HomeMy WebLinkAbout3.0 Staff Report BOCC 09.07.10RE South, RE North, RE East Service Plans
Carbondale lnvestments, LLC
September 7 ,2010
BOCC Public Hearing
LetSr
to
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Garfreld
amendedAS2008ofResolutionseULandnifiedUCas amendedve Plan ofGarfreldD
PlanServiceSouthREE
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Commission 10-000120ResolutionI
and ExhibitsPCommission S taffJ
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5420076
In witness whereof, I have here unto my hand this day of August 2010
Jenna W
Subscribedandsworntobeforeme,anotarypublicinandfortheCountyofGarfield,
State of Colorado this l}'h day of August 20 i 0
PROOF OF PUBLICATION
RIFTT CMZEN TEITGRAIII
STATE OF COLORADO, COUNTY OF GARFIELD
I,JennaWeatherred,dosolemnlySwearthatlamaPublisher.ofTheRiJleCitizen
Telesram, that the ,u*" *".tty n.*rpii"r;r"*1.4' i1_whlle or in part and
nubiished in the county of Garfield, silt. of colorado, 1nd has a general
circuiation therein; that said newspaper ;;; ;;* published continuously and
unintemrptedly in ,"i['C*"t]r-"i b*nal fo. u p.loA of more than fifty-two
consecutive weels ,; fi"; to tfre n rt puUfi.ution of the annexed legal notice or
advertisement; *rut ,lii "r#;il;-;;il;;iltd to the United States mails as
a periodical *a", il'l'i'oi'l'i'o;:;it1; A;;;iM;"h 3' 187e' or anv amendments
thereof, and that said newspaper is a weekly n't*tpul:,'-.duly qualified for
oublishing legai notiiJs urra uarni.tirements within the meaning of the laws of the
'State of Colorado'
Thattheannexedlegalnoticeoradvertisementwaspublishedintheregularandentire
issue or every,,#; ;il;i;;;kiv newil".q fo' *::od or 1 consecutive
insertions; u.ra tnuiit e first publication of said notice was in the issue of said
newspapq aatea gt1il2010 and that the lastpublication of said notice was dated
gttZiZOtO in the issue of said newspaper'
,,or.otr8tffi
*,BoB,[f
l3'I3o.o..,
'
n "' ll?i3#l:#i"Jl'?[,3?::l]1- ^courn ciFGfiia{a, srArE oF coLoFADo
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19 IS tf # 5i5f,l$ g:I*fg Slys$l'f, :,T:
ffifi#ffi*[tmffi
the Service Plan lor the District.
The orooosed District's boundaries are generally
i"i.hbio ii Looroximalelv 1 12.7 acres located at
rn" irnition oi bnl 13 ana SH82 between SH82
ina'nolrino Fork River south ol CRI 13 and north
oi Aioin Oien. and straddles Cattle Creek, County
ot ea'rtietO. Stite of Colorado as shown on the map
6i the pioposeo oistrict that is a pad of ths Seruice
Plan.
The orooosed District has petitioned for tormalion
aJihdtrcoolitan dislrict io provide the sBrvices
iiitJa in in,! service Plan. The proposed District
has reouested all lhe oowers ol a metropolitan dls-
iriit ii oescribed in SS 32-1'1001 and 1004
C.n.S., is amenOed, su6ject to the limitations set
torth in the Seryice Plan.
NOIICE ,S FURTHER GIVEN that pursuant to S
32-1-203(3.5). C.R.S.. as amended, an owner ol
i*r "ioodrtv witnin lhe Droposed oistrict may re-
o-uidi ofrne'goarO ol C6uniy Commissioners that
iuin teai Drogertv be exclu-ded lrom the District'
6-rii' reo,ieJfst'dtl be submitted to the Board of
6ornvtom*ii"ioners no later than ten ('10) days
beford the day lixed lor the public hearing on the
Sewice Plan.
BY OROEFI OF THE GAFFIELD COUNTY BOARD
OF COUNTY COMMISSIONERS.
Published
'12,2010.
ir lhe Rille Cilizen letegram on August
{54200761
-.'. , 'l:1 ttt
:il
My Commission expres:
iiJ'rlfi/E:.i1 ! n "0vt\l:,-,,;i , rt',,1't,E.Notary ,1ic
Garlield CountY Building
August 21,20ll
!,,'i'i L)iriiiiilsi,rii Ili ;;;:.,: i ;:' I lii; ] r
s420063
Lr witness whereof, I have here unto my
th of August 2010
JennaW
Subscribedandswomtobeforeme,anotarypublicinandfortheCountyofGarfieid,
State of Colorado this 12ft day of August 2010
PROOF OF PUBLICATION
RIII ffIIZEN TEITGRAII _
STATEoTcoI,oRADo,COUNTYoFGARFIELD
I,JennaWeatherred,dosolemnlySwearthatlamaPublisher.ofTheRifleCitizen
Teresram, that the il; weekly -rgy'r-d ;YPq' '"--hole
or in part and
oublfshed in the Cou"ty of Garfield' .S;; ff Coloradg' Td has a general
circulation therein; ihat'said newsqaper ffi il;.U1itfyA continuously and
unintemrptedlv in 'ji['t"tiq''"i g-r'ai-i"t""
'"it"-d
of more than fiftv-two
consecutive weeks ;; ;rirr-6 the-first prifitrt.,i of the annexed legal notice or
advertisement; that;i; [ffi;;p;'-h* b#;;ffi;Jio 1ir11-tnited
States mails as
a oeriodical under the provisibns of T: A;;iil;;;h 3' 1879' or anY amendments
thereof,andthatsaidnewspaperisa-weeklyn.ewspap.el,dulyqualifiedfor
oublishing legat notilJs *a ut Lnirements *tt'in the meaning of th" laws of the
'State of Colorado'
Thattheannexedlegalnoticeoradvertisementwasput}isrr-e.a.lrtheregularandentire
issue or.,"o,,,*#;i ffi;;;kiy d;;..i r", * ryl.u or L consecutrve
insertions; uoa thuith" first p,rUti"utio. of .uid notice was in the issue of said
newspaper aut"a aititioio "ro
that the ;;puuiitution of said notice was dated
gttZiZ}tO in the issue of said newspaper'
-"iffffif;ffifi'*
HEiiili#lf;iil:i,r:Ji^#l
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Seruice Plan'
BIJIS',"33[,'fi '-3'?""*?[tBoAFooF
Published in the F'flg
12.2010. [5420063]
Cilrizen Ie,egram on August
;nARY e.
';rjil€NilAGiN
N
exprres:.,|-
Garfield CountY Building
August 21,2oll
liy lJoriirilliion Expr;cs rllli: lili) 1 1
I
5420072
ln witness whereof, I have here unto this day of August 2010
Jenna W,
Subscribedandsworntobeforeme,anotarypublicinandfortheCountyofGarfield,
State of Colorado this 126 day of August 20 10 '
€
Notury Public
My exp1res
PROOF OF PUBLICATION
NMT ffiIZTNTEITGRAIII
STATE Or coloRADo' couNTY OF GARFTELD
I,JennaWeatherred,dosolemniyswearthatlamaPublisher.ofTheRiJleCitizen
Telesram, that the 'u'n" *""tty n"*'pt:i"t-p"'"J' in' whole or in part and
oublished in the county of Garfield, i;; ii^-Cororuag, I'd has a general
tircuiation therein; ihat'said newspaper ffi ;;;ub]is\ed continuously and
unintemrptedly in t"i['c*"ty'"i b*nai]"t;;&"-d of more than fiftv-hvo
consecutive weeks ""-, pri"i ,L the first p"tri.",# of the annexed legal notice or
adverrisement; that *liffi;;;r #b#;;,tt.J to it'"-1-t"ited states mails as
a periodical under the provisibns of +. ett "irti.t"t 3, 1879, or anv amendments
thereof, and that said newspaper. is a
-weekly
n.ewspapT duly qualified for
oublishing legal notilJs and aivertisements within the meaning of the laws of the
'sLi"-"i c"tolado.
ThattheannexedlegalnoticeoradvertisementwasP"bl].h:lTthereguiarandentire
issue of every r.*?;";;id;;;kiv"t*1n"9-* ior ttre nlfod of 1 consecutrve
insertions; and ttraiihe irrst publication of saia notice was in the issue of said
newspaper aur"a tni-tioio ,ra that thc;;ipruiitutio" of said notice was dated
UniZOtO in the issue of said newspaper'
,,o,=ot9"'3",-5ffi ffif+3'I3o.r,..-,
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{,rj# ti"ki:.":l,i"3Jl 33.1..'" f i'31 1" "'
NOIICE
'SBoard
Street,
to lorm a
review the
resolution
approving
oistrict that is a part oI the Seruice
The Drooosed District has petltioned for formalion
f, :dH','r"sgt'il;t"''J"11'tfl f ;"t"?::l'"#i,:.1
khRi:*qitrd{,
jffi :i#ilni#*qfi
NorlCE /S FTJRTHEB G,yEN that pursuant to S
izYilio:si5.itlC n.s., as amended, an owner ol
$$dtrg"1gif1ffifl,1,t;,1ffi
Sefrice Plan.
E5Pff 5835,1[F'"33['fi '*o'foon''At
Published in the Rifle Citizen fe'egram on Augusl
12,2O1O. l542OO72l
I
liie,iiY E.
Ni(ENHAGTEOIi
Garfield CountY Building
August 27,2011
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l0ltllest 8th St
Elenwood Springs, E0 8lE0l-3303
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COMPLETE TH'S SECT'ON ON DEL'VEBY
COMPLETE IH'S SECI'OAJ
SENDER: COMPLETE IH,S SECI,ON
COMPLETE THIS SECT/OIV ON DELIVERY
A. Slgnaturc da"ntA
xr Complete ftems 1, 2,and9'
nem a f Restrlcted Deltuery
Aso comPlete
ls deslr€d.
r Print Your name and address on the reverse
so that we can return the card to you.
the mallPiece'r Attach this card to the back of
or on the front if space Permits.
1. Article Addressed to:
Town ol Earbondale
5ll [olorado Ave
Earbondale, E0 81E23
DJs delivery addless differ€nt f[om ltem 1?YEs
lf YES, enter dellvery address below:EI No
El lnsured Mall E c.o.D.
4. Resttct€d DellverY? (Ertra Fee)E ves
?uE? eshE uE03 Ee5e 0qq5
addrcss different
It YES, enter delivery addrcss below:El No
3, S€rvlc€TYPe
dC"rtm"oua -E aPrcssldal .-'E n"gr.t"t"d .EnEtut Becelptfor Merohandlse
ASent
C. Date ot Dalivery t
1, futicle Addressed to:
-- ---!:- -'-
c.
from hem 1 Yes
below: E t'to
t,')
Eity ul Elenwood SPrings
ItllWest 8th St
Elenwssd SPrings, [0 8lE0l E Eor€ss Mall
if n"tu. BecelPt for Morchandlr
C€rdfled Mall
E negtsterca
tr lnsurcd Mail EI C.o.o.
4. R€stdct€d DellverY? (Ftila Fee)EI Yes
0u3 EeSe E'+1,r+
102595-02-M-15
3.
2. Artlcle Number
(fnnsfer lrcmsetYlalgf,eo
,s Form 381 1, reuruary 2004.Domestlc Beturn Rec€lPt
r Complete ltems 1, 2, and 3. Also complete
hem 4 tf Restricted Delivery ls deslred.I Print your name and address on the reverse
so that we can return the card to you.r Attach this card to the back of the mallpiece,
or on the front if space permits.
1. Article Addressed to:
Rose Ranch Metrs District
800 Southpointe, Suite 210
[ulorado Springs, E[ 80S08
2. Artlcle Number
(Tnnsferfrcm serulcc laterfl
2, Article Number ?0u? esEE u
(Tnnsfer frcm servlce label)
'rozsgsoz-M-tseo I PS Form 381 1, February 2oo4 Domestic Return Recelpt
,J'
3. ServlceType
)( c"rtm"o uatl
E Reglst€rcd E
Yes
E)eress Mall
R€tum Recolpt for Merchandlse
tl lnsured Mail E c.O.D.
4. Restdcted Dellvery? (Et<ta Fe6,)E Yes
?EEE PE3E Et]EE q7E5 738E
COMPLETE THIS SECTION ON DELIVERYSENDEB: COMPLETE THIS SECTION
PS Form 381 1, Feoruary 2oo4 Domestlc Return Receipt 10259m2-M-15/O
TI
B.
Name)
enter
SENDER: COMPLETE THIS SECTION COMPLETE TH'S SECT'ON ON DELIVERY
COMPLETE 7H'S SECT'Oru ON OELIVERY
SENDER: CoMPLETE rH,S SECT,ON
I Comolete ltems 1, 2, and 3. Also comPlete
item 4 tf Restrlcted Delivery ls deslrcd.r Comolete items 1' 2, and 3'
Item 4 lf Restlcted DellverY
Also comPlete gfre'nA.
x
Spring Yalley Sanitation I)istrict
F.0.Bux 3758
Basalt, E0 8lE2l
3. ServlceTyPe
ts C"tun"a ua El aPress laan
El Heglstered ts Rstrm Recelptior Merchan(
tr
0Eu3 Ea 5e E qel,
ls deslred.
I Print Your name and address on the reverse
so that we can return the card to you.
the mallPlece,r Attach thls card to the back of
or on the front lf sPace permlts.
'l. Artlcle Addressed to:
tr
ol
flom hern 1?Yes
below: El No
D€li\
ft
to:
2. Artlcle Number
tnnsfer f m m se rvl ce I abafl
PS Form 381 1, FeoruarY 2oo4
tr
D. lsd€llvery dffferent from ttem 1?Yes
ENo
ls dellvery from ltem 1?Yes
lf YES, enter addrcss below: E No
E lnsur€d Mall E c.o.o.
4. Restrlcted Dallverfl @rtnFee) E Ves
-1j
)J
Slenwodsprings Rural Fire Protection Dist'
l0lWest 8th St.Elenwoud
Springs, C0 ElEUl-3383
3. S€rylcoTYPe
EC"rtmeaUat
El Regtstercd
E lnsurcd Mall
El Expr€ss Mall
dRetrm RecelPt for Merchandlse
EI c.o.D.
4. Restrlcted D€llveryA (Ara F€€)EYe
2. Afilcle Numb€r
(f'a,nsfer frcm sellelabel)
PS Form 38 1 1, Feoruary zoo4
?I]O? E5LB 0
Domestlc R€tum Recelpt
I
1. Artlcle Addressed to:
uu3 Eese Eq30
?EE? e5hE
Domestlc Return RecelPt 102595{2-Mr
102595-O2-t\l-1540
A. Slgnaturc
x
El ngent
of
t(foc.
lf YES, enter delivery addr€ss below:
Earhondale E Rural Fire Prutectinn 0istrict
300 Meaduwoud [Jrive
Earbondale, E0 81823
2. Artlcle Number
(fiansferfir,nt servlce ldbel)
El Eor€ss Mall
Xn"t rn n"olPt for Morchandlse
3.
?u0? esE
SsrvlcelYPe
)*c",tm.o uat
El nesBtercd
E 0uE3
tr lnsurcd Mall El C.O.D.
4. Restlcted DeliverY?(ttaFee)EI ves
Eese uq5a
COMPLETE TH'S SECT'OAJ ON DELIVERY
SENDER: )1MPLETE TH'S sEc iloN
r PS Form 381 1, February 2004 Domesttc Retum RecelPt
-I--
E
RE E,AST METROPOLITAN
DISTRICT
SERVICE PLAN
RE EAST METROPOLITAN DISTRICT
GARFIELD COI.INTY
COLORADO
PREPARED BY
MILLER ROSENBLUTH, LLC
7oo ITth srREET, suITE 22oo
DENVER, CO 80202
CHAPTER I _ INTRODUCTION
A. GENERAL OVERVIE\u
1. MultiPle District Structure
Z. Benefits of Dual Disttict Sttuctute
a. Cootdinate Sewices
b. Finance \danagement
c. Bond Intetest Rates
3. Configuration of Distticts
4- Existing Sewices and Districts
5. PtoPettY Owner Associadons
AND LIMITATIONS
PTER II _ NEED FOR NEW D ISTRICTS AND
GENERAL POWERS
1
1
2
3
J
5
5
5
6
6
B 7
10
77C
D.
CHA
A
B
71
11
72
1Z
72
13
L3
7+
1, Legal Powers
2. Othet
3. \0ater and Senitation
4. Stteets
5. Fire Ptotection
CHAPTER III _ DESCRIPTION OF FACILITTBS
IMPROVEMENTS
A. GENERAL
B. GENERAL DESIGN
c. IMPR9VEMENTS
1. Public ImProvements
CHAP
A
1. DeveloPmeflt - CzPitil Costs
2. Annual Opetation and Maintenance Costs
3. Debt Service
B. R-EVENUE SOURCES
1' ProPertY Taxes
2. General Operation and Maintenance
TER IV - COSTS AND REYENUE SOURCES
AND
74
14
15
15
15
15
16
16
16
16
16
l6
76
2. Facility Fees
3- User Fees
4. Specific Orvnership Tax
5. Earnings on Cumulative Surplus
CHAPTER V - FINANCTAL PLAN SUMMARY
CHAPTER VI - PROPOSED ANb EXTSTING
AGREEMENTS
A. iNTERGOVERNMENTAL AGREEMENTS
B. AGREEMENT $7ITH MASTER ASSOCIATION
C. OTHER AGREEMENTS/AUTHORITY
CHAPTER VII _ OTHER REQUIREMENTS AND
CONCLUSIONS
A. REOJIREMENTS
B. CONCLUSIONS
EXHIBIT A - Map of Districts
EXHIBIT B - Legal Description and Map of North Disrtict
EXHIBIT C -Ptoperty Ownet's Consent
EXHIBIT D - Financing Plan for Districts
EXHIBIT E - Preliminary Engineering Cost E,stimate
77
17
77
17
77
20
2A
27
27
)')
22
22
CHAPTER i . INTRODUCTION
A. General Overview
ThisServicePian(hereinafterdefinedas..ServicePlan'')forREEast
MetropolitanDistrict(the..EastDistrict',)constitutesaServicePlanfora
specialdistrictthatisbeingproposedinconjunctionwithRESouth
MetropolitanDistrict(the..SouthDistricf,)andRENortlrMetropolitanDistrict
(the..NorthDistrict,,)(theEastDistrict,SouthDistrictandNorthDistrictshall
hereinafter be defined. collectively as the ..Districts,,) proposed to be organized
toservetheneedsofaportionofaresidentialandcommercialcommunitytobe
koown as ,.Rivers Edge Development" (the "Development")' The Development
islocatedatthejunctionofCRll3andSHs2betweenSHszandRoaringFork
RiversouthofCRii4andnorthofAspenGlen,andstraddlesCattleCteek,the
RoaringForkTransportationAuthorityrailright-of-way.TheDevelopment
consistsofapproximatelyz3g.g4acresandcontainscommercialdevelopment,
uptol200unitsofresiderrtialdevelopmentincludingtheaffordablehousing
componentrequiredbyArticleSoftheGarfieldCountyUnifiedLandUse
Resolution.AmapshowingtheboundariesoftheDistrictsisprovidedin
Exhibit A' Specifically' the East District is located at the junction of CRl13
and s*g2 between sHg2 and Roaring Fork River south of cRl 14 ar,d north of
CattleCreek,andeastoftheRoaringForkTransportationAuthorityrailright.
of-wayandwestoftheintersectionofMarandRoadandSHs2.TheEast
Districtconsistsofapproximatelyll.gacresanticipatedtoincludeahotel
consistingofapproximatelyl50roomsand30,000.50,000squarefeetof
commercialretailspace.AlegaldescriptionoftheEastDistrict,ar,icinity
mapoftheEastDistrictandamapofthepropertywithintlreboundariesofthe
EastDistrictareattachedaspartofExhibitB.Fieurel.I,attheendofthis
Chapter,containsageneral..DevelopmentPlan,,forthedevelopmenttobe
includedwithintheDistricts,includingdevelopment.TheDeveloperisthe
ownetofallthepropertytobeincludedintotheEastDistrictunderthis
ServicePlanandhasconsentedtotheformationoftheEastDistrict,which
consent is attached hereto as Exhibit C'
1
The public infrastructure to be constructed by the Districts may include
some or all of the following: certain roads/signage, public trail system, potable
and non-potable water lines and associated facilities, wastewater collection
lines and associated. facilities, water tanks, administrative and office facilities,
weed and pest control, fire protection facilities and service, fire hydrants,
vegetation manipulation and management, drainage, transportation facilities,
public recreation improvements, and such other public improvements and
facilities that may be necessary and appropriate. The East District will serve as
the coordinating district for all three Districts and will provide for the operation
and maintenance of the public infrastructure subject to intergovernmental
agreement or agreements ("IGAs") with the North District and the South District.
This Service Plan addresses the public improvements that may be provided by the
Districts and demonstrates how the Districts propose to serve the needs of the
Development.
1. Multiple District structure [permitted under $ 32-1-1001 et seq.,
C.R.S.l This Service Plan is submitted in accordance with Part 2 of the Special
District Act ($ 32-l-201, et seq., c.R.s.) (the "control Acr"). It defines the
powers and authorities of, as well as the limitations and restrictions on, the
Districts.
Each of the Districts will stand on its orvn with respect to its statutory
powers and authority under Title 32, Article I, Part 10, including, but not limited
to such general powers as the authority to enter into contracts and agreements
affecting the affairs of the special district, g 32-i-1001(lXdXI), C.R.S., the
power to borrow money, incur indebtedness, and issue bonds, $ 32-1-1001(1)(e),
C.R.S., and the power to furnish services and facilities outside the special district
and to establish fees for such services and facilities, $ 32-1-1001(1Xk), c.R.s.,
all as set forth and as may be Iimited by the provisions of this Service Plan.
The coordination of this Service Plan with the service plans for the South
District and the North District will help assure proper coordination of the
powers and authorities of the independent Districts and will help avoid
confusion regarding the separate, but coordinated, purposes of the Districts.
2
WherenecessatyspecificreferencetooneoftheDistrictsmaybemadetohelp
distinguishthepowersandauthoritiesofeachoftheDistricts.The..Financial
Plans,,discussedinChapterVrefertothecombinedfinancialplansforthe
Districts'
TheEastDistrictwitlberesponsibieformanagingtheconstructionand
operationofpublicfacilitiesandirnprovetnentsneededfortheDistricts'Each
oftheDistrictswillberesponsibleforprovidingthefundingandtaxbase
neededtosupporttheFinancialPlansforsuchcapitalimprovements.IGAsare
expectedtobeexecutedbytheDistrictsclarifyingthenatureofthefunctions
and services to be provided by each of the Districts' The lGAs will be designed
tohelpassuletheorderlydevelopmentofessentialservicesandfaciiities
resultinginacommunitywhichwillbebothanaestheticandecooomicassetto
Garfield CountY (the "CountY")'
ItisanticipatedthattheEastDistrictwillconstructoracquirethepublic
infrastructure,andeachoftheDistrictswillfinancetheconstructionofsuch
infrastructure, some of which may be conveyed to the County' Colorado
Department of rransportation (.,cDOT"), or Roaring Fork water and
SanitationDistrict(the"RFWSD")'asappropriate'TheDistrictsmayalso
contractwithaqualifiedentitytooperatetheDistricts,watersystemsand
wastewaterfacilitiesandotherwiseprovidewaterorwastewaterserviceor
both'TlreDistrictsmayalsooperatetheirownwatersystemsandwastewater
facilities through the East District'
TheEastDistrictwitlinitiallyownandoperatecertainpublicfacilities
and infrastructure throughout the Development. Subject to the mill levy
limitationssetforthherein,combinedtlreDistrictswillgeneratethetax
revenue sufficient to pay the costs of the capital improvements as described
hereinandassociatedoperationsandmaintenance'Theformationofthese
DistrictswiilcreateseveralbenefitsfortheresidentsoftheDevelopmentand
theCounty.Ingeneral,thosebenefitsare:(a)providingfortheconstruction,
administration and operation of public improvements necessary to serve the
Development,anddeliveryofthoseimprovementsinatimelymanner;(b)
3
maintetrance of reasonably uniform and limited mill levies and reasonable tax
burdens on all areas of the Development through proper management of the
financing and operation of public improvements; and (c) assured compliance
with state laws regarding taxation in a manner which permits the issuance of tax
exempt debt at the rnost favorable interest rates possible. Each of these
concepts is addressed in greater detail in the following paragraphs.
2. Benefits of Multiple District Structure
a. coordinated services [permitted under $ 32-i-1001 et seq.,
C-R.S.]. As presently planned, the Development will proceed in several
phases, each of which will require the extension of public services and
facilities. The multiple district structure will assure that the construction and
operation of each phase of public facilities will be administered in a manner
consistent with a long term construction and operations program. Use of the
East District as the entity responsible for providing for the construction of each
phase of improvements and for management of operations will facilitate a well-
planned financing effort through all phases of construction and will assist in
assuring coordinated extension of services.
The multiple district structure assures the financing of the construction of
the infrastructure for the final phases of the Development through the Districts.
The East District will be obligated to provide the construction services to the
Districts and the Districts will be obligated to pay for such services pursuant to
the IGA and subject to the'provisions and limitations set forth herein. As a
result, the landowners of the first phases of the Development cannot alter the
overall financial structure for the Development through the board of directors of
the Districts. Since the East District is exclusively comprised of commercial
development, the controi of the East District will remain with the owners of the
parcels that make up the boundaries of the East District, the finaucial
commitments made through the IGA and this Service Plan guarantee that the
required Ievel of quality of construction for such infrastructure will be
maintained throughout the Development.
The multiple district structure will also help assure that public facilities
4
andservicesneededforfuturebuild-outoftheDevelopmentwillbeprovided
whentheyareneeded,andnotsooner.Appropriatedevelopmentagreements
between the East District and the Developer will allow appropriate timing of
financingandconstructionofimprovements,*,ithintheDevelopmentasmaybe
requiredinagreementsbetweentheDeveloperandtheCounty.Tlris,inturn,
allowsthefullcostsofpublicimprovementstobeallocatedoverthebuild-out
of the DeveloPment'
b.FinanceManagementAllocationoftheresponsibilityfor
payingdebtforcapitalimprovementswillbemanagedthroughdevelopmentof
financingplansforthoseimprovernentsandthroughdevelopmentofan
integrated operating plan for long term operations and maintenance'
c. Bond Interest Rates The multiple district structure is less
riskyandwiilallowbondsorotherobligationstobeissuestofinancepublic
improvementsatlowerratesthanifasinglespecialdistrictisorganized'
Through the multiple district structure, bonds are issued by each of the Districts
asactuallyneededandwhensupportablebyassessedvalues,thusresultirrgin
lower interest rates'
3. order to imPlement the multiPle
d.istrictstructure,theboundariesoftheDistrictsneedtobecarefully
configured. The East District will contain approximately 11'9 acres' tire south
Districtwilicontainapproximatelyllz'Tacres,andtheNorthDistrictwill
containapproximatelyll5.3acres.ThecombinedacreageoftheDistricts
includes all aireage within the Development'
NoresidentialunitswillbelocatedwithintheEastDistrict;whichshall
contain30,000-50,000squarefeetofcommercialretailspaceandahotelconsisting
ofapproximatelyl50rooms.TlresouthDistrictwillcontainanestimatedtotalof
approximately4i3residentialunitsranginginsizeandprice,includingaffordable
housingunitsanda6,000-12,000squarefootmixedoffice,recreationand
commercial building. The North District will contain an estimated total of 787
residential units ranging in size and price, including affordable housing units and
.anelementaryschoolona|Z.|acressite.Theprojectedpopulationofthe
5
Development at full build-out (to be completed in 2024) is approximately 3,120
Persons (including permanent and second home residents, assuming 2.6 persols per
living unit), and the projected total residential assessed valuation is approximately
$43,501,924.
It is possible that additional property may be included. in the Districts.
Under Colorado law, the fee owner or owners of one hundred percent (100%) of
any property proposed for inclusion may petition the Board of Directors of the
District for inclusion or annexation of property into the District- Additionally, less
than one hundred percent (loo%) of the owners of an area may petition Distriet for
an inclusion election, or a Board may adopt a resolution calling for an election on
inciusion of the property. However, the Board of Directors must weigh the benefits
of including additional property against the obligation of providing services to the
included property. Including significant property within the boundaries of the
Districts is unlikely unless no increase in debt or electoral authorization is
required' The Districts may include and exclud,e properties within the
Development if property uses change. This type of boundary does not impact the
financing or provision of services by the Districts.
4. Existing services and Districts t$ iz-L-203, c.R-s.1. There are
currently no other entities in existence in the Development area that have the
ability and/ot desire to undertake the design, financing and construction of
improvements needed for the Development. The County does not consider it
feasible or practicable to pay for all the necessary services and. facilities contained
in this Service PIan for the Development. Consequently, use of the new Districts is
deemed necessary for the provision of these public improvements in the
Development.
The East District can enter into agreements, including IGAs, with other
entities for operations and maintenanee beyond those operation and maintenance
services identified within this Service Plan to be done by existing entities.
5' Property owner Associations [permitted under $ 32- r -
1001(1Xk), C.R.S'l' In addition to the Districts, it is intended that there be a
master property owner association and, possibly, sub-associations which will,
6
to the greatest extent Possible'integrate functionally and operationaliy with
the Districts'
of all taxable property (classifiedB.
as
the
The 2009 certified assessed valuation
either suburban residential' rural residential , or commercial general) within
boundaries of the Districts is estimated to be apProximatelY $3'639'160'
n the North District is exPected
The initial assessed valuation of property withi
ssed valuation within the South
to be aPP roximately $ 1,642,260: the initial asse
District i s expected to be approximately $1'63 2,ZOO', and the initial assessed
valuation within the Eait District is expected to be aPProximatelY $364'700
The Districts shall not issue or incur any debt, bonds, notes, contracts'
orotherobligationsforthepaymentofwhichthe
Districts will be contractuallY
excePt as described in this
obligated to impose an ad valorem Property tax;
paragraPh.The Districts may contractually obligate themselves to imPose an
ad valorem property tax for the payment of any bonds , notes, contracts, or other
issued or incurred for the
obligations (including without limitation obligations
costs, or any other costs)'
payment of capital costs, oPerations and maln tenance
only in an am ount not in excess of fiftY (:50.00) mills for all of such obligations;
provided however, that in the discretion o f the Districts that are obligated' such
obligations maY Provide that, in the event the method of calculating assessed
valuation is cbanged after the date of the origi nal aPProval of this Service Plan'
the mill levY limitation Provided herein maY be increased ot decreased to reflect
such changes, such increases or decreases to be determined annuallY bY the
obligated in good faith (such
Board of Directors of the Districts that are
to the extent Possible' the actual
determination to be binding and final) so that
tax revenues generated by the mill levy' as adj usted, are neither diminished nor
shail be the base Year for such
enhanced as a result of such chances; 2010
ect to the following additional
calculations.The Districts shall be subj
limitation relating to its mill levy: of the fifty (50) mills limit set forth in the
foregoing sentence, the Districts fiay contractuall y obligate themselves to
proPertY tax for the PaYmen
impose an ad valorem
7
t of anY bonds, notes'
contracts, or other obligations for debt service, only in an amount not in excess
of thirty-fir'e (35) mills for all of such obligations for debt service; provided
however, that in the discretion of the Districts that are obligated, such
obligations may provide that, in the event the method of calculating assessed
valuation is changed after the date of the original approval of this Service plan,
the mill levy limitation provided herein may be increased or decreased to reflect
such changes ("Gall agherized"), such increases or decreases to be determined
annually by the Board of Directors of the Districts that are obligated in good
faith (such determination to be binding and final) so that to the extent possible,
the actual tax revenues generated by the mill levy, as adjusted, are neither
diminished nor enhanced as a result of such changes. For purposes of the
foregoing provisions' (i) 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; and (ii) 2010 shall be the base year for the ratio for actual valuation
to assessed valuation. The maximum principal amount of any bonds, o.otes, or
other evidences of a borrowing issued by the Districts combined limited tax
obligation bonds shall be limited to a maximum of $40,500,000.
The anticipated cost of improvements borne between the Districts and
the Developer are contained in Chapter IV. Subject to the limitations set forth
herein, the Districts may obtain financing for the capital improvements needed
for the Development through the issuance of limited tax obligation bonds or
other debt instruments by the Districts and from revenue bonds or other
instruments issued by the East District. Limited tax obiigation debt will be
payable from revenues derived from ad valorem property taxes and from other
sources' The Districts will issue limited tax obligation debt after
determination that the assessed valuation is sufficient to pay debt service with
reasonable mill levies that do not exceed the iimitations set forth herein thereby
reducing risk to property owners. The preliminary financial forecasts for the
Districts are contained in Exhibit D to this Service Plan. These .,Financial
Plans" demonstrate one method which might be used by the Districts to finance the
cost of the public infrastructure. At the time bonds or other debt instruments are
8
ploPosedtobeissued,alternativelrnancingplansmaybeemployedandmaybe
utilizedbytheDistrictssubjecttothelimitationssetforthherein.
TheFinancialPlansdemonstratethat,in2010dollars,thecostofpublic
infrastructure described herein can be provided with reasonable mill levies that do
not exceed the iimitations set forth herein' specifically established at 35'00 miils
for debt service and 10.00 mills for all operations' including without limitation
administrative, operating and maintenance services' for a total of 45'00 milis
overall. The figures contained herein depicting costs of infrastructure and
operations will not constitute iegal lirnits on the financial powers of the Districts
subject to the miil levy limitations set forth herein; provided' however' that the
Districts shail not be permitted to issue bonds which are not in compliance with the
bond registration and issuance requlr
LimitedtaxobligationdebtissuedbytheDistrictswitllimitthe
responsibilityforrepaymentofsuchdebttotheDistricts.Allfinancial
obligationsissuedorincurredbytheDistrictsshallstatethereinthattheyare
solely the obligation of the Districts issuing or incurring the obligation, and
thattheCountyisnotinanywayliableforsuchDistricts,obligation.Mitl
leviespaidbytheProjectresidentsareexpectednottoexceed45.00mills,
Gallagherized'
Anybonds,notes,contracts,orotherfinancialobligationsissuedtothe
Developerasconsiderationforaloanoradvanceshallbesubject.to.
redemption, at the option of ttre Districts which are obligated for the payment
'
thereof,onanydateafterissuance,.atapriceofparandaccruedinterest,
without redemption premium, and shall not be issued at a net effective irrterest
ratehigherthan3.5%inexcessoftherateperannumdeterminedonthedateof
issuancepursuanttothemosttecent..BondBuyerWeeklyYields20Go''
index(the..Index,,)publishedinthe..BondBuyer,,asthegeneralobligation
bondyieldfor20),earmaturitygeneralobligationbonds,orifsuchlndex
becomes unavailable, such other index as may be determined by the Districts
to be comParable to the Index'
The foregoing shall not apply to obligations
9
issued or sold in a Public
offering. As used herein, "Developer" includes Carbondale Investments, LLC,
its successors and assigns, and any entity which owns or controls Carbondale
Investments, LLC or which is owned or controlled by Carbondale Investments,
LLC.
All improvements, facilities, and other properties paid for or financed by
any of the Districts shall be public improvements, owned by the East District
or another appropriate political subdivision of the state.
C. Contents of Service plan t$ 32- L-Z}Z(Z), C.R.S.I
This Service Plan includes numerous items that are included in order to
satisfy the requirements of law for formation of special districts. Those items are
contained in exhibits include the following:
Exhibit A - map showing the boundaries of rhe Districts
Exhibit B - legal description, vicinity and map of the East District
Exhibit C -property owner,s consent
Exhibit D - financing plan
Exhibit E - preliminary engineering cost estimates (including drawings
indicating preliminary location of improvements)
The assumptions contained within this Service Plan were d.erived from a
variety of sources- Information regarding the present status of property within
the Districts, as well as the current status and projected future level of services,
was obtained and provided by the Developer. Construction cost estimates were
assembled by the Developer's personnel and consultants who have experience and.
,access to experienced consultants in the costing and construction of similar
facilities. Financial advice has been suppried by George K. Baum company,
which has extensive experience with Colorado local governments. Legal advice
in the preparation of this Service Pian was provided by the Iaw firm of Miller
Rosenbluth, LLC, which represents numerous special districts. The Districts
intend to use Brownstein, Hyatt, Farber, shreck, LLp as bond counsel.
D. Modification of Service plaa. [$ 3Z-l-204(4), C.RS.]
This Service Plan has been designed with sufficient flexibility to enable the
Districts to provide required services and facilities for the Development under evolving
10
circumstanceswithouttheneedfornumetousamendments.Whilethe
assumptionsuponwhichthisServicePlanaregenelatlybasedarereflectiveof
currentzoningforthepropertywithintheDevelopment,thecostestimatesand
FinancialPlansaresufficientlyflexibletoenabletheDistrictstoprovide
necessaryservicesandfacilitieswithouttheneedtoamendthisServicePlanas
zoningchanges.Modifrcationofthegeneraltypesofservicesandfacilities,and
changesinproposedconfigurations,locations,ordimeosionsofvariousfacilities
andimprovementsshailbepermittedtoaccommodatedevelopmentneeds
consistent with then-current zoning for the property'
FIGURE I-1
DEVELOPMENT PLAN
Dev e1o Plan for the Districts:
retail s pace and a hotel ng of
0,00 0-50,000 square feet of
foot distri ct-owned mixed office'recreation andapproximately 150 rooms
'Ao 8,ooo-1 z,000 square
commercial build ing (about 2013), and school district-owned e lementarY school
(about 2Ol7) are exci uded from this list as non-taxable
t District's ecihc develo lan:
The Eas
30,000-50,000 square feet of retail space and a hotel consl sting of
approximatelY 150 rooms
CHAPTER II NEED FOR NEW DISTRICTS AND GENERAL POWERS
A.[$ 32-1-203(1), c.R.S']
The ProPertY within the boundarie s of the North District and the South
District is currently vacant land and the property within the East District currently
contains some commercial uses' No other governmental or quasi-governmental
entities exist which will finance the construction of the
2022202120202A192018201720162A$20142013201220llYear 01845r162372672071s11085100
ted
Units
00002s%so%lLs%l00000Com-m-m"t"iu1
J
lDeveloPment
I Co*plglqd^'
Year 2011 7A7 2013
EIUPll.
20r4l
Itrrl-L p
2015 2016 20t7 2018 2019 2;020 z02l 2022
Tomtn"r"ial r
DeveloPment
r ComPl9194'-
0 0 0 0 0 25%500h 1sv"\0 0 0 0
11
faciiities described herein'
Need for Metropolitan Districts
The agreements referred to in Chapter VI hereof will address and define the
activities to be undertaken by various entities with regard to public improvements
and their operation and maintenance.
B. General Powers qf Districts [$ 32-l-1001, C.R.S.J
The East District will have po\^Ier and authority to provide the services and
facilities desctibed in this Chapter both within and outsid.e its boundaries in
accordance with law. The powers and authorities of each of the Districts relative
to each other will be allocated and further refined in the IGAs between the
Districts which may be voted upon and approved by their respective electorates.
For purposes of the Control Act, the IGAs shall not constitute an amendment of
this Service Plan' They will, however, constitute binding agreements between the
Districts regarding implementation of the powers contained in their respective
Service Plans.
The East District shall have authority to provide the following services and
facilities, which shall include the design, acquisition, installation, construction,
operation and maintenance of the same. In any event, each of the Districts may
provide or be responsible for the provision of at least two (2) of the following
setvices pursuant to the statutory requirements of a Metropolitan District as defined
in $ 32'1-103(10), C-R.S.: fire protection, mosquito control, parks and recreation,
safety protection, sanitation, solid waste disposal facilities or collection and
transportation of solid waste, street improvements, television relay and translation;
transportation and water.
1. Lesal Powers The powers of the Districts will be exercised by their
Boards of Directors to the extent necessary to provide the service contemplated in
their respective Service Plans subject to the limitations set forth therein. The
foregoing improvements and services, along with all other activities permitted by
law, will be undertaken in accordance with, and pursuant to, the procedures and
conditions contained in the Special District Act, other applicable statutes, and this
Service PIan, as any or all of the same may be amended from time to time.
2. Other In addition to the powers enumerated above, the Board of
Director of the East District shall also have the following authority:
12
a. To amend this Service Pian as needed' subject to the
appropriate statutory procedures' including' by written notice pursuant to $ 32-
1.207,C.R.S'noticeofactionswhichtheEastDistrictbeiievesarepermitted
bythisServicePlanbutwhichmaybeunclear.TheCountyshallbedeemedto
agleethatanysuchactionsoractivitiesarewithinthescopeofthisService
Planifitdoesnotseektoenjoirranysuchactionsoractivitiesunderthe
statute.TheEastDistrictshallhavetherighttoamendthisServicePlan
independentofparticipationoftheotherDistricts;provided,thattheEast
DistrictshallnotbepermittedtoamendthoseportionsofthisServicePlan
which affect, impair, or impinge upon the rights or powers of the other
Districts without such Districts' consent; and
rng and
b To forego' reschedule' or restructure the financi
constructionofcertainimprovementsandfacilities,inordertoaccommodate
betterthepaceofgrowth,Iesourceavai].abitity,andpotentialinclusionsof
propertywithintheDistricts,orifthedevelopmentoftheimprovementsand
facilities would best be performed by another entity; and
cToprovideallsuchadditionalservicesandexerciseali
suchpowelsaSateexpresslyorimpliedlygrantedbyColoradolawandwhich
theEastDistrictisrequiredtoprovideorexerciseor,initsdiscretion,choose
to provide or exercise; and
d To exercise all necessary and implied powers under Tttle 32'
C.R.S.inthereasonablediscretionoftheBoardofDirectorsoftheEast
DistrictThisServicePlanisintendedtobeflexiblesothatmodificationsrvhich
are not sigoificant or material will noi necessitate amendrnent of the Service
Plan'
3. water and sanitation It is anticipated that the potable water and
sanitationfacilitiesandimprovementswiilbededicatedtoRFWsDandshali
complywiththeRFWsD,sRulesandRegulations,asadoptedandamended
fromtimetotime.Totheextentthattheseimprovementsarenotdedicatedto
RFWSD, the East District shall own' operate and maintain them'
4StreetsltisanticipatedthattheimprovementsmadetoSHs2shali
13
be dedicated to CDOT' To the extent that these improvements are not
dedicated to CDOT, the East District shall own, operate and maintain them.
5- Fire Protection The Districts shall receive fire protection
services from the carbondale and Rural Fire protection District-
CHAPTER III . DESCRIPTION OF FACILITIES AND IMPROVEMENTS
The East District will be permitted to exercise their statutory powers and
its respective authority set forth herein to finance, construct, acquire, operate
and maintain the public facilities and improvements and provide the services
described in Chapter II of this Service Plan either directly or by agreement. If
appropriate, the East District may contract with the Districts or various other
public and/or private entities to undertake such functions or perform
responsibilities related thereto.
The descriptions contained in this Chapter show the conceptual plan for the
pubtic facilities and improvements described in Chapter II hereof. Detailed
information for each type of public improvements needed for the Development
is set forth in the following pages. It is important to note that the d.escriptions
contained in this Chapter are general and conceptuai in nature only, and that
modifications to the type, conflguration, and Iocations of improvements will be
necessary as development proceeds. Facilities wiil be designed in such a way as
to assure that the facility and service standards wiil be compatible with those of
or required by the County and of other entities which may be affected thereby or
as otherwise set forth in the Developraent approval by the county and any
applicable annexation agreements.
' The following sections contain general desiriptions of the contemplated
facilities and improvements which wiil be financed by the East District.
A. General
Construction of all planned public facilities and improvements will be
scheduled to allow for proper sizing and phasing to keep pace with the need for
service. ALI descriptions of the specific facilities and improvements to be
constructed, and their related costs, are estimates only and are subject to
I4
modificationasengineering'developmeutplans'economics'andapplicable
legal requirements, and construction scheduling may require'
B. General Desien Standards
ImprovementswithintheEastDistrictwillbedesignedandinstalledby
theEastDistrictingeneralconformancewithcurrentstandardsadoptedbythe
EastDistrictandestablishedthroughtheDevelopmentrequirementsorasmay
befurtherrequired,ifappropriate,inanapplicablesubdivisionimprovements
agreementorarrlGA.Allimprovementstobededicatedtoaqualifiedentity
shall comply with such eutity's rules and regulations'
C. Inrprovements
1 Public Improvements The primary improvements to be operated
andmaintainedbytheEastDistrictonanon-goingbasisincludethose
associatedwithstreets,stormdrainage,parkandrecreationandotherservices
asdescribedherein.CoordinationbetweentheDistrictsandRFWsDregarding
potablewaterandsewerfacilitiesandservicesmaybenecessary.other
associatedimprovemeutsthatwitlbeoperatedandmaintainedbytheEast
DistrictorbytheMasterAssociationwiilbelandscapedentrancesandother
commonopenafeas(suclrasparks)andrecreatioufacilities,transportation
facilities, bike/recreation7pedestrian paths, right-of.way maintenance, street
lighting, street signs, safety protection facilities, parking facilities, and other
improvements set forth in this service pian. only public improvements will be
constructed bY the East District'
The Districts' capital cost recovery wiil be based solely upon the financial
capability of the Districts effecting such recovery' On-going maintenance and
be recovered based solely on the Districts'
operation and administration costs will
established fees and charges as contained
ability to pay within the confines of
s for non-fee based seryices such as
herein, subject to the use of tax revenue
maintenance of drainage facilities' and wildfire'related vegetation'
Once constructed, these
1
improvements often become the responsibil ity of either the general PruPose
government or a homeowners association to operate
15
and maintain. When oPerated
by a property owners association, neither the benefits of tax exemption or of
governmental immunity become available to the property owners association
responsible for the ongoing operations and maintenance. This is the reason that
this Service Plan Proposes that the East District is empowered to take control,
where applicable, from the Developer the aspects of capital improvements which
may include the design, acquisition, installation, ownership, as well as the
operation and maintenance of these and other public improvements, depending on
the determination of the Boards of Directors of the Districts and the Master
Association corcerning the. appropriate aliocation of these responsibilities as
Iimited by this Service plan.
CHAPTER IV - COSTS AND REVENUE SOURCES
A Cost of Constructl
I Development-Capital Costs The development-capital costs of the
Districts are estimated to be $60,354,399 and $3,24L,213 for the East District
specifically, as shown in the preliminary engineering cost estimates included in
Exhihit E.
2. Annual Operation and Maintenance Costs At full development
(2025), the annual operation and maintenance costs of the East District totals
$ 1,500,000
3 Debt Service It is anticipated that the East District issue limited
tax general obligation bonds to cover a portion of the approximately
$60,354,388 of costs. These limited tax general obligation bonds will provide
for a total mill levy of the District of 35.00 mills for debt service so that no
unexpected burden will occur to the residents of the Development- Accordingly,
the debt service schedule would depend upon the ability of the Districts to
produce funds available for debt service at the established rates from the
revenue sources detailed in the following subsection
B. Rerrenue Sources
1. Property Taxes A milr revy of 45.00 mills is proposed ro be
assessed by the Districts generating approximately 34,300 per year for each
i6
g1,000,000 of assessed value. This property tax (which ivitl be in addition to
anyhomeownersassociationduesorfees)willbeincometaxdeductibletothe
property owner' The tax will be used to pay for each of the Districts'
operation experses, debt obligations' and other associated expenses'
2.FacilityFeeAfacilityfeeofonepercent(1%)ofthehomesale
priceofeachresidentialunitshailbeassessedwithintheNorthDistrictand
the South District and is expected to produce a total of $4,983,502 through
'oot' ,. user Fees various user fees will be used to assist with operations
andmaintenanceofvariousimprovements.Thesefeesmayinclude,butnotbe
limitedtouserfeeschargesforuseofcommunityfacilities;userfeesfor
potential internal transit system and a raw water system fee'
4.SpecificownershipTaxTheDistrictsshallreceivespecific
ownership taxes fronr the county, which are expected to produce a total of
70 through 2045'$3,817,7
5.
be one P
v Interest earnings are projected to
ercent (1%) on the cumulative surplus of any bond issuance,
CHAPTERv-FINANCIALPLANSUMMARYIS32-l-202(2xb)',c'R's'l
AttachedtothisServicePlanasExhibitDareFinancialPlanswhichshorv
howtheproposedservicesandfacilitiesmaybefinancedandoperatedbythe
Districts.TheFinancialPlansincludetheproposedoperatingrevenuederivedfrom
advalorempropertytaxestobeusedbytheBastDistrict.TheMasterlGAsare
expected to provide that the obligation of the Districts to pay the East District for
operatingexpensesincurredforprovisionofservicestopropertywithinthe
respectiveDistrictshallconstitute..debt,,ofthethatDistrict.Accordingly,mili
leviescertified.tomakenecessarypaymentstotheEastDistrictwitlbe
characterized as debt service milL levies notwithstanding that they are imposed to
paycontractualobligationsforoperationsandmaintenanceservicesprovidedbythe
East District. The Districts anticipate borrowing its initial operating funds from the
DeveloperuntilsuchtimeastheDistrictsabletogenerateoperatinglevenues.
t7
The Financial P1ans include the proposed debt issuance by the Districts and
shows how the financial operations of the Districts will be coordinated. The East
District is expected to issue limited tax obligation debt supported by ad valorem
mill levies as limited herein from the revenue available from a 45.00 mill levy
(which includes 35,00 mills for debt obligations and 10.00 mills for operating
expenses)' This mechanism will help assure the transition of appropriate tax
revenue to the payment of debt issued to provide services for the Development. It is
presently anticipated that the East District will issue limited tax general obligation
bonds. Other structures may be used and the Districts shall be entitled to modify
the proposed structure of the Financial Plans by causing the East District to obtain
funding directly from the Developer, its lender, or assigns of the Developer,
provided that all such borrowing shali comply with the requirements of state law
and this Service PIan regarding limitations on the amount of limited tax obligation
debt which may be issued. For example, the East District wili be entitled to obtain
funding frorn the Developer rather than issuing limited tax general obligation bonds
and agree to repay the Developer from revenue sources to which the East District
might otherwise become entitled pursuant to the Master iGA or other agreements.
