HomeMy WebLinkAboutNotice of FilingNOTICE OF FILING OF SPECIAL DISTRICT SERVICE PLAN
Pursuant to § 32-1-202(1 ), C .R.S., the County Clerk and Recorder shall notify the
Division of Local Government within five days after the filing of a service plan for the
formation of a new special district. Please provide the information indicated and return
this form to the Division of Local Government.
Cattle Creek Metropolitan District
Name of Proposed District
Metropolitan District
Type of District Proposed
TBD
Time of Hearing
Rockwood Shepard
Contact Person Filing Service Plan
Garfield County
County Receiving Service Plan
Jean Alberico
County Clerk and Recorder
July 29, 2012
Filing Date
TBD
Date of Hearing
Commission Chambers, Room l 00,
Courthouse Plaza Building, 108 8 1h
Street, Glenwood Springs, CO 81601
Location of Hearing
970-456-5325
Phone
July 29, 2012
Date
COUNTY OF GARFIELD, STA TE OF COLORADO
PETITION RE: APPROVAL OF SERVICE PLAN FOR CATTLE CREEK METROPOLITAN
DISTRICT, COUNTY OF GARFIELD, COLORADO
TO THE BOARD OF COUNTY COMMISSIONERS OF GARFIELD COUNTY, COLORADO
The undersigned, on behalf of the petitioners of the Cattle Creek Metropolitan District (the
"District"}, Garfield County, Colorado, respectfully petitions the Board of County Commissioners
of Garfield County, Colorado (the "County Commissioners"), for a Resolution Approving the
Service Plan for said District (the "Resolution"). The petitioner for the District is the organizer,
Carbondale Investments, LLC, a Texas limited liability company (the "Petitioner"). A fonn of
Resolution approving the proposed Service Plan is attached hereto as Exhibit A. In support of this
Petition, the Petitioner states as follows:
a. There is sufficient existing and projected need for the organized service in the 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 district has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
WHEREFORE, the Petitioners pray that the County Commissioners shall take such
measures as are appropriate in connection with the adoption of the Resolution.
Date
PETITIONERS FOR CA TILE CREEK
METROPOLITAN DISTRICT
Dianne D. Miller, #26180
Matthew P . Ruhland, #36940
Miller & Associates Law Offices, LLC
700 17th Street, Suite 2200
Denver, Colorado 80202
(303) 285-5320
ATfORNEYS FOR THE PETITIONER
EXHIBIT A
Form of Resolution of Approval
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS,
GARFIELD COUNTY, COLORADO,
APPROVING THE ORGANIZATION OF
THE CATTLE CREEK METROPOLITAN DISTRICT
WHEREAS, pursuant to Section 32-1-202, C .R.S., as amended, a Service Plan for the
Cattle Creek Metropolitan District (the "Service Plan") was submitted to the Board of County
Commissioners (the "Board") of the Garfield County, Colorado (the "County"); and
WHEREAS, the property within the boundaries of the Cattle Creek Metropolitan District
(the "District") is entirely within the County; and
WHEREAS, pursuant to the provisions of Title 32, Article I, C.R.S., as amended (the
"Special District Act''), the Board held a public hearing on the Service Plans of the Districts on
September_, 2012; and
WHEREAS, notice of the hearing before the Board was duly published in the Rifle
Citizen Telegram, a newspaper of general circulation within the County, on August _, 2012;
and
WHEREAS, the Board has considered the Service Plan and all other testimony and
evidence presented at the hearing; and
WHEREAS, the Board finds that the Service Plan should be approved subject to the
conditions as set forth herein; and
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF GARFIELD COUNTY, COLORADO:
Section I. 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 sufficient existing and projected need for the organized service in the 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 district has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis .
Section 3. The Board hereby approves the Service Plan for the District as submitted.
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 reaffirm
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_ day of September, 2012.
ATTEST:
Clerk
BOARD OF COUNTY COMMISSIONERS,
GARFIELD COUNTY, COLORADO
APPROVED AS TO FORM:
County Attorney
SERVICE PLAN
FOR
CATTIJE CREEK METROPOLITAN DISTRICT
GARFIELD COUNTY, COLORADO
Prepared by
Miller & Associates Law Offices, LLC
700 l ?'h Street, Suite 2200
Denver, CO 80202
In consultation with
8140 Partners, LLC
1143 Capitol Street, Suite 205
Eagle CO 81631
and
George K. Baum & Company
1400 Wewalla Street, Suite 800
Denver, CO 80202
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TABLE OF CONTENTS
I. INTRODUCTION ............................................................................................. 1
A. Purpose and Intcnt. ............. : ........................................................................... l
B. Need for the District. ...................................................................................... I
C. Objective of the County Regarding District Service Plans ............................ I
D. Organizers and Consultants ........................................................................... 2
II. DEFINI'l'IONS ..................................................................................................... : ... 2
III. BACKGROUND AND SUMMARY INFORMATION ....................................... 4
A. Background Inforn1ation ................................................................................ 4
B. Sun1n1ary of Infonnation ................................................................................ 4
IV. BOUNDARIES ......................................................................................................... 6
V. PROPOSED LAND USE/POPULATION PRO.JECTION/ASSESSED
VALUATION .......................................................................................................... 6
VI. DESCRIPTION OF PROPOSED PO\VERS, IMPROVEMENTS AND
SERVICES ............................................................................................................... 6
A. Powers of the Distl'ict and Sel'vice Plan Amendment .................................... 6
l. Operations and Maintenance Limitation ............................................ 7
2. Construction Standards Limitation .................................................... 7
3 Total Debt Issuance Limitation .......................................................... 7
4. Service Plan Amendment Requirement ............................................. 7
B. Prclhninary Engineering Survey .................................................................... 8
VII. FINANCIAL PLAN ................................................................................................. 8
A. Gene1·al ............................................................................................................ 8
B. Maximum Voted Interest Rate and Maximum Underwriting Discount ........ 9
C. No-Default Provisions ................................................................................... 9
D. Eligible Bondholders ..................................................................................... 9
E. Maximt1111 Mil Levy ......................................................................................... 9
F. Debt Repayment Sources ............................................................................... 10
G. Secu1·ity for Debt ............................................................................................ 10
H. Operating Mill Levy ...................................................................................... 10
VIII. ANNUAL REPORT .................................................................................................. 10
A. Gc11eral ............................................................................................................ 10
B. Reporting of Significant Events ..................................................................... I 0
IX. DISSOLUTION ......................................................................................................... 11
X. DISCLOSURE TO PURCHASERS .......................................................................... 11
XI. CONCLUSION .............................................................................................................. 11
A. Statutory Authority of the Commissioners Regarding Findings and
Approval of tl1e Service Plan ............................................................................ 11
B. Evidence of Co1npliance ................................................................................ 13
EXHIBIT A
EXHIBITB
EXHIBITC
EXHIBITD
EXHIDITE
EXHIBITF
EXHIBITG
EXHIBITH
LIST OF EXHIBITS
Legal Description for Initial District Boundaries
Initial Dislrict Boundary Map
Vicinity Map
Legal Description and Map for Included Properly
Owner Consents
Preliminary Engineering Survey and Cost Estimate for the Access
Improvements.
Financing Plan, including sources and uses and bond solutions
Form of Disclosure
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SERVICE PLAN
FOR
CATTLE CREEK METROPOLITAN DISTRICT
I. INTRODUCTION
A. Purpose and Intent. The District is an independent unit of local government,
separate and distinct from the County. It is intended that the District will provide a part or all of
the Access Improvements, which includes both direct and ancillary facilities and improvements
related to the railroad crossings and access, for the use and benefit of all anticipated constituents
and taxpayers of the District. The primary purposes of the District will be to finance the
construction of these Access Improvements, to provide ongoing operations and maintenance
services for the Access Improvements, and to establish a govenunent entity as required by the
rules established by the PUC governing public railroad crossings.
B. Need for the District. There are currently no other governmental entities,
including the County, located in the immediate vicinity of the District that consider it desirable,
feasible or practical to unde11ake the planning, design, acquisition, constrnction installation,
relocation, redevelopment, and financing of the Access Improvements needed for the Project.
Goverruuent entities that have the power to construct the Access Improvements may nevertheless
lack the financial capability or desire lo finance the Access Improvements or may not want to
unde11ake the obligations and liabilities associated with petitioning the PUC regarding the
railroad crossing. Formation of the District is therefore necessary in order for the Access
Improvements required for the Project lo be provided in the most economic manner possible.
Requiring another government entity lo take responsibility for the Access Improvements does
not generally conform to the Garfield County Comprehensive Plan 2030 which in gcnernl terms
while discouraging the proliferation of special districts supports new development paying for the
costs associated with its development and not placing a burden more generally on the taxpayers
of the County or other jurisdictions.
C . Objective of the County Regarding District Service Plans. The County's
objective in approving the Service Plan for the District is to authorize the District to provide for
the planning, design, acquisition, construction, installation, and financing of the Access
Improvements from the proceeds of Debt to be issued by the District. All Debt is expected to be
repaid by taxes imposed and collected within the boundaries of the District. The District's mill
levy shaH be no higher than the Maximum Mill Levy.
This Service Plan is intended to establish a limited purpose for the District and
explicit financial constraints that are not to be violated under any circumstances. The primary
purpose is to provide for the Access Improvements associated with development of the
properties within the District.
The District shall be authorized to finance the Access Improvements that can be
fonded from Debt to be repaid from tax revenues collected from a mill levy which shall not
exceed the Maximum Mill Levy. It is the intent of this Se1vice Plan to assure to the extent
possible that no propc11y bear an economic burden that is greater than that associated with the
Maximum Mill Levy in amount. The cost of Access Improvements that cannot be funded within
these parameters arc not costs to be paid by the District.
D. Organizers and Consultants . This Service Plan has been prepared by the
following:
Organizers
Carbondale Investments, LLC
7999Hwy82
Carbondale CO 81623
970A56-5325
Financial Advisor
George K. Baum & Company
1400 Wewatta Street, Suite 800
Denver CO 80202
303-391-5489
11. DEFINITIONS
District Counsel
Miller & Associates Law Offices, LLC
700 17111 Street, Suite 2200
Denver CO 80202
Denver CO 80202
Engineers
8140 Partners, LLC
PO Box 0426
Eagle CO 81631
866-934-8140
In this Service Plan, the following terms shall have the meanings indicated below, unless
the context hereof clearly requires otherwise:
Access Improvements: means a part or all of the improvements authorized to be planned,
designed, acquired, constructed, installed, and financed as generally described in Exhibit F,
except as specifically limited in Section V below, including roads, railroad crossing, storm
drainage, trails, sidewalks and utility installation and relocations.
Board: means the board of directors of the District.
Bonds or Debt: means any bonds, notes, debentures, certificates, contracts, capital leases,
or other multiple fiscal year financial obligations of the District.
Commissioners: means the Board of County Commissioners, Garfield County, Colorado.
County: means the County of Garfield, Colorado.
District: means the Cattle Creek Metropolitan District.
Financial Plan: means the Financial Plan attached hereto as Exhibit G and described in
Section VI which describes (a) how the Access Improvements are to be financed; (b) how the
Debt is expected to be incurred; and (c) the estimated revenue and expenses.
foitial District Boundaries: means the boundaries of the area as described in Exhibit A.
Initial District Boundmy Map: means the map attached hereto as Exhibit B, describing
the Initial District's Boundaries.
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Included Propetiy: means the property dcscdbcd in Exhibit D attached hereto and which
shall be included into the boundaries of the District after development approvals have been
obtained.
Maximum Mill Levy: means the maximum mill levy the District is permitted to impose
for payment of Debt as set forth in Section VI.E below.
Official Development Plan: means the River Edge Colorado Planned Unit Development
(PUD) as approved by the County pursuant to the County ordinances and regulations in
December 2011.
Owner/Developer: means Carbondale Investments, LLC
Project: means the development or property commonly referred to as River Edge
Colorado.
PUC: means the Colorado Public Utilities Commission.
PUD: means Planned Unit Development pursuant to the Garfield County Land Use
Resolution of2008, as amended.
RFT A: mean the Roaring Fork Transportation Authority.
Service Plan: means this document, the Service Plan for Cattle Creek Metropolitan
District, as approved by the Commissioners.
Service Plan Amendment: means an amendment to the Service Plan approved by the
Commissione1·s in accordance with applicable state law.
Special District Act: means Section 32-1-101, et~ .. of the Colorado Revised Statutes,
as amended from time to time.
State: means the State of Colorado.
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III. BACKGROUND AND SUMMARY INFORMATION
A . Background Information.
On July 1, 2010, the Owner/Developer submitted three services plans to the
County. The service plans were for dislricls named RE East, RE South and RE No11h (the "RE
Districts") and proposed a coordinated and multi-district structure to finance, constrncl and
acquire all the public improvements associated with future development an.ticipated by the
Owner/Developer for the properly within the boundaries of the RE Districts, which included the
Initial Propc11y Boundaries and the Included Property described in this Service Plan. The RE
Districts proposed issuing up to $40,500,000 in order to provide all public infrastructme required
for the anticipated development, including the Access Improvements described in this Service
Plan.
The Commissioners did not approve the RE Districts because they felt that
approving the RE Districts before development approvals on the property might result in
Districts not scaled or created with the specific development in mind, or that it might create an
expectation of development approvals consistent with the projections in the Se1vice Plnns. The
Commissioners acknowledged the need to resolve the railroad crossing and public access issues
for the property.
The Owner/Developer has since met with representatives of the PUC to determine
if a private entity including a prope11y owners association could construct or maintain the Access
Improvements, thus negating the need for a special district. The PUC has advised the
Owner/Developer that such an action would constitute a waiver of existing and long-standing
rules of the PUC and that such an action has never been approved by the PUC because of the
potential for instability with a private corporation. Therefore, the need for a metropolitan district
to process the PUC application for the rail crossing was and remains a primary and significant
purpose of a district for the Project.
Additionally, the Owner/Developer has processed and received development
approval from the County for the land within the Initial Prope11y Boundaries and the approved
development will have the financial ability to construct and finance the Access Improvements.
Failure of the County to approve a District would render the property undcvelopablc in
accordance with the Official Development Plan approved by the Commissioners unless the
County undertakes to be the petitioner with the PUC for the Access Improvements.
B. Summary of Information .
The following is a summary of information regarding the proposed District,
provided for the convenience of those reviewing the Service Plan. Please note that the following
infonnation is subject, in all respects, to the more complete descriptions contained elsewhere in
this Service Plrut. In the event of a discrepancy between this Summary of Information and
provisions elsewhere in the Service Plan, the other provisions shaJI control.
