effect no earlier than thirty (30) days after written notice has been provided to all Hotel Operators. Each Hotel Operator will be entitled to rely on the information provided by the PIF Collection Agent for purposes of compliance with this PIF Covenant. Additionally, the PIF Collection Agent shall provide at least thirty (30) days’ prior written notice to Hotel Operators and Owner(s) if the amount of the Lodging Add-On PIF changes, for any reason whatsoever. The PIF Collection Agent shall also promptly notify all Hotel Operators and Owner(s) of any procedures that the Hotel Operators must follow with respect to informing Purchasers of the Public Improvement Fee, as such procedures are established in order to comply with the District Bond Documents, applicable laws or reasonable business practices. 5. Calculation, Payment and Reporting of Public Improvement Fee. (a) Whether or not collected from Purchasers, each Hotel Operator shall, on a monthly basis, pay all Public Improvement Fees imposed hereunder attributable to the immediately preceding month from or within any portion of the Owned/Leased Property occupied by such Hotel Operator during such period. All Public Improvement Fees shall be due and payable without notice on the date required for payment of the Lodging Tax under the Wheat Ridge Code of Laws. Each Hotel Operator shall pay all Public Improvement Fees directly to the PIF Collection Agent. (b) Each Hotel Operator that is required to collect the Lodging Add-On PIF shall report all Lodging Sales and remit the Public Improvement Fees thereon to the PIF Collection Agent on a monthly basis at the same time that the Hotel Operator reports and remits the Lodging Tax to the City, employing reporting forms (collectively, the “PIF Reports”) and following procedures provided by the PIF Collection Agent that are intended to be substantially similar to those used and required by the City for the remittance of the Lodging Tax. So long as any District Bonds are outstanding or the Public Finance Agreement is in effect, the PIF Reports shall also be submitted to the City. The Public Improvement Fee shall be calculated and imposed on each Lodging Sales transaction and added to the sales price of such Lodging Sales prior to the calculation and assessment of any City, County or State lodging tax, including the Lodging Tax, and before any lodging taxes of any other taxing entity required to be imposed by 16758673.6 {00351400} 56 law. The Lodging Tax and all other lodging taxes of the City, County, the State, and other taxing entities shall, to the extent that such lodging taxes apply to the Lodging Sales transaction, be calculated and assessed on the sum of the Lodging Sales price plus the amount of the Public Improvement Fee. (c) The PIF Collection Agent shall promptly notify in writing each Hotel Operator of the name and address of the PIF Collection Agent and provide appropriate directions for payment and reporting of the Public Improvement Fees. For purposes of compliance with this Section 5(c), each Hotel Operator will be entitled to rely upon such written notice of the designation of the PIF Collection Agent. (d) No provision of this PIF Covenant shall be construed or applied to alter, modify, limit, or affect the Lodging Tax or any other lodging taxes that may be imposed by the City, the County or the State or any other applicable taxing authority. 6. Additional Reporting Requirements. (a) Each Hotel Operator that is required to collect the Lodging Add-On PIF shall, with respect to that portion of the Owned/Leased Property occupied by such Hotel Operator, deliver to the PIF Collection Agent, along with the PIF Reports, true and complete copies of all written reports, returns, statements, records and declarations, including any supplements or amendments thereto made or provided to the City, the County or the State by such Hotel Operator in connection with all lodging taxes for such Hotel Operator’s location within the Owned/Leased Property for the corresponding lodging tax period (collectively, the “Lodging Tax Reports”), at the same time that such Lodging Tax Reports are delivered to the City, the County or the State. (b) If any subsequent adjustments, additions or modifications are made by a Hotel Operator to any lodging taxes reported in such Lodging Tax Reports, such Hotel Operator shall provide the PIF Collection Agent with true and complete copies of all revised PIF Reports and Lodging Tax Reports and any other information issued or filed by such Hotel Operator in regard thereto. If any such adjustments include the amount of the Public Improvement Fee which a Hotel Operator is required to remit or pay or results in a refund of such Public Improvement Fee, such Hotel Operator shall process and pay such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment with respect to the Lodging Tax. Such Hotel Operator shall claim any credit or refund or shall pay such additional Public Improvement Fee in the next monthly reporting period by use of the standard reporting and remittance forms. (c) All PIF Reports and Lodging Tax Reports made or provided by a Hotel Operator shall be maintained by such Hotel Operator for at least three (3) years from the date of submission thereof to the PIF Collection Agent, the City, the County and/or the State and, upon written request, will be made available to the PIF Collection Agent and, so long as the Public Finance Agreement remains in effect, to the City, for inspection and audit. (d) All Lodging Tax Reports received by the PIF Collection Agent shall remain confidential and shall be used by the PIF Collection Agent and its employees, agents and 16758673.6 {00351400} 57 consultants only for purposes of collecting the Public Improvement Fee, enforcing the obligations of any Hotel Operator hereunder, and monitoring compliance with the provisions of this PIF Covenant, unless otherwise required to be made public by law or to be made available to others pursuant to this PIF Covenant. (e) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Lodging Tax Reports shall sign, prior to receiving such Lodging Tax Reports, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Lodging Tax Reports to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Lodging Tax Reports or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Lodging Tax Reports, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent, in its sole discretion. (f) Notwithstanding anything to the contrary in this PIF Covenant, the PIF Collection Agent may aggregate data it receives in the Lodging Tax Reports and include such aggregated data in reports that are delivered to the PIF Receiving Party, Declarant, District, Escrow Agent, the City and District Bond Trustee, provided the aggregated data is anonymized such that it is not associated with any individual Hotel Operator in the reports. 7. Audits and Release of Information by PIF Collection Agent. (a) By acquiring a possessory interest in and to any portion of the Owned/Leased Property that is subject to the terms and conditions of this PIF Covenant, each Hotel Operator hereby specifically authorizes the PIF Collection Agent, District Bond Trustee, the Escrow Agent, the City, the Declarant or the District, and any accountant or financial consultant designated by the foregoing (collectively and, in such capacity, the “Auditor”) to audit its Records with respect to that portion of the Owned/Leased Property occupied by such Hotel Operator to determine compliance with the Public Improvement Fee collection and remittance obligations of such Hotel Operator under this PIF Covenant; provided, however, that no Auditor may be engaged on a contingency-based compensation system. Each Hotel Operator agrees to release to the Auditor any PIF Reports, Lodging Tax Reports and other documents delivered to the City or the PIF Collection Agent by the Hotel Operator that are related to such Hotel Operator’s sales within the Owned/Leased Property. (b) All information released to or gathered by the Auditor in connection with the audit shall be the “Confidential Information.” Any Auditor shall be entitled to share Confidential Information with any other Person entitled to conduct an audit pursuant to this Section 7. All Confidential Information shall be deemed proprietary to each respective Hotel Operator, shall be kept strictly confidential, and shall not be disclosed or otherwise published by the Auditor or any Person to whom the Auditor releases Confidential Information, except for such disclosures or publications as may be required by law or required or permitted by this PIF Covenant. Each Hotel Operator shall be protected by, and may rely on, the confidentiality provisions set forth in this PIF Covenant; provided, however, that notwithstanding anything in this PIF Covenant to the contrary, unless otherwise prohibited or restricted by law, the PIF Collection Agent and the District Bond Trustee are authorized to disclose information regarding 16758673.6 {00351400} 58 specific Public Improvement Fee collections and Lodging Sales transactions of individual Hotel Operators to: (a) certain parties identified in the District Bond Documents, in the manner and to the extent required by the District Bond Documents, and (b) any lender providing financing secured by PIF Revenue. (c) Upon request by the Auditor, all of Hotel Operator’s Records shall be made available for inspection by the Auditor and: (i) the Auditor’s rights in connection with such an audit shall be the same as the rights of the City in connection with a lodging tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws; and (ii) the obligations of a Hotel Operator in connection therewith shall be the same as they are in connection with a lodging tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (d) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Confidential Information shall sign, prior to receiving such Confidential Information, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Confidential Information to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Confidential Information or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Confidential Information, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent or the Auditor, in its sole discretion. 8. Compliance and Enforcement. (a) Each Hotel Operator shall comply with all reasonable policies and requirements of the PIF Collection Agent regarding the collection and remittance of Public Improvement Fees and notification to Purchasers of the imposition and collection of the Public Improvement Fee as such policies and requirements are communicated by the PIF Collection Agent to each Hotel Operator in writing from time to time. The failure or refusal of any Hotel Operator to impose, collect or remit the Public Improvement Fee or to comply with the requirements concerning notification to Purchasers as required in this PIF Covenant, will constitute a default by such Hotel Operator under the terms of this PIF Covenant. The PIF Collection Agent, the PIF Receiving Party, District Bond Trustee, the City, any designated successors of the foregoing and any other Person expressly designated in writing by the PIF Receiving Party are expressly made third party beneficiaries of each Owners’, Occupants’ and Hotel Operators’ obligations under this PIF Covenant, including without limitation the assessment, imposition, collection and remittance of the Public Improvement Fee. (b) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged, and each Owner and Occupant will cause any Hotel Operator whom such Owner or Occupant authorizes to possess or occupy any portion of its Owned/Leased Property to acknowledge, prior to conducting any business at any Owned/Leased Property, that the PIF Collection Agent, PIF Receiving Party, the City, and the Declarant will have a direct cause of action and full right and authority to enforce each Hotel Operator’s obligations under this PIF 16758673.6 {00351400} 59 Covenant, and that no default under any provision of the Occupancy Agreement pursuant to which a Hotel Operator occupies any portion of such Owned/Leased Property will entitle any Occupant or Hotel Operator to any offset, deduction or other defense to payment of all Public Improvement Fees due hereunder. (c) All Public Improvement Fees that are not paid when due hereunder will bear interest at the Default Rate and will be subject to a late fee imposed in the discretion of the PIF Collection Agent from time to time in an amount not to exceed the greater of One Hundred Dollars and 00/100 ($100.00) or ten percent (10%) of the amount due. Any Hotel Operator who fails to make timely remittance of any Public Improvement Fees shall pay, or reimburse the PIF Collection Agent for, all costs of enforcement and collection thereof, including reasonable attorney’s fees. (d) Notwithstanding anything to the contrary contained in this PIF Covenant, the Declarant, the Escrow Agent, the PIF Receiving Party, the District Bond Trustee, the PIF Collection Agent, the City, and any Person designated by any of the foregoing parties (collectively, an “Enforcing Party”) shall have the right to enforce all provisions of this PIF Covenant against any Hotel Operator that fails to comply with any term or condition of this PIF Covenant. An Enforcing Party shall also be paid, awarded, and recover from any defaulting Hotel Operator all reasonable costs and expenses incurred by such Enforcing Party in successfully enforcing the obligations of such Hotel Operator under this PIF Covenant in any legal proceeding brought or defended by such Enforcing Party. 9. Use of Public Improvement Fees. The PIF Revenue generated pursuant to this PIF Covenant shall be collected by the PIF Collection Agent and disbursed to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement for as long as the Public Finance Agreement remains in effect, and thereafter to or at the direction of the applicable PIF Receiving Party, which may use the PIF Revenue for any legal purpose. 10. No Dominion or Control by Declarant. (a) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant shall be deemed to have acknowledged, that the District will be relying upon this PIF Covenant in taking certain actions with respect to the Public Improvement Fee, the District Bonds, the construction, installation, operation and maintenance of Public Improvements and the incurrence of Eligible Costs. Accordingly, Declarant hereby agrees, and all other Owners shall be deemed to have agreed, that no amendment or modification will be made to this PIF Covenant, nor any waiver made or accepted by Declarant or any Owner with respect to this PIF Covenant, if: (i) District Bonds are outstanding to which Pledged PIF Revenue is pledged, unless such waiver, amendment or modification has been approved in writing by the District and the District Bond Trustee, or (ii) the District continues to receive Pledged PIF Revenue for operation and maintenance of Public Improvements, unless such waiver, amendment or modification has been approved in writing by the District. Any purported amendment, modification or waiver made without the prior written consent of the District to the extent required pursuant to this Section 10(a) shall be void and of 16758673.6 {00351400} 60 no force and effect. So long as the Credit PIF remains in effect, this PIF Covenant shall not be amended or modified without the prior written consent of the City. (b) Each PIF Receiving Party shall have all right, title, and interest in, and shall be deemed to possess all dominion and control over and ownership interests in, the Pledged PIF Revenue and Remaining PIF Revenue, provided that the use of such PIF Revenue is subject to the limitations of Section 9 hereof. Until such time as the District Bonds are paid in full or defeased, if and to the extent that the Declarant is deemed to have any right, title, or interest in, or be deemed to exercise any dominion or control over, the Pledged PIF Revenue, which is not intended, all right, title, and interest and dominion or control of Declarant in the Pledged PIF Revenue and the obligations of each Owner shall be, and hereby are, irrevocably and unconditionally transferred, sold, assigned, and conveyed by Declarant to the PIF Receiving Party for payment of District Bonds or otherwise to pay Eligible Costs and completion, operation, and maintenance of the Public Improvements, in accordance with the terms and provisions of the Public Finance Agreement. (c) SUBJECT TO THE EXPRESS TERMS OF THIS SECTION 10, IT IS INTENDED AND HEREBY DECLARED THAT (I) THE PUBLIC IMPROVEMENT FEE IS A CHARGE IMPOSED ON CERTAIN LODGING SALES ON THE PROPERTY FOR THE PURPOSES STATED HEREIN AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS PIF COVENANT; (II) THE NATURE OF THE PUBLIC IMPROVEMENT FEE IS THAT OF A FEE IMPOSED BY PRIVATE COVENANT FOR THE BENEFIT OF THE PROPERTY AND THE PIF RECEIVING PARTY AND NOT THROUGH THE EXERCISE OF ANY POWER BY THE CITY OR ANY OTHER PUBLIC TAXING AUTHORITY; (III) PUBLIC IMPROVEMENT FEES ARE NOT TAX REVENUES IN ANY FORM; AND (IV) ALL PLEDGED PIF REVENUE RECEIVED BY THE APPLICABLE PIF RECEIVING PARTY WILL BE USED TO PAY AND DISCHARGE DISTRICT BONDS OR TO OTHERWISE PAY AND REIMBURSE THE ELIGIBLE COSTS, OR AS MAY OTHERWISE BE PROVIDED IN THIS PIF COVENANT AND IN THE PUBLIC FINANCE AGREEMENT. Declarant hereby acknowledges the foregoing, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged the foregoing, and each Owner and Occupant will cause any Hotel Operator whom such Owner or Occupant permits to possess or occupy any portion of its Owned/Leased Property to acknowledge the foregoing, prior to conducting any business on any Owned/Leased Property. 11. Governing Law. This PIF Covenant will be governed by, and enforced in accordance with, the laws of the State. Venue for any judicial action to interpret or enforce this PIF Covenant shall only be in the Jefferson County District Court of the First Judicial District of Colorado. 12. Covenants Run with the Land. The covenants, agreements, promises, and duties as set forth in this PIF Covenant will run with the Property and be enforceable against both the covenantors and the Property, and will constitute equitable servitudes burdening both the respective covenantor and its Property for the benefit of the respective covenantee. Each covenant to do or refrain from doing some act on or with respect to activities on any portion of 16758673.6 {00351400} 61 the Property under this PIF Covenant (a) is a burden upon such portion of the Property and is for the benefit of the remainder of the Property, (b) will be a covenant running with the land with respect to both the burdened and benefited portions of the Property, and (c) will be binding upon each Owner, Occupant and Hotel Operator and each successor and assign to their respective interests in Property and will inure to the benefit of the Declarant and, as set forth herein, to the other parties authorized to enforce this PIF Covenant. If and to the extent that any of the covenants or other provisions herein would otherwise be unlawful or void for violation of (i) the rule against perpetuities, (ii) the rule restricting restraints on alienation, or (iii) any other applicable statute or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be valid, then the provisions concerned will continue and endure only until the expiration of a period of ninety (90) years after the Commencement Date, or if applicable, the maximum period of time allowed pursuant to C.R.S. § 15-11-1102.5. 