Subject to the limitations set forth herein, the Districts shall have rhe ability to
utilize excess debt capacity which may be developed within the Districts if the
assumptions coutained in the Financial Plans are more conservative than what
actuaily develops within the Development.
The balance of the information contained in this Chapter of this Service plan
is preliminary in nature. All dollars are stated in 2010 dollars. Upon approval of
this Service Plan the Districts will continue to develop and refine cost estimates
contained herein and prepare for bond issuances. AII cost estimates w-ill be inflated
to current dollars at the time of bond issuance and construction. Engineering and
other contingencies as well as capitalized interest and other costs of financing will
be added. A11 construction cost estimates assume construction to applicable local,
state or federal requirements.
The maximum general obligation indebtedness for the Districts is not
expected to exceed $40%500,000; and the maximum general obligation indebtedness
18
fortheEastDisttictisnotexpectedtoexceeds40,500,000.TheEastDistrictshall
have authority to finance and construct all facilities contemplated herein without
theneedtoseekapprovalofanymodificationofthisServicePlan.TheEast
District shall also be permitted to seek debt authorization from its electorates in
excessofthisamounttoaccountforcontingenciesprovidedthatanysuch
authorizationshatlnotexceedthemilllevylimitationof50.00mills,
Gatlagherized. Reasonable modifications of facilities and cost estimates shall
likewisebepermitted.Subjecttothelimitatiorrssetforthherein,final
determinationoftheamountofdebtforwhichapprovalwillbesoughtfromthe
East District's electorate frorn time to time will be made by the Board of Directors
of the East District based on then-current estimates of construction costs' issuance
costs, and contingencies' Authorization to issue bonds as provided herein and enter
into various agreements described herein wili be sought from the East District's
electoratepursuanttothetermsoftheSpecialDistrictActandtheColorado
Constitution as amended from time to time'
Inadditiontoadvalorempropertytaxes,andinordertooffsettheexpenses
of the anticipated construction and the East District operations and maintenance
costs, the Districts will also rely upon various other revenue sources authorized by
law. These wili include the power to assess fees' rates' tolls' penalties' or charges
asprovidedin$33.1-1001(I),C.R.S.,asamended.TheFinancialPlansassume
varioussourcesofreverrueincludingadvalorempropertytaxes,specificownership
taxes,andfacilityfees,togetherwithinterestearningsonretainedamounts.
The Financial plans do not project auy significant accumulation of fund
balanceswhichmightrepresentreceiptofrevenuesinexcessofexpenditures
, under the TAB0R Amendment' it is anticipated that certain of the operations
oftheEastDistrictwillqualifyas..enterptises,,undertheTABoRAmendment.
IfitsoperationsdonotqualifyasenterprisesunderTABOR,revefluefromall
sources which exceed the permitted level of expenditures in a given year will
be refunded to taxpayers unless a vote approving the retention of such
reven.ues is obtained' To the extent annual District revenues exceed
expenditures in this manner the Districts will comply with the provisions of
79
TABOR and either refund the excess or obtain voter approval to retain such
amounts-
The estimated costs of the facilities and irnprovements to be constructed.
and instailed by the Districts including the costs of acquisition of land, and
engineering services, legal services, administrative services, initial proposed
indebtedness, and other major expenses related to the facilities and
improvements to be constructed and installed are not expected to exceed
$60,354,388. Organizational costs will be reimbursed to the Developer by the
Districts out of their initial revenue sources including debt instruments.
The maximum voted interest rate for bonds will be eighteen percent
(I8%); but the expected issuance rate is much lower. This maximum rate is set
at this level just to accommodate some currently unforeseeu market cond.itions.
The proposed maximum underwriting discount will be voted at five percent
(5%) although it is expected that the actual discount will be lower for the
limited tax obligation bond issues. It is estimated that the limited tax
obligation bonds or other forms of indebtedness, when issued, will mature not
more than forty (40) years from date of issuance pursuant to state statutes.
In the discretion of the Boards of Directors, the Districts may set up other
qualifying entities to manage, fund, construct and operate facilities,-services,
and programs. To the extent allowed by law, any entity created by the
Districts will remain under the control of its Boards of Directors.
The Financial Plans demonstrate that the Districts will have the financial
capability to discharge the proposed indebtedness with reasonable mill levies
as limited hereby assuming reasonable increases in assessed valuation and
assuming the rate of build-out estimated in the Financial plans-
CHAPTER VI - PROPOSED AND EXISTING AGREEMENTS
A. Intersovernmental Agreements [permitted under $ 32-1- l00i(1XdXI),
c.R.s.l
As noted in this Service Plan, the relationship between the East District,
the North District and the South District, including the means for approving,
20
financing' constructing' and operating the public services and improvements
neededtoservetheDeveiopmentwillbeestablishedbymeansoflGAstobe
executedbytheDistricts,ThelGAswillestablishproceduresandstandards
fortheapprovalofthedesignoffacil.ities,transferoffundsbetweenthe
Districts,andoperationandmaintenanceofthefacilities.ThelGAswillalso
provideforcoordinatedadministrationofmanagementservicesforthe
'""t";;" East District wiil be responsibre for initial review. and an.nrovi'-_"t r'*t
forconstructionofpublicimprovementswithintheDevelopment,exceptasto
potablewatelandsewerfacilitiestobeded.icatedtoRoaringForkWaterand
SanitationDistrict,inwhicircase,theprovisionsofRFWsD'sRulesand
Regulationsapply'TheEastDistrictwillbe--responsibletosubmitanyplans
necessaryforsuchimprovementswhichitwillconstruct.Tlrepurposeofthis
structureistoeliminateanyneedfortlreCountytobeinvolvedwithDevelopersin
theday-to-dayreviewandapprovaloftheDistrictorDeveloperimprovements
withintheDevelopmentandtominimizethenumberofindividualswithwhomthe
Countymustdealinanyreviewandapprovalprocessormayberequiredbeyond
the Development approval process'
B. Agreement with Master Association
itisanticipatedthattheServiceDistrictwillenterintoanagreementwitha
Master Association for the integration of functions to the greatest extent legally
possibletominimizecostsandmaximizebenefitstobothentitiesandtheir
constituents.
C [permitted under $ 32-1-100 l(t)(d)(I)'
c.R.s.l
Totheextentpracticable,theEastDistrictmayenterintoorassume
assignmentofadditionalintergor,ernmentalandprivateagreementstoensure
betterlong-termprovisionoftheimprovementsandservicesandeffective
management.Agreementsmayalsobeexecutedorassignmerrtofagreements
maybeexecutedwithotherserviceproviders'AIIsuchagreementsare
authorized,tobeprovidedbyeachpursuanttoColoradoConstitution,Article
ZL
XIV, Section
Statutes.
18(2Xa) and Section Zg-'l-201, et seq., Colorad,o Revised
CHAPTER VII - OTHER REQUIREMENTS AND CONCLUSIONS
A. Requirements The East District shall be subject to the following
additional requirements :
1'. subrnission of annual reports as described in $ 32-l-207(3),
C.R.S.
2 Material modifications of this Service Plan shall be subject to
apprcival by the County in accordance with the provisions of g 3z-l-207, C.R.S.
B. Conclusions It is submitted that this Service plan for RE East
Metropolitan District as required by $ 32-l-zo3(z), c.R.s., has established
that:
i. There is sufficient existing and projected need for organized
service in the area to be served by the North District;
2. The existing service in the area to be served by the North District
is inadequate far present and projected needs;
3. The North District are capable of providing economical and
sufficient service to the area within its boundaries;
4. The area included in the North District does have, and will have,
the financial ability to discharge the proposed indebtedness ou a reasonable
basis;
5 Adequate service is not and will not be available to the area
through any other existing municipal or quasi-municipal corporations
including existing special districts within a reasonable time and on a
comparable basis;
6. The facility and service standards of the North District are
compatible with the facility and. service standards of Garfield county;
7 - The proposal is in substantial compiiance with the Garfield County
Master Plan adopted pursuant to $ 30-28-108, C.R.S.;
8. The proposal is in complia4ce with any duly adopted county,
22
regional,orStatelong-rangewaterqualityrnanagementplanforthearea;arrd
g.TheongoingexistenceoftheNorthDistrictisinthebestinterests
of the area ProPosed to be served
Therefore,itisrequestedthattheBoardofCountyCommissionersof
Garfield county, colorado, which has jurisdiction to approve this service Plan
by virtue of $ 32-1- 204 5'C'R'S'' et seq'1as amended' adopt a resolution
which approves this Service Plan as subniitted'
23
EXHIBIT A
Map of Districts
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Prclcct:
RE South, Noth, and East
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SLmPosite District Boundary MaP
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EXHIBIT B
Legal Description and Map of East District
:(RE East District)
Legal DescriPtion- RE East
A parcer. or_i.:1-::.;.:::.i: [;ill.tr'lr.:?.:;'il"'?!::i1,1::?;"1'r::iil"iio.'"1,.0Section l-, TownsnrP I :":"111.^^"";.^r-- -^"" particularly descrroeQ a> rvrr
or GarrieLd, statevoi ttittlot' uui"i ;;;" ;il;i''ti"trv described as rollows:
CommencingataGarfieldCountySurveyor's?'L/211:l-B'-="Capfoundlnplaceat
the southe.st co""""-;;*t;i;
'1""o"'{l'ti"',tt'-N
30"1;;i'; w t oi=t"t':: "r 4898'44
reer to rhe Lrue ;;,;-";;.sllt'-t?"oi;.il{E[i:i,*;;;:'J:i.];fii]i"lltt""'"1'o
olrii"n" being relaLive to a bearlng
Brass Cap and " o"iii.ia--orrrty,,rti"il.T""z 2iz-incn irass cap found in place to
witness the south'ii;";;t;;; oi said section 7;
i*t-; I'illflffi;';'l;i;;-ii"r i:r;'?"ffi:' 1":' :i;il8"x'li;':; i',l'uo oo
feet, a centra},"qi.-.r 7.47138,'"i;";,;;.;i,,e,.r,o'1..i""'ing of N 28.19tQQll 9l a
f,ittu.,.. of 25Q'10 feet' ', )? a2 feett
thence, N 35"14'06"*il-"'distance ot L22'52 Eeer't
thence. N 89'17'oi" * t di"ttt'"" of 7'98 feet;
thenee, rt 35'22''6" * " 4it::::: of 2'80 feet;
thence, N 89'56':zL* R a disLance of 5'95 feeL;
rhence, N 35"14'o;" ; I Jitt"n"" of' 69'98 feet;
thence, N 35"14';;" ; " Ji"t"t'"t of 97'oZ feeti
thence, N 34'45';;" * ; JisLance of 229'17 feeti
thence, s OO"0O'60'; ; " di"t"t'tt of 7 '98 feeL;
thence, N 34"53';;" ; ; Ji"t"tt"" of 9'?5 feet;
thence, N 37"33'i;" ; ; Jistance of 6'55 feet;
thence, s 01"05';;" w - ditt"ttt" of 200'87 feet;
thence, N 88"59'ig" o' a distance 9f 89'64 feet;
thence, s 02o48'iO" e a distance of 70'54 feet;
thence, N 86"45'ii" w a distance of 52'73 feet;
rhence, N 89"36'li" W a distance ot ?92'62 feel;
thence, N 89"43'!0" W a distance of i-00'90 feet;
thence, S 19"38'ii" f a distance of 585'74 feet;
:*H:i il:;I:i:;r:*o=1;1":;".":'1;"'1"iil"::: 3:::?3n'";"$':;';i'39: 30"'u"
a cenLral angle^oit""a.9;zo'07" and subtending a chord
ii"""n"* of 250'4L" teeli -€ 1RB.?8 feeLi
thence' fu Zf 'Of lOi" n a d'lstance of 1-85'28 feeL;
:Ht=i i':i;i;"*;,'.lj::::l?:r':":3: [ [;q:iish'[ havins a radius or 500 00
. feet, a central -^ni":, 12"54'fZ"'Iia-""Utendiog """i'itJ-i"iring of s 35o08'20" E
.-di"t"""" of 1L2'36 feet;
i5*ii"i,13'^',i'^1*"'.1":i;"i?""':.:i: il fiili'-'lt bavins a radius or 800'00
feer, a ."nrrrl*ligi" or 46o09'rr-'Iij-"ubtending t";;;d-;taring of s 05"35',39" E
l-aitt"t'"t of 621 '14 feet; ^F 1)1-s? feet;
Lhence, lq I a"o6i6il-P'u distance of :r21 '5? feet;
thence, N 06"0i'OO" w a d1s!anc3 of 461'54 feet;
lHt::i :,[:;i;:l:;;"-';;;:H:"":"ii: ll-liili:r'L havins a radius-ot 1820 00
feer, a cenrral ;;;i" of I0o54'3i"-lio-"*tending "i";i"u"'iing
of l{ 15'58rsgo ti
a disrance or 5s6-OO feer ro rn.'ooi'i;;-;;;i;"i"s """l"i"ins an area of 1L'93
F.cres. mQre or less ' - r -^..r ^+.i ar
Thenameandaddressofthepersonwhocreatedthislegardescriptionis:
Jeffrey Allen Tuttle' P'L'S' *33638
?27 Blake Avenue
;i;";;; sPrinss' co 81601
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District VicinitY MaP
PrcpsEd Bf:
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RE East
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Metropolitan District
8140 Partners, LLC
Exlibitr
6171?j010
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EXHIBIT C
Property Owner,s Consent
ruou I I, zoto
Boaril of CountY Commisiioners
Garfield CottntY
108 8s Sgeeq Suite2l3 , :
Ctt nwooaSpfungs, CO 81601
Rq Fropo*cd RE EastMetrapqlitau District (tte "Disb:icf')
To WhomItMaY Concta'n:
CarbondaloLrveshents,LLC'aTexaslimijedfiabilitycompirnyauthorizedtqdobu5iiress:in
cororado !s; oi will u"'?iuilio'g;Giio'#iil D'tt'*i+ til" toig owner orthe propertv
anactred her"to ," B*tiriii rt";r"="r'n;p""':ff#t1;d;*::":" the bounddries of (he
DistrioL 1'c purpose of this:letter i"to uayis" ttiutihe prop"'ty owncr consents to the
organizalion of the Distict'
LLC,
fiulhorizld stg notou-'
ta,,of-l4lry& ] ss
countYrf OfiIrfi'Id i'
Subscribed and sworn to befo-rc me o" this -!&
khr,,Wi6i C"*'"na"t* Investrnents' Ll'c'
{ay of June' zolo" bY ff'ol"'* t 5NF
(Sea1)
My oornmission dxPires
aTgxas liabilitY
I
A parcel of land situated in Sectj.on ?, Tohnship ? Squthr ,Range gg. West; and insection l' Township z soutt,, R;; 89 !!est of ti:e sixth prlncipil Meri:diani counr..yof Garfield; siare of Goiorad", u"irs;;;;;;i,;uii.ry described a'' rolLows:
Qonimencing ati a Garfierd county surveyor's 2 L/2 inch Brass cap fquird in: prace. atLhe southeas.t. corner qf: said, section i, tr.,"r.,o",-n:36"rg,L2.\ w " aisian.e.of 4g9g.44feet to the true pgir.rt of begi-rining of_Lhe plrcg1 descrlbbd herbin,.with arr.bear.i.ngs bei.ng: re1atil,e t" ;-;;;"g of N- g\t2g; j1n li on the lirie.be€weein.saidBrass' catri and a Garfield county-iurieyor''s i liz inch Brass cap f,ound ii: place: towitness. tt':e,sourh t/4 coxndx "i ,uia-il.ai"" )'r.o """
tlenge, N 1l'p'og'00.. rd a distance-rr-gi.go-r""ir,the5rse' zra'29 along [he arcioi-"-cu.r,e-ir-Iij'rnt" having. a, rHdius of tBho.ot)feeE" a eentral angle af 744i ':a.i'e;J s"rt""Iirg""iri"ra bearing 6f N 2g:19,00.* ou ddj,Srance or 25b.10 feqt;thencer N 35:14.,00',. w a.distance of 3-22_.52 feeL.ithence, N B9'f7,09"i ve a.ciist-ance of 7.9g r";i;-'thenee, I ??:??'i?- ?I a disrance or z.eo re.t;lhqncc. { !!]se'25': e " Qisqance of 5.95 feeu}tlrencer N 35'14t0b,1 I,i a disiance of 5g.gg feeL;thence, N J5.1:4iooi, I{ a a:_st"nce ;i ;;:O; ;;.-';LhenEe. N s.4"4s!s0!, 1'r ; Jisi;;;; .i iie.ir'ili,rhenee, s 00"o0,00" t+ a,distancd "r i.gi-eu.il"'
Ili::'l I :l::l:1e" N a, aistarrce oi' g.ze ,r".t,EIgllqe, N 37"3J:19* W q diFlanig of,,6.55 feet;Llrence, S 01oOS'14.' Vg a distance of. 20O-B.T feeULhBnce; N BBo59'16,' ls a distance ;f ;;.;;, <;;;"thenie. s o2p4g'1.6" E " ai=Uic; Ji,0.54 feer;
lfreace. N BG?4s:s2r. w a: aisranJe "i si,ii it.iit-fenoe, N 8,9,"36i12" H q distance ii zgz.62 feet;!l.nce, N B,ee4,3'3g'l w . di";;;;; oi roo,go ;;;;;thence, s i.go3g r 12',, z a distar,rce oi sag_ J4 r,'a*_t.tbence, N ?0"21,09:r E a distance of iS..'EZ f;.ir'itience, 2SB-32 along rhe arc of a ",r.ve-i"-t[I'f"ft haviflg a 4aeius of g0g.00.ieet,a centrar, angIb of 49"20'07i, and sribtendr_ng-;-c;;; ilearing of N 45"4,1 ,05. E adisLance of !5Q.41." feet; qlairg'' uL N 4) 4'l r'I
tJreage, N 21'Of.O1:l E a dislanqe of 185.28 feeU.thencei s s1"35'zdir E a disr.";; ;; r98.67 a;;i-;thenbe; 1r.2,60i alohg the arctoi-"-"urr. to the right having a radrrrs:of 5oc.c0feeg'' 4 ceritral an'gie of rz"sairi"-".ro subtendin!'i-cr,o=a beari.ng of s 35o08 t.?_ou E:a -dlst.ance of '112-36. feet,t s v'!Jvrq -ptza'ruu ()E s :
thgnc9., s 28;"411 14- E a distance of 645-7-7 fee,t;,th€nce, 644.42 arong thg €r! nt " .r.re a" itI-"rqht ha\rlng a, radiuS,of 800,.00I"Ei;.i"!E":l.lr;:ile of {6"os,ri,,-i,,a
"uueenai.,f,.*-"r.,o,a ["""i;;-;; i-oi;].y]r,, u
thencb, N ?4000106r E a distance of 721_5? feet;thelce, It O6.c01!OO. W .ti distance, of 461 .54 feet;[:hence, N 0g;52,00* !, " aistin"e ui :rf.00 febt;Lhence. 346-52 a10ng the arc. of a-curve to tnu.-i.rt having h radius of 1820.,00feeL, a cenrrar angre or r.0'54'32.,and-su;.;;d;;';.io"a bearlng of N Ls.s'rog^ !ia disEance-of 346:00 feet to the point.i-n.g*;inJ Iona"ir,ing an area of 11.93AcresiT qrgre or ress. --?<-'i'*"> vv
?he narne and address of the person who created this Legal description is:
Legal, .Description-. RE East
tTeffrey Alten TuttIe. p.L.S. #33638727 Blake Avb.nue
Glgnwood SpringS, gO g1601
Exlribit A. (RE East District]
E)CIIBIT D
Financing Plan for Districts
Not Cattle Creek Metropolitan Districts #l - #3
Garfield Counfy, Colorado
Limited Tax General Obligation Bonds
Table of Schedules
Assumptions
1
Not Catfle Creek #1#3
Cover
5n7nul
35 Bord Levy District#1 (Southem)
35 Bond Levy District #2 (Nor0rem)
35 Bond Levy District #3 (Commercial)
Preliminary as of 0586p010
Non Rated - Bank euatified
7.00% Rate
Proi,ect Amount
ParAmount (at Closing)Series 2015
11
12
' $27,000,000
Cover Page
Bond Levy Cashflow Schedule
Operations Levy Cashflow Schedule
Residential Lot Valuation - District #1 (Southem)
Residential Lot Valuation - District #2 (Northern)
Residential Development Schedule _ District #1
Residential Development Schedule _ District #2
Commercial Development Schedule _ District #3
Assessed Valuation Summary
Facilities Fee Sched ule
$23,610,000
1
2
3
4
5
b
7
I
I
01
Series 2015
Debt SeMce Schedule
Sources and Uses of Funds
George K. Baum Company
5t27t2010
Not Csttle Creek MetroPolltqn Dlstricts #1 ''tt
t,f,ET f.',tY;.',ll"Jlfl l,o"n u
" "o=
Sshedule ot Bond LevY Caghflows
Annual
Surplusl
L
&tqG Ctdatd
CdM
ulml0
Cumulative
Surolw/
Ratio
colecthn Debtto
2010
2011
2012
m1X
2014
2015
2015
2017
2018
2019
2020
m21
2022
2023
2124
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
m35
2036
2037
2038
2039
m40
2041
m42
2043
?w
2045
sl
295,175
1,072,926
1,49s,522
1,668,94s
21,336
26,064
(2S7,469)
(31 1,142)
(667,150)
(736,247)
(6S8,573)
(7s0,708)
34,497
28,742
25,S03
36,012
34,220
35,012
35,5s9
33,405
37,429
38,303
36,s46
36,861
31,023
2T,483
39,601
43,047
43,387
40.871
4T,421
46,045
60,646
492252
295,176
1,368,102
2,863,625
4,5X2,513
4,553,909
4,579,973
4,282,504
3,971,362
3,304,212
2,567,95s
1,869,393
1,'1 18,684
1,153,182
1,181,924
1,207,827
1,243,S39
1,278,059
1,313,071
1,348,670
1,392,074
1,419,504
1,451,807
1,494,353
1,531,214
1,s62,237
1,589,720
1,6n322
1,672,369
1,715,750
1,756,627
1,804,048
1,0s0,093
1,910,738
2,402,990
Serix 2015
Net D6bt
Revenus
AYallabE For
0n
Facilitiss
Fee
1
Cumulalive
Surplus
OurnershlP
TilBond
MN
PmpedY
Tu@Assessed
Value
Bond
Mill
Properv
tax @
Ass€ssed
value
Bond
MiII
Pmperty
Iax @
Assessed
Value
1,951,000
J
2,087,950
2,199,750
2,202A50
2,498,050
2,500,s00
2,499,900
2,545,050
1,787,850
1,793,950
1,833,300
1,823,450
1,8S2,550
1,862,100
1,S36,350 I
1,97I;700
1,977,750
2,023,950
2,027,800
2,056,750
2,053,700
2,09s,400
2,098,3s0
2,134,650
2,136,500
2,105,650
1,734,650
1,899,550
1,902,100
1,935,850
1,s5s,462 J
1,896,770
'1,897,112
r,935,'149
1,935,505
1,974,279
1,S74,653
2,0s6,747 |
2,138,787
2,139,221
2,1 8?,071
2,182,545
2,226,N6
2,2?6,902
295,176
1,072,926
1,495,522
1,668,948
1,97e336
2,114,014
1,902,291
1,891,308
1,030,900
1,764,6s3
1,801,327
1,79/t,142
1,822,347
1,822,692
1,859,203
2,014,246
2,014,01 1
2,054,973
e055,283
2,096,351
u,754
47,167
51,204
68,M6
79,ilz
89,011
106,210
'111,653
113,283
116,1M
1 16,164
118,487
118,487
120,857
120,857
123,274
123,2?4
,l25,740
125,740
128,zil
120,254
130,8',I9
130,819
133,436
133,436
135,104
136,104
138,82?
138,827
141,603
141,603
144,435
144,435
2,952
r3,681
28,636
45,325
45,539
4s,800
42,925
39,?14
33,042
25,580
18,694
11,187
1 1,532
11,819
12,0i8
12,438
12,781
13,131
13,487
13,821
14,195
14,578
14,944
15,312
15,6?2
15,897
16,293
16,724
17,158
17,566
18,040
18,501
19,107
ol
0
0
0
0
0
0
0
0
224,98S
84,488
295,176
546,373
760,867
957,619
gl7,1lx
85e623
483,653
35.000
35.000
35.000
35.000
35.000
35.000
3s.000
35.000
35.000
35.000
35.000
35,000
3s.000
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
3s.000
35.000
6,205,'l5s
6,205,155
6,329,258
6,329,258
6,455,843
6,455,043
6,5e4,960
6,584,S60
6,716,659
6,716,659
6,8s0,992
6,8$,992
6,908,012
6,980,012
7 ,1n,173
1 ,121,77X
230,381
234,989
234,989
239,689
239,689
244,483
244,483
208,564 l
212,837
21?,s37
217,0w
217094
221,435
221,435
225,864
225,88t
230,38,l
2t4,572
204,572
208,664
34,815
'108,993
192,713
192J73
1S6,628
186,628
200,561
200,561
1,015,000
5,510,000
5,620,200
5,62),200
5,?32,604
5,732,6M'
s,E{n,a6
5,847,256
5,964,201
5,964,201
6,083,485
6,083,485
s,205,500 35.000
8,453,220 35.000
9,279,715 35.000
15,051J60 35,000
18,509,101 35'000
20,657,494 35.000
22,073,418 35.000
23,24S,587 35.000
23,278,744 35.000
23,759,398 35.000
23,753,398 35.000
24,234,586 35.000
24,234,586 35-000
24,719,277 35.000
24.71S,2?7 3s'000
25.213,663 35.000
25,213,663 35'000
25,717,936 35.000
25,717,936 35.000
26,232,295 3s.000
26,232,?J5 35.000
26,758p41 35.000
26,756,S41 35.000
27,292,080 35'000
2r,2S2,080 35.000
27,83?,s21 35.000
27,837,921 35 000
28,394,680 35.000
20,394,690 35.000
28,362,573 35.00!
28,962,si3 35.000
29,541,82s 35'000
2S.541,825 35.000
178,549
28S,945
310,294
516,276
634,062
708,552
757,1 18
197,421
798,461
814,947
814,947
831,246
831,246
847,871
M7,871
8M,829
8M,829
85L125
882,125
899,768
899,768
917,763
917,763
936,118
936,1 10
954,M1
954,841
913,930
973,938
993,416
993,416
1,013,285
1,013,285
19,267,238
19,267,238
19,552,582
1S,052,582
20,M5,634
20,045,634
20,446,547
20,446,547
20,855,478
20,055,478
21,212,587
21,ztzs$l
21,698,039
21,698.039
22,132,000
22,132,000
22,574,640
22,574,640
23,026,132
23,026,132
25,486,655
I 23,486,6s5
35.000
35.000
35.000
35.000
35.000
35.000
35.000
3s.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
310,798
303,863
41 3,194
454,376
501,447
539,651
57'1,173
604,846
627,094
M7,908
647,908
660,866
660,866
674,084
674,084
687,565
687,565
701,317
?01,317
715,34I
715,343
229,650
729,650
744,243
744,243
759,128
759,128
n4,310
n4,310
789,796
789,796
805,592
005,5s2
9,061,1gl
11,191,331
1L046,477
13,530,664
14,619,460
15,733,251
16,652,282
17,633,982
18,2S2836
18,889,449
18,88S,449
Georuo K, Baum ComPanI
5fimfi
Not Cattlo Creek Metropolltan Dlstrlcts #1 _ #3
GarflEld Gounty, Colorado
Llmlted Tax General Obllgation Bonds
Echedule of Oparatlng Lovy Cashflows
Collection
2012
2013
2014
?015
2016
2017
2018
2019
2020
m21
2022
2023
2024
2025
2026
2027
2028
2029
2030
20x1
20x2.
2033
2034
2035
2036
2031
2038
2035
2040
2041
2042
2043
2044
2045
a
NolCaillo CFol,!t'6
CNhlhi Opq
547n010
Annual
Surp,us/
Doficit
Cumulallve
Surplus/
Assessed
Value
Operalions PropertyMill Tax @
0perations
Mifl
Assessed
Valu6
Property
Tax @
90.0%0.00*
Assessod 0perations property
Value Mfll Tax @
0n
Cumulattve Oeveloper
Surplus Advance
1.000/0
0wneEhip
Tax
1.00o/o
Total
Revenuo
Available For
0peralions
Expense
9,001,181
1 1,r91,331
12,046,477
13,638,664
1 4,61 9,460
15,733,251
16,652,282
17,633,982
18,282,636
18,88S,449
,8,889,449
19,267,238
19,267,238
19,652,582
1S,652,582
20,045,634
20,045,034
20,M6,547
20,446,s47
20,855,478
20,855,478
21,272,s87
21,272,587
21,698,039
21,698,039
22,132,000
22,1X2,000
22,574,640
22,574,640
23,026,132
23,026,132
23,486,655
23,486,655
10.000
10.000
10.000
'10.000
10.000
10.000
10.000
'10.000
10.000
10.000
10.000
10.000
10.000
10.000
r0.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
r0.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
r0.000
88,800
109,675
118,055
132,879
143.271
'154,1 86
163,152
172,813
179,170
185,117
185,r 1 7
188,819
1 88,819
192,595
192,595
196,447
196,447
200,376
200,376
204.384
204,384
208,471
208,471
212,641
212,641
216,894
216,894
221,231
221,231
225,A56
225,656
230,169
230,109
5,205,500
9,4$,2m
9,279,f 15
15,051,766
1 8,509,101
20,657,484
22,073,418
23,248,587
23,278,7M
23,759,398
23,759,398
24,234,586
24,234,588
24,719,27f
24,719,2t7
25,213,663
25,213,863
25,717,936
25,717,930
26,232,295
26,232,255
26,756,941
26,7s6,941
27,292,080
27,292,080
27,83T,921
27,$r,921
26,394,600
28,394,680
20,962,573
28,962,573
29,541,825
29,541,825
10.000
10.000
10.000
10.000
',0.000
10.000
10.000
10.000
10.000
10.000
1 0.000
10.000
10.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
10,000
10.000
10.000
10,000
10.000'
10.000
51,01 4
92,842
90,941
141,507
1 81,38S
202,443
2r6,31 I
227,836
228,132
232,842
23?.,842
237,499
237,499
242,249
242,249
247,094
247,094
252,036
252,036
257,076
251,076
262,218
262,218
zET,462
267,462
272,812
272,812
278,268
278,268
203,833
283,833
289,510
289,5't0
10.000
10.000
10.000
10.000
10.000
10.000
I0.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
r0.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
r0.000
10,000
10,000
10.000
r0.000
10.000
10.000
10.000
1,015.000
5,5'10,000
6,620,200
5,620,700
5,732,604
5,732,604
s,847,256
5,847,256
5,964,201
5,964,201
6,083,485
6,083,485
6,205,155
6,205,,I55
6,329,258
6,329,250
6,455,843
6,455,843
6,584.960
6,584,960
6,710,659
6,716,659
6,850,992
6,850,992
0,980,012
6,988,012
7,127,71X
7,127,773
58,449
s9,6,t8
59,618
60,81 1
60,0't1
62,027
62,027
63,267
63,267
64,533
64,533
65,823
85,823
67,140
67,140
68,483
60,483
69,852
69,852
9,947
53,998
55,070
55,078
56,t80
56,180
57,303
57,303
58,449
9,787
13,476
14,630
19,613
22,726
25,660
30,346
31,901
32,367
33,190
33,190
33,853
33,853
34,531
34,531
35,221
35,2?1
35,926
35,926
36,644
36,644
31,377
37,371
38,125
38,125
38,887
38,887
39,665
39,665
40,458
40,458
41,267
41,267
50,000 50,000
149,600
205,993
22t,626
299,799
347,386
192,237
463,056
487,628
494,74$
507,328
507,328
s17,474
517,474
527,824
I
s27,824 |
549,'t48
560,1 31
560,131
571,334
571,334
582,760
582,760
594,415
594,415
606,s04
606,304
618,fio
618,430
630,798
630,790
530,380
538,380
54S,148
50,000
149,600
205,993
223,626
299,799
347,386
392,2X7
463,056
487,625
494,744
507,320
507,328
s17,414
511,474
527,824
527,824
530,380
538,380
549,1 48
549,148
560,'131
560,131
571,334
571,334
5S2,760
582,760
594,415
594,4 15
606,304
006,304
6r 8,430
618,430.
630,7e8
]
630,798 |
7
1
George K. Baum Company
5n7n010
4
NlCrafrrlflS
Not Catlle cEek M0tropollton Dlstrlcts fl'l ' lB
:,*';'l rT"t"";":ll"d"oil "u"" " "0"
Resldentlal LotValuatlon ' Dlstrlct Bl (southern)
Yad
201
20
2071
Artesredvacanl Lot
lncome Rerlrhtod
Gatdsn HomssGirdcnHomes
lncome
Tor{nhomos (01)Garden Homx
(02)
Gatdm Homes
(01)Tmr*low6(02)
LuuryLururY
Tmnhome.s (01)A[ehed (02]Mertet
UniB
A$ached (01)MarletVltlog! (Ve Acro)Mar[6tvi[ag8 (1,6 Acre]MartBtEBtatB (11{ AGro)MarlstEshle (>1r4 Adol MadetMa,kstMs(tet
Velue
MarketMarte(Marlot
UniE
Marxotl,lilhet
lSv,
1jXL\U
204,200
9,061,181 I
9,424,6G4
?.883,030
5,623.001
3J88,473
3,256,512
1,980,045
11,229,350
6,82rJ40
3,903,870
980,000
31,245,450
32,490,840
27.185.620
19,389,660
13.063,700
35
35
35
35
32
26
t8
10
2
1
0
fi,212
55,21?.
55,212
55,212
55,212
55,212
55,212
55,212
55,21?
35
35
35,
35
32
25
1C
10
5
2
1
0
58,658 I
58,658
50,858
5e,650
58,658
50,050
58,658
s8,658
58,658
65
65
65
65
65
45
12
0
0
0
0
0
70,000
70,000
?0,000
i0,000
?0,000
70,000
I0,000
m,000
0
0
0
0
0
0
0
0
0
0
0
0
so.ooo l
00,000
00,000
80,000
80,000
80,000
80;000
80,000
80,000
80,000
80,000
80,000
85.000
ss0o()
85,000
05,000
85,000
05,oo() l
E5,000
05,000
85,000
85.000
es,000
05,000
40
40
40
40
35
30
25
20
15
10
0
e0,000 I
90,000
90,000
90,000
90,000
90.000
90,000
90,000
90,000
40
40
40
40
35
30
25
20
t5
't0
5
0
85.000
85,000
85.000
85,0m
05,000
85,000
85.000
85,000
85,000
0
0
0
0
0
0
0
0
0
0
0
0
95,000
s5,000
95.000
95,000
95.000
95,000
95,000 I
95,000
95,000
95,000
95.000
95,000
2S
26
26
26
21
t1
1
0
0
0
0
0
90,000
90,000
90,000
90,000
90,000
s0,000
90.000
90.000
s0,000
96
s6
96
96
m
75
57
39
31
l6
It
4
95,000
95,000
s5,000
95,000
95,000
95,000
s5,000
95,000
s5,000
40
40
40
40
38
38
J'
2B
26
18
12
6
1m,000
100,000
100,000
1C0,000
100,000
100,000
100,000
100,000
100,000
30
30
30
fll
2l
24
10
12
I
4
1
0
160,000
160,000
160,000
160,000
160,000
160,000
r60,000
160,000
160,m0
6
6
6
6
6
6
6
6
4
2
0
r 75.000
't 75,000
175.000
l?5.000
35
Gsoqe K. Saum ComPsnY
5t2712010
m1
Nol Cottle CE!k Melopollan Dl5lrlcts t, - f3
Grrfiold Cqunty, Cotorrdo
Llmlted Trr canrnl obflgafioh Bonds
R$ldontlrl Lot. Vrllr0on - Olstrlct fZ (Northsml
Cmrbrs
5
r$1Gfl2
Est.t, p1/4 A@l EstelB ( lA A.El ViIaE€ (116 Aqo)\Aaqo {lA &@}Luury
Twohm6 (01)
tuuy
Imhmos (04 TMhffios (01)Condo/Apebnont.
(Dl Apl)
Codo/Apartnsh
(02 Apt)(01 Co.do)(02 Cdldo]
lHm R8kbtod
Gadon HwE
{0t)
G.rd.n Hmr
Rs!'ictod
V{cinl Lot
VahEUor
Araorird
Valurllo.
VacrntLot
V.luitlon
Arraaa!d
ValhtionMrl€l
Unlli Vdue Unil3
LlertEl
Value
Ma*ettnlB Va{w
Mnk9l
Utrili Vehrc
llertel
U0ils Vduo
Milkel
Utfls vrlile
Milk6l
Unib VCue
Miltrl
Unil8 Vdue
Merkol
un[c Veiro
M€,tol
Unllr Valug
lhil$l
unils Valut
Ms.krl
Un lr Vdc
,rdket
Uoits V.tuo
5
0
b
!
b
4
2
0
0
0
175,m
t75,000
r75r00
175,000
175,000
r75,000
r60,000
r60,000
160,000
rm,000
lmP@
r60,000
3t
37
1t
J7
J1
22
t3
6
0
0
0
0
i@.m
100.000
100,000
100,000
100,0m
100,m0
r00r@
100,c00
100,000
150
150
150
150
141
121
01
61
32
14
0
0
95,000
95.000
95,m0
95,000
95,C00
95,000
95,000
95.000
9s,m0
5
6
6
6
0
3
0
0
0
0
0
0
05,000
85,000
85,000
85.000
05.000
85,000
65.000
65,000
90,000
90,000
!0,000
90,000
90,m0
90,m0
90,000
90,000
121
123
t2x
tn
12i
u5
t03
8'l
5'l
x.l
0
0
70,000
70,000
70"000
70,000
m,000
70,m0
70,m0
m.m0
110
110
'110
1t0
110
110
l't0
llu
0
0
0
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40r[0
&,m0
{0,ofl)
10.000
$0
90
90
90
on
90
90
00
e3
r8
0
0
45,q!0
45.000
45,000
45,00!
45,000
s6
96
96
96
96
s6
98
67
l9
0
0
n
40.000
{0.000
40,000
40,000
40,000
40,000
t2
t2
72
12
72
50
l4
0
0
45,0@
16/0m
!5rm
45r00
{5.000
10
40
{0
o
40
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30
30
21
12
4
58,656
50,050
58,050
58,658
50,058
s0,6s8
{0
40
{0
40
40
10
10
36
30
2t
4
5s,212
55,?12
55,212
$212
55,212
6s212
t7350,000
20,t5sp00
22,mtal
32,759.800
3'r,r94,t20
rI,90'r,100
8,96t,270
1,366,440
455,,080
29%
sr05J00
750{,950
8,150,3m
9500,342
s,0{0J53
5,191.319
2,0r6,860
3S6J60
132r89
,19,195,450
56,653,840
49,155,6?0
52,149,460
41,25e,020
29,130.150
t3,7i9,010
5,270r't0
r,435.{00
29y.
14,266,681
17,009i614
t4J42,t30
15.12J,3{3
12.831,828
8F4?33r
3,garlr3
15?8Jeo
416,209
40
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'1
lsoulhsm)
mll
2021
20ll
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2013
2014
2015
m16
2011
ml8
2019
fr14
zazl
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15,{54,2?2
l6.S0,e{c
r7.{76,40
1i,762,19I
r3,957,6S5
1.565,4(}
3.s81,124
7.491.510
r0.108.044
r,a96,576
52s,360
1.566,443 ]
?J95901
3,s1e006
2315.125
l,x5n,56C
2,195,{-48
1.496,576t8,$1,210
r0 ml,2l0
6.600.m0
19.917.610
30,100,2G0
{1.121.8C6
36.Gzd680
i7.m2.60
27.s81,8t0
241210
243r78
2r3278
. ?t3,278_ 2€AB
- 2q7,270
- 2Ct2t8
243.2t8
243.2r8
?41fl9
213.270
21XflE
24216
2l8Bl2
zlip32
216p02
2!8.$2
218132
- 2i6.s32
- 218'952
- 2t8.932
- 218,C)2
2r0BJz
2r8332
210.932
218.932
m
13
$?.cm
$7,m
157,000
357,000
357,m0
357.60
r57,ttro
3rr,oo l
3s7,000
357.dI)
357,m0
357.m0
35?.000
423,m01
{21.m0
123000
42i,m
123,0m
423,m0
{23,m0
123,000
r23.m
12\m
123m0
1?J,0m
a23,000
srr,om I
5r?.m0
517,m
5lr.m
517,0m
5r?,m0
5l?.000
5r7,m0
s17.m0
5r?,m0
517,m0
5t7,0m
5r7.m0
- 588.@
. 50E.m
- 5A,m
- 508,0m. 508,m0
s 509!005 54.0m
5 508,00
5 568,000
58S,000
588,000
5E8.0m
68ll,oao539.d)0
509,m0
5
5
5
txe,m I
srs.m l
519.m0
619.000
539.000
539,S0
539.000
5Jg.m0
539-000
$9.m
509,000
rrc.ml
576.0m
570,000
576,000
tr6,0m
576,(fi
sru.m1
576.m
576,m0
5El(o
576,m
575,m
576,m
5I
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528,m0
5A,m0
528,m
528,m
520.m0
520,@0
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5?0,001)
528,m0
524,000
s20,m0
ll
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13
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6m,o0
600,m0
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6m,000
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1'zm,@l
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Not Cattle Creek Metropolitan Distrlcts #1 - #3
Garfletd CountY, Colorado
ffiffii"-
"eneral
obllgatlon Bonds
Commercial Square Footage Developed ' Dlstrlct #3 (Commercial)
fumoletion Assessment Collection
YL., Year Year
2009
2010
201 1
7012
201 3
2014
201 5
201 6
2017
201 B
2019
2020
2021
2022
2023
2010
2011
2012
2013
2014
201 5
2016
2017
2019
2019
2020
2021
2022
2023
2024
2013
201
201
201
201
201 5
2011
201
201
2019
7
2021
z0z5
Assessed
Value
Commerclal
DeveloPment
Value
29.00%
1,015,000
5,510,000
3,500,000
1 9,000,000
Tract C3 (Hotel)
Tract C3 (Land)
Tract C2 (Retall)
Tract C2 (Land)
Tract C1 (Retail)
Tract C'l (Land)
Rooms
Value/
Room
Acres
Value/
AGre
Value/Square
Ft
Vatue/
AcreAcres
Value/Square
FI
Value/
AcreAcres 66,067
66,667
66,667
66,667
66,667
66,667
66,66i
66,667
06,667
00,667
66,667
66,667
66,667
ii99.,
66,067
66,667
66,667
3.S0
3.90
3.90
3.90
3,90
3.90
3.90
3.90
t:no 384,015 I
384,6'.I5
384,615
384,615
384,615
384,615
384,615
384,015
'1;;1'!!,000,;300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
250,000
|
2s0,000
250,000
250,000
2s0,000
250,000
250,000
4.00
4.00
4.00
4.00
4.00
4,00
4.00
4.00
4.00
250,000
ooq,'300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300227,273 |
227,273
227,273
ru,273
227,273
227,213
227,273
227,273
4,40
4.40
4,40
4.40
4.40
4.40
4.40
4.40
4,40
I
Nol C.thCrsotfi'tf
Comsrial 1
George K. Baum ComPanY
5/27l2010
Not Cattle Creek Mstropolitan DlEtrlcts #1 - #3
Garfisld County, Co,orado
Llmlled Tax General Obllgaflon gondB
Assessed Valuailon Summary
Cmplollon ANffit lacddbn
Yoq
2021
2041
20
20112009 2010m10 20112011 2012mQ 2013N13 2014m14 20152015 2016m16 mfl2017 20182018 20192013 20n2020 20212021 202220u 202i20n 20242024 20252025 20262026 2027.2027 202t2028 202920N 20n2030 20312031 20322032 20332033 20u20u 20352035 20362036 20372037 20382030 20392039 20N2040 20412041 2M22042 20432013 20M2044 2045204s 20462016 zmt2M7 zMB2048 2M92049 2060
17,476,200
n,192,468
lncremental - DFldcl#l
lncromBnlal - Dlsln'ct f2
Inclsmenlal- Dlst hlilS
Total
MlC.& cE tft{I
tand
2.00/e value
n.,;24
240,930
,gz,irs
333,046
los,isr
377,789
385,345
393,052
ooo,nt,
408,931
orr,,ro
425,452
*r,ger
442,640
os,,osr
460,523
46g,733
479,128
osr,i,o
r5,733,251
16,6s2,282
17,633,982
18,282,636
18,889,449
r8,889,449
19,267,2U
19,267.238
r9,652,582
19,652,582
20,045,534
20,045,534
m,u6,ill
20,446,547
20,855,478
20,85sAr8
21,272,587
21,272,587
21,690,039
21,698,039
22.132,0N
22,132,000
22,574,640
22,5t4,640
23,026,132
23,026,1X2
23,486,655
23,486,655
23,956,388
23,956,308
24,435,5r6
el,s3s.srs
]
24,924.226
)
zq.szq,z26 |
9,061,101
363,483
(1,540,834)
(2,260,828)
(1,834,5281
t531,962)
(1,276,46t)
\847,9221
1M7,924
(284,200)
1,585,443
2,395,981
3,51 2,086
2,916,325
1,353,363
2,195,498
1,496,570
1,496,576
525,t60
9,061,'t8'l
1 r,19t,331
12,046An
r3,538,6M
14,619,460
104,1 10
185,594
t*,itz
441,460
465,575
475,188
484,692
494,386
*,it
514,359
524,646
535,139
545,U2
556,750
507,S94
579,251
590,S36
502,6s3
s',o,roe
5,205,500
2,379,450
(1, r 26,650)
3,042,M2
(453,S89)
(3,855,034)
(3,175,451)
(1,619,601)
(264,178)
(132,0e9)
764,160
1,953,145
2544,414
3,911,324
5,633,235
4,591,385
2,353,302
294,335
r47,168
5,205,500
8y'53,220
9,2n,78
15,051,766
10,50s,101
n,6s7,4M
22,073,418
n,248,581
23,2t8,144
23,759,398
23,759,398
24,234,586
24,n4,586
24,719,2n
I
24,719,n7
|
25,213,653
25,213,663
25,717,935
25,717,935
26,232,29s
26,232.295
26,756,941
20,756,941
27,294080
27,N2,0A0
27,831,921
27,837,921
28,394,680
28,394,680
28,962,5Xt
28,962,573
29,541,025
29,541,525
30,132,561
30,132,661
30,735,314
fl,735J14
31,350,021
31,350,021 I
1 r0,200
112,4U
1 14,652
1 16,945
I 19,284
't21,670
124,103
,ru,riu
1?9,117
,lr,sgs
134,333
,n,in
139,760
142,s55
145A07
t+o,s,u
1,01s,000
5,5t0,000
s,620,200
5,620,200
5,732604
5,73e604
5,847,256
5,847,256
5,964,201
5,954,201
6,083,405
6,083,485
5,205,155
6,205,155
6,329,258
6,329,258
6,455,0$
6,455,843
6,584,960
6,584,960
6,7't6,059
6,7r6,659
6,850,992
6,850,992
6,S88,012
6,988,012
7,121,173
7,127,773
7,270,328
7.2n320
7,415,735
7,415,n5
7,564,049 .