Proposed District: Cattle Creek Metropolitan District
Owner/Developer: Carbondale Investments, LLC
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Development:
Proposed Improvements:
Estimated Infrastructure
Capital Cost:
Debt Authorization:
Anticip1ttcd Mill Levies:
MillLcvyCnp:
Ownerffieveloper
Functions:
District Functions:
Material Modiflc1ttions:
Cul'l'cnt Population:
Current Assessed
Valuation:
Official Development Plan, anticipated to include a total
of 366 residential units, consisting of single family
detached and attached homes, garden homes and income
restricted homes and community uses
Constmction of roads and n railroad crossing, including
trails, sidewalks, bridges, walls and storm drainage along
with required reinstallation or relocation of trails, water
and sewer lines and other facilities in order to provide
public access across the RFTA Railroad ROW
$4,000,900
$5,590,000
Debt: 40 mills Operations: 10 mills
50 mills, Gallaghel'ized
The Owner/Developer will initially provide funding for nil
infrastructure capital costs and administrative costs of
organizing and operating the District, subject to
reimbursement as provided by law
The District will provide financing for the Access
Improvements through the issuance of bonds at such time
as the assessed valuation of the District warrants. The
District shall provide maintenance of the Access
Improvements or funding for maintenance of the Access
Improvements .
Modifications to this Service Plan shall be required if
there is a material adverse change to the financing
capabilities of the district, or an addition of any types of
services by the District
0
$ 718,980
IV. BOUNDARIES
The area of the Initial District Boundaries includes approximately 159.15 acres . A legal
description of the Initial District Boundaries is attached hereto as Exhibit A . A map of the
Initial District Boundaries is attached hereto as Exhibit B. A vicinity map is attached hereto as
Exhibit C.
The District may include all or any part of the property more particularly described in the
legal description and boundary map set forth in Exhibit D, attached hereto and incorporated
herein by this reference, provided, however; the District shall not include the Included Property
until the County has approved a development permit or approval, including building permit,
rezoning, PUD or plat for Included Property. Upon such approval, the District shall include the
Included Prope11y without further action or consent of the Commissioners. The Included
Property will benefit from the construction of the Access Improvements and will provide n larger
tax base from which to finance the Access Improvements. The Included Property is required to
utilize the property within the District's Initial Property Boundary for access and to make use of
the Access Improvements when developed regardless of the scale of the development within the
Included Property.
Attached hereto as Exhibit E is the consent of the Owner/Developer of the Initial
Properly Boundaries and the consent of the owner of the Included Prope11y.
V. PROPOSED LAND USE/POPULATION PROJECTIONS/ASSESSED VALUATION
The current assessed valuation of the Initial District Boundaries is $718,980 and, at build
out, is expected to be sufficient to reasonably discharge the Debt undet· the Financial Plan. The
population of the District at build-out is estimated to be appl'Oximatcly 840 people.
The Official Development Plan for the propel'ty in the Initial District Boundaries was
approved by the County in December 2011 as the River Edge Colorado PUD. The Official
Development Pinn is of record in the County. As part of the approval process, the
Commissioners found that the Official Development Plan was in compliance with the Garfield
County Comprehensive Plan 2030, which Comprehensive Plan includes environmental and
water quality standards. The Owner/ Applicant for the Official Development Plan submitted, and
the County accepted, a Water Supply Pinn in support of the Official Development Plan.
VI. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
A. Powers of the District and Service Plan Amendment.
The District shall have the power and authority to provide the Access
Improvements and, if not provided by other govemmental entities, related operation and
maintenance services, within and without the boundaries of the District as such powe1· and
authority is described in the Special District Act, and other applicable statutes, common law and
the Constitution, subject to the limitations set forth herein. The District shall specifically have
street improvement, transportation, water, sanitation and pai·k and recreation powers. Although
the Access Improvements involve primarily the construction of public roads and railroad
crossings, the District may need to relocate or reconstruct water or sewer lines or mains, 01· trails
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as part of the overall constrnction project. The District is authorized to exercise the specific and
implied powers to provide the Access Improvements, and to operate and maintain the Access
Improvements, as necessary, except that, to the extent the District is installing, reinstalling or
relocating water or sewer lines, the District shall not provide ongoing services for water or sewer
but shall only provide for the financing and constl'uction of such facilities on behalf or to the
benefit of Roaring Fork Water & Sanitation District. Fm1her the District's park and recreation
powers shall be limited to the reinstallation or relocation of trails in order to provide public
access across the RFTA Railroad ROW.
1. Operations and Maintenance Limitation. If required, the District shall
dedicate the Access Improvements to the RFTA or other appropriate goverrunent(s) in a manner
consistent with the Official Development Plan and other rules and regulations of the County,
RFTA, or other govemment(s) with jurisdiction. The District may operate and maintain, or
contribute to the cost of operating and maintaining the Access Improvements through its
operations mill levy of any dedicated Access Improvements in accordance with any third party
agreement established between the District and RFTA or other appropriate government(s).
Unless dedicated lo the RFTA or other appropriate govemment(s), the District shall operate and
maintain the Access Improvements through its operations mill levy.
2. Construction Standards Limitation . The District will ensme that the
Access Improvements are designed and constructed in accordance with the standards and
specifications of the PUC, RFTA, the County, the Official Development Plan, the federal
government, or other govenunental entities having proper jurisdiction. Nothing herein requires
the County or a11y other govenunent(s) to accept the transfer of any pru1 of the Access
Improvements.
3. Total Debt Issuance Lim itation. The District shall not issue Debt in an
aggregate principal amount in excess of $5 ,590,000, provided that the foregoing shall not include
the principal amount of Debt which has been refunded by the issuance of refunding Debt.
Any Debt issued with a pledge or which results in a pledge that exceeds the
Maximum Mill Levy shall be deemed a material departure from this Service Plan pursuant to
Section 32-1-207 , C.R.S., and the County shall be entitled to all remedies available under Stale
and local law to e1tjoin such actions of the District.
4. Service Plan Amendment Requirement. This Service Plan has been
designed with sufficient flexibility to enable the District to provide required services and
facilities under evolving circumstances without the need for numerous amendments. While the
assumptions upon which this Service Plan are generally based are reflective of an Official
Development Plan for the property within the District, the cost estimates and Financing Plan are
sufficiently flexible to enable the District to provide necessary services and facilities without the
need to amend this Service Plan once planning and design of the Access Improvements is
underway. Modification of the proposed configurations, locations, or dimensions of various
facilities and improvements shall be pennitted to accommodate development needs consistent
with then-current Official Development Plans for the property. Actions of the District which
violate the limitations set forth in this Sections VI or in Section VII shall be deemed to be
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material departures from this Service Plan and the County shall be entitled to all remedies
available under State and local law to enjoin such actions of the District.
B. Preliminary Engineering Survey.
The District shall have authority to provide for the planning, design, acquisition,
construction, installation, relocation, redevelopment, maintenance, and financing of the Access
Improvements within and without the boundaries of the District, ns more specifically described
in Exhibit F . An estimate of the costs of the Access Improvements which may be planned for,
designed, acquired, constmcted, installed, relocated, redeveloped, maintained or financed was
prepared based upon a preliminary engineering survey and estimates derived from the Official
Development Plan on the properly in the Initial District Boundaries and is approximately
$7, 154,000, of which the District shall be responsible for approximately $4,000,000 as more
specifically detailed in Exhibit G.
All of the Access Improvements described herein will be designed and
constructed in such a way as to assure that the Access Improvements standards will be
compatible with those of the PUC, RFTA, the County, the Official Development Plan, the
federal goverrunent, or other governmental entities having proper jurisdiction .. AH descriptions
of the Access Improvements to be constructed, and their related costs, are estimates only and are
subject to modification as engineering, development plans, economics, the requirements of PUC,
RFTA, the County, the federal government, or other govenuucntal entities having pmpcr
jurisdiction and construction scheduling may dictate. Upon approval of this Service Plan, the
District will continue to develop and refine cost estimates contained herein and prepare for
issuance of Debt. All cost estimates will be inflated to then-current dollars at the time of the
issuance of Dehl and construction. All construction cost estimates assume construction to
applicable local, State or Federal requirements.
vn. FINANCIAL PLAN
A. General.
The District shall be authorized to provide for the planning, design, acquisition,
constrnction, installation, relocation, and financing of the Access Improvements from its
revenues and by and tlu-ough the proceeds of Debt to be issued by the District. The Financial
Plan for the District shall be to issue such Debt as the District can reasonably pay from revenues
derived from the Maximum Mill Levy and other legally available revenues. The total Debt that
the District shall be permitted to issue shall not exceed $5,590,000, and shall be permitted to be
issued on a schedule and in such year or years as the District determine shall meet the needs of
the Financial Plan referenced above and phased to serve development as it occurs. All Debt
issued by the District may be payable from any and all legally available revenues of the District,
including general ad valorcm taxes to be imposed upon all taxable prope1ty of the District. Prior
to issuing any Debt, the District shall deliver to the County an opinion of nationally recognized
bond counsel (acceptable to the County Attomey) stating that the Debt satisfies the requirements
of the Service Plan.
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B . Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt
is issued. The proposed maximum interest rate on any Debt shall not exceed 18%. The
maximum underwriting discount shall not exceed 4%. Debt, when issued, will comply with all
relevant requirements of this Service Plan, State law and Federal law as then applicable to the
issuance of public securities.
C. No-Default Provisions.
Dehl issued by a District shall be structured so that failure to pay debt service
when due shall not of itself constitute an event of default or result in the exercise of remedies.
The foregoing shall not be constrned to prohibit events of default and remedies for other
occurrences including, without limitation, (1) failure to impose or collect the Maximum Mill
Levy or such portion thereof as may be pledged thereto, or to apply the same in accordance with
the terms of the Debt, (2) failure to abide by other covenants made in connection with such Debt,
or (3) filing by a District as a debtor under any bankrnptcy or other applicable insolvency laws.
Notwithstanding the foregoing, Debt will not be structured with a remedy which requires the
District to increase the Maximum Mill Levy.
D. Eligible Bondholders
Except for Debt issued to the Owner/Developer, all District Bonds or other Debt
instruments, if not rated in one of its four highest rating categories by one or more nationally
recognized organizations which regulorly rate such obligations, must be issued in minimum
denominations of $500,000. The foregoing shall not prohibit the redemption by the District of
such Debt instwments in denominations smaller than $500,000. Debt issued to the
Owner/Developer shall not be transferrable except to affiliated entities which control or are
controlled by the Owner/Developer.
E. Maximum Mill Levy.
The "Maximum Mill Levy,, shall be the maximum mill levy the District is
permitted to impose upon the taxable property of the District and shall be determined as follows :
The Maximum Mill Levy shall be fifty (50) mills; provided that if, on or after
January 1, 2013, there arc changes in the method of cnlculating assessed
valuation or any constitutionally mandated tax credit, cut or abatement; the mill
levy limitation applicable to such Debt may be increased or decreased to reflect
such changes, such increases or decreases to be determined by the Board in good
faith (such determination to be binding and final) so that to the extent possible,
the actual tax revenues generated by the mill levy, as adjusted for changes
occurring after Janua1·y 1, 2013, nre neither diminished nor enhanced as a result
of such changes. For purposes of the foregoing, a change in the ratio of actual
valuation shall be deemed to be a change in the method of calculating assessed
valuation.
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F. Debt Repayment Sources.
The District shall impose a mill levy on taxable property within its boundaries as
a primary source of revenue for repayment of Debt service and for operations and maintenance.
In no event shall the debt service mill levy in any District exceed the Maximum Mill Levy.
G. Security for Debt.
No Debt or other financial obligation of any District will constitute a debt or
obligation of the County in any manner. The faith and credit of the County will not be pledged
for the repayment of any Debt or other financial obligation of any District. This will be clearly
stated on all offering circulars, prospectuses, or disclosure statements associated with any
securities issued by any District.
H. Operating Mill Levy
In addition to the capital costs of the Access Improvements, the District will
require operating funds for arumal administration expenses, including the preparation of budgets,
audits and other reports required for legislative compliance with the Special District Act and
other state statutes, and to plan and cause the Access Improvements to be constmcted and
maintained. The first year's operating budget (in 2013) is estimated to be $18,000; operations
costs of the District prior to 2013 will be paid by the Owner/Developer.
VIII. ANNUAL REPORT
A. General.
The District shall be responsible for submitting an annual report to the County no
later than 30 days after filing of its annual audit (or, if no audit is required, August 1) of each
year following the year in which the Order and Decree creating the District has been issued.
B. Reporting of Significant Events.
The annual report shall include the following information:
(a) A narrative summm·y of the progress of the District in
implementing its Service Plan;
(b) Except when an exemption from audit has been granted for the
fiscal year under the Local Government Audit Ltiw, the audited financial statements of the
District for the fiscal year including a statement of financial condition (i.e. balance sheet) as of
December 31 of the fiscal year and the statement of operations (i.e. revenues and expenditures)
for the fiscal year;
(c) Unless disclosed within a separate schedule to the financial
statements; a summary of the capital expenditures incurred by the District in development of
public facilities in the fiscal year> as well as any capital improvements or projects proposed to be
unde11aken in the five (5) years following the fiscal year;
-10-
(d) Unless disclosed within a separate schedule to the financial
statements, a summary of the financial obligations of the District at the end of the fiscal year,
including the amount of outstanding indebtedness, the amount and terms of any new District
indebtedness or long-term obligations issued in the fiscal year, the amount of payment or
retirement of existing indebtedness of the District in the fiscal year, the total assessed valuation
of all taxable properties within the District as of January 1 of the fiscal year, and the current mill
levy of the District pledged to debt retirement in the fiscal year;
(e) The District 1s budget for the calendar year in which the annual
report is submitted;
(t) A summary of residential development which has occurred within
the District for the fiscal year;
(g) A summary of all taxes, fees, charges and assessments imposed by
the District as of January 1 of the fiscal year;
(h) The name, business address and telephone number of each member
of the Board and its chief administrative officer and general counsel, together with the date,
place and time of the regular meetings of the Board.
JX. DISSOLUTION
The District agrees to file a petition in the appropriate District Court for dissolution,
pursuant to the applicable State statutes upon the occurrence of one of the following: (1) upon an
independent determination of the Commissioners that the pm·poses for which the District were
created have been accomplished, or (2) when no Debt is then outstanding and the District has no
maintenance or operational obligations. In no event shall dissolution occur until the District has
provided for the payment or discharge of all of its outstanding Debt as required pursuant to State
statutes.