13. Severability. Invalidation of any of the provisions contained in this PIF Covenant, or of the application thereof to any Person by judgment or court order, will in no way affect any of the other provisions of this PIF Covenant or the application thereof to any other Person or circumstance, and the remainder of this PIF Covenant will remain in effect; provided, however, that in the event such invalidation would render the remaining portions of this PIF Covenant ineffective to carry out the intentions of Declarant as expressed or implied by this PIF Covenant, then the objectionable provision(s) hereof will be construed, and this PIF Covenant will be presumed amended, as if such provision was replaced with an enforceable provision which effectuates, as nearly as possible, the intentions of Declarant. 14. Amendments. Subject to Section 10, Declarant shall be entitled to make amendments to the provisions of this PIF Covenant without the consent of any Owner, Hotel Operator, or other third party and to record any such amendments in the real property records of the County, even if any portion of the Property is not then owned by Declarant; provided, however, in no event shall the Declarant be permitted to reduce the rate of the Lodging Add-On PIF until after the date upon which the District Bonds are paid in full or defeased. Notwithstanding the foregoing, Declarant will not record an amendment against any portion of the Property not owned by Declarant without the consent of the then-current Owner (which consent will not be unreasonably withheld, conditioned or delayed) if the amendment would materially and adversely affect the portion of the Property owned by that Owner. 15. No Operating Covenant. This PIF Covenant is not intended to, and does not, create or impose any obligation on an Owner or Hotel Operator to operate, continuously operate, or cause to be operated a business or any particular business on the Property. If such an obligation exists in any other agreement, this PIF Covenant is not intended to and does not modify, limit, or enlarge such other obligation. 16. Assignment; Successor Declarant. Declarant may assign its right, title, and interest in and to this PIF Covenant to any Person (“Assignment”) and such Assignment shall be effective immediately upon recording a document in the real property records for the County evidencing such Assignment; provided, however, that so long as the Public Finance Agreement remains in effect, any such assignee shall agree to be bound by the terms and provisions set forth in the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenue. 16758673.6 {00351400} 62 17. Recitals. The Recitals shall be deemed incorporated into the terms and conditions of this PIF Covenant as if fully set forth herein. 18. CCIOA Exemption. Declarant does not intend that recording of this PIF Covenant or that imposition of the Public Improvements Fee or that collection and utilization of the PIF Revenue will create or be construed to create a “common interest community” within the meaning of the Colorado Common Interest Ownership Act codified at C.R.S. §§ 38-33.1-101, et seq., as amended. 19. City’s Rights. So long as any District Bonds remain outstanding, or the Public Finance Agreement remains in effect, the City shall have the rights set forth herein and shall be deemed to be a third party beneficiary hereunder. To the extent that no District Bonds remain outstanding and the Public Finance Agreement is no longer in effect, the City shall no longer be deemed to be a third party beneficiary hereunder and shall no longer have the right to receive reports, audit records, approve amendments hereof or otherwise enforce the terms and provisions of this PIF Covenant, except and to the extent that the provisions of Section 5.4 of the Public Finance Agreement permits. [Signatures on Following Page] {00351400} 16758673.6 IN WITNESS WHEREOF, Declarant has executed this PIF Covenant as of the date first set forth above. EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, Its Manager By: Evergreen Devco, Inc., a California corporation, Its Manager By: _______________________________ Name: ______________________________ Title: ______________________________ STATE OF ____________ ) ) ss. COUNTY OF ____________ ) The foregoing was acknowledged before me this _________ day of ____________, 2018, by ____________ as ___________ of Evergreen Devco, Inc., a California corporation, as Manager of Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, as Manager of Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company. WITNESS my hand and official seal. Notary Public for the State of ___________ My Commission Expires: {00351400} 16757683.6 EXHIBIT A Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO When Recorded Return To: SUBJECT 16757683.6 {00351400} 65 Brownstein Hyatt Farber Schreck, LLP 410 Seventeenth Street, 22nd Floor Denver, Colorado 80202 Attn: Judy Landrum DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING ADMISSIONS ADD-ON PUBLIC IMPROVEMENT FEE THIS DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING ADMISSIONS ADD-ON PUBLIC IMPROVEMENT FEE (“PIF Covenant”) is made as of the ___ day of [__________], 2018, by EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Declarant”). RECITALS A. Capitalized terms used in this PIF Covenant shall have the meanings set forth in Section 1 of this PIF Covenant, and references to Sections and Exhibits shall refer to Sections and Exhibits of this PIF Covenant unless expressly stated otherwise. B. Declarant owns the real property more particularly described on Exhibit A, attached hereto and incorporated herein (the “Property”), which is located in the City of Wheat Ridge, County of Jefferson, State of Colorado, and intends to develop and construct or cause to be constructed a development consisting of a commercial center and the appurtenant improvements to be known as Clear Creek Crossing, which will be benefited by the completion of the Public Improvements. C. In consideration of the benefits to be provided to the Property with respect to construction, installation, operation, and maintenance of the Public Improvements, Declarant has agreed to impose a public improvement fee on the Property in accordance with the terms of this PIF Covenant and the Public Finance Agreement. D. The District was organized pursuant to Colorado law in order to provide for the financing, construction, completion, operation and maintenance of certain Public Improvements within or without its boundaries, including, without limitation, the construction and installation of grading improvements, water, sanitation, street, safety, protection, and park and recreation improvements, facilities and services along with all reasonable and necessary soft costs, fees and organizational expenses authorized pursuant to the District’s Service Plan. E. The District intends to issue the District Bonds in order to finance, construct, and complete certain Public Improvements on the Property. The District constitutes an initial PIF Receiving Party (as defined herein) hereunder and, as a result, owns all right, title, and interest in the Pledged PIF Revenue until such time as the District Bonds are paid in full or defeased, as more particularly provided herein. 16757683.6 {00351400} 66 F. Subject to and in accordance with the terms of this PIF Covenant, Declarant desires to impose the obligation to collect and pay, and to provide for the implementation of the collection and payment of, an Admissions Add-On PIF on certain Admissions Sales that occur from or within the Property. DECLARATION NOW, THEREFORE, in consideration of the facts set forth in the Recitals, incorporated herein and made a part hereof by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Declarant, Declarant hereby agrees and declares that this PIF Covenant shall run with the land and be binding upon, and effective against all successors in interest, assigns and transferees of the Property as follows: 1. Defined Terms. Except as otherwise expressly provided herein or unless the context requires otherwise, the singular of any term includes the plural of such term. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Public Finance Agreement (as hereinafter defined). The following terms, when used in this PIF Covenant, shall have the following meanings: (a) “Admissions Add-On PIF” means the public improvement fee imposed on the Property in the amount of 0.5% on Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Stub Hub or Ticketmaster, or otherwise initiated, consummated, conducted, or transacted outside of the Property), which will be collected in accordance with the terms of this PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement and the District Bond Documents. (b) “Admissions Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted from or within the Property that is subject to the City’s Admissions Tax. (c) “Admissions Tax” means the municipal admissions charge imposed by the City on the right or privilege to gain entrance to any place, event, performance, or scheduled activity held within the City, at such rates and on such terms and conditions as are prescribed in Section 22-101 of the Wheat Ridge Code of Laws. (d) “Admissions Tax Reports” has the meaning set forth in Section 6. (e) “Auditor” has the meaning set forth in Section 7 below. (f) “City” means the City of Wheat Ridge, Colorado, a municipal corporation, and includes its successors and assigns. (g) “Commencement Date” means the date on which this PIF Covenant is recorded in the real property records of the County. (h) “County” means the County of Jefferson, State of Colorado. 16757683.6 {00351400} 67 (i) “Declarant” shall mean the Declarant named in this PIF Covenant for so long as such named party holds title to any portion of the Property or a Person who is designated as Declarant in an instrument recorded in the real property records of the County, and executed by the immediately preceding Declarant, who holds title to any portion of the Property. If the Declarant named in this PIF Covenant, or the then-current Declarant, no longer holds title to any portion of the Property and does not record an instrument designating a new Person as Declarant, the Person holding title to the largest parcel within the Property shall become the Declarant, not including any parcel that is used primarily as residential property. Any Person who is designated as a Declarant hereunder shall agree to comply with the terms and provisions of the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenues. (j) “Default Rate” means eighteen percent (18%) per annum, but if such rate exceeds the maximum interest rate permitted by State law, such rate shall be reduced to the highest rate allowed by State law under the circumstances. (k) “Developer” means Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, and any successors and assigns as permitted pursuant to the Public Finance Agreement. (l) “District” means the Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State formed pursuant to the Special District Act, Colorado Revised Statutes §§ 32-1-101, et seq., and its successors and assigns. (m) “District Bonds” means, collectively, one or more series of bonds, which may be in the form of a note, loan, or other financial obligation identified as a District Bond, issued or incurred by the District to finance or refinance the Eligible Costs in accordance with the terms and provisions of the Public Finance Agreement, including any bonds, notes, loans, or other financial obligations issued by the District to refund District Bonds. The definition of District Bonds shall not include any Reimbursement Agreement (as defined in the Public Finance Agreement) entered into between the Developer and the District. (n) “District Bond Documents” means, collectively, the District Bond Indenture and any other documents pursuant to which the District Bonds are issued and secured as to repayment. (o) “District Bond Indenture” means any indenture or similar documents pursuant to which the District Bonds are issued and secured as to repayment. (p) “District Bond Trustee” means the trustee in connection with the issuance of any District Bonds. (q) “Eligible Costs” shall have the meaning provided for “Eligible Costs” in the Public Finance Agreement. (r) “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer, with the consent of the District, and is authorized pursuant to an 16757683.6 {00351400} 68 escrow agreement, to undertake the duties of the Escrow Agent in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. (s) “Occupancy Agreement” means any deed, lease, sublease, license, concession or other occupancy agreement between an Owner or an Occupant and a Vendor under which the Vendor is given the right to possess or occupy any portion of the Owned/Leased Property owned or occupied by the Owner or the Occupant. (t) “Occupant” means any Owner or other Person who has the legal right, pursuant to any agreement of any type or nature, to possess or occupy any portion of the Property, including, without limitation, any space within or without any building constructed on any Property; provided, however, that a mortgagee, a trustee or a beneficiary of a deed of trust, or any other Person who has such a right of possession primarily for the purpose of securing a debt or other obligation owed to such Person will not constitute an “Occupant,” unless and until such Person becomes a mortgagee in possession or otherwise possesses or occupies a portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary, or other Person will be an “Occupant” hereunder. (u) “Owned/Leased Property” means with respect to any Owner, the portion of the Property to which such Owner owns fee title and with respect to any Occupant, the portion of the Property which such Occupant has the right to possess or occupy pursuant to an Occupancy Agreement. (v) “Owner(s)” means an individual or entity that owns a fee interest in any portion of the Property, during the period of such ownership. (w) “Person(s)” means an individual, firm, association, unincorporated organization, corporation (for profit or nonprofit), limited liability company, partnership, company, joint stock company, joint venture, trust or government or agency or a political subdivision thereof, any trustee, receiver, assignee or similar representative thereof or any other entity. (x) “PIF” or “Public Improvement Fee” shall mean the Admissions Add-On PIF. (y) “PIF Collection Agent” means an entity retained by the Declarant for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the Public Finance Agreement and PIF Collection Agreement. (z) “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District and the PIF Collection Agent. The Developer, District Bond Trustee, and the City may also be parties to the PIF Collection Agreement. (aa) “PIF Receiving Party” means, the District with respect to the Pledged PIF Revenue from the date of this PIF Covenant until such time as the District Bonds are paid in full, and the Declarant with respect to the Remaining PIF Revenue. After payment in full of the District Bonds, the PIF Receiving Party for all PIF Revenue shall be the person or entity designated by the Declarant. 16757683.6 {00351400} 69 (bb) “PIF Reports” has the meaning set forth in Section 5(b). (cc) “PIF Revenue” means the revenue derived from the imposition of the Admissions Add-On PIF. (dd) “Pledged PIF Revenue” means PIF Revenue that is pledged to the District Bonds pursuant to the District Bond Documents. (ee) “Property” has the meaning set forth in the Recitals. (ff) “Purchaser” or “Purchasers” means the purchaser or recipient of goods or services or both from a Vendor in an Admissions Sale. (gg) “Public Finance Agreement” means that certain Public Finance Agreement approved by the City Council on [_________ __, 2018] by Resolution No. [__________], by and between the Developer, the District, and the City setting forth the terms and conditions applicable to construction and financing of certain Public Improvements, as hereafter amended from time to time. (hh) “Public Improvements” shall have the meaning provided for “Public Improvements” in the Public Finance Agreement. (ii) “Records” means those items that must be made available by a Vendor in connection with an admissions tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (jj) “Remaining PIF Revenue” means all PIF Revenue that is not Pledged PIF Revenue. (kk) “Service Plan” means the Service Plan for the District approved by the City on March 13, 2006, as it may be amended or modified from time to time. (ll) “State” means the state of Colorado. (mm) “Vendor” means any Person, including the Declarant and any Owner or Occupant, who engages in any Admissions Sales for admission to an event within the Property (including without limitation all Admissions Sales made online, by email, by phone, through a travel agency, through a third-party such as Expedia or Hotels.com, or otherwise initiated, consummated, conducted or transacted outside of the Property). (nn) “Wheat Ridge Code of Laws” means the Code of Laws of the City of Wheat Ridge, Colorado, as the same may be amended or supplemented. 