7,564,049
1,015,000
4,495,000
George K. Baum Company
i 45,178,676
stuntfi
Not Cattle Cresk Metropolltan Dletrlctt fi1 '#ll
:,f'[[ f.ltYif;lTli! *'o " ""
n o "
SchBdute ol Facilitles FBes
Pdmil
2010 l
201 1
2012
m13
2014
2015
2016
2017
2018
2019
2020
2021
N22
2023
2024
m25
mm
2027
N23
ND
Hco$ htrl{O10
295,176
54S,373
760,867
85r,619
077,713
852,623
493,653
24,989
M,488
vilaga (1/8
Erble ('1/4
Tomhomes
AtlschedAttachod
Estate (1r4 villtge (1/6
Condo/Ap sdm ents CondolAprdments Coodo/APadmento Condo/APedments
Rsrlrlcled
GardenLqUry
Tovinhomes
Lvxury
Townhomel
Re!(dcl6d
GardEn
7,298
14,587
19,462
29,193
26,761
29,193
24,3?.8
21,895
9,731
0,588
13,136
17,515
28,272
24,083
20,212
21,893
19,704
8,757
2S,400
47,040
47,M0
29,400
29,400
29,400
2S,400
29,400
26,950
43,120
43,120
26,950
26,950
26,950
26,950
26,950
26,400
36,960
36,960
36,960
s9,960
160,650
121,380
107,100
1r,100
74,970
56.000
7r,000
91,000
77,000
56,000
56,000
42,000
42,000
42,000
20,5s0
28,560
57,1m
85,680
57,1m
76,160
38,080
19,040
66,584
1 10,208
43.824
114,000
186,000
288,000
280,000
222,000
106,000
126,000
42,000
24,000
46,200
r,000
30,000
66,974
109,593
42,620
50,1'19
83,531
33,41324,000
24,000
48,000
24,000
24,000
Geo,gs K Baum ComPanY
5E7tlnfi
llot Catlle Geek uelropoltan DlBklc{6 #1 . f,3
Garfiald Cosnty, Colondo
LlBltedTax cg{lml Obtrgeflm Bonds
Sari$ 20J5
Det(Serie Schedule
$27,000,000
fr@70
11
Year p,ifitpat RatE lnleresl P&t
lntorest futnual
P&t
CBpiblized
lntetssl
DSRF Esnings
z$vh
NetAnnud
PEI
06'01fi6
1u01na 115,000
0601fl7
1?J01117 260,@0
0d01tl8
1?t0u18 390,000
06/01/19
12fr1h9 420,000
08012012n1tn 745.000
06/0t/21
1?t01121 800,000
06101l22
12fr1r22 855,000
06m1,?3
12t$n3 960,000
06,1t 12412fr1n4 ?0,000
'06/0r/25
14nft5 29s,000
06,01/26
1?/01P]6 355,000
06n1n7
12J01tZt 3i0,000
060128
12n1n8 {35,000
08/t129
I?/01/29 465,000
06/01/30
u01t@ s3s,m
0601811uutBt 575,@0
06mffiz
1401/32 650,0@
06,0rl33
1W183 Bs,mo
06mu34w01f,4 785,000
0fl01l35
1210185 840,000
$nlB6
1210186 945,000
06101i37
flfiu37 1,015,000
06/01A8
12&188 1,11s,000
06rc189'
12t0189 1,190,000
06/01/10
l?frlfifr r,315,000
06/01/41
12n1lq1 1,410,000
0u01fiz
1AUl42 1,5{s,000
0610ti{}
w0v43 1,655,000
06Dr44
1ZJ011M 1,E00,000
06/01i(5
12fr1t4$ 4195,000
915,000.00 9(5,000.00
94s,000.00 1,060,m0.m$0,rs.00 910,9i5.09
940,975:00 1,m0,975.00
931,875.00 931,8r5.m
93t,8rs,00 1,321,875.@
91Er2s.00 918,25.m
9i8225.00 1,338.225.00
903,525.00 903,525.00
903,525.00 i64s5A.00
877,1fl).00 0r,450.m
87,4fl1.00 1,6-r,450.00
8{9,1$.00 8{9,450,00
849,450.00 1,704,{50.00
819,525.00 819,525.00
s19,525.00 1,779,sA5.00
7E5,325.00 785,925.@
78s,925.00 1,055,925.00
76,175.00 776,{/5.@
776,475.00 1,071,05.00
766,150.00 766,150.00
756,150.00 1,12r,150.00
7$,125.@ 753.72s.00
I53,72s.00 1,1A,725.m
740,775.00 740,775.W
740,175.W 1.t75,775.00
725,550.00 725,550.00
125,550.00 1,190.5$.00
709,27s.00 709,?75.00
7(8,275.00 1,244,7t5.00
690,550.00 690J50.00
690,5s000 I255,s50.00
6-10,{25.00 6m.425n0
6-10,125.00 t,320,425.@
6{7,575.00 047,675.00
647,6i5.@ 1,342,675.00
6n,3s0.00 6?3,350.00
623,350.m i,408,350.00
595,875.00 595,875.00
595,875.m t,{35,8?5.00
566,175.00 565,475.00
s6€,475.00 t,511,{75.00
533,400.00 533,400.00
533,400.00 1,518,40010
497,tr/5,00 497,87s.00
497,875.00 1,61a875.00.
4sE,850.00 {58,850.00
158,850.00 .r,648,850.m
(17,A0.m 117,200.00
417,m0.@ 1,732100.@
371,175.00 371,1i5.00
371,175.00 1,781,175.00
321,825.00 3?1,825.@
321,E25.00 1,866,82s.00
267,7fi.00 ?67,750.00
25'r,750,00 1,922,750n0
209825.00 209,825.00
209,825.00 2,0m,8?5.00
146$25.00 116,825.00
'146,82s.00 4,34t,825.00
(2i,000.00)
(2i,000.00) 1,9s1,000.00
(27,000.00)
(27,000.00) 2,087,950.ff)
(27,000.00)
(?i,000.00) 2,199,750.00
(2t 000.ou1
(27,000.00) 2.20a450.00
(27,000.00,
(27,000,00) 2,198,050.00
(27,000.00) .
(2i,000.00) 2500,900,00
{27,000.00)
(27,000.00) 2,{99,900.00
(27,0C0.00)
(27,000.00) 2,545,0s0.00
(27100.00)
(27,000.00) .,,767,850.00
(27,000.001
(27,000,00) 1,793.950.00
p7,m0,00)
(2,00000, 1,833,300.00
(27,000.00)
(27,0S00, 1,823,4s0.00
(27,000.00)
e7,0e.00) 1,862Js0.00
€7,0m.0s,
(21000.00) 1,862,100.00
(?7,000.00)
(27,000.00) 1,E99,5s0.00
(27,000.00)
F/,00000)1,e02,100.00
(27,000.00)
(27,000.00) 1p36,8s0.00
(27,000.00)
(?7,000.00) 1,936350.00
(27,000.00)
(?,000.00) 1,977,700.00
(2i,000.00)
(27,000.00) 1,e77,750.00
(?7,000.09)
(2i0m.00) 2,023,9s0.00
(27.0@.00)
(27,000.00) 2,027,5fr.W
(27,000.00)
(2i,000.00) 2,056,7s0.00
(27,000.00)
(27,000.00) 2,053,700.00
(27,000,00)
(27,000.00) 2,09s.400.00
(?7,000.00)
(?7,000.00) 2,098,350.00
(2?,000.00)
(27,000.0c) 2,134,650.00
(27,000.00)
(27,000.0c) 2,136,500.00
(27,000.00)
(27,000,00) 2,165,650.00
(2i,000,00)
(2,i?,000.00) 1,73{,69}.00
zoo
7.00
7.00
7.00
?30
7.0c
z.oo
7.00
7.00
7&
7.00
7IX)
7.00
730
7-00
700
7.00
7.00
7,00
730
7.00
7JD
7.00
700
7.00
7]}0
?.00
700
7.00
*
2,005,000.00
2,141,950,00
a2$,750.00
2,?56,450.00
e5s20s0.00
2,554,900.fr,
2,5s3,900.00
2"59S,050.00
1,841,850.00
1,847,9s0.00
11887,300.00
1,tr ,450.m
r,916,5s0.00
1816,r00.00
I ,953,550.00
1,9s6,t@.00
1,990,850ff1
1,990,35000
2,031,m0.00
2,031,750.00
2,0r,950.00
2,081,800.00
2,110,750.00
2,107,700.00
2,1{9,{00.00
2,15e350-00
2,188,650.00
2,190,500.00
2,219,650.00
4.488,650.00
27,000,000 38,925.950.00 65,92s,950.00 65,95,950.00 0.00 (1,320,m0.00) 61,605,950.00
Datod
Setllement
72nil15
1?JUns
Averaga Coupon
Ntc
TrC
Atitage VBId
Bond Yaaa
AvsBge U,e
AcfiBd lnl€Est
7.0000c0
7.Gi7107
7201553
7.000000
556,085.m
20.60
0.00
Gmrga K Barm Company
stilnul
Not Cattle Creek Metropolitan Districts #1 '#3
C.mefo countY, Colorado
;ffi;T;c.n*"r obligation Bonds
Series 2015
Sources and Uses of Funds
$20.00 /$1,ooo
12
NotCattle Creek#143
Sourcesfuses
5l27no.10
27,000,000,00
27.000,000.00
23,610,000.00
2,700,000.00
540,000.00
150,000.00
0.00
27.000,000.00.:
Sourees
PrinciPal Amount
Uses
Project Fund
Reserve Fund
Bond Discount
Cost o{ lssuance
ContingencY
of Bond Issue
George K. Baum ComPanY
5W12010
EXI{IBIT E
Preliminary Engineering Cost Estimate
prelimlnary Entlneering cost Estimates
e foot prices for recreation and landscaped areas as
ear foot ptic€s for road' uall' sldewalk and utilities and unit squar
Note: Costs are based on untt llnear toor Prrce> rer
presented ln Plan exhlbits'
Cash Flow Pro torma Model
Carbofi dale lnve*ments. LLC
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RE, NORTTI ME,TROPOLITAN
DISTRICT
SERVICE PLAN
RE NORTH METROPOLITAN DISTRICT
GARFIELD COUNTY
COLORADO
PREPARED BY
MILLER ROSENBLUTH, LLC
7oo 17'h srREET, suITE 22oo
DENVER, CO 80202
CHAPTER I - INTRODUCTION
A. GENERAL OVERVIEW
7. MultiPie District Sttuctute
2. Benefits of Dual District Structute
a' Coordireate Services
b- Finance Managernent
c. Bond Iflterest Rates
3. Configutation of Distticts
4. Existing Services and Distticts
5. PtoPettY Ou'net Associations
1
7
')
3
3
5
5
5
6
6
B
C
7
10
17
D
CHAPTER II - NEED FOR NEW
DISTRICTS AND GENERAL POWERS 11
17
72
72
l2
t3
13
74
A
B
1. Legal Powets
2. Othet
3. Watet and Sanitation
4. Streets
5. Fire Protection
CHAPTER III - DBSCRIPTION OF FACILITIES
AND IMPROVEMENTS
A. GENERAL
B. GENERAL DESIGN
C. IMPROVEMENTS
1. Public ImProvements
2' General Operation and Maintenance
CHAPTER IV _ COSTS AND REVENUE
SOURCES
A
1. DeveloPment - CaPital Costs
2. Annual Opetation and Maintenance Costs
3. Debt Setvice
B, REVENUB SOURCES
1. PtoPettY Taxes
r4
L4
15
15
15
15
16
16
76
16
16
76
76
2. Facility Fees
3. Uset Fees
4. Specific Ownetship Tax
5. Earnings on Curnulative Suqplus
CHAPTER V _ FINANCIAL PLAN
SUMMARY
CHAPTER VI - PROPOSED AND EXISTING
AGREEMENTS
A. INTERGOVERNMENTAL AGREEMENTS
B. AGREEMENT WiTH MASTER ASSOCTATION
C. OTHER AGREEMENTS/AUTHORiTY
CHAPTER VII - OTHER REQUIREMENTS
AND CONCLUSIONS
A. REQUIREMENTS
B. CONCLUSIONS
EXHIBIT A - Map of Districts
EXHIBIT B - Legal Descdption and Map of North
District
EXHIBIT C -Property Owner's Consenr
EXHIBIT D - Financing irlan for Districts
EXHIBIT E - Preliminary Engineeting Cost
Estimates
17
17
17
17
17
20
20
z1
21
22
22
22
CHAPTER 1 - INTRODUCTION
A. General Overview
This service Plan (hereinafter defined as "setvice Plan") for RE North
Metropolitan District (the "North District") constitutes a Service PIan for a
special district that is being proposed in conjunction with RE South
Metropolitan District (the "South District") and RE East Metropolitan District
(the ..East District") (the North District, south District and East District shall
hereinafter be defined collectively as the "Districts") proposed to be organized
to serve the needs of a portion of a residential and comnrercial community to be
known as .'Rivers Edge Development" (the "Devel0pment")' The Development
is located at the junction of cRl13 and sH82 between sH82 and Roaring Fork
River south of cRi 14 and north of Aspen Gleu, and straddles cattle creek' the
Roaring Fork Transportation Authority rail right-of-way' The Development
consists of approximately 23g.g4 acres and contains commercial development'
up to 1200 units of residential development including the affordable housing
componentrequiredbyArticlesoftheGarfieldCountyUnifiedLandUse
Resolution. A map showing the boundaries of the Districts is provided in
Exhibit A. Specifically, the North District is located at the junction of cRli3
and sH82 between sH82 and Roaring Fork River south of cRl14 and north of
cattle Creek, and straddles the Roaring Fork Transportation Authority rail
right-of-way.TheNortlrDistrictconsistsofapproximatelyll5.3lacres
anticipated to include 757 residential units planned for a portion of the
residential component of the Development including affordable housing units
4nd an elementary school on a 12j acres site' A legal description of the North
District, a vicinity map of the North District and a map of the property within
the boundaries of the North District ate attached as part of Exhibit B' Fieure I
:-I,attheendofthisChapter,containsageneral"DevelopmentPlan"forthe
development to be included within the Districts, including development' The
Developer is the owner of aLl the property to be included into the North
District under this Service Plan and has consented to the formation of the
NorthDistrict,whiqhconsentisattachedheretoasExhibitC.
1
The public infrastructure to be constructed by the Districts may include
some or all of the following: certain roads/signage, public trail system, potable
and non-potable water lines and associated facilities, wastewater collection
lines and associated facilities, water tanks, administrative and office faciiities,
weed and pest control, fire protection facilities and service, fire hydrants,
vegetation manipulation and management, drainage, transportation facilities,
public recreation improvements, and such other public improvements and
facilities that may be necessary and appropriate. The East District will serve as
the coordinating district for all three Districts and will provide for the operation
and maintenance of the public infrastructure subject to intergovernmental
agreement or agreements ("IGAs") with the North District and the South District.
This Service Plan addresses the public improvements that may be provided by the
Districts and demonstrates how the Districts propose to serve the needs of the
Development.
1. Multiple District structure [permitted under $ 32-I-100I et seq.,
C.R.S.J This Service Plan is submitted in accordance with Part 2 of the Special
District Act ($ 32-1'-201, et seq., c.R.s.) (the "control Act"). tt defines the
powers and authorities of, as well as the limitations and restrictions on, the
Districts.
Each of the Districts will stand on its own with respect to its statutory
powers and authority under Title 32, Article I, Part 10, including, but not limited
to such genetal powers as th.e authority to enter into contracts and agreements
affecting the affairs of the special district, $ 32-1-1001(1XdXI), C.R.S., the
power to borrow rnoney, incur indebtedness, and issue bonds, $ 32-1-1001(1)(e),
C.R.S., and the power to furnish services and facilities outside the special district
and to establish fees for such services and facilities, $ 32-1-1001(lXk), c.R.s.,
all as set forth and as may be limited by the provisions of this Service Plan.
The coordination of this Service Plan with the service plans for the South
District and the East District will help assure proper coordination of the powers
and authorities of the independent Districts and will help avoid confusion
regarding the separate, but coordinated, purposes of the Districts. Where
2
necessarySpecificreferencetooneoftheDistrictsmaybemadetohelp
distinguish the powers and authorities of each of the Districts' The "Financial
plans" discussed in chapter v refer to the combined financial plans for the
Districts.
The East District wiiL be responsible for managitg the construction and
operation of public facilities and improvements needed for the Districts' Each
of
.the Districts will be responsible for providing the funding and tax base
needed to support the Financial Plans for such capital improvements' IGAs are
expectedtobeexecutedbytheDistrictsclarifyingthenatureofthefunctions
and services to be provided by each of the Districts' The IGAs will be designed
tohelpassuretheorderlydevelopmentofessentialservicesandfaeilities
resulting in a community which will be both an aesthetic and economic asset to
Garfield CountY (the "CountY")'
It is anticiPated that the East District will construct the public
infrastructure, and each of the Districts will finance the construction of such
infrastructute, some of which may be conveyed to the County' Colorado
Department of Transportation ("CDOT")' or Roaring Fork Water and
Sanitation District (the ..RFWSD"), as appropriate. The Districts may also
contract with a qualified entity to operate the Districts' water systems and
wastewater facilities and otherwise provide water or wastewater service of
both. The Districts rnay also operate their own water systems and wastewater
facilities through the East District'
The East District will initially own and operate certain public facilities and
infrastructure throughout the Development. subject to the mill levy
limitations set forth herein, combined the Districts will generate the tax
revenue sufficient to pay the costs of the capital improvements as described
herein and associated operations and maintenance' The formation of these
Districts will create several benefits for the residents of the Development and
thecounty.Ingeneral,thosebenefitsare:(a)providingfortheconstruction'
administration and operation of public improvements necessary to serve the
Development, and delivery of those improvements il1 a timely manner; (b)
3
maintenance of reaso[ably uniform and limited mill levies and reasonable tax
burdens on all areas of the Development through proper management of the
financing and operation of public improvements; and (c) assured compliance
with state laws regarding taxation in a manner which permits the issuance of tax
exempt debt at the most favorable interest rates possible. Each of these
concepts is addressed in greater detail in the following paragraphs.
2. Benefits of Multiple District Structure
a- coordinated services [permitted under $ 32-i-1001 et seq.,
C.R.S.]. As presently planned, the Development will proceed, in several
phases, each of which .will require the extension of public services and
facilities. The multiple district structure will assure that the construction and.
operation of each phase of public facilities will be administered in a manner
cousistent with a long term construction and operations program. Use of the
East District as the entity responsible for providing for the construction of each
phase of improvements and for management of operations will facilitate a well-
planned financing effort through all phases of construction and will assist in
assuring coordinated extension of services.
The multiple district structure assures the financing of the construction of
the infrastructure for the final phases of the Development through the Districts.
The East District wili be obligated to provide the construction seryices to the
Districts and the Districts will be obligated to pay for such services pursuant to
the IGA and subject to the provisions and limitations set forth herein. As a
result, the landowners of the first phases of the Development cannot alter the
overall financial structure for the Development through the board of directors of
the Districts. Since the East District is exclusively comprised of commercial
development, the control of the East District will remain with the owners of the
parceis that make up the boundaries of the East District, the financial
commitments made through the IGA and this Service Plan guarantee that the
required level of quality of construction for such infrastructure will be
maintained throughout the Development.
The multiple district structure will also help assure that public facilities
4
and services needed for future build-out of the Development will be provided
whentheyareneeded,andnotsooner.Appropriatedevelopmentagreements
between the East District and the Developer will aliow appropriate timing of
financing and construction of improvements within the Development as may be
required in agreements between the Developer and the County. This, in turn,
allows the full costs of pubiic improvements to be allocated over the build-out
of the DeveloPment'
b. Finance Manasement Allocation of the responsibility for
paying debt for capital improvements will be managed through development of
financing plans for those improvements and through development of an
integrated operating plan for long term operations and maintenance'
c.BondlnterestRatesThenrultipledistrictstructureisless
risky and wilt altow bonds or other obligations to be issues to finance public
improvernentsatlowerratesthanifasinglespecialdistrictisorganized.
Through the multiple district structure, bonds are issued by each of the Districts
as actually needed and when supportable by assessed values' thus resulting in
lower interest rates'
3.ConfigurationofDistrictslnordertoimplementthemultiple
district structure, the boundaries of the Districts need to be carefuily
configured. The East District will contain approximately 11'9 acres' the south
Districtwilicontainapproximatelytlz.Tacres,andtheNorthDistrictwill
containapproximatelyll5'3acres.ThecombinedacTeageoftheDistricts
includes all acreage within the Development'
No residential units will be located within the East District; rvhich shall
contain 30,000-50,000 square feet of commerciai retail space and a hotel consisting
of approximately 150 rooms. The south District will contain an estimated total of
approximat ely 413 residential units ranging in size and price' including affordable
housing units and a 6,000-12,000 square foot mixed office' recreation and
commercial building. The North District will contain an estimated total of 787
residential units ranging in size and price, including affordable housing units and
anelementaryschoolonal2'lacressite.Theprojectedpopulatiorrofthe
5
Development at fuil build-out (to be completed in 2024) is approximately 3,120
persons (including permanent and second home residents, assuming 2.6 persons per
living unit), and the projected total residential assessed valuation is approximately
$43,50r,924.
It is possible that additional property may be included in the Districts.
Under Colorado iaw, the fee owner or owners of one hundred percent (100%) of
any property proposed for inclusion may petition the Board of Directors of the
District for inclusion or annexation of property into the District. Additionally, less
than one hundred percent (100%) of the owners of an area may petition District for
an inclusion election, or a Board may adopt a resolution calling for an election on
inclusion of the property. However, the Board of Directors must weigh the benefits
of including additional property against the obligation of providing services to the
included property. Including significant property within the boundaries of the
Districts is unlikely unless no increase in debt or electoral authorization is
required. The Districts may include and exclude properties within the
Development if property uses change. This type of boundary does not impact the
financing or provision of services by the Districts.
4. Existins services and Districts [g 3z-r-203, c-R.s.]. There are
currently no other entities in existence in the Development area that have the
ability and/or desire to undertake the design, financing and construction of
improvements needed for the Development. The County does not consider it
feasible or practicable to pay for all the necessary services and facilities contained.
in this Service PIan for the Development- Consequently, use of the new Districts is
deemed necessary for the provision of these public improvements in the
Development.
The East District can enter into agreements, including IGAs, with other
entities for operations and maintenance beyond those operation and maintenance
services identified within this Service Plan to be done by existing entities.
5. Property owner Associations [permitted under $ 32- l -
1001(1)(k), C.R.S.l. In addition to the Districts, it is intended that there be a
master propeqty owner association and, possibly, sub-associations which will,
6
to the greatest extetlt possible, integrate functionally aDd operationally with
the Districts-
B f
2010
The 2009 certified as sessed valuation of all taxable property (ciassified
as either suburban residenti al, rural residential, or commercial general) within
the boundaries of the Distr icts is estimated to be approximately $3,639,160
The initial assessed valuatio n of property within the North District is expected
to be aPProximatetY $ 1,642'264;the initial assessed valuation within the South
District is exPected to be aPpro ximately $1,632,200; and the initial assessed
valuation withir.* the East District is expected to be approximately $364'700'
The Districts shali not issue or incur any debt, bonds, notes' contracts'
or other obligations for the payment of wirich the Districts will be contractually
obligated to imPose an ad valorem property tax, except as described in this
paragraph. The Districts may contract ually obligate themselves to impose an
ad valorem property tax for the payment of any bonds, flotes, contracts' or other
obligations (including without limitation obligations issued or incurred for the
payment of capital costs, operations and maintenance costs, or any other costs)'
only in an arnount not in excess of hfty (50.00) mills for all of such obligations;
provided however, that in the discretion of the Districls that are obligated' such
obligations may provide that' in the event the method of calculating assessed
valuation is changed after the date of the ori ginal approval of this Service Plan'
the mill levy limitation provided herein may be increased or decreased to reflect
such changes, such increases or decreases to be determined annuallY bY the
Board of Directors of the Districts that are obligated in good faith (such
determination to be binding and final) so tha t to the extent Possible, the actual
tax levenues generated by the mill levy' as adj usted, are neither diminished nor
shall be the base Year for such
enhanced as a result of sucb chances;
calculations. The Districts shall be subj ect to the following additional iimitation
relating to its mill levy: of the fifty (5 0) mills limit set forth in the foregoing
sentence, the Districts may contractuall y obligate themselves to impose an ad
valorem property tax for the payment of any bonds'
7
notes, contracts, or other
obligations for debt service, only in an amount not in excess of thirty-five (35)
mills for all of such obligations for debt service; provided however, that in the
discretion of the Districts that arc obligated, such obligations may provide that,
in the event the method of calculating assessed valuation is changed after the
date of the original approval of this Service Pian, the mill levy limitation
provided hereio may be increased or decreased to reflect such changes
("Gal1agherized"), such increases or decreases to be determined annually by the
Board of Directors of the Districts that are obligated in good faith (such
determination to be binding and final) so that to the extent possible, the actual
tax revenues generated by the mill levy, as adjusted, are neither diminished nor
enhanced as a result of such changes. For purposes of the foregoing provisions,
(i) 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; and (ii)
2010 shali be the base year for.the ratio for actual valuation to assessed
valuation. The maximum principal amount of any bonds, notes, or other
evidences of a borrowing issued by the Districts combined limited tax
obligation bonds shall be limited to a maximum of $40,500,000.
The anticipated cost of improvements borne between the Districts and
the Developer are contained in Chapter IV. Subject to the limitations set forth
herein, the Districts may obtain financing for the capital improvements needed
for the Development through the issuance of limited tax obligation bonds or
other debt instruments by the Districts and from revenue bonds or other
instruments issued by the East District. Limited tax obligation debt wili be
payable from revenues derived from ad valorem property taxes and from other
sources' The Districts will issue limited tax obligation debt after
determination that the assessed valuation is sufficient to pay debt service with
reasonable mill levies that do not exceed the limitations set forth herein thereby
reducing risk to property owners. The preliminary financial forecasts for the
Districts are contained in Exhibit D to this Service Plan. These ..Financial
Plans" demonstrate one method which might be used by the Districts to finance the
cost of the public infrastructure. At the time bonds or other debt instruments are
8
proposedtobeissued,alternativefinancingplansmaybeemployedandmaybe
utilizedbytheDistrictssubjecttothelimitationssetforthherein'
TheFinancialPlansdemonstratethat,in2010dollars.,thecostofpublic
infrastructure described herein can be provided with reasonable mill levies that do
not exceed the limitations set forth herein, specifically established at 35'00 mills
for debt service and i0.00 mills for ali operations, including without limitation
administrative,operatingandmaiuteuanceservices,foratotaiof45.00mills
overall. The figures contained herein depicting costs of infrastructure and
operations will not constitute legal limits on the financial powers of the Districts
subject to the mill levy limitations set forth herein; provided, however, that the
Districts shall not be permitted to issue bonds which are not in compliance with the
bond registration and issuance requirements of Colorado law'
LimitedtaxobligationdebtissuedbytheDistrictswilllimitthe
responsibilityforrepaymentofsuchdebttotheDistricts.Allfinancial
obligations issued or incurred by the Districts shall state therein that they are
soiely. the obligation of the Districts issuing or incurring the obligation' and
thattheCountyisnotinanywayliableforsuchDistricts,obligation.Mill
leviespaidbytheProjectresidentsareexpectednottoexceed45.00mills,
Gallagherized'
Anybonds,notes.contracts,orotherfinancialobligationsissuedtothe
Developerasconsiderationforaloanoradvanceshallbesubjectto
redemption, at the option of the Districts which are obligated for the payment
thereotonanydateafterissuance,atapriceofparandaccruedinterest,
, without redemption premium, and shali not be issued at anet effective interest
ratehigherthan3.5ohinexcessoftherateperannumdeterminedontlredateof
issuancepursuanttothemostrecent..BondBuyerWeeklyYields20Go"
index(the..Index,,)publishedinthe..BondBuyer,'aSthegeneraiobligation
bondyieldfor20yeatmaturitygeneralobligationbonds,orifsuchlndex
becomes unavailable, such other index as may be determined by the Districts
to be comParable to the Index'
Theforegoirrgshallnotapplytoobiigationsissuedorsoldinapublic
9
offering' AJ used hereiu, "Developer" includes Carbondale Investments, LLC,
its successors and assigns, and any entity which owns or controls Carbondale
Investments, LLC or which is owned or controlled by Carbondale Invbstments,
LLC.'
All improvements, facilities, and other properties paid for or financed by
any of the Districts shall be public improvements, owned by the East District
or another appropriate political subdivision of the State.
C. Conrents of Service plan [g 32_1_202(2), C.R.S.]
This Service PIan includes numerous items that are included in order to
satisfy the requirements of law for formation of special districts. Those items are
contained in exhibits include the following:
Exhibit A - map showing the boundaries of the Districts
Exhibit B - legal description, vicinity and map of the North District
Exhibit C -property owner's consent
Exhibit D - financing plan
Exhibit E - preliminary engineering cost estimates (including drawings
indicating preliminary location of improvements)
The assumptions contained within this Service Plan were derived from a
variety of sources. Information regarding the present status of property within
the Districts, as well as the current status and projected future level of services,
was obtained and provided by the Developer. Construction cost estimates were
assembled by the Developer's personnel and consultants rvho have experience and
access to experienced consultants in the costing and construction of similar
facilities' Financial advice has'been suppried by George K. Baum company,
which has extensive experience with Colorado local governments. Legal advice
in the preparation of this Service Plan was provided by the law firm of Miller
Rosenbluth, LLC, which represents numerous special d.istricts. The Districts
intend to use Brownstein, Hyatt, Farber, shreck, LLp as bond counser.
D. Modification of Service plan. [g 32-1_204(4), C.R.S.]
This Service Plan has been designed with sufficient flexibility to enable the
Districts to provide required services and facilities for the Development under evolving
10
circumstances without the need for numerous amendments' while the
assumptions upon which this service Plan are gererally based are reflective of
current zoning for the property within the Development, the cost estimates and
Financial Plans are sufficiently fiexible to enable the Districts to provide
necessary services and facilities without the need to amend this Service Plan as
zoning changes. Modification of the general types of services and facilities' and
changes in proposed configurations, locations, or dimensions of various facilities
and improvements shall be permitted to accommodate development needs
consistent with then-current zoning for the property'
FIGURE I-i
DEVELOPMENT PLAN
D ment Plan for the Districts:
30,000-50,000 square feet of commer cial retail rpu". and a hotel cousisting of
approximatelY 1 50 rooms'
, An g,000-i2,000 square foot district-owned mixed office, recreation and
commercial building (about 2013), u.rd s"hool district-owned elementary school
i"U""t Z0L7) ur. "*Jlrded frorn this list as non-taxable'
The N orth District's s fic devel ment
An elementarY I will also be constructed on a 12.1 acres sit" "t non-taxabie
propertY about 2017 -
CHAPTERII-NEEDFoRNEwDISTRICTSANDGENERALPowERS
A. Need for Metropolitan Districts [$ 32-1-203(1)' C'R'S']
Thepropertywithinthebound.ariesoftlreNorthDistrictandtheSouth
District is currently vacant land a::d the property within the East District
currently contains some commercial uses. No other governmental or quasi-
governmental entities exist which witl finance the construction of the facilities
Year 20lt 2072 2013 2014 20ls 2016 20t7 2018 2019 2020 2021 2022
Units
Constructed
0 0 51 108 1 5 1 207 267 237 r16 45 18 0
Tommerciut l
DeveloPment
Completedl'2
0 0 0 0 0 25%s0%25%0 0 0 0
2022202020212019201 82017Torcl zarc2014201320ll2012Year i6 I8719323413457431500Units
Conslructed
i1
described herein. The agreements referred to in Chapter VI hereof will address
and define the activities to be undertaken by various entities with regard to
public improvements and their operation and maintenance.
B. General Powers of Disrricts [$ 32-1-1001, C.R.S.]
The North District will have power and authority to provide the services
and facilities described in this Chapter both within and outside its boundaries in
accordance with law. The powers and authorities of each of.the Districts relative
to each other will be allocated and further refined in the IGAs between the
Districts which may be voted upon and approved by their respective electorates.
For purposes of the Control Act, the IGAs shall not.constitute an amendment of
this Service PIan. They will, however, constitute binding agreements between the
Districts regarding implementation of the powers contained in their respective
Service Plans.
The North District shall have authority to provide the following services and
facilities, which shall include the design, acquisition, installation, construction,
operation and maintenarce of the same. In any event, each of the Districts may
provide or be responsible for the provision of at least two (2) of the following
services pursuant to the statutory requirements of a Metropoiitan District as defined
in $ 32'1-103(10), C.R.S.: fire protection, mosquito control, parks and recreation,
safety protection, sanitation, solid waste disposal facilities or collection and
transportatiou of solid waste, street improvements, television relay and translation;
transportation and water.
1. Legal Powers The powers of the Districts will be exercised by their
Boards of Directors to the extent necessary to provide the service contemplated in
their respective Service Plans subject to the lirnitations set forth therein. The
foregoing improvements and services, along with all other activities permitted by
law, will be undertaken in accordance with, and pursuant to, the procedures and.
conditions contained in the Special District Act, other applicable statutes, and this
Service Plan, as any or all of the same may be amended from time to time.
2. Other In addition to the powers enumerated above, the Board of
Director of the North District shall also have the following authority:
12
a. To amend this Service Plan as needed, subject to the
appropriatestatutoryprocedures'including'bywrittennoticepursuantto$32-
|-207,C'R.S'noticeofactionswhichtheNorthDistrictbelievesarepermitted
bythisServicePlanbutwhichmaybeunclear.TheCorintyshallbedeemedto
agteethat any such actions or activities are within the scope of this Service
Planifitdoesnotseektoenjoinanysuchactionsoractivitiesunderthe
statute.TheNorthDistrictshallhavetheriglrttoamendthisServicePlan
independent of participation of the other Districts; provided' that the North
DistrictshallnotbepermittedtoamendthoseportionsofthisServicePlan
which affect, impair, or impinge upon the rights or powers of the other
Districts without such Districts' consent; and
b- To forego' reschedule' or restructure the financing and
construction of certain improvements and facilities, in order to accommodate
betterthepaceofgrowth'resourceavailability,andpotentialinclusionsof
property within the Districts, or if the developrnent of the improvements and
facilities would best be performed by another entity; and
c.Toprovideailsuchadditionalservicesandexerciseall
suchpowersasareexpresslyorimpliedlygrantedbyColoradolawandwhich
the North District is required to provide or exercise or' in its discretion'
choose to Provide or exercise; and
d. To exercise all necessary and implied powers under Title 32'
C.R.S.inthereasonablediscretionoftheBoardofDirectorsoftheNorth
District This service Plan is intended to be flexible so that modifications which
are not significant or material wili not necessitate amendment of the service
Plan.
3.WaterandSanitationltisanticipatedthatthepotablervaterand
sanitation facilities and improvements will be dedicated to RFWSD and shall
complywiththeRFWsD,sRulesandRegulations,asadoptedandamended
from time to time. To the extent that these improvements are not dedicated to
RFWSD,theEastDistrictshallown'operateandmaintainthem'
4.Streetsltisanticipated.thattheimprovementsmadetoSHs2shall
13
be dedicated to CDOT. To the extent that these improvements are not
dedicated to CDOT, the East District shall own, operate and maintain them.
5' Fire Protection The Districts shall receive fire proteetion services
from the Carbondale and Rural Fire protection District.
CHAPTER III - DESCRIPTION OF FACILITIES AND IMPROVEMENTS
The North District will be permitted to exercise their statutory powers
and its respective authority set forth herein to finance, construct, acguire,
operate and maintain the public facilities and improvements and provide the
services described in Chapter II of this Service PIan either directly or by
agreement. If appropriate, the North District may contract with the Districts or
various other public and/or private entities to undertake such functions or
perform responsibilities related thereto.
The descriptions contained in this Chapter show the conceptual plan for the
public facilities and improvements described in Chapter II hereof. Detailed
information for each type of public improvements needed for the Development
'is set forth in the following pages. It is important to note that the descriptions
contained in this Chapter are general and conceptual in nature only, and that
modifications to the type, configuration, and locations of improvements wiil be
necessary as development proceeds. Facilities will be designed. in such a way
as to assure that the facility and service standards will be compatible with those
of or required by the County and of other entities which may be affected
thereby ot as otherwise set forth in the Development approval by the County
and any applicable annexation agreements.
The following sections contain general descriptions of the contemplated
facilities and improvements which will be financed by the North District.
A. General
Construction of all planned public facilities and improvements will be
scheduled to allow for proper sizing and phasing to keep pace with the need for
service. AII descriptions of the specific facilities and irnprovements to be
constructed, and their related costs, are estimates only and are subject to
T4
modification as engiueering, development plans, economics, and applicable
iegal requirements, and construction scheduling may require'
B. General Desisn Standards
ImprovementswithintheNorthDistrictwillbedesignedandinstalled
by the East District in general conformance with current standards adopted by
the Bast District and established through the Development requirements or as
may be further required, if appropriate' in an applicable subdivision
improvementsagreementoranlGA'Allimprovementstobededicatedtoa
qualified entity shall comply with such entity's rules and regulations'
C. ImProvements
l.PubliclmprovementsTheprimaryimprovementstobeoperated
andmaintainedbytheEastDistrictonanon-goingbasisincludethose
associated with streets, storm drainage, park and recreation and other services
as described herein. coordination between the Districts and RFwSD regarding
potablewaterandsewelfacilitiesandservicesmaybenecessary.otlrer
associatedimprovementsthatwillbeoperatedandmaintainedbytheEast
District or by the Master Association will be landscaped entrances and other
commonopenareas(suchasparks)andrecreationfaciiities,transportation
facilities, bike/recreation/pedestrian paths, right-of-way maintenance' street
lighting, street signs, safety protection facilities, parking facilities' and other
improvements set forth in this service plan. only public improvements will be
constructed bY the East District'
The Districts' capital cost recovery will be based solely upon the financial
capability of the Districts effecting such recovery' on-going maintenance and
operation and administration costs will be recovered based solely on the Districts'
abitity to pay within the confines of established fees and charges as contained
herein, subject to the use of tax levenues for non-fee based services such as
maintenance of drainage facilities' and wildfire-related v egetation.
Once constructed, these
improvements often become the responsibility of either the general purpose
government or a homeowners association to operate and maintain' when operated
.,
L
i5
by a property owners association, neither the benefits of tax exemption or of
governmental immunity become available to the property owners association
responsible for the ongoing operations and maintenance. This is the reason that
this Service Plan proposes that the East District is empowered to take control,
where applicable, from the Developer the aspects of capital improvements which
may include the design, acquisition, installation, ownership, as well as the
operation and maintenance of these and other public improvements, depending on
the determination of the Boards of Directors of the Districts and the Master
Association concerning the appropriate allocation of these responsibilities as
limited by this Service Plan.
CHAPTER IV - COSTS AND REVENUE SOURCES
A- Cost of Construction and Operation.
1. Development-Capital Costs The development-capital costs of the
Districts are estimated to be'$60,354,3gg and 929,61g,375 for the North
District specifically, as shown in the preliminary engineering cost estimates
included in Exhibit E
2. Annual OPeration and Maintenance Costs At full development
(2025), the annual operation and maintenance costs of the East District totals
$ I ,500,000.
3. Debt Service It is anticipated that the East District issue limited
tax general obligation bonds to cover a portion of the approximately
$60,354,388 of costs. These limited tax general obligation bonds will provide
for a total mill levy of the District of 35.00 mills for debt service so that no
unexpected burden will occur to the residents of the Development. Accordingly,
the debt service schedule would depend upon the ability of the Districts to
produce fuuds avaiiable for debt service at the established rates from the
revenue sources detailed in the following subsection
B. Revenue Sources
1. Property Taxes A mill levy of 45.00 miils is proposed to be
assessed by the Districts generating approximate|y 34,300 per year for each
16
$i,000,000ofassessedvalue.Thispropertytax(whichwillbeinadditionto
anyhomeownelsassociationduesorfees)willbeincometaxdeductibletothe
property owner' The tax witl be used to o* f:: each of the Districts'
operation expenses, debt obligations' and other associated expenses'
2- EeglfiryfeE A facility fee of one percent (1%) of the home sale
priceofeachresidentialunitshallbeassessedwitlrintheNorthDistrictand
the south District and is expected to produce a total of $4'983'502 through
2045. . :aL ^-.
3.UserFeesVarioususerfeeswillbeusedtoassistwithoperatlons
andmaintenaDceofvariousimprovements.Thesefeesmayinclude,butnotbe
limitedtouserfeeschargesforuseofcommunityfacilities;userfeesfor
pote[tial internai transit system and a raw water system fee'
4,specificownershipTaxTheDistrictsshallreceivespecific
ownershiptaxesfromtheCounty,whichareexpectedtoproduceatotalof
$3,817 ,770 through 2045 '
5. Interest earnings are projected to
beonepercent(1%)onthecumulativesurplusofanybondissuance.
CHAPTERv-FINANCIALPLANSUMMARY[$32-1-202(2Xb),C'R.S']
AttachedtothisServicePlanasExhibitDareFinancialPlanswhichshow
horvtheproposedservicesandfacilitiesmaybefinancedandoperatedbythe
Districts.TheFinancialPlansincludetheproposedoperatingrevenuederivedfrom
advalorempropertytaxestobeusedbytheEastDistrict'TheMasterIGAsare
expected to provide that the obiigation of the Distticts to pay the East District for
operatingexpensesincurredforprovisionofservicestopropertywithinthe
respectiveDistrictshallconstitute,.debt,,ofthethatDistrict.Accordingly,miil
leviescertifiedtomakenecessarypaymentstotheEastDistrictwillbe
characterized as debt service milI levies notwithstanding that they are imposed to
paycontraotua}obligationsforoperationsandmaintenanceservicesprovidedbythe
East District. The Districts anticipate borrowing its initial operating funds from the
DeveloperuntilsuchtimeastheDistrictsabletogenerateoperatingrevenues.
t7
' The Financial Plans include the proposed debt issuance by the Districts and
shows how the financial operations of the Districts will be coordinated. The East
District is expected to issue limited tax obligation debt supported by ad valorem
mill levies as limited herein from the revenue available from a 45.00 mill levy
(which includes 35.00 mills for debt obligations and 10.00 mills for operating
expenses)' This mechanism will help assure the transition of appropriate tax
revenue to the payment of debt issued to provide services for the Development. It is
presently anticipated that the East District will issue limited tax general obligation
bonds. Other structures may be used and the Districts shall be entitled to modify
the proposed structure of the Financial Plans by causing the East District to obtain
funding directly from the Developer, its lender, or assigns of the Developer,
provided that all such borrowing shall comply with the requirements of state law
and this Service Plan regarding limitations on the amount of limited. tax obligation
debt which may be issued. For exarnple, the East District will be entitled to obtain
funding from the Developer rather than issuing limited. tax general obligation bonds
and agree to repay the Developer from revenue sources to which the East District
might otherwise become entitled pursuant to the Master iGA or other agreements.
Subject to the limitations set forth herein, the Districts shall have the ability to
utiiize excess debt capacity which may be developed within the Districts if the
assumptions contained in the Financial Plans are more conservative than what
actually develops within the Development.
The balance of the information contained in this Chapter of this Service plan
is preliminary in nature. AII dollars are stated in 2010 dollars. upon approval of
this Service Plan the Districts will continue to develop and refine cost estimates
contained herein and prepare for bond issuances. All cost estimates will be inflated
to current dollars at the time of bond issuance and construction. Engineering and
other contingencies as well as capitalized interest and other costs of financing will
be added' All construction cost estimates assume construction to,applicable local,
state or federal requirements.
The maximum general obligation indebtedness for the Districts is not
expected to exceed $40,500,00p; and the maximum general obligation indebtedness
18
fortheNorthDistrictisnotexpectedtoexceed$40,500,000.TheNorthDistrict
shailhaveauthoritytofinanceandconstructallfacilitiescontemplatedherein
withouttheneedtoseekapprovalofanymodificationofthisServicePlan'The
NorthDistrictshallalsobepermittedtoseekdebtautlrot\zattonfromitselectorates
inexcessoftlrisamounttoaccouatforcontingenciesprovidedthatanysuch
authorizationshallnotexceedthemittlevylimitationof50'00milis,
Gallaglrerized.Reasonablemodificationsoffacilitiesandcostestimatesshall
likewisebepermitted.Subjecttothelimitationssetforthherein,final
determinationoftheamountofdebtforwhichapprovalrvillbesoughtfromthe
NorthDistrict,selectoratefromtimetotimewillbemadebytheBoardof
DirectorsoftheNortlrDistrictbasedonthen-currentestimatesofconstruction
costs,issuancecosts,andcontingencies.Authorizationtoissuebondsasprovided
hereinandenterintovariousagreementsdescribedhereinwillbesoughtfromthe
NorthDistrict,selectoratepursuanttothetermsofthespecialDistrictActandthe
Colorado Constitution as amended frorn time to time'
In addition to ad valorem property taxes, and in order to offset the expenses
oftheanticipatedconstructionandtheEastDistrictoperationsandmaintenance
costs,theDistrictswiilalsorelyuponvariousotherrevenuesourcesauthorizedby
law.Thesewillincl.udethepowertoassessfees,rates,tolls,penalties,orcharges
asprovidedix$33-1-1001(I),C.R.S.,asamended.TheFinancialPlansassume
varioussourcesofrevenueincludingadvalorempropertytaxes,specificownership
taxes, and facility fees, together with interest earnings on retained ,*'1]l
].
TheFinancialPlansdonotprojectanysignificantaccumulationoffund
balanceswhichmightrepresentreceiptofrevenuesinexcessofexperrditures
undertheTABORArnendment.Itisanticipatedthatcertainoftheoperations
oftheEastDistrictwillqualifyas..enterprises',undertlreTABORAmendment.
lfitsoperationsdonotqualifyasenterprisesunderTABoR,revenuefromall
Sourceswhichexceedthepermittedlevelofexpendituresinagivenyearwiil
be refunded to taxpayers unless a vote approving the retention
-
of such
revenues is obtained' To the extent annual District revenues exceed
expenditures in this manner the Districts. will comply with the provisions of
19
TABOR and either refund the excess or obtain voter approval to retain such
amounts
The estimated costs of the facilities and improvements to be constructed
and installed by the Districts including the costs of acquisition of land, and
engineering services, legal services, administrative services, initial proposed
indebtedness, and other major expenses related. to the facilities and
improvements to be constructed and installed are not expected. to exceed
$60,354,388' organizational costs will be reimbursed to the Developer by the
Districts out of their initial revenue sources including debt instruments.
The maximum voted interest rate for bonds will be eighteen percent
(r8%); but the expected issuance rate is much lower. This maximum rate is set
at this level just to accommodate some currently unforeseen market conditions.
The proposed maximum underwriting discount will be vcjted at five percent
(5%) although it is expected that the actual discount will be lower for the
limited tax obligation bond issues. It is estimated that the lirnited tax
obligation bonds or other forms of indebtedness, when issued, will mature not
more than forty (40) years from date of issuance pursuant to state statutes.
In the discretion of the Boards of Directors, the Districts may set up other
qualifying entities to manage, fund, construct and operate facilities, services,
and programs. To the extent allowed by law, any etrtity created by the
Districts will remain under the control of its Boards of Directors.
' The Financial Plans demonstrate that the Districts will have the financial
capability to discharge the proposed indebtedness with reasonable mill levies
as limited hereby assuming reasonable increases in assessed valuation and
assuming the rate of build-out estimated in the Financial plans.
CHAPTER VI . PROPOSED AND EXISTING AGREEMENTS
A. Intereovernmentar Agreements [permitted under $ 32-1_ 100r(lxdxl),
c.R.s.l
As noted in this Service Plan, the relationship between the East District,
the North District and the south District, including the means for approving,
financing, constructing, and operating the public services and improvements
20
needed to serve the Development wiil be established by means of lGAs to be
executed by the Districts. The IGAs will establish procedures and standards
fortheapprovalofthedesignoffacilities,transferoffundsbetweenthe
Districts,andoperationandmaintenanceofthefacilities.ThelGAswillalso
provideforcoordinatedadministrationofmanagementservicesforthe
Districts.
TheEastDistrictwiliberesponsibleforinitialreviewandapprovalofplans
for construction of public improvements within the Development, except as to
potablewaterandsewerfacilitiestobededicatedtoRoaringForkWaterand
SanitatiorrDistrict,inwhichcase,theprovisionsofRFWsD'sRulesand
Regulationsapply'TheEastDistrictwillberesponsibletosubrnitanyplans
necessaryforsuchimprovementswhichitwillconstruct.Thepurposeofthis
structure is to eliminate any need for the county to be involved with Deveiopers in
theday-to-dayreviewandapprovaloftheDistrictorDeveloperimprovements
withintheDevelopmentandtominimizethenumberofindividualswithwhomthe
Countymustd.ealinanyreviewandapprovalprocessormayberequiredbeyond
the Development approval process'
B.
ItisanticipatedthattheserviceDistrictwillenterintoanagreementwitha
Master Association for the integration of functions to the greatest extent legally
possibletominimizecostsandmaximizebenefitstobothentitiesandtheir
constituents.
C.[permitted.under$32-1-1001(1)(d)(I),
c.R-S.l
To the extent Practicable'the East District may enter into or assume
assignmentofadditionalintergovelnmentalandprivateagreementstoensure
betterlong-termprovisionoftheinrprovementsandservicesandeffective
management.Agreementsmayalsobeexecutedorassignmentofagreements
maybeexecutedwithotherserviceproviders.Allsuchagreementsare
authorizedtobeprovidedbyeachpursuanttoColoradoConstitution,Article
XIV,Sectionis(2)(a)andSectionZg-'1-2Ol'etseq''?ColoradoRevised
2l
Statutes.
CHAPTER VII - OTHER REQUIREMENTS AND CONCLUSIONS
A. Requirements The North District shall be subject to the following
additional requirements :
l. submission of annual reports as described in $ 3z-i -207(3),
C.R.S.
2. Material modifications of this Service Plan shall be subject to
approval by the Couaty in accordance with.the provisions of S 3z-l-207, C.R.S.