X. DISCLOSURE TO PURCHASERS
The District will use reasonable efforts to assure that all developers of the property
located within the District provide written notice to all purchasers or lessees of property in the
District regarding the Maximum Mill Levy as well as a description of the District 1s authority to
impose and collect rates, fees, charges or exactions. The form of notice shall be substantially in
the form of Exhibit H hereto and shall be recorded in the i·eal estate records of the County with
the order of the court creating the District.
XI. CONCLUSION
A. Statutory Authority of the Commissioners Regarding Findings and Approval of
the Service Plan.
With reference to the review of any service plan the Commissioners has the
authority to approve without condition or modification the service plan submitted; to disapprove
the service plan submitted; or to conditionally approve the service plan subject to the submission
-11 -
of additional information relating to or the modification of the proposed service plan, §32-1-203
(1), C.R.S.
The Board shall disapprove the service plan unless evidence satisfactory the
fol lowing is presented, § 3 2-1-203 (2), C.R. S.:
(a) There is sufficient existing and projected need for organized service in the
area to be serviced by the 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.
(c) The pmposed special district is capable of providing economical and
sufficient service to the area 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.
The Commissioners may, but arc not required, to find that the Service Plan provides
satisfactory evidence of the following; §32~1-203 (2.5), C.R.S.:
(a) Adequate service is not, or will not be, available to the area through the
county 01· other existing municipal or quasi-municipal corporations, including existing
special districts, within a reasonable time and on a comparable basis.
(b) The facility and service standards of the proposed special 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
party under§ 32-1-201 (1), C.R.S.
(c) The proposal is in substantial compliance with a master plan adopted
pmsuant to section §30-28-106, C.R.S.
(d) The proposal is in compliance with any duly adopted county, regional or
state long~ rnnge water quality management plan for the area.
(c) The creation of the proposed special district will be in the best interest of
the proposed area to be served.
The Board 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 discretionary criteria.
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, §32-1-203 (3), C.R.S.
-12 -
B. Evidence of Compliance
It is submitted that this Service Plan for the District, as required by Seclion 32-1-203(2),
C.R.S., establishes that:
1. There is sufficient existing and projected need for organized service in the
area to be serviced by the District.
• The Official Development Plan provides the requirement for the
construction of the Access Improvements to serve the Project.
• The PUC requires that a government e ntity petition for and control the
railroad crossing.
2 . The existing service in the area to be setved by the District is inadequate
for present and projected needs.
• The Official Development Plan approves the development of 366
residential units.
• There is no district or other govenunental entity adjacent or remote to the
prope1ty that is willing or financially capable of providing the Access
Improvements.
3. The District is capable of providing economical and sufficient service to
the area within its proposed boundaries.
• The Financing Plan demonstrates that the District will construct and
finance the Access Improvements with a mill levy that is typical for
districts in the State of Colorado.
• Upon receiving development approval, the Included Properly will enhance
the financial capability of the District.
4. The area to be included in the District does have, and will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
• The Service Plan does not provide for mmstml financing conditions but
demonstrates the issuance of bonds and the maintenance of improvements
in amounts that are within the requirements of the Special District Act, the
Municipal Bond Supervision Act and other state statutes affecting
metropolitan districts.
5. Adequate service is not, or will not be, available to the area tlu·ough the
county or other existing municipal or quasi-municipal corporations, including existing special
districts, within a reasonable time and on n comparable basis.
-13 .
• No adjacent or remote special district is willing to petition for approval of
the crossing with the PUC, nor to finance, constrnct or maintain the
Access Improvements . Notice of the hearing on this District was made to
special districts within a 3-mile radius and no district responded to offer to
construct and finance the Access Improvements.
• The County has not indicated that it is willing to petition for approval of
the crossing with the PUC, nor to finance, construct or maintain the
Access Improvements.
6. The facility and service standards of the proposed special 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 party under § 32-1-
201 (1 ), C.R.S.
• The Service Plan requires the Access Improvements to be constructed in a
manner that is compliant with any governmental entity having jurisdiction
over the Access Improvements, including the County, State, or federal
government.
7. The proposal is in substantial compliance with a master plan adopted
pursuant to section §30-28-106, C.R.S.
• The Service Plan will implement a p011ion of the requirements of the
Official Development Plan that requires the constrnction of the Access
Improvements. The Official Development Plan was adopted and approved
by the Commissioners in accordance with the Gal'field County
Comprehensive Plan 2030.
8. The proposal is in compliance with any duly adopted county, regional or
state long-range water quality management plan for the area.
• The Service Plan will implement a portion of the requirements of the
Official Development Plan that requires the construction of the Access
Improvements. The Official Development Plan was adopted and approved
by the Commissioners in accordance with the Garfield County
Comprehensive Plan 2030, which includes water quality standards.
• There are no regional water quality management plans adopted by the
Associated Governments of Northwest Colorado, the Region 11 COG of
which Garfield County is a member.
9. The creation of the proposed special district will be in the best interest of
the proposed area to be served.
• The approval of the District allows the implementation of necessary and
significant Access Improvements at a reasonable financial cost and
-14 -
tluough a mechanism that does not require the financial contribution of
government entities or taxpayers not affected by the Access
Improvements.
EXHIBIT A
Legal Description for the Initial District Boundaries
A-I
EXHIBIT A
Cattle Creek Metropolitan Dish·ict
Legal Description of the Initial Boundaries
A tract of land described as follows:
Parcel A:
A tract of land situated in the east half of Section 12, Township 7 South,
Range 89 West, and in the west half of Section 7 and in the north half of
Section 18, Township 7 South, Range 88 West of the 6th Principal Meridian,
County of Garfield, State of Colorado, being more particularly described
as follows:
Beginning at a point on the westerly right of way line of Colorado state
Highway 82, whence a 2 1/2" Brass Cap, found in place and correctly marked
as the southeast corner of said Section 7, bears S 78°49 1 20 11 Ea distance
of 2150.14 feet;
thence, along said right of way line S 09°35 1 09 11 Ea distance of 401.79
feet ;
thence, S 09°35'09 11 E a distance of 1545.87 feet;
thence, 626.05 feet along the arc of a curve to the left having a radius
of 1482.50 feet, a central angle of 24°11'44" and subtending a chord
bearing of S 21°41 1 02 11 Ea distance of 621.41 feet;
thence, S 33°46'54" E a distance of 387 .28 feet;
thence, 294.32 feet along the arc of a curve to the right, having a radius
of 2815 .00 feet, a central angle of 5°59 1 2611 and subtending a chord
bearing of S 30°47 1 1111 Ea distance of 294 .19 feet;
thence, departing said right of way line N 89°53 1 1611 W a distance of
218.07 feet;
thence, N 40°23 1 30 11 W a distance of 69.38 feet;
thence, S 87°28 1 29" W a distance of 36.35 feet;
thence, S 83°52'12" W a distance of 10.80 feet;
thence, N 58°27 1 1911 W a distance of 41.45 feet;
thence, N 29°51 1 31 11 W a distance of 8,28 feet;
thence, N 24°16'24 11 W a distance of 25.22 feet;
thence, N 69°00'53 11 W a distance of 9.87 feet;
thence, S 87°31'44 11 W a distance of 22.60 feet;
thence, N 57°25 1 01 11 W a distance of 17.28 feet;
thence, N 50°09 1 49 11 W a distance of 26.07 feet;
thence, N 46°21 1 12 11 W a distance of 9.99 feet;
thence, N 44°28 1 05 11 W a distance of 21.45 feet;
thence, N 55°50'08 11 W a distance of 49 .05 feet;
thence, N 56°25'40" W a distance of 49.94 feet;
thence, N 68°12 1 23" W a distance of 36 .45 feet;
thence, N 46°54 1 04 11 W a distance of 55 .18 feet;
thence, N 68°49'21" W a distance of 25.14 feet;
thence, N 47°41'50" W a distance of 78.78 feet;
thence, N 30°26 1 40 11 W a distance of 24.58 feet;
thence, N 25°47 1 01 11 W a distance of 30.08 feet;
thence, N 18°11'39" W a distance of 34 .61 feet;
thence, N 30°58'21" W a distance of 29.32 feet;
A-l Exhil>ilA
Legal Description oflhc Init ial District Doundarics
thence, N 21°59 1 14 11 w a distance of 27.50 feet;
thence, N 30°1Ei' 07 11 w a distance of 22.97 feet;
thence, N 25°41 1 38 11 w a distance of 169.44 feet;
thence, N 41°17 1 39 11 E a distance of 82.61 feet;
thence, N 38°34'52 11 E a distance of 15.89 feet;
thence, N 34°26 1 44 11 w a distance of 262.40 feet;
thence, N 57.,58 1 09" w a distance of 102.47 feet;
thence, N 53°43 1 31 11 w a distance of 105.38 feet;
thence, N 55°58 1 1111 w a distance of 126.13 feet;
thence, N 56°14 1 57 11 w a distance of 118.42 feet;
thence, N 49°16 1 04 11 w a distance of 136.33 feet;
thence, N 44°30 1 51 11 w a distance of 150.05 feet;
thence, N 32°49'55" w a distance of 102.14 feet;
thence, N 37°44 1 1911 w a distance of 552.12 feet;
thence, N 18°10'02" w a distance of 47.26 feet;
thence, N 27°58'19 11 w a distance of 109.20 feet;
thence, N 35°01 1 36 11 Wa distance of 71.09 feet;
thence, N 41°32 1 47 11 w a distance of 152.23 feet;
thence, N 40°22'24 11 w a distance of 339,82 feet;
thence, N 64°20'53 11 wa distance of 34.06 feet;
thence, N 45°00 1 36 11 w a distance of 52.42 feet;
thence, N 44°53 1 41 11 w a distance of 154.66 feet;
thence, N 32°35'48" w a distance of 86.59 feet;
thence, N 57°01 1 32 11 w a distance of 44.89 feet;
thence, N 30°33 1 12" w a distance of 85.72 feet;
thence, N 37°39 1 02 11 w a distance of 79.09 feet;
thence, N 37°32 1 30 11 w a distance of 63.32 feet;
thence, N 20°02 1 1511 w a distance of 33.98 feet;
thence, N 39°52 1 25 11 w a distance of 42.02 feet;
thence, N 25°36 1 04 11 w a distance of 107.17 feet;
thence, N 30°34 1 08 11 w a distance of 164.72 feet;
thence, N 11°39 1 01 11 w a distance of 107.90 feat;
thence, N 24°56 1 06 11 E a distance of 163.60 feet;
thence, N 63°39 1 33 11 E a distance of 177.81 feet;
thence, N 83°14 1 43 11 E a distance of 393.54 feet;
thence, N 07°15'26" w a distance of 21.79 feet;
thence, N 80°51•11 11 E a distance of 50.00 feet;
thence, N 89°15 1 06 11 E a distance of 65.56 feet;
thence, N 57°50'04" E a distance of 50.12 feet;
thence, s 84°51 1 1511 E a distance of 33.08 feet;
thence, s 81°39 1 50 11 E a distance of 89.61 feet;
thence, N 56°07'00" E a distance of 26.86 feet;
thence, N 07°38 1 31 11 E a distance of 27.93 feet;
thence, N 37°41 1 57" w a distance of 28.06 feet;
thence, N 50°00 1 15 11 E a distance of 22.23 feet;
thence, N 82°02 1 30 11 E a distance of 36.49 feet;
thence, s 63°34 1 38" E a distance of 54.05 feet;
thence, s 45°59 1 58 11 E a distance of 20.95 feet;
thence, s 14°44 1 20° E a distance of 29.18 feet;
thence, s 11°11 1 17" W a distance of 26.42 feet;
thence, s 14°58 1 41 11 E a distance of 30.14 feet;
thence, s 43°42 1 1011 E a distance of 69.77 feet;
thence, s 31°36 1 59" E a distance of 56.76 feet;
thence, s 49°38 1 46 11 E a distance of 40.12 feet;
A-2 E.xhibitA
Legal Description of the Initial District Boundorics
thence, s 45a30 1 55" E a distance of 40.89 feet;
thence, s 60°16'39" E a distance of 43.39 feet;
thence, s 73°16'24 11 E a distance of 67.60 feet;
thence, s 53°05 1 1511 E a. distance of 15.86 feet;
thence, s 63°37'30 11 E a. distance of 52 .31 feet ;
thence, s 83°28 1 21 11 E a distance of 46 .95 feet;
thence, N 86°20'27" E a distance of 61 .04 feet;
thence, N 31°59 1 0911 E a distance of 47 .07 feet;
thence, N 06°58 1 3811 E a distance of 32 .16 feet;
thence, N 72°08 1 07 11 E a distance of 7 .98 feet;
thence, s 24°51 1 03" E a distance of 72 .35 feet;
thence, s 41°52 1 47" E a distance of 50 .71 feet;
thence, s 54"44'21" E a distance of 38.31 feet;
thence , s 83°39 1 39 11 E a distance of 87.15 feet;
thence, s 57°11 1 12 11 E a distance of 77.06 feet;
thence, s 41°51'16" E a distance of 88.65 feet;
thence, s 57°39 1 13 11 E a. distance of 65.60 feet;
thence, s 49°55'38 11 E a distance of 74.96 feet;
thence, s 61°04'52" E a distance of 43.44 feet;
thence, s 71°46'03 11 E a distance of 55.45 feet to the point of beginning,
containing an area of 85 .924 acres, more or less.