2. Assessment of Public Improvement Fee. From and after the Commencement Date, the Public Improvement Fee shall be imposed on all Admissions Sales within the Property as follows: 16757683.6 {00351400} 70 (a) Every Vendor shall collect from every Purchaser in each Admissions Sale by such Vendor, in its capacity as a Vendor, and remit to the PIF Collection Agent, the Admissions Add- On PIF due with respect to such transaction in accordance with this PIF Covenant. To the extent this PIF Covenant does not address any procedural matters relating to the collection of the Admissions Add-On PIF by Vendors and such matters are not established by the PIF Collection Agent in accordance with Section 4, the provisions of the Wheat Ridge Code of Laws relating to the collection of Admissions Tax shall apply. (b) Every Owner or Occupant who leases or subleases any portion of its Owned/Leased Property to a Vendor, or who permits a Vendor to occupy any portion of its Owned/Leased Property by license, concession, or otherwise, will expressly require, pursuant to the Occupancy Agreement by virtue of which such Vendor is given the right to possess or occupy such portion of Property, that such Vendor collect the Admissions Add-On PIF due with respect to such transaction from each Purchaser in each Admissions Sale by such Vendor and remit the Admissions Add-On PIF to the PIF Collection Agent in accordance with the terms of this PIF Covenant. (c) If the initial PIF Collection Agent no longer acts as the PIF Collection Agent, the Declarant shall appoint a new PIF Collection Agent in accordance with Section 5.4 of the Public Finance Agreement, in which case, the Declarant shall provide, or cause to be provided to, each Vendor written notice containing the name and address of the new PIF Collection Agent. Each Vendor shall be entitled to rely upon such written notice of the designation of the new PIF Collection Agent. (d) The Declarant and PIF Receiving Party agree to cause all PIF Revenue to be remitted to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement, and thereafter to the PIF Receiving Party. (e) Notwithstanding anything to the contrary in this PIF Covenant, upon the payment in full or defeasance of all District Bonds, Declarant may increase or decrease the amount of, continue, terminate, or otherwise modify the Admissions Add-On PIF and use such revenues for any legal purpose in Declarant’s sole and absolute discretion. 3. Imposition of Public Improvement Fee. Each Vendor shall collect and remit to the PIF Collection Agent the Admissions Add-On PIF for all Admissions Sales that occur within the Property from and after the Commencement Date. Each Vendor shall have the right to make or apply adjustments, exemptions, credits and rebates to the Public Improvement Fee to the same extent adjustments, exemptions, credits and rebates may be made to the Admissions Tax payable under the Wheat Ridge Code of Laws. If an adjustment results in a refund of such Public Improvement Fee, such Vendor shall process the refund or credit for such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment of the Admissions Tax. Such Vendor may claim any credit or refund in the next monthly reporting period by use of the standard reporting and remittance forms. Each Occupant who is a Vendor shall provide the Declarant, the District, the PIF Collection Agent, the City and the PIF Receiving Party with its name and address prior to conducting any Admissions Sales on the Property, and each Occupant will promptly provide the Declarant, the District, the PIF Collection Agent, the City and the PIF Receiving Party with the name and address of each 16757683.6 {00351400} 71 Vendor upon entering into any Occupancy Agreement by which a Vendor is granted the right to possess or occupy a portion of the Property to conduct Admissions Sales. 4. Admissions Sales Information. The PIF Collection Agent shall establish and circulate to all Vendors and Owner(s) uniform written information relating to the calculation, payment and reporting of Public Improvement Fees, including (i) uniform guidelines specifying the scope of the definition of Admissions Sales for purposes of calculating the Public Improvement Fee due hereunder, and (ii) any collection and reporting procedures which procedures shall take effect no earlier than thirty (30) days after written notice has been provided to all Vendors. Each Vendor will be entitled to rely on the information provided by the PIF Collection Agent for purposes of compliance with this PIF Covenant. Additionally, the PIF Collection Agent shall provide at least thirty (30) days’ prior written notice to Vendors and Owner(s) if the amount of the Admissions Add-On PIF changes, for any reason whatsoever. The PIF Collection Agent shall also promptly notify all Vendors and Owner(s) of any procedures that the Vendors must follow with respect to informing Purchasers of the Public Improvement Fee, as such procedures are established in order to comply with the District Bond Documents, applicable laws or reasonable business practices. 5. Calculation, Payment and Reporting of Public Improvement Fee. (a) Whether or not collected from Purchasers, each Vendor shall, on a monthly basis, pay all Public Improvement Fees imposed hereunder attributable to the immediately preceding month from or within any portion of the Owned/Leased Property occupied by such Vendor during such period. All Public Improvement Fees shall be due and payable without notice on the date required for payment of the Admissions Tax under the Wheat Ridge Code of Laws. Each Vendor shall pay all Public Improvement Fees directly to the PIF Collection Agent. (b) Each Vendor that is required to collect the Admissions Add-On PIF shall report all Admissions Sales and remit the Public Improvement Fees thereon to the PIF Collection Agent on a monthly basis at the same time that the Vendor reports and remits the Admissions Tax to the City, employing reporting forms (collectively, the “PIF Reports”) and following procedures provided by the PIF Collection Agent that are intended to be substantially similar to those used and required by the City for the remittance of the Sales Tax. So long as any District Bonds are outstanding or the Public Finance Agreement is in effect, the PIF Reports shall also be submitted to the City. The Public Improvement Fee shall be calculated and imposed on each Admissions Sales transaction and added to the sales price of such Admissions Sales prior to the calculation and assessment of any City, County or State admissions tax, including the Admissions Tax, and before any admissions taxes of any other taxing entity required to be imposed by law. The Admissions Tax and all other admissions taxes of the City, County, the State, and other taxing entities shall, to the extent that such admissions taxes apply to the Admissions Sales transaction, be calculated and assessed on the sum of the Admissions Sales price plus the amount of the Public Improvement Fee. (c) The PIF Collection Agent shall promptly notify in writing each Vendor of the name and address of the PIF Collection Agent and provide appropriate directions for payment and reporting of the Public Improvement Fees. For purposes of compliance with this Section 5(c), each Vendor will be entitled to rely upon such written notice of the designation of the PIF Collection Agent. 16757683.6 {00351400} 72 (d) No provision of this PIF Covenant shall be construed or applied to alter, modify, limit, or affect the Admissions Tax or any other admissions taxes that may be imposed by the City, the County or the State or any other applicable taxing authority. 6. Additional Reporting Requirements. (a) Each Vendor that is required to collect the Admissions Add-On PIF shall, with respect to that portion of the Owned/Leased Property occupied by such Vendor, deliver to the PIF Collection Agent, along with the PIF Reports, true and complete copies of all written reports, returns, statements, records and declarations, including any supplements or amendments thereto made or provided to the City, the County or the State by such Vendor in connection with all admissions taxes for such Vendor’s location within the Owned/Leased Property for the corresponding admissions tax period (collectively, the “Admissions Tax Reports”), at the same time that such Admissions Tax Reports are delivered to the City, the County or the State. (b) If any subsequent adjustments, additions or modifications are made by a Vendor to any admissions taxes reported in such Admissions Tax Reports, such Vendor shall provide the PIF Collection Agent with true and complete copies of all revised PIF Reports and Admissions Tax Reports and any other information issued or filed by such Vendor in regard thereto. If any such adjustments include the amount of the Public Improvement Fee which a Vendor is required to remit or pay or results in a refund of such Public Improvement Fee, such Vendor shall process and pay such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment with respect to the Admissions Tax. Such Vendor shall claim any credit or refund or shall pay such additional Public Improvement Fee in the next monthly reporting period by use of the standard reporting and remittance forms. (c) All PIF Reports and Admissions Tax Reports made or provided by a Vendor shall be maintained by such Vendor for at least three (3) years from the date of submission thereof to the PIF Collection Agent, the City, the County and/or the State and, upon written request, will be made available to the PIF Collection Agent and, so long as the Public Finance Agreement remains in effect, to the City, for inspection and audit. (d) All Admissions Tax Reports received by the PIF Collection Agent shall remain confidential and shall be used by the PIF Collection Agent and its employees, agents and consultants only for purposes of collecting the Public Improvement Fee, enforcing the obligations of any Vendor hereunder, and monitoring compliance with the provisions of this PIF Covenant, unless otherwise required to be made public by law or to be made available to others pursuant to this PIF Covenant. (e) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Admissions Tax Reports shall sign, prior to receiving such Admissions Tax Reports, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Admissions Tax Reports to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Admissions Tax Reports or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by 16757683.6 {00351400} 73 the appropriate Person receiving such Admissions Tax Reports, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent, in its sole discretion. (f) Notwithstanding anything to the contrary in this PIF Covenant, the PIF Collection Agent may aggregate data it receives in the Admissions Tax Reports and include such aggregated data in reports that are delivered to the PIF Receiving Party, Declarant, District, Escrow Agent, the City and District Bond Trustee, provided the aggregated data is anonymized such that it is not associated with any individual Vendor in the reports. 7. Audits and Release of Information by PIF Collection Agent. (a) By acquiring a possessory interest in and to any portion of the Owned/Leased Property that is subject to the terms and conditions of this PIF Covenant, each Vendor hereby specifically authorizes the PIF Collection Agent, District Bond Trustee, the Escrow Agent, the City, the Declarant or the District, and any accountant or financial consultant designated by the foregoing (collectively and, in such capacity, the “Auditor”) to audit its Records with respect to that portion of the Owned/Leased Property occupied by such Vendor to determine compliance with the Public Improvement Fee collection and remittance obligations of such Vendor under this PIF Covenant; provided, however, that no Auditor may be engaged on a contingency-based compensation system. Each Vendor agrees to release to the Auditor any PIF Reports, Admissions Tax Reports and other documents delivered to the City or the PIF Collection Agent by the Vendor that are related to such Vendor’s sales within the Owned/Leased Property. (b) All information released to or gathered by the Auditor in connection with the audit shall be the “Confidential Information.” Any Auditor shall be entitled to share Confidential Information with any other Person entitled to conduct an audit pursuant to this Section 7. All Confidential Information shall be deemed proprietary to each respective Vendor, shall be kept strictly confidential, and shall not be disclosed or otherwise published by the Auditor or any Person to whom the Auditor releases Confidential Information, except for such disclosures or publications as may be required by law or required or permitted by this PIF Covenant. Each Vendor shall be protected by, and may rely on, the confidentiality provisions set forth in this PIF Covenant; provided, however, that notwithstanding anything in this PIF Covenant to the contrary, unless otherwise prohibited or restricted by law, the PIF Collection Agent and the District Bond Trustee are authorized to disclose information regarding specific Public Improvement Fee collections and Admissions Sales transactions of individual Vendors to: (a) certain parties identified in the District Bond Documents, in the manner and to the extent required by the District Bond Documents, and (b) any lender providing financing secured by PIF Revenue. (c) Upon request by the Auditor, all of Vendor’s Records shall be made available for inspection by the Auditor and: (i) the Auditor’s rights in connection with such an audit shall be the same as the rights of the City in connection with an admission tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws; and (ii) the obligations of a Vendor in connection therewith shall be the same as they are in connection with an admission tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. 16757683.6 {00351400} 74 (d) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Confidential Information shall sign, prior to receiving such Confidential Information, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Confidential Information to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Confidential Information or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Confidential Information, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent or the Auditor, in its sole discretion. 8. Compliance and Enforcement. (a) Each Vendor shall comply with all reasonable policies and requirements of the PIF Collection Agent regarding the collection and remittance of Public Improvement Fees and notification to Purchasers of the imposition and collection of the Public Improvement Fee as such policies and requirements are communicated by the PIF Collection Agent to each Vendor in writing from time to time. The failure or refusal of any Vendor to impose, collect or remit the Public Improvement Fee or to comply with the requirements concerning notification to Purchasers as required in this PIF Covenant, will constitute a default by such Vendor under the terms of this PIF Covenant. The PIF Collection Agent, the PIF Receiving Party, District Bond Trustee, the City, any designated successors of the foregoing and any other Person expressly designated in writing by the PIF Receiving Party are expressly made third party beneficiaries of each Owners’, Occupants’ and Vendors’ obligations under this PIF Covenant, including without limitation the assessment, imposition, collection and remittance of the Public Improvement Fee. (b) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged, and each Owner and Occupant will cause any Vendor whom such Owner or Occupant authorizes to possess or occupy any portion of its Owned/Leased Property to acknowledge, prior to conducting any business at any Owned/Leased Property, that the PIF Collection Agent, PIF Receiving Party, the City, and the Declarant will have a direct cause of action and full right and authority to enforce each Vendor’s obligations under this PIF Covenant, and that no default under any provision of the Occupancy Agreement pursuant to which a Vendor occupies any portion of such Owned/Leased Property will entitle any Occupant or Vendor to any offset, deduction or other defense to payment of all Public Improvement Fees due hereunder. (c) All Public Improvement Fees that are not paid when due hereunder will bear interest at the Default Rate and will be subject to a late fee imposed in the discretion of the PIF Collection Agent from time to time in an amount not to exceed the greater of One Hundred Dollars and 00/100 ($100.00) or ten percent (10%) of the amount due. Any Vendor who fails to make timely remittance of any Public Improvement Fees shall pay, or reimburse the PIF Collection Agent for, all costs of enforcement and collection thereof, including reasonable attorney’s fees. 16757683.6 {00351400} 75 (d) Notwithstanding anything to the contrary contained in this PIF Covenant, the Declarant, the Escrow Agent, the PIF Receiving Party, the District Bond Trustee, the PIF Collection Agent, the City, and any Person designated by any of the foregoing parties (collectively, an “Enforcing Party”) shall have the right to enforce all provisions of this PIF Covenant against any Vendor that fails to comply with any term or condition of this PIF Covenant. An Enforcing Party shall also be paid, awarded, and recover from any defaulting Vendor all reasonable costs and expenses incurred by such Enforcing Party in successfully enforcing the obligations of such Vendor under this PIF Covenant in any legal proceeding brought or defended by such Enforcing Party. 9. Use of Public Improvement Fees. The PIF Revenue generated pursuant to this PIF Covenant shall be collected by the PIF Collection Agent and disbursed to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement for as long as the Public Finance Agreement remains in effect, and thereafter to or at the direction of the applicable PIF Receiving Party, which may use the PIF Revenue for any legal purpose. 