B. Conclusions it is submitted that this Service PIan for RE North
Metropolitan District as required by g 3z-I -203(2), c.R.s., has established
that:
1. There is sufficient existing and projected need for orgalized
service in the area to be served by the North District;
2. The existing service in the area to be served by the North District
is inadequate far present and projected nepds;
3. The North District are capable of providi4g economical and
sufficient service to the area within its boundaries;
4. The area included in the North Distriet does have, and will have,
the financial ability to discharge the proposed indebtedness on a reasonable
basis;
5. Adequate service is not and will not be available to the area
through any other existing municipal or quasi-municipal corporations
including existing special districts within a reasonable time and on a
comparable basis;
6' The facility and service standards of the North District are
compatible with the facility and service standards of Garfield County;
7. The proposal is in substantial compliance with the Garfield County
Master Plan adopted pursuant to g 30-29-108, C.R.S.;
8. The proposal is in compliance with any duly ad.opted county,
regioual, or state long-range water quality management plan for the area; and
22
g.TheongoingexistenceoftheNortlrDistrictisinthebestinterests
of the area ProPosed to be served
Therefore,itisrequestedthattheBoardofcountycommissionersof
Garfreld county, colorado, which has jurisdiction to approve this service Plan
byvirtueof$32-1-204S,C'R'S''etseq''asamended'adoptaresolution
which approves this Service Pian as submitted'
23
EXI{IBIT A
Map of Districts
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DISTRICT
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PROPERTY
METRO DISTRICT
Creek
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RE South, North, and East
CONS€RVATION
E^S€I'ENT
to*po=it" District Boundary MaP
RE South, North, and East
Prolects
Dite:
Mettopolitan District
PEpEred bla
8140 Partners, LLC
Exhlblt:
6t712010
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EXHTBIT B
Legal Description and Map of North District
(RE North District)
:J?l::','l"l'33.ii::';;: i*'Elli-l "it,:Y.l#"":?l*i:':?;ill::fi;'lhf;"Meridian. County of Garfie!d' State c
as follows:
cornmencins at a Garrierd countv :Y'l'1:';i"1.11'*t!!lrB:;;: ;': :i:U"ll il"!i'il"
Ehe southeast corner of said 9t"!i"'"';'til='nlii.i il'"iin"a "?I:l"LT:::ri.t"-,o .tu ",, t . l:l?:"" 1.o:H::i:,":,'$ ;I *i,Ff i:tfl '"iXil" ;"till"" l}'o
bearings being re-t
Br'asscapand"c"Iiitiacountvl::tiltT:"217'i''tt'it"ttcapfoundinPraceEo
witness the south';;;-;;tntt of said section ?;
thence, N 19'38' SZi' * u- di=tunt" of- 2994 ' 68 feet;
r,rlence, N 89'43''0" * I iltiu""" of 683'95 feeE; '
rhence, s 02"00''i" * I ai=t'n"u of 381 '4! feeE;
;ffi;;; s oz:^91::;:: n i m::::: li 3?8.3i-::::;
thence, s 02o14'2r:l I' ii:::'j:: :; ;;.43 feet;
thence. s 86"24'"" " I li"i"n"" :: tu'43 feet;
thence, S 00"24 ''i" i " di=tun"" 7',"''93 feeii
rhence, : :9.ii:li:: I i ii:i:::: :: ii? .'u1 ';2""'"',
thencef s zr q' :;,, ; I J]".un"" of_ 66.97 feeY;
b.hence, s 20"-26::'z-:: : i :'.:::'j:: I? ies.e3 feet;;il#;: iia"oz'26" E a distance oi
t-hence' s 06"{0';;" ; u di"ttn"t of 131'93 feet;
Lhence, s 06'21';;" ; I ii"t"n"" of 86'60 feeL;
thence, s 14'34 ';;" ; I Jl"tut'"" of 108 '46 reet;
rhence, s 21"24';;" ; I Ji't'n"' :: "'e0 reeti
thence, s 02"00';;" ; a. di=t"'"" of l-15 '8A Eeel..i
thencer s 11'09';;" ; a disLance of Ll4'98 feet;
Lhence, s 20"16'i;" ; a diseance of 98'62 feet;
rhencer s 12"25'li" ; a distance of 54'42 feeti
thencer S 54"09'i!" ' a distance of l-01'03 feeti
Lhence, s 36"04';;''; a distance of 41"04 feet;
rhence, S 04"31';;" ; a distance o-f 152'IS feet;
thencef S '13"23'iO" t a distance of 80'76 feet;
thence, S 65"11'oi" n a distance of l-66'96 feeti
Lhence, 5 45'09'ii" i a distance of 65'68 feet;
:H:-1 ; ;1":l:n: ",::=:::::3i 3B;ii.';::i ." the point."'-":::::'"'
" Toqether with a parcel of land situat'ed in Se-ction 7' Township'' llltn' Range 88
weit sixth ,.r".1i"i=i.iiai.n, ""iltr"It*cutii"ra'
sl"L" of Ctlorado' beins more
Iliiti'i;;rY-a""':r"d as rollous i
ny:::lH ": : 3.:i::' ill,:il^::':l il" T:' F, i:: lil,? nr [?,,-;l,[ili' - l] "ii:l *'
:?:i"i;.itil;5I';;*.'i,::';:til3; Ilil ill+:i:i":,o""-;'iierd.coun'[v'
Surveyor, s 2 llZin"t] ,,"', ."p r","a-in place ." -'i,I.I ti" so"tr, I/4 corner of
;i:i.::"it8t';i'00" ',u' q1":il:: or z3e'35 reet;
L.hence, , ro"o6'6i" * a dj'stance ot' LZ't'5? feet; e lef' having 1::di'" of 800'00
:::?:.r :::;::,;ii;;i,ii,iU,;;;l'3"3:*I:":?"!": f::""i:ll?"l l?\"6sriaiig' w
"-ii!tun"" of 621 '14 feet; . at 645.'77 feet;
Lh€rrc€r * za"'iiiai-w u distance of 645"77 feet;
.e refc having a radius of 500'00
lllli': :::;::,;:i;;':l*o:'ti;l;:":::il:":?";': 5::'";:'"1?"; l?-*-"'o''20' ''
a distance of 112.36 feet;
thence, N 4I"35'26" w a disEance of 19B.67 feet;
Ebence, s 2l'01r01" w a disl-ance of 185.28 feet;
thence, 258:32 feet along the arc of a curve to the right having a radius of 300'00
feet, a central angle of 49"20'07'r and subtending a chord bearlng of S 45"41'05" w
a distance of 250-41 feeE;
Lhence, S ?0"21'08" w a distance of 45.6'l feeLt
thence, S 19"38'52" E a distance of 3242-?3 feet;
thence, 79.62 feet along the arc of a curve to the riEht having a radius of 29L5.00
feetf a,central angle of 1'34'08" and subtending a chord bearing of S 18"51'48" E a
distance of ?9.82 feet;
thence, N 89"59r59" E a distance of ?3.94 feeE.-
t.hence, N 06'01,'00'vY a distance of L46'l .90 feet,'
thence, N 08'53'00" I,B a distance of 200.30 feet;
thence. N 00"18!30" [V a distance of zot.00 feet to the point of beginning.
Both paEcels containing 115.31 acres, more or Iess.
RENorth
itan District
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MetroPotitao District
ilistrictvicinitY MaP
Prep.rtd BY:
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RE Notth
MetroPolitan Disttict
District Boundary MaP
PrrEPUcd
8140
6t712010
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Date:
EXHIBIT C
PropertY Owner's Consent
B- oard o li C prrnty Com nn iss.'i on ers
$arfieldCoirnirr
i 08j, &lkstreei. S,uite 213
Glcnwood Springs; CO B!6$t
Re: Proposccl EE North hfletr:opolitun Uixtrict (the..Dijtrictr']
"fo $horn Jt Muy Concem:
Carbontlale lrrveitmenlsl LLC, a Tetas:lin:itetl:tiability conlpany auifrurizcd lo dq trusilress i*CoJqrado, dtc orvnerof the,prspcrq,aunuherl irer.,* u, tiiti'[;;i, ;-#;;r;;;;i'*"*no*cd urcritistitirte *e t?oundffies of rJie Dlitrfct. lt-* p1,rpo*J"fdi;ilu". is tu uJ*,isi iii*iffip*euo*o\\.rlers conseni ra the organiz.aiion olrthe Disrrjct.
CARBONDII LE INvEsTIriI Eiqlr.s; LI,c.
a TexaE Iimircd liability coirlpany.
ci*ga^flr
rla,y ol' Junc, 2u'[ (1. h]'
smt* or fofu[odc ]
counry"tfu,EooU ] tn
,, Subseribed and sr+orn ttl llcitire nre on tfuis .f I-''-Yt5j-ak- o i' Carbrr ri dal d I n + csrmcnts. If -{l:
lSc.ali
h,{-1, cornrni s siou e-t.ph:es
$[ate o,f
!tY E-x.Ftnr':rl
)
)
)
sS
Coung, of _
subscri[:-r-:d- E,d su'orn to befnre rirc {rn this --_* <ro1, ti{'-rune. 20I0i birindividuail!,
($eal)
Itulrlie
l\.{y' comnri'ssion expires
Exhihit A (RE $Xorth Oistrict)
A,perce}oliandsituatedinseci:ionT,TownshipTSou'..'h,Rancje.8Bln.le-.;i:;andin
Sect-.iqn lt anci u""ti"tl-'il '"'otiip
.7 i""ti' *"nge eg tlest of llie -cjxeh' Pri:rcipal
Merldian; Co'nty of Garfie!d, Ij-cat"e oi-iotor-aao' t't:'ng in'r'e'particular'l'V ciescrlhdrl
as fol..LowS:
Commenqilrg at a' Garfi-eld Coun'u)' Surveyo'r' s 2 7/Z inch Bras's Cap found iir place at
Lhe., souLheasu cornl*-r--oi-'Eui-'a sl"tio+=ll"'i*l"t' "*'iit;zg' 08" r,.l ' di=iancd' of 3181;38
fegt Lo bhe Erue pJiti=or tregtnning of'cl''e perc;Fr describecl hereini r'rl't'h er'r
hearinss beirrs "*'fiii'"i".]"'[t^lt"n"it"t'';:?i:;lt
'l on the rine bet"vleen seid
Bra,ss cdp and a Ga:rfielci county_ srrrr"]uo1;"'z 1:/i- i.n.>h BraPc oap found in place ho
Iit.I""'it,I soutn iia "0"'''"t of said section ?;
ffi;; ru'-rsJ.i-E's2;'vl a distaroq oE ?'994 '68' feet;
iffiI;;; * Ai"';;'30!' 1^r a diqLencq or 593'es reec;
;;;;; i oz:oq17s1' w - dioou"'" 'qr l)81 '47 reeL;
ihbnce. s 02"02'os;' 'o a ai=tuntt "I ?!1,i: f::::i
;i,;;;; i oi'tn'z?" w a di'srairce or 55e-04 ree=;
il;;;; I ie 'za'13' E a ciistancb or 86 ''43 feeL;
Lliehse', s gQ"2a'ii* [ " Jitt"ntt ot- t'12'93 reet;
Lhence. s 00:'21 't.i" i t ii"-"t"" o! z-98'53 feet;
;iiil;; . ii"rlie" n a <listancs or r17'67-reet;
il;;;, s 20:26:si' i a distance.o,r- 66'91 -fee'Li-;;;;; s t-e"oz'zst' i a ciiEtance df i'as'93 feez;
thence, s. 06'ro'on" i + ai""'"ce of 1li-?3.feet;
ihence, S 06"?.'|'.-Zii; s a distahce' of'85'60 feeL;
;;'il=: ! iatia'n!': s a dj.""an'e or L03'46-reet;,
Iil;";; i )-t'in'z'" E a distanc-e or ?5'e0 reet;
;;;;;; s 02"0cizrl" vg a distance of 115'84 feel-;
chence; 5 11eC9'OO" i ; a:*tan"" qt 11'4-98 feet;
;;;;;; s 20"16'tro" E a dtstanee: of e8 '62 reet;
il";;;; i-tz"is''3f iE a cliElaoie of 'i4'42^Eeet;
il;;;;; i Eq"og':st'E u '4+s!'Ence of loL:cr3,reet'
:ffi;:;; s iitsa.'ii' e " 6isgsnce'oI: 41101 ^r1u'i;;;;;; i oq":r'Is' E a d'istance of r52:18 -r*':li
;r;;;;; s 13'23'2r" E a distance of tl! 't!tt7et"
;iiil;; t *;s't,t'a:" E a cli'stanoe ol 166'e6 reet;
:";;;: ; ;;'bt'42u E a distanee or 65'68 reeE'
;ii'H:;, ; i;";i'i;' ; . ai't-"" or l0 '3i: reqt; .i,o, ooi^L or heqinn:'
th.enDe, N ,?1,'35'5i!' E a disLance "t Aii='ie- feel tp ihe'; Poltr'i sf: heginning'
IogelirerHithaparcdioElaiiiisituat,eclinse.t:i,cn.-J,Iol,'I\ship,?sou;h,.Ra;rge88!{escsixt.herr.nci.pallilerldian,co,rrcy-"tGarfierd,stsat'e:'ofcorora-ciir'bdi'ngtttoreplttr.rirt.Iy describetl qs iotrlouq:
eo,.i$enci.ng at a. Garfield, CounEy' Surweyor, s 2l/2.Lngt.r Br4s;s Cap foqtld 'in rJ',a,c'e gt
the sout.heEst corier of sairl s."tiin il-th"nce, r'r Sgi"'zgloe" $i;.distance of ltl$1'32
fdeL Lo Eiie. Lrue poific of ,beginninil *i-a, hl.l bearings b6in9 reLaLive t'o a bearing
of N gg"2g,47'i +) oul at. lr,ne beLr,reJn raia Brass cai.ind a Garlie]<j count'y
surveyorr s 7 1/.lir,.n s.ou" c.p roioa";;-Pi;;" to i'iLn*"t Llre Soufh 1/4 cor'er of
sa!<t Si-cti.on '7; - r E--^t .' ihun.e, N 06o0'1 r00" t{ a disrance ot t.sY -ro r's=Li
;;ffi;, ; ;;';;'06' !r a distanc.e or'12't'51 reeii ..us oi: BQc.00
lhencer 644.42 ieet along ttre arc of-a cur-ve to the lefc having A radi
fEeh-r a central-, angle of 46"09'rr" ina subtending a chord bear!-ng ot N 05"36'39" Y'tr
a .iistance of 6zl '14 feet;
;n;;;;; i za"qtlra' w a <jistance'or 645'77 teet;
lhence, 11.2..60 feer alohg the arc-]f
'-a-cur:ve:? ah: lcft havir:g' a radiue of 50o'00
reer, d "rn'..or'Ilgie-;i'iii5{'12'and
subte'nding a cri"ia bearing of i'1 35'08'20"'v''i
a distahce of ii2.3.6 feet-;'
therice., N 41 ".35'25u W a.. drstance of 198,.67 feet;
EhEncd, S 21'Oi'01" hl; a, cl:-siance of lg5,.2B feel.j
tiie.n'ce, 250.32 feeE alongi the afc of a .curvd t:0 the r:i.ght. hairinc-y a rzi,{iu.b ot 3:00-oCfe1!; a centrFl. !F9)"e'oi qg"zo' 07" anci subtending a chorct Uearing of s aS1 4i'oi; tl-a dist.an.ce of 25O;41 t'eet;,
thence. i 70t21'b8" w a dls:ijance of 45.6T feet,thbnce, S 19"38'52' E.a distance ot 3242,.,13: f,eet.;thence, 79.82 feet a.|ong thb drc <if a cutve'uo th-e ri.ghE ha!'inq a rad.ius of 2g1S..00
t:u!, a (:enlfal ?dgrg qt t":3a'08i,: dnd gubtend:i-ng a cnJrd bearrng or s r,adii,il;-;-;dist44.ce o!- 7,9:82 feeti
thence; i{ 89"59 ' 59r E a disearice of 73,1)'4 feex;i:henie. N 06"01'00" W a distanie of 14'5?r90 f.eet;
tliefice,, N 08"53'00." Il 6. disiarice o'f 200.30 fbel;
llrehc.B, Iil C0"18'39,.. ld: a distance i;t ZOf ,00 ,fe€E. L6 rhe poitrr g.f lleg!.rioinE..
Botl-r pArceJ.s, eonf,aining 115.3I F_cted, mor:e or:, l.4sS:.
EXTIIBIT D
Financing PIan for Districts
Not Gattle Creek Metropolitan Districts #t . #3
Garfield County, Colorado
Limited Tax General Obligation Bonds
Table of Schedules
1
Not Caftle Creek #1{3
Cover
5D7lm10
Assumptions
35 Bond Levy Dishict #1 (Southem)
35 Bond Levy District #2 (Nodhem)
35 Bond Levy District #3 (Commercial)
Preliminary as of 05i26/2010
Non Rated - Bank Qualified
Series 2015
7.00% Rate
ParAmount
Pn{ect Amount
(at Closing)
$27,000,000 $23,610,000
1
2
?
4
5
o
7
I
o
01
Cover Page
Bond Levy Cashflow Schedule
Operations Levy Cashflow Schedule
Residential Lot Valuation - District #1 (Southern)
Residential Lot Valuat'ron - District #2 (Northem)
Residential Development Schedule - District #1
Residential Development Schedule - Dis[.ict #2
Commercial Development Schedule - District #3
Assessed Valuation Summary
Facitities Fee Schedule
Series 2015
Debt Service Schedule
Sources and Uses of Funds
11 .
12.
George K. Baum Company 5n7DA10
2
Ndqfthtilr
nlE0l0Not Catlle Creek MBtropolltan Dlstrlcts #l - #li
Gar{leld CountY' colotado
f-fr-fttU f.* e.n"ral Obllgatlon Bonds
Schedule of Bond LevY Cashflows
2010
ml1
?i012
2013
N14
m15
2016
n17
2010
2019
N20
m21
2V22
2023
2024
m25
2026
m21
m28
20n
2030
mx1
mxz
2033
m34
2035
2036
2037
2008
2039
2040
2041
2U2
2043
2U4
2045
Annual
Surplus/
Cumulattve
Sutplusl
Collecllon
Ratio
Debl
29s,176
1,07e926
1,495,522
295,176
1,368,102'
2,863,625
4,$e573
4,553,909
4,579,973
4,282,504
3,971,362
3304,712
2,567,96s
1,869,393
1,118,684
1,153,182
1,181,924
1,n7,821
1,243,839
1,278,059
1,313,071
I,348,670
1,382,074
1,419,s04
1,457,807
1,494,353
1,531,214
1,s62,231
r,58S,720
1,629,322
1,672,369
1,715,756
1,7s6,627
1,804,048
1,850,093
1,910,739
2,402,990
1,668,940
21,336
26,0M
(29?,4691
(31 1,142)
(667,150)
(736,244
(698,5i3)
(750,708)
34,497
28,742
25,903
36,012
34,n0
35,012
35,599
33,405
37,429
38,303
36,545
36,861
31,023
27,483
39,601
43,M7
43,38?
40,871
47,421
46,045
60,646
492,252
Series 2015
Nel Debt
Revenue
Availeblo For
0n
FacilillBs
Fee
Cumulalive
SurPlus
O{nership
Ta(Mirlvalue
Assessed Bond PropeflY
Tax @
Bond
Mill
Property
Tu@
Assessed
Value
Bond
Mill
Ploperty
Tax @
Assessed
Value
r,951,000 ]
2,097,950
2,199,750
2,202,450
2,498,050
2,500,900
2,499,900
2,545,0s0
1,787,850
1,793,950
1,833,3m
1,823,450
1,862,s50
1,06e100
1,899,550
1,902,100
1,936,850
1,936,350
1,977,700
'1,977,750
2,023,9s0
2,027,800
2,056,750
2,053,700
2,095.400
2,098,3s0
2,134,650
2,136,500
2,165,650
1,734,650
295,176
1,072,926
1,495,5n
1,668,948
1,972,336
2,1 14,014
1,902,281
1,891,308
1,030,900
1,7M,653
1,801,327
1,794,y2
1,82?,x47
1,s22,692 I
1,85S,203
1,859,462
1,896,?70
1,89i,112
1,935,149
1,935,505
1,974,219
1,974,653
2,014,246
2014,611
2,0s4,973
2,055,283
2,096,351
2,096,74?
2,138,787
2,139,221
2,182,071
2,182,545
?,226,296
2,226,902
34,254
47,167
s1,2M
68,646
75,542
89,811
106,210
111,653
113,283
1 16,164
116,1M
118,487
1 18187
120,057
120,857
123,274
123,274
125,740
1U,740
128,zil
128,254
130,819
130,819
133,436
133,436
136,1M
136,104
138,027
138,827
141,603
141,603
144,435
r44,435
2,952
13,681
20,636
45,326
4s,539
45,800
42,82s
39,714
33,042
25,680
18,694
1 1,187
11,532
1 1,819
1 2,078
12,4X
12,781
13,r31
13,487
13,821
14,195
14,578
14,944
15,312
15,622
15,897
15,293
16,724
17,158
17,566
10,040
10,s01
19,107
M,(88 1
0
0
0
0
0
0
0
0
0
295,176
546,373
760,867
857,619
8n,lfi
052,623
483,653
224,989
5,s64,201
5,964,201
6,083,485
6,083,485
6,205,155
6,205,155
6,329,258
8,329,258
6,455,843
6,455,843
6,584,960
6,504,960
6,716,65S
6,716,659
6,850,S92
6,850,9s2
8,988,012
6,988,012
7jn,n3
7,127Jn
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
3s.000
35.000
15.000
35.000
3s.000
35.000
35.0@
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
3s.000
35.000
35,000
35.000
35.000
225,864
225,8G4
230,381
230,381
234,-089
234,989
23S,689
z39,689
244,483
244,483
204,57?':
208,664
200,664
212,837
212,837
21t,094
217,094
221,435
221,435
34,815
18S,993
192,?73
192,i73
196,628
196,628
200,561
200,561
2M,il2
1,015,000
5,5r0,000
s,620,200
5,620,200
5;tx2,804
5,732,604
5,847,256
5,847,255
178,549
209,945
318,294
516276
634,862
708,552
r57,110
n7,427
798,461
8',14,947
014,947
831,246
831,246
847,871
847,871
054,829
8M,829
882,1 25
882,1 25
8 9,768
899,768
917,763
917,763
936,'l 18
936,1 18
s54,041
954,841
9n,938
973,938
993,416
993,416
1,013,285
1,013,205
23,248,587 35.000
23,278,744 35.000
23,7sS,398 35.000
23,759,390 35.000
24,234,586 35.000
24,234,586 3s.000
24,71S,27? 35.000
24,719,2r 35.000
25,213,663 35.000
25,213,663 35,000
25.717,936 35.000
25,717,936 35.000
26,23a295 3s.000
26,23a295 35.000
26,758,941 35.000
26,756,941 35.000
27,292,080 35'000
27292,080 35.000
2?,037,921 35.000
27,83?,921 35.000
20,394,680 35.000
28,394,680 35.000
2S,962,573 35'000
28,962,5i3 35.000
29,541,825 35.000
29,541,025 35.000
5,205,500
8,453,220
9,2n,115
15,051,766
18,s09,101
20.657,484
22,073,418
35.000
35.000
35.000
3s.000
35.000
35.000
35.000
13,530,604
14,619,460
'15,?33,251
16,652,282
17,633,982
18,282,536
18,889,i14S
18,889,449
19,267.230
19,267,238
19,652,582
19,652,582
20,045,634
20,045,634
n,446,*7
m,M6,547
20,855,470
20,855,478
21,272.587
21,2't2,597
21,698,039
21,698,039
22,132,000
22,132,0m
2L574,U0
22574,w
8,026,132
n,s28,132
23,486,655
| 2J,486,655
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35:000
35.000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
310,798
383,863
413,194
441,376
501,447
539,651
571,173
604,046
627,094
64?,908
647,908
660,866
660,866
674,084
674,084
687,565
607,565
701317
701,317
715J43
715,343
72S,650
729,650
744,243
7M,243
759,128
759,128
n4,310
t74,310
78S,796
789,796
805.592
805,592
9,061,181
I 1,191.331
12,046,4n
GeoQe K Baum companY
5n?t2010
Year
Not Cattle Creek Metropolltan Distrlcts #1 . rB
Garfleld County, Colorado
Llmlted Tax Goneral Obllgatlon Bonds
Schedule of Operatlng Levy Caahflows
Collection
2012
2013
2014
2015
201 6
2017
2018
2019
2020
2021
2022.
2023
2024
2025
2026
2027
2028
2025
2030
20x1
2032
2033
2014
2035
2036
2037
2038
2039
2040
2041
2042
2043
m44
2045
Dl6trlct f1 (Southernl Dlsklct fl{l 0ther Revenue Total 0pex
Assessed operationsValue Mill
2.00n o@tr LgW
Property
Tax @
9S.0%
Assessed Operatons
Value Mill
200%6l@$ Levy
Propsrty
Tax @
98.00/o
Asssssed 0perations
. Value Mlll
ororcwlh LeW
Property
Tax @
98.0%
Specific
ownership
Ta(
7.00%
Eamings on
Cumulative
Surplus
1.00%
Developer
Advance
Total
Revenue
Available For
0perations
0perafions
Expeose
(5)(6)(7)(10)(1 1)(1 2) (13)(14)(1 5) I (16)
9,061,181
1 1,1 91,331
12,04$,477
13,530,664
14,619,460
15,733,251
16,6s2,282
1 7,633,982
1 0,282,836
18,889,449
18,089,449
19,267,230
19,267,238
19,652,582
19,652,582
20,045,634
20,045,034
20,446,547
20,440,54t
20,855,478
20,855,478
21,2T2,587
21,272,587
21,698,039
21,698,039
22,132,000
22,132,000
22,574,640
22,574,A40
2X,026,132
23,026,132
23,486,655
23,486,6s5
,I0.000
10,000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
io.ooo
10.000
10.000
10.000
10.000
10.000
10.000
10.000
88,800
109,675
118,055
1 32,679
14X.271
154,106
183,192
172,811
179,1 70
185,111
185,117
188,81 0
1 88,81 S
192,595
192,595
196,447
196,44f
200,376
200,376
204,384
204,384
208,471
208,471
?12641
212,641
216,894
216,894
221,231
221,231
225,656
225,656
230, t69
230,169
5,205,500
8,453,220
1,279,715
15,051,766
18,509,101
20,657,494
22,013,418
23,248,587
23,278,7M
23,759,398
23,759,398
24,234,586
24,234,586
24,719,277
24,719,277
25,213,663
25,213,663
25,717,936
25,717,936
26,?3L255
26,232,295
26,756,941
26,756,941
27,292,080
27,292,080
27,837,921
27,837,921
28,394,680
28,394,680
28,962,573
20,962,573
29,541,825
2s,541;825
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10,000
1 0.000
10.000
10.000
10.000
10.000
10.000
't0.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
1 0.000
'10,000
10.000
10.000
10.000
10.000
51,014
82,842
90,941
147,, 07
181,389
202,443
2't6,319
2U,836
228,132
232,842
232,842
237,499
237,499
242,249
242,249
247,094
247,094
252,036
252,036
257,076
257,076
262,218
262,218
287,462
287,402
272,812
272,812
279,268
278,268
283,033
203,833
289,51 0
289,510
1,015,000
5,510,000
5,620,200
5,620,200
5,732,604
5,732,604
5,847,256
5,047,258
5,964,201
5,964,201
0,083,405
6,083,485
6,206,155
6,205,155
0,329,258
6,329,258
6,455,843
6,455,843
6,584,960
6,584,960
6,716,659
6,71 6,659
6,850,992
6,850,992
6,908,012
6,988,012
7 ,127,71t
T,127 ,773
10.000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
10.000.
10.000
10.000
10.000
10.000
10,000
10.000
10.000
'10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
r0.000
10.000
10,000
10.000
10,000
10.000
10.000
10.000
9,947
53,998
55,070
55,078
56,180
56,180
57,303
57,303
58,449
58,449
59,618
59,6't8
60,811
60,811
62,027
67,02r
63,267
63,267
64,533
64,533
65,823
65,823
67,140
67,140
68,483
68,483
69,852
6S,852
9,787
1s,476
14,630
19,613
22,726
25,660
30,.346
31,901
32,367
33,190
33,190
33,853
33,053
34,531
34,531
35,221
x5,221
35,926
35,S26
36,644
36,644
37,X77
37,377
38,1 25
38,1 25
38,087
38,087
39,665
39,665
40,458
40,458
41,267
41,267
30,000
50,000
3o,ooo
50,000
il9noo
205,993
223,626
299,79S
347,386
352,237
463,856
487,628
494,746
50i,320
507,328
517,474
517,474
527,&24
527,824
538,380
538,380
54S,148
549,1 40
560,r31
560,131
571,334
571,334
502,760
582,760
594,415
594,415
606,304
606,304
610,430
610,430
630,738
630,798
30,000
50,000
149,600
205,993
223,626
299,79S
347,386
392.237
463,856
487,628
494,746
50r,328
507,328
511,474
517,474
527,924
527,824
538,380
5S0,380
54S,148
549,1 48
560,1 31
560,1 31
571,334
571,334
582,760
582,760
594,41 5
ss4,415
606,304
606,304
618,430
|
618,430
|
630,798 I
630,790
7,674,222 1,090,791 0 16,753,525
3
!{orCa0r Cdeh fl+3
C6h0cr op.x
5AlA0r0
Annual Cunrulativo
Surplus/ Surplus/
Deficit
George K. Baum Company 512712010
Disklct f2 (Northern)Sur
(2)(3)(4)(8)
t42
4
slqi.hdtrd
Cdn0l.bn
Yat
Nol Catll8 Crsek Matropoltten Oktrlctt #1 '
'BoerflEld countY, Colorado
utn tierr r.x Oeneral Obllgatlon gonds
Resldentltl Lol ValuEtlon ' Dlrtrlct fl (Souther0)
AsserscdVacant Lol-tncome
Restricted
G8rdeo Homos
lncomc
GErdon HomsBTownhomos (01)GBrden Home$
(02)
Garden Homos
(00
Luury
Toilnhomes (02)
Luury
Totflnhomos (0,l)Alleched (021Alached (01)Vi[age (118 Acrs]Vilhg€ (lrt Acro)MalBt
Valuo
Eslals (1/4Acre)MsIkoIEstslo (>lr4 Acre)MarketMarket
Value
MarketMartetMarlct
Unib
MarkBt
Valu0
MtrketMarketMa(ket
UniB
MsrketMarket
29%
9,061,181 |
9,424,664
7,6E3,830
5,623,001
3,?80,473
3,256.512
1,980,045
1,11L122
284,200
6,827140
3,903,070
980,000
31,245,450
32,498,840
2f ,185,6N
19,389,660
r3,063,700
.l 1.?2S.350
35
35
35
35
x2
20
18
10
1
0
55,212
fi,212
55,212
55.212
55,21L
s5,212
55,212
55,212
55,212
35
35
35
35
32
26
18
10(
2
1
0
50.658
58.650
58,658
58,050
58.668
58,658
58.658
58.658
56,658
65
65
65
65
05
45
12
0
0
0
0
0 ?0,000
70,000
70,000
70,000
70,000
70,000
70,000
70,000
0
0
0
0
0
0
0
0
0
0
0
0
80,000
80,000
80,000
80,000
J
80.000
00,000
00,000
80,000
80,000
00,000
80,000
80,000
0
0
0
0
0
0
0
0
0
0
0
0
85,000
05,000
85,000
05,000
s5,000
05,000
85,000
05,000
05,000
85,000
85,000
05,000
40
40
40
40
35
30
25
20
'15
10
5
0
90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
40
40
40
40
35
30
z5
20
15
10
i
0
85,000
85,000
0s,om
05,000
85,m
85,000
85,000
85,000
85,000
0
0
0
0
0
0
0
0
0
0
0
0
95.oml
95,000
95,000
95,000
95,000
95,000
95,000
95,0q0
95.000
95,000
95,000
95,000
?s
26
26
28
21
14
7
0
0
0
0
0
90,000
90,000
s,000
80,000
90,000
90,000
90,000
90,000
90,000
m
96
96
90
85
7t
57
39
3t
18
1'1
4
95,000
95,000
95,000
95,000
95,000
95,000
95,000
95,000
9E,000
40
40
40
40
30
36
x2
28
26
18
12
6
100,000 I
100,000
100,000
100,000
100,000
100.000
100,000
100,000
r 00,000
30
30
30
30
u
24
18
12
9
4
2
0 160,000
160.000
160,000
160.000
r60,000
160,000
'160,000
160,000
160,000
6
6
6
6
6
6
6
6
6
4
2
0
175,000
1?5,000
1?5.000
175,000
Groqo K. Baumcompary
I,iln010
valurtlon
unils
Not Cattla Creek Metropolltln Dlrlrtcts ,'l - 13
Oorllsld County, ColoHdo
Umit€d Tax GenEnl ODllg{llon Bondr
ReDldenllal Lot Valuatlon - Dlsklct f2 (Northeml
2021
5
0bldc r[1&ft
Eslale (>l/,1 ArE)Esl6lo (14 Aqo)Yrnsgo (l,t tum)Mlego (l/8 Ac{6)Luuy
IMhms (011
Lw.I
Imhm$ (02)Tmnhm4 [01)
Condo/ADEtnsnls
(01 Apl)
Cordo/Apntreols
102 AP0
Cofido/Apailmnb
(01 Ccrdo)
Condo/Apqlmf,E
{0? Cohdo}
lmm Resldclod
6aden HmEs
(01)
ln@m. AEhlctod
Gordon Hmr
(02)
Vftant Lot
Vrlual166
Arsarrod
VrlEli6n
YaHnt Lot
Vqlualloi
Arrrrted
Vrlu.llon
[tfllBl
Unib Vafue
Miltst
Unilr Votue Unils
MdIEI
Vahn
M{tel
Unilr Valuo
Mdksl
Unfls Vdue
Mdlot
thib Vatuo
l,lnlot
Lrnits Vrtue UniLr
Matql
Vehb
M6rkel
Uru'13 vrlw
lrtrtet
Unils Vdue
MdTd
Unil6 Vat E Utib Vrlu.
Mdhet Milket
tJrils Voluo
175,000
r75,000
r75.000
1 75,000
175,000
t?5,000
lt
tl
lt
1t
tl
il
11 160,0@I 160,m06 100,000
2 160.0C00 160,0000 ,60,000
77
t,
3t
t7
3'l
t3
0
0
0
0
100,m0
100,000
100,000
1m,000
rc0,000
'100,001)
100,000
,l00,000
r00,000
150
150
150
't9
14J
121
91
51
32
14
0
0
95,000
95,000
96.000
95,000
95,m0
s5,m0
95,m0
95p00
9r,@0
E5,(n0
85,000
85,000
85,000
65,000
65.@0
85,000
85.000
s0.000
90,c00
90,000
90,000
90,000
90,000
!0,000
90,000
123
r2J
123
113
t?i
r15
103
81
5l
21
0
0
70,000
70,000
70,000
70,000
70,000
m.000
m,m0
ru.m0
110
110
fi0
1,t0
t10
110
110
lt
22
0
0
0
{0.000
40.000
10,000
40,000
10.0m
{0.000
90
s0
90
90
9{)
90
90
s0
61
t0
0
0
45,m0
45,600
45,C00
45,000
15,0C0
40,000
40,000
,,0.000
40.000
40.000
40,000
tz
7Z
7Z
50
14
0
0
45,000
45,000
45,000
45,000
45,000
58,658
50,050
58,650
50,650
50,658
5S,650
,{0
40
40
{0
40
{0
40
38
30
21
12
4
tt,2t2
55212
55,212
55,212
56'212
55,2r2
17p50,m0
20,1ssr00
2e270,m0
32,759,8C0
31,194,320
17,901,100
6851,270
,J00,440
455.480
79tt
5.205"5m
7,501gfi
6.4s6J00
8.500,342
9,046153
5,19t.319
?,015,650
196,268
132,08s
49,195,450
50,653,640
49.455,620
52,r4SJ60
44,258,0m
29,130,450
13,779,0r0
s,270J10
ld35,4g)
29'.
14,206.G81
r7.009,614
t4.3{2,130
1s,123.34!
12,014,828
0,441,s31
1.9951r3
1,528390
4i6,2m
G€ffgs K.8rm Coapry 5mn0$
Not catilq CEek Mcl@politrn Olstdcb !l -tl
Gerneld CountY' Colondo
itmiteo Trx sengmt ODllg0lton Bonds
Re!ldcothl Unlts sqld ' Ollttlct fl lsoutheml
201 I
2012
2013
al4
ml5
2016nlf
2010
20t9
zun
!n1
CunU.liYi
AtrttaodA!i$r.d
Vrlur
P.g.1 Rorldtr{rl
o rvrloim cn{d!3
l@m Rett Htd
car&n HdM {04
l@tr R6lrid.d
G.rd.n HomE (01)To6ltm6 (ol)
I untu val@runil
Gaidon Homs
(04
Vdw I
I rrd3 udlVal@ I
t ni$Unil
Gilden tloms
Ft)
Lqury
Tmlpm02)
VCc I
unih ur{l
LuqY
TMtoM(01)
lu"ir uL
Atlaitted (0ZlAflEhed (0t)VIrge(llBAde)Wegq (1iE AdllErl,l. (1rl /rc@)Ertah Plr4lm)
Yd@,
Un& U.il
Vdw I
UntB tlrvdE,
unil! uniltrnils vdFrUnl
t7,478,@
r,5s5,143
3361,,(?4
7,€1.510
10,408,$l
11,?62,197
1L957,63s
15,454,2f2
16950,848
r$5,1{3
J
2,39580!
351?,066
LS15.325
1,3$Jfi]
a195,$0
r,4SG,576
1,496,5n
525,380
16.t01,210
! 8.801,210
6,6C0,m
10,91?,630
30,100,2f0
&,121.600
38.6?{.680
l1,mas0
27,501,530
3
0
0
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213,218
2a7,71d
217.210
2{1,278
243,270
241.278
243,278
2(}.278
247218
217:118
243,278
2{i,216
z+r,718
3
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218.912
210.932
218,932
218.9J2
218.!32
218J32
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216,932
218.932
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357,m0
357.m0
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152,m
357I00
367,m
r57.000
167,m0
35l,mo
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{23.000
18,m0
123.m0
4D,m0
423,000
123.CS0
423,m0
123.m0
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423,60
44.m0
517,000
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517.m
5r7,m
517,00
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sl7,0m
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'39,m0539.000
53s,000
$9,m
s39,0(n
5$,0m
539,000
58E,C00 ]
58!,0m
580,0@
586.000
508,0m
508,0t8
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500,0m
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539.0d
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588,m
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588,06
560,0m
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676,000
676,0m
576,60
576,04
5r5,0d
570,0m
576,0m
578.0m
576,000
576,0m
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. .528.00- 520,m- 5?0.0m. 528.000
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6m,0m
6m,0{o
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600,000
6m,0m
6m,000
6m,0@
6@,0@
600,0m
2
4
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700,000
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700,c00
700,m0
700.@0
700,m0
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700.m
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700.000
3 qt2,m
5 S52.000
2 952,0m
2 352,000
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952,0m
952.0m
952,06
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3 95Zm6 C5Z@5 sSam
1.200,000
2 1,200.m
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Not Caftle Greek Metropolitan Districts #'l ' #3
Garfield Countlt, Colorado
if rit.o Tax General obllgatlon Bonds
Commerciat Square Footage Developed ' District #3 (Commercial)
Complelion Assessment Collectlon
YeorYeatYear
2010
2011
2012
2013
2014
201 5
2016
2017
201 I
2019
2020
2021
2022
2023
2024
2009
201 0
2011
201,2
201 3
2014
201 5
2016
2017
201 0
201 I
2020
2021
2022
2023
2011
2012
201 0
201
2021
201
201
2015
201
Tract C3 (Hotel)Tract G3 (Land)Tract C2 (Retail)Tract C2 (Land)Tract C1 (Retail)Tract C1 (Land)
Value/
RoomsAcres
Value/
AcreFI
Squaie Value/
Acres
Value/
AcreFt
Square Velue/Value/
Acre
66,667
66,667
06,667
66,667
66,667
66,607
66,067
66,667
06,667
66,667
66,067
06,667
66,667
66,667
66,667
66,667
3.90
3,90
3,90
3.90
3.90
3.90
3.90
3,90
,:o 384,615
384,615
384,015
384,615
384,615
384,615
384,615
304,615
j:i;,:1,!,.0t0, ;
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
4.00
4.00
4.00
4,00
4.00
4,00
4.00
4.00
o_oo 250,000
2s0,000
250,000
250,000
250,000
250,000
250,000
250,000
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
15,000;
4,40
4.40
4.40
4.40
4.40
4,40
4.40
4.40
o:oo n7,273
777,273
227,213
227,273
zz7,273
227,273
227,273
227,273
I
lhtC.tL $oek #1+l
Cmmdclal I
Assessed
Value
Commercial
Developmont
Value
29
1,015,000
5,510,000
3,500,000
1 9,000,000
Ge6rge K. Baum ComPanY
st27t2010
Not Cattle Crsek Metropolltan Dlstrlctr #1 -#3
Garfleld County, Coloredo
Llmlled Tax General Obllgatlon Bondt
Assessed Valuation Summary
Cooplolim A$.smml Ta Cofl.dth
Ye,Ya6r
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
20m
m21
mn
m23
2024
2025
a26
2027
mu
ME
2030
2031
2032
2033
2034
2035
ZUJb
2037
2038
2039
2040
2041
m42
2043
2044
2M5
2045
2M7
m48
2049
2010
2011
2012
2013
201t
2015
2015
2017
2018
2015
?020
n21
20n
2023
2024
2025
2028
20n
2029
2029
2030
203r
2032
2033
mu
m3s
2036
?037
2038
2039
2040
2M1
2042
2W
2044
2045
2UE
2M7
2W
2049
20s0
2031
2051
m1
N1
201
201
lncremBntal-oBtrufi 17,476,208
ln$emental- olstrhl fiz 22,192,468
Incrsment0l.Dislrbtffl 5,510,000
Total 45,178,676
&lC.l! Or.lnm
Dlslrlct fll (Soulhem) AEses6ed Value 0i6trlcl t2 (N0rthern) AEEers0d value DlEtrict S3 (C0mm0rclal) AE6esEed Value
Undeveloped Resldenllal GmwlhFaclor Cumulalive
Land value oeveloomeot 2,0010 Assessed Value
Undevebped Residential GowlhFactor Cumulalivo
Land Value DeveloDm€nt L00/r l€sessed Value
Commercial GmwliFaclor Cumulalive
Development 2,0o/o Assessed Valus
$1,n4
240,930
2e2,;Be
333,046
355,6;3
377,789
res,34s
393,052
4ooji3
408.93t
qrrrro
4?5,452
+er,ssr
442,540
451,493
460,s23
469,?33
479,128
480,;10
9,061,181
1 1,191,331
12,046,477
13,538,6M
14,619,460
15,733,251
16,652,282
17,633,982
18,282,636
18,889,449
18,889,it49
19,267,238
19,m7,238
19,652,582
19,652,582
20,045,634
20,045,634
2t,446,547
20,M6,547
20,855,470
20,855,478
21,272,597
L',t,272,s97
21,698,039
2r,698,039
2e132,000
22,132,0M
22,574,640
22,574,640
23,026,132
23,026,132
23,486,655
23,486,655
23.956,308
23,956,388
24,435,516
24,435,515
24,924,zfi
24,924,zfi
(531,984
11,276/6n
9,061,1 81
363183
(1,540,834)
(2,2m,828)
(1,834,528)
1,585,443
2,395,981
3,5r2,086
2,915,325
1,353,363
2,195,498
r,496,576
1,496,576
525,360
(s47,922)
(847,922)
(2M,200)
5,205,500
8,453,220
9,279,715
15,051,766
18,509,101
20,6si,484
u,073418
23.248,387
n,278,7M
23,759,398
23,759,398
24,234,s86
24,234,586
24,719,277
24,719,2n
25,213,663
25,213,663
25,717,936
25,717,330
26,232,2S5
26,n2,295
26,756,941
26,756,941
27,292,080
2T,292,080
21,ilt,921
27,8i7,921
28,394,680
28,394,680
28,56L573
28,962,573
29,541,825
29,541,825
30,'132,661
30,132,661
30,73t314
30,ns,314
31,350,021
3r,350,021
s14,359
5,205,500
2,37S,450
(1,r 26,6501
3,042,M2
(453,989)
(3,0s5,034)
(3,r75,451)
(1,619,601)
(264,r78)
(r32,089)
764,100
1,953,145
LilA,414
3,9r1.324
5,63r,235
4,s91,385
2,353302
294,33s
147,1S8
1U,110
185,594
370,182
q+r,ioe
465,fls
47s,1SS
484,692
qsa,iso
5M.273
524,646
535,139
545,842
556,758
567,894
51g,251
590,836
602,;s3
614,706
110,200
112,4U
ffi,i52
116,945
119,2M
,lr',,uro
124,103
r26,585
129,1lt
rst,69g
134,333
137,0;0
133,760
rz,iss
145,407
,ot,j',u
1,015,000
5,5,l0,000
5,620,200
5,520,200
s,732,W4
5,732,604
5,847,256
5,847,256
5,964,201
5,9M,201
6,083,485
6,083,405
6,205,155
6,205,155
6,329,258
6,329,2s8
6,455,0€
6,455,843
5,584,960
6,584,960
6,710,659
6,716,659
6,850,992
6,8s0,992
6,988,012
5,988,012
I,127,773
7,127,n3
7,270,328
7,210,328
7,415,735
7,411735
7,564,049
7,564,049
1,015,000
4,495,000
|t.479.200 7.448.010 n,192,468 I,157,553 5,510,000 2,054,049
Gsorgs K. Baurn Comparry 5127nA|
o
Not Catlle Creek Metropolitan Dlstrlctt #1 - fJ
Gnrflold County, Colorado
ir-#iJio cdntlat obllsetlon Bonde
Schedule of Facllltlss Feea
P€rmlt
Yeal
2010
Nl1
n12
2013
2014
2015
2016
2017
201 I
201 s
nm
m21
N?2
2023
2024
2025
20?:6
2m7
mm
MN
Fse
Totrrhom*
AtEched AttachedVilage ('1r€ VillsgE (118
Estate (>1/4 EltatB (1/4
Cordo.rAPartm eols Condo/AParhanls Condo/AParlmenls Condo/APaimenlsRasLicted
Gatal6n
Rostrlctad
GaldenLuxurY Lwry
TownhmEs Tomhomos
7,298
14,597
19,462
29,1S3
26,mI
29.193
24,328
21,895
9,731
6,568
13,136
17,515
26,272
24,003
26212
21,893
19,704
9,757
29,400
47,040
{7,tN0
2S,400
29,400
29,400
29,400
29,400
26,950
4X,\m
43,120
26,950
26,950
26,950
26,950
m,950
26,400
36,960
36,960
36,960
114,000
186,000
288,000
280,000
222.,000
186.000
126,000
4em0
24,000
99,960
160,650
121,380
107,100
r07,100
74,970
56,000
77,000
91,000
77,000
56,000
56,000
42,000
42,000
42,000
20,560
28,560
57,120
85,680
57,120
m,160
38,080
19,0q0
66,584
110,208
43,624
46,200
77,000
30,800
66,974
109,593
42,620
50,1 19
83.5il
33,413
24,000
24,m0
40,m0
24.000
24,000
Nlc.ekltrldl0
235,176
546,373
760,867
852,619
977J13
852,623
483,653
224,989
84,488
Geoqe K Baum ComPanY
sn7i20l0
Not Cttth Creek Hetqpofrbn Didrtdo #t - fs
Garlleld Coonty, Golorado
Lihled TuGtrmlObtigation Borda .
Seriet 2015
DeltSRHlc. Schedule
$2,000,000
&7@10
11
TAX
Inlere(Annual
P&rYea Principal RalE lntEEEt P&t lnl€resl L00%
DSRF Earolngs NBI Annul
P&l
0il01i 16
1ZDlt16
0u01/17
1W1n7
06i01/18
12fr1t18
06/01/19
fin1t19
00/01,?0
12n1t20
06J0121
1?n1n1
06t01t22
w01n2
0601/23
fifr1n3
06b1n4
12fr1t24
06,01/25
12tD1t2s
06/01P0
12t01ffi
06Mm
1281n7
O6MNE
fiMIB
060129
1?n1n9
06rc180
lAUR0
06i01al
1?101R1
06/01/u
12MR.2
06/D1/33
1f][l'B3
06m1/34
1A01/3'1
06/01/35
l?1o1E.5
06/01/36
12n1R6
06n1l37
1U01Et
06,01/38
1AAtfi
06,0u39
fin189
60,r/40
1A01h0
06t01/{1
fln1tlll
06Mt42
1?t01142
0B&1/{3
l?01t13
06flu44
12fr1t44
05/01t45
12J01t4s
115,000
260,000
390,000
420,000
ias,ooo
800,000
855,0g0
960,000
27 0,000
, 295,000
355,000
370,m0
{3s,0m
465,m
sss,o00
575,000
650,000
695,000
78s,000
840,000
sas,000
1,01 5,000
1,1r5,;00
'1,190,000
rJ15,000
1,410,000
r,5{s,ooo
1,655,000
r,goo,ooo
{,195,000
945,000.00
945,000.00
940,95.00
940,975.00
931,87500
931,875.@
918225.00
9t8,225.00
903,525.00
903,525.00
8ri,4s0.00
877,{50.@
849,(50-00
849,450.00
819,525.00
819,s25.00
785,92s.00
785,92s.00
r/5,475.00
26,175.{X)
766,150.00
766,150.00
7s3,725.00
753,7?5.N
740,r/5.00
740,7t5fi
725.550.00
725,550,00
7ts,275.00
7tsfls.00
690,550.00
680,550.00
6'/0,{25.00
670,{25.m
617,67s.00
64i,675,00
623,350.00
6'23,3s0.00
595,875.00
s95,875.00
566,47s.00
566,47s.00
s33,400.m
533,400.m
497,875.00
19i,875.m
458,8s0.m
458,E50.(E
417,200.fr)
417.4n.m
37l,r7s.m
37r,175.00
3?1,8?s.00
3A,825.00
267,750.00
267,750.00
209,825,00
209,82stro
1{6,82s.00
146,825,00
945,000.00
1,060,000.@
940875.00
1,200,975.00
931,87s.00
1J?l,E7s.00
9t8,225.00
1,338225.00
903,525.00
1,648,525,00
877,450.00
1,677,4s0.00
E{9,450.00
1,704,4s0.00
8r9,525.00
1,n9,s25.00
785,925.00
1,055,92s.00
r/6,{75.00
1,071,475,00
766,1 50.00
1,121,r50.00
79725.00
1,t?3,2s.00
740,775.00
1.17s,75.00
r25,550.00
I,190,550.00
.709275.00
1r4{,27s,00
690,550.@
1.26s,5s0.00
670,4?5.m
1J20,4?5.00
647,675.00
,l,342,675.00
6'a35o.m
t ,108,350.00
595,875.00
1,43587n00
s66,475.00
1,511,{75,00
s33,100.00
1,54E,{00.00
19,875.00
1,61e87s.m. {58850.00 .