Together with Parcel. B :
A tract of l.and situated in the east half of Section 12, Township 7 South,
Range 89 West, and in the west half of Section 7, 'fownship 7 South, Range
88 West of the 6th Principal Meridian, County of Garfield, State of
Col.orado, being more particularly described as follows:
Beginning Garfiel.d County Surveyor's 2 1/2" Brass, found in place, and
correctly marked as the southeast corner of said Section 7, thence S
49°22 1 15 11 l!l a distance of 5479.54 feet to the true point of beginning;
thence, S 89°43 1 30 11 E a distance of 1005.44 feet to a point on the
westerly line of the Roaring Fork Transit Authority Transportation
Corridor Easement;
thence, al.onq the westerly line of said Easement S 19°38 1 52" E a distance
of 2644.53 feet;
thence, 494 .34 feet alonq the arc of a curve to the right, having a radius
of 2815.00 feet, a central angle of 10°03'42" and subtending a chord
bearinq of S 14°37 1 01" Ea distance of 493.70 feet;
thence, S 09"35 1 09" Ea distance of 120.78 feet;
thence, departing the westerly l.ine of said Easement N 65°36 1 14" W a
distance of 60.45 feet;
thence, N 49°54 1 10" W a distance of 64.72 feet;
thence, N 49°54 1 1011 W a distance of 86.97 feet;
thence, N 48°11'10" W a. distance of 54.30 feet;
thence, N 56°47'21 11 W a distance of 123 .97 feet;
thence, N 83°47 1 24 11 W a distance of 93.00 feet;
thence, N 29°35 1 31 11 W a distance of 119.58 feet;
thenco, N 78°00 1 43 11 W a distance of 33.84 feet;
thence, S 79°41 1 48 11 W a distance of 37 .BO feet;
thence, S 22°57 1 52 11 W a. distance of 56.05 feet;
thence, S 59°31 1 57 11 W a distance of 45 .48 feet;
thence, N 82°32'35 11 W a distance of 28 .23 feet;
A-3 EshibitA
Lcgnl Description of the lnitinl District noundnrics
thence, N 59°07 1 03 11 W a distance of 95.71 feet;
thence, N 71°20 1 44 11 W a distance of 85.73 feet;
thence, N 36°43 1 1011 w a distance of 93.22 feet;
thence, N 25°39 1 22 11 w a distance of 181.92 feet;
thence, N 65°10 1 24" w a distance of 98.43 feet;
thence, s 85°02 1 3311 w a distance of 52.20 feet;
thence, s 56°33 1 52 11 w a distance of 39.34 feet;
thence, s 20°49 1 33" w a distance of 42.96 feet;
thence, s 37°27 1 43" E a distance of 21.60 feet;
thence, N 77°02 1 57 11 w a distance of 89.66 feat;
thence, s 70°24 1 18 11 w a distance of 70.95 feet;
thence, N 88°59 1 39" w a distance of 55 .55 feet;
thence, s 84°28 1 58" w a distance of 49.93 feet;
thence, N 14°22 1 48 11 E a distance of 68.20 feet;
thence, N 05°11 1 4611 w a distance of 77.59 feet;
thence, N 18°20 1 05" E a distance of 10.82 feet;
thence, N 22°53 1 4011 E a distance of 44.14 feet;
thence, N 10°34'58 11 E a distance of 35.11 feet;
thence, N 08°59 1 51" E a distance of 47.16 feet;
thence, N 03°48 1 08" E a distance of 36.48 feet;
thence, N 04°40 1 5211 E a distance of 11.03 feet;
thence, N 07°37'51" E a distance of 54.66 feet.
thence, N 29°28'14" w a distance of 63.68 feet;
thence, N 32°00'44" w a distance of 61.05 feet;
thence, N 26°17'29" w a distance of 55.52 feet;
thence, N 38°14 1 36" w a distance of 44 .36 feat;
thence, N 53°11 1 32 11 w a distance of 37.73 feet;
thence, N 59°54 1 48 11 w a distance of 54.16 feet;
thence, N 87°51 1 35" w a distance of 36. 97 feet;
thence, N 57°33 1 47" w a distance of 65.70 feet;
thence, N 81°56'22" w a distance of 85 .02 feet;
thence, N 04°11 1 29" w a distance of 158.65 feet;
thence, N 35°50 1 41 11 w a distance of 41. 30 feet;
thence, N 54°46 1 03 11 w a distance of 24.70 feet;
thence, N 28°51 1 45 11 w a distance of 209.99 feet;
thence, N 11°58'37" w a distance of 33.82 feet;
thence, N 41°03'46" E a distance of 78.19 feet;
thence, N 06°29 1 01" w a distance of 117.20 feet;
thence, N 20°05 1 27 11 w a distance of 94.24 feet;
thence, N 11°32 1 03 11 w a distance of 63 .83 feet;
thence, N 07°57 1 46 11 w a distance of 141. 45 feet;
thence, N 09°56'14" E a distance of 50.76 feet;
thence, N 19°17'44° w a distance of 91.04 feet;
thence, N 44°41 1 59 11 w a distance of 134.55 feet;
thence, N 19°23 1 49" w a distance of 74.18 feet;
thence, N 19°33 1 06" w a distance of 43.27 feet;
thence, N 21°30 1 01" w a distance of 72.23 feet;
thence, N 00°16'30" E a distance of 217.77 feet;
thence, N 00°16'30" E a distance of 312.94 feet to the point of beginning,
containing an area of 73.003 acres, more or less."
A-4 Exhibit A
Legel Description of !he lnilinl District Doundnrics
Together with Parce1 C:
A tract of land situated in the southwest quarter of Section 7, Township 7
South, Range 88 West of the Sixth Principal Meridian, County of Garfield,
State of Colorado, being more particularly described as follows:
Beginning at a point on the westerly right of way line of Colorado State
Highway 82, whence a 2 1/211 Brass Cap, found in place and p::operly marked
as the southeast corner of said Section 7, bears S 78°01 1 43" E a distance
of 2054.18 feet;
thence, along said westerly right of way line N 09°35'10" W a distance of
188.14
thence, 282.60 feet along the arc of a curve to the le~t having a radius
of 2915.00 feet, a central angle of 5°33'17" and subtending a chord
bearing of N 12°21 1 49" W a distance of 282.49 feet;
thence, departing said right of way lines 90°00 1 00" Ea distance of 49.74
feet;
thence, S 06°01 1 00 11 E a distance of 202.70 feet;
thence, S 04°34'58" Ea distance of 260.70 feet to the point of beginning,
containing an area of 0.234 acres, more or less.
A-5 ~shibitA
Legal Demi pl ion of Ille lnitinl Districl Boundnrics
EXHIBIT B
Initial District Boundary Map
.. I ' .• , .
Cattle Creek
Metropolitan District
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Boundary Map of the lnitlal Boundaries
l'"•c,u:c$ by:
8140 Partn o rs~ LLC
LEGEND
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E.&IQll:
B
EXHIBITC
Vicinity Map
C-1
Oittle Creek
Metropolitan District
vi~inity Map of the Initial Boundaries
Dale:
EaNbll:
6/22/2012
c
EXHIBITD
Legal Description and Map for the Included Property
D-1
EXHIBITD
Cattle Creek Metropolitan District
Legal Description of the Inclusion Property
A tract of land described as follows:
Parcel No. A:
A tract of land situated in the southeasterly quarter of Section 1,
Township 7 South, Range 89 West, and in Section 7, Township 7 South, Range
88 West of the Sixth Principal Meridian, County of Garfield, State of
Colorado, being more particularly described as follows:
Beginning at a point on the westerly right of way line of Colorado State
Highway 82, whence a 2 1/2• Brass Cap, found in place, and correctly
marked as the southeast corner of said Section 7, bears S 63°31149• B a
distance of 2312.55 feet;
thence, along the westerly right of way line of Colorado State Highway 82
N 06°01'00" w a distance of 1467.90 feet;
thence, N 08°53'00• W a distance of 200.30 feet;
N 00°18'30" W a distance of 201.00 feet1
N 06°01'00• W a distance of 700.90 feet;
N 08°52'00" W a distance of 313.00 feet;
thence, 346.52 along the arc of a curve to the left having a radius of
1820.00 feet, a central angle of 10°54 132• and subtending a chord bearing
of N 15°58'00" W a distance of 346.00 feet;
thence, N 11°08'00" w a distance of 97.90 feet;
thence, 250.29 along the arc of a curve to the left, having a radius of
1840.00 feet, a central angle of 7°47'38• and subtending a chord bearing
of N 28°19 1 00• W a distance of 250.10 feet;
thence, N 35°14•00• W a distance of 122.52 feet;
thence, N 89°17'09• W a distance of 7.98 feet to a point on the easterly
line of a parcel of land described in Reception No. 575283;
thence along said easterly line S 35°22 119• E a distance of 1.46 feet to
the southeasterly corner of said parcel;
thence along the southerly line of said parcel, N 89°17'09" W a distance
of 224.24 feet to the southwesterly corner of said parcel;
thence, N 00°00 1 00" W a distance of 0.68 feet;
thence, N 89°30 1 08" B a distance of 0.71 feet;
thence, N 00°20 1 09" E a distance of 0.49 feet to the southeasterly corner
of a parcel of land described in Reception No. 603760;
thence along the southerly line of said parcel the following three
courses:
1) N 89°44 1 57" W a distance of 0.99 feet;
2) N 30°31'43" W a distance of 65.06 feet;
3) N 86°47'11• W a distance of 65.63 feet to the southwesterly
corner of said parcel;
thence, N 86°47 1 11• W a distance of 52.73 feet1
thence, N 89°36'12" W a distance of 292.61 feet;
thence, N 89°43'30" w a distance of 100.90 feet to a point on the aaaterly
right of way line of the Roaring Pork Transit Authority Transportation
Corridor Easement;
D-I ExhibitD
l.cgal Description of dtc Inclusion Property
thence, along said easterly right of way line S 19°38 1 52" E a distance of
3829.47 feet;
thence, 79.82 along the arc of a curve to the right having a radius of
2915.00 feet, a central angle of 1°34 1 08" and subtending a chord bearing
of s 18°51'48" E a distance of 79.82 feet;
thence, departing said easterly right of way line N 89°59'59" E a distance
of 73.94 feet to a point of the westerly right of way line of Colorado
State Highway 82, also being the point of beginning, containing an area of
43.25 acres, more or less.
Together with Parcel No. B:
Parcel 1 (as described in deed recorded May 19, 1998 in Book 1068 at Page
543 as Reception No. 525444):
A tract of land situated in Lot 2 of Section 7, T. 7 S., R. 88 W. of the
6th P.M. lying northeasterly of the West and South lines of said Lot 2 and
Southwesterly of the Southwesterly right of way line of State Highway No.
82 as reconstructed in 1967, said tract described as follows:
Beginning at the Southwest corner of said Lot 2 being marked with an iron
pin; Whence an iron post with a brass cap found in place and properly
marked for the Southeast corner of Sec. l in T. 7 S., R. 89 W. of the 6th
P.M. bears S.35°31'00• W. 770.44 feet;
thence N. 324.69 feet along the Westerly line of said Lot 2 to a point on
the Southwesterly right of way line of said Highway;
thence s. 34°45 1 30" E. 229.17 feet along the Southwesterly right of way
line of said Highway;
thence s. 35°14 1 00" E. 167 feet along the Southwesterly right of way line
of said Highway to a point on the Southerly line of said Lot 2;
thence West 227.00 feet along the Southerly line of said Lot 2 to the
Southwest corner of said Lot 2, the point of beginning.
Parcel 2 (as described as Parcel 1 in quit claim deed recorded May 20,
2002 in Book 1356 at Page 384 as Reception No. 603760 and as described as
Exhibit A-1 in quit claim deed recorded January 24, 2001 in Book 1228 at
Page 600 as Reception No. 575283):
A tract of land situated in Section 7, T. 7 s., R. 88 W. of the 6th P.M.,
County of Garfield, State of Colorado. Said tract of land being more
particu1arly described as follows:
Commencing at the SE corner of Section l, T. 7 S., R. 89 W. of the 6th
P.M.,(with all bearings contained herein being relative to a bearing of N.
00°10•09• E. between the SE corner and the E 1/4 corner of said Section
l};
thence N. 35°30 1 10• E. 769.47 feet to a found rebar (southwest corner Lot
2 per Book 687 at Page 650) the true point of beginning;
thence North along the Westerly line of that property described in said
Book 687 at Page 650 128.34 feet;
thence leaving said Westerly line N. 88°59•16" W. along the Southerly
boundary line and Southerly boundary line extended of the recorded amended
Fyrwald Exemption Plat 103.03 feet;
D-2 Exhibit D
Legal Description of 1ite Inclusion Property
thence continuing along said Southerly boundary line and Southerly
boundary line extended s. 02°48tl6• E. 70.52 feet, to a point in an
existing fence line;
Thence leaving said Southerly boundary extended along an existing fence
line the following three (3) courses:
1) s. 86°47tll" E. 65.63 feet;
2) s. 30°31t43" E. 65.06 feet;
3) S. 89°17'09a E. 0.99 feet, to the true point of beginning.
Parcel 3: (as described as Parcel 2 in quit claim deed recorded May 20,
2002 in Book 1356 at Page 384 as Reception No. 603760 and as described as
Exhibit A-3 in quit claim deed recorded January 24, 2001 in Book 1228 at
Page 600 as Reception no. 575283):
A tract of land situated in Section 7, T. 7 s., R. 88 W. of the 6th P.M.,
County of Garfield, State of Colorado. Said tract of land being more
particularly described as follows:
Commencing at the SE corner of Section 1, T. 7 S., R. 89 w. of the 6th
P.M.(with all bearings contained herein being relative to a bearing of N.
00°10t09" E. between the SE corner and the E 1/4 corner of said Section
l);
thence N. 35°30 1 10• E. 769.47 feet to a found rebar (Southwest corner Lot
2 per Book 687 at Page 650);
thence North along the Westerly line of that property described in said
Book 687 at Page 650 128.34 feet, the true point of beginning;
thence continuing along said Westerly line North 187.87 feet, to a point
on the Southerly right-of-way of State Highway No. 82;
thence leaving said Westerly line along said Southerly right-of-way the
following two (2) courses:
l) N. 34°53'49• w. 9.76 feet;
2) N. 37°33'19" w. 6.55 feet;
thence S. 01°05'14" W. along the Easterly line of the recorded Amended
Fyrwald Exemption Plat 200.87 feet;
thence leaving said Easterly line S. 88°59'16" E. 13.39 feet to the point
of beginning excluding, however, any portion of Parcel 2 and/or Parcel 3
located in or encroaching upon:
Lots 3 and/or 4, Amended Fyrwald Exemption Plat, as recorded in
Garfield County, Colorado under Reception No. 547543,
Parcel 4 (as described as Exhibit A-2 in quit claim deed recorded January
24, 2001 in Book 1228 at Page 600 as Reception No. 575283):
A tract of land situated in Section 7, T. 7 s., R. 88 W. of the 6th P.M.,
said tract of land being more particularly described as follows:
Commencing at the SE corner of Section 1, T. 7 s., R. 89 W. of the 6th
P.M.,(with all bearings contained herein being relative to a bearing of N.
00°10'09" E. between the SE corner and the E 1/4 corner of said Section
l) ;
thence N. 35°30 1 1on E. 769.47 feet to a found rebar (Southwest corner Lot
2 per Book 687 at Page 650) the true point of beginning;
thence North along the Westerly line of that property described in said
Book
D-3 ExhibilD
Legal Description oflhe Inclusion Propcny
687 at Page 650 0.68 feet;
thence leaving said Westerly line east along the Southerly boundary line
of said property 221.76 feet, to a point on the Westerly right-of-way of
State Highway No. 82;
thence leaving said Southerly line S. 35°22 1 19• E. along said Westerly
right of way 4.26 feet, to a point in an existing fence line;
thence leaving said Westerly right-of-way N. 89°17 1 09• w. along said
existing fence line 224.24 feet, to the true point of beginning, excepting
from insurance and conveyance the following excepting Parcels 5, excepting
Parcel 6, and excepting Parcel 7
Excepting Parcel 5 (as described Exhibit A in quit claim deed recorded May
20, 2002 in Book 1356 at Page 390 as Reception No. 603762)
A tract of land situated in Section 7, T. 7 S., R. 88 W. of the 6th P.M ••
Said tract of land being more particularly described as follows:
Commencing at the SE corner of Section 1, T. 7 S., R. 89 W. of the 6th
P.M. (with all bearings contained herein being relative to a bearing of N.