10. No Dominion or Control by Declarant. (a) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant shall be deemed to have acknowledged, that the District will be relying upon this PIF Covenant in taking certain actions with respect to the Public Improvement Fee, the District Bonds, the construction, installation, operation and maintenance of Public Improvements and the incurrence of Eligible Costs. Accordingly, Declarant hereby agrees, and all other Owners shall be deemed to have agreed, that no amendment or modification will be made to this PIF Covenant, nor any waiver made or accepted by Declarant or any Owner with respect to this PIF Covenant, if: (i) District Bonds are outstanding to which Pledged PIF Revenue is pledged, unless such waiver, amendment or modification has been approved in writing by the District and the District Bond Trustee, or (ii) the District continues to receive Pledged PIF Revenue for operation and maintenance of Public Improvements, unless such waiver, amendment or modification has been approved in writing by the District. Any purported amendment, modification or waiver made without the prior written consent of the District to the extent required pursuant to this Section 10(a) shall be void and of no force and effect. So long as the Credit PIF remains in effect, this PIF Covenant shall not be amended or modified without the prior written consent of the City. (b) Each PIF Receiving Party shall have all right, title, and interest in, and shall be deemed to possess all dominion and control over and ownership interests in, the Pledged PIF Revenue and Remaining PIF Revenue, as applicable, provided that the use of all PIF Revenue is subject to the limitations of Section 9 hereof. Until such time as the District Bonds are paid in full or defeased, if and to the extent that the Declarant is deemed to have any right, title, or interest in, or be deemed to exercise any dominion or control over, the Pledged PIF Revenue, which is not intended, all right, title, and interest and dominion or control of Declarant in the Pledged PIF Revenue and the obligations of each Owner shall be, and hereby are, irrevocably and unconditionally transferred, sold, assigned, and conveyed by Declarant to the PIF Receiving Party for payment of District Bonds or otherwise to pay Eligible Costs and completion, 16757683.6 {00351400} 76 operation, and maintenance of the Public Improvements, in accordance with the terms and provisions of the Public Finance Agreement. (c) SUBJECT TO THE EXPRESS TERMS OF THIS SECTION 10, IT IS INTENDED AND HEREBY DECLARED THAT (I) THE PUBLIC IMPROVEMENT FEE IS A CHARGE IMPOSED ON CERTAIN ADMISSIONS SALES ON THE PROPERTY FOR THE PURPOSES STATED HEREIN AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS PIF COVENANT; (II) THE NATURE OF THE PUBLIC IMPROVEMENT FEE IS THAT OF A FEE IMPOSED BY PRIVATE COVENANT FOR THE BENEFIT OF THE PROPERTY AND THE PIF RECEIVING PARTY AND NOT THROUGH THE EXERCISE OF ANY POWER BY THE CITY OR ANY OTHER PUBLIC TAXING AUTHORITY; (III) PUBLIC IMPROVEMENT FEES ARE NOT TAX REVENUES IN ANY FORM; AND (IV) ALL PLEDGED PIF REVENUE RECEIVED BY THE APPLICABLE PIF RECEIVING PARTY WILL BE USED TO PAY AND DISCHARGE DISTRICT BONDS OR TO OTHERWISE PAY AND REIMBURSE THE ELIGIBLE COSTS, OR AS MAY OTHERWISE BE PROVIDED IN THIS PIF COVENANT AND IN THE PUBLIC FINANCE AGREEMENT. Declarant hereby acknowledges the foregoing, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged the foregoing, and each Owner and Occupant will cause any Vendor whom such Owner or Occupant permits to possess or occupy any portion of its Owned/Leased Property to acknowledge the foregoing, prior to conducting any business on any Owned/Leased Property. 11. Governing Law. This PIF Covenant will be governed by, and enforced in accordance with, the laws of the State. Venue for any judicial action to interpret or enforce this PIF Covenant shall only be in the Jefferson County District Court of the First Judicial District of Colorado. 12. Covenants Run with the Land. The covenants, agreements, promises, and duties as set forth in this PIF Covenant will run with the Property and be enforceable against both the covenantors and the Property, and will constitute equitable servitudes burdening both the respective covenantor and its Property for the benefit of the respective covenantee. Each covenant to do or refrain from doing some act on or with respect to activities on any portion of the Property under this PIF Covenant (a) is a burden upon such portion of the Property and is for the benefit of the remainder of the Property, (b) will be a covenant running with the land with respect to both the burdened and benefited portions of the Property, and (c) will be binding upon each Owner, Occupant and Vendor and each successor and assign to their respective interests in Property and will inure to the benefit of the Declarant and, as set forth herein, to the other parties authorized to enforce this PIF Covenant. If and to the extent that any of the covenants or other provisions herein would otherwise be unlawful or void for violation of (i) the rule against perpetuities, (ii) the rule restricting restraints on alienation, or (iii) any other applicable statute or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be valid, then the provisions concerned will continue and endure only until the expiration of a period of ninety (90) years after the Commencement Date, or if applicable, the maximum period of time allowed pursuant to C.R.S. § 15-11-1102.5. 16757683.6 {00351400} 77 13. Severability. Invalidation of any of the provisions contained in this PIF Covenant, or of the application thereof to any Person by judgment or court order, will in no way affect any of the other provisions of this PIF Covenant or the application thereof to any other Person or circumstance, and the remainder of this PIF Covenant will remain in effect; provided, however, that in the event such invalidation would render the remaining portions of this PIF Covenant ineffective to carry out the intentions of Declarant as expressed or implied by this PIF Covenant, then the objectionable provision(s) hereof will be construed, and this PIF Covenant will be presumed amended, as if such provision was replaced with an enforceable provision which effectuates, as nearly as possible, the intentions of Declarant. 14. Amendments. Subject to Section 10, Declarant shall be entitled to make amendments to the provisions of this PIF Covenant without the consent of any Owner, Vendor, or other third party and to record any such amendments in the real property records of the County, even if any portion of the Property is not then owned by Declarant; provided, however, in no event shall the Declarant be permitted to reduce the rate of the Admissions Add-On PIF until after the date upon which the District Bonds are paid in full or defeased. Notwithstanding the foregoing, Declarant will not record an amendment against any portion of the Property not owned by Declarant without the consent of the then-current Owner (which consent will not be unreasonably withheld, conditioned or delayed) if the amendment would materially and adversely affect the portion of the Property owned by that Owner. 15. No Operating Covenant. This PIF Covenant is not intended to, and does not, create or impose any obligation on an Owner or Vendor to operate, continuously operate, or cause to be operated a business or any particular business on the Property. If such an obligation exists in any other agreement, this PIF Covenant is not intended to and does not modify, limit, or enlarge such other obligation. 16. Assignment; Successor Declarant. Declarant may assign its right, title, and interest in and to this PIF Covenant to any Person (“Assignment”) and such Assignment shall be effective immediately upon recording a document in the real property records for the County evidencing such Assignment; provided, however, that so long as the Public Finance Agreement remains in effect, any such assignee shall agree to be bound by the terms and provisions set forth in the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenue. 17. Recitals. The Recitals shall be deemed incorporated into the terms and conditions of this PIF Covenant as if fully set forth herein. 18. CCIOA Exemption. Declarant does not intend that recording of this PIF Covenant or that imposition of the Public Improvements Fee or that collection and utilization of the PIF Revenue will create or be construed to create a “common interest community” within the meaning of the Colorado Common Interest Ownership Act codified at C.R.S. §§ 38-33.1-101, et seq., as amended. 19. City’s Rights. So long as any District Bonds remain outstanding, or the Public Finance Agreement remains in effect, the City shall have the rights set forth herein and shall be deemed to be a third party beneficiary hereunder. To the extent that no District Bonds remain outstanding and the Public Finance Agreement is no longer in effect, the City shall no longer be 16757683.6 {00351400} 78 deemed to be a third party beneficiary hereunder and shall no longer have the right to receive reports, audit records, approve amendments hereof or otherwise enforce the terms and provisions of this PIF Covenant, except and to the extent that the provisions of Section 5.4 of the Public Finance Agreement permits. [Signatures on Following Page] {00351400} 16757683.6 IN WITNESS WHEREOF, Declarant has executed this PIF Covenant as of the date first set forth above. EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, Its Manager By: Evergreen Devco, Inc., a California corporation, Its Manager By: _______________________________ Name: ______________________________ Title: ______________________________ STATE OF ____________ ) ) ss. COUNTY OF ____________ ) The foregoing was acknowledged before me this _________ day of ____________, 2018, by ____________ as ___________ of Evergreen Devco, Inc., a California corporation, as Manager of Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, as Manager of Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company. WITNESS my hand and official seal. Notary Public for the State of ___________ My Commission Expires: {00351400} 16757129.6 EXHIBIT A Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT 16757129.6 {00351400} 81 When Recorded Return To: Brownstein Hyatt Farber Schreck, LLP 410 Seventeenth Street, 22nd Floor Denver, Colorado 80202 Attn: Judy Landrum DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING RETAIL ADD-ON PUBLIC IMPROVEMENT FEE THIS DECLARATION OF COVENANTS IMPOSING AND IMPLEMENTING THE EVERGREEN-CLEAR CREEK CROSSING RETAIL ADD-ON PUBLIC IMPROVEMENT FEE (“PIF Covenant”) is made as of the ___ day of [__________], 2018, by EVERGREEN- CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (“Declarant”). RECITALS A. Capitalized terms used in this PIF Covenant shall have the meanings set forth in Section 1 of this PIF Covenant, and references to Sections and Exhibits shall refer to Sections and Exhibits of this PIF Covenant unless expressly stated otherwise. B. Declarant owns the real property more particularly described on Exhibit A, attached hereto and incorporated herein (the “Property”), which is located in the City of Wheat Ridge, County of Jefferson, State of Colorado, and intends to develop and construct or cause to be constructed a development consisting of a commercial center and the appurtenant improvements to be known as Clear Creek Crossing, which will be benefited by the completion of the Public Improvements. C. In consideration of the benefits to be provided to the Property with respect to construction, installation, operation, and maintenance of the Public Improvements, Declarant has agreed to impose a public improvement fee on the Property in accordance with the terms of this PIF Covenant and the Public Finance Agreement. D. The District was organized pursuant to Colorado law in order to provide for the financing, construction, completion, operation and maintenance of certain Public Improvements within or without its boundaries, including, without limitation, the construction and installation of grading improvements, water, sanitation, street, safety, protection, and park and recreation improvements, facilities and services along with all reasonable and necessary soft costs, fees and organizational expenses authorized pursuant to the District’s Service Plan. E. The District intends to issue the District Bonds in order to finance, construct, and complete certain Public Improvements on the Property. The District constitutes an initial PIF 16757129.6 {00351400} 82 Receiving Party (as defined herein) hereunder and, as a result, owns all right, title, and interest in the Pledged PIF Revenue until such time as the District Bonds are paid in full or defeased, as more particularly provided herein. F. Subject to and in accordance with the terms of this PIF Covenant, Declarant desires to impose the obligation to collect and pay, and to provide for the implementation of the collection and payment of, a Retail Add-On PIF on certain Retail Sales that occur from or within the Property. DECLARATION NOW, THEREFORE, in consideration of the facts set forth in the Recitals, incorporated herein and made a part hereof by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Declarant, Declarant hereby agrees and declares that this PIF Covenant shall run with the land and be binding upon, and effective against all successors in interest, assigns and transferees of the Property as follows: 1. Defined Terms. Except as otherwise expressly provided herein or unless the context requires otherwise, the singular of any term includes the plural of such term. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Public Finance Agreement (as hereinafter defined). The following terms, when used in this PIF Covenant, shall have the following meanings: (a) “Auditor” has the meaning set forth in Section 7 below. (b) “City” means the City of Wheat Ridge, Colorado, a municipal corporation, and includes its successors and assigns. (c) “Commencement Date” means the date on which this PIF Covenant is recorded in the real property records of the County. (d) “County” means the County of Jefferson, State of Colorado. (e) “Declarant” shall mean the Declarant named in this PIF Covenant for so long as such named party holds title to any portion of the Property or a Person who is designated as Declarant in an instrument recorded in the real property records of the County, and executed by the immediately preceding Declarant, who holds title to any portion of the Property. If the Declarant named in this PIF Covenant, or the then-current Declarant, no longer holds title to any portion of the Property and does not record an instrument designating a new Person as Declarant, the Person holding title to the largest parcel within the Property shall become the Declarant, not including any parcel that is used primarily as residential property. Any Person who is designated as a Declarant hereunder shall agree to comply with the terms and provisions of the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenues. (f) “Default Rate” means eighteen percent (18%) per annum, but if such rate exceeds the maximum interest rate permitted by State law, such rate shall be reduced to the highest rate allowed by State law under the circumstances. 16757129.6 {00351400} 83 (g) “Developer” means Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, and any successors and assigns as permitted pursuant to the Public Finance Agreement. (h) “District” means the Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State formed pursuant to the Special District Act, Colorado Revised Statutes §§ 32-1-101, et seq., and its successors and assigns. (i) “District Bonds” means, collectively, one or more series of bonds, which may be in the form of a note, loan, or other financial obligation identified as a District Bond, issued or incurred by the District to finance or refinance the Eligible Costs in accordance with the terms and provisions of the Public Finance Agreement, including any bonds, notes, loans, or other financial obligations issued by the District to refund District Bonds. The definition of District Bonds shall not include any Reimbursement Agreement (as defined in the Public Finance Agreement) entered into between the Developer and the District. (j) “District Bond Documents” means, collectively, the District Bond Indenture and any other documents pursuant to which the District Bonds are issued and secured as to repayment. (k) “District Bond Indenture” means any indenture or similar documents pursuant to which the District Bonds are issued and secured as to repayment. (l) “District Bond Trustee” means the trustee in connection with the issuance of any District Bonds. (m) “Eligible Costs” shall have the meaning provided for “Eligible Costs” in the Public Finance Agreement. (n) “Escrow Agent” means a state or national bank or trust company in good standing located in the State of Colorado that is authorized to exercise trust powers, which is selected by the Developer, with the consent of the District, and is authorized pursuant to an escrow agreement, to undertake the duties of the Escrow Agent in accordance with Sections 5, 7, and 11 of the Public Finance Agreement. (o) “Occupancy Agreement” means any deed, lease, sublease, license, concession or other occupancy agreement between an Owner or an Occupant and a Retailer under which the Retailer is given the right to possess or occupy any portion of the Owned/Leased Property owned or occupied by the Owner or the Occupant. (p) “Occupant” means any Owner or other Person who has the legal right, pursuant to any agreement of any type or nature, to possess or occupy any portion of the Property, including, without limitation, any space within or without any building constructed on any Property; provided, however, that a mortgagee, a trustee or a beneficiary of a deed of trust, or any other Person who has such a right of possession primarily for the purpose of securing a debt or other obligation owed to such Person will not constitute an “Occupant,” unless and until such Person becomes a mortgagee in possession or otherwise possesses or occupies a portion of the 16757129.6 {00351400} 84 Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary, or other Person will be an “Occupant” hereunder. (q) “Owned/Leased Property” means with respect to any Owner, the portion of the Property to which such Owner owns fee title and with respect to any Occupant, the portion of the Property which such Occupant has the right to possess or occupy pursuant to an Occupancy Agreement. (r) “Owner(s)” means an individual or entity that owns a fee interest in any portion of the Property, during the period of such ownership. (s) “Person(s)” means an individual, firm, association, unincorporated organization, corporation (for profit or nonprofit), limited liability company, partnership, company, joint stock company, joint venture, trust or government or agency or a political subdivision thereof, any trustee, receiver, assignee or similar representative thereof or any other entity. (t) “PIF” or “Public Improvement Fee” shall mean the Retail Add-On PIF. (u) “PIF Collection Agent” means an entity retained by the Declarant for the purpose of collecting, accounting for, and disbursing the PIF Revenue in accordance with the Public Finance Agreement and PIF Collection Agreement. (v) “PIF Collection Agreement” means an agreement related to the collection and remittance of the PIF Revenue between the District and the PIF Collection Agent. The Developer, District Bond Trustee, and the City may also be parties to the PIF Collection Agreement. (w) “PIF Receiving Party” means, the District with respect to the Pledged PIF Revenue from the date of this PIF Covenant until such time as the District Bonds are paid in full, and the Declarant with respect to the Remaining PIF Revenue. After payment in full of the District Bonds, the PIF Receiving Party for all PIF Revenue shall be the person or entity designated by the Declarant. (x) “PIF Reports” has the meaning set forth in Section 5(b). (y) “PIF Revenue” means the revenue derived from the imposition of the Retail Add-On PIF. (z) “Pledged PIF Revenue” means PIF Revenue that is pledged to the District Bonds pursuant to the District Bond Documents. (aa) “Property” has the meaning set forth in the Recitals. (bb) “Purchaser” or “Purchasers” means the purchaser or recipient of goods or services or both from a Retailer in a Retail Sale. (cc) “Public Finance