,,648,8s0.00
417,200.00
1 ,732,200.00
371,175.00
1,781,175.00
321,825.m
.l,866.825.00
267,7s0.00
1,Wfi.00
209,6a5,00
2,009,825_0C
1 46.825.00
{,341,E25.00
2,00s,000,m
2,141,950.00
2,253,750.00
2,256,450.00
2is2.050.00
2,55{,9@.00
2,553,900,00
2,599,0s0.00
'1,841,8s0.00
1,8478s0.m
1,887300.00
1,8n,{50,00
'1,916,ss0.00
1,91 6, I 00.00
1853,550,00
1,9S5,100.00
1,990,850.00
1,990,350.00
4031,700.00
2,031,750.00
2,077,950.00
u,081,800,00
2,110,750.00
2,107.700.00
2,1{9,4m.00
2,152,350.00
2,188,5s0.00
2,190,500.00
2,219,6s0.00
{,488,650.00
(2,000.00)
(27,000.00)
(27,000.@)
(27,000.m))
(?7,0m.00)
(z/,000.m)
(27,000.00)
(27,000.m)
(27.000.00)
{27,000,00)
(27,@0.00)
(27,m!.00)
(27,$0.00)
(27,000.00)
(27,000.00)
(27,000.00)
(27,000.00)
(27,000.00)
er,000,m)
(27,@0.0,0)
(27,000.0s)
(27,000,00)
(27,000.00)
(27,0m.00)
{27,000.00)
(z,0m.m)
(zI,000.00)
(27,000.00)
(a,000.00)
(27,000.00)
(27,000.['0)
(27,000.00)
(27,000.00)
(ur,00000)
(27,000,00)
(27,000.00)
(27,000.00)
[27,000.00)
(27,0m.00)
(27,000.00)
(27,@0.00)
(27,000.00)
(2,0m.00)
87,0m.00)
(27,000.00)
(27,000.00)
(27,000.u))
(27,000.00)
(2i,000.00)
(27,000.00)
(27,000.00)
(27,0@.00)
(27,000.00)
(?,000.00)
(27,000.00)
(zI,000.00)
(2,000,00)
(27,000.00)
(27,000.00)
(2,727,000.00)
1,951.000.00
2,087,950,00
2,199,750.00
2202,4fi.00
2,498,050.00
'2,500,900.00
2,,{99,900.00
4545,050.00
1.7828s0.m
1 ,793,9s0.00
1,8$,3m.@
1,8?3,4s0,00
1.E6ass0.m
1,E6a100,00
1.899,550!0
1,90a100,00
1,936,850.00
1 ,936,3s0.00
1,9r,,700.00
1,9rr,750.(D
i.02rpso,oo
e027,800.00
2,056,750.00
4053,700.m
e095,400.00
2,098,350.00
2,134,6s0.00
4136,500.00
2,15s,0S.00
1,R{,650.00
7.00
7.00
7J0
i.m
i*
7.00
7Ip
7.00
ro0
i.00
7.00
7.00
,.r,
7.00
700
7.00
iJ0
7.00
700
7.00
*
7.00
,.oo
7.00
7.00
7.00
7n0
i.00
,lro
7.00
27,000,000 38,925,S50.00 65,925,95000 65,S25,9s0.00 0.00 (4,320,000.00) 61,60s,950.00
Dsted
SBtUemsr(
12mln5
1?Mn5
AreragE Coupn
Ntc
TC
A6irags Yistd
Bood Y€ars
Average Lih
/lrrlued lnl8rEd
7,000000
7.097107
7.mt553
7.000000
s56,085.00
20.60
0.00
GaorgB K Baum Coopsny
5rnpuo
Not Cattle Creek Metropolitan Districts #1 - #3
Garfield CountY, Colorado
iirit"C Tax General obligation Bonds
Series 2015
$20,00 /$1,ooo
12
Not Cattle Creek #1#3
Souices/Uses
512712010
27,000,000.00
27,000 ,000,00
23,610,000,00
2,700,000.00
540,000.00
150,000.00
0.00
27,000,000.00
Sources and Uses of Funds
Sources
PrincipalAmount of Bond lssue
Uses
Project Fund
Reserve Fund
Bond Discount
Cost of lssuance
ContingencY
George K. Baum ComPanY
512712010
E)GIIBIT E
Preliminary Engineering Cost Estimate
Pretlminery Englneering Cost Estlmates
Note:costsarebasedonunitlinearfootpricesforroad,trall,sldewalkandutilitiesandunitsquarefootprlcesforrecreatlonandlandscapedareasas
presented in Plan exhiblts"
Cost Summa Total Costs
1-Collector
(
Subtotal
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Strucbrres
Subtotal
1
and
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Sewer
Recreation
and subtotal
To&I
Total
Total
Cash Flow Pro Forma Model
Carbondale lnvestments, LtC
Prepared bY 8140 Partners, LLC
Engineering Consultaots
La* saved: 05-19-10 1!18i20 AM
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RE, SOIJT}I ME,TROPOLITAN
DISTRICT
SERVICE, PLAN
RE SOUTH METROPOLITAN DISTRICT
GARFIELD COTINTY
COLORADO
PREPARED BY
MILLER ROSENBLUTH, LLC
7oo r Tth srREET, suITE 22oo
DENVER, CO 80202
CHAPTER I - INTRODUCTION
A. GENERAL OVBRVIE\X/
1. MultiPle District Sttucture
2. Benefits of Dual Disttict Sttuctute
a. Coordinate Services
b- Fireance Management
c. Bond Intetest Rates
3. Coofigutatioa of Distticts
4. Existing Services and Distticts
5. ProPettY Owner Associations
1
1
,
5
3
5
5
5
6
6
B 7
10
11
CHAPTER II - NEED FOR NEW
DISTRICTS AND GENERAL POWERS
C
D
A
B. GENERAL PO$rERS OF DISTRICTS
7. Leg*LPowets
2- Other
3- Water and Sanitation
4. Streets
5. Fite Ptotection
CHAPTER III - DESCRIPTION OF FACILITIES
AND IMPROVEMENTS
A. GENBRAL
B. GENERAL DESIGN
C. IMPROVEMENTS
1- Public ImProvements
2- General Operation and Maintenance
CHAPTER IV - COSTS AND REYENUE
SOURCES
77
77
12
72
72
73
13
74
L4
14
15
15
15
15
A.
16
16
16
16
16
16
76
1. DeveloPmeot - CzPttal Costs
2. Auoual Opetation and Mainteflaflce Costs
3. Debt Service
B. REVENUE S,OURCES
1. ProPettY t"*.t
2. Facility Fees
3- User Fees
4. Specific Ownership Tax
5. Eatnings ou Curnulative Sutplus
CHAPTER V - FINANCTAL PLAN
SUMMARY
CHAPTER VI - PROPOSED AND EXISTING
AGR.EEMENTS
A. INTERGOVERNMENTAL AGREEMENTS
B. .AGREEMENT WITH MASTER ASSOCIATION
C. OTHER AGREEMENTS/AUTHORITY
CHAPTER VII _ OTHER REQUIREMENTS
AND CONCLUSIONS
A. REqUIREMENTS
B. CONCLUSIONS
EXHIBIT A - Map of Distticts
EXHiBIT B - Legal Description and Map of Notth
District
EXHIBIT C - Ptoperty Ownet's Consent
EXHIBIT D - Financing P[an for Districts
EXHIBIT E - Preliminary Engineeting Cost
Estimates
17
17
17
17
17
20
20
27
21
,,
22
22
CHAPTER 1 - iNTRODUCTION
A. General Overview
This service Plan (hereinafter defined as "service Plan") for RE South
Metropolitan District (the "South District") constitutes a service Plan for a
specialdistrictthatisbeingproposedinconjunctionwithRENorth
Metropolitan District (the "North District") and RE East Metropolitan District
(the .,East District") (the South District, North District and East District shall
hereinafter be defined collectively as the "Districts") proposed to be otganized
to serve the needs of a portion of a residential and commercial community to be
known as "Rivers Edge Development" (the "Deve10pment")' The Devel0pment
is located at the junction of CRl13 and SH82 between SH82 and Roaring Fork
River south of CR114 and north of Aspen GIen, and straddles Cattle Creek, the
Roaring Fork Transportation Authority rail right-of-way' The Development
consists of approximately 23g.g4 acres and contains comlnercial development'
up to 1200 units of residential development including the affordable housing
component required by Article 8 of the Garfield county unified Land use
Resolution. A map showing the boundaries of the Districts is provided in
Exhibit A. Specifically, the South District is located at the junction of cR113
and SH82 between sH82 and Roaring Fork River south of cR114 and north of
Aspen G[en, and straddles cattle Creek. The south District consists of
approximately 1 L2.7 actes anticipated to include 413 residential units planned
for a portion of the residential component of the Development including
affordable housing units and an 8,000-12,000 square foot mixed office'
recreation and commerciai building. A tegal description of the south District'
avicinitymapofthesouthDistrictandamapofthepropertywithinthe
boundaries of the South District are attached as part of Exhibit B' Fieure I - I'
at the end of this chapter, contains a general "Development Plan" for the
development to be included within the Districts, including development' The
Developer is the owner of all the property to be included into the South
District under this service Plan and has consented to the formation of the
south District, which consent is attached hereto as Exhibit c'
1
The public infrastructure to be constructed by the Districts may include
some or all of the following: certain roads/signage, public trail system, potable
and non-potable water lines and associated facilities, wastewater collection
lines and associated facilities, water tanks, administrative and office facilities,
weed and pest control, fire protection facilities and service, fire hydrants,
vegetation manipulation and management, drainage, transportation facilities,
public recreation improvements, and such other public improvements and
facilities that may be necessary and appropriate. The East District will serve as
the coordinating district for all three Districts and will provide for the operdtion
and maintenance of the public infrastructure subject to intergovernmental
agreement or agreements ("IGAs") with the North District and the South District.
This Service Plan addresses the public improvements that may be provided by the
Districts and demonstrates how the Districts propose to serve the needs of the
Development.
1. Multiple District Structure [permitted under $ 32-i-1001 et seq.,
C.R.S.l This .service Plan is submitted in accordance with Part 2 of the Special
District Act ($ 32-l-201, et seq., C.R.S.) (the "Control Act"). It defines the
powers and authorities of, as well as the iimitations and restrictions on, the
Districts.
Each of the Districts witl stand on its own with respect to its statutory
pow'ers and authority under Title 32, Article I, Part 10, including, but not limited
to such general powers as the authority to enter into contracts and agreements
affecting the affairs of the special district, $ 32-1-1001(lXdXI), C.R.S., the
power to borrow money, incur indebtedness, and issue bonds, $ 32-1-1001(1)(e),
C.R.S., and the power to furnish services and facilities outside the special district
and to establish fees for such services and facilities, $ 32-1-100i(1Xk), C'R.S.,
all as set forth and as may be limited by the provisions of this Service PIan.
The coordination of this Service Plan with the service plans for the North
District and the East District wiLl help assure proper coordination of the powers
and authorities of the independent Districts and will help avoid confusion
regarding the separate, but coordinated, purposes of ,the. Districts' Where
2
necessary specific reference to one of the Districts may be made to help
distinguish the powers and authorities of each of the Districts. The "Financial
Plans" discussed in Chapter V refer to the combined financial plans for the
Districts.
The East District wiii be responsible for managing the construction and
operation of public facilities and improvements needed for the Districts. Each
of the Districts will be responsible for providing the funding and tax base
needed to support the Financial Plans for such capital improvements. IGAs are
expected to be executed by the Districts clarifying the nature of the functions
and services to be provided by each of the Districts. The IGAs will be designed
to help assure the orderly development of essential services and facilities
resulting in a community which will be both an aesthetic and economic asset to
Garfield County (the "County").
It is anticipated that the East District will construct or acquire the public
infrastructure, and each of the Districts will finance the , construction of such
infrastructure, some of which may be conveyed to the County, Colorado
Department of Transportation ("CDOT"), or Roaring Fork Water and
Sanitation District (the "RFWSD"), as appropriate. The Districts may also
contract with a qualified entity to operate the Districts' water systems and
wastewater facilities and otherwise provide water or wastewater service or
both. The Districts may also operate their own water systems and wastewater
facilities through the East District.
The East District will initially own and operate certain public faciiities and
infrastructure throughout the Development. Subject to the mill levy
limitations set forth herein, combined the Districts will generate the tax
revenue sufficient to pay the costs of the capital improvements as described
herein and associated operations and maintenance. The formation of these
Districts will create several benefits for the residents of the Development and
the County. In general, those benefits are: (a) providing for the construction,
administration and operation of public improvements necessary to serue the
Development, and delivery of those improvgments in a timely manner; (b)
5
maintenanceofreasonablyuniformandlimitedmilileviesandreasonabletax
burdensonallareasoftheDevelopmentthroughplopermanagementofthe
financingandoperatioaofpublicimprovements;and(c)assuredcompliance
rvithstatelawsregardingtaxationinamannerwhichpermitstheissuanceoftax
exemptdebtatthemostfavorableinterestratespossible.Eachofthese
conceptsisaddressedingreaterdetailinthefollowingparagraphs.
2-
Coordinated Services [permitted under $ 32-1-1001 et seq''
a.
C.R.S.J. As presently planned' the D evelopment wilL proceed in several
phases, each of which wili require the
will assure that the construction and
extension of Public services and
facilities' The multiple district structure
op eration of each phase of pubiic facilitie s wiit be administered in a manner
consiste nt with a long term construction and operations Program' Use of the
East District as the entity responsible for providing for the construction of each
phase of imProv ements and for management of operations will facilitate a well-
planned financing effort through all phases of construction and wilL assist in
assuring coordinated extension of services' ., - --t--a^
Themultipledistrictstructureassuresthefinancingoftheconstructionof
the infrastructure for the final phases of tbe Development through the Districts'
The East District will be obligated to provide the construction services to the
DistrictsandtheDistrictswillbeobligatedtopayforsuchservicespursuantto
thelGAandsubjecttotheprovisionsandlimitationssetforthherein.Asa
tesult, the landowners of the first phases of the Development cannot alter the
overallfinancialstructurefortheDevelopmentthroughtheboardofdirectorsof
the Districts. Since the East District is exclusively comprised Of commercial
development,thecontroloftheEastDistrictwillremainwiththeownersofthe
parcelsthatmakeuptheboundariesoftheEastDistrict,thefinancial
commitmenrcmadethroughthelGAandthisServicePlanguaranteethatthe
requiredlevelofquaiityofconstructionforsuchinfrastructurewillbe
maintained throughout the Development'
Themultipledistrictstructulewillalsohelpassurethatpublicfacilities
4
and services needed for future build-out of the Development will be provided
when they are needed, and not sooner. Appropriate development agreements
betwben the East District and the Developer will allow appropriate timing of
financing aud construction of improvements within the Development as may be
required in agreements between the Developer and the County. This, in turn,
allows the full costs of public improvements to be allocated over the build-out
of the Development.
b. Finance Manasement Allocation of the responsibility for
paying debt for capital improvements will be managed through development of
financing plans for those improvements and through development of an
integrated operating plan for long term operations and maintenance.
c. Bond Interest Rates The multiple district structure is less
risky and will allow bonds or other obligations to be issues to finance public
improvements at lower rates than if a single special district is organized.
Through the multiple district structure, bonds are issued by each of the Districts
as actually needed and when supportable by assessed values, thus resulting in
Iower interest rates.
3. Configuration of Districts In order to implement the multiple
district structure, the boundaries of the Districts need to be carefully
configured. The East District will contain approximately 11.9 acres, the South
District will contain approximately 112.7 acres, and the North District will
contain approximately 115.3 acres. The combined acreage of the Districts
includes all acreage within the Development.
No residential units will be located within the East District; which shall
contain 30,000-50,000 square feet of commercial retail space and a hotel consisting
of approximately I50 rooms. The South District will contain an estimated total of
approximately 413 residential units ranging in size and price, including affordable
housing units and a 6,000-i2,000 square foot mixed office, recreation and
commercial building. The North District will contain an estimated total of 7g7
residential units ranging in size and price, including afford.able housing units and
an elementary school on a rz.1 acres site.. The projected population of the
5
Developmentatfullbuild-out(tobecompletedin2a2qisapproximatelyS,l20
pelsons(includingpermanentandsecondhomeresidents,assuming2.6personsper
livingunit),andtheprojectedtotalresidentialassessedvaluationisapproximately
$43,501,824 may be included in the Districts'
It 1S possible that additional property
of one huudred Percent (100%) of
Under Colorado law, the fee owner or owners
anY ProPertY proposed for inclusion may Petition the Board of Directors of the
District for inclusi on of allnexation of property into the District' Additionally' Iess
than one huudred percent (100%) of the owner s of an area nfly petitioa District for
an incl usion election, or a Board may adopt a resolution calling for an election on
inclusio n of the ProPertY' However' the Board of Directors must weigh the benefits
of including additional property against the ob ligation of providing services to the
perty within the boundaries of the
included property' Including significant pro
debt or electoral authorization is
Distri cts is unlikely unless no increase rn
exclude ProPerties within the
required-The Districts may include and
of boundarY does not imPact the
DeveloPment if propertY uses change' This tYPe
financing or Provision of services bY the Districts
i$32-L-203, C'R'S'l' There are
4
in existence in the DeveloPment area that have the
currentlY no other entities
the design, financing and constructiou of
abilitY and/or desire to undertake
The CountY does not consider it
imProvements needed for the DeveloPment'
services and facilities contained
feasible or Practicab le to paY for all the necessary
in this Service Plan for the Deveiopment' Consequentl y, use of the new Districts is
deemed necessary for the Provision of these Pubi ic imProvements in the
DeveloPment'
enter into agreements' including IGAs' with other
The East District can
beyond those operation and maintenance
entities for operations and maintenance
Ian to be done by existing entities'
services identified within this Service P
[permitted under $ 32- i -
5
1o 01(1
master
)(k), C.R.S'l' In addition to the Districts'
property owner association and' possibly'
it is intended that there be a
sub-associations which will'
6
to the greatest extent possible, integrate functionally and. operationally with
the Districts
B
The 2009 certified assessed valuation of all taxable property (classified
as either suburban residential, rural residential, or commercial general) within
the boundaries of the Districts is estimated to be approximately $3,63 g,160.
The initial assessed valuation of property within the North District is expected
to be approximately S 1,642,2601 the initial assessed valuation within the South
District is expected to be approximately $ 1,632,200; and the initial assessed
valuation within the East District is gxpected to be approximately $364,700.
The Districts shall not issue or incur any debt, bonds, notes, contracts,
or other obligations for the payment of which the Districts will be contractually
obligated to impose an ad valorem property tax. except as described in this
parugraph' The Districts may contractually obligate themselves to impose an
ad valorem property tax for the payment of any bonds, notes, contracts, or other
obligations (including without limitation obligations issued or incurred for the
payment of capital costs, operations and maintenance costs, or any other costs),
only in an amount not in excess of fifty (50.00) mills for all of such obligations;
provided however, that in the discretion of the Districts that are obligated, such
obligations may provide that, in the event the method of calculating assessed
valuation is changed after the date of the original approval of this Service plan,
the mill levy limitation provided herein may be increased or decreased to reflect
such changes, suclt increases or decreases to be determined annually by the
Board of Directors of the Districts that are obligated in good faith (such
determination to be binding and final) so that to the extent possible, the actual
tax revenues generated by the mill levy, as adjusted, are neither diminished nor
enhanced as a result of such chances; 20i0 shall be the base year for such
calculations. The Districts shall be subject to the following additional limitation
relating to its mill levy: of the fifty (50) mills limit set forth in the foregoing
sentence, the Districts may contractually obligate themselves to impose an ad
valorem property tax for the payment of any bonds, notes, contracts, or other
7
obligationsfordebtservice,oniyinanamountnotinexcessofthirty-five(35)
mills for all of such obligations for debt service; provided 'however, that. in the
discretionoftheDistrictsthatareobligated,suchobligationsmayprovidethat,
intheeventthemethodofcalculatingassessedvaluationischangedafterthe
dateoftheoriginalapprovalofthisServicePlan,themilllevylimitation
providedhereinmaybeincreasedordecreasedtoreflectsuchchanges
(,,Gallaghe rized"),such increases or decreases to be determined annually by the
BoardofDirectorsoftheDistrictsthatareobligated.ingoodfaith(such
determination to be binding and final) so that to the extent possible, the actual
taxrevenuesgeneratedbythemilllevy,asadjusted,areneitherdiminishednor
enhancedasaresultofsuchchanges.Fotpurposesoftheforegoingprovisions'
(i)uchangeintheratioofactualvaluationtoassessedvaluationshallbe
deemed to be a change in the method of calcurating assessed varuation; and (ii)
2010shallbethebaseyearfortheratioforactualvaluationtoassessed
valuation' The maximum principal amount of any bonds' noteso or other
evidencesofaborrowingissuedbytheDistrictscombinedlimitedtax
obligation bonds shall be limited to a maximum of $40'500'000'
TheanticipatedcostofimprovementsbornebetweentheDistrictsand
the Developer are contained in chapter Iv. Subject to the limitations set forth
herein,theDistrictsmayobtainfinancingforthecapitalimprovementsneeded
fortheDeveiopmentthroughtheissuanceoflimitedtaxobligatioubondsor
otherdebtinstrumentsbytheDistrictsandfromrevenuebondsorother
instrumentsissuedbytheEastDistrict.Limitedtaxobligationdebtwillbe
payablefromrevenuesderivedfromadvalorempropertytaxesandfromoth6r
sources' The Districts will issue limited tax obligation debt after
determiuation that the assessed valuation is sufficient to pay debt service with
reasonable mill levies that do not exceed the timitations set forth herein thereby
reducing risk to property owners. The preriminary financial forecasts for the
Districts are contained in Exhibit D to this Service Plan' These "Financial
plans- demonstrate one method which might be used. by the Districts to finance the
costofthepublicinfrastructure.Atthetimebondsorotherdebtinstrumentsare
I
proposed to be issued, alternative financing plans may be employed and may be
utilized by the Districts subject to the timitations set forth herein.
The Financial Plans demonstrate that, in 2010 dollar, the cost of public
infrastructure described herein can be provided with reasonable mill levies that do
not exceed the limitations set forth herein, specifically established at 35.00 mills
for debt service and i0.00 mills for all operations, including without limitation
administrative, operating and maintenance services, for a total of 45.00 mills
overall. The figures contained herein depicting costs of infrastructure and
operations will not constitute legal limits on the financial powers of the Districts
subject to the mill levy limitations set forth herein; provided, however, that the
Districts shall not be permitted to issue bonds which are not in compliance with the
bond registration and issuance requirements of colorado law.
Lirnited tax obligation debt issued by the Districts will lirnit the
responsibility for repayment of such debt to the Districts. All financial
obligations issued or incurred by the Districts shall state therein that they are
solely the obligation of the Districts issuing or incurring the obligation, and
that the County is not in any way liable for such Districts' obligation. Mill
levies paid by the Project residents are expected not to exceed 45.00 milis,
Gallagherized.
Any bonds, notes, contracts, or other financial obligations issued to the
Developer as consideration for a loan or advance shall be subject to
redemption, at the option of the Districts which are obligated for the payment
thereof, on any date after issuance, at a price of par and accrued interest,
without redemption premium, and shall not be issued at a net effective interest
rate higher than 35%in excess of the rate per annum determined on the date of
issuance pursuant to the most recent "Bond Buyer weekly yields 20 Go',
index (the "Index") published in the "Bond Buyer', as the general obligation
bond yield for 20 year maturity general obligation bonds, or if such Index
becomes unavailable, such other index as may be determined by the Districts
to be comparable to the Index.
The foregoing shall not apply to obligations issued or sold in a public
9
offering. As used herein' "Developer
its successors and assigns' and any e:
Investments, LLC or which is owned
LLC.
includes Carbondaie lnvestments' LLC'
ntity which owns or controls Carbondale
or controlled by Carbondale Investments'
any
All imProvements, facilities' an d other ProPerties paid for or financed bY
of the Districts shall be public impro vements, owned by the East District
or another aPProPr iate political subdivisio n of the State'
C lg 32-r-202(2 ), c.R.s.l
This Service PIan includes numerous items that are included in order to
satisfY the requirements of law for formation of special districts' Those items are
contained in exhibits include the following
ies of the Districts
Exhibit A - map showing the boundar
and maP of the South District
Exhibit B - legal description' vicinity
Exhibit C -property owner's consent
Exhibit D - financing plan
rtes (including drawings
Exhibit E - preliminary engineering cost estrma
indicating preliminary location of improvements)
TheassumptionscontainedwithinthisServicePlanwerederivedfroma
varietyofsources.Infotmationregardingthepresentstatusofpropertywithin
theDistricts,aswellasthecurrentstatus*u,:j":.::]futurelevelofservices,
was obtained and provided bv the Developer' Construction:::: ::'-:ti::s
were
assembledbytheDeveloper,spersonnelandconsultantswhohaveexperienceand
access to experienced consultants in the costing and construction of simiiar
facilities. Financial advice has been supplied by George K' Baum Company'
whichhasextensiveexperiencewithColoradolocalgovernments.Lega|advice
intheprePalationofthisService,,,*".n,ou't.bythelawfirmofMiller
Rosenbluth,,LLc,whichrepresentsnumerousspecialdistricts.TheDistricts
intend to use Brownstein' Hyatt' Farber' Shreck' LLP as bond counsel'
D. Modification of Sewice Plan' [$ 32-1-204(4)' C'R'S']
This Service plan has been designed with suffrcient flexibility to enable the
Districts to provide required services and facilities for the Development ,nder evolving
t0
circurnstances without the need for numerous amendments. while trre
assumptions upon which this Service Plan are generally based are reflective of
current zoning for the property within the Development, the cost estimates and
Financial Plans ate sufficiently flexible to enable the Districts to provide
necessary services and facilities without the need to amend this Service plan as
zoning changes' Modif,rcation of the general types of services a,,d facilities, and
changes in proposed configurations, Iocations, or dimensions of various facilities
and improvements shall be permitted to accommodate development needs
consistent with then-current zoning for the property.
FIGURE I-1
DEVELOPMENT PLAN
Devel ment Plan for the Districts:
30,000-50,000 square feet of commercial retail space and a hotel consisting ofapproximately
'An 8,ooo-12 ,000 square foot district-owned mixed office, recreation and
i50 rooms.
commerc ial building (about ZOl3), and school district-o wned elementary school(about 2017) are excluded from this list as non_taxable.
The South District's s cific deve t
A district-owned 8,000-12,000 square foot mixed use o ffice, recreation andcommercial building will be constructed approximately 2013
CHAPTER IT - NEED FOR NEW DISTRICTS AND GENERAL POWERS
A. Need forMetropolitan Districts I$ 32_l _203(l),C.R.S.l
The property within the boundaries of the North District and the South
District is currently vacant land and the property within the East District
currently contains some commercial uses. No other governmental or quasi_
g6vernmental entities exist which will finance the construction of the facilities
3
Year 20tI 2012 2013 2014 20ts 2016 2017 201 8 2019 2020 2021 2022Units
Constructed
0 0 s1 108 1s1 207 267 237 116 45 18 0
Commercial
Development
Completedl'2
0 0 0 0 0 2s%50%2s%0 0 0 0
Year 2011 2012 2013 2014 201s 2016 20t7 2018 2019 2020 2021 2022Units
Constructed
0 0 36 6s 94 t5 33 44 ?o 29 10 0
11
described herein' The agreements referred to in Chapter VI hereof will address
anddefinetheactivitiestobeundertakenbyvariousentitieswithregardto
public improvements and their operation and maintenance'
B. General Powers of Districts t$ 32-1-100i' C'R'S']
ThesouthDistrictwillhavepowerandauthor':,.oprovidetheservices
andfacilitiesdesoribedinthisChapterbothwithinandoutsideitsboundariesin
accordance with raw. The powers and authorities of each of the Districts relative
toeachotherwillbealiocatedandfurtherrefinedinthelGAsbetweerrthe
Districtswhichmaybevoteduponandapprovedbytheirrespectiveelectorates'
ForpurposesoftheControlAct,thelGAsshallnotconstituteanamendmentof
this servige pran. They wilr, however, constitute binding agreemeuts between the
Districtsregardingimplementationofthepowerscontainedintheirrespective
Service Plans' :r^ +Lo r^llnrxrins services and
ThesouthDistrictshallhaveauthoritytoprovidethefollowingserl
facilities,whichshallincludethedesign'acquisition'installation'construction'
operationandmaintenanceofthesalne.Inanyevent,eachoftheDistrictsmay
provideorberesponsiblefortheprovisionofatleasttwo(2)ofthefollowing
services pursuant to the statutory requirements of a Metropolitan District as defined
in$32.1-103(10),C.R.S.:fireprotection,mosquitocontrol,parksandrecreation,
safetyprotection,sanitation,solidwastedisposalfacilitiesorcollectionand
transportation of solid waste, street improvements, television relay and translation;
transportation and water' n:_a_: ed by their
l.LegalPowersThepowersoftheDistrictswillbeexercls|
BoardsofDirectorstotheextentnecessarytoprovidetheservicecontemplatedin
theirrespectiveservicePlanssubjecttothelimitationssetforththerein.The
foregoingimprovementsand,"*i"",,alongwithaitotheractivitiespermittedby
iaw,willbeundertakeninaccordancewith,andpursuantto,theproceduresand
conditions contained in the special District Act, other applicable statutes' and this
ServicePlan'asanyorallofthesamemaybeamendedfromtimetotime'
2.otherlnadditiontothepowelsenumeratedabove,theBoardof
DirectoroftireSgutlrDistrictshallalsohavethefollowingauthority:
lz
a. To amend this Service pran as needed, subject to the
appropriate statutory procedures, includin g, by written notice pursuant to $ 32-
1-207, C'R'S' notice of actions which the South District believes are permitted
by this Service Plan but which may be unclear. The County shall be deemed to
agree that any such actions or activities are within the scope of this Service
Plan if it does not seek to enjoin any such actions or activities und.er the
statute' The South District shall have the right to amend this Service plan
independent of participation of the other Districts; provided, that the south
District shall not be permitted to amend those portions of this service plan
which affect, impair, or impinge upon the rights or powers of the other
Districts without such Districts' consent; and
b- To forego, reschedure, or restructure the financing and
construction of certain improvements and facilities, in order to accommodate
better the pace of growth, resource availability, and potential inclusions of
property within the Districts, or if t'he development of the improvements and
facilities would best be performed by another entity; and
c' To provide all such additional services and exercise all
such powets as are expressiy or impliedly granted by Colorado law and which
the south District is required to provide or exercise or, in its discretion, choose
to provide or exercise; and
d' To exercise all necessary and implied powers under Title 32,
C'R's' in the reasonable discretion of the Board of Directors of the South
District This Service Plan is intended to be flexibie so that modifications which
are not significant or material rvill not necessitate amendment of the Service
PIan.
3 ' Water and Sanitation It is anticipated that the potable water and
sanitation facilities and improvements will be dedicated to RFWsD and shall
comply with the RFWSD's Rules and Regulations, as adopted and amended
from time to time' To the extent that these improvements are not dedicated to
RFwsD, the East District shalr own, operate and maintain them.
4 Streets It is anticipated that the improvements made to sHg2 shall
13
be dedicated to CDOT' To the extent that these improvements are not
dedicated to cDoT, the East District sharl own, operate and maintain them'
5.FireProtectionTheDistrictsshallreceivefireprotectionservices
from the Carbondale and Rural Fire Protection District'
CHAPTERIII-DESCRIPTIONoFFACILITIESANDIMPR0VEMENTS
TheSouthDistrictwillbepermittedtoexercisetheirstatutorypowers
anditsrespectiveauthoritysetfortlrhereintofinance,consttuct,acquire,
operateandmaintainthepublicfacilitiesandimprovementsandprovidethe
servicesdescribedinChapterllofthisServicePlan.eitherdirectiyorby
agreement.Ifapproptiate,thesouthDistrict*:,":*'actwiththeDistrictsor
various other pubric and/or prrvate e,tities to undertake such functions or
'*'i;:T:T,l#:T;1il:I-11; chapter show the conceptuar pian ror the
public facilities and improvements described in chapter II hereof' Detailed
information for each type of pubiic improvements needed for the Development
issetforthinthefollowingpages.Itisimportanttonotethatthedescriptions
containedinthisChapteraEege:neralandconceptualinnatureonly,andthat
modifications to the tvpe' ""'n;;t":' i:i,:t:t]""t
of improvements will be
necessary as development proceeds. Facilities wiir- be designed in such a way
as to assure that the fac,ity and service standards wiII' be compatible with those
oforrequiredbytheCountyandofothererrtitieswhichmaybeaffected
therebyoraSotherwisesetforthintheDevelopmentapprovalbytheCounty
and any applicable annexation agreements'
Thefoll.owingsectionscontaingeneraldescriptionsofthecontemplated
facilitiesandimprovementswhichwillbefinancedbythesouthDistrict.
A. General - :r:r:^^ o-.1 imnrovetrIents will be
Construction of all planned public facilities and improvem
scheduledtoallowforpropersizingandphasingtokeeppacewiththeneedfor
service' AII descriptions of the specific facilities and improvements to be
constructed,andtheirrelatedcosts,,areestimatesonlyandaresubjectto
14
modification as engineering, development prans, econolnics, and appricabre
legal requirements, and construction scheduring may require.
B. General Desien Standards
Improvernents within the south District will be designed and installed by
the East District in general conformance with current standards adopted by the
East District and established through the Development requirements or as may
be further required, if appropriate, in an applicable subdivision improvements
agreement or an IGA. All improvements to be dedicated to a qualified entity
shall comply with such entity's rules and regulations.
C. Improvements
i. Public Improvements The primary improvements to be operated
and maintained by the East District on an on-going basis include those
associated with streets, storm drainage, park and recreation and other services
as described herein. coordination between the Districts and RFWSD regarding
potable water and sewer facilities and services may be necessary. other
associated improvements that will be operated and maintained by the East
District or by the Master Association will be landscaped entrances and other
common oPen areas (such as parks) and recreation facilities, transportation
facilities, bike/recreation/pedestrian paths, right-of-way maintenance, street
lighting, street signs, safety protection facilities, parking facilities, aad other
rmprovements set forth in this Service plan.
constructed by the East District.
Only public improvements will be
The Districts' capitar cost recovery wiu be based solery upon
the financial capability of the Districts effecting such recovery. on_going
maintenance and operation and adininistration costs will be recovered based
solely on the Districts' ability to pay within the confines of established fees and
charges as contained herein, subject to the use of tax revenues for non-fee based
services such as maintenance of drainage facilities, and wild.fire-related
vegetation.
)Once constructed, these
iprprovements often become the responsibility of either the general purpose
1s
governmentorahomeownelsassociationtooperateandmaintain.Whenoperated
byapropertyownersassociation,neitherthebenefitsoftaxexemptionorof
governmentalimmunitybecomeavailabletothepropertyownersassociation
responsiblefortheongoingoperationsandmaintenance'Tlrisisthereasonthat
this service plan proposes that the East District is empowered to take con*olo
whereapplicable,fromtheDevelopertheaspectsofcapitalimprovementswhich
mayincludethedesign,acquisition,installation,ownership,asweliasthe
operationandmaintenanceoftheseandotherpublicimprovements,dependingon
thedeterminationoftheBoardsofDirectorsoftheDistrictsandtheMaster
Assoeiation co*ceming the appropriate arlocation of these responsibilities as
limited bY this Service Plan'
CHAP
A.
TER IV - COSTS AND REVENUE SOURCES
The develoPment-caPital costs o f the
are estimated to be $60'354 ,388 and $27,494'800 for the South
specificallY, as shown in the Pr eliminarY engineerrng cost estimates
included in Exhibit E'At full develoPment
1
Districts
District
7
(202s),the annuai operation and maintenance costs of the East District totals
$ 1,500,000.
3. D,lsllSelliee It is anticipated that the East Distrt" t:limited
tax general obligation bonds to cover a portion of the approximately
$60,354,38gor"o,t,'Theseiimitedtaxgeneralobligationbondswillprovide
foratotalmilllevyoftheDistrictof35.00millsfordebtservicesothatno
utrexpectedburdenwilioccurtotheresidentsoftheDevelopment.Accordingly,
thedebtserviceschedulewouldd.ependupoB,theabitityoftheDistrictsto
producefundsavailablefordebtseryiceattheestablishedratesfromthe
revenue sources detailed in the following subsection'
B'
% A mill levy of 45'00 mills is'proposed to be
16
DdveloPment-CaPital Costs
assessed by the Distri.cts generating approximately 34,300 per year for each
$1,000,000 of assessed value. This property tax (which will be in addition to
any homeowners association dues or fees) will be income tax deductible to the
property owner. The tax will be used to pay for each of the Districts,
operation expenses, debt obligations, and other associated expenses.
2. Facility Fee A facirity fee of one percent (l%) of the home sale
price of each residential unit shall be assessed within the North District and
the South District and is expected to produce a total of $4,983,502 through
2045.
3 ' User Fees Various user fees will be used to assist with operations
and maintenance of various improvements. These fees may include, but not be
limited to user fees charges for use of community facilities; user fees for
potential internal transit system and a raw water system fee.
4' Specific Ownership Tax The Districts shall receive specific
ownership taxes from the County, which are expected to produce a total of
$3,817 ,770 through 2045.
5' Earning on Cumulative Surplus Interest earnings are projected to
be one percent (i%) on the cumurative surplus of any bond issuance.
CHAPTER V - FINANCIAL PLAN SUMMARY IO 32-1,-202(2Xb), C.R.S.]
Attached to this Service Plan as Exhibit D are Financial plans which show
how the proposed services and facilities may be financed and operated. by the
Districts. The Financial Plans include the proposed operating revenue derived
from ad valorem property taxes to be used by the East District. The Master IGAs
are expected to provide that the obligation of the Districts to pay the East District
for operating expenses incurred for provision of services to property within the
respective District shall constitute "debt" of the that District. Accordingllr, rnill
levies certified to make necessary payments to the East District will be
characterized as debt service mill levies notwithstanding that they are imposed to
pay contractual obligations for operations and maintenaace services provided by
ttre East District' Thrj pistricts anticipate borrowing its initial operating funds
L7
fromtheDeveloperuntilsuchtimeastheDistrictsabletogenerateoperating
revenues. - J J^L+ iacrrance bv the Distric
TheFinanciaiPlansincludetheproposeddebtissuancebytheDistrictsand
shows how the f,rnanciar operations or ,t " Districts wilr be coordinated' The East
District is expected to issue timited tax obligation debt supported by ad valorem
miil levies as limited herein from the revenlle available from a 45'00 mill levy
(whichincludes35.00millsfordebtobligationsand10.00-i,i-11:erating
expenses).Thismechanismwillhelpassurethetransitionofappropriatetax
revenue to the payrnent of debt issued to provide services for the Development' It is
presently anticipated that the East District will issue limit ed tax general obligation
bonds'otherstructuresmaybeusedandtheDistrictsshallbeentitledtomodify
the proposed structure of the Financial pia,s by causiug the East District to obtain
fundingdirectiyfrorntheDeveloperoitslender,orassignsoftheDeveloper,
provided that all such borrowing shall comply with the requirements of state law
and this Service pran regariring rimitations on the amount of rimitett tax obligation
debt which may be issued. For example, the East District will be entitied to obtain
funding from the Developer rather than issuing rimited tax generar obligation bonds
andagreetolepaytheDeveloperfromrevenuesourcestowhichtheEastDistrict
mightotherwisebecomeentitledpursuanttothe].4asterlGAorotheragreements.
Subject to the lirnitations set forth herein, the Districts shall have the ability to
utilizeexcessdebtcapacitywhichmaybedevelopedwithintheDistrictsifthe
assumptionscontainedintheFinancialPlansalemoleconservativethanwhat
actually develops rvithin the Development'
ThebalanceoftheinformationcontainedinthisChapterofthisServicePlan
is preliminary in nature. AII dollars are stated in 2010 dollars. upon approval of
this Service plan the Districts will continue to devel0p and refine cost estimates
contained herein and prepare for bond issuances. Alr cost estimates w,l be inflated
to current dolrars at the time of bond issuance and construction' Engiueering and
other contingencies as we, as capitalized interest and other costs of frnancing will
beadded.Allconstructioncostestimatesassumeconstructiontoapplicablelocal,
state or federal requiremeuts'
18
The maximum general obligation indebtedness for the Districts is not
expected to exceed $40,500,000; and the maximum general obligation indebtedness
for the South District is not expected to exceed $40,500,000. The South District
shall have authority to finance and construct all facilities contemplated herein
without the need to seek approval of any modification of this service plan. The
South District shall also be permitted to seek debt autho rizationfrom its electoratesin excess of this amount to account for contingencies provided that any suchauthorization sha, not exceed the milr levy rimitation of 50.00 mils,Gallagherized' Reasonable modifications of facilities and cost estimates shalllikewise be permitted. subject to the limitations set forth herein, finaldetermination of the amount of debt for which approval will be sought from thesouth District's erectorate from time to time wil be made by trre Board of
' Directors of the south District based on then-current estimates of construction
costs' issuance costs, and contingencies. Authorization to issue bonds as provided
herein and enter into various agreements described herein will be sought from thesouth District's electorate pursuant to the terms of the Special District Act and the
Colorado Constitution as amended from time to time.
In addition to ad valorem property taxes, and in order to offset the expensesof the anticipated construction and the East District operations and maintenance
costs' the Districts will also rely upon various other revenue sources authorized bylaw' These will include the power to assess fees, rates, tolls, penalties, or charges
as provided in g 33-I-100r(D, c.R.s., as amended. The Financiar prans assume
various sources of revenue including ad valorem property taxes, specific ownership
taxes, and facility fees, together with interest earnings on retained amounts.
The Financial Plans do not project any significant accumulation of fund
balances which might represent receipt of revenues in excess of expenditures
under the TABOR Amendmeut' It is anticipated that eertain of the operations
of the East District will qualify as "enterprises,, under the TABoR Amendment.If its operations do not qualify as enterprises under TABoR, revenue from all
sources which exceed the permitted level of expenditures in a given year willbe refunded to taxpayers unless a vote approving the retention of such
19
revenues is obtained' To the extent annual District t'"'"::^"-:"exceed
expendituresinthismannertheDistrictswillcomplvwith*:-:t::::ionsof
TAB'R and either refuud the excess or obtain voter approval to retain such
amounts ities and imProvements to be c onstructed
The estimated costs of the facil
the costs of acquisition of [and, and
and installed bY the Districts including
engineering services'legal services, admini strative services' initial proPosed
related to the facili ties and
indebtedness, and
e constructed and instal
other major expen'ses
led are not exPected to exceed
improvements to b
izational costs will be reim bursed to the DeveloPer bY the
$60,354,388' Organ
initial revenue sources incl uding debt instruments'
Districts out of their nds will be eighteen Percent
The maximum voted interest rate for bo
wer. This maximum rate is set
(18%); but the exPecte d issuance rate is much 1o
unforeseen matket conditions'
at this level just to acco mmodate some currentiy
wiil be voted at five Percent
The ProPosed maximum underwriting discount
ted that the actual di scount will be lower for the
(5%) although it is exPec
It is estimated that the limited tax
limited tax obligation bond issues'
obligati on bonds or other forms of indebtedness, when
ance Pursuant to state statutes'
issued, will mature not
more than forty (40) Years from date of issu
In the discr etion of the Bbards of Direc tors, the Districts maY set uP other
to manage, fund' construct and oPerate facilities' services'
qualifYing entities law, anY entitY created bY the
.I:
and Programs' r o the extent allorved bY
Districts wili remain under the control of its Boards of Directors'
te that the Districts will have the
The Financial Plans demonstra
ed indebtedness with reasonable
financial capability to discharge the Propos
easonable increases in assessed
mill lev ies as limited herebY assuming r
estimated in the Financial Plans
valuation and assuming the rate of build-out
CHAPTER VI - PROPOSED AND EXISTING
Ipermitted
AGREEMENTS
under $ 32-1- 1oo1(1XdXI)'
A
"'*'t''o. noted in this Service plan, the relationship between the East District'
2A
the North District and the South District, including the means for approving,
financing, constructing, and operating the public services and improvements
needed to serve the Development wili be established by means of IGAs to be
exeeuted by the Districts. The IGAs will establish procedures and standards
for the approval of the design of faciiities, transfer of funds between the
Districts, and operation and maintenance of the facilities. The IGAs will also
provide for coordinated administration of management services for the
Districts.
The East District witl be responsible for initial review and approval of plaus
for construction of public improvements within the Development, except as to
potable water and sewer facilities to be dedicated. to Roaring pork Water and
sanitation District, in which case> the provisions of RFWSD,s Rules and
Regulations apply- The East District will be responsible to submit any plans
necessary for such improvements which it will construct. The purpose of tlis
structure is to eliminate any need for the County to be involved with Developers in
the day-to-day review and approval of the District or Developer improvements
within the Development and to minimize the number of individuals with whom the
county must deal in any review and approval process or may be required beyond
the Development approval process.
B.
It is anticipated that the Service District will enter into an agreement
with a Master Association for the integration of functions to the greatest extent
legally possible to minimize costs and maximize benefits to both entities and their
constituents.
c. other Agreements/Authority [permitted under $ 32-1-100 r(r)(d)(I),
c.R.s.l
To the extent practicable, the East District may enter into or assume
assignment of additional intergovernmental and private agreements to ensure
better long-term provision of the improvements and services and effective
management' Agreements may also be executed or assignment of agreements
may be executed with other service providers. Atl such agreements are
2L
authorizedtobeprovidedbyeachpursuanttoColoradoConstitution,Article
XlV,Sectionls(2Xa)andSection2g:1-20!'etseq''ColoradoRevised
Statutes.
CHAPTER VII - OTHER REQUIREMENTS AND CONCLUSIONS
A.RequirementsTheSouthDistrictshallbesubjecttothefollowing
additional t"-rTil:],:"
of annual reports as described in $ 32-1-207(3)'
C.R.S.
2.MaterialmodificationsofthisServicePlanshatlbesubjectto
approvalbytheCountyinaccordancewiththeprovisionsof$32-1-207,C'R.S.
B. Conclusions It is submitted that this S^:::ice Plan for RB South
MetropolitanDistrictasrequiredby$32-t-203(2),C'R'S.,hasestablished
that:
1. There is sufficient existing and projected need for organized
service in the area to be served by the North District;
2.TheexistingserviceintheareatobeservedbytheNorthDistrict
is inadequ ate fanpresent and projected needs;
3' The North District are capable of providing economical and
' e to the area within its boundaries;
sufficient servlc
4,TheareaincludedintheNorthDistrictdoeshave,andwillhave,
thefinancialabilitytodischargetheproposedindebtednessonareasonable
basis;
5Adequateserviceisnotandwillnotbeavailabletothearea
througlranyotherexistingmunicipalorquasi-municipaicorporations
includingexistingspecialdistriotswithinareasonabletimeandona
comparabl" o''il"
*'u"' and service standards :: T^,):::.:':t"t"
are
compatiblewiththefacilityandservicestandardsofGarfieldCounty;
l,TheproposalisinsubstantialcompliancewitlrtheGarfieldCounty
Master plan adopted pursuant to g 30-28-108' c'R's';
))
8. The proposar is in compriance with any dury adopted counry,
regional, or state long-range water quality management plan for the area; and
9 ' The ongoing existence of the North District is in the best interests
of the area proposed to be served
Therefore, it is requested that the Board of county commissioners of
Garfield county, colorado, u'hich has jurisdiction to approve this service plan
by virtue of $ 32- r-204 5, c.R.s., et seq., as amended, adopt a resolution
which approves this Service plan as submitted.
23
EXIIIBIT A
MaP of Districts
DISTRICT
llil
rl il
jt it
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PROPERTY
METRO DISTRICT
Tttl!:
COrrsF-g1TATtON
EASEUEtrIT
Greek
No
Prcrett
RE South, Nont, and East
Mettopolitan District
Composite District Boundary Map
RE South, North, and East
Dst!:
PrPrEd b)4
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EXHIBIT B
LegalDescription and Map of South District
(RE South tristrict)
A parcel of land. situated in section 7 and sectsion 3.8, Township Z south, Range ggWest, and ln Section L2, Toranship 7 Southl Range 89 West of the Si:rth principalt'leridian, county of Garfleld, state of coLorado, and being more particularrydescribed as follows:
commencing at a GarfieLd county surveyorr s ? L/2 inch Brass cap found Ln place atthe Southeast Corner.of said section 7; thence, N 65"43,09" W a distance of 3g4.0.11feet to the true point of beginning of the parcel described herein, wit,h aLlbearings being relative to a bearj,ng of N 89'29t4?', I.{ on the line bet.ween saidBrass Cap and a Garfie]d County Surveyorrs 2 l/Z inch.,Brass Cap found in place eowitness ghe Soirth I/4 corner of said Section 7;thence, S 26'01.'39" E a distance pf 74.12 fe,eyiLhence. S 31"30r09. D a distance of -?:-.62 teeXtthence, S 09"58,{0" W a distance of L06.08 feet;thence, S 08"02r07r W a distance of j.55.3g feet;thence. S 68"39'34', W a distance of 63?.65 feet,.thence, S 22"L0 '48n l,il a distance of 156.40 feet,.thence. S 00"40'32', t{ a distance of LgA-Zl feetiEhence, S 3l-'14,28" E a dlstance of 16I.64. feet;thence, S 30'48rL5', E a distance of 123.96 feet;thence, S 30"24t13* E a distance of LA.J..L-t feet;thence, S 36"4?r32* E a distance of 283.60 feet;thence, s 39032'13. E a distance of 231,78 feet;thence, S 44"42'03. E a distance of ,J,4?.g1 feet;thence, S 43"18'47' E a distarrce of 196.5i feetithence, s 4t'31r43', E a distance of 295,26 feeLi
thence,
thence,
thence,
thence,
thence,
thence,
thence,
thence,
thence,
thence,
Chence,
thence,
thence,
Ehence,
thence,
22" 22. Ogn
45o35t45rr
32" 54'31q
31" 54'25"
31q44 ! 05.
3g'50r13"
3go 51 t 55"
53"43'50,'
35" 02' 02.
63"40'20"
02e30 , { 5.
L7'29t 29"
50o12r2gil
53"02,00"
44" 02'06"
disLance of
distance of
distance of
distance of
distance of
distance of
distance of
distance of
distance of
distance of
digtance of
distance of
distancb of
distance of
distancd of
85.55 feet;
8?.4L feet;
276.76 feeti
216-1O teati
67. 46 feet;
143.22 feet;
1?8.05 feet;
150.76 feet,
22t.10 feet;
I6. 20 feet,.
35.68 feet;
40.45 feet,.