00°10 1 09• E. between the SE corner and the E 1/4 corner of said Section
l);
thence N. 00°10 1 09" E. along sa!d Section line 691.13 feet, to a point on
the Northerly boundary line of that property survey recorded as Reception
No. 205 in the Garfield County Index for Informational Land Survey Plats,
the true Point of beginning;
thence continuing along said Section line N. 00°10'09" E. 2.36 feet to a
point on the Southerly boundary line of the recorded Amended Fyrwald
Exemption Plat;
thence leaving said Section line N. 89°13 1 44• E. along said southerly
boundary 344.69 feet;
thence leaving said southerly boundary line S. 02°48'16" E. 12.00 feet to
a Point in an existing fence line;
thence N. 86°47'11" W. along said fence line 52.73 feet;
thence continuing along said fence line N. 89°36 1 14• w. 292.62 feet to the
Point of beginning;
Excepting Parcel 6 (as described as Exhibit A in quit claim deed recorded
January 29, 2001 in Book 1229 at Page 263 as Reception No. 575490):
A tract of land situated in Section 7, T. 7 s., R. 88 W. of the 6th P.M.,
said tract of land being more particularly described as follows:
Commencing at the SE corner of Section 1, T. 7 S., R. 89 w. of the 6th
P.M.,(with all bearings contained herein being relative to a bearing of N.
00°10•09• B. between the SE corner and the E 1/4 corner of said Section
1) 1
thence N. 00°10 1 09• E. along said Section line 627.10 feet, to a point on
the Northerly boundary line of that property survey recorded as Reception
No. 305 in the Garfield County Index for Informational Land Survey Plats,
the true Point of beginning;
thence continuing along said Section line N. 00°10'09" E. 64.03 feet, to a
point in an existing fence line;
thence leaving said Section lines. 89°36 1 14" E. along an existing fence
line 292.62 feet;
D-4 ExhibitD
Legal Description or the: Inclusion Property
thence continuing along an existing fence line S. 86°47'11' E. 118.36
feet;
thence continuing along said fence line S. 30°31'43• E. 64.28 feet, to a
point on said northerly boundary;
thence leaving said existing fence line N. 90°00 1 00• w. along said
Northerly boundary 443.63 feet, to the point of beginning
Excepting Parcel 7 (as described in Exhibit A in Rule and Order, Civil
Action No. 5952, District Court in and for the County of Garfield and
State of Colorado recorded December 15, 1967 in Book 391 at Page 14 as
Reception No. 239725):
A tract or parcel of land no. l rev. 2 of the Department of Highways,
State of Colorado, Project No. S 0130(10}, in Lots 2 and 11 of Section 7,
T. 7 S., R. 88 West, of the 6th P.M., in Garfield County, Colorado, said
tract or parcel being more particularly described as follows:
Beginning at a point on the West line of Lot 2, Section 7, T. 7 S., R. 88
W., from which the SE corner of Sec. 1, T. 7 S., R. 89 W. Bears s.
19°29 1 30• w., a
Distance of 1330.0 feet;
1. Thence South along the West line of Lot 2, Section 7, a distance
of 304.5 Peet;
2. Thence s. 34°45 1 30• E., a distance of 231.0 feet;
3. Thence s. 35°14' E., a distance of 92.2 feet to a South line of
the Property;
4. Thence along a South line of the property, N. 89°12' E., a
distance of 118.5 feet to the east line of Lot 2, Sec. 7;
5. Thence along the east line of Lot 2, Sec. 7, South a distance of
63.B feet to the SW. corner of Lot 11, Sec. 7;
6. Thence along the South line of Lot 11, Sec. 7, N. 89°47'E., a
distance of 208.0 feet;
7. Thence along the arc of a curve to the left having a radius of
2,050.0 feet a distance of 14.4 feet (the chord of this arc bears N.
32°43' W., a distance of 14.4 feet);
8. Thence N. 34°03' w., a distance of 311.4 feet;
9. Thence N. 42°28'30• w. a distance of 487.6 feet, more or less, to
the Point of beginning
Further excepting there from any portion of the land within State Highway
No. 82 County of Garfield, State of Colorado
Together with Parcel C:
A tract of land situated in the southeast quarter of Section 1 and the
west half of Section 12, Township 7 South, Range 89 West, and in the
southwest quarter of Section 7 and the north half of Section 18, Township
7 South, Range 88 West of the Sixth Principal Meridian, County of
Garfield, State of Colorado, being more particularly described as follows:
Beginning at a point on the westerly right of way line of the Roaring Pork
Transit Authority Transportation Corridor Basement, whence a 2 1/2• Brass
Cap, found in place and correctly marked as the southeast corner of said
Section 7, bears S41°30'24•B a distance of 4758.08 feet;
D-5 r~hibitD
Legal Description of !he Inclusion Property
thence, departing said right of way line N 19°38•52., W a distance of
1221.19 feet;
thence, N 89°43 1 30• w a distance of 683.95 feet;
thence, s 02°00 1 23• w a distance of 590.77 feet;
thence, s 02°15•oe• w a distance of S57.94 feet;
thence, N 86°35 1 38., W a distance of 84.72 feet;
thence, s 43°10•35n E a distance of 251.44 feet;
thence, s 00°24•17• E a distance of 1250.60 feet to a point on the
westerly line of the Roaring Pork Conservancy Easement;
thence, along the said Basement line S 03°09 1 52• w a distance of 741.05
feet;
thence, s 00°21 1 30• E a distance of 553.42 feet;
thence, s 00°04 1 33• E a distance of 323.93 feet;
thence, s 24°10'18• E a distance of 142.52 feet;
thence, s 29°13'16• B a distance of 615.00 feet;
thence, s 19°31 1 so• E a distance of 246.38 feet;
thence, s 23°25 1 35 11 B a distance of 153.19 feet;
thence, s 17°46 1 37" B a distance of 173.22 feet;
thence, s 30°48 1 54 11 B a distance of 163.28 feet;
thence, s 51°46•41• B a distance of 662.76 feet;
thence, s 44°39 1 33• B a distance of 175.65 feet;
thence, s 13°37 1 01• E a distance of 255.65 feet;
thence, s 34°06 1 17 11 E a distance of 318 .15 feet;
thence, s 35°45 1 21• E a distance of 225.15 feet;
thence, s 55°41 1 54" E a distance of 196.47 feet;
thence, s 63°52 1 39" E a distance of 388.20 feet;
thence, s 57°54 1 58" E a distance of 449.02 feet;
thence, s 47°15'14• E a distance of 122.26 feet;
thence, s 89°53 1 16• E a distance of 189.76 feet;
thence, N 40°23'30• w a distance of 69.38 feet;
thence, s 87°28 1 29• w a distance of 36.35 feet;
thence, s 83°s2•12• w a distance of 10.80 feet;
thence, N 58°27 1 19 11 w a distance of 41.45 feet1
thence, N 29°51 1 31• w a distance of 8.28 feet;
thence, N 24°16 1 24" w a distance of 25.22 feet;
thence, N 69°00 1 53• w a distance of 9. 87 feet;
thence, s 87°31 1 44• w a distance of 22.60 feet;
thence, N 57°25 1 01 11 w a distance of 17.28 feet;
thence, N 50°09 1 49• w a distance of 26.07 feet;
thence, N 46°21 1 12" w a distance of 9.99 feet;
thence, N 44°2s•o5• w a distance of 21.45 feet;
thence, N 55o5o•os 11 w a distance of 49.05 feet;
thence, N 56°25•40" w a distance of 49.94 feet;
thence, N 68°12'23• w a distance of 36.45 feet;
thence, N 46°54•04• w a distance of 55.18 feet;
thence, N 68°49 1 21• w a distance of 25.14 feet;
thence, N 47°41 1 50• w a distance of 78.78 feet;
thence, N 30°26 1 40• w a distance of 24.58 feet;
thence, N 2s 0 47 1 0l" w a distance of 30.08 feet;
thence, N 18°11 1 39., w a distance of 34.61 feet;
thence, N 30°58'21" w a distance of 29.32 feet;
thence, N 21°59 1 14• w a distance of 27.50 feet;
thence, N 30°16'07• w a distance of 22.97 feet;
thence, N 25°41'38" w a distance of 169.44 feet;
D-6 ExhibitD
Legal Description of the Inclus ion Property
thence, N 41°17 1 39" E a distance of 82.61 feet;
thence, N 38°34'52• E a distance of 15.89 feet;
thence, N 34°26'44• W a distance of 262.40 feet;
thence, N 57°58 1 09• w a distance of 102.47 feet;
thence, N 53°43'31" W a distance of 105.38 feet;
thence, N 55°58'11" W a distance of 126.13 feet;
thence, N 56°14 1 57• W a distance of 118.42 feet1
thence, N 49°16 1 04• W a distance of 136.33 feat;
thence, N 44°30'51• w a distance of 150.05 feet;
thence, N 32°49'55• W a distance of 102.14 feet;
thence, N 37°44 1 19• W a distance of 552.12 feet;
thence, N 18°10•02• w a distance of 47.26 feet;
thence, N 27°58 1 19• W a distance of 109.20 feet;
thence, N 35°01 1 36• W a distance of 71.09 feet;
thence, N 41°32 1 47• W a distance of 152.23 feet;
thence, N 40°22 1 24• W a distance of 339.82 feet;
thence, N 64°20'53" w a distance of 34.06 feet;
thence, N 45°00'36" W a distance of 52.42 feet;
thence, N 44°53'41" W a distance of 154.66 feet;
thence, N 32°35 1 48" W a distance of 86.59 feet;
thence, N 57°01 1 32" W a distance of 44.89 feet;
thence, N 30°33'12" w a distance of 85.72 feet;
thence, N 37°39'02" W a distance of 79.09 feet;
thence, N 37°32'30• W a distance of 63.32 feet;
thence, N 20°02 1 15• w a distance of 33.98 feet;
thence, N 39°52 1 25• w a distance of 42.02 feet;
thence, N 25°36 1 04• W a distance of 107.17 feet;
thence, N 30°34'08" w a distance of 164.72 feet;
thence, N 11°39'01" W a distance of 107.90 feet;
thence, N 24°56 1 06• E a distance of 163.60 feet;
thence, N 63°39'33• Ea distance of 177.Bl feet;
thence, N 83°14'43" E a distance of 393.54 feet;
thence, N 07°15'26" w a distance of 21.79 feet;
thence, N 80°51 1 11" E a distance of 50.00 feet;
thence, N 89°15'06• E a distance of 65.56 feet;
thence, N 57°50 1 04• B a distance of 50.12 feet;
thence, s 84°51'15" E a distance of 33.08 feet;
thence, S 81°39 1 50" E a distance of 89.61 feet;
thence, N 56°07 1 00" Ea distance of 26.86 feet;
thence, N 07°38 1 31• E a distance of 27.93 feet;
thence, N 37°41 1 57" W a distance of 28.06 feet;
thence, N 50°00 1 15" E a distance of 22.23 feet;
thence, N 82°02 1 30• Ea distance of 36.49 feet;
thence, S 63°34 1 38• E a distance of 54.05 feet;
thence, s 45°59 1 58• B a distance of 20.95 feet;
thence, S 14°44 1 20• B a distance of 29.18 feet;
thence, S 11°11'17• W a distance of 26.42 feet;
thence, S 14°58 1 41• E a distance of 30.14 feet;
thence, s 43°42 1 10" B a distance of 69.77 feet;
thence, S 31°36'59" E a distance of 56.76 feet;
thence, s 49°38'46" B a distance of 40.12 feet;
thence, s 45°30 1 55• B a distance of 40.88 feet;
thence, S 60°16'38" B a distance of 43 .39 feet;
thence, s 73°16'24• Ea distance of 67.60 feet;
D-7 EllhibitD
Legal Description of the lnclwion Property
thence, S 53°05'15• E a distance of 15.86 feet;
thence, S 63°37'30• Ea distance of 52.31 feet;
thence, S 83°28'2la E a distance of 46.95 feet;
thence, N 86°20'27" E a distance of 61.04 feet;
thence, N 31°59 1 09• E a distance of 47.07 feet;
thence, N 06°58'38• E a distance of 32.16 feet;
thence, H 72°08'07• E a distance of 7.98 feet;
thence, s 24°51'03• E a distance of 72.35 feet;
thence, s 41°52 1 47• Ea distance of 50.71 feet;
thence, s 54•44•21• E a distance of 38.31 feet;
thence, s 83°39'39• Ba distance of 87.15 feet;
thence, s 57°11•12a B a distance of 77.06 feet;
thence, S 41°51'16• B a distance of 88.65 feet;
thence, s 57°39 1 13• Ea distance of 65.60 feet;
thence, S 49•55•39• E a distance of 74.96 feet;
thence, S 61°04'52• E a distance of 43.44 feet;
thence, S 71°46'03a E a distance of 55.45 feet;
thence, N 09°35'09• w a distance of 59.88 feet;
thence, N 65°36 1 14" w a distance of 60.45 feet;
thence, N 49°54 1 10• w a distance of 64.72 feet;
thence, N 49°54'10" W a distance of 86.97 feet;
thence, N 48°11'10• W a distance of 54.30 feet;
thence, N 56°47 1 27• w a distance of 123.97 feet;
thence, N 83°47'24" W a distance of 93.00 feet;
thence, N 29°35'31" W a distance of 119.58 feet;
thence, N 78°00'43" w a distance of 33.84 feet;
thence, s 79°41 1 48• W a distance of 37.80 feet;
thence, S 22°57'52• W a distance of 56.05 feet;
thence, s 59•31•57• W a distance of 45.48 feet;
thence, N 82°32'35" W a distance of 28.23 feet;
thence, N 59°07'03" w a distance of 95.71 feet;
thence, N 71°20 1 44" w a distance of 85.73 feet;
thence, N 36°43'10• W a distance of 93.22 feet;
thence, N 25°39'22• W a distance of 181.92 feet;
thence, N 65°10'24" W a distance of 98.43 feet;
thence, s 85°02'33" w a distance of 52.20 feet;
thence, s 56°33'52• W a distance of 39.34 feet;
thence, s 20•49•33• W a distance of 42.96 feet;
thence, S 37°27'43• E a distance of 21.60 feet;
thence, N 77•02•57• W a distance of 89.66 feet;
thence, s 70°24'18" w a distance of 70.95 feet;
thence, N 88°59'39• W a distance of 55.55 feet;
thence, s 84°28'58" w a distance of 49.93 feet;
thence, N 14°22'48• E a distance of 68.20 feet;
thence, N 05°11'46• W a dietance of 77.59 feet;
thence, N 18°20'05" E a distance of 10.82 feet;
thence, N 22°53 1 40" E a distance of 44.14 feet;
thence, N 10°34 1 58" E a distance of 35.11 feet;
thence, N 08°59'51• E a distance of 47.16 feet;
thence, N 03°48'08• E a distance of 36.48 feet;
thence, N 04°40'52• E a distance of 71.03 feet;
thence, N 07°37'51• Ea distance of 54.66 feet;
thence, N 29°28'14• W a distance of 63.68 feet;
thence, N 32°00'44• W a distance of 61.05 feet;
D-8 ExhibitD
1.cgal Description oflhe Inclus ion Property
thence, N 26°17'29• w a distance of 55.52 feet;
thence, N 38°14 1 36• W a distance of 44.36 feet;
thence, N 53°11'32" W a distance of 37.73 feet;
thence, N 59°54 1 48• w a distance of 54.16 feet;
thence, N 87°51 1 35• w a distance of 36.97 feet;
thence, N 57°33 1 47• w a distance of 65.70 feet;
thence, N 81°56 1 22• w a distance of 85.02 feet;
thence, N 04°11•29• w a distance of 158.65 feet;
thence, N 35°50 1 41• w a distance of 41.30 feet;
thence, N 54°46 1 03• w a distance of 24.70 feet;
thence, N 28°51 1 45• w a distance of 209.99 feet;
thence, N 11°58 1 37 11 W a distance of 33.82 feet;
thence, N 41°03 1 46 11 E a distance of 78.19 feet;
thence, N 06°29 1 01" w a distance of 117.20 feet;
thence, N 20°05 1 27• w a distance of 94.24 feet;
thence, N 11°32 1 03 11 w a distance of 63.83 feet;
thence, N 07°57 1 46• w a distance of 141.45 feet;
thence, N 09°56 1 14• E a distance of 50.76 feet;
thence, N 19°17 1 44• w a distance of 91.04 feet;
thence, N 44°41'59" w a distance of 134.55 feet;
thence, N 19°23'49" w a distance of 74.18 feet;
thence, N 19°33 1 06 11 w a distance of 43.27 feet;
thence, N 21°30 1 01 11 w a distance of 72.23 feet;
thence, departing said Easement line N 00°16 1 30• Ea distance of 217.77
feet;
thence, N 00°16 1 30" E a distance of 312.94 feet;
thence, S 89°43'30" E a distance of 1005.44 feet to a point on the
wester1y right of way line of the Roaring Fork Transit Authority
Transportation corridor Easement, also being the point of beginning.