Agreement” means that certain Public Finance Agreement approved by the City Council on [_________ __, 2018] by Resolution No. [__________], by and 16757129.6 {00351400} 85 between the Developer, the District, and the City setting forth the terms and conditions applicable to construction and financing of certain Public Improvements, as hereafter amended from time to time. (dd) “Public Improvements” shall have the meaning provided for “Public Improvements” in the Public Finance Agreement. (ee) “Records” means those items that must be made available by a Retailer in connection with a sales tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (ff) “Remaining PIF Revenue” means all PIF Revenue that is not Pledged PIF Revenue. (gg) “Retail Add-On PIF” means the public improvement fee imposed on the Property in the amount of 0.50% on Retail Sales initiated, consummated, conducted, or transacted within the Property (including without limitation all Retail Sales for good or services purchased online, by email, or by phone, but that are picked up by the purchaser from the Retailer’s location within the Property or are delivered to the purchaser from the Retailer’s location within the Property), which will be collected in accordance with the terms of this PIF Covenant and the PIF Collection Agreement, and will be accounted for and spent in accordance with the terms of the Public Finance Agreement and the District Bond Documents. (hh) “Retail Sales” means any exchange of goods or services for money or other media of exchange initiated, consummated, conducted, or transacted from or within the Property that is subject to the City’s Sales Tax (ii) “Retailer” means any Person, including the Declarant and any Owner or Occupant, who: (i) has the legal right, pursuant to a deed, lease, sublease, license, concession, easement or other Occupancy Agreement of any type or nature, to possess or occupy all or any portion of the Property, including, without limitation, any space within any building constructed on all or any portion of the Property; provided that a mortgagee, a trustee under or beneficiary of a deed of trust, or any other Person who has such right of possession primarily for the purpose of securing a debt or other obligation owed to such Person, will not constitute a “Retailer” unless and until such Person becomes an Owner or a mortgagee in possession or otherwise possesses or occupies all or any portion of the Property pursuant to such right by an intentional or voluntary act of its own, whereupon the subject mortgagee, trustee, beneficiary or other Person will be a “Retailer” hereunder; and (ii) is a seller or provider of goods or services who engages in any Retail Sales initiated, consummated, conducted, transacted or otherwise occurring from or within the Property. (jj) “Sales Tax” means the municipal sales tax imposed by the City on sale of goods and services, at such rates and on such terms and conditions as are prescribed in Chapter 22, Article 1 of the Wheat Ridge Code of Laws. 16757129.6 {00351400} 86 (kk) “Sales Tax Reports” has the meaning set forth in Section 6. (ll) “Service Plan” means the Service Plan for the District approved by the City on March 13, 2006, as it may be amended or modified from time to time. (mm) “State” means the state of Colorado. (nn) “Wheat Ridge Code of Laws” means the Code of Laws of the City of Wheat Ridge, Colorado, as the same may be amended or supplemented. 2. Assessment of Public Improvement Fee. From and after the Commencement Date, the Public Improvement Fee shall be imposed on all Retail Sales within the Property as follows: (a) Every Retailer shall collect from every Purchaser in each Retail Sale by such Retailer, in its capacity as a Retailer, and remit to the PIF Collection Agent, the Retail Add-On PIF due with respect to such transaction in accordance with this PIF Covenant. To the extent this PIF Covenant does not address any procedural matters relating to the collection of the Retail Add-On PIF by Retailers and such matters are not established by the PIF Collection Agent in accordance with Section 4, the provisions of the Wheat Ridge Code of Laws relating to the collection of Sales Tax shall apply. (b) Every Owner or Occupant who leases or subleases any portion of its Owned/Leased Property to a Retailer, or who permits a Retailer to occupy any portion of its Owned/Leased Property by license, concession, or otherwise, will expressly require, pursuant to the Occupancy Agreement by virtue of which such Retailer is given the right to possess or occupy such portion of Property, that such Retailer collect the Retail Add-On PIF due with respect to such transaction from each Purchaser in each Retail Sale by such Retailer and remit the Retail Add-On PIF to the PIF Collection Agent in accordance with the terms of this PIF Covenant. (c) If the initial PIF Collection Agent no longer acts as the PIF Collection Agent, the Declarant shall appoint a new PIF Collection Agent in accordance with Section 5.4 of the Public Finance Agreement, in which case, the Declarant shall provide, or cause to be provided to, each Retailer written notice containing the name and address of the new PIF Collection Agent. Each Retailer shall be entitled to rely upon such written notice of the designation of the new PIF Collection Agent. (d) The Declarant and PIF Receiving Party agree to cause all PIF Revenue to be remitted to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement, and thereafter to the PIF Receiving Party. (e) Notwithstanding anything to the contrary in this PIF Covenant, upon the payment in full or defeasance of all District Bonds, Declarant may increase or decrease the amount of, continue, terminate, or otherwise modify the Retail Add-On PIF and use such revenues for any legal purpose in Declarant’s sole and absolute discretion. 3. Imposition of Public Improvement Fee. Each Retailer shall collect and remit to the PIF Collection Agent the Retail Add-On PIF for all Retail Sales that occur within the Property from 16757129.6 {00351400} 87 and after the Commencement Date. Each Retailer shall have the right to make or apply adjustments, exemptions, credits and rebates to the Public Improvement Fee to the same extent adjustments, exemptions, credits and rebates may be made to the Sales Tax payable under the Wheat Ridge Code of Laws. If an adjustment results in a refund of such Public Improvement Fee, such Retailer shall process the refund or credit for such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment of the Sales Tax. Such Retailer may claim any credit or refund in the next monthly reporting period by use of the standard reporting and remittance forms. Each Occupant who is a Retailer shall provide the Declarant, the District, the PIF Collection Agent, the City and the PIF Receiving Party with its name and address prior to conducting any Retail Sales on the Property, and each Occupant will promptly provide the Declarant, the District, the PIF Collection Agent, the City and the PIF Receiving Party with the name and address of each Retailer upon entering into any Occupancy Agreement by which a Retailer is granted the right to possess or occupy a portion of the Property to conduct Retail Sales. 4. Retail Sales Information. The PIF Collection Agent shall establish and circulate to all Retailers and Owner(s) uniform written information relating to the calculation, payment and reporting of Public Improvement Fees, including (i) uniform guidelines specifying the scope of the definition of Retail Sales for purposes of calculating the Public Improvement Fee due hereunder, and (ii) any collection and reporting procedures which procedures shall take effect no earlier than thirty (30) days after written notice has been provided to all Retailers. Each Retailer will be entitled to rely on the information provided by the PIF Collection Agent for purposes of compliance with this PIF Covenant. Additionally, the PIF Collection Agent shall provide at least thirty (30) days’ prior written notice to Retailers and Owner(s) if the amount of the Retail Add- On PIF changes, for any reason whatsoever. The PIF Collection Agent shall also promptly notify all Retailers and Owner(s) of any procedures that the Retailers must follow with respect to informing Purchasers of the Public Improvement Fee, as such procedures are established in order to comply with the District Bond Documents, applicable laws or reasonable business practices. 5. Calculation, Payment and Reporting of Public Improvement Fee. (a) Whether or not collected from Purchasers, each Retailer shall, on a monthly basis, pay all Public Improvement Fees imposed hereunder attributable to the immediately preceding month from or within any portion of the Owned/Leased Property occupied by such Retailer during such period. All Public Improvement Fees shall be due and payable without notice on the date required for payment of the Sales Tax under the Wheat Ridge Code of Laws. Each Retailer shall pay all Public Improvement Fees directly to the PIF Collection Agent. (b) Each Retailer that is required to collect the Retail Add-On PIF shall report all Retail Sales and remit the Public Improvement Fees thereon to the PIF Collection Agent on a monthly basis at the same time that the Retailer reports and remits the Sales Tax to the City, employing reporting forms (collectively, the “PIF Reports”) and following procedures provided by the PIF Collection Agent that are intended to be substantially similar to those used and required by the City for the remittance of the Sales Tax. So long as any District Bonds are outstanding or the Public Finance Agreement is in effect, the PIF Reports shall also be submitted to the City. The Public Improvement Fee shall be calculated and imposed on each Retail Sales transaction and added to the sales price of such Retail Sales prior to the calculation and 16757129.6 {00351400} 88 assessment of any City, County or State sales tax, including the Sales Tax, and before any sales taxes of any other taxing entity required to be imposed by law. The Sales Tax and all other sales taxes of the City, County, the State, and other taxing entities shall, to the extent that such sales taxes apply to the Retail Sales transaction, be calculated and assessed on the sum of the Retail Sales price plus the amount of the Public Improvement Fee. (c) The PIF Collection Agent shall promptly notify in writing each Retailer of the name and address of the PIF Collection Agent and provide appropriate directions for payment and reporting of the Public Improvement Fees. For purposes of compliance with this Section 5(c), each Retailer will be entitled to rely upon such written notice of the designation of the PIF Collection Agent. (d) No provision of this PIF Covenant shall be construed or applied to alter, modify, limit, or affect the Sales Tax or any other sales taxes that may be imposed by the City, the County or the State or any other applicable taxing authority. 6. Additional Reporting Requirements. (a) Each Retailer that is required to collect the Retail Add-On PIF shall, with respect to that portion of the Owned/Leased Property occupied by such Retailer, deliver to the PIF Collection Agent, along with the PIF Reports, true and complete copies of all written reports, returns, statements, records and declarations, including any supplements or amendments thereto made or provided to the City, the County or the State by such Retailer in connection with all sales taxes for such Retailer’s location within the Owned/Leased Property for the corresponding sales tax period (collectively, the “Sales Tax Reports”), at the same time that such Sales Tax Reports are delivered to the City, the County or the State. (b) If any subsequent adjustments, additions or modifications are made by a Retailer to any sales taxes reported in such Sales Tax Reports, such Retailer shall provide the PIF Collection Agent with true and complete copies of all revised PIF Reports and Sales Tax Reports and any other information issued or filed by such Retailer in regard thereto. If any such adjustments include the amount of the Public Improvement Fee which a Retailer is required to remit or pay or results in a refund of such Public Improvement Fee, such Retailer shall process and pay such adjusted Public Improvement Fee in a manner substantially similar to the process used and required by the City for an adjustment with respect to the Sales Tax. Such Retailer shall claim any credit or refund or shall pay such additional Public Improvement Fee in the next monthly reporting period by use of the standard reporting and remittance forms. (c) All PIF Reports and Sales Tax Reports made or provided by a Retailer shall be maintained by such Retailer for at least three (3) years from the date of submission thereof to the PIF Collection Agent, the City, the County and/or the State and, upon written request, will be made available to the PIF Collection Agent and, so long as the Public Finance Agreement remains in effect, to the City, for inspection and audit. (d) All Sales Tax Reports received by the PIF Collection Agent shall remain confidential and shall be used by the PIF Collection Agent and its employees, agents and consultants only for purposes of collecting the Public Improvement Fee, enforcing the 16757129.6 {00351400} 89 obligations of any Retailer hereunder, and monitoring compliance with the provisions of this PIF Covenant, unless otherwise required to be made public by law or to be made available to others pursuant to this PIF Covenant. (e) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Sales Tax Reports shall sign, prior to receiving such Sales Tax Reports, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Sales Tax Reports to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Sales Tax Reports or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Sales Tax Reports, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent, in its sole discretion. (f) Notwithstanding anything to the contrary in this PIF Covenant, the PIF Collection Agent may aggregate data it receives in the Sales Tax Reports and include such aggregated data in reports that are delivered to the PIF Receiving Party, Declarant, District, Escrow Agent, the City and District Bond Trustee, provided the aggregated data is anonymized such that it is not associated with any individual Retailer in the reports. 7. Audits and Release of Information by PIF Collection Agent. (a) By acquiring a possessory interest in and to any portion of the Owned/Leased Property that is subject to the terms and conditions of this PIF Covenant, each Retailer hereby specifically authorizes the PIF Collection Agent, District Bond Trustee, the Escrow Agent, the City, the Declarant or the District, and any accountant or financial consultant designated by the foregoing (collectively and, in such capacity, the “Auditor”) to audit its Records with respect to that portion of the Owned/Leased Property occupied by such Retailer to determine compliance with the Public Improvement Fee collection and remittance obligations of such Retailer under this PIF Covenant; provided, however, that no Auditor may be engaged on a contingency-based compensation system. Each Retailer agrees to release to the Auditor any PIF Reports, Sales Tax Reports and other documents delivered to the City or the PIF Collection Agent by the Retailer that are related to such Retailer’s sales within the Owned/Leased Property. (b) All information released to or gathered by the Auditor in connection with the audit shall be the “Confidential Information.” Any Auditor shall be entitled to share Confidential Information with any other Person entitled to conduct an audit pursuant to this Section 7. All Confidential Information shall be deemed proprietary to each respective Retailer, shall be kept strictly confidential, and shall not be disclosed or otherwise published by the Auditor or any Person to whom the Auditor releases Confidential Information, except for such disclosures or publications as may be required by law or required or permitted by this PIF Covenant. Each Retailer shall be protected by, and may rely on, the confidentiality provisions set forth in this PIF Covenant; provided, however, that notwithstanding anything in this PIF Covenant to the contrary, unless otherwise prohibited or restricted by law, the PIF Collection Agent and the District Bond Trustee are authorized to disclose information regarding specific Public Improvement Fee collections and Retail Sales transactions of individual Retailers to: (a) certain parties identified in the District Bond Documents, in the manner and to the extent 16757129.6 {00351400} 90 required by the District Bond Documents, and (b) any lender providing financing secured by PIF Revenue. (c) Upon request by the Auditor, all of Retailer’s Records shall be made available for inspection by the Auditor and: (i) the Auditor’s rights in connection with such an audit shall be the same as the rights of the City in connection with a sales tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws; and (ii) the obligations of a Retailer in connection therewith shall be the same as they are in connection with a sales tax audit pursuant to Section 22-42 of the Wheat Ridge Code of Laws. (d) Any Person not otherwise entitled pursuant to this PIF Covenant to receive Confidential Information shall sign, prior to receiving such Confidential Information, a confidentiality agreement, which confidentiality agreement shall prohibit without exception the disclosure of the information contained in, collected to be contained in, or of the type normally contained in Confidential Information to any Person not otherwise entitled pursuant to this PIF Covenant to receive such Confidential Information or the information contained therein. The PIF Receiving Party shall be responsible for having such confidentiality agreement(s) executed by the appropriate Person receiving such Confidential Information, but the PIF Receiving Party may designate such responsibility to the PIF Collection Agent or the Auditor, in its sole discretion. 