113,51 feet;
2Q2.5i feeLi
10.i8 feet;
?0. 63 feet;
90. 15 f,eet;
195.69 feet;
16.23 feet;
S
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thehce, S
Lhehce, s
thence, S
thence. N
44"04r35" E a distance of20'39'20' E a distance of
15o15t59" E a distance of
75"t4,10r, E a distance ofthence, S 5I"32t26r E a distance of ZB1.?d feet;thence, S 51 o59t?1,t E a d.istance of 71 .55 feet;thence, N 65'13'59" E a dist.ance of 19,56 feet;bhence, S 50'44r34* E a distance of 97.02 feeL;thence, S 13"05'38, E a distance of 4G.95 feet;thence, S 89"53,18" E a d.istance of 2g2.50 feet;thence, 294.32 feet aJ-ong the arc of a curve to the Left having a radius of 2gL5.00fcet, a cent;'al anglc of 5c59t26tr and subtending a chord beariig of N 30"47.1L,. r* adistance of ?94.19 feet;
thence, N 33"46,54" W a distance of 3g7.2g feet;thence, 626.05 feet arong the arc of a curve to the right having a radius of1482'50 feet, a central angle of 24"11'44n and subtend.ing a choid bearing of
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RE South
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Prcrectl
RESouth
MetropolianDistdct
Tltlor
District Vicinity Map
Prcporcd By:
8140 Partners, LLC
Datc:
ErhibtE
61712010
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E)ilIIBIT C
Property Owner,s Consent
1
Boarrl of: County Conrnrissic'rners
Garfreld Countli
l oB 8Ih $seeL lirrire 2 t S
'biinrroua SPrings' C0 8160l
l
trle.iFroplc+c'tl[tf,j{iou'th.&I.etriopolitanl)istrlc!(thc(D[str:ict1,)
To Wliom it [4aY Conctin:
iitedlialliiirycotriBarryaui.lrorizedqod+business,i*
S5igtffT#:*ltl-xiitl#;#rlilix,iffiu,** *B-*,rt*t-4,;',*'oil1r1u,o'"1;qsed ro
constiruie trre rrtrundalil;ffi;:iiii*lt . iiL'p',*puriJrfrir r-;t#;u t" uavise rhar rlie prtipertlr
H,tiffiiffi;i .-o ittu o te*i zati on qrl' t,e Di strict'
:
C A R I}ONDAI.E IN VI]S;TI\,IEN I S' LI.C:'
a'feias fiin ircd liability cornPany
ul roi*iary,
sutp pr: tJ$qr+dg.)
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County"
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Suhscrihed nttd sq'onr
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Notary
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Exhibit A (RE $otuth tri$tricr)
A pafcel of' J.and sitsuated in Sectsion 7 and. Section l_g_. Tor.lnsirip ? South; Range ggIdest; and in Section-lz;- to*"riio , sotith, ni"g"-Jg, rdesL of tr.,; "i*ti p.r.J.ncipbi::::Xil:i ::,?:Ir:,:,n^,ii"iJ.'-sil.. or co.oradi, and beins r*ore pareicularry
commericing at a Gartield county Surveyor,s 2 ,7/? inch Briss cap.fou,ird :.n prace.aeth6 southeast co.Enec of said section i; tt-,enc.r-N:;;"43,0g, Ll ," dirL.rr,o. of 3g40.11_feet,to the rrue ppinr of beginning pf-the-piiigi igscriuea trbiein; .,.rirh a,Lrliearirlgs beiqrg.*i.tJrru=i"-"-'i".ii"g of !{ B-b.z9,1;i,F on t[9 line berr.retn said.:l:;:":'io:'i.;.iiiii'::,:::':l :i*'i::;l"i ii,"i"eii i;";'rr";;";"fi;-ii"oil"! .o
thent,sei s 2600tr"39.,E. aist*ni.-Lr 1a.12 feeL.itherice. s 31"30r{Jq, , a oirtancJ or. ri.62.fbet;thence, I qe:ts'19: r{ * ;i;;;;;; "i ioi.os';;;;,the.nce, s og.02.Ci?.r w a clis-tance .f f OS,=i ;;;;Il."lq., s 6s"3s,i1:: ; ; ;il;;;" i1 ,rr.65 reer,.rheilce, s zZ.Lo'49" I{ a distanib Jr rSa-ro ;;;;;ttierif e, s oO d4o .
,3?:: * a aiStanci ot r 9a .2? f eer;rherie, s 3lqL4'3g, ! " J;;;;;;; fr rer .64 reetitbence, s sod4d'l:: I " J;;a;;;; k rqz:;; ;;;;,theece; S :o":.iiI3. e a distanc,e of far,1? fee!;thence. s 38o47,32,, E ; Ji;;;;;; i, ,er-50 reer;r_heDic., s 3g.3a'll:.
", , airi"";e .Jt. zsr.,?8. fsel;ll"ni.. s.44:42,9:] E a _disranoe Jr r<e.Bi feet;l]rtles. s 4q"ler97:: t . dista,nce oi 1,re ,s: ;;;;;thenee; s {1.":31-'1:l " a di-qtanqe. .c{. 2gr,26 teetit.]trenqe, s ZZ"2Zr6jg;r g a dj_stance ;F ;;:il"r;;;,El:-na:, s as1ss,4!" E a aiCcance "i e:,4i ;;;;;thenee, .s 32'e54'3J" E a aisranie ii zta.1,*-tj.i;tfre+ce; s 37"54'25': g a aiecancJ Ji zro.zq r.rt;rh"encq. s 31"{4.6i.: i ; ;i;;;;; Zi q-4G reer.:tfrencqr s 3e'so';13', E a oi=tan.. "i iqi.jz.iJ"i,thence, s 39"s1 ' SS:!l E " ai;i_"." Ji rrs. 05 feer;thenie; s s3"43,s9- E " ;;;t;;;; Ii isd:;; ;il;;thenc,e; s 55q02,,D2" E " Ai".al"J ;; ;ii:1; ;;;;
!!ene5z s 63:,{0'20," E a distancc "i ea. 20 feeLilf"n"", s.o?l9o'4i]: ]? a gisrarice oi :s.ee rs.t;rhenie; s'"1't"29 '2gii 1,i . a:sc.n"J "i +0.4.; i;;;;uriende, s soclz,z?,,E;;;;;;;;; Ji rrr.6: feet;tlrtince, S 55"02,00I E . aiS[;n".'.li ,02,5. feet;Lhenee. s 44"02'ogl h, , Ji;;;;l Ji ,o.48 feer,,Lhes:dp, s 44"04,s6., E a ,diFt"r,.. oi 70.63 feet;
:,r'enqe, s po;1s'r?:l I " .ai.t.r,.e "i go,1s feet;thence., s l-5"i6,Ss.r B a clistanee of f gg,,69 feet;thence, N 7s"14'to, h " ;;;;;;; Ji r..23 feer,.thende, .s sl'32'26n E a disraoce "i irilie-in"i,thei.ice, s sI559.27:.: E a distance ui ,r.55 feer.:
11u,,."", N g5:r,3rs-gf" E a discance oi fg.56 feer;
lfencsu s 50o411'34" E a distarrce ;; gt.;, ;;;;tsherrce, S. 13'05r3S:, E a distance of SO,gS t.gt;thencp; s g9q53'16" E . ai..Irrte "f ZSZ.50 feet.,thencb; zg4.3z feet-al-ohg-ai. "r.-"r-"-""rr;"li'an" refr havlng a racrJ.us of 2gj.5;o0ff:i*:_":i.r,lirligr;.:f;rt; .i; Iio subccod.ihe o-"ii.a u"o.iis-oi-il*ii.rr,rr,. .yr athence, l,I 33o46i54., vi-u-O:.rtaftce of 387.29 feet;thence; 62G-0s feet along-il;-';;o-;fi a iurve.ro rhe rigtie having a radlus of1{Bz.sg fedt, e cenrrar ""si" ."i-zi;i,nr" "nJ-*,i;;*;;i"g a chord bearins of
i
i.r ?1:4rio2r, i{ a, distance ot'62L;4t^ iiii'i.U, ,"*a
in!,',"", N 09"35'o'i,-il''l-aistance of 154'5'-8? {eet
thenEe; N 0e"3s'0e;;l I ilst"n"' "l't:';11':*tt: the left hawiiis " =id:o: of zeis'00
tl:Enpi; 4sd''s4 't""o -rl''s-"|'-i::"ol.a t"uttnding a tnll'o"iiiti"q "f t'l 1403?:01"r st
€^at?i d. cenrrEl 4ngle- oi toioS'sz:' a
l=Iil.I""i o:f 4:s3'7o r'eeLi ; e?'1 -0'i fe't;
lf;:;;';-r!l'"i5e;' vt a disLance or ;;;:;; i"i.'" Lhe poinE qr besinnlns'
eh.nie; 5 71135:ri" ti-l :*:=::.:ln n"=,**,,u recs5ded II-l;'i'' "ii "t' Pase e?e'
Ex.cei:-tins :h"'::::Irln=rii':;; acreii inore or }ess j
Said iPar-cel conf a:
EXHIBIT D
Financing PIan for Districts
Not Gattle Greek Metropolitan Distriets *1 '#3
Garfield CountY, Colorado
;"ilJ i* s*tttrcr oblisation Bonds
Table of Schedules
1
NotCattle Creek#143
Co/eI
527'2010
7.00%Rate
35 Bond LevY Distdct #1(Sornhem)
35 Bond LevY District#2 (Norihem)
35 Bond Levy District#3 (Commercial)
PreliminaY as of 05/26/20'10
Non Rated - Bank Qualifted
Cover Page
Bond LevY Cashflow Schedule
Operations LevY Cashflow Schedule
*.r'Or.*t Lot Valuation ' District #1 (Southem)
*-tiit.r'* Lot Valuation - District #2 (Northem)
Residential Development Echedule - District #1
Residential Development Schedule - District #2
Commercial Development Schedule - Distnct #3
Assessed Valuation Summary
Proiect Amount
ParAmounl
(at Closing)
$27,000,000
$23,610,000
Seies 20'15
1
2.
3.
4.
5.
b
7.
8.
I
10
11
12
Fee Schedub
Series 2015
Debt Service Schedule
Sources and Uses of Funds
George K. Baum ComPanY
5w12010
Not-Caflle Creek Metropolnan Districtrs #1 - #oGadleld county, colorado
Llmlted Tar ceneral Obllgat,on Eonds
Schedule of Bond Levy Ca8hllows
Annual
Surplus/
2
$nmtq
Cumulalive
Surplus/
Collec0on
Rallo
Debt
n10
m11
m12
2013
m14
n15
2016
m17
2018
2019
m20
2021
m22
m23
2024
2025
2026
2027
2028
20n
2030
2031
2032
2033
nu
2035
2036
2037
2038
2039
2U0
n41
2W2
20/.3
2U4
2045
lo
010
295,176
1,0t2,926
1,495,522
1,668,q8
21,336
26,064
(297,469)
(31 1,142)
(667,1s0)
(736,247)
(698,s73)
(750,708)
u,497
. 28,742
25,S03
35,012
u,220
35,012
35,599
33,405
57,429
38,303
36,546
36,861
31,023
zt,483
39,601
43,047
43,387
N,571
47,421
46,045
60,646
492,252
295,176
1,368,102
2,863,62s
4,532,573
4,553,909
4,579,973
4,282,504
3,971,362
3,304,21 2
2,567,965
1,869,393
1,1 18,684
1, t53,182
1,181,924
1,201,82t
1,243.839
r,278,059
1,313,071
1,3_d8,670
1,382,074
1,419,504
1,457,807
1,494.,353
r,5r1,2'14
1,562,23t
1,589,720
1,629,322
1,672,369
1,715,756
1,756,527
1.804,048
1,850,093
1,910,738
2,402,990
Bond
Miil
Assessed
Valrre
Property
Tar @
Assessed
Value
Bond PDpertyMill Tax @
Bond
MI
98.
Assessed
Value
Poperly
Tax @
0n
Tax
r.00%
OvmershiD Cumulailve Facillties
Fee
Rev6nue
Available For
Series 2015
Net Debt
9,061,181
I 1,191,331
12,046,4n
13,538,68r
14619,460
1s,733,251
16,6s2,282
17,633,982
18,282,636
18,889,449
18,889,449
19,267,238
19,2At,238
19,65e582
19,652,582
20,045,634
m,045,634
m,446,547
20,446,547
20,855,478
20,055,470
2',1,272,587
21,2t2,587
21,698,039
21,698,039
22,132,0w
22,13L0N.
22,s74,U0
22,574,640
23,026,132
23,026,132
23,488,655
23,486.655
35.000
35.000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
35.0C0
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
15.000
35.000
35.000
310,790
383,863
413,1U
464,376
501,4t
539,651
571,173
604,046
627,094
647,908
647,908
560,865
660,866
674,084
674,084
607,565
687,565
701,31t
701,317
715,343
715,U3
729,650
729,650
7M,243
144,24i
759,128
t59128
774.310
n4310
789,796
709,796
805,592
005,592
5,205,500
9,453,220
9,279,715
15,05't,766
18,509,1 01
20,65t,4U
22,07X,418
23,248,587
23,278,t44
23,759,398
23,759,398
24,23/,,586
24,?i4,586
24,719,277
24,719,277
25,213,863
25,213,663
25,717,936
25,7t7,936
26,232,295
24,n2,295
26,756,941
26,756,941
27,292,080
27,292,080
27,837,921
27,837,921
28,394,580
28,394,680
28,9A2,5tJ
28,962,573
35.000
35.000
35.000
35.000
35.000
3s.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
3s.000
35.000
35.000
35,000
35,000
35.000
35.000
35.000
35.000
35,000
35.000
35.000
35.000
35.000
35.000
1 78,549
289,945
318,294
516,276
634,862
700,552
751,118
797,427
798,461
014.947
414,%7
831,246
831,246
u7,871
847,871
864,829
864,829
882,12s
882,125
899,768
899,760
917,763
917,763
936,1 18
936, I 18
954,M1
954,841
973,938
973,938
993,416
9$,416
1,013,285
1,013,285
?9,541,8A
29,54',t,825
1,0't5,000
5,510,000
5,620,200
5,620r200
5,732,601
5,732,604
5,847,256
5,847,256
5,964,201
5,964,20,
6,083,485
6,083,485
6,205,1 55
6,205,155
6,329,258
6,329,258
6,455,843
6,455,843
6,5M,960
6,584,960
6,716,659
6,716,659
6,850,st2
6,050,992'
6,988,0r2
6,-088,012
7,12t,773
35.0@
35.000
35r00
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
35.000
3s.000
35.000
35.000
35.000
35.000
35.000
35.000
31000
35,000
35.000
35.0007,12t,773
34,015
r88,993
192,n3
192,t73
195,628
196,628
200,501
200,561
204,572
204,512
m8,564
208,6M I
2120X7
21283t
217,094
217,094
221,435
221,43s
225,86A
225,864
230,381
230,3s,|
2U,9BS
234,98e
239,089
239,009
244,483
244,N3 )
34,251
47,167
5r,204
68,646
79,542
89,811
106,2't0
1 I 1,653
113,283
1r6,r64
116,rM
118,487
118,487
120,857
120,857
123,274
123,274
125,t40
125,f40
128,2il
128,254
130,81S
130,819
133,435
r33.436
130,1M
136,tOt
138,827
138,827
141,603
141,603
144,435
144,435
2,952
13,681
28,636
45,326
45,539
45,800
42,825
39,7r4
33,M2
25,580
18,694
1 1,187
11,532
1 1,819
12,078
12,438
12.781
13,131
13,487
13,821
t4,195
r4,570
14,944
r5,312
15,622
15,897
r6,293
16,724
17,158
17,566
18,040
18,501
19,107
0
0
0
0
0
0
0
0
0
295,176
546,373
760,867
857,619
877,713
8s2;623
483,653
224,989
84,488 I
29s,176
1,072,926
1,495,5U
1,668,948
1,S72,336
2,114,014
1,902,281
1,891,308
1,830,900
1,764,653
1,801,327 i
1,79/.u2
1,82?,347
1,822,692
1,859,203
1,859,462
1,896,770
1,897,112
1,935,'t49
1,935,505 I
1,974,279
1,974,653
2,014.246
2,0t4,61 1
2,054,9n
2,05s,283
2,096,351
2,096,747
?,138.78t
2,139,221
2,182071
2,182545
2,226,296
2228,902
2,545,050
1,797,850
1,793,950
1,833,300
1,823,450
1,862,550
1,862,100
1,899,550
1,902,100
1,936,850
1,936,350
1,917,?00
1,97r,750
2,023,950
2,02t,800
2,056,750
2,053,700
2,095,400
2,090,350
2,1U,650
2,136,500
2,r65,650
1,734,650
]
1,95't,000
e087850
2,199,7s0
2,202,450
2,498,050
2s00,900
2,499,900
Geo0o K Baum Compaty
5/27nrl
Not Cattle Greek Metropolitan Dlstricts #1 - #3
l,T,ll'l r'"","lY; "?l
I'Jlfii "" " " "
o "
Schedule of Operatlng LeW cashflows
Collecton
Year
L017
2013
2014
201 5
2016
2017
2018
2019
2020
70L1
20zz
2023
2024
20?5
2026
20n
2028
2029
2030
2031
20x2
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
20(}
2044
2045
Annual
Surplus/
3
tklCiNo Cmt I1*!
Crthlhry OP{r
5nI,20l0
Cumulative
SurPlus/
Deficit
#1
0perations
ExPenseAvailable For
Revenue
0n
1
DeveloPer
Advance
Cumulativo
SutPlus
OwnershiP
Ta,\
Property
Tax @
Assessed 0Perations
Value MillAssessed OPerations
MillValue
98
PropertY
Tax @0poratons
Mlll
Pmpefiy
Tax @
Assessed
Value
50,000
143,600
205,993
zz?,626
299,79S
347,386
x92,237
463,856
487,628
494,746
507,328
s07,328
517,474
517,474
527,gz4
521 ,b24
538,380
538,380
549,148
549,140
560,131
560,131
571,334
571,334
582,760
582,760
594,415
5S4,415
606,304
606,304
018,430
618,430
630,798
630J98
61S,430 l
618,430
630,798
630,798
582,760
594,415
5S4,415
606,3M
600,304
549,1 48 r
560,131
560,131
571,334
571,334
5s2,760
517,474 I
5Zl,g24
527,824.
538,380
538,380
549,148
487,62S l
494,746
50?,328
507,328
517,474
347,380
x92,237
463,056
50,000
149,600
205,993
223,626
2g9,7SS
9,787
13,476
'14,630
19,613
22,126
25,660
30,346
31,901
32,367
33,1 90
33,190
33,853
33,853
34,531
34,531
35,221
35,221
35,s26
35,926
36,644
36,644
37,377
3?,377
38,125
38,125
38,897
38,887
39,665
39,665
40,458
40,458
41,267
4\,261
50,000
10.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
'10.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
6,32S,250
6,32S,258
6,455,843
6,455,843
6,584,960
6,584860
6,716,659
6,716,659
6,850,9s2
6,050,992
6,980,012
6,s88,012
7,lu;171
| 7 ,127,773
6,205,155
1,015,000
5,510,000
5,620,200
5,620,200
5,732,604
5J32,604
5,S47,256
5,847,2s6
5,964,201
5,964,201
6,083,405
6,083,485
I 6,205,155
6i,1 40
67,140
68,483
68,483
69,852
69,852
62p27
63,267
63,267
64,533
64,533
65,823
65,823
58,449
58,44S
59,618
5s,610
60,81 1
60,811
02,027
9,S47
53,9S8
55,070
55,078
56,1 80
56,180
57,303
57,30s
5,205,500
e ,453,220
9,279,715
15,051,766
18,509,101
20,65i,484
22,073,418
23,248,587
23,L18,74+
23,7s9,398
23,759,398
24,234,580
24,234,586
24,119,Tt1
24,f 19,277
25,213,663
10.000
10,000
10.000
10.000
10,000
10.000
10,000
10.000
10,000
10,000
10.000
10.000
1 0.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
51,014
82,842
90,941
147,507
181,389
202,443
216,31 I
227,830
2ZB,13Z
L32,842
232,942
237,499
23?,499
242,249
2 2,249
247,094
LA| fie[
252,036
252,036
257,076
257,0?6
262,218
262,218
26T,462
25,?13,063
25,717,936
25,717,936
26,232,295
26,232,295
26,756,S41
26,756,941
27,292p80
27.292,080
27,837,921
27,8n,921
2S,394,680
28,394,0s0
20,962,573
28,962,573
2S,541,q25
29,541,825
267,462
272,s12
2'12,81?
278,268
278,268
203,833
283,833
289,510
28S,510
s,061,181
1 1,191,331
12,046,477
I 3,538,664
14,619,400
1 5,?33,251
16,652,282
17,633,S82
18,282,636
1 8,889,449
1 0,989,449
19,267,238
19,267,238
19,652,502
19,052,582
20,045,634
, 20,045,834
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
10.000
10.000
10.000
'10000
10000
10.000
10.000
10.000
10.000
10.000
10,000
10.000
80,800 I
10s,675
1 18,055
132,679
1A3,271
154,1 86
163,192
172,813
179,170
1e5,1 17
1 85,1 17
188,81 I
188,81 I
192,595
192,595
196,447
196,447
200,376
200,376
204,384
204,384
208,471
208,471
20,446,547
20,446,547
20,055,478
20,855,478
21,272,581
21,272,591
21,698,03S
21,698,039
22,132,000
22,132,000
22,574,840
22,574,640
23,026,132
23,02s,132
23,406,655
23,486,655
212,641
212,641
216,094
216,894
221,231
221,231
225,656
225.856
230,169
230,169
10.000
10.000
10.000
Georgc K. Baum ComPanY
5f2712010
Y.d
201
20
Not Caflle Creek Metropolftan Dlctrtcts #1 - fil
GErl'leld County, Colorldo
Lhlted Tax General ObltgsUon Bonds
ReEldontlil Lot Valuailon - Dlstrlct fl.t (southern)
4
Eshto (>1/4 AcrE)
Market
Eslals (U4 Acrs,
Marlel
Unlls
Vi[aSe ('liE Acre)Village (1r? Acre)
l,,larket
Attached (01)
Martel
Altached 102)
Mtrtet Markot
Valuo
Luxury
Townhomos (0t)
UnlS
Luury
To$nhome8 (02)
l,,lrrket
Value Unib
Gardon Homos
(01)
Martst
Valuo Un,lr
Mo(tet
Gardoo Homss
(02)Townhomos (01)
Unib
M?rtet
Vatue
G{deo Homgs
Martot
ValuE
lncomo Reslrhled
Gardsn Homos
(02)
' Matksl
Unis Vatue ]
Vacant Lot
Valuatlon
ArEessed
Valuilion
6
6
6
b
6
6
6
6
6
4
?
0
175,000
175,000
175,000
175,000
30
30
30
30
27
?4
18
1?
9
4
?
0
160,000
150,c00
160,000
160,000
160,000
r60,000
160,000
160,000
r60,000
40
40
40
40
38
36
3?
20
26
10
12
6
100,000
't@,000
100,000
100,000
100,000
100,000
1 00.000
r00,000
100,000 |
96
96
96
96
86
75
57
39
10
l1
4
95,000
95.000
95.000
95,000
I5C00
95,000
95,000
95.000
91000
26
28
28
26
21
14
7
0
0
0
0
0
90.000
90.000
90,000
90,000
90,000
90,000
90,000
90,000
s0.000
0
0
0
0
0
0
0
0
0
0
0
0
95,000
95.000
95,000
95,000
95,000
95,000
95,000
95,000
95.000
95,000
95,000
95,000
40
40
40
40
35
30
25
20
15
't0
5
0
85,000
8s,000
85.000
85,000
8t000
85,000
05,000
05,000
40
40
40
40
J5
JO
25
20
l5
10
5
0
90,000
90.000
90,000
90,000
90,000
90,000
90,000
90,000
90.000
0
0
0
0
0
0
0
0
0
0
0
0
85,000
85,000
05,000
05,000
05,000
8t,000
85,000
05.000
85,000
85.000
85,000
85,000
0
0
0
0
0
0
0
0
0
0
0
0
80,000
80,000
00,000
80,0m
80,000
80,000
80,000
00,000
80,000
80.000
00,000
00,000
65
65
65
65
65
45
12
0
0
0
0
0
70,000
70,000
70,000
70,000
70,000
70,000
i0.000
70,000
35
3s
35
35
)l
26
18
t0
5
2
1
0
50.658
50,658
50,658
58.658
58,0S0
58,558
50,658
58,658
58,65S I
35
35
35
35
32
26
t8
,0
z
1
0
55,212
55,21?
55,212
55,212
55,212
55,212
55,212
55,212
55,212
J1,245,450
32,490,040
27,185,620
,l9,389,660
r3,063,700
11,U9,i50
6,82r,740
J,S03.870
980,000
29y,
9,061. t8 I
9.424,664
7,083,830
5,623,00t
3,788,473
3,256,512
1,980,045
1,132,122
1
284.200 |
40
Gooqa K. Baum Compsny
siln0$
Ma.ket
5
Not cEtllE Cresk Mettopolttan Dl'tlcla [1 ' fl3
fli,fl:il r*lY;'#o#il"'o n go no"
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2011
11
Atrql..dVacNntLotArrortrdYstnt LoLGddm F.ffiskmM
Garden HuEs
p2 Condo)
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{01 Cqtdo)
t02 APl)(01 APt)Twnhmet (01)LqurY
Tddtffis (02)Mar16(LuwY
lmhoma (01)MflkelV[4. (1/E AcIr)l,tarkalvillact (r16 turo)Mqt6lE l6le (114 Arrs'l Mark tE,t lo (>lr4 AcB)Mdk6tMakolMfllslMdlslMilketMrrlolMzrtolMillot
zs.h
1520,1m
415,?0s
1{,266,081 I
1?,009.614
14r42,130
15.1213{3
12,831826
0,{4?!31
3,SS591J
49,1q5,450
se,653,010
49A55,6m I
52,149,460
t{,2580m
29,1$,4s0
1t,?7S,010
5.270310
1,435r80
a9%
39S258
1?,089
5205,500 l
7584J50
6,4Se,300
0,5ep42
9,0{6}53
5,1913',19
2,015.8886,9s1r70
1,366#0
45s,4t0
1?B5o.oo0
26.155,000
22,2r0,000
32,75s,800
3r,194,3?0
17,901i1m
ri
40
10
40
40
40
{0
36
30
2l
12
I 55,212
55,212
66211.
55,212
55,212
55,21?
40
10
40
10
{0
10
o
36
30
21
l2
1
58,650
50,658
50$58
98,6s8
58,658
50,668
12
tz
1Z
12
lz
50
14
0
0
45,0m
45@
45,000
45poo
,{5,000
96
96
g5
96
95
96
g6
6r
19
0
0
0
40.000
40,000
40i000
40!00
40,0c0
10.000
90s
s0
90
c)
90
g0
s0
63
16
0
0 4s,000
45,000
45,000
45,000
{5,000
110
110
110
110
'1.10
1r0
'110
7l
22
0
0
0
l0,0oo I
40.000
40,000
40,000
40,000
10,000
123
1n
123
18
123
11s
103
el
51
21
0
0
70,m0
70,000
70,000
?0.000
?0,000
70s0
?0,000
m,000
6
6
6
6
6
3
0
0
0
0
0
0
90,000
90,000
eo,mol
90,000
o,co0
g0,0Cr0
90,000
s0,000
6
6
6
D
65,000
65,@
85,000
05,m0
65,m0
86.000
85,000
85,000
150
'150
150
160
141
9',|
gl
32
11
0
0
95,000
95,000
95,000
e5,000
95,000
95,000
95,000
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37
3?
xt
!7
31
22
13
6
0
0
0
0
t00,coo
r00,000
roopoo I
100,o0
100,m0
100,000
t00,tf0
roo,@0
$0,000
11
illl
tl
11
1l
l1
I
5
7
0
0
rso,ooo l
1c0,0m
1m,0m
!60p00
160.000
160,0001?5p00
t?6,0c0
175,00{
r75,000
175,0m
175,000
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r,2m,m
t.200,m0
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6m,0m
800,000
600.000
600.m0
ffi,m0
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6m.0m
6m,0m
528,m0
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520,m0s 528,m07 5?8,m7 528,000? 528,m
520,m
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526,m0
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526,m0
576.0m
570,0m
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588,0m
560,0m
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5&t.0m
688,0m
500,0@
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I 586,0m
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5t7,m0
5r7,60
517,m
5t7,0m
5t7,m
51T,ffi
517,0m
517,000
5r7.0m
5r?,m0
5t7,0m
5tl,ltro
51I,000
{23.@0
123,0@
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12J,60
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423.000
{?,,000
423.m0
423,m0
1?3.m0
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357,m0
357,m
357,m
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a'I,mi
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357,sJ0
357.m0
357,000
357,0q)
357.m0
351000
2r8.9t2
2t8,gl2
218.t32
2r8,932
218,032
218332
2t8SJ2
2r6,Cr2
2l0,et2
2 t0"032
218,9t2
2t8,932
21Eptz
21J.270
21J,?ta
2{',270
243.276
21t,ztg
243.270
24X210
213,216
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4{,12r.860
16,62{,680
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27,581,6J0
18.10t,2t0
t8.60r.2t0
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r.585,443
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3J12,005
2Br5325
r3s),363
2, r95,498
r,4sJ76
r,196.676
525,360
r,58s.41J
3,901,{21
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fl,75'1t97
13.957,As
15,15{,272
r6,950,948
17,a76J08
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Not-Caftle Creek Metropolitan Districts #,| . #3Ga rfield County, Cotorado
Llmlted Tax General Obllgation Bonds
Commerclal Square Footage Developed - Distrlct #3 (Commercial)
Compleuon Asse6smsnl ColleclbnYear year year
201
201
201
2009
2010
2011
2012
2013
2014
2016
201 0
2017
2018
2019
2020
2021
2022
2023
2010
2011
2012
2013
2014
2015
201 0
2017
2018
201 I
2020
2021
2022
2023
2024
2019
2025
201
201
20
2015
?021
2022
TrBct C1 (Land)Tract Cl (Retail)Tract C2 (Land)Iract C2 (Retait)Tract C3 (Land)Tracl C3 (Hotel)
Valuo/
Acres Ft
Square Value/
Acres
Value/
Acre Fr Ft
Square Value/
Acres
Value/
Acre
Value/
Room
4.40
4.40
4,40
4,40
4.40
4.40
4.40
4.40
1*227,273
227,27X
227,273
227,273
227,273
227,273
227,273
227,273
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
lf, Q0'
4.00
4.00
4.00
4.00
4.00
4,00
4.00
4.00
o:oo 250,000
250,000
250,000
250,000
2s0,000
250,000
250,000
250,000
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
3.90
3.90
3,90
3.90
3.90
3,90
3.90
3,90
'rn'
384,615
384,615
384,615
384,615
384,615
384,615
384,615
384,615
66,067
66,667
66,66i
66,667
66,667
66,66i
66,607
66,607
66,667
66 667
66,667
66,667
66,667
66,667
66,667
66;067
Ior
B
Not crllh G.ok tr1+j
ComoElrl 1
Commercial
Development
Value
Assessed
Value
29.000k
3,500,000
1 9,000,000
'1,015,000
s,510,000
Georgs K. Baum Company
5t27t2010
ht c.ft q!!r tl {6
N.t catlle Cteek MetroPolitan Distrlcts #1 ' #3
t,ll',',".5 tt"",9;Ill"Jit! "t'o
n
" "
n'"
Asse68ed Valuatlon Summary
Comclo[or AgsNnd{ Tu CoI6[m
Ysx
201
201
hcremeolal ' Dlslilct #1
lndemental ' Dlstflct [z
lMemental- Distrlct f0
204
2009 2010
2010 2011
2011 2012
2t12 2013
2013 2014
2014 2015
2015 2016
2016 n1l
2017 2018
2010 2019
2019 2020
2o2o xo21
2021 7022
Nn 2021
2023 2024
zn24 2025
2025 2026
2026 2021
2027 2028
2028 2029
zOZg 2030
2030 2031
2031 mxz
zon 2033
2033 2034
20u 2035
m35 2036
m36 zfil
2037 2030
2038 2039
203e 2M0
2040 2041
2041 2042
2042 2043
zc/ix 2044
2044 m45
?045 2046
204{i 2047
2047 2048
2048 204s
204S 2050
17,476,208
2e192,468
,to,eoo
112,404
',to,ouz
116,S45
,'.,t,iu+
121,670
,,ro,io,
126,585
,rr,r,t
13.1.6S9
134,333
137,020
',lr,iuo
142,555
,nrjo,
148,315
1,015,000
4,495,000
6,584,960
s,5M,960
6,716.65S
6,?16,659
6,$50,992
6,850,992
6,908,012
6,908,012
1,127,77x
7,127,713
i,2ro,32o
't,270,329
7,415,i35
7,415,735
7,564;049
7,564,049
6,329,258
6,455,043
6.455,843
1,015,000
s,510,000
5,620,200
5,620,200
5,?32,604
5,732,604
5,8{7,256
5,847,256
5,964,201
5,964r01
6,083,485
6,083,405
6,205,155
6,205,155
6,329'250
104,1 10
185,594
,ro,iu
441,460
,rUu,irU
475,188
*o,uu,
494,306
uoo,rrr
514,359
uro,*u
535,139
545,u2
556,758
,u,,t*
5?9,251
uro,e'o
602,653
uro,i*
20,657,4M
5,205,500
2,379,450
(1,126,650)
3,M2,042
(453,989)
(3,855,034)
(3,175,451)
(1,619,601)
(264,178)
(132,08S)
764,160
1,953,145
?^s44A14
3,S11,324
s,633,235
4,591,385
2,3s3,302
294,335
147,168
30,I32,661
30,?35,314
30,735,314
31,350,021
31,350,021
28,394,680 l
28,962,5'I3
28,962,573
29,541,825
29,541,825
30,132,661
21,25L080
2?,292,080
fi,8n7,921
2?,83?,921
28,394,680
25,717,936 l
25J17,936
26,232,295
26,232,295
26,756,S41
26,7$8,S41
24,234,586
24,119277
24,119,277
25,213,663
2s,213,S63
2a073,418 |
23,240,587
23,2181+4
23,759,398
23,759,3S8
24,234,506
5,205,500
8,453,220
9,279J15
15,051,766
18,sos,101
191,224
240,930
292,30g
333,046
305,653
,rr,itt
385,345
,n,,ou,
400,913
oor,nfl
41?,',I10
oruit,
$3,961
442,640
4st,4g3
,uo,ie,
469,?33
orn,rrt
480'710
18,88S,44S
9,061,181
363,483
(1,540,8?,4)
(2,260,82S)
(1,834,52S)
(531,962)
(1,278,464
(847,924
t847,922)
(2M,200)
1,585,443
2,395,901
3,5',12,086
2,915,325
1,353,363
e1S5,490
1,496,5i6
1,496,5i6
525,360
21026,132 I
23,025,132
23,486,655
23d06,655
23,956,3s8
23,956,388
24,435516
24,435,516
24p24,2fi
24.524,U6
20,855,47S I
Ll,272,581
21,27?.587
21,698,039
21,698,039
22,132,000
22,132,000
22,514,840
22.574,040
r9,267,238 l
19,267,238
19,652,582
19,652,582
20,045,634
20,045,034
20,446,547
20,446,547
20,855,478
9,061,1S1 l
11,191,331
12,04s,477
13,s38,6M
14,81S,460
15,733,251
16,652,202
1?,633,982
18,282,636
18,889,449
Goorge K. Baum company
5.5',10.000
-nfiis6'16-
5D1rN10
o
Iot_C_a!U9 CrEek Metropofitan Di8trlct5 #1 - #gcsrlield County, Cotorado
Llmitsd Tax GenerEl ObltgBilon Bonds
SchBdule of Facilifles F6ea
Fec
2010
2011
2012
2013
m14
20r5
2016
2017
2010
2015
2020
n21
n22
2023
2024
2025
2026
2027
n28
2029
PEmil
{dciho..lit{l0
295.176
546,373
760,867
857,619
877,713
852,6?3
483,653
224,989
84,408
I
TMhomes. Tomhomes
LuuryEstate 1'174 Estste (1/,{Villsge (1/B ViilagE (118 Aflached
Condo/Aparl,rcnls Condo/ApErtnerls Condo,,Apa.lhent6
Resldclod
GardEn
Reslrlcled
Gdrden
LquryA(aci6d Tomhom€s
28,500
28,560
57,120
85,680
st,120
76,160
38,080
19,040
58,000
77,000
91,000
77.000
56,000
56,000
4e000
42,@0
4a000
1 14.000
186,000
288,000
288,000
2U,000
186,0C!
126,000
44000
24,000
26,400
36,960
36,960
36,960
26,950
43,120
$,1m
26,950
26,950
26,S50
26,950
26,950
29,400
47,040
4r,040
29,400
29,400
29,400
29,400
29,400
6,588
1 3,130
17,515
26,272
24,083
26,272
21,893
19,7A
8,757
7,298
14,597
19,462
29,193
26,761
29,193
24,329
21,895
9,73t
99,960
160,650
121,380
107,100
107,100
t4,970
24,000
24,000
48,000
24,@0
24,000
46,200
77,000
30,800
66,584
1 10,208
43,624
50,1 19
83,531
33,413
66,974
r09,593
42,620
GeoEe K.8eum Companl
,finu|
11
F4@rq**1*
6n764Nqt Catle Crctk llletropo$tan Dlatdde ft ' f3
Gefi eld County, Coloratlo
Umited Tu GaeralObligation BoIo8
ssleB 20'15
OeHSeryicSchedula '
$27,000,000 P&l
P&l P&l
Raia
06'01/16
12,01r'16
06/01r17
fifr1n7
06,01'18
tz0rt8
06/mfl9
12101,19
0610120
nfr1n0
06,01,21
.on1lz1
0il01n2
fiMm
0601n3
fin1n3
06/01121
fiMn4
0u01n5
QMTZi
06,u11?6
flvm
0601n?
12/f/.nl
06,01n8
12fi1[ts
06D12t
12t01W
05mlB0
1a0rE0
06rc181
12t01131
06n162
115,000
260,000
3eo,;oo
420,000
745,000
800,000
855,;00
960,000
94s,000.00
945,000.00
940,975.00
940875.00
931,875.00
931,875,00
s1822s.00
918,225.00
903,525,00
903,s2530
877,450.00
8r,450.00
849.450,00
849I50.00
8'19,525.00
8r9,525.00
785,925.00
78582s.00
776,475.00
r/6,475.00
766,1s0r0
i56,'150.00
753,725.00
753J25.00
740,rl5.t8
740,n500
945,000.00
1,060,000.00
940,97s.00
leooB75.oo
931375.00
132187s.00
918225.t8
1,33E225.m
903,52s'00
1.64E,525.ff)
8n,450'00
1,6rI,450 00
849,150.00
1J01,450.00
s19,525.m
1.779,525.00
?85,925.00
1.055,92s 00
i76,475.00
1 ,0i1 ,475.00
766,150.00
1,121,150.00
753,725.00
1,123.725.00
?$,rl5-00
1,175J75n0
270,000 7'@
295,000 7'm
3t5,000 7'00
370.000 7'00
135,000 7'00
465,(m 7'00
535,m 700
575.000 7 00
6s0,om 7 00
2,m5,000.00
2,1{1,950'00
2253J50,00
2,256,450.00
2,552050.00
2,554,900.00
2.5s3,900.00
2,599,050.00
1,841,850.00
1,E17,950.0J
1,SSi,300.00
1 877,450.00
1,9r6,550.m
1816,100s0
19s3,s$I.m
1,956.100.00
1,990,850.00
(z.000.91)
izi,ooo.oo) 1Bs1'ooooo
Eff:B} ?,o'z,s5ooo
lll':JBSi z,1ee,7sooo
lll'ffi$i 2,202,150'00
Effitoo} z4eB'o5ooo
lll'ffiffi esooBoo'oo
g'ffiB 2rse'eoo'oo
lfiB'ts, z"545,o5ooo
111',1$E i;rsTiso'oo
lll'ffi'S l',s3eso,o
lllffiHl r'8,.'3oooo
lflSffi 1,823,4$'oo
El'ffi'B 1,62s5o'oo
E'ffi'ffi 1,B6z,im'm
fi.0m.00)
iz,mo.ool l.gee's5o'oo
n7.0m.00
iiz,m'ool 1'eo2'1oo'm
lflffiE 1,s36,5ooo
Effi:ff 1'936'350oo
lfl'ffiB 1's17roooo
127.m0.m)
iz,ooo'ool 1377J5ooo
Effiffil ao?s's.oo{
lli'ffi:ffi eo27'8oo'oo
llli$'fr} 2Ps6rs'oo
13ffi'3o, zPs3roo'oo
g'ffi'E aoes'4oo'oo
(27.000.00)
izr,ooo.oot zoeg'3soo
ll',ffiH 2'13{'650'00
ffffitE 2'136'smoo
l1'ffitr" 2'165'65000
i.00
7.00
,.*
7.0c
aa,
?.00
?i00
7.00
17h182
0601r33
1201133
06/0181
12101t34
0610185
1?n1.135
06.101,S
12J01136
0610187
12mj6i
0d0r3E
12i)ln8
OMlB9
1?J01n9
00,01/{0
12101,10
06101161
12D1i4t
06101142
12!01142
0501/13
1201,43
0u01144
lfn1l41
06n1/45
12r01115
sgs,000
785,0t10
uoo,ooo
945,000
1,015,t00
1,115,000
1,190,000
1315,100
1.110,000
1545,000
1,655,000
1,800p00
4,195,000
27,000,000
T25,550.00
725,550.00
7ts,275.00
2m,275.00
6S,550.00
6S0,550.00
670,425.00
6'10I25.00
647,675.00
64?,676.00
623,350-00
623,350.m
59s,E75.00
595,E75.00
566,{75'm
566,475.00
533,400.00
s33,400'00
497,875.00
4g,I,8?5,00
158,850.00
458,850'c0
117,200'00
417,200.00
3?1.1i5'00
725,550.00
1 J90,5s0.00
?09,275.m
1 2{4,275.00
630,550.@
1,265,550.00
070,425,00
1320,425.00
647S75.00
{$1,825.00
6582s850.00
1 3426?5.00
623,350.00
1,408,350.00
595,E?5.00
t,€5,m5-00
566,475.00
,|,511,175.00
533,40030
1,548,{00'00
197,875.00
1.812,875.00
45E,E50.00
r,s4g,E50J0
417200.00
1,732100.00
3?1,175.00
1 ,781 .175.00
321,825.00
1,866,E25.00
267,750.00
1,322,750.00
209,825 00
a009,82s'00r 1a6,825'00
1,990,350.00
2,031J00.00
2,031,7s0.00
2,077,950.00
2,081,800.@
2,110,750'00
2,107,700.00
2,1{s,4$.00
?,152,350.00
2,1S8,650.00
2.190,s0030
2,219,6s0.00
1,{88,6s0,00
05,c5850.00
7.00
7.00
100
7,00
a*
7.00
r.oo
7.00
',100
7.00
a*
7.00
,.*
37'1,17s.00
321,825.00
321,8?5.00
26?,750,00
267J50.00
209,825.00
'209,825.00
146,Szs.00
146,825.00
38.9?5,95000
Avqege CouPon
Ntc
nc
ArbltsagBYi8ld
Bond YsaE
Averago Lits
Atflued lnteE*
((,320,00030)
127,
p;t?7
,000.00)
,000.00)1J36,650 00
61,605,s50.m0.00
Msd
SEttJBmsnt
12m1,15
12101t15
7.000t00
?.097107
7201553
7.000000
sss,085.00
20.60
0.00
GsoEB K Bar$ ComPsnY
s{lttN10
Not Cattle Creek lvletropolitan Districts #1 - #g
Garfi eld County, Cotorado
Limited Tax General Obligation Bonds
Series 2015
$20,00 /$1,000
12
Not Cattte Creek #1#3
Sources/Uses
5127,2:010
27,000,000.00
27,000,000,00
23,610,000.00
2,700,000.00
540,000.00
150,000.00
0.00
27,000,000.00
Sources and Uses of Funds
Sources
PrincipalAmount of Bond lssue
Uses
Project Fund
Reserve Fund
Bond Discount
Cost of lssuance
Contingency
George K. Baum Company
st27t2010
EXHIBIT E
Preliminary Engiueering Cost Estimate
Preliminarf Engioeedng Cost Esumrtes
Ir::f;il1",":';fion
unJt linearfoot prlces for road tratl. sldewalk and utllities and unft square foot pricestor recreation and tandsEped areas as
Cash Flow Pro Forrna Model
Carbondale lnvestrnenq LLC
Prepared by 811t0 pafthe6, UC
Engineering Consuttants
Cost
Total Costs Notes
2-l.ocal s
s
and s
Subtoral
and
Sdevralks s
Structures
and FacilitiesWater
Mains Tanks
Subtotal
Row
s
and
Facllltles
,781Olher
Facillties
Parks and
Subtotal
Total
Total
Last saved:05,19-10 !1:1g:20 AM
3,668.7so
330.000
1.225.000
s 500.000
4,049,000
s 326,250
2,243,844$ --l^or8,Iti
430.000
1",230.?50
1.502.438
s L,627.344
----______-f:::_$ s,g7g,.Lts
79.983.050
7,577,750
77,494,8K)
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Public Hearing - Rivers
Board of County Commissioners _
PROJECT INFORMATION AND PLANNING COMM ISSION RECOMM ENDATION
REQUEST
PROPERTY OWNER
REPRESENTATIVE
LOCATION
EXISTING ZONING
COMPREHENSIVE PLAN
Service plan Review and Decision
Carbondale lnvestments LLC
Diane Miller - Miller Rosenbluth LLC
south of the city of Grenwood springs on the west side ofHighway 82 at Cattle Creek
Suburban on !2g2 acres _ Commercial General on t1 acre
Residential High Density
t
FINDINGS
STATUTORY REVIEW PROCESS
General Authoritv - with reference to the review of any service pran the Board of county commissioners(the Board) has the authority to approve without condition or modification the service plan(s)submitted; to disapprove the service plan(s) submitted; or to conditionaily approve the service pran:::j::t[:.,:ilff:ii;:T::'"'ar information rerating to or the modification of the proposed
trHffi ;I:r:rTjiil::^lItrrove the service pran unress evidence satisfactory the foilowing is
(a) There is sufficient existing and projected need for organized service in the area to beserviced by the proposed special district.(b) The existing service in the area to be served by the proposed speciar district isinadequate for present and projected needs.
f: ,,".T;;:ffi:l,:::::l:ot''" is cfabre orproviding economicarand sufficient service to
(d) The area to be included in the proposed special district has, or will have, the financialability to discharge the proposed indebtedness on a reasonabre basis.
ffi.]r,:"."maydisapprovetheserviceplanifsatisfactoryevidenceisnotpresented;
(a) Adequate service is not, or will not be, avairabre to the area through the county or otherexisting municipal or quasi-municipal corporations, including existing speciat districts, within areasonable time and on a comparable basis.(b) The facility and service stindards of the proposed speciar district are compatibre withthe facility and service standards of each county within which the proposed speciar district is to
7
B o a rd o r .J;? iff il, l', #I':'r:i,iil"#;: ! fi;be located and each municipality which is an interested party under S 32_1_201 (1), C.R.S.(c) The proposar is in substantiar compriance withsection 530-2g-106, c.R.s. LU'rrPrrc'rrue wlrn a master plan adopted pursuant to
(d) The proposal is in compliance with any duly adopted county, regionar or state rong-range water quarity management pran for the area.
fl, ." #:"ITion
of the proposed special district wiil be in the best interest of the proposed
conditional Approval - The Board may conditionaily approve the service pran of a proposed speciardistrict upon satisfactory evidence that it does not compry with one or more of the discretionarycriteria' Finalapprovalshallbecontingentuponmodificationoftheserviceprantoincrudesuchchanges
:i#ilil::,lltfl:j;Td:.:llr ie speciricarv stated in the rindings or the board or county
Findings - The findings of the Board shall be based solely upon the service pran and evidence presentedat the hearing by the petitioners' pranning commission and any interested party 532-1-203 (4), C.R.S.a) The Planning commission staff Report and presentation, attached as Exhibits J and Krespectively' will provide the specific details regarding the proposed service prans includingdetairs regarding the property applicabre to the proposed speciar Districts.b) The Planning commission specifically authorized staff to act on their behalf to present thedeliberation' findings and recommendation to the Board of county commissioners.c) lnterested parties are those entities that received public notice via certified mail.
II. BACKGROUND
on Thursday July 1' 2010 Matthew Ruhland of the law firm Miiler Rosenbruth, LLC submitted three (3)Service Plans for three (3) metropolitan districts on beharf of carbondare rnvestments, LLC., the ownersof property identified as Rivers Edge colorado, formerry known as cattre creek (cororado), sandersRanch and Bair Chase.
on July 72' 2070 the Board of county commissioners (the Board) reviewed the statutory requirementsfor review of the service plans' authorized speciar review of the service prans and imposition of:::'::.:'i:;i:i,::'i;fi::lJ::]"', and joined in the rererrar to the pranning commission ror review
on wednesday July 28' 2o7o the Planning commission reviewed the three service prans and forwardeda unanimous recommendation of disapproval for the three plans. This recommendation was forwardedto the Board in the form of a Resolution, including findings to support the recommendation.
on Monday August g' zo7othe Board set the public hearing date for the service prans for september 7,2010' authorized staff to complete the required pubric notte, and required the Appricant to submit a,information to be presented at the pubric hearing by 5 p.m. wednesday september r,2oro.