Excepting therefrom land subject to the Roaring Fork Conservancy
Conservation Easement recorded in the Office of the Garfield County Clerk
and Recorder, Garfield County, Colorado with Reception Number 804200.
ExhibitD
Legal Description of the Inclusion Property
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Boundary Map of the Inclusion Property 612212012
Prtpnclll'f.
8140 Panners. LLC
D-10 Exhibit D
Legal Description or the Inclusion Propcny
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11111:
Vicinity Map of the Inclusion Property 612212012
D ....-.
8140 Partners, LLC
D-11 Ddlibit D
legal Description of the Inclusion Property
EXHIBITE
Owner Consents
E-1
Board of County Commissioners
Garfield County
I 08 glh Street, Suite 213
Glenwood Springs, CO 8 J 60 I
Jun llS~ 2012
Re: Proposed Cattle Creek Metropolitan District (the "District")
To Whom It May Concern:
Carbondale Investments, LLC. a Texas limited liability company authorized to do business in Colorado,
and Garfield County CommcrciaJ Investments. LLC, a Texas limited liability company authorized to do
business in Colorado. combine to be the owners of the property attached hereto as Exhibit A. which
property is proposed to con stitute the initiaJ boundaries of the Di strict and the inclusion property. The
purpose of this letter is to advise that the property own ers consent lo the organization of the District.
CARBONDALE rNVESTMENTS. LLC .
a Texas limited liability company
~~~
Its: OWNERS REPRESENTATIVE
State of lh\"' aA CJ )
County of bti1JA ~ ss
GARFIELD COUNlY COMMERCIAL
INVESTM ENTS. LLC. a Texas limited Jiability
c-~y 1L d_ ~~:I
By: RQCKWOOP SHEPARD
Its: AUTHORIZED SIGNATORY
J.. Subs='~li'~om to before me on th is 1:5 day of June, 2012. by i..~~~ ~ of
CliLca ~-LL c;.:,.,., T-.~ · n~.~m\nts. C . ( ~ , ·'tl
ff ~/ ... ,!)1MY \ \ l!( ~~!' l )L : : ~cal) : i: ~-~ ·~
= : 'o = N p 1· S, \ v,\.\V / Q § Otary ub JC ~~~s.!91f~ l'!W~ \~1 'Z.Dlt ~,."wffr~ OF co"u~~# II... '/1,, ,,,,""':_Iii St=~l~
County of ~
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SS
EXHIBIT A
Cattle Creek Metropolitan District
Legal Description of the Initial Boundaries
A tract of land described as follows:
Parcel. A:
A tract of land situated in the east hal.f of Section 12, Township 7 South,
Range 89 West, and in the west hal.f of Section 7 and in the north half of
Section 18, Township 7 South, Range 88 Wast of the 6th Principa1 Meridian,
Co\11\ty of Garfield, State of Colorado, being :more particu1arly described
as follows:
Beginning at a point on the westerly right of way line of Colorado Stat•
Highway 82, whence a 2 1/2" Brass Cap, found i.n place and corr•ctl.y marked
as the southeast corner of said Section 7, bears S 79•49 1 20 11 Z a distance
of 2150.14 feet;
thence, a1ong said right of way lines 09•35•0911 Ea distance of 401.79
feet;
thence, s 09°35 1 0911 E a distance of 1545.87 feet;
thence, 626.05 feet al.ong th• arc of a curve to the left having a radius
of 1482.50 feet, a c•ntral angle of 24°11 1 44 11 and subtending a chord
bearing of S 21°41 1 02 11 E a distance of 621.41 feet;
thence, S 33°46 1 54 11 B a distance of 387.28 feet;
thence, 294.32 feet a1ong the arc of a curve to the right, having a radius
of 2815.00 feet, a central angle of 5•59•2&11 and subtending a chord
bearing of s 30°47•11" E a distance of 294.19 feet;
thence, departing said right of way line N 89°53 1 16 11 W a distance of
218.07 feet;
thence, N 40°23 1 30 11 W a distance of 69.38 feet;
thence, s 87°28'29 11 W a distance of 36.35 feet;
thence, s 83°52 1 12 11 w a distance of 10.BO faet;
thence, N 58°27 1 19 11 W a distance of 41.45 feet;
thence, N 29°51 1 31 11 w a distance of 8.28 feet;
thence, N 24°16'24" W a distance of 25.22 feet;
thence, N 69°00 1 5311 W a distance o:f 9.87 feet;
thence, s 87°31'44" w a distance o:f 22.60 feet;
thence, N 57°25 1 01 11 W a distance of 17.28 feet;
thence, N 50°09•49" W a distance of 26.07 feet;
thence, N 46°21 1 12 11 W a distance of 9.99 feet;
thence, N 44°28'05 11 W a distance of 21.45 feet;
thence, N 55°50'08" W a distance of 49.05 feet;
thence, N 56°25'40., W a distance of 49.94 feet;
thence, N 68°12'23" W a di.stance of 36.45 feet;
thence, N 46°54'04" w a distance of 55.18 feet;
thence, N 68.49'21" W a distance of 25.14 feet;
thence, N 47°41'50" W a distance of 78.78 feet;
thence, N 30°26'40" W a distance of 24.!58 feet;
thence, N 25°47'01" W a distance of 30.08 feet;
thence, N 18°11 1 39" W a distance of 34.61 feet;
thence, N 30°58'21" W a distance of 29.32 feet;
l Exhibit A
Cattle Creek Mdropolilln District-1.c:gal Dcscnption oflhc Initial Boulldaries
thence, N 21°59 1 14" Wa distance of 27.50 :feet;
thence, 1f 30°16'07" Wa diatance of 22.97 feet;
thence, N 25°41'38" Wa distance of 169.44 feet;
thence, N 41°17 1 39 11 z a distance o:f 82.61 feet;
thence, N 38°34'52" £ a distance of 15.89 feet;
thence, N 34°26'44" R a di.stance of 262.40 feet;
thence, H 57°58 1 09" Ra distance of 102.47 feet;
thence, N 53°43 1 31" Ra di.stance of 105.38 feet;
thence, N 55°58 1 1111 W a distance of 126.13 feat;
thence, H 56°14 1 57" R a distance of 118.42 feat;
thence, N 49°16 1 04" R a distance o:f 136.33 feet;
thence, N 44°30 1 51" W a di.stance o:f 150 .05 feet;
thence, N 32°49 1 55" W a distance of 102.14 feet;
thence, N 37°44'1911 W a distance of 552.12 feet;
thence, N 1e•10•02" W a di.stance of 47.26 feet;
thence, N 27°58 1 1911 W a di.stance of 109.20 feet;
thence, N 35°01'36" W a distance of 71.09 feet;
thence, N 41°32'47" Wa distance of 152.23 feet;
thence, N 40°22'24 11 Wa distance of 339.82 feet;
thence, N 64°20'53" Wa distance of 34.06 feet;
thence, N 45°00°36'1 Ra distance of 52.42 feet;
thence, N 44°53'41 11 Wa distance of 154.66 feet;
thence, N 32°35 1 4811 Wa distance of' 86.59 feet;
thence, N 57°01 1 32 11 wa distance of 44.99 :feet;
thence, N 30°33 1 12" Wa distance of 85.72 feet;
thence, N 37•39•0211 W a distance of 79.09 feet;
thence, N 37°32'30" Wa distance of 63.32 feet;
thence, N 20°02'15" wa distance of 33.H feet;
thence, N 39•52 1 2s 11 W a distance of 42.02 feet;
thence, N 25°36'04" W a distance of 107.17 feet;
thence, N 30°34 1 08 11 W a distance of 164.72 feet;
thence, N 11°39 1 01 11 1f a di.stance of 107.90 feet;
thence, H 24•ss 1 06" E a distance o:f 163.60 t'eet;
thence, N 63°39'33" & a distance of 177.81 feet ;
thence, N 83°14'4311 E a distance of 393.54 feet;
thenC9, N 07°15'26" W a di.stance of 21 .79 feet;
thence, H 80°51'11" B a distance of 50.00 feet;
thence, N e9•1s 1 0611 B a cli.atance of 65 .56 feet;
thence, N 57•so 1 04" B a distance of 50.12 feet;
thence, s 84°51 1 15" 2 a distance of 33.08 feet;
thenc., s 91•39•5011 2 a diatance of 89.61 feet;
thence, N 56°07•00" !: a distance of 26.86 feet;
thence, N 01°38'31" B a diatance of 2'7.93 feet;
thence, N 37°41 1 57" w a distance of 28.06 feet;
. thence, N 50°00'15" B a di.stance of 22.23 feet;
thence, N e2°02•3011 B a distance of 36.49 feet;
thence, s 63°34 1 38" E a di.stance of 5.&.05 feet;
thence, s 45°59'58" B a distance of 20.95 feet;
thence, s 14•44•20., E a distance of 29.18 feet;
thence, s 11°11 1 17" W a distance of 26.42 feet;
thence, s 14•se•4111 B a distance of 30 .14 :feet;
thence, s .&3°42'1011 B a distance of 69.77 feet;
thence, s 31°36'5911 B a di~tance of 56.76 feet;
thence, s .&9°39 1 46" E a distance of 40.12 feet;
2 Exhibi1A
C:lllle Creek Mcuopolillln Oisuict·Lc:gal Dcscriptioa or lhe Initial Boundlries
thence, S 45°30'5511 B a distance of 40.88 feet;
thence, S 60°16•38 11 B a di•tanca of 43.39 feet;
thence, s 73°16'2.ftt E a di•tance of 67.60 feet;
thence, s 53°05'15" J!l a distance of 15.86 feet;
thence, s 63°37'30" B a distance of 52.31 feet;
thence, s 83°28'21" J!l a distance of 46.95 f•et;
thence, N 86°20°2711 E a distance of 61 .04 f•et;
thence, N 31°59 1 0911 J!l a distance of 47.07 f•et;
thence, N 06°58'38" B a distance of 32.16 fe•t;
thence, N 72"08•07" B a distance of 7.98 feet;
thence, S 24°51•0311 B a distance of 72.35 feet;
thence, s 41°52'47" Ea di•tance of 50 .71 f•et;
thence, S 54°44'21" B a distance of 38 .31 feet ;
thence, s 83°39'39" B a di•tance of 87.15 feet;
thence, s 57°11'12" Ba distance of 77.06 f•et;
thence, S 41°51•16" & a di•tanca of 88.65 feet;
thence, S 57°39 1 1311 J!l a distance of 65.60 feet;
thence, S 49°55'38" Ea distance of 74.96 feet;
thence, S 61°04'52" Ea distance of 43.44 feet;
thence, S 71°46'0311 Ea distance of 55.45 feet to tha point of beginning,
cont•ining an area of 85 .924 a~s, 1111.0re or lass.