8. Compliance and Enforcement. (a) Each Retailer shall comply with all reasonable policies and requirements of the PIF Collection Agent regarding the collection and remittance of Public Improvement Fees and notification to Purchasers of the imposition and collection of the Public Improvement Fee as such policies and requirements are communicated by the PIF Collection Agent to each Retailer in writing from time to time. The failure or refusal of any Retailer to impose, collect or remit the Public Improvement Fee or to comply with the requirements concerning notification to Purchasers as required in this PIF Covenant, will constitute a default by such Retailer under the terms of this PIF Covenant. The PIF Collection Agent, the PIF Receiving Party, District Bond Trustee, the City, any designated successors of the foregoing and any other Person expressly designated in writing by the PIF Receiving Party are expressly made third party beneficiaries of each Owners’, Occupants’ and Retailers’ obligations under this PIF Covenant, including without limitation the assessment, imposition, collection and remittance of the Public Improvement Fee. (b) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged, and each Owner and Occupant will cause any Retailer whom such Owner or Occupant authorizes to possess or occupy any portion of its Owned/Leased Property to acknowledge, prior to conducting any business at any Owned/Leased Property, that the PIF Collection Agent, PIF Receiving Party, the City, and the Declarant will have a direct cause of action and full right and authority to enforce each Retailer’s obligations under this PIF Covenant, and that no default under any provision of the Occupancy Agreement pursuant to which a Retailer occupies any portion of such Owned/Leased Property will entitle any Occupant or 16757129.6 {00351400} 91 Retailer to any offset, deduction or other defense to payment of all Public Improvement Fees due hereunder. (c) All Public Improvement Fees that are not paid when due hereunder will bear interest at the Default Rate and will be subject to a late fee imposed in the discretion of the PIF Collection Agent from time to time in an amount not to exceed the greater of One Hundred Dollars and 00/100 ($100.00) or ten percent (10%) of the amount due. Any Retailer who fails to make timely remittance of any Public Improvement Fees shall pay, or reimburse the PIF Collection Agent for, all costs of enforcement and collection thereof, including reasonable attorney’s fees. (d) Notwithstanding anything to the contrary contained in this PIF Covenant, the Declarant, the Escrow Agent, the PIF Receiving Party, the District Bond Trustee, the PIF Collection Agent, the City, and any Person designated by any of the foregoing parties (collectively, an “Enforcing Party”) shall have the right to enforce all provisions of this PIF Covenant against any Retailer that fails to comply with any term or condition of this PIF Covenant. An Enforcing Party shall also be paid, awarded, and recover from any defaulting Retailer all reasonable costs and expenses incurred by such Enforcing Party in successfully enforcing the obligations of such Retailer under this PIF Covenant in any legal proceeding brought or defended by such Enforcing Party. 9. Use of Public Improvement Fees. The PIF Revenue generated pursuant to this PIF Covenant shall be collected by the PIF Collection Agent and disbursed to the Escrow Agent or District Bond Trustee, as applicable, in accordance with Sections 5, 7, and 11 of the Public Finance Agreement for as long as the Public Finance Agreement remains in effect, and thereafter to or at the direction of the applicable PIF Receiving Party, which may use the PIF Revenue for any legal purpose. 10. No Dominion or Control by Declarant. (a) Declarant hereby acknowledges, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant shall be deemed to have acknowledged, that the District will be relying upon this PIF Covenant in taking certain actions with respect to the Public Improvement Fee, the District Bonds, the construction, installation, operation and maintenance of Public Improvements and the incurrence of Eligible Costs. Accordingly, Declarant hereby agrees, and all other Owners shall be deemed to have agreed, that no amendment or modification will be made to this PIF Covenant, nor any waiver made or accepted by Declarant or any Owner with respect to this PIF Covenant, if: (i) District Bonds are outstanding to which Pledged PIF Revenue is pledged, unless such waiver, amendment or modification has been approved in writing by the District and the District Bond Trustee, or (ii) the District continues to receive Pledged PIF Revenue for operation and maintenance of Public Improvements, unless such waiver, amendment or modification has been approved in writing by the District. Any purported amendment, modification or waiver made without the prior written consent of the District to the extent required pursuant to this Section 10(a) shall be void and of no force and effect. So long as the Credit PIF remains in effect, this PIF Covenant shall not be amended or modified without the prior written consent of the City. 16757129.6 {00351400} 92 (b) Each PIF Receiving Party shall have all right, title, and interest in, and shall be deemed to possess all dominion and control over and ownership interests in, the Pledged PIF Revenue and Remaining PIF Revenue, as applicable, provided that the use of all PIF Revenue is subject to the limitations of Section 9 hereof. Until such time as the District Bonds are paid in full or defeased, if and to the extent that the Declarant is deemed to have any right, title, or interest in, or be deemed to exercise any dominion or control over, the Pledged PIF Revenue, which is not intended, all right, title, and interest and dominion or control of Declarant in the Pledged PIF Revenue and the obligations of each Owner shall be, and hereby are, irrevocably and unconditionally transferred, sold, assigned, and conveyed by Declarant to the PIF Receiving Party for payment of District Bonds or otherwise to pay Eligible Costs and completion, operation, and maintenance of the Public Improvements, in accordance with the terms and provisions of the Public Finance Agreement. (c) SUBJECT TO THE EXPRESS TERMS OF THIS SECTION 10, IT IS INTENDED AND HEREBY DECLARED THAT (I) THE PUBLIC IMPROVEMENT FEE IS A CHARGE IMPOSED ON CERTAIN RETAIL SALES ON THE PROPERTY FOR THE PURPOSES STATED HEREIN AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS PIF COVENANT; (II) THE NATURE OF THE PUBLIC IMPROVEMENT FEE IS THAT OF A FEE IMPOSED BY PRIVATE COVENANT FOR THE BENEFIT OF THE PROPERTY AND THE PIF RECEIVING PARTY AND NOT THROUGH THE EXERCISE OF ANY POWER BY THE CITY OR ANY OTHER PUBLIC TAXING AUTHORITY; (III) PUBLIC IMPROVEMENT FEES ARE NOT TAX REVENUES IN ANY FORM; AND (IV) ALL PLEDGED PIF REVENUE RECEIVED BY THE APPLICABLE PIF RECEIVING PARTY WILL BE USED TO PAY AND DISCHARGE DISTRICT BONDS OR TO OTHERWISE PAY AND REIMBURSE THE ELIGIBLE COSTS, OR AS MAY OTHERWISE BE PROVIDED IN THIS PIF COVENANT AND IN THE PUBLIC FINANCE AGREEMENT. Declarant hereby acknowledges the foregoing, and any other Owner by acquiring fee title to any portion of the Property subject to this PIF Covenant and any Occupant by acquiring the right to possess or occupy any portion of the Property subject to this PIF Covenant will be deemed to have acknowledged the foregoing, and each Owner and Occupant will cause any Retailer whom such Owner or Occupant permits to possess or occupy any portion of its Owned/Leased Property to acknowledge the foregoing, prior to conducting any business on any Owned/Leased Property. 11. Governing Law. This PIF Covenant will be governed by, and enforced in accordance with, the laws of the State. Venue for any judicial action to interpret or enforce this PIF Covenant shall only be in the Jefferson County District Court of the First Judicial District of Colorado. 12. Covenants Run with the Land. The covenants, agreements, promises, and duties as set forth in this PIF Covenant will run with the Property and be enforceable against both the covenantors and the Property, and will constitute equitable servitudes burdening both the respective covenantor and its Property for the benefit of the respective covenantee. Each covenant to do or refrain from doing some act on or with respect to activities on any portion of the Property under this PIF Covenant (a) is a burden upon such portion of the Property and is for the benefit of the remainder of the Property, (b) will be a covenant running with the land with respect to both the burdened and benefited portions of the Property, and (c) will be binding upon 16757129.6 {00351400} 93 each Owner, Occupant and Retailer and each successor and assign to their respective interests in Property and will inure to the benefit of the Declarant and, as set forth herein, to the other parties authorized to enforce this PIF Covenant. If and to the extent that any of the covenants or other provisions herein would otherwise be unlawful or void for violation of (i) the rule against perpetuities, (ii) the rule restricting restraints on alienation, or (iii) any other applicable statute or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be valid, then the provisions concerned will continue and endure only until the expiration of a period of ninety (90) years after the Commencement Date, or if applicable, the maximum period of time allowed pursuant to C.R.S. § 15-11-1102.5. 13. Severability. Invalidation of any of the provisions contained in this PIF Covenant, or of the application thereof to any Person by judgment or court order, will in no way affect any of the other provisions of this PIF Covenant or the application thereof to any other Person or circumstance, and the remainder of this PIF Covenant will remain in effect; provided, however, that in the event such invalidation would render the remaining portions of this PIF Covenant ineffective to carry out the intentions of Declarant as expressed or implied by this PIF Covenant, then the objectionable provision(s) hereof will be construed, and this PIF Covenant will be presumed amended, as if such provision was replaced with an enforceable provision which effectuates, as nearly as possible, the intentions of Declarant. 14. Amendments. Subject to Section 10, Declarant shall be entitled to make amendments to the provisions of this PIF Covenant without the consent of any Owner, Retailer, or other third party and to record any such amendments in the real property records of the County, even if any portion of the Property is not then owned by Declarant; provided, however, in no event shall the Declarant be permitted to reduce the rate of the Retail Add-On PIF until after the date upon which the District Bonds are paid in full or defeased. Notwithstanding the foregoing, Declarant will not record an amendment against any portion of the Property not owned by Declarant without the consent of the then-current Owner (which consent will not be unreasonably withheld, conditioned or delayed) if the amendment would materially and adversely affect the portion of the Property owned by that Owner. 15. No Operating Covenant. This PIF Covenant is not intended to, and does not, create or impose any obligation on an Owner or Retailer to operate, continuously operate, or cause to be operated a business or any particular business on the Property. If such an obligation exists in any other agreement, this PIF Covenant is not intended to and does not modify, limit, or enlarge such other obligation. 16. Assignment; Successor Declarant. Declarant may assign its right, title, and interest in and to this PIF Covenant to any Person (“Assignment”) and such Assignment shall be effective immediately upon recording a document in the real property records for the County evidencing such Assignment; provided, however, that so long as the Public Finance Agreement remains in effect, any such assignee shall agree to be bound by the terms and provisions set forth in the Public Finance Agreement relating to the PIF Covenant and the use of the PIF Revenue. 17. Recitals. The Recitals shall be deemed incorporated into the terms and conditions of this PIF Covenant as if fully set forth herein. 16757129.6 {00351400} 94 18. CCIOA Exemption. Declarant does not intend that recording of this PIF Covenant or that imposition of the Public Improvements Fee or that collection and utilization of the PIF Revenue will create or be construed to create a “common interest community” within the meaning of the Colorado Common Interest Ownership Act codified at C.R.S. §§ 38-33.1-101, et seq., as amended. 19. City’s Rights. So long as any District Bonds remain outstanding, or the Public Finance Agreement remains in effect, the City shall have the rights set forth herein and shall be deemed to be a third party beneficiary hereunder. To the extent that no District Bonds remain outstanding and the Public Finance Agreement is no longer in effect, the City shall no longer be deemed to be a third party beneficiary hereunder and shall no longer have the right to receive reports, audit records, approve amendments hereof or otherwise enforce the terms and provisions of this PIF Covenant except and to the extent that the provisions of Section 5.4 of the Public Finance Agreement permits. [Signatures on Following Page] {00351400} 16757129.6 IN WITNESS WHEREOF, Declarant has executed this PIF Covenant as of the date first set forth above. EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, Its Manager By: Evergreen Devco, Inc., a California corporation, Its Manager By: _______________________________ Name: ______________________________ Title: ______________________________ STATE OF ____________ ) ) ss. COUNTY OF ____________ ) The foregoing was acknowledged before me this _________ day of ____________, 2018, by ____________ as ___________ of Evergreen Devco, Inc., a California corporation, as Manager of Evergreen Development Company-2016, L.L.C., an Arizona limited liability company, as Manager of Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company. WITNESS my hand and official seal. Notary Public for the State of ___________ My Commission Expires: {00351400} A-1 16759392.6 EXHIBIT A Legal Description and Depiction of Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO SUBJECT {00351641} 1 SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT made this of , 2018 (the “Effective Date”) by and between the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal corporation (the "City"), and EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company (the "Developer"), together referred to as the “Parties.” RECITALS: A. The Developer is the owner of certain real property located in the City of Wheat Ridge, which is more particularly described in Exhibit A and made a part hereof (the "Property"), commonly known as Clear Creek Crossing . B. On , , the City Council of the City of Wheat Ridge, after holding all required public hearings, approved the final plat for the Property titled (the “Final Plat”). A copy of the Final Plat is attached hereto as Exhibit B and incorporated herein. C. The approvals cited above are contingent upon the express condition that all duties created by this Agreement be faithfully performed by the Developer. AGREEMENT NOW, therefore, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which are mutually acknowledged, the Parties hereto agree as follows: 1. Purpose. The purpose of this Agreement is to set forth the terms, conditions, and fees to be paid by the Developer upon subdivision of the Property. All conditions contained herein are in addition to any and all requirements of the City of Wheat Ridge Subdivision Ordinance and Zoning Ordinance, the City of Wheat Ridge Charter, any and all state statutes, and any other sections of the City of Wheat Ridge Code of Laws (collectively, the “City Requirements”) and are not intended to supersede any requirements contained therein. Notwithstanding anything contained in this Agreement to the contrary, in case of any conflict between the express terms of the Final Approvals (as defined below), this Agreement and the City Requirements, the Final Approvals shall control in all respects, except that if the conflicts are a result of Federal or State mandated requirements, then the Federal or State mandated requirements shall prevail. Notwithstanding anything contained in this Agreement to the contrary, if and to the extent an item is not addressed in the Final Approvals, then in case of any conflict between the express terms of this Agreement and the City Requirements, this Agreement shall control in all respects, except that if the conflicts are a result of Federal or State mandated requirements, then the Federal or State mandated requirements shall prevail. 2. Related City Agreements and Approvals. The Property is subject to that certain Outline Development Plan for the Project titled Clear Creek Crossing_ recorded {00351641} 2 with the Jefferson County Clerk and Recorder under reception number ______________ and will be subject to future review and approval of specific development plan(s), civil construction documents, right-of-way permit application(s), and building permit application(s) (collectively, the “Final Approvals”). Through such approvals, the City will review and approve the final design any development and Public Improvements related thereto. This Agreement is based on information available at the time of approval of the Final Plat and shall not constitute approval of the Public Improvement designs. 3. Fees. The Developer hereby agrees to pay City development review fees as and only to the extent codified in the City Requirements for engineering, hydrological, surveying, legal, and other services rendered in connection with the review of the subdivision of the Property. In addition, unless otherwise waived or rebated pursuant to a separate agreement by and between the City and Developer (and such other parties, including any metropolitan district), Developer will pay the municipal use tax imposed by the City on sales of goods and services, at such rate and on such terms as conditions as prescribed in Chapter 22, Article 1 of the Code, as specifically imposed on Developer, as opposed to any such metropolitan district. 4. Parkland dedication fee-in lieu. Fees in lieu of land dedication for public parks and sites shall be calculated pursuant to the formula in Section 26-414 of City of Wheat Ridge Code of Laws and shall be paid at the time the building permit for any residential development is issued. 