2
l[.
public Hearing _ Rivers Edge Service plansBoard of county commission"r, _ s";;;;; er 7, 201_0
Upon completion of
required and discretistaff
and applicant presentations and on
p ro posed d istricts, r#,ll;,i1",,: :J :'[ff "m
m issio n (co m m i
proposed specialdistrict boundaries.
ements are not in p
ce apprised of the statutory criteria, bothission) focused upon the necessity of the,lace for development to occur within the
:fii,#,ilTll'l,ll,[-;':ili,'l',i::!;:::Jffi:::j:,.the requested rormation orthe districts at
1' The necessity for a "public" entity to request pubric utirity commission (pUC) alrowance for,::J'[T ffil;:l;::Jntt'r-wav (the Rio crande RFrA trair) that are required ror access2
llH";iljij?1,,#;::i;ff 60 and 61 wourd not a,ow the proposed deveropment to
The Commission
r
purpose ,r "bt,i;l"8;;':'rlll'.:::,',lJlo.:fr,,,,1::ffi:L,.J;.:[,;,.il]r5J,,ffi,,:y#:;,:
.t::ttffiflIffirtlprovements included separated grade crossings). The Appricants wourd not
rt is important to note that a'of the commission members discussed the ,,potent iar,, fordevelopment tooccur within the proposed district boundaries and referenced the comprehensiv
l,i,:iH il" :""#l::i: ; #X **r: * :**i u,. . p,.. i ",,n. ol,::l H :ffi:'J;
specificity in the proposed ,erri." ";;;:';^'.:'^"-:':*''ous
was the finding of a lack of details or
;'.ffi T[Till+1;i:t.,,m;i:ri:rilH",'."#[:::,"rxm*:,
that additionarinformation was necessary. The commisr,", orllrr", j".iff:":"j:r#[J[:::ffi;]:
approval' however were unable to itemize those conditions due to time constraints.
ffiilI:'J:T#:ffX:il::Hlf1:, " keep moving rorward with their deveropment prans rhespeciricityandthattheyhadnotiret;il:::::i?Ji"i,lh;::J::J,,:ilI:::8il:,.*'r,";;;;;
A motion was made to fonvard a recommendation of disapprovar of the thincorporating staff findings on Pages rz ,na 18 of the pranning commission ,,rn J:i"ll:ffiJ[l:xl ffi'l,LTl]i:,il :[ :"ffi:ffi ;"'j',;;;;";;;'', nd, uthorizing the Cha irma n to sign a
3
tv.
public Hearing _ Rivers Edge Service plansBoard of County Commission." _;;;; er 7, 2oto
The Planning commission unanimously recommended disapproval of the three service prans - RE East:ffiil"T;jl,1rfiJrT s"'i'u prl'n,
^nd the RE south service pran. prease see the attached
V. ADDITIONAL FINDINGS
Mandatorv Criteria
staff presented additional suggested findings to the pranning commission in the presentation at the
meeting' see Exhibit K' These findings were not incorporated into the pranning commissionffiTl'll.xTi" ill l'J, ff '""ffi :;::ffi ,."J,'l " il; ",
h e pe t it io n e r ra irs io s u r m it s u rricie n t
1' The petitioner has faired to present evidence that there is storganized service in the area propo*"]r".."::;j:":.'t"::o]t11" existing and projected need forcommission specificaily finds: as required by 532-1-203(2xa) c.n.s., and the pranning
a) The proposed deveropment is speculative and has not been reviewedcounty; q,,v ,ds r approved by the
b) The area proposed to be served by the districts is currentry zoned Residentiar Suburban and;:Iff:::I,,,ffi l#TiJffi ,l:.J[:,,,I
li'il;,, the proposeo resiaentiar or com mercia r
c) The petitioners have failed to present an inventory of the services that are currenry avairabte tothe area from existing special districts or other municipalities;
d) "The three Metropolitan District service plans presented to Garfield county anticipate a certainlevel and scale of development, which cannot b" ,..;rrodated under current zoning.,, seeffil'*:::lJ":' Ford Frick' Managing Director of BBc Research and consurting, incorporated
2. The petitioner has failed to present e\projected needs as required bv s32-1-2or-iirr::i:i:Hfifi,:ilffJ:#i:lffJ,,*,ffi:[.,
a' That the land within the proposed district boundaries is within the carbondare and Rurar FireProtection District which provides adequate service to*,".r"r;b
]jil *:,::i:::rt[:T,#;:'.:;.::,ffil:::Ti:wi,hin,he service area of ,he Roaring
adequately provide water and sanitation service within an"oir""t"r""d
to indicate that it cannot
4
Board "r.J;?';"Tff|il
Rivers Edge service Prans
ff;.H"TJ;l"lilifil.:l,l :ffi , ::,,h:::: L{ff::klr,,';;;;. ;,;.:, 02, a n d ..,, ",.,.,,, "d' No evidence was presented of existing services and the projected need for the specific pubricinfrastructure in the prans nor the specific ,.ri.", risted in the prans.3. The petitioner has failed to present evidence that tlproviding economical and sufficie., ;;;":";:,.""',:::,tne proposed special districts are capable ofcommission specificaily finds: - service; as required by 532-1-2orririlj-a.*.s., ?rd the pranning
a)
.},:fiHT:::il J.lTH::,:J"11:on,,.,,ed
that the proposed deveropment wirr receive
b)
::;li:l::J"Tfi1,: #J::::::,:::,ilJ[H?fli::.i,1' o" ec.n.m ca,r.r,he pr.p.sed
c) The petitioner has not provided information, such as surveys or enecessary to support the cosr estimates ";;;:^^::'],i:
t"uys or engineering standards,
been adequatervdemon,,,..,"olr,l},,|,"j,"Jffi:',""T;1#::,fiT,il:*l*{:;1"ilil:1
:,iliff:H::J;:[:"T;:TiJ;J,rence thatthe area to be incruded has orwir have the rinanciarand the elanning-commission ,pu.iri..rry"r1il
t reasonable basis as required by s32-1-203(2xd) c.R.s.,
a) That the use of the 200g assessed \/21,r+i^- r_inappropriate given the state ",;:""1J"'#;'Ir?#:ilJfl:::;:fll"the proposed site is
in Garfield County;b) "The District service prans provide no substantive support for the pace, price, cost or scare of
the anticipated development and infrastructur; r;;;"rents.,, see report incruded in Exhibit J::,ffiH:,:ilI','.';1;llf [].:',.'"*
" ;;';
"'a gi ng Dire cto r or B Bc Resea rch a nd
Discretionarv Criteria
l;i11]:lllllrlflthe Petitioner has raited to produce evidence that adequate service is not, or wi,corporations, inctuoir'
the area through the county o' o*,.i
re q u i re d, a n d th e,,, l',iff l':: ffi :[ i*;#il.;;:; ;# ii"'l l*" ]T :'I:' # J.l::;fi# {1
a)
#,l;l':::;;,::l;:H::ff.1,'lji'#:l:l regarding the services currenry provided by
2' 532-1'-203(2'sxb)' the Petitioner has faired to produce evidence that the facirity and service standards
of the proposed special districts tt" r"'ol,ible with ,n" ,..r,,, and service standards of each county
5
Board,r.",l,1?,tJr"tr,:*";::,._'r:Hili::;::iT;
within which the proposed special district is to be rocated, a1f each municiparity which is an interestedparty under 532-7-204(7), and the planning Commission specificary finds:a) The facirity and service standards were not provided in the service prans.
;ii;:ifili tJIi';l'"-',T]'ilI has raired to produce evidence that the creation or the proposed
commission specifically finds:
terests of the area proposed to be served, and the planning
a) The proposed district boundaries contain vacant rand with no deveropment approvals;creation of the special districts wourd not be in the best inrbecause of the speculative nature of the developmen, orooortil"sts
of the area proposed to be served
3. 532-1-203(2.5)(c), the petitioner has failed to produce evcompliance with a master plrn rooo* ":;.,::-t::11t:'l'Y:lce
that the proposar is in substantiar
specifically finds:
master plan adopted pursuant to s30-28-106, c.R.s. ,na in" pranning commission
a) The service plans did not contain an anarysis of pran compriance with the comprehensive plan;b) The provision of redundant services is discouraged by the comprehensive pran;
ff-:T::t;ffi distric! Residential suburban, is in compriance with the High Density Residential
r *: n:i:ff ff :i.x ; :# fl :,;"#, Iil, in
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n
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4' 932-7'203(2'5Xd), the petitioner has faired to produce evidr
I":TJ;,l"1Hl#ilij;"fx;l:;;:;x1:,"",;;;#il::,,ff ;'lT:r"",T[ j["il::,,:.;
a) The service plans do not addrer
management plans. ;s water quality or discuss any applicable water quality
6
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1:1.., T'hc proposcd spccitl district is cscnict to the rret rvithin irs hountllrries:
,apilblc <lf ;lroviclins ccclnrtlrriclrl :tn<l sul.licicrrt
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lilr*;1ffin':.."riJttc Proposcrl spccial <tisrrict *irr rrc i, rhc rresr irrrercsr .,[ rrrc
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c' ln ixklition to lhc uantlatorS'critcriu, rlrc Planning c.mlnissi.n recornruends trrar r'c tlo:rrtt[li?:rtl3:l:':llT:',,':fiuil;;;;;';'ih.. ,",*i.l*il;;J',ilr ,rrc rriscrcri.,nrl,crircrin or.
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their b<lrurtlarics antt scrvicc lllan itrcAs.
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rvit' othcr spccinl ttisrricrs. ,t*- c'.u,u,y or irrcrcsrc<t ,*ny
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r,i,#-Hd#.#fl:' l-#ffi,T::l:-
a) Thc servicc plans drl not inctu<Jc a,.nalysis.r'cornpliancc rvitrr t1e conrrrrcrrclrsir,c
:i'il,,t',:i":j:rc
thcv lu*c trot r,c*ro,srrare.r ,r,*,'rrrc nroJr's*r i.s i, subsranriar
i::,r, ;1.:,,;,,r'f iltl,ii'I:xffilIrfl;.;.,il,,111::]lg::y,r,i,,rhecrca,ion o,,hctltc lllorrning Cornnrission -r*;i,r;ilrlri",,*, "-" rr' r"e rrc:l ,)rotx)sc'tt ro bu .scn,cd. a'd
a) 'rhc proposctl tlistricr boun<lary cottlai,s f .cant rancr r*it.rr rr, cntitrcnrcrr(s ottrcr th.rr
b ) fi i.,"Li.:, ;',r,'J,;x:lli li I; 1,,:,*:;,;1 Tj;;Tll,,ffi I# ., r . o,,,,,,. i..r ffi ;;;;;ffi :,'rrc'cropnrr"'nr" rhiu tr,*.r;riJ.,i r)roposc ro sc^,e. i1;.r.i,r.xffi:1ffi lix,j;ilxfl,]l]j;rnr, rhcrcforc rhc c,u,,5'",,,u,oi,r*b.,,ii,io'ir;;;;;rr
rhe sc^.it:cs :* rrris rinr.:.l)' 'rhc puqlo-sc of this Rcsoturion is; to rnsnroriari,zr:.trrc :rction tnkc., ,. J,ry 2$. 20r0.
Datr:tl ttris 28,r,rla1,of .luly. A.l)- 2010.
ilil
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coMNts.sroN.
COLOI{i\DO
couN't'1,
GARITIEI.,t)
PI-ANNING
c()uNl'),.
A I-|E.ST:
G:rrlisld County llanning Corrrnrission
Upon rrrotiolr duly nrarJu and .secortrJr:d thclbllorving votc:
Philip V,aughuh. Chli n
tirrcgoing ltssolutiorr u,:rs :lttoJtlctl ll1, rhc
i\yc
rl lrsr:rt I
r\yc
Vr
. .,\}.c
. ;\yc
. r\yc
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. r\bscrrt
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Kath
From:
Sent:
To:
Subject:
Don and Kathy,
Deborah euinn
[f*?l.t#,:",":ru B!Fl"'o'o 4:08 PM
I don't have time to rg.view these new submittals, but a quick grance seems to indicate that they have submitted revised
costs as a result of deficiencies pointeJo" ,, ar,u pt"rning coirmission r,".ring. w" hired an expert to review the
financial aspects (although ir v"l l""t r,"-- Frick's ."roi,-ion, he didn,t ,",lr,o t-rrat mucn; , but you might want to::i:T.H:'Hif,',"":tJlfil*:,il,',,,:T;::*,1,:,,r::[di"- rererraito pC and to outside expert,nd *hethe,weis crear that thev are
1!1neinr,i" '".t" prans that,,.,"-c""r'J,;;-ff::::::ff:::?::l L, o*ii,"""r, but here it
I[,#l::!.",:tJ]H::n::ijJl;*l:' is that trris aoesnliconstitute an approvarorany reverordeveropment. rtwould permit the development propo;;;l
t'" necessary' given there is no develo'or"n, approved and no zoning that
I-T, Kathy A. Easfley
*n!r Wednesday, September 01, 2O1o 3:18 pMTo: Don DeFord
Cc: Deborah Ouinn
Subject: FW: RE Service plans
lnformation just submitted for the pubric hearing on the service prans.
Kothy Eostley, ATCI
Senior Plonner
lyytleta county Buitding & ptonning
108 8th Street, #4Ol
Glenwood Springs, CO g16)l
Phone: 970-943-1377 ext. t5gOFox: 970-384-3470
keost ley@gorf ield-county.com
# ,,.\ L,,,rsr(rur rrtr,(.n\l.{,nn)(.1.r lr, t,,r.t i)l.lttin,, tl i.,,irr.rrl.
From : Dianne Miller [mailto:dmiller@miller_rosenbtuth.com]
Fnli Wednesday, September Ot, ZOIO 2:22 pM
I3; 5AT#;t"T[rev; nocry irr;;'* ;;'otero; Mark sawyer
Subject: RE: RE Service plans
ffil-ched
are two pdf files that we are submitting as additionar information for the Bocc hearing next week
Dianne
303 285 5320
1
A.
From: Kathy A. Easfley [mailto:keasttey@garfield_county.com.l
fr,*Ifr *17-".fi"stH,,lii'iffi
ffii" ;,, t
Subject: RE Service plans
Dianne and Rocky,
I am finishing up compiling the information for distribution to the Board of county commissioners for review of the
service plans at the public hearing ;;";'rh for ruesdayJ"ri"ru",. ,;i -,o-r*',i,il,
o, wi, have, any additionar;tfi:il:ljil.T i: J:tx".:ilj*j*fij,*,fi;:1":"#:t,1;::i:,T:?.:Tu red ,ha, ,o, ,,u,ii j,-yr.uo ,ion,r
Kothy Eostley, ATC1
Senior Plonner
lytlela Counry Buitding & plonnins
108 8th Street, #4Ol
Glenwood Springs, CO gt6}t
Phone: 970-945-1377 ext. t5gOFox: 97O-384-14TO
keostley@gorf ield_countv.com
;{ Irl.r." c<lrsirlcr thr.r,rn.irrrnnrr.r.rt lrcfirrr,Printirrg this L..rnrril
2
{{y Ze, 2010 planning Commission ExhibitsRE South, RE North, nf fait SL*it" plans
Carbondale lnvestments, LLC
A
B
Garlield Unified Land SEU ofResolution 2008 as amended
C ve Plan of as amended
Garfield
D
RE South Service Plan
E
ServiceREN,orth PI an
F
RE East S ervlCe Plan
G
Staff
H
taffS
I
J
dated I)I20 0 from Ford Director B BC ResearchGarlieldAssessorandTreasurerData
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
\
E
Proposed IYIetro District
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REQUEST
PROPERTY OWNER
REPRESENTATIVE
LOCATION
EXISTING ZONING
COMPREHENSIVE PLAN
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
PROJECT INFORMATION AND STAFF COMMENTS
Service Plan Review and Recommendation
Carbondale lnvestments LLC
Diane Miller - Miller Rosenbluth LLC
SouthoftheCityofGlenwoodSpringsonthewestsideof
HighwaY 82 at Cattle Creek
Suburban
Residential High DensitY
I. BACKGROUND
special districts are quasi-municipal corporations and political subdivisions that are organized to act for
a particular purpose. A metropolitan district is a special district that provides any two or more services
which may include fire protection, parks & recreation, safety protection, sanitation, solid waste, street
improvements or water, to name a few. A district has the ability to acquire bonds for the construction
of the improvements and to levy taxes, to the area within their boundaries, to repay those bonds' We
are familiar with the special district concept in Garfield county, particularly related to fire protection
districts and water andlor sanitation districts. several metropolitan districts currently exist in the
County.
The formation of a special district entaits a three-part process that requires obtaining review and
approval from the local governmentaljurisdiction, review by district couG and a special election' The
Garfield county Land Use Resolution of 2@8, as amended does not contain specific provisions related to
the review of service plans, therefore the process of submittal and review of the plans must be in
compliance with statutory requirements contained in Title 32 of the colorado Revised statutes- Those
statutory requirements inctude submittal of the service plans to the cle* for the board of county
commissioners, referral of the plans to the planning commission for review and recommendation to the
board within thirry (30) days of plan submittal, and a public hearing with the board not more than thirty
(30) days after setting the public hearing date-
II. GENERAT TNFORMANON ATIID S]TE DESCRIPT|ON
The Clerk and Recorder (Jean Alberico) received petition for review of three (3) Rivers Edge service plans
on July L, ZOLO and a public meeting was set with the Board of County Commissioners (the Board) on
luly L2,2010. At that meeting the Board discussed the review process for the plans and joined in on the
referrat to the commission for review and recommendation. The public hearing required for Board
review is to be scheduled at a public meeting to be held at least ten (10) days after receipt of the
planning Commission recommendation. The public hearing must then occur within thirty (30) days of
2
Rivers Edge Service Plans
Planning Commission JulY 28, 2O10
that meeting. The public meeting is scheduled on August 9, 2010 with an anticipated public hearing
date on SePtember 7,zOtO-
The three service plans are proposed to serve a, not-yet submitted, development plan which requires
county zoning and subdivision review and approval. An application for re-zoning has not been
submitted to the county. The service plans state that the 'development'' consists of approximately
23g.g4 acres, with up to 1,200 dwelling units, up to 50,0o0 square feet of commercial square feet'
lz,@Osquare feet for an office/recreation/commercial structure, a 150-room hotel, a school site, parks
and open space. The function of the districts will be to construct and maintain the public infrastructure
necessary to provide service to the development. The public infrastructure may include some or all of
the following:
Certain roads/signage;
Public trail sYstem;
Potable and non-potable water lines and associated facilities;
Wastewater collection lines and associated facilities;
Water tanks;
Administrative and office facilities;
Weed and Pest control;
Fire protection facilities and service;
Fire hYdrants;
Vegetation manipulation and management;
Drainage;
Tra nsPortation facilities;
Public recreation imProvements;
other public improvements that may be necessary and appropriate.
The proposed boundaries encompass an area of
approximately t24Gacres that is divided into the three
districts; the East District (11.9-acres), the North District
(115.3l-acres), and the South District (112'7-acres)'
Though each district will remain separate with individual
statutory power and authority, intergovernmental
agreements between the districts will designate the East
District to serve as the coordinating district' The East
District will be responsible for the review and approval of
construction plans for the public improvements as well as
the operation and maintenance of the public
infrastructure. lt is important to note that the service
plan state that the districts mav contract with other
entities to manage, fund, construct and operate facilities,
services and Programs.
3
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Rivers Edge Service Plans
Planning Commission JulY 28, 2010
The estimated cost of the public improvements for the proposed development is ts6o,o0o,00o which
includes the acquisition of land, engineering services, legal services, administrative services' initial
proposed indebtedness, as we[ as other major expenses rerated to the facirities and improvements to
be constructed.
The proposed indebtedness of the districts will not exceed S4O,5OO,OOO, with repayment by revenue
generated by a proposed 45.00 mill lerry (of which 35.00 mills will be for debt obligation and the
remainder for operating expenses). Additionar property taxes wirr result for those properties within the
district boundaries and the future residents wi[ arso be subject to HOA dues; user fees for various
improvements including community facilities, internal transit, water/sanitation, and raw water; and a
facitity fee of 1% of the home sale price'
I!I. ZONING AND ADJACENT USES
The Highway g2 corridor between Grenwood springs and carbondare contains severar residential PUD'S,
rronbridge to the west and Aspen Gren to the south, as weil as other residentia! subdivisions as shown
on the adjacent map. The cR 114 / CR 154 area to the north of the site contains commerciar zoning with
retail uses such as the Thunder River Market area and semi-industrial commercial uses such as Gallegos
stone yard, warehouses and fabrication activities and a mini storage facility' The high density H Lary F
Mobile Home Park is also located north of the service area boundary'
Efl. Sirga
Rivets
Edge
rdrica rtE
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Planning
Rivers Edge Service Plans
Commission JulY 28, 2010
The adjacent zoning map indicates that property
within the service area boundary is predominantly
zoned Residential-Suburban with a small (t1-acre)
area zoned Commercial General (the former site of
Sopris Restaurant). Commercial zoning, both
limited and general, is located immediately to the
north and east of the site.
The ULUR contains general provisions of basic zone
districts in 53-101. Subsection l' states that the
"The Residential-Suburban zone district is
comprised of low-density suburban residential uses
developed to maintain a rural character'"
tV. HISTORY
This site, less the one acre commercial-zoned parcel, was zoned Sanders Ranch PUD by the Board in
20o1 and memorialized in Resolution 2ffiI-27. This action rezoned the propefi from ARRD (Rural) to
puD to arow a site specific deveropment pran that incruded a gorf course, 62 single-family units, and 168
multi-family units for an average density of .82 dwelling units per acre'
A preliminary plan compliant with the PUD was submitted under the name of Bair chase and approved
bytheBoardin2(XM,memorializedinResolution2oo4-gS.Aone.yearextensionforthePreliminary
plan was granted however that extension expired on september 13, 2006 rendering the Preliminary Plan
invalid.
The expiration of the Bair chase preriminary pran, together with the fact that the development was not
in compliance with the approved sanders Ranch PUD phasing plan, the entire PUD Plan was determined
to be invarid. The Board initiated action to revoke the pUD and rezone the site- Resolution 2@8-LLz
memorializes both the revocation of the PUD and the rezoning of 228 acres of the property from PUD to
Residential-suburban, but maintained the sanders Ranch PUD conservation and open space zoning on
the 53-acre conservation easement held by Roaring Fork conservancy. This 53 acres is part of the
property owned by carbondale lnvestments, LLc and it is unclear to what extent this acreage is within
any of the proposed district boundaries'
A sketch plan application was submitted in 20o8 and reviewed by the Planning commission' That plan
proposed a high-density urban-style residential community comprised of a wide variety of residential
types totaling 979 units, a 25,mo sq. ft. neighborhood commercial center, 24,WO sq' ft' of cOmmunity
facitities, a school site, a 1O,O0O sq. ft. firehouse and severat community parks / fishing ponds'
ln october 2@8 an application for Planned Unit Development rezoning of the site was reviewed by
county stafT however the application was withdrawn prior to any hearing on the request' That plan
5
comme&!{-
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Rivers Edge Service Plans
Planning Commission JulY 28, 2010
proposed t,0o6 dwelling units, 25,0m square feet of commercial' a school site' 25'0@ square foot
community center, recreation and open space'
HTSTORIC PROPOSATS
Dwelling Units Commercial Area
Uses accessory to go lf
course, including
lodging, restaurant
and pro shoP
Sanders Fanch PUP
ltt PUD denied,2d aPProned but
revoked
Soprh llevebPment GrouP
230
tr
Preliminarv Plan'PUD Amendment
- Approred, PP erPired, PUD
revoked as noted above
tinksVesVBair Chase, LLC
230 units
Uses accessory to golf
course, including
lodging, restaurant
and pro shoP
PC comments
Related Westpac on be{ralf of Rirer
Bend Colorado, LLC
979 25,000 square feet
Cattle Creek Colorado (PUD
rezone) Withdrawn
Related llltec$* on behalf of
Rivcr Bend Colorado, LLG
1,006
25,000 commerc ial
with additional25,OO0
square feet for
communitY center and
river club
Under Review
Carboldale lnvestments LIC 1,200
50,000 square
feet/12,0O0 square
foot office
V. COMPREHENSIVE PIAN
The propefi is located within StudY
Area I which designates the area of
the Property, outside of the
conservation easement, as "High
Density Residential" on the Proposed
Land Use Districts MaP which
proposes ProPerties in this area
develop residentially at a density of 0
6
REs H (<2 AC/DU)
t7
*a; ,
RES M (6 TO <1O AC/DU)
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
to <2 acres per dwelling unit. The suburban zoning complies with this designation'
The density recommended in the comprehensive Plan for this are contains a very wide range - from 2
acres to 0 acres. The determining factor on the appropriate density would be compliance with the
goalqobjectivesandpoliciesrelatedtohousing,transportation'commercialandindustrialuses'
recreation and open space, water and sewer services, natural environment, and urban area of influence'
The proposed "developmenf' to be served by the distracts may result in '2 acres per dwelling unit when
utilizing the whole property, however it is likely that the residentiat component will occur on less than
the whole property (due to the amount of commercial floor space proposed to occur) thereby reducing
the actual acres per dwelling unit'
section 1t. Goals, policies and obiectives of the comprehensive Plan include the following statements:
Goal: To ensure the provision of legol, odequote, dependoble, cost-effective and environmentolly sound
sewer and woter services for new development'
OBJECTIVES:
7.2 Development located adjacent to municipalities or sanitation districts with available capacity in
their central water/sewer systems will be strongly encouraged to tie into these systems'
POLICIES:
7.2 where logical, legal and economic extension of service lines from an existing water and/or
sewage system can occur, the county will require development adiacent to or within a reasonable
distance, to enter into the appropriate agreements to receive service' The burden of proof regarding
logical, legal and economic constraints will be on the developer'
V!. REVIEW CRITERIA & STANDARDS
Action on service plan - criteria 532-1-203
(1) The board of county commissioners of each countY which has territory included within the
proposed specialdistrict, other than a proposed special district which is contained entirely within the
boundaries of a municipality, shall constitute the approving authority under this part 2 and shall review
any plan filed by the petitioners of any proposed special district- with reference to the review of any
service plan, the board of county commissioners has the following authority:
(a) To approve without condition or modification the service plan submitted;
(b) To disapprove the service plans submitted;
(c) To conditionally approve the service plan subject to the submission of additional information
relating to or the modification of the proposed service plan'
(2) The board of county commissioners shall disapprove the service plan unless wlderrce
satisfactory to the board of each of the following is presented:
(a) There is sufficient existing and projected need for organized service in the area to be serviced by the
proposed special district-
7
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
(b) The existing service in the area to be served by the proposed special district is inadequate for
present and Projected needs.
(c)Theproposedspecialdistrictiscapableofprovidingeconomicalandsufficientservicetothearea
within its boundaries.
(d) The area to be included in the proposed special district has, or will have, the financial ability to
discharge the proposed indebtedness on a reasonable basis'
(25)Theboardofcountycommissbnersmaydisapprovetheservicedanifevidencesatlsfactoryto
the board of any of the folhurin& at the discretion of the hoard, is not presented;
(a) Adequate service is not, or will not be, available to the area through the county or other existing
municipal or quasi-municipal corporations, including existing specialdistrictg within a reasonable time
and on a comParable basis.
(b) The facility and service standards of the proposed special district are compatible with the fucility and
service standards of each county within which the proposed speciar district is to be located and each
municipality which is an interested party under 5 32-1-201 (1)' C'R'S'
(c) The proposal is in substantial compliance with a master plan adopted pursuant to section s3G28-
105, c.R.S.
(d) The proposal is in compliance with any duly adopted county, regionalor state long-range water
quality management plan for the area'
(e) The creation of the proposed special district will be in the best interest of the proposed area to be
served.
(3) The board of county commissioners may conditionally approve the service plan of a proposed
special district upon satisfactory evidence that it does not comply with one or more of the criteria
enumerated in subsection (2) of this section. Final approval shall be contingent upon modification of
the service plan to include such changes or additional information as shall be specifically stated in the
findings of the board of county commissioners'
(4) The findings of the board of county commissioners shall be based solely upon the service plan
and evidence presented at the hearing by the petitioners, planning commission and any interested
party.
V]I. STAFF CONCERNSAND ISSUES
REQUIRED SUBM ITTAL CRITERIA
532-t-2o2(2),c.R's.Theserviceplanshallcontainthefollowing:
(a) A description of the proposed services;
staff comment: The plans provide o tist of potentiol services which moy - or moy not - be services thot
the districts provide. Metropoliton District is defined by Stote stotute os o speciol district thot provides
ony two or more of o list of potentiol services. The fotlowing is excerpted from the Eost District however
each of the plons includes the same languoge:
8
and water.
installatioacquisition,
provisionprovide
ssetvl9ethetoprovideauthoritYvehashallctDistriEastTheconstruction,ndesithegn,includeshallohwhiilities'fao mayDistrictsthefacheoevent,In anysametheofmaintenanceandoperation followingtheoftwo)astleat (2oftheforblebeorresponsl
definedascttanliDistriMetropoofstetutorytherequirementstoservlcespursuant
recreation,andcontroluitoparksoh,mosq'ctiflrresproteRC03110),32n ($andcolectionorsfacilitiewastesoliddisposalsanitation,protection,safety ation;translandronterelayevlsstreetmprovements'waste,solidofontransPortati
(b) A financial plah showing how the proposed service are to be financed' including the proposed
operatingrevenuederivedfrompropertytaxesforthefirstbudgetyearofthedistrict'whichshallnot
be materiary exceeded except as authorized pursuant to section 3z-L-zo7 or 29-t-3o2' c'R's' Alt
proposedindebtednessforthedistrictshallbedisplayedtogetherwithascheduleindicatingtheyear
or years in which the debt is schedured to be issued. The board of directors of the district sha, notify
the board of county commissioners or the governing body of the municipality of any afteration or
revision of the proposed schedule of debt issuance set forth in the financial plan;
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
This does not cleorly describe the proposed service, rother it is simply o tist of olt the possible services
permitted bY the stotute'
StaffCommentBBCReseorchhasbeenretoinedtoreviewthisospectoftheserviceplonsonbeholfof
the County. Ford Frick, Manoging Director' hos responded that
In our view. the Sen ice Plar:s oftbr no rerson,rble demonstrrrion of proiected need fbr the services
provided b)'the districts. u,hich is a requirenlent fior district *pp'outtl' The proiected service denrands
ind :lssociared revenue proiections are not reason:rblv fbrtseeable rnd' in facr' cttnttot be echieved
under curretrt zoning. The fln:rncial p,oltttion' rel-v uPon :r developmetrt qunntiry:rnd schedule'
u-hich hrs no demonstreble :rircticalbrsis. Irr our,'i.*'. the district Plans fail to meet the mininrum
criteria necessarv for aPProvrl
(c) A preliminary engineering or architectural survey showing how the proposed services are to be
provided;
staff comment: The submitted plons do contoin preliminory mops showing, in o very generol monner'
the la;otion of severol proposed services/facilities'
A map of the proposed special district boundaries and an estimate of the population and
(d)
val uation for assessment of the propos€d special districU
StaffC,omment:Mopsoftheproposeddistrictboundorieswereprovidedoswellosthevoluotionfor
ossessment- The estimote of the populotion is 3'720 persons'
9
a
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
(e) A general description of the facilities to be constructed and the standards of such construction'
includingastatementofhowthefacilityandservicestandardsoftheproposedspecialdistrictare
compatible with facility and service standards of any county within which all or any portion of the
proposedspecialdistrictistobelocated,andofmunicipalitiesandspeciatdistrictswhichareinterested
parties pursuant to section 32-1-204(1)1
staff @mment The service plons for the three oreos incrudes conceptuol mops for the public focilities
ondimprovementswhichmoybeprovideddirectlyorbycontroctwithDistrictsolotherpublicond/or
private entities to undeftoke such functions or perform such responsibilities' The conceptuol plon
includes "estimotes onty which are subiect to modificotion os engineering' development plons'
economiL, Ond opplicoble requirements, ond construction scheduling moy require'"
public lmprovements section of eoch of the plons, llt' c', provides o stotement' below' thot primory
improvements(services)thottheywiltprovideorestreets'stormdrainoge'parkondrecreotionond
other:
1 Public ImProvements The primary improvemenls lo he operated
and rnainlained by the East District on an on-goirg basis include those
associated with streets' storm drainage' park ano rccreutiurt arrd othcr scrviccs
asdcscribldhcr;in.Coorrlina.lionbetweentheDistrictssndRrwsDregarding
potableu'ateran,rlsewerfaciliticsandservicesmaybenecessary.other
asscciatedimproverrentsthatwillbeoperatedandmaiutainerl'bytheBast
Dlstrict oi by thc NlastEr Assuciation u'ill be lanilsoapcd cnftonces and other
colnmon oPen Lreai (such as parks) end recreat'ion facilities' tratrspoftation
facilities.bike/recreation/pedestrianpaths,rightot..uaymaintgnalpe,s.Lreet
lighting,strgetsigns,safetyprotectionfacilitic:,parkirrgfacilitics,andothcr
irnprovcmcuts sct forth in this Sorvice Plan' Only public improvements rvill he
constnrcterl by the F'ast District'
The stondords ore discussed in tlt B' of each of the plons:
B. General Design Standards
ImprotementswithintheEastDistr:ctwillbedesignedandinstalledby
theEastDistrictingeneralconformancelvithcurrentstandardsadoptedbythe
EastDistrigtandestablishedthroughtheDevelopmen.,requir€m€trtsorasm8y
befurtherrequired,ifappropriate'inanapplicablesubdivisionimpro{ements
agreernentoranlGA.Allimprovementstobededicatedtoaqualifiedentity
shall comply with such entity's rules and regulations'
or special district...within a radius of three miles of the proposed
units shall be interested parties"'
10
\he governing body of any existing municipality
speciit district boundaries, which governmental
The 'conceptuol' plon provides 'generol' informotion regording the focilities' such os porks ond
recreotionfocilities,ondsofetyprotectionfocitities-howevertheplondoesnotdiscuss,osrequired,
how those focilities ond thi seruic" stondoids moy be compotibte with other districts or municipolities'
(fl A general description of the estimated cost of acquiring land' engineering services' legal
services,administrativeservice,initialproposedindebtednessandestimatedproposedmaximum
interest rates and discounts, and other major expenses related to the organization and initial operation
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
of the district.
staff comment: The plons provide estimoted costs Ior the construction of improvements os follows:
Preliminarv Engineering Cost Estimates
Note: costs are based on unit linear foot prices for road, trail, sidewalk and utilities and unit square
footpricesforrecreationandlandscapedareasaspresentedinplanexhibits.
North
110r.6Co.t
I
rdul
1
$
Tr-CB
rnd
t.diuer
t
rnc
11
,
0oats
tlter
srd
afrd
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
South
Eas!Cost
Eatt
@n
rnlLJnar-*urer
L2
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
The plons do not include the required estimoted cost of ocquiring lond' engineering services' legol
services, or odministrotive services'
(g) A description of any arrangement or proposed agreement with any political suMivision for the
performance of any services between the pioposed speciar district and such other political subdivision'
and, if the form contract to be used is available, it shall be attached to the service plan;
staff comment The prons stote that they moy enter into ogreements with other districts, porticularly
the corbondore ond Ruror Fire protection District ond the Rooring Forkwoter & sonitotion District'
however no orrongements or proposed agreemenBwere mode ovailoble'
(h) lnformation, along with other evidence presented at the hearing, satisfactory to establish that each
of the criteria set forth in section 32-L-2O3' if applicable' is met;
staff comment secrion 32-7-203 contoins the criterio for oction on the prans. This section w,r be used
* a"*rine the findings ond recommendotion tothe Boord'
(i) such additionar information as the board of county commissioners may require by resolution on
which to base its findings pursuant to section 32-L-2O3;
staff c.ommenu kction 32-7-2og contoins the criterio for oction on the plons. This section w,r be used
to determine the findings ond recommendotion tothe Boord'
PREMATURE NATURE OF REOUEST
GarfieldCountyhasseveralexisting,functioningmetropolitandistrictsincludingMid-Valley
Metroporitan District, the Battrement Mesa Metroporitan District and the consolidated Metropolitan
District (arso Battrement Mesa). Non-functioning, but existing districts incrude Rose Ranch Metro and
Landis creek Metro L&.2.1t appears that in a majority of instances that the service plans were reviewed
concurrent with the development rev'pw for the proposed proiea that the district was to sen,e'
The current review of the Rivers Edge service prans is different in that it is asking to serve a development
that not onry is not approved, has not even been submitted fior review, and does not currenily have the
zoning to comprete. staff is concerned that the approvar and creation of the districts by the county
would be an implicit agreement of the proposed development plan' Further' the creation of a
governmentalentitymayrelievetheCountyofsomereviewcomponentsoftheproposedandhighly
speculative Project.
staff has contacted numerous pranners, attorneys, and other consurtants famiriar with formation of
metroporitan districts and there was consensus that the petitioners wourd not be abre to demonstrate a
needforthedistrictsifdevelopmentwerenotalreadyapprovedorbeingreviewedinconiunctionwith
the service plan review. Exhibit l, the report from BBC Research provides that:
13
Rivers Edge Service Plans
Planning Commission JulY 28, 201'0
The submirtal of metropolirirn district pl,rns antl request fbr rpprolal without 'r.corresponding trnd
preceding counrv revierl' ;rn,J sub,livision epplorrrt p"**" is unusual rnd outside the bounds our
experience. The three lr,.Ietropolitan District^s.nic. plans presented ro G.rrtleld counq'irnticipate a
cerrain lel.el and scale of .levelopment' which c;lnllot be 'rccommod:rred under current zoning' The
count),protessionalstaft.p*oliq;makers.rndthepublichrsh;rdnooPPoftunitvtorevie'*'and
conrlrent o, inrp,ed subdivision prans tturt underrie the districts' tina.cial projections' The district
Sen.ice Plans provide no subsran,l*'e "ppo* for the pace, price' cost or scale o[ the anticiptrted
dev elop metr t and i nfi''l$ ruct Ll re requi rements'
REDUNDANCY OF SERVICE
TheBoardandCommissionshouldconsider532-1.107(2)whichprovidesthatadistrictmaybe
organizedwhollyorpartlywithinanexistingspecialdistrict,butshallnotprovidethesameservicesas
an existing district. overlapping districts may be authorized to provide the same services only if:
a) The Board approves inclusion of service as part of the service plan of an overlapping district;
b) lmprovements of facilities to be financed, established' or operated by an overlapping special
district do not duplicate or interfere with existing or planned improvements or facilities to be
constructed within portions of existing districts that new districts will overlap; and
c) The board of directors of the overlapped district must consent'
See maps contained in Exhibit H for speciar district boundaries. crearry the proposed metropolitan
district bundaries wi, overrap the carbondare and Rurar Fire protection District as well as the service
area of the Roaring Fork water and sanitation District' The plans propose that they "ma.y'/ contract with
these entities to provide service, but the petitioner has not provided consent from either the fire
protectiondistrictorthewaterandsanitationdistrict.Section3l-1.107(3)(c)providesthatnothingin
this section is to be construed to encourage unnecessary proriferation, duprication, overlapping, or
fragmentation of a special or metropolitan districts'
REVIEW CRITERIA
32-t-2o3c.R.s.-(staffcommentsareprovidedaftereachsectioninitolics).
(2) The board of county commissioners shall disapprove the servhe plan unless erddence
satisfactory to the board of each of the following ls presented:
(a) There is sufficient existing and projected need for organized service in the area to be serviced by the
proposed sPecial district
staff comment Evidence hos not been provided regarding the existing ond projeaed need for orgonized
seryice for the oreo contoined within the seruice ptons' current entitlements for o moiority of the
property would otlow for the construction of one single-fomily home' white the +7'ocre porcel of
commercior zoned rond wourd be permitted commerciar deveropment. rt is highry unrikery thot this oreo
hos on existing need, ond ony development on the porcel is highly speculotive given the current zoning,
ondeconomicctimate.Thereforethereisnoevidenceofaprojectedneed.
L4
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
distrids.
(b) The existing service in the area to be served by the proposed special district is inadequate for
present and Projected needs'
staff c.omment: Evidence hos not been provided thot the existing service is inodequote lor present ond
projected needs. As stoted obove, the existing districts - fire protection ond woter/sonitotion' ore
sufficient to seNe the proposed areo os the service prons stote thot they will controct with the', two
entities for service- The proposed RE service oreo is currentry entitled to t7 ocre of commerciol
development ond one single fomily home'
(c)Theproposedspecialdistrictiscapableforprovidingeconomicalandsufficientservicetothearea
within its boundaries'
Further, the seruice plons discuss the RE District provision of water ond sonitation service ond lire
protection service, however these focilities will, or moy' be dedicated to' ond services will be controcted
to, existing speciol districts. There is no evidence of existing or proiected need for orgonized services to
be provided by the RE Districts os some, if not otl, of the proposed services ore olreody provided by other
staff comment: The service plons hove not demonstroted thot they con provide economicol ond
sufficient service. Potentiot future residents of the development wilt poy odditionol propefty toxes' HOA
dues,userfeesfortheservicesondfocilities,ondwitlbesubjecttoo|ocilitiesfeeintheomountolT%of
thesolespriceoftheunit.Thisishighlyspe:culotivegiventhattheproposeddevelopmentisnotcurrently
opproved,ondthefuturedensityofthedevelopmentisunknown.Theserviceplonshovenotodequotely
demonstroted thot they are copoble of providing economicol ond sufficient service to the oreo'
(d) The area to be included in the proposed special district hat or will have' the financial ability to
discharge the proposed indebtedness on a reasonable basis'
staff comment: Given the highly speculotive noture of the oproposed" development it hos not been
demonstroted thot the proposed specior districts wi, hove the linonciot ab,ity to dischorge the proposed
indebtedness on o reosonoble bosis'
(2.5}Theboardofcountycommisskrrrersmaydisapprovetheserviceplanifevidencesatkilactofyto
the board of any of the following at the discretion of the board' is not presented;
(a) Adequate service is not, or will not be, available to the area through the county or other existing
municipal or quasi-municipal corporation' including existing special districts, within a reasonable time
and on a comParable basis'
staff comment The opplicont hos not provided sufficient evidence regording this issue, porticulorly
since the current districts oppeor to be copoble of providing odequote service given thot there is no
,,developmen('opprovolforthesiteotherthontTocreofcommercialondonesingte-fomilyhome'To
ossumeonyleveloffuturedevelopmentonthesiteishighlyspeculotive.
15
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
(b) The facirity and service standards of the proposed speciar district are compatible with the facility and
service standards of each county within which the proposed special district is to be located and each
municipality which is an interested pafi under 32-1-201 (1)'
staff comment: The seruice prons do not discuss nor provide information sufficient to moke this
determinotion.
(c)Theproposalisinsubstantialcompliancewithamasterplanadoptedpursuanttosection3G2S-106'
c.R.S.
Staff comment: The comprehensive plon does indicote thot High Density Residentiol uses (0 to less thon
2 ocres per dwering unit) moy be appropriote in this oreo (os indicoted by the existing suburbon zoning
whichcomptieswiththisdesignotion),howevertheproposeddensityof'2ocresperdwellingunitis
staff comment The oreo to be serued is currently vocont lond with no humon inhobitonts' no
developmentopprovol.tnodequoteinformotionhosbeensubmittedtodemonstrotethntthecreotionol
districts, to provide service to a non-existent population, is the best interest of the oreo proposed to be
speculotive'
The objective, policies ond gools of the comprehensive Plan d(rJs not support the provision ol redundant
services.
(d) The proposal is in compliance with any duly adopted county, regional or state long-range Uvater
quality management plan for the area'
Staff Comment This oreo is not subiect to o 2OB Plon'
(e)Thecreationoftheproposedspecia|districtwillbeinthebestinterestoftheproposedareatobe
served.
served.
proposed indebtedness.
VIII. STAFF RECOMMENDATION
Disapprovar of the service prans is required if the Board is not provided satisfactory evidence on any one
of the following: that there is sufficient existing and projected need for organized service; that existing
service is inadequate for present and projected needs; district is capabre for providing economical and
sufficient service; the proposed special district has, or will have, the financial ability to discharge the
Disapproval of the service plans is discretionarv with regard to issues related to non-compliance with
theComprehensivePlan;thatadequateserviceisnot,orwi|lnotbe,availabletotheareathroughthe
county other existing municipar or quasi-municipar corporat'rons, including existing special districts; that
the facirity and service standards are compatibre with the fac,ities and standards of the county and any
,interested party' municipality; compliance w*h water quality plans; that the formation of the districts is
in the best interest of the area to be served'
1.6
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
staff recommends that the pranning commission recommends disapprovar of the RE south service Plan'
the RE North service pran and the RE East Service pran as required by 32-1-203 (2) (a) and (b) and 32-1-
203 (2.5) (a), (b), (c), and (e) with specific findings below and the chart on page 18:
1. 32-L-2O3(2) (a)There is sufficient existing and proiected need for organized service in the area
to be serviced by the proposed special district'
Thepetitionerhasnotdemonstratedthatthatthereisexistingorprojectedneedforanyof
thelistedproposedservices.rheproposeddistrictboundarieshaveentitlementsfor+1.acre
of commercial use and the ability ao .Ln'*uo one single-family home' The proiected need'
the proposed development of r,zoo l*"rring units and up to 7O,O0O square feet of
commercial area, cannot be determineJprio't to submittil of numerous development plans
for County review. plans which may or may not be approved'
2.32.L-2o3(2)(b)Theexistingserviceintheareatobeservedbytheproposedspecialdistrictis
inadequate for present and proiected needs'
The service area for the Roaring Fork water & Sanitation District, and the district boundaries of
theCarbondaleandRuralFireProtectionDistrictoverlaptheproposedmetropolitandistrict
boundaries.Thepetitionerhasnotadequatelydemonstratedtheneedforadditionalorganized
service in the area. Approvar of the service prans wourd resurt in overrap of district boundaries
and/or redundancy of certain services'
3.32-L-2o3(2.5)(a)Adequateserviceisnot,orwiltnotbe,availabletotheareathroughthe
countyorotherexistingmunicipalorquasi-municipalcorporations'includingexistingspecial
districts, within a reasonable time and on a comparable basis'
4.
Thepetitionerhasnotdemonstratedthatadequateserviceisnot'orwillnotbe'availablewithin
areasonabletimeandonacomparablebasis.Theexistingfireprotectionandwater/sanitation
service is currently adequate to serve the area within their boundaries and service plan areas'
32-L-2o3(2.5)(b)Thefacilityandservicestandardsoftheproposedspecialdistrictare
compatible with the facility and service standards of each county within which the proposed
special district is to be located and each municipality which is an interested pafi under 32-1-
201(1).
Thepetitionerhasnotdemonstratedthattheproposedfacilityandservicestandardsare
compatible with other special districts, the county or interested party municipalities'
5.32-t-2o3(2.5)(c}Theproposalisinsubstantialcompliancewithamasterplanadopted
pursuant to section 3G28-1O6' C'R'S'
The service plans do not include an analysis of compliance with the comprehensive Plan
therefore they have not demonstrated that the proposal is in substantial compliance'
t7
Rivers Edge Service Plans
Planning Commission JulY 28, 2010
6. 32-L-2O3(2.5) (e) The creation of the proposed special district will be in the best interest of the
proposed area to be served'
The proposed district boundary contains vacant land with no entitlements other than for one
single family home and approximately l-acre of commercial development' The county has not
review, nor even received, an application proposing the ,.development', that the districts
proposetoserve.That,,development,.isspeculativeandthereforetheCountycannot
determine the need for the services at this time'
18
ProlDosed Metro D
N
d Gounty
0.5o
ffi sanderc Ranch conseruation E'asernent
c 7a1-10
istrict
Legend
Proposed Metro Distrbt
llfiuTl sLM
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proposed lvletro llistrict: Fire Districts
N
Legend
ffi Glenwoodgpnhgs & Rural FireProtectiort Distnbt
ffi carbondate & Rurcl Fire Protedion District
E-I r i:'' I Prooosed Metro Dsttictliil
ffi sanders Ranch c.anxruation Easement
*ffi
oa.s 1 2--fr=-mw
eld CounlY
E agl eruvteiloD isfilcffax Enli V -1711.nxd f?€vidon 1:7-22-10
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1
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erTaxing Errtities
Legend
m sprtng valtey sanitation Distrid
'ffi,EH Roain g F ork Water &sanitafion Distid
W Landis creek Metrc Di*icts 1 &2
Propxed Metro Distict
Sanders Rancfi @nseruation Eaement
3 Mile &tffer
E1601
l.mxd Reision 1 : 7'22-10
N
ffiffi
proposed NIetro District: Tarr llistricts
Legend
@@U E Prooosed Metro Dstrict5@ '
ffi sanders Ranch hnsetvation Easement
ffi
M&s Mite Buner
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N
970.9a5'1377x I5?0
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PaEe2
Development proiectlons. ln'combination, the three disuicts anticipate serving 1,200 unis of
resid.ntial derrelopment, a 150-room hotel, roughly 50,000 square feet of commercial development' a
12,000 square foit office/multi-funaioa building and a school districc-owned elcmentary school
The diopmenr plan underlying the district Service PIan suggesrs residential consmraion will
***.1oln2013andwill arveragealbow}S7 unitsperyearduringpeakpuioddevelopment
(2016-2018).
The Scrvice Plans referencc 'the developer" as the source for thcse projecdons.' The documents state
dre "assumpdons upon which rhis Service Plan are generdly based are re(lective of current mning for
the properrywithin the do,elopment'Th. S"*i.e Plans andcipare fuure changes in properry
,oni"gi The financing plans for the disuicrs arc based on revenu€s from ad valorem ProPerry ta)rcs,
specifi-c ownership r...ifts and a facilities fee." The information in the financid plan (Chapter 5) is
Jharacterized ," ;pr.li*-irr"ry in narure.'{ Engineering cost estimates for roadways, utfities, trails and
recreation are sourced ro [ocal engineers and dso qualry as preliminary in nature'
In addidon to our revielrr of these documens, BBC representatives have discussed these applications
with representatives of the county planning depanment, the county auorny's office as well as
repre..ntatives of the applicant to becer undersr:nd the basis for disuict proiections,
.iri,l.*.rrr, for the prop"rry, uistingzoning and the county's Proc€ss for reviewing meuopolitan
district applicarions.