Together with Parcel B:
A tract of land situated in the east bal.f of Section 12, Township 7 South,
Range 89 West, and in the west half of Section 7, Township 7 South, Range
BB We•t of the 6th Principal Merid1an, County of Garfield, State of
Colorado, l:>ein9 more partic:ularl.y described as follows:
Beqinninq Garfield County Surveyor's 2 1/2" Braas, found in place, and
correctly marked as the southeast co%nar of aa:i.d Section 7, thence S
49°22'15" J: a distance of 5479.54 feet to tha true point of beginning;
thence, S 89°43 1 3011 B a distance of 1005.44 feet to a point on th•
westerly line of the Roa.ring l'ork Transit Authority Transportation
Corridor Basamant;
thence, along th• westerly line of said Easement s 19•39•5211 & a distance
of 2644.53 feet;
thence, 494 .34 feet along the arc of a curve to the right, havin9 a radius
of 2815 .00 feet, a central angle of 10°03'42" and subtending a chord
bearing of S 14°37 1 01" B a distance of 493.10 feet;
thence, S 09°35 1 09" Ea distance of 120.78 f•et;
thence, departing the .. aterly l.i.ne of said Basement N 65°36'14" W a
distance of 60.45 feet;
thence, N 49•54•1011 W a distance of 64.72 feet;
thence, H 49°54'10" W a distance of 86.97 feet;
thence, N 48°11'10• W a distance of 54.30 feet;
thence, H 56.47'27" W a distance of 123 .97 feet;
thence, N 83°47'24" W a distance of 93 .00 feet;
thence, N 29°35'31" W a di•tance of 119 .58 feet;
thenc•, N 78°00'43 11 w a distance of 33.84 feet;
thence, S 79°41'48" W a distance of 37 .80 f .. t;
thence, S 22•57•52 11 W a distance of 56.05 feet;
thence, S 59°31'57" W a distance of 45.48 feet;
thence, N 82°32 1 35" W a distance of 28.23 feet;
3 Exhibit A
Cattle Cm:k MetropolillUI Distrid·Legal Ucscriplion oflhc Initial BOWldarics
thence, N 59°07 1 0311 w a distance of 95.71 feet;
thence, N 11•20 1 44 11 w a di.stance of 85.73 feet;
thence, N 36°43•10" W a di•tance of 93 .22 feet;
thence, N 25•39•22 11 W a distance of 181.92 f-t;
thence, N 65°10'24 11 W a distance of 98.43 feet;
thence, s es 0 02•33" w a distance of 52.20 feet;
thence, s 56°33 1 5211 w a distance of 39.34 feet;
thence, s 20°49 1 3311 w a distance of 42.96 feet;
thence, s 37•21 1 4311 B a distance of 21.60 feat;
thence, N 77•02•s1 11 W a distance of 89.66 feet;
thence, s 10•24•1en w a distance of 70.95 feat;
thence, N ee•59•39n W a distance of 55.55 feat;
thence, s 84°28'58" W a di•tanca of 49 .93 feet;
thence, N 14•22 1 4811 r: a distance of 68.20 feet;
thence, lf 05°11 1 46" Wa di•tance of 77.59 feat;
thence, N 18°20'05" B • distance of 10.82 feet;
thence, N 22°53'40 11 E a distance of 44.14 feat;
thence, N io•34•5an E a distance of 35.11 feet;
thence, N 08°59'51" E • distance of 47.16 f'eet;
thence, N 03•49•08 11 B a distance of 36.48 f'eet:
thence, N 04°40'5211 B a distance of 71.03 feet;
thence, N 07°37°5111 r: a distance of 54.66 feet.
thence, N 29°28'1411 Wa distance of 63.68 feat;
thence, N 32•00•44 11 wa distance of 61.05 feet;
thenca, N 26°17'29 11 Wa distance of 55.52 feet;
thence, N 38°14'36" wa distance of 44.36 feet;
thence, N 53•11 1 32 11 Wa distance of 37.73 feet;
thence, N 59°54'48 11 Wa distance of 54.16 feat;
thence, N 87°51'35 11 wa distance of 36.97 feet;
thence, N 57°33'47" Wa di•tanca of 65.70 feat;
thence, N e1°s6•22 11 Wa distance of 85.02 feet;
thence, N 04°11'29" Wa distance of 158.65 feat;
thence, N 3!5°50'41" w a distance of 41.30 feet;
thence, N 54°46 1 03 11 w a di.stance of 24.70 feat;
thence, N 2e 0 s1•45" wa distance of 209.99 feet;
thence, N 11°58'37" w a distance of 33.82 feat;
thence, N 41°03'.&6" E a distance of 78.19 feet;
thence, N 06°29 1 01 11 wa distance of 117.20 f .. t;
thence, N 20°05 1 27 11 Wa distance of 94.24 feet;
thence, N 11°32 1 03 11 wa distance of 63.83 feet;
thence, N 07°57'46" Wa distance of 141.45 feet;
thence, N 09°56'14" B a di.•tanca o~ 50. 76 f'eet;
thence, N 19°17'4411 wa di.stance of 91.04 feet;
thence, N 44°41•59" wa distance of 134.55 feet;
thence, N 19°231 49 11 wa di.stance of 74.18 feet;
thence, N 19°33'0611 Wa distance of 43.27 feet;
thence, N 21°30'01 11 wa distance of 72.23 feet;
thence, N 00°16'30" B • distance of 217.77 feet;
thence, N 00°16'30" B • distance of 312.94 feet to the point of beqi.ruU.ng,
containing an area of 73.003 acres, more or less."
4 Exhibit A
Caalc erect Met:opolitan District·Lcpl Description of the Initial Boundlries
Together with Parce1 C:
A tract of land situated in the southwest quarter of Section 7, Township 7
South, Range 88 Wast of the Sixth Pri.nci.pa1 Meridian, County of Garfield,
State of Colorado, being more p~ticularly described as fol1ows:
Beginning at a point on the •••terly right of way line of Colorado State
Hi9hway 82, whence a 2 1/2" Brass cap, found. in place and properly marked
as the southea•t corner of said Section 7, bears s 78°01'43" Z a distance
of 2054.18 feet;
thence, a1ong sai.d westerly right of way line N 09°35'10" W a distance of
188.14
thence, 282.60 feet along the arc of a curve to the left having a radius
of 2915.00 feet, a central angle of 5°33'17" and subtending a chord
bearing of N 12°21'49" W a distance of 282.49 feat;
thence, departing said ri9ht of way lines 90°00 1 00" Ea distance of 49.14
feet;
thence, S 06°01 1 00" B a distance of 202. 70 feet.;
thence, S 04°34 1 58" Ba distance of 260.70 feet to the point of beginn;ng,
containing an area of 0.234 acres, more or leaa.
5 Exhibit A
Cattle Crtck Metropolitan District·Lcpl Description of the Initial Boundaries
Cattle Creek Metropolitan District
Legal Description of the Inclusion Property
A tract of land described as follows:
Parcel No. A:
A tract of land aituated in the southeasterly quarter of Sect.ion 1,
Township 7 South, Range 89 West, and in Section 7, Township 7 south, Range
BB Wast of the Sixth Principal Meridian, County of Garfield, State of
Colorado, being more particularly described as follows:
Beginning at a po~nt on the westerly right of way line of Colorado State
Highway 82, whence a 2 1/2" Brass Cap, found in place, and co:rect.ly
marked as the southeast corner of said Section 7, bears s 63°31 1 4811 B a
distance of 2312.55 feet;
thence, alonq the westerly right of way line of Colorado State Highway 82
N 06°01 1 0011 W a distance of 1467.90 feet;
thence, N 08°53 1 00" W a distance of 200.30 feet ;
N 00°18 1 3011 w a distance of 201.00 f .. t;
N 06°01 1 00 11 Wadi.stance of 700 .90 f .. t;
N 08°52 1 00 11 W a distance of 313.00 feet;
thenca, 346.52 along the arc of a curve to th• left having a radius of
1820 .00 feet, a central angle of 10°54°32" and subtending a chord bearin9
of H 15°58 1 0011 w a distance of 346.00 feet ;
thence, N 11°08 1 00 11 w a distance of 97 .90 feat;
thence, 250 .29 along th• arc of a curve to the left, having a radius of
1840 .00 feet, a central angle of 7°47 1 38 11 and subtending a chord bearing
of N 28°19 1 00" w a distance of 250.10 feet;
thence, N 35°14 1 00 11 W a distance of 122.52 feet ;
thence, N 89°17 1 09" W a distance of 7 .98 f-t to a poi.nt on the easterly
line of a parcel of land described in Reception No. 575283 ;
thence along said eaat:erly line S 35•22•1911 :& a distance of 1.46 feet to
the aoutheaaterly corner of said parcel;
thence along the southerly line of said parcel, N 89°17 1 0911 W a distance
of 224 .24 feat to the aouthwest:erly corner of said parcel ;
theDca, N 00°00 1 00" W a distance of 0.68 t .. t;
thence, H 89°30 1 08" z a distance of 0 .71 feet;
thence, N 00°20 1 09" E a distance of 0 .49 feet to the southeasterly corner
of a parcel of land described in Reception No. 603760;
thence along the southerl.y l.:i.ne of said parcel the following thr9a
courses:
1) N 89°44 1 57" W a di.stance of 0 .99 feet ;
2) N 30°31'43" W a distance of 65.06 feat ;
3) N 8&0 47'11" W a distance of 65.63 feet to the southwesterly
corner of said parcel;
thence, N 86D47 1 ll" W a distance of 52.73 feet;
thence, N 89°36 1 12" W a distance of 292.61 feet ;
thence, N 89°43 1 30" w a distance of 100.90 :feet to a point on the easterly
ri.qht of way line of the Roaring Fork Transit Authority Transportation
Corrido: Easement;
thence, along aaid easterly right of way line S 19°38 1 5211 :& a distance of
3829.47 feet;
6 Exhibit A
thence, 79.82 a1ong the arc of a curve to th• right having a radius of
2915.00 feet, a central. angle of 1°34•08" and subtending a chord bearing
of s 19•51 1 48" B a distance of 79.82 feet;
thence, departing said eastarl.y right of way l.ine N 89°59'5911 E a distance
of 73 .94 feet to a point of th• westerly right of way line of Colorado
State Highway 82, al.so bein9 the point of beginning, containing an area of
43 .25 acres, more or less.
Together with Parcel No. B :
Parcel 1 (aa described in deed recorded May 19, 1998 in Book 1068 at Page
543 as Reception No. 525444):
A tract of land situated in Lot 2 of Section 7, T. 7 s ., R. 88 W. of th•
6th P .M. lying nort:heasterl.y of the West and South lines of said Lot 2 and
Southwesterly of the Southwesterly right of way line of State Highway No.
82 as recons~cted in 1967, said tract described as follows:
Beginning at the Southwest corner of said Lot 2 being marked with an iron
pin; Whence an iron post with a brass cap found in place and properly
marked for the Southeast corner of Sec. 1 in T. 7 S., R. 89 w. of the 6th
P.M. bears S.35°31 1 00" w. 770.44 feet;
thence N. 324. 69 feet a1onq the Westerly line of said Lot 2 to a point on
the Southwesterly right of way line of said llighway;
thence s. 34°45 1 3011 JC, 229 .17 feet a1ong the Southwesterly right of way
line of said Highway;
thence s. 35°14 1 00 11 E. 167 feet a1ong the Southwesterly right of way line
of said Highway to a point on the Southerly line of said Lot 2;
thence West 227.00 feet al.ong the Southerly line of said Lot 2 to the
Southwest corner of said Lot 2, the point of beqinni.ng.
Parcel 2 (as described as Parcel 1 in quit claim deed recorded May 20,
2002 in Book 1356 at Page 384 as Reception No. 603760 and as described as
Exhibit A-1 in quit claim deed recorded JanullJ:Y 24, 2001 in Book 1228 at
Page 600 as Reception No. 575283):
A tract of land situated in Section 7, T . 7 S., R . BB W. of the 6th P.M .,
County of Garfield, State of Colorado. Said tract of land btdnq more
particularly described as follows:
Comencing at the SI: corner of Section 1, T. 7 s ., R. 89 w. of the 6th
P.M.,(with all bearings contained herein being rel.ative to a bearing of N.
00°10'09" JI:. between the SE corner and the Z 1/4 corner of said Section
l);
thence N. 35°30'10" !!. 769 .47 feet to a found rebar (southwest corner Lot
2 per Book 687 at Page 650) the true point of beqianinq;
thence North a1ong the Westerl.y line of that property described in said
Book 687 at Page 650 128.34 feet ;
thence leaving said Westerly line N. 88°59'1611 W. along the Southerly
boundary line and Southerly boundary line extended of th• recorded amended
Pyrwal.d Exemption Plat 103.03 feet;
thence continuing along said Southerly boundazy line and southerly
boundary line extended S. 02°48'16" B. 70.52 feet, to a point in an
existing fence line;
7 Exhibit A
Cattle Creek Metropolitan District·Lcpl Description oflhc Inclusion Property
~ence leaving •aid Southerly boundary extended a1on9 an existing fence
line the foll.owing three (3) courses:
1) s. 86°47'11" B. 65.63 feet;
2) s . 30°31'43" B. 65.06 feet;
3) S. 89°17'09" B. 0.99 feet, to th• true point of haginni.ng.
Parcel 3: (as de•crihed as Pai:ce1 2 in quit claim deed recoJ:ded May 20,
2002 in Book 1356 at Page 384 as Reception Ho. 603760 and as described as
Exhibit A-3 in qui.t claim deed recorded J&nU&%Y 24, 2001 in Book 1228 at
Page 600 aa Reception no. 575283) :
A tract of land situated in Section 7, T. 7 S., R. 88 W. of the 6th P .H.,
County of Garfield, State of Col.orado. Said tract of land being more
particul.arl.y descril:led as follows:
Commencing at the SE corner of Section 1, T. 7 S., R. 89 w. of the 6th
P.H. (with all bearings contained herein 1-inq relative to a l:>e&ring of H.
00°10'09" Z. between the SE corner and the J!: 1/4 corner of said section
1) ;
thence N. 35°30'10" E. 769.47 feet to a found xebar (Southwest corner Lot
2 per Book 687 at Page 650);
thence North along the Westerly l.ine of that property described in said
Book 687 at Page 650 128.34 feet, th• true point of beginning;
thence continuing along said Westerly line Horth 187.87 feat, to a point
on the Southerly right-of-way of State Highway No. 82;
thence leaving said Weaterl.y l.ine along aa.id southerly right-of-way the
fol.lowing two (2) courses:
1) N. 34°53'4911 W. 9. 76 feet;
2) N. 37•33•19" W. 6.55 feet;
thence s. 01°05•14" w. along the Easterly line of the ~corded Amended
!'yrvald Bxemption Pl.at 200.87 f-t;
thence leaving said Easterly line S. ee•59•16" E. 13 .39 feet to the point
of b•<1innin9 excluding, however, any portion of Parcel 2 and/or Pa.reel 3
located in or encroaching upon:
Lots 3 and/or 4, Amended Fyrwald Bxemption Plat, aa recorded in
Garfield County, Colorado under Reception No. 547543,
Parcel 4 (as de•cribed u Exhibit A-2 in qui.t claim deed reco:rdecl January
24, 2001 in Book 1228 at Page 600 as Reception No. 575283):
A tract of land situated in Section 7, T. 7 s., R. 88 w. of the 6th P.H.,
said tract of land being more particularly described as follows:
Commencng at the SB corner of Section 1, T. 7 s ., R. 89 W. of the 6th
P.M.,(with all bearings contained herein being relative to a bearing of N.