5. Title Policy. Prior to recording of the Final Plat, a title commitment for all those portions of the Property, as well as any other interests in real property (easements, etc.) to be reserved for public purposes or dedicated to the City shall be provided to the City. The title commitment shall show that all such property is or shall be, subsequent to the execution and recording of this Agreement, free and clear of all monetary liens and encumbrances (other than real estate taxes which are not yet due and payable) arising by, through or under Developer and any other encumbrances which would make the dedication or reservation unreasonably unacceptable as to the use or applicability of the applicable dedication as the City determines in its reasonable discretion (collectively, the “Permitted Exceptions”). The City, in its sole discretion, may accept any dedication regardless of encumbrances. The title policy evidenced by the title commitment shall be provided within thirty (30) days after the recording of this Agreement, in an amount equal to $3.22 per square foot of the property so dedicated or reserved. Notwithstanding anything contained herein to the contrary, the City and Developer have, prior to the Effective Date, reviewed the title commitment and the City has agreed to the Permitted Exceptions as set forth in the most recent title commitment dated prior to the Effective Date. 6. Breach by the Developer; the City's Remedies. In the event of a breach of any of the terms and conditions of this Agreement by the Developer, the City Council shall be notified immediately and the City may, following the requisite notice and cure as provided below, take such action as permitted and/or authorized by law, this Agreement, or the ordinances and Charter of the City as the City deems necessary to {00351641} 3 protect the public health, safety and welfare; and to protect lot buyers and builders. These remedies include, but are not limited to: (a) The refusal to issue any building permit or certificate of occupancy; (b) The revocation of any building permit previously issued to Developer under which construction directly related to such building permit has not commenced, except a building permit previously issued to a third party other than Developer, (c) A demand that the security given for the completion of the Public Improvements be paid or honored, or (d) Any other remedy available at law or in equity. Unless necessary to protect the immediate health, safety and welfare of the City, the City shall provide the Developer thirty (30) days written notice of its intent to take any action under this paragraph during which thirty (30) day period the Developer may cure the breach described in the notice. Notwithstanding the foregoing, if such breach or noncompliance cannot be reasonably cured within such thirty (30)-day period, Developer shall be granted such additional time as is reasonably necessary provided that Developer good faith commences to cure such breach or noncompliance within such thirty (30)-day period and thereafter diligently completes such cure in good faith within 90 days after such notice from the City unless the City and Developer otherwise agree to a longer cure period. 7. Installation and Phasing of Public Improvements. All storm sewer lines, drainage structures, paved and dedicated streets (rights-of-way), curb, gutter and sidewalks located within any dedicated public rights-of-way, street and any trail lighting, and the undergrounding of all overhead utilities, if any (the “Public Improvements” or “Improvements”) as approved by the City’s Director of Public Works or designee (“Director”), shall be installed and completed at the expense of the Developer within the timeframes set forth in Section 11 of this Agreement. For purposes of clarity, the Public Improvements required hereunder, and the itemized costs of the Public Improvements, are set forth on Exhibit C. In the event of any inconsistency or conflict between the narrative set forth in this Agreement and the terms of Exhibit C, Exhibit C shall control in all respects. All Public Improvements covered by this Agreement shall be made in accordance with the Final Approvals and the City Requirements, subject to the terms of Section 1 above. Developer and the City hereby contemplate that the Final Approvals will provide for the construction of the Public Improvements in multiple phases (each a “Phase” and collectively, the “Phases”). For purposes of clarity, the Phases, if any hereunder, are set forth on Exhibit D. Except for permits relating to the Public Improvements, grading, footings and foundations for the improvements to be constructed on the Property, and except as otherwise provided herein, those Public Improvements for fire suppression, temporary access and temporary storm water in any Phase shall be substantially completed, with only such exceptions as shall be approved in advance by the Director in the exercise of his or her sole discretion, prior to the issuance of the first Building Permit for any structure within a Phase. Except as otherwise provided herein, the Public Improvements in any Phase (and the Multiple Phase Improvements, as defined below, {00351641} 4 as applicable) shall be substantially completed, with only such exceptions as shall be approved in advance by the Director in the exercise of his or her sole discretion, prior to the issuance of the first certificate of occupancy for a structure on the applicable Phase. “Multiple Phase Improvements” means those Public Improvements that serve one or more Phases that are required to be substantially completed such that any given Phase can operate on an independent basis. 8. Warranty of Public Improvements. The Developer shall warrant any and all Public Improvements which are conveyed to the City pursuant to this Agreement for a period of two (2) years from the date the Director certifies that the same conforms to the Final Approvals (the “Warranty Period”). Specifically, but not by way of limitation, the Developer shall warrant the following: (a) Any and all Public Improvements conveyed shall be free from any security interest and subject only to the Permitted Exceptions; and (c) Any and all Public Improvements so conveyed shall be free of defects in materials or workmanship for a period of two (2) years as stated above; and (d) To the degree the Developer is required to install and maintain landscaping on public property, it is the obligation of Developer and its successors and assigns, to maintain the required landscaping in perpetuity, all as specifically provided in the Final Approvals. The City will finally accept for maintenance all Public Improvements, exclusive of landscaping materials if and to the extent provided in the Final Approvals, after the two- year Warranty Period has expired provided all warranty work itemized and requested by the City per the terms of this Agreement has been substantially completed. The City shall accept for snow removal purposes only, all dedicated public streets after the City issues the first certificate of occupancy. 9. Installation of Traffic Signal. The traffic signal(s) required for the Property are included within the Public Improvements and Final Approvals and are set forth on Exhibit C. Notwithstanding anything contained herein to the contrary, the traffic signal(s) in any Phase shall be substantially completed, with only such exceptions as shall be approved in advance by the Director in the exercise of his or her sole discretion, prior to the issuance of the first certificate of occupancy for a structure on the applicable Phase. 10. Observation, Inspection and Testing. The City shall have the right to require reasonable engineering observations and testing at the Developer's expense, all as specified and per the terms set forth in the City Requirements. Observation and testing, acquiescence in, or approval by any engineering inspector of the construction of physical facilities at any particular time shall not constitute the approval by the City of any portion of the construction of such Public Improvements. Such approval shall be made by the City, only after substantial completion of construction and in the manner hereinafter set forth. {00351641} 5 The Director is designated by the City to exercise authority on its behalf under this Agreement and to see that this Agreement is performed according to its terms. Work under this Agreement may, without cost or claim against the City, be suspended by the Director for substantial cause. For purposes of this Agreement, “substantial cause” means a default by Developer under this Agreement, the City Requirement or the Final Approvals beyond the applicable notice and cure set forth in this Agreement. The Director shall, within a reasonable time after presentation, but not to exceed thirty (30) days, make decisions in writing on all claims of Developer and on all other matters relating to the execution and progress of the Public Improvements or the interpretation of this Agreement and the Final Approvals. Developer and City hereby agree that field design changes or design changes because of site conditions in the field will be reasonably supported by revised construction documents. The Director and his or her authorized representatives shall have reasonable access to the work on the Public Improvements at all times, subject to any reasonable contractor rules and regulations required by laws or to preserve the safety of the site. The Director will make periodic observations of construction (sometimes commonly referred to as “supervision”). The purpose of these observations and construction checking is to determine the progress of the work of the Public Improvements and to confirm if the Public Improvements are being performed in accordance with the Final Approvals. He or she will in no way be responsible for how the Public Improvements are performed, safety in, on, or about the job site, methods of performance, or timeliness in the performance of such work. In furtherance of the foregoing, such supervision shall not unreasonably and adversely interfere with progress of work, safety in, on, or about the job site, methods of performance, or timeliness in the performance of such work. As and to the extent provided in the City Requirements or Final Approvals, inspectors may be appointed to inspect materials used and work done concerning the Public Improvements. Inspections may extend to all or any part of the Public Improvements and to the preparation or manufacture of the materials to be used. The inspectors will not be authorized to alter the provisions of this Agreement or any specifications or to act as foreman for Developer. 11. Completion of Public Improvements. The obligations of the Developer provided for in Section 7 of this Agreement and Exhibit C, including the inspections (proper application for acceptance of the Public Improvements shall be made on or before such date), shall be performed on or before the date that is two (2) years from and after the commencement of construction of the Public Improvements, subject to Force Majeure (as defined below). Upon completion of construction by the Developer of such Improvements, the Director, shall inspect the Improvements and certify with specificity its conformity or lack thereof to the City Requirements and Final Approvals. The Developer shall make all corrections necessary to bring the Improvements into conformity with the City Requirements and Final Approvals. Once approved by the Director, the City shall accept said Improvements upon conveyance, subject to the {00351641} 6 terms of this Agreement as provided above in Section 5. During the Warranty Period for each Phase, Developer shall post (or cause to be posted) a payment and performance bond in the amount of ten (10%) of the total cost of construction and installation of the Improvements in such Phase to secure Developer’s failure to make all corrections necessary to bring the Improvements into conformity with the City Requirements and Final Approvals. 12. Deferred Installation of Landscaping and Financial Guarantee. If a Certificate of Occupancy is requested for a particular Phase prior to completion of those portions of the Public Improvements comprising landscaping and irrigation in such Phase, an irrevocable letter of credit, escrow account, performance bond or set aside letter (reasonably acceptable to the City) with Developer’s lender shall be accepted for the completion of necessary landscaping and irrigation. Said financial guarantee shall be in the amount of one hundred and twenty five percent (125%) of the cost of installation. The financial guaranty shall not be released until all planting and finish materials shown on the approved landscape plan that is part of the Final Approvals are installed and accepted and the irrigation is installed and functional. The amount of the financial guarantee shall be based on the itemized cost estimate for required landscaping and irrigation set forth in Exhibit C. Should the required landscaping not be properly installed upon the expiration of the financial guarantee, the City reserves the right to use such funds to have the required landscaping placed upon the subject premises. Any costs reasonably incurred by the City in excess of the funds provided by the financial guarantee shall be payable by Developer to City within thirty (30) days after Developer’s receipt of invoices and reasonable back up for such excess costs. If Developer fails to pay such amounts, the same may be recovered by the City by any lawful means, including certification to the County Treasurer for collection in the same manner as real estate taxes. 13. Protection. Developer, at its expense, shall continuously use all commercially reasonable efforts to maintain adequate protection of all Improvements from damage prior to acceptance by the City and shall protect the City’s property from injury and loss arising in connection with this Agreement. Developer shall make repair any such damage, injury or loss except to the extent caused directly by authorized agents or employees of the City. Developer shall use commercially reasonable efforts to adequately protect adjacent property and shall provide and maintain all existing passageways, guard fences, lights and other facilities for protection required by public authority or local conditions. Except to the extent caused directly by authorized agents or employees of the City, Developer shall be responsible for damage to any public and private property on and adjacent to the site of Developer’s Improvements caused by negligent or willful acts of Developer, its agents or subcontractors. Developer shall take all commercially reasonable efforts necessary to prevent damage to pipes, conduits, and other underground structures and to overhead wires, all to the extent the same will remain after Developer’s completion of Developer’s project, and to water quality. Developer shall use commercially reasonable efforts to protect from disturbance or damage all land monuments and property marks until an authorized agent of the City has witnessed or otherwise referenced their location, and shall not remove them until directed if {00351641} 7 required by law or City Requirements. When any direct or indirect damage or injury is done to public or private property by or on account of any neglect or willful acts in the construction of Improvements, or in consequence of the non-execution thereof on his part, such damaged property shall be restored by Developer at its own expense to a condition similar or equal to that existing before such damage or injury, ordinary wear and tear excepted. Developer shall at all times, whether or not so specifically directed by the Director, take necessary precautions to insure the protection of the public. Developer shall furnish, erect and maintain, at its own expense, all necessary barricades, suitable and sufficient red lights, construction signs, provide a sufficient number of watchmen, and take all precautions for the protection of the work and safety of the public through or around the Property’s construction operations as Developer and the Director shall deem reasonably necessary. 14. Related Costs - Public Improvements. The Developer shall provide all necessary engineering designs, surveys, field surveys, testing and incidental services related to the construction of the Public Improvements at its sole cost and expense, including final drainage study letter certified accurate by a professional engineer registered in the State of Colorado. 15. Improvements to be the Property of the City. All Public Improvements for roads, concrete curb and gutters, public storm sewers and public drainage improvements accepted by the City shall be dedicated to the City and warranted for a period of twenty-four (24) months following acceptance by the City, all as provided above. 16. Performance Guarantee for Public Improvements. In order to secure the construction and installation of the Public Improvements the Developer shall, prior to the commencement of construction of any Public Improvements within a particular Phase, furnish the City, at the Developer's expense, with the Performance Guarantee for such Phase described herein. At Developer’s discretion, the Performance Guarantee provided by the Developer shall be in the form of either (a) an irrevocable letter of credit in which the City is designated as beneficiary, for one hundred twenty-five percent (125%) of the estimated costs of the Public Improvements to be constructed and installed as set forth in Exhibit C; or (b) development covenant (as further defined below), as both are applicable to secure the performance and completion of the Public Improvements as required by Section 26-418 Security for Required Improvements, of the Wheat Ridge Subdivision Regulations. For purposes hereof, “development covenant” means a covenant restricting each Phase or Phases (as the same are designated on Exhibit D) as follows: (1) except for permits relating to the Public Improvements, grading, footings and foundations for the improvements to be constructed on the Property, those Public Improvements for fire suppression, temporary access and temporary storm water mitigation in any Phase shall be substantially completed, with only such exceptions as shall be approved in advance by the Director in the exercise of his or her sole discretion, prior to the issuance of the first Building Permit for any structure within a {00351641} 8 Phase, and (2) except as otherwise provided herein, the Public Improvements in any Phase (and the Multiple Phase Improvements, as applicable) shall be substantially completed, with only such exceptions as shall be approved in advance by the Director in the exercise of his or her sole discretion, prior to the issuance of the first certificate of occupancy for a structure on the applicable Phase. Notwithstanding the foregoing, for purposes hereof, “substantially competed” means completed, subject, however, to immaterial punch list-type items and warranty related items which Developer will repair or complete following the issuance of the certificate of occupancy. Failure of the Developer to provide the Performance Guarantee to the City in the manner provided herein shall negate the City's approval of this Agreement. If Developer elects an irrevocable letter of credit as the Performance Guarantee, then the following shall apply: (a) Letters of credit, if applicable, shall be substantially in the form and content set forth in Exhibit E, if applicable, and shall be subject to the review and approval of the City Attorney per the City Requirements. (b) the Developer shall not start any construction of any public or private improvement on the Property including, but not limited to, staking, earthwork, overlot grading or the erection of any structure, temporary or otherwise, until the City has received and approved the irrevocable letter of credit. Notwithstanding the foregoing, the Developer may obtain the appropriate permits and commence demolition and/or remediation of the Property prior to the City's receipt and approval of the Performance Guarantee. (c) The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Director, as set forth in Exhibit C. The purpose of the cost estimate is solely to determine the amount of security if and to the extent Developer elects an irrevocable letter of credit as the Performance Guarantee. No representations are made as to the accuracy of these estimates, and the Developer agrees to pay the actual costs of all such Public Improvements. (d) The estimated costs of the Public Improvements may increase in the future. Accordingly, the City reserves the right to review and adjust the cost estimate on an annual basis. If the City adjusts the cost estimate for the Public Improvements, the City shall give written notice to the Developer. The Developer shall, within thirty (30) days after receipt of said written notice, provide the City with a new or amended letter of credit (if a letter of credit is the Performance Guarantee) in the amount of the adjusted cost estimates. If the Developer refuses or fails to so provide the City with a new or amended letter of credit, the City may exercise the remedies provided for in this Agreement following the applicable notice and cure periods; provided, however, that prior to increasing the amount of additional security required, the City shall give credit to the Developer for all required Public Improvements which have actually been {00351641} 9 completed so that the amount of security required at all time shall relate to the cost of required Public Improvements not yet constructed. (e) In the event the Public Improvements in any Phase are not constructed or completed within the period of time specified by Section 11 of this Agreement or a written extension of time mutually agreed upon by the Parties to this Agreement, the City may draw on the letter of credit to complete the Public Improvements called for in this Agreement, if and to the extent Developer has posted a letter of credit. Otherwise, the City shall have the right to enforce the development covenant. If applicable, in the event the letter of credit for a Phase is to expire within fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, the City may draw on the letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish Public Improvements in such Phase or correct problems with the Public Improvements in such Phase as the City deems appropriate. 