For the purposes of rhis analpis, aftention has been focused on the following sections of each
disuict Service PIan:
r Chapter II - Need for New Disuica and General Powers
r Chapter IV - The Cosrs and Revenue Sources
r Chapter V- Financial Plan
r Exhibit D - Financing Plan
'\0e have also rerriewed perdnenr Colorado Revis€d Statrres (CRS)'
The Suhfect Property and Parcel Development Rlghts
over rhe years, the subject properg, has been rhe arget of multiple development plans and
subdivision applicarions. It is our understanding drat parcel number 2393-182-00-i02, the Z8l'acre
Iargely.oidenti.t parcel, is encumbered by a54lacre perpetual conscrvation easement and tle
Roaring Fork Transit Authority maintains a rail corridor thar bisects the nonhern hdf of the
properEy. The 28 I -acre site is zoned Reidtntidl Saburban, which permits single unit dwellings with
accessory buildings on a minimum of 20,000 squar€ foot lots-
I
RE South Metropotitan Disttict Sewie PIan, pg.lO-
'IBID, pg.I t.
3InlD, pg.tt.
t IaIo, pg.ta.
Page 3
Assuming that 20 percent oftJre parcel is wentually lost to roads, public improvements and park land
rh. maxilrum d*"lop*.n. ,rnd., c*r.ot zoning would be roughly 400 units (281 acres, net of
conservation dedicztions and public areas, divided by 20,000 square foot minimurn lots size)' Other
properry consuainr, including a noable heron rookery, sugest that rnaximization of the current
-.,iog *"y be difficult. A residential zontngallowance is not,a use u-y-rienc Any imensive
-
drodJp**. of rhis properry under orrrent or furure zoning beyond the state allowances of one unit
per 35 acres, will require subdivision review arrd approval by Garfield county'
parcel numbe t 2393-o72-o0-001 is a roughly one-acre site, zond, &mmercial General (CG), which
permim all commercial acdviry by right, including lodging, reail and professiond offices' CG zoning
requires a minimu:n lor size of 7 ,5ao square feet- It is doubffirl that a 150-bed hotel and 72'o0o
,q,r*" feet of commercial activity and requisirc parkinp as proposed in the Plans, could physically be
constnrcted on this site on just over one acre of land'
Market demand for both rhc commercial and residential development expectations underlying the
financid elements of these plans is specrrlative'
County Dlstrtct Revlew Requlrements
colorado Rerrised Stanrres define the subminal requirements for meuopolit,n disuict service plans'
The Garfield CountyArorncy's Office will comment on the completeness of these applications'
Colorado Revised Staturcs Section 32'l'21l requires drat the board ofcounty commissioners
disapprove a service plan unless satisfacory evidence is presented rc the board regarding each ofthe
followiug crireria:
(e) There is sufficienr existing and projecred need for organized service in rhe area co be sewioed by
the proposed tP."i"l disrricr
(b) The existing service in the area to be served by the proposed specid district is inadequate for
present and proieced needs-
(c) The proposed special disuicr is capable of providing econornical and sufficient service to rhe area
within its proposod boundaries.
(d) The area ro be included in the proposed specid disuicr has, or will have, the financial ability to
discharge dre proposed indebrcdness on a reasonable basis'
Conchrslons
\(e offer the following conclusions and observarions:
The subrnital of metropolitan disuict plans and request for approvd without a corresponding and
preceding counry review and subdivision approval process is unusual and ouside the boun& our
op".ienl The three Metropolitan Dissict Servicc Plans preseuted to Garfield C-ounty anticiparc a
certain level and scale of developmcnt, which cannot be accommodated under current zoning. The
counry professional staff, policymakers and the public has had no oppomrniry to review and
Page4
commenr on implied su6ivision plans that underlie the districts' financial projections. The disuict
Service Plans provide no substantive suPPoft for the pace, price, co$ or scale of r]re aruicipated
development and inFastrucrure reguirements'
It is not uncommon for a metropolitan district apptication to provide very limited market data and
limited support for infrastructure cost esdmates, but generally marlet and infrastrucnrre cost issues
h^ve be".r^firlly vemed during the subdivision revieq, Pfoc€ss, which this applicant has not initiated'
The prospect ofoUoi"ing rfpro.,rls for the level of development proposed in these district Plans is
highly spcerlative.
In our view, the Service Plans offer no reasonable demonstration of projected need for the services
provided by the districts, which is a requirement for d.istrict approval- The proieccd service deman&
and associated revenue proiections are noE reasonably foreseeable and, in fact, cannot be achieved
under current zoning. The financial projecdons rely upon a development quantky and schedule
which has no demonsrrable praaical basis. In our view, the districr Plans fail to mcet the minimum
criteria necessary for aPProval.
In discussions with tle applicant's attorney' a point was made for consideration of these Service
Plans, even if they are deemed mor" ,p""ulati* rlan traditionat PIan applicadons' It is the applicant's
opinion rhar the property owner is unable to negotiate wirh rheRoaring Fork Transit Authority
tpr"ro for neccssary access €asements across the RFTA right of way without an institution, such as a
meuopolitan distdct, thar might hold a prospective easement, w br improvcmeots and generdly
mk responsibiliry for *r*iog rhe completion of any negotiated arrafrgements. BB9 his Y*-""
independenr investigations inio this situation. If the county wishes m er<pedite rhe final subdivision '
of tlri, Iong dirprrrJ prop.try, Gaffield Corrnty might seek other means bywhictr it could faciliete
or support rhose access discussions without accepting the consequences of enrpowering new
metropolian districts prior to appropriate entidement approvals'
\fle very much appreciate rle oppomrnity to review and comment on these applications' \7'e
anticipate rcpresenting these findings at an upcoming Gafield counry Planning c-ommission
meeung.
Sincerelp
Ford C. Frick
Managing Director
Ascouut
Accounfi Rlt1349
.L.qsl[o+. - .
Psrtel Number ZfSS-f 82aO- f O2
Sifirs Addres$ 82 ftWY
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SPe. AsE*!. -*. +ssS- -- +Jrs..-
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$ll3t6s30
$3,3(rr,090
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Page 1 of 1
$-r3,340
$134,620 4761r.000
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7ll4l2o70
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Taxes BiBed 2009
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on Fle
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$t,684.6iI
$'t88,460.80
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$0.00
@{,23C40
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$r,884.67
$g4,ag/m
1.3961[retarq$otl
Sedion:TTotrmeldp:TRangE:S0PARGELA:ATRoFLANDINLor94f.7,8&gAt.lDLoTHIGfIWAY82
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GARFIELD@I$ITY 7'9380000
GARFIEID-RqAD&Bfi1DGE 2.8610@0
GARFIE-D-FII I'IAN$EFil'IGES 0'5'AX]0O
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, CARBONSATE FIREGEN 5'91fi}OOO
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' 2'8230000
$0.00
$s8,1r8.07
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$11,331,150 $3,300'530
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$r13e6,58o $i!,3ozoso
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$26,195.49
wn47u
$t,888.8{'
$.',558.48
$19.515.35
$t4529
$548.15
$?2210.11
$9,321.8O
$a0J80n5
$1a198.46
$3;30aos
$4,355.46
Valuee
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6.80000
3-S7(xr00
1-00(n000
r.3Nn000
sff50000 $188.45630
AIITA)(UEN SAI.E AIIOUNTS ARE SUBJECI TO CHANGE DUE TO EI.JDORSEIIiENT OF CIIFRENTTA)GS SY THE
UENHdNEROR TO N)VERT]SING AND DSTRAINT WARRA$IT FEES CTIA}.IGES IVIAY OCGUR A}D T}E TREASURERS
OFFICE VUILL NEED TO BE @NTACIED PRqBTO
AI{DMOAIIEHOftIES- SEPTEMBER 1' 2O1O' REAL
BE PAID BY CASHORCASHIERSCHECK.
Garfield Coun! TrsasJl€t
P.O.Boxl@
Glerruood SPr&rgE, @ 81002-1o6s
(sro)945S84
REMTiTAI.ICEATTB T}E FOLI-OWING DAIES: PERSO}.IAL PROPEKTY
mffB/rY-o'groBER 1, 2OlO- TN( SALE REDEMPT]ON Ai'lOt'NTS NIJST
Garfield
$tatement Of
Treasurer
tItrE
l-€SEl
PG
[N
l\iletrop*l itan mi strict
Metropolitan mlstrict
Metrspslitan Pistrict
Presentation to Carfield County
Planning Commission
July 28, 20]0
ti
iller
'*.t
, ,-
iiiit., F#Hse ntffitim n tn rrnat
.,, i I 'Overview of special districts
,, : r" Statuto ry req u ire me nts
l Why are these districts needed now?
S pecial distrigt provisions that protect property
wners and the county
i,
Q u ir,ed a nd permissive fi ndings
iller
l;
lntroductions
Shepard
ndale lnvestments LLC,
the property owner's representative and organizer of
t h e p ro pos ed d ist ricts
Dianne Miller
ller Rosenbluth LLC,
leg al counsel to the proposed districts
S a m Otero
8l 40 Pa rtn e rs LLC
o engineer for the proposed districts
K Baum & Company
.. Inancra ladvisoi to the proposed districts
lller
nbluth
Lar
t
.o
o
Nffir'th Smuth and East,
M etn'o po I itan D i stricts
m Summary of Significant
Content of Service PIans
iller
senbluth
-. ;:i..#1,iift,iititl .;..
, Smuth and East
pnlitnn nistl"icts
r Carbondate lnvestme nts proposes 3 metro politan
distl'icts on property owned by them to serve a
residential and commercial community to be
',:,, knOwn as "River Edge Development" (the
"Development")
; rhe Development consists of approximately
239.94 acres and contains commercial
development up to 1200 units of residential,
velopment including the affordable housing
mponent required by Article B of the Carfield
Unty Unified Land Use Resolutiol'l .
t
__. I,l
ffi
'....
Snuth and East
strictslitan Di
he Distiicts are
located between
SH 82 an d the
' River, south of. CRI l 3 and arei r, , bi-sected by the,', , Roaring Fork
Tra n s po rtatio n
Authority rail
right-of-way
:
d:..,,E
ilm
EE
ffEE
IEhr6rl.cfrrdE-.
Xt&EFEEUrt b
Cr:[lrtraKilE nisltir:l Hr]utrlirlr flrlt
RE Soirth! Nortll, ond E6st
,,..,c"ql c,r.*
i
i
I
I
E
t
ItII
Ir
iiE
rE*irE
N
C}
..rt .
Ltf
crriE[{o
Snuth and East
Iit&n Distl'icts
shall be
improvements to the
empowered to provide
infrastructu re
Development, includ ing
,. ,i water, sanitary sewer, storm drainage,
lii ... , streets, traffic control, park and recreation,
;rii ,' transportation and other public facilities and
ii \,,:,' services as permitted by statute
i,fhb estimated cost of the improvement is' .' $60,354,388 based on the maximum build
lller
h
iNffi['th ! $muth and East
itan nistrietsrmpsl
) The Districts will be empowered to operate and
maihtain any p u b lic i nfrastru ctu re not d ed icated
to other governmental entities. The anticipated' cost of annual operations and maintenance , at
t
:,
fu ll bu ilt out, is $ I , 5 00,000 pe r year
Fo Carbondale lnvestments is currently re-negotiating
certain terms of an existing pre-inclusion agreement
with Roaring Fork Water & Sanitation District and
anticipates that water and sewer services will be
p:r,ovided by RFW&S, although the RE Districts will remain
obligated to construct all water and sanitary sewer
the Development and will to operate the
i rrigatio n syste m
I
iller
k--k.f i
I ef Northi Sourh and East:i, Metropolitan Districts
r A mill levy of 45.00 mills is proposed to be assessed by
lhe Distritts_g_e-nqpting app'roximately $34,300 per year
tor each $1,000,000 of assessed value. These tal'' :, revenues will be used to pay for each of the Districts'
operation expenses, maintenance costs and debt
obligations
35 mills is anticipated to be dedicated to the payment of bonds
and l0 mills to operations) A facility fee of one percent (1%) of the home sale price of
each reiidential unit shall be assessed within the NorthDistrict and the South oiitiiirinO-iiexiecteA-to prodrlce
a total of $4,983,S02 tfrrougn iOq{
Us€r fees will be used to assist with o p erations. These
fees ma Y include, but not be limited t o user fees chruseof com munity faci lities u se r fees for p ote nt ilP"teinal transit system an daraw water system fee
, :'i
iller
ntrluth
o
fo
ii'i'
ffirth, South and East
trmp$tritan nistricts
The rnaximum general obligation indebtedness
for the Diitrictiis not expetted to exceed
$+o,5o0,ooo
I The Districts shall have a mill levy limitation of
'')',The Financial Plan anticipates a single bond issue
in 201 5 in the par amount of $27 000 000 the,,,
proceed s of wh ich will re im bu rse Carbondale
lhvestments for amounts they will expend on
publi infrastructure for the Development
o,CEr,rbondale lnvestments investment in the Develo pment
greatly eiceed the amount of proceeds available
from bonds issued by the Districts
iller
bluth
Overview of Special
mistricts in Colorado
hft Historic and Current Trends
and lnformation
iller
bluth
ffi ffiwm f Special Districts
:
Special Districts date back to the earl y mrnrng
camps tn Colorado in the late I 800s. As the
camps grew, the residents sought mechanisms tojoin together to provide certain essential services
such as fi re protection and sewer service. Special
districts of one form or another have been
utilized since that time
) Colorado special districts have been instrumental
ri n provid ing pu blic infrastructu re to meet the
9r.owrng needs of the state's population in the
fad-e of increasing demands on cities and
nties to keep up with the ever-increasing
d for u rban services
Sou rce: http:/ /www.sdaco.org / s ites /defau lt/files/
Gu ide-for-Citizens-da.pdf-5 -2 9-09. pdf
attach
:
ents
Source
http:/ /www.sdaco.org / sites/defau It/files /attach me nts /Gu ide-for-Citi
ns-da. pdf-5 -2 9-09. pdf
[,]i 1,.>
,lhr l98l , the General Assembly recodified all the
xr"111, r' :itatutory provisions relating to various types of.,'u '' ' special districts in what is referred to as the Special
nirilh,/.illl,xDiitrict Act. The special District Act constitutes articleI of Title 32 of the Colorado Revised Statutes, which
is the general source of most of the statutory
authori zation as well as limitations, upon the,
and operation of special districts
,' .,.' .) Special districts.organized pursuant to Title 32 are
quasi-municipal corporations and political
i subdivisions of the state of Colorado organized for
specific functions. As such, their activities are subject
:
,, .,.. :, ,, , to extensive statuto rY gu idelines
Source:
http:/ /wmv.sdaco.org / s ites /defau lt/files /attach me nts /Gu ide-for-Citizen
s-da.pdf-5 -2 9-09.pdf
formati
0 As of May 25,
governments
Irts in Cslorndo
201 0, there are 3293 active local
in the State
62 counties, (lncluding Denver and Broomfield)
269 municipatities
I BB5 special districts, of which I23B (65%) are
metro po litan d istricts (Tirle 32)
1077 other local governments (hlghway and airport
authorities, Title 29,30 and 31 districts)
a
a
Source: http://www-.dola.state.co.us/dlg/local-governments/lgtypes.htm
I
iller
rh
.,
I"
*:Frnffinrty
,
o Pro pe rty ta
facilities:
Tnx hy ffinvernment Type
xes supporting government services and
Schools
Cou nties
M u h icipalities
Special Districts
. Metropolitan Districts
$3,267,970,264
$1,602,002,645
$ 3 3 5, 81 4,890
$ I ,l 56,02 4,406
$ 338,049,347
s0.2%
2s.2%
5.3%
18.1%
s.3%
t
o Fire pro
29.29%i under S
Sou.rce:- -
8b'EoidHyt'd"
tection districts account for 30.36%
86,306) and metropolitan districts account for
($ : 3 8, 049 ,347) of the total amou nt s hown above
pecial Districts
la.state.co. us / d pt/ pu blications /docs / 2 008-an n ual-report/ Overview-2 008An n ualReportFinal0
htto . I I www.dola.state.c .us /dpt I oubl itations / do
re ort/SpecDistRevenue.odf :, ','csl2008-annua
f Special mistricts
Idistricts have proven to be increasingly
popular tools in providing services. In .l995, there
were 870 Title 32 special districts. Today there are
approXimately .l885 special districts. Nearly all of
the growth in recent years is accounted for by the
formation of new metropolitan districts
All major developments in the state are are
supported by special disrricts: Highlands Ranch,
lnverness, Meridian, Denver Tech Center and
Central Platte Valley and Union Station all are
supported by special and metropolitan districts
i
I .i .' ii u','
ilter
iml nistrict v. Metrnpolitan
nistl'ict
The Special Distric! Act (Title 32, article I , C.R.5.)
contains the legal framework for many types of
special districtS, ihcluding:
0
o
o
0
0
0
o
0
Am bu lance Districts
Fire Protection Districts (may also provide ambulance
and emergency medical and rescue services)
Health Service Districts
Metropol itan Districts
Park and Recreation Districts
Sanitation Districts
Wate r Districts
Water and Sanitation Districts
Health Assu rance Districts
Mental Health Care Service Districts
Tu n nel Districts
t Improvement Districts
i t.
senbluth
iller
tr
I ;i iil i::,t
S
I nistriet v, Metropslitan
mistrict
comm
" Business Irnprovement Districts
o Cemetery Districts
o Conservation Districts (soil)
" lrrigation Districts, o Library Districts
o Local lmprovement Districts,, o Pest Control Districts
" Public lmprovement Districts, o Special lmprovement Districts: " Water Conservancy Districts. Water Conservation Districts
g ove rn ed by
on types of d istricts that are not
the Special District Act includE
-(
i*ler
.
Stricts v Metropol itan Districts
1nAmbulancel)rstrrcts : , 9 ru
:
249
d . lfa .r i\'n.. ,.. r aa ^ ^servrce (hlospltal) ljlstrlcts 55 54
Sanitation Districts 79 79
241
Health
Metropolitan Districts 294 673 rc62
,
Patk and Recreation District OU, 52 53
74
I'Water and Sanitation Districts
t,
Mental Health Care Service Districts
,,,
tllDrstrrcts I'rst
75
123
First authorized in 2001
First authorized
in2007
authorized in 2007
76
t29
0
0
00
. , . , FireProtectionDistricts
of 2
::
n (n/letro) mistricts
ct is a type of special district
at Ieast two different types of
services. So, ihstead of forming a district for
Itler
b,luth
at pr
,i
''.....i.
'ljir r "
itan (nllers) Distrlcts
been over I00 new metropolitan
d istr.icts formed in each of the past th ree
years.
ln the years between 2000 and 2004 the,',,, number of metro districts increased from 294
ii, ,to 653 during the same time period
growth and increased home building through
2007
Sou rce: http://www.sdaco.org / sites /default/files/attach ments /
C u ide-fo r-Citizens-da. pd f-5-29-09.pdf
r. iii firl
he r0
tcr f,renting a Metro
A metropolitan d istrict provides needed infrastructu re and
service to a specific area, with the cost being born by the
property owners and resiOents of the area, rither than
spread over the entire area of the general purpose
gbvern ment (city or cou nty), 4s wo-u ld be r'eq u ired if the
city or county provides the infrastructure or service in the
area
ften there m ay be no other viable alternative for
rovid ing and operating the necessary public facilities
Services can be provided to qrowinq areas without
impacting the budget or resErves oI the city or county
!petras
cial district rovides a wa nancr n g the
?
yoffi
tn id as
deve I opment occurs and property values i ncrease
district is able to finance infrastructure and p ublic
facil:ities through the use of tax-exempt munici
,
pa I bonds
Source: http:/ /www.sdaco.org / s ites /defa
C u ide-fo r-C itize n s-d a.pdf-5-29-09.pdf
tru ctu re u p ront with th e costs bein g repa
u lt/fi les /attach me nts /
lii ,.
:,,
',
iiil' ll ,.,," i'
i$, r.:
hm ffrnwth sf Metro mistricts?
Pooul
of Co lorado t
oro
liat city an d coun ty resou rces are bein
sretched and cities an d counties are worki ng with
at o N IS wrn9 s o d ramaticall Y rn many areas
g
,
:psrntr
cial districts as a means of installin
astructu re to s u pport the g rowth
g the
l Cons.traints of TABOR and the desire for high quality
development requ i re qovern ments to consi'-der
multiple fi nancirig methanisms to support
development
M etro d i stricts are flexi b Ie an d can be c reated i n
,hu_ffrerious configurations to serve public
infrastructure needs
iller
nbluth
'
astr
U/ithmut Straining Our
uctu re
s a means of fi nancing,metro districts have
a
exempt bonds
I The payment for the cost of infrastructure is
stretched out over 20-40 years rather than
fiont-loaded in horne costs
,F New development s its own w aa
:ril,liJ[.
lller
sr:nbluth
:.
TtH Burden
> Special districts have not created unusually
high or disproportionate tax burdens in
Colorado for property owners
r Colorado ranks favorably with other states i n
htt I
I WWW
l25429.hrml
.taxfou ndation.or taxdata show
iller
bluttr
l, ,",t.lt ,:{,1. l: .
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l he st atu tory process for special dist flc
set foith in Title 32 Article I Section 2
ts is
,,
That section describes the content req u ired in
service plans
; There is no statutory requirement for
approved zoning, comprehensive plans, plats
or fi Iing in order to propose a district
p There is no prohibition against forming
' multiple districts and there is no statutory
authority required to form multiple districts
iller
th
Nffirth, South and East
Metropol itan Districts
Fft Why Propose the RE Districts
Now?
iller
bluth
, , necessary to provide
crossing to be under
, The sch6ol district' o The school district is
Nmw?
for development. The PUC requires
the control of government entities
interested in land within the
RE nistricts
ings of RFTA ROW
gs, including a grade
arious utility crossing are
i:
:+,; .: :
Why Propose the
" ,, , , Public and Utility Cross
ggverne.d. by PUC
t, ,, , T_wo public access crossin' separated crossing, and vtr
Development. No land is possible without the public
access approved by the PUC as described above
,,,, . These districts, t! formed this year, can escape the worst, , tonseq uences of these Amend ments
bluth
iller
Special Pistrict
Protections
hm Oversight, mill levy caps and
the market
.i:l l;ii* ,,,,_ :.4 i ifrit ji ,
iller
bluth
mistricts Prmtections
retains the power to oversee the d istricts
ps
the use of mill levy caps has ended the
perceived fi nancial risk of special districts.
ln'9.|.'92 there were approximately 900 Title 32
districts in Colorado 36 fi led for bankruptcy protectiont
4Yo all d id workouts. No ban kru ptcies have bee n filed
since,l 993
) The Market
market doesn't accept the issuance of debt without
ient assurance of the feasibility of repayment
,;l ig, :,',
Required Findin51s,
Permissive Findings
np Title 32, Article l, Section 203
I
]
iller
ttr
;
I ndings nf the County
TPt$sroners
and Dro iected need
e area to be served b vthe proposed special district
The County Comprehensive PIan that is currently under
consideration anticipates high density residentiil
development and a commercial node zoni ng for the
area. The Community Profile prepared, in part by BBC
Research and RRC Asiociates projected pobulati6n to
brow from 57,000 in 2009 to nearly 85,000 in 2025.
2.5 persons per household, that equates to
approximately 830 homes a year needed to house the
At
ncreased population.At a maximum potential, this
opment would only meet demand for 10% of the
ng over that period
t
iller
uth
re
cient existing
gantzea
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s
*
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m
mdings mf the County
ners
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The exiiting service in the area to be served by
the proposqd special district is inadequate for
p rese nt and projected n eed s
o No other district is fi nancially capable of serving the
Development
> The proposed special district is capable of
iding economical and sufficient service toP rovr
the area with in its proposed bou ndaries
The Service Plans provide for mill levy caps to protect
omeowners whi !e providing sufficient tax revenues to
operate water an d sewer service street cleaning and
w removal an d a community recreation and use
.
.,1t, I ,llol;,,
,
d Findin Ss sf the County
tfl$st0ners
The area to be included in the proposed
spe cial district has,or wi ll have , the fi nancial' ability to discharge the proposed
indebtedness on a reasonable basis
'o The mill levy protections in the service plans are
consistent with service plans on a statewide basis
iL
senblutlr
iller
ngs of the Cnunty;rrmis
required in order to
sive Findi
mmmlssisners
'l These fi ndings are not
lanapprovea s e rvice p
L
't':
iller
hlurh
rt-Term
:
thn RE
Short term, the Districts are needed to negotiate
witfr the PUC on the RFTA crossing
Short-term, the Districts are needed to assure the
sthool district that suitable property will be
available to them
" Short term. the Districts need to avert the, catastrophic fi nancial problems of Amendment 60
and Amendment 6l
o Long-term, the District are needed to provide
public infrastructure and operation and
maintenance of public infrastructure, including
maintenance of public crossing across the RFTA
coir:idor as required by the PUea,
, Districts provide better fi nancial
curity and stability than other entities
end Lnng-Term Need
istrif;ts
-te rm
c]
,i
l',i li
E South Service Plan
RE North Service Plan
RE East Service Plan
Planning Commission
Public Meeting
July zB ,2o1o
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Entitlements
The area contained in the service plans consist of two properties owned by Carbondale
Investments LLC " A 281-acre site and a 47 ,61 1 S uare foot rceJ. The current zonin g
on th hile occurs on
Re s i d e n t i, [s-, nffiFo n i n g p e rm its th e fo I I o* i nffi
ning all
s uses by right
ential Suburban281
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Entitlements
28 1-acre ParceJ
Parcel number 2393-182-00-102 is a 281-acre parcel encumbered by a 54-acre
perpetual conservation easement.An analysis of development potential of the site,
based on the Suburban zone district allowances, indicates that the maximum number of
units would be 494 units (20,000 sq ft mininrurn lot size divided by square footage of the
This maximum number of units is highly speculative due to the known significant
physical constraints of the property including soil/geology/slope and a heron rookery.
Given the known constraints as well as the potential for unknown constraints, staff
assumes that the site would yield fewer than the maxirnum permitted by the zoning.
The property owner could divide the parcel into 35-acre parcels utilizing Senate
Bill 35, without benefit of County review. The result would be 8 35-acre sites.
net of
Any development of this proper$ would require subdivision review and approval prior to
issuance of building permits. Therefore cuffent entitlement for this property is one
single family dwelling unit-
47 ,6tt sq.ft.
ntitleme
Fonner So ris Restaurant S
Parcel number 2393-072-0
Genera]. CG zoning requires
a 150-bed hotel and 72,000
physically be constructed on
that is zoned Commercia]
are feet. lt is doubtful that
, as proposed, could
land.
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outh District Bounda
The South District consists of
approximately 112,3 acrcs anticipated to include 413 residential units planned
for a portion of the residential component of the Developrnent including
affordabte housing units and an 8,000-12,000 square foot mixed office,
rccreation and commercial building.I
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Thc North District consists of approximately 115.31 acres
anticipated to include '187 residential units planned for a portion of the
residential component of the Developrnent including affordablc housing units
and an elementary sehool on a t2.l acrcs site.
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The East
District consists of approximately I 1.9 acre$ anticipated to include a hotel
consisting of app,roximatelv 150 roorns and 30'000-50,000 feet of
commercial retail space.
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resentative:
uest:
perty Size:
enera llnformation
Carbondale Investments LLC
Dianne Miller - Miller Rosenbluth,
Review of Service Plans to create
three metropolitan districts
rvation Easement:
z&z acres
54 acres
24O acrest size:
rict:Residential Suburban
gh Densi tyPIan:Residential Hi
f
nt:
search & Co
e of the oldest privately held economic, financial, statist
arket and policy research firms in the Rocky Mountain West.
ff includes market analysts, urban and land planners, poli
alysts, ffidnagement consultants and statisticians.
ord Frick is the Managing Director of BBC and has over 25
ears of experience in public and private development
economics, market analysis and fiscal impact studies.
eld County has contracted with BBC for special review of
service plans. BBC has worked on several projects for the
including the Battlement Mesa Incorporation
Analysis, zoto; the Comprehensive PIan Up
and the Garfield County Land Values and
it
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a tutory Cr te rra
z), c.R.s.
ard of County Commissioners shall disapp
he proposed special d
to discharge the prop
a
I
-a.--:*
rove
e plans unless evidence satisfactory to the Board
of the following is presented:
(r) There is sufficient exiting and projected need for organized
service in the area to be serviced by the proposed special district.
(b) The existing service in the area to be served by the
proposed special district is inadequate for present and projected
needs.
The existing service in the area to be served by the
posed special district is inadequate for present and projected
The area to be included in t
have, the financial ability
a reasonable basis.
istrict,., ,''
c)
tatutory Cr te na
2.5), c.R.s.
ard of County Commissioners may disapprove the s
Unless evidence satisfactory to the Board of each of the
wing iS presented!
a
I
'* o--"*"*
) Adequate service is not, or will not be, available to the area through
county other existing municipal or quasi-municipal corporations, including
existing special district, within a reasonable time and on a comparable basis.
."(b) The facility and service standards of the proposed special district are
' cotnpatible with the facility and service standards of each county within which the
,proposed special district is to be located and each municipality which is an
rested party under 3z-t-zot (t).
The proposal is in substantial compliance with a master plan adopted
nt to section 3o-28-t06, C.R.S.
The proposal is in compliance with any duly adopted county, regional
nge water quality management plan for the area.
on of the proposed special district will be in the best
-:. ,.:: ,
ra to be served.
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posed Findin
Criteria
Petitioner has failed to present evidence that the
ent existing and projected need for organized servic
area proposed as required by $32-r -zq(zXa) C.R.S., and
The proposed development is speculative and has not been reviewed or approved
by the County; --
The area proposed to be served by the districts is currently zoned Residential:
Suburban and Commercial General which zone districts do not permit the,
,. proposed residential or commercial density contained within the service plans;
The petitioners have failed to present an inventory of the services that
ly available to the area from existing special districts or other municipali
three Metropolitan District Service Plans presented to Garfield
e a certain level and scale of development, which cannot
ated under current zoning." See report, Exhibit I by Ford
Consulting, incorpora
l:,i5.
Director of BBC Research and
1:: .: ...
ning Commission specifically finds:
osed Findin s
Petitioner has failed to present evidence that existing
e is inadequate for present and projected needs as
uired by 5f 21-2of(z)(b) C.R.S., and the Planning Commission
cifically finds:
'b: That the land within the proposed district boundaries is within the Carbondale and
Rural Fire Protection District which provides adequate service to the area;
That the land within the proposed district boundaries is within the service area of
the Roaring Fork Water & Sanitation District and no evidence was presented to
indicate that it cannot adequately provide water and sanitation service within the
area;
t the current entitlements for the land within the propo sed district boundaries,
one single-family home on the z8z-acre parcel described as 2393-18z-o
commercial use on the t-acre parcel described as zjg3-o72-oo-oo1;
ce was presented of existing services and the projected need for
ic infrastructure in the plans nor the specific services listed
P osed Find rn
'Petitioner has failed to present evidence that the
sed special districts are capable of providing economical'
sufficient service; as required by Sf 24-2o3(2)(c) C.R.S., and
Planning Commission specifically finds:
The Petitioner has not adequately demonstrated that the proposed development
., will receive approval by the County Commissioners;
'b) No evidence was presented that the levy of up to 5o mills will be economical for
the proposed residents located within the boundaries of the special districts;
The Petitioner has not provided information, such as surveys or engineering
standards, necessary to support the cost estimates of the proposed improve
d therefore it has not been adequately demonstrate that the services to be
ded will be sufficient;
Petitioner has not included any information on the nature or cost of the
proposed services or infrastructure:
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oP osed Find IN
).
Criteria
Petitioner has failed to present evidence that the area
Iuded has or will have the financial ability to discharge
osed indebtedness on a reasonable basis as required by 532-
f(zXd) C.R.S., and the Planning Commission specifically
a
a
That the use of the 2oo9 assessed valuation to project valuation for the proposed
site is inappropriate given the state of the economy and the market for real estate
in Garfield County;
, "The District Service Plans provide no substantive support for the pace, price, cost.
1r,..or scale of the anticipated development and infrastructure requirements." See
Exhibit I by Ford Frick, Managing Director of BBC Research and Consulting,
rated by this referencel
5harts,
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a
Criteria
zq(z.SXa), the Petitioner has failed to produce evid
adequate service is not, or will not be, available to the a
ugh the county or other existing municipal or quasi-
icipal corporatiotrs, including existing special districts, wi
reasonable time and on a cornparable basis as required, and
Planning Commission specifically finds:
The Petitioner has not provided information regarding the services currently
provided by existing municipal or special districts in the area.
osed Find IN
,:- -.
c
oposed Findin
t-zo3(z.SXb), the Petitioner has failed to produce
the facility and service standards of the proposed special
cts are compatible with the facility and service standar.ds
county within which the proposed special district is to be
cated, dhd each municipality which is an interested party und
2-1-2040), and the Planning Commission specifically finds:
Thefacility and service standards were not provided in the service ptans.
osed Find o
I
na
t-zo3(z.5Xc), the Petitioner has failed to produce e
the proposal is in substantial compliance with a master
pted pursuant to 5l o-28-ro 6, C.R.S. and the Planning
ission specifically finds:
The service plans did not contain an analysis of plan compliance with the
Comprehensive Plan;
The provision of redundant services is discouraged by the Comprehensive Plan;
The current zone district, Residential Suburban, is in compliance with the High
Density Residential designation which recommends a density of o to less than z
cres per dwelling unit. The speculative development plan proposes.2 acres per
lling unit which has not been determined appropriate during the develop
process.
d
o
,i
ropose d Findin
Criteria
the proposal is in compliance with a duly adopted county,
nal, or state long-range water quality management plan for
area, and the Planning Commission specifically finds:
The service plans do not address water quality or discuss any applicable water
quality management plans.
zq(z.5xd), the Petitioner has failed to produce evi
. il{ii
., ?i;t. - .:: .43;ii
r.'.:,,1
c
o
-zoj(z.SXe), the Petitioner has failed to produce evi
the creation of the proposed special district will be in th
t interests of the area proposed to be served, dnd the
ning Commission specifically finds:
The proposed district boundaries contain vacant land with no development
approvals;
Creation of the special districts would not be in the best interests of the area
proposed to be served because of the speculative nature of the development
proposal.
posed Find IN
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dat oecommenron
commends that the Planning Commission
rd a recommendation of disapproval of the th
ice plans to the Board of County Commissioners,
orporating the staff findings and a
,
rAuthorizati ,,.:=fi
on for the Chairman to sign the Resolution; =,ti
thorization for the Staff to act on behalf of the
ission in presenting the Resolution to the Board,
ty Commissioners.
i
f
1
!
Form of Resolution of Approval of Garfield County
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS,
GARFIELD COUNTY, COLORADO,
APPROVING THE ORGAI\ZATION OF
THE RE METROPOLITAII DISTRICTS
WHEREAS, pursuant to Section 32-l-202, C.R.S., as amended, Service Plans for the RE
East Metropolitan District, RE North Metropolitan District and RE South Metropolitan District
(the "Service Plans") were submitted to the Board of County Commissioners (the "Board") of
the Garfield County, Colorado (the "County"); and
WHEREAS, the propeny within the boundaries of each of the RE East Metropolitan
District, RE North Metropolitan District and RE South Metropolitan District (referred to
collectively herein, as the "Districts") is entirely within the County; and
WIIEREAS, pursuant to the provisions of Title 32, Article 1, C.R.S., as amended (the
"Special District Act"), the Board held a public hearing on the Service Plans of the Districts on
September 7,2070; and
WIIEREAS, notice of the hearing before the Board was duly published in the
a newspaper of general circulation within the County, on August _,
2010; and
WHEREAS, the Board has considered the Service Plans and all other testimony and
evidence presented at the hearing; and
WHEREAS, the Board finds that the Service Plans should be approved subject to the
conditions as set forth herein: and
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF GARFIELD COLTNTY, COLORADO:
Section 1. The Board hereby determines that all of the requirements of Title 32,
Article 1, Part 2, C.R.S., as amended, and of the County relating to the filing of the Service Plan
have been fulfilled and that notice of the hearing was given in the time and manner required by
law.
Section 2. The Board further determines that all pertinent facts, matters and issues
were submitted at the public hearing; that all interested parties were heard or had the opportunity
to be heard; and that evidence satisfactory to the Board of each of the following was presented:
a. There is suffrcient existing and projected need for the organized service int he area to
be serviced by the proposed district; and
b. The existing service in the area to be served by the proposed special district is
inadequate for present and projected needs; and
c. The proposed special district is capable of providing economical and sufficient
service to the area within its proposed boundaries; and
d. The area to be included in the proposed special distict has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
Section 3. The Board hereby approves the Service Plans for the Districts with the
additional provisions attached hereto as Exhibit A, and the cost estimates and preliminary
engineering surveys attached hereto as Exhibits B shall replace the existing Exhibit E in the
Service Plans originally filed with the County. The new provisions and exhibits shall be
incorporated into the Service Plans before they are filed with the Garfield County District Coun
as described in Section 4 below.
Section 4. This Resolution shall be filed in the records of the County and a certified
copy thereof submitted to the petitioners, for the purpose of filing in the Garfield County District
Court. The Board hereby affirms that it shall take further action as may be necessary to reaffrrm
or validate the authorization and findings provided herein.
Section 5. All prior resolutions or any parts thereof, to the extent they are
inconsistent with this Resolution, are hereby rescinded.
RESOLVED this 7h day of September,2Oll.
BOARD OF COLINTY COMMISSIONERS,
GARFIELD COUNTY, COLORADO
By:
ATTEST:APPROVED AS TO FORM:
Clerk County Attorney
2
EXHIBIT A
TO
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS,
GARFIELD COUNTY, COLORADO,
APPROVING THE ORGAI\UZATION OF
THE RE METROPOLITAII DISTRICTS
1. The following provision shall be inserted into each of the Service Plans between the
existing second and third paragraphs of the introductory material of Chapter III -
DESCRIPTION OF FACILITIES AND IMPROVEMENTS:
This Service Plan does NOT assume or presume any development approvals by
the County. Nothing herein, including the preliminary and conceptual
development plans attached hereto, shall constitute approval of any kind
whatsoever by the County to the development of the property within the
boundaries of the District. The Developer, or any other developers of the
property within the boundaries of the District, is required to initiate and complete
all development approvals in accordance with County standards and regulations
and this Service Plan shall not be cited or relied upon by the Developer or any
other developers as approval of any general or specific development densities or
types.
2. A new section A.3 shall be incorporated in Chapter VII - OTHER REQUIREMENTS
AND CONCLUSIONS, as follows:
The District shall file for dissolution with the District Court of Garfield County
unless, on or before December 31,2014, the Developer (or other developer of the
property within the boundaries of the District) has received the necessary County
approvals for, and has recorded, the first subdivision plat for all or a portion of the
property within the boundaries of the District. The County may, but is not
required to, unilaterally extend the date of the required filing of dissolution by
administrative action, in writing, without a service plan amendment.
3. The first sentence of Chapter II, Section B - GENERAL POWERS OF THE DISTRICT,
shall be amended as follows:
The East [or South, or Norttr, as applicable] District will have power and
authority to provide the services and facilities described in this Chapter both
within and outside its boundaries in accordance with law; provided, however, that
the exercise of power by the District shall be solely for the purpose of
constructing, providing and maintaining those improvements described in Exhibit
E, attached hereto and incorporated herein.
J
4. All references in the Service Plan to the "maximum general obligation indebtedness of
the Districts" shall be revised to $13,500,000 and all references in the Service PIan to the total
estimated cost of facilities and improvements shall be revised to $9,018,743. Any other
references in the Service Plan necessary to conform the text to the revised cost estimates attached
hereto as Exhibit B shall also be made.
5. A new Exhibit D (Financial Plan) shall be provided in the Service Plans which will
reflect the issuance of bonds in conformance with the new maximum general obligation
indebtedness amount of $ 1 2,000,000.
4
EXHIBIT B
TO
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS,
GARFIELD COUNTY, COLORADO,
APPROVING THE ORGANIZATION OF
THE RE METROPOLITAI\ DISTRICTS
The following pages shall replace in their entirety the existing Exhibit E - Preliminary
Engineering Cost Estimates, in the Service Plans
5
@'EXHIBIT B: TEcHIvICAL MnUoRaNDUM
September t,2OL0
RE Metropolitan District Preliminary
Engineering Cost Estimates and Surveys
To:Dianne D. Miller
Miller Rosenbluth, LLC
700 17th Street, Suite 2200
Denver CO 80202
William S. Otero, P.E.
8140 Partners, LLC
From Re:
This technical memorandum summarizes the preliminary engineering cost estimates and surveys attached hereto as Exhibits 1
through 11 as developed by 81a0 Partners, LLC and dated September 1, 2010 for the infrastructure associated with public
access, trail, and public utility crossings required to be permitted, constructed and managed by the proposed RE North, RE
South and RE East Metropolitan Districts. Such facilities are considered the minimum facilities necessaryto service the property
that require RFTA and PUC approval and meet the minimum public access standards of the Roaring Fork School District RE-1. All
facilities identified and costed are not otherwise provided by another entity meeting the requirements of the PUC for public
facilities.
Preliminary Engineering Cost Estimate
As with the previous costs estimates provided for the RE South, North and East Metropolitan District Service Plans, the cost
estimate is based upon procedures utilized by contractors in preparing "hard money" competitive bids. Construction equipment
ownership and operating costs are based on current data; permanent materials are based on current cost indices as provided
through RS Means 2008 cost database and 2008 CDOT Bid Tabs. The quantities ofwork have been verified or revised either by
independent assessment or by sampling conducted on existing conceptual designs by 8140 Partners, LLC.
The cost estimates are intended to provide an approximation of total construction costs based on unit costs appropriate for the
preliminary level of design. These cost estimates are considered to be approximately -10% to +15% accurate. As with previous
estimates, the base unit cost estimate prepared includes industry standard contingency to account for project uncertainties
(including final design changes, permitting restrictions and bidding climate), land acquisition costs, engineering design costs,
legal fees and administrative costs. These estimates are subject to refinement and revisions as the design is developed in future
stages of the project. The actual cost of construction may be impacted by the availability of construction equipment and crews
and fluctuation of supply prices at the time the work is bid.
This preliminary level estimate of probable unit construction cost is based on the available data at the time of its preparation.
The cost estimating approach assumes a unit price, competitive bid contracting mechanism. The estimating methods and
procedures utilized represent the typical methods used by the construction industry. All unit prices represent a composite unit
cost including labor, equipment, materials and transportation.
The summary of preliminary cost estimates are provided in Exhibits 9, 10, and 11 for RE South, RE North and RE East,
respectively. The costs of common improvements are shared between districts as noted. The total estimated cost of
construction for the improvements in all districts is approximately Sg.1M.
Preliminary Engineering Survey
Revised preliminary plans for applicable infrastructure are provided as Exhibits 1-8. The specific infrastructure included in the
preliminary engineering cost estimates is identified on each of the district maps. Trails and trail crossings are not shown on the
maps due to scale, but three crossings associated with the RFTA corridor have been identified and preliminary plans developed
as the basis for design of trail crossings and realignment of RFTA trail at the south entrance to the property.
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Exhibit 9: Preliminary Engineering Cost Estimate RE South
District Cost Summary
Total Costs Notes
RE South Metropolitan District
Roo dwoys ( I n clu d es sto mwote r)
Type 1-Collector s 434,663 Part of Main Access Road (Cost shared with RE North)
Type 2-Local s
Bridges and Structures s 585,000 Part of Rail Grade Separate Crossing (Shared with RE North and RE East)
lntersection Access lmprovements s 500,000 Part ofAccess lmprovements (Shared with RE North and RE East)
Subtotal 1,519,553
Ttoils ond Sidewolks
lrarls 45,000 RFTA Trail Realignment
Sidewalks (including curb, gutter and landscaping)s 185,455 Part of Main Access Road (Cost shared with RE North)
Major Trails and Structures 179,800 Trail Crossings (Shared with RE North and RE East)
Subtotal s 4L0,256
Potdble Wdter
Potable water crossing permitted via RFWSD (PUC approvals obtained concurrently with
metropolitan district crossings or independently by RFWSD)
Water Lines and Facilities S
Mains and Tanks s
subtotal s
Raw Woter
Water Lines and Facilities 102,450
Treatment, Pumps and Storage s 322,500 lncludes base treatment/distribution
subtotal s 424,950
Sonitory Sewet
Sanitary sewer crossing permitted via RFWSD (PUC approvals obtained concurrently with
metropolitan district crossings or independently by RFWSD)
Sewer Lines and Facilities s
Mains and Pumps
Subtotal s
Dry Utilities
Dry utilities permitted via dry utility companies (PUC approvals obtained concurrently
with metropolitan district crossings or independently by utility company)
Lines and Facilities s
General Dev. lmprovements
Subtotal s
Othet No interaction required with PUC and RFTA
Recreation Facilities s
Parks and Open Space (includes detention)S
Subtotal S
Totol (Metro District Owned)s 7,954,869
Totol (Dedlcoted )s 5N,NO
Total s 2,454,469
Exhibit 10: Preliminary Engineering Cost Estimate RE North
District Cost 5ummary
Total Costs Notes
North District
Roadwoys (i ncludes stormwoter)
Part of Main Access Road (Cost shared with RE South)Type 1-Collector s 7,393,463
Type 2-Local s 337,500
Bridges and Structures s 1,055,313 lel! glleji cleqe Separate Crossing (Shared with RE South and RE East)
lntersection Access lmprovements s 750,000 Part ofAccess Improvements (Shared with RE South and RE East)
Subtotal s 3,546,275
frails ond Sidewolks
Trails s
Sidewalks (including curb, gutter and landscaping)s 786,544 Part of Main Access Road {Cost shared with RE South)
Major Trails and Structures s 183,550 Trail Crossings (Shared with RE South and RE East)
Subtotal s 970,O94
Potoble Wdter
Potable water crossing permitted via RFWSD (PUC approvals obtained concurrently with
metropolitan district crossings or independently by RFWSD)
Water Lines and Facilities S
Mains and Tanks s
Subtotal s
Rdw Wdter
Water Lines and Facilities s 158,730
Treatment, Pumps and Storage 5 307,500 lncludes base treatment/distribution
Subtotal s 466,23O
Sonitdry Sewet
Sanitary sewer crossing permitted via RFWSD (PUC approvals obtained concurrently with
metropolitan district crossings or independently by RFWSD)
Sewer Lines and Facilities 5
Mains and Pumps 5
Subtotal s
Dry Utilities
Dry utilities permitted via dry utility companies (PUC approvals obtained concurrently
with metropolitan district crossings or independently by utility company)
Lines and Facilities s
General Dev. lmprovements s
Subtotal s
Othet No interaction required with PUC and RFTA
Recreation Facilities s
Parks and Open Space (includes detention)s
Subtotal s
Totdl (Metrc Distilct Owned)t 4,232,599
Totol (Dedlcated )s 750,000
Total $4,982,599
Exhibit 11: Preliminary Engineering Cost Estimate RE East
District Cost Summary
Total Costs Notes
East n District
Roadwoys (includes stormwoter)
Part of Main Access Road (Cost shared with RE South)Type 1-Collector s 166,875
Type 2-Local s
Bridges and Structures 5 575,000 Part of Rail Grade Separate Crossing (Shared with RE South and RE North)
lntersection Access lmprovements s 250,000 Part of Access lmprovements (Shared with RE South and RE North)
Subtotal s 991,875
Troils ond Sidewalks
Trails s
Sidewalks (including curb, gutter and landscaping)5 7r,200 Part of Main Access Road (Cost shared with RE South)
Major Trails and Structures s 232,200 Trail Crossings (Shared with RE South and RE North)
Subtotal s 303,400
Potoble Woter
Potable water crossing permitted via RFWsD (PUc approvals obtained concurrently with
metropolitan district crossings or independently by RFWSD)
Water Llnes and Facilities 5
Mains s
Subtotal 5
Rdw Wdter
5 16,000Water Lines and Facilities
Treatment, Pumps and Storage s 270,000 lncludes base treatment/distribution
Subtotal S 285,000
Sanitdry Sewet
Sanitary sewer crossing permitted via RFWSD (PUC approvals obtained concurrently with
metropolitan district crossings or independently by RFWSD)
Sewer Lines and Facilities S
Mains 5
Subtotal 5
Dry Utilities
Dry utilities permitted via dry utility companies (PUC approvals obtained concurrently
with metropolitan district crossings or independently by utility company)
Lines and Facilities s 110,000
General Dev. I mprovements S 52,500
Subtotal s
Other No interaction required with PUC and RFTA
Recreation Facilities s
Parks and Open Space (includes detention)s
Subtotal s
Totdl (Metro Distilct Owned)s 7,337,275
Totdl (Dedicoted )5 250,0@
Total s L,58L,275
Rtr ]r[orth Metropolitan District
RE South Metropolitan District
Rtr East Metro olitan District
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Subiect:
Date:
Proposed MeUo Dis;tricts at l-lwy. 82 and CatUe Creek
Friday, September 03, 2010 10:56:12 AM
Hi Kathy-
I understand that the proposalto create three metro districts at Highway 133 and
Cattle Creek will be going before the Board of County Commissioners on
Septembe r 7, 2OLO. I reviewed the application with the Carbondale Planning and
Zoning Commission last month. The Commission expressed concern regarding the
proposal, specifically that the metro service plans would be serving a development
that is not approved, nor even currently under review by the County. Any approval
would imply future approval of the proposed development plan included in the
metro district. Additionally, the service plans in the metro district documents set
out a level and scale of development which cannot be accomplished under the
current zoning. The Town's Planning Commission asks that the proposed metro
districts be denied.
We would appreciate it if you could make sure the County Commissioners receive
our comments. Thank you and please don't hesitate to contact me if you have any
questions.
Janet Buck
Town of Carbondale
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