17. Indemnification. Except to the extent of the negligence or willful misconduct of the City, Developer shall indemnify and hold harmless the City and its officers, employees, agents or servants from any and all suits, actions, and claims of every nature and description to the extent caused by, arising from or on account of any negligent act or omission of the Developer, or of any other person or entity for whose negligent act or omission Developer is liable, with respect to the Public Improvements; and the Developer shall pay any and all judgments rendered against the City as a result of any suit, action, or claim, together with all reasonable expenses and attorney's fees and costs incurred by the City in defending any such suit, action or claim. The Developer shall pay all property taxes due on any portion of the Property dedicated to the City that are attributable to any period prior to the date of conveyance to the City, appropriately prorated, and shall indemnify and hold harmless the City for any property tax liability in connection therewith prior to the date of such conveyance. 18. Waiver of Defects. In executing this Agreement, the Developer waives all objections it may have concerning defects, if any, in the formalities whereby it is executed, or concerning the power of the City to impose conditions on the Developer as expressly set forth herein, and concerning the procedure, substance, and form of the ordinances or resolutions adopting this Agreement. 19. Third Party Beneficiaries. There are and shall be no third party beneficiaries to this Agreement. However, the City acknowledges and agrees that Longs Peak Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado, will complete some or all of the Public Improvements pursuant to a separate agreement and on behalf of Developer. 20. Modifications. This instrument embodies the whole agreement of the Parties. There are no promises, terms, conditions, or obligations other than those contained herein; and this Agreement shall supersede all previous communications, representations, or agreements, either verbal or written, between the Parties. There shall be no modification of this Agreement except in writing, executed with the same {00351641} 10 formalities as this instrument. Subject to the conditions precedent herein, this Agreement may be enforced in any court of competent jurisdiction. 21. Release of Liability. It is expressly understood that the City cannot be legally bound by the representations of any of its agents or their designees except in accordance with the City of Wheat Ridge Code of Ordinances and the laws of the State of Colorado. 22. Captions. The captions to this Agreement are inserted only for the purpose of convenient reference and in no way define, limit, or prescribe the scope or intent of this Agreement or any part thereof. 23. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, successors, and assigns as the case may be. 24. No Waiver. No waiver of any of the provisions of this Agreement shall be deemed or constitute a waiver of any other provisions herein, nor shall such waiver constitute a continuing waiver unless otherwise expressly provided, nor shall the waiver of any default hereunder be deemed a waiver of any subsequent default hereunder. 25. Invalid Provision. If any provision of this Agreement shall be determined to be void by any court of competent jurisdiction, then such determination shall not affect any other provision hereof, all of the other provisions shall remain in full force and effect. It is the intention of the Parties that if any provision of this Agreement is capable of two constructions, one of which would render the provision void, and the other which would render the provision valid, then the provision shall have the meaning which renders it valid. 26. Governing Law. The laws of the State of Colorado shall govern the validity, performance and enforcement of this Agreement. Should either party institute legal suit or action for enforcement of any obligation contained herein, venue of such suit or action shall be in Jefferson County, Colorado. 27. Attorneys’ Fees. Should this Agreement become the subject of litigation to resolve a claim of default of performance or payment by the Developer or the City, the non-prevailing party shall pay prevailing party’s attorney's fees and court costs. 28. Notice. All notices required under this Agreement shall be in writing and shall be hand delivered or sent by registered or certified mail, return receipt requested, postage prepaid, to the addresses of the Parties herein set forth. All notices so given shall be considered effective upon receipt. Either Party by notice so given may change the address to which future notices shall be sent. Notice to Developer: Evergreen-Clear Creek Crossing, L.L.C. Attention: Tyler Carlson 1873 South Bellaire Street Suite 1200 {00351641} 11 Denver, Colorado 80222 with a copy to: Evergreen-Clear Creek Crossing, L.L.C. Attention: Laura Ortiz 2390 East Camelback Road Suite 410 Phoenix, Arizona 85016 with a copy to: Jumps Law, LLC Attention: Brian Jumps 2579 West Main Street Suite 201 Littleton, Colorado 80120 Notice to City: Director of Public Works 7500 West 29th Avenue Wheat Ridge, CO 80033 City Attorney 7500 West 29th Avenue Wheat Ridge, CO 80033 29. Force Majeure. For purposes hereof, “Force Majeure” shall mean delay beyond the reasonable control of the party claiming the delay, including, but not limited to, acts of God, any delay caused by any action, inaction, order, ruling, moratorium, regulation, statute, condition or other decision of any governmental or quasi- governmental agency or entity having jurisdiction over any portion of the Public Improvements, over the construction of the Public Improvements or over any uses thereof, or by delays caused by any action, inaction, condition or other decision by any utility company responsible for “dry” utilities, or by delays in inspections or in issuing approvals or permits by governmental or quasi-governmental agencies, or by fire, casualty, flood, adverse weather conditions such as, by way of illustration and not limitation, wind, snow storms which prevent outdoor work from being accomplished, severe rain storms or below freezing temperatures of abnormal degree or for an abnormal duration, tornadoes, earthquakes, floods, strikes, lockouts or other labor or industrial disturbance (whether or not on the part of agents or employees of either Party hereto engaged in the construction of the Public Improvements), civil disturbance, order of any government, court or regulatory body claiming jurisdiction or otherwise, act of public enemy, war, riot, sabotage, blockage, embargo, failure or inability to secure materials or labor (including labor and materials shortages caused by national weather or other national events), or other natural or civil disaster, delays caused by any dispute resolution process provided herein or by the City Requirements, or any delays by injunctions or lawsuits concerning the overall project. Lack of funds or inability to obtain internal approvals shall not constitute Force Majeure. 30. Assignment or Assignments. Except as hereinafter provided, this Agreement shall not be assigned in whole or in part by the Developer without the prior {00351641} 12 written consent of the City; provided, however, that the following assignments and transfers will not require any such consent: (i) subject to a written notice to the City from the Developer, the Developer may assign some or all of its rights, interests, and obligations under this Agreement to the successor owner(s) of the Property or portions thereof provided that Developer directly or indirectly owns at least 50% of the equity interest in, or has managerial control over or the right to direct the day-to-day operations of, such successors owner(s); and (ii) subject to a written notice to the City from the Developer, the Developer may assign some or all of its rights, interests, and obligations under this Agreement to one or more entities who will develop, own and/or operate all or a portion of the Property or of the improvements to be constructed thereon and who are a subsidiary parent company, special purpose entity, affiliate directly or indirectly owned or controlled by or under common direct or indirect control or ownership with Developer, or a joint venture entity formed by Developer or with its investors or partners. 31. Recording of Agreement. This Agreement shall be recorded in the real estate records of Jefferson County and shall be a covenant running with the Property in order to put prospective purchases or other interested parties on notice as to the terms and provisions hereof. 32. Title and Authority. The Developer expressly warrants and represents to the City that it is the record owner of the property constituting the Property and further represents and warrants that Developer has the full power and authority to enter into this Subdivision Improvement Agreement. The Developer understands that the City is relying on such representations and warranties in entering into this Agreement. [Remainder of Page Intentionally Left Blank] {00351641} 13 WHEREFORE, the Parties hereto have executed this Agreement on the day and year first above written. CITY OF WHEAT RIDGE, COLORADO By: _______________________________ Bud Starker, Mayor ATTEST: ____________________________ Janelle Shaver, City Clerk APPROVED AS TO FORM: ____________________________ Gerald Dahl, City Attorney {00351641} 14 DEVELOPER EVERGREEN-CLEAR CREEK CROSSING, L.L.C., an Arizona limited liability company By: Evergreen Development Company- 2016, L.L.C., an Arizona limited liability company Its: Manager By: Evergreen Devco, Inc., a California corporation Its: Manager By: Name: Title: STATE OF ) )ss. COUNTY OF ) On this the ________ day of _____________________, 2018, before me, the undersigned Notary Public in and for said County and State, personally appeared ________________, the _________________________ of Evergreen Devco, Inc., a California corporation, as Manager for Evergreen Development Company – 2016, L.L.C., an Arizona limited liability company, as Manager for Evergreen-Clear Creek Crossing, L.L.C., an Arizona limited liability company, personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he or she executed the instrument in such person’s authorized capacity, and that by his or her signature on the instrument the entity on behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Notary Public My Commission Expires: {00351641} 15 EXHIBIT A Legal Description of Developer Property LOTS 1 AND 2, BLOCK 1; LOTS 1 AND 2, BLOCK 2; LOT 1, BLOCK 3; LOTS 1, 2 AND 3, BLOCK 4; AND TRACTS A AND B; CLEAR CREEK CROSSING SUBDIVISION FILING NO. 2, COUNTY OF JEFFERSON, STATE OF COLORADO [NOTE: TO BE CONFIRMED PRIOR TO EXECUTION] {00351641} 16 EXHIBIT B Final Plat (see attached) {00351641} 17 EXHIBIT C Public Improvements and Cost Estimate for Public Improvements 1. 40th Avenue, including grading, compacting, traffic control, erosion control, curbs, asphalt, landscaping, traffic signs and street lights, as applicable, per the Final Approvals. Cost Estimate: [NOTE: TO BE INSERTED] 2. Clear Creek Drive, including grading, compacting, traffic control, erosion control, curbs, asphalt, landscaping, traffic signs and street lights, as applicable, per the Final Approvals. Cost Estimate: [NOTE: TO BE INSERTED] {00351641} 18 EXHIBIT D Phase or Phase of the Public Improvements (see attached) {00351641} 19 EXHIBIT E Letter of Credit Template (see attached) {00351118} EXHIBIT I DIRECTOR DISTRICT BOUNDARIES DIRECTOR DISTRICTS -S- V--IIN\sV\\s \ XN*District #5Dir TRACT D' "X-3 " V .BLOCK 8.LOT I \\Director District #1LOCK7.LOT 1 v I s N Mr CO.a/«sn/< '*»THFJt i BUXK #.LOT 2 TTRACTA'I \IV Director istrict #3COUNTY (UWATTID)BLOCK 1.LOT 3 S BLOCK 1.IOT 1 V ?i V V sV\$BLOCK 5.LOT 1 N NI V sr ax.arc rjt COFfEF s MP ~" s JOTlTi X J-«r MC CO".W*I/".—' «*i/«.®;sHO'MfXWXS cotce f IjBVI •LOCK 2.LOT 1I/. II I \X \ •LOCK S>LOT 2 JtmKOH COUNTY (UNPIATTW) II Director District #4 u B^CCK 4.LOT . Director net #2 1 //:K 2.LOT 2// //s//wocriM » 'f?rL '*£••;v\ r \ TRACT C— k£*«.-fr*V. I I BLOCK 3.LOT 1 I RMNfflOD-iISA. t »o««*r oumv?#J#*A*BLCCK 4.LOT 3 JKO1000!«iocr •CO SCALE 1"-:ml c*mc»6 ?t?ma#t u*awrrn J rTI JUNE 20,2018 {00352667} District 1 Legal Description Tract A, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Tract B, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 2 Legal Description Block 2, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 2, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 3, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 4, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 4, Lot 3, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Tract C, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 3 Legal Description Block 1, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 1, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 4, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 5, Lot 1, Tract B, Clear Creek Crossing Subdivision Filing No. 1, City of Wheat Ridge, County of Jefferson, State of Colorado {00352667} 2 District 4 Legal Description Block 5, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado, excepting therefrom Block 5, Lot 1, Tract B, Clear Creek Crossing Subdivision Filing No. 1, City of Wheat Ridge, County of Jefferson, State of Colorado Block 5, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 5 Legal Description Block 6, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 6, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 7, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado POTENTIAL DIRECTOR DISTRICTS sure HKT. V-s W\ N 01;District #5Dir.a \TRACT V T -3\Director DiN\\\r,BLOCK 7.LOT 1.BLOCK 6.LOT 1 :N \\\ N \swear,se/4.set/4, sec.It.TSS.*63*.6TH PM. Z nfar ares n'IBLOCK LOT 2 /- mcr 'a'NX> I Director D ELOCK 1.LOT 2 istrict #3V rJEFFERSONCOUNTY (UNPLATTED)BLOCK 1.LOT 1% v\\ r*o-N BLOCK 5.LOT 1 \ -=COW.SIC It. — \SOWS 1/4secit.comer —i .__ »E CO.W»1/«.—'1 I jL,/^^^^ffector district?^*II,—I /^BLOCK 2.LOT 1 j|| «!i—L /t\| .1 HF cot h*\ \MS'*2cc nc?*rrsJO i >S s //NBLOCK5.LOT 2 //\. a nJ£ff£PS1H COUNTY (UNPSATTED)//Director District #4 //// BLOCK 4.LOT 1 s [\AbLOCK 2.LOT 2// // //\\//W l*£•»',/.vtrttxest '/CWrtBCl L/C S ^3irect6r District #(r-Dfrector District #2yy S»CO*.AE «c /4.sec '£ J -rmtreefee- block 3.lot iti I noxautrceweus*J4&««BLOCK 4.LOT 3 «W*W10D-iXHVKE\WO k2C01000»o «0 ?SOIB r-200"ml »ww!me us awrm £ JUNE 20,2018 {00352716} Example of Potential Increase to Seven Director Districts District 1 Potential Legal Description Tract A, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Tract B, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 2 Potential Legal Description Block 2, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 3, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Tract C, Block 4, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 3 Potential Legal Description Block 1, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 1, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 5, Lot 1, Tract B, Clear Creek Crossing Subdivision Filing No. 1, City of Wheat Ridge, County of Jefferson, State of Colorado District 4 Potential Legal Description Block 5, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado, excepting therefrom Block 5, Lot 1, Tract B, Clear Creek Crossing Subdivision Filing No. 1, City of Wheat Ridge, County of Jefferson, State of Colorado Block 5, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado {00352716} 2 District 5 Potential Legal Description Block 6, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 6, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 7, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 6 Potential Legal Description Block 4, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 4, Lot 2, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado Block 4, Lot 3, Block 4, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado District 7 Potential Legal Description Block 2, Lot 1, Clear Creek Crossing Subdivision Filing No. 2, City of Wheat Ridge, County of Jefferson, State of Colorado