00°10'09" Z. between the SE corner and the r: 1/4 corner of said Section
1);
thence N. 35°30'10" B. 769.47 f-t to a found rebar (Southwest corner Lot
2 per Book 687 at Pa9e 650) the true point of beginning;
thence North along the Westerly line of that property described in said
Book
687 at Page 650 0.68 feet;
8 Exhibit A
Canle Cn:dc MetropolitJn Distri~·l.caal Desaiption oflhc Inclusion Propaty
thance leaving aaid Westerly 1ine east along the Southerly bound.u:y l.ine
of said property 221. 76 f••t, to a point on the Westerly ri9ht-of-way of
State Hi.!Jhway No. 82;
thence leaving •aid southerly line S. 35°22 1 19" B. along aaid Westerly
right of way 4 .26 feet, to a point: in an existing fence line;
thence leaving said Westerly ri9ht-of-way N. 89°17 1 09" W. along said
existing fence line 224.24 feet, to the true point of beginning, excepting
from insurance and conveyance the following excepting Parcels 5, excepting
Parcel 6, and excepting Parcel 7
Excepting Parcel 5 (as described Exhibit A in quit claim deed recorded May
20 , 2002 in Book 1356 at Page 390 •• Reception No. 603762)
A tract of land situated in Section 7, T. 7 s., R.. 88 W. of the 6th P.M ••
Said tract of land being more particularly described as foll.ows:
Commencing at the SB corner of Section 1, T. 7 S ., a. 89 lf. of the 6th
P.M. (with all. bearing• contained herein being rel.ativ• to a bearing of N.
00°10'09" E. between th• SE corner and the B 1/4 corner of said Section
1);
thence N. 00°10'09" !l . along said Section l.i.ne 691.13 feet, to a point on
the Northerly boUDdaJ:Y line of that property survey recorded as Rec91>tion
Ho . 205 in the Garfield County :Index for l:nfo:mational I.and Survey Plats,
the tru• Point of beginning;
thence continuing along said Section line N. 00•10 1 09 11 E. 2.36 feet to a
point on the Southerly bounclaJ:Y l.ine of the recorded Amended Fyrwald
Exemption Plat;
thence leaving aaid Section l.ine N. 89°13'44" r:. along said southerly
bounda%Y 344.69 feet;
thence leaving said southerly bound&J:Y line S. 02°48'16" E. 12.00 feet to
a Point in an existing fence lin•;
thence N. 86°47'11" W. al.onq said fence line 52 .73 feet ;
thence continuing along said fence l.ine N. 89°36'14" w. 292.62 feet: to the
Point of beginning ;
Excepting Parcel 6 (as described •• Bxhibit A in quit claim deed :ecordad
January 29, 2001 in Book 1229 at P&CJ8 263 as Reception No. 575490):
A tract of land situated in Section 7, ~. 7 s., R. 88 W. of the 6th P .M.,
said tract of land being :more particularly described as follows :
Commencing at the Sl!l corner of Section 1 , ~. 7 S • , R. 89 W. of the 6th
P.M., (with a11 bearings contained herein being relative to a bearing of N.
00°10'09" B . between the SB corner and the Z 1/4 corner of aaid Section
1);
th9Dce N . 00°10'09" B. along said S•ction l.in• 627 .10 feet, to a point on
the Northerly boundary line of that: property survey recorded as Reception
No. 305 in the Garfield County :Index for Info%Zlltional Land survey Pl.ats,
the true Point of beqinning;
th9Dce continuing along said Section line N. 00°10 1 0911 E . 64 .03 feet, t:o a
point i.n an existing fence line;
th9Dce leaving said Section l.ina s. 89°36'14" B . al.ong an existing fence
line 292.62 f•et;
9 Exhibit A
Caole Creclc Mctrop01itan Distric:t·Lcpl ~plion of the Inclusion Propcny
thence continuing al.onq an existing fence line S. 86°4?'11' E. 118.36
feet;
thence continuing al.ong said fence l.ine S. 30°31'43" E. 64.28 feet, to a
point on said northerly boundary;
thence leaving •a.id existing fence l.ine N. 90°00'00" w. al.onq said
Northerl.y boundary 443.63 feet, to the point of beginninq
Exc.pting Parcel 7 (as described in Exhibit A in Ru1a and Order, Civil
Action No. 5952, District Court in and for the County of Ga:field and
State of Colorado recorded December 15, 196? in Book 391 at Page 14 as
Reception No. 239725):
A tract or parcel of land no. 1 rev. 2 of the Department of Highways,
State of Col.orado, Project No. S 0130(10), in Lots 2 and 11 of section 7,
T. ? s., R. 88 West, of the 6th P.M., in Garfield county, Colorado, s&i.d
tract or parcel. being :more particularly described as follows:
Begi.nnin9 at a point on the West line of Lot 2, Section 7, i". 7 s. , R, 88
W., from which the SE corner of Sec. 1, 'l'. 7 s., R. 89 W. Bea:• S.
19°29' 30" W., a
Distance of 1330.0 feat;
1. Thence South along the West line of Lot 2, Section 7, a distance
of 304 .5 Feet;
2. Thence s. 34°45'30" B., a di.stance of 231.0 feet;
3. Thence s. 35°14' E., a distance of 92.2 feet to a South line of
the Property;
4 • '!'hence al.ong a South l.ine of the property, N. 89 °12 ' Z:. , a
distance of 118.5 feat to the east line of Lot 2, Sec. 7;
5 • '1'hence al.ong the east line of Lot 2, see. 7, South a distance of
63.8 feet to the SW. Corner of Lot 11, sec. 7;
6. '1'henca al.ong the South line of Lot 11, Sec. 7, N. 89°47'2., a
distance of 208.0 feat;
7. Thence al.ong the arc of a curve to the left havinq a radius of
2,050.0 feet a distance of 14.4 feet (th• chord of this arc bear• N.
32•43• W., a distance of 14.4 feet);
8. Thence N. 34°03 1 W., a distance of 311.4 feet;
9 . '1'henca N. 42°28'30" W. a distance of 487.6 feat, more or leas, to
the Point of beqinninq
Further excepting there from any portion of the land within State Highway
No. 82 county of Garfield, State of Colorado
Together with Parcel. c:
A tract of land situated in the southeast quarter of Section 1 and the
wast half of Section 12, Township ? South, Ranqa 89 West, and in the
southwest quarter of Section 7 and the north half of Section 18, Township
7 South, Range 88 Wast of the Sixth Principa1 Meridian, County of
Garfield, State of Col.orado, beinq more partic:ularly described as follows:
Be9i.nning at a point on the westerly riqht of way line of the Roaring Fork
Tranait Authority 'l'ransportation corridor Basement, whence a 2 1/2" Brass
Cap, found in place and correctly marked as the southeast corner of said
Section 7, bears S41°30'24"E a distance of 4758.08 feet;
10 IW!ibit A
CanJc Cn:ct Meuopolillll District·Lepl Description oflhc Inclusion Property
thence, departinq said right of way line N 1~0 38'52" W a distance of
1221.19 feat;
thence, N 89°43 1 30" Wa distance of 683.95 feet;
thence, S 02°00 1 23" Wa distance of 590.17 feet;
thence, s 02•15•08" Wa distance of 557.94 feet;
thence, N 86°35'38" w a distance of Bt.72 feet;
thence, s 43°10 1 35" B a dist.nee of 251.44 feet;
thence, S 00°24'17" Ba distance of 1250.60 feet to a point on the
westerly line of the Roaring Fork Conservancy Basement;
thence, alonq the said Basement line S 03°09'52" w a distance of 741.05
feet;
thence, s 00°21 1 30" E a distance of 553.42 feet;
thence, s 00°04'33" B a distance of 323.93 feat;
thence, s 24°10'18" E a distance 0£ 142.52 feet;
thence, s 29°13 1 16' E a distance of 615.00 feat;
thence, s 19°31'50" E a distance of 246.38 f .. t;
thence, s 23°25'3511 E a distance of 153.19 f .. t;
thence, s 17°46 1 37 11 B a distance of 173.22 :feet;
thence, s 30°48'54" E a distance of 163.28 feet;
thence, s 51°46 1 41" E a distance of 662.76 feet;
thence, s 44°3SP33" I! a distance of 175.65 feet;
thence, s 13°37'07" B a distance of 255.65 f-t;
thence, s 34°06'17" B a distance of 318.15 feet;
thence, s 35°45'21" E a distance of 225.15 feet;
thence, s 55°41 1 54 11 Jl a distance of 196.47 feet;
thence, s 63°52 1 39 11 B a distance of 388.20 feet;
thence, s 57°54'58" B a distance of 449.02 feet;
thence, s 47•1s 1 14" B a distance of 122.26 feet;
thence, s 89°53'16" B a distance of 189.76 feet;
thence, N 40°23 1 30" wa distance Of 69.38 feet;
thence, s e1°2e•2911 Wa distance of 36.35 feet;
thence, s 83°52'12" Wa distance of 10.80 feet;
thence, N 58°27'19" wa distance of 41.45 feet;
thence, N 29°51'3111 wa distance of 8.28 feet;
thence, N 24°16'24" wa distance of 25.22 feet;
thence, H 69°00 1 53" Wa distance of 9.87 feet;
thence, s 87°31°44 11 Wa dis~ce of 22.60 feet;
thence, N 57°25'01" wa distance of 17.28 feat;
thence, N 50°09'49" Wa distance of 26 .07 faet;
thence, H 46°21'12" Wa distance of 9.99 feet;
thence, N 44°28 1 05" 1f a distance of 21.45 feet;
thence, N 55•so•oe 11 W a distance of 49.05 feet;
thence, N 56D25 1 40" W a distance of 49.94 feet;
thence, H 68°12'23" wa distance of 36.45 feet;
thence, N 46°54 1 04" Wa distance of 55 .18 feat;
thence, N 68°49 1 21 11 wa distance of 25.14 feet;
thence, H 47°41'50 11 wa distance of 78.78 feat;
thence, N 30°26'40" w a distance of 24.58 feet;
thence, H 25°47°0111 wa distance of 30.08 feet;
thence, N 18°11'3911 Wa distance of 34.61 feet;
thence, N 30°58'21" W a distance of 29.32 feat;
thence, N 21°59°14" Wa distance of 27.50 feet;
thence, H 30°16'07" Wa distance of 22.97 feet;
thence, N 25°41'38" w a diatanc:e of 169.44 feet;
11 Exhibit A
Cmlc: Creek Metropolitan Distrid·Lepl Dcscriptioll of the lnclusiOfl Property
thence, N 41°17'39" l!l. a diatance of 82.61 feet;
thence, N 38°34'52" l!l. a di•tance of 15.89 feet;
thence, N 34°26'44" wa distanC8 of 262.40 feet;
thence, N 57°58 1 09" Wa di.stance of 102.47 feet;
thence, N 53•43•31t1 Wa distance Of 105.38 feet;
thence, N 55"58 1 11" W a distance of 126.13 feet;
thence, N 56°14'57" W a distance Of 118.42 feet;
thence, N 49°16'04" w a di.stance of 136.33 feet;
thence, N 44"30'51" w a distance of 150.05 feet;
thence, N 32°49 1 55" Wa distance of 102.14 feet;
thence, N 37°44'19" Wa distance Of 552.12 feet;
thence, N 18°10'02" Wa distance of 47.26 feet;
thence, N 27•59•19" w a distance of 109 .20 feet;
thence, N 35°01°3611 w a distance of 71.09 feet;
thence, N 41°32°47" w a distance Of 152.23 feet;
thence, N 40°22 1 24" W a distance of 339.82 feet;
thence, N 64"20'53" w a clistance of 34.06 feet;
thence, N 45"00 1 36" w a distance of 52.42 feet;
thence, N 44°53 1 41" W a distance of 154.66 feet;
thence, N 32°35 1 48" w a distance of 86 .59 feet;
thence, N 57°01'32" W a distance of 44.89 feet;
thence, N 30•33•12" w a distance of 85.72 feet;
thence, N 37•39•02" w a distance of 79.09 feet;
thence, N 37°32 1 30" w a distance of 63.32 feet;
thence, N 20°02 1 15" W a distance of 33.98 feet;
thence, N 39°52 1 25" W a distance of 42.02 feet;
thence, N 25°36•04".W a distance of 107.17 f .. t;
thence, N 30°34 1 08" W a distance of 164.72 feet;
thence, N 11°39 1 01" wa distance of 107.90 feet;
thence, N 24°56 1 0611 B a distance of 163.60 feet;
thence, N 63°39 1 33" B a distance of 177.81 feet;
thence, N 83°14'43" B a distance of 393.54 feet;
thuca, N 01•1s•2&" w a distance of 21.79 feet;
thence, N eo•s1•1111 g • di•tance of 50 .00 feet;
thence, N s9•1s 1 06" E a distance Of 65.56 feet;
thence, N 57°50 1 04" £ a diatance of 50.12 feet;
thence, s 84°51'1511 g a distance of 33.08 feet;
thence, s e1•39 1 50" l!l a di.stance of 89.61 feet;
thence, N 56.07 1 00" E a distance of 26.86 feat;
thence, N 07°38'31" l!l. a di.stance of 27.93 feet;
thence, N 37°41 1 57 11 W a distance of 28.06 feet;
thence, N so•oo 1 15" J!: a distance of 22.23 feet;
thence, H e2°02•30" I!: a distance of 36.49 feet;
thence, s 63"34'38" B a distance of 54.05 feet;
thence, s 45°59 1 58" 1!l a distance of 20.95 feet;
thence, s 14°44 1 20" l!l. a distance of 29.18 feet;
thence, s 11•11•1111 Wa distance of 26.42 feet;
thence, s 14°58'41" Ea distance of 30.14 feet;
thence, s 43•42•10 11 B a distance of 69.77 feet;
thence, s 31"36 1 59" B a distance of 56.76 feet;
thence, s 49•39•46" B a distance of 40.12 feet;
thence, s 45°30'55" E a distance of 40.BB feet;
thence, s so•1&1 38" I! a distance of 43.39 feet;
thenC8, s 73"16 1 24" l!l a distance of 67.60 feet;
12 Exhibit A
Ca!!lc Creek MCUOpoli111t lMttict·l.cgaI Desaiptlon ot the Inclusion Property
thence, s 53°05 1 15" E a distance of 15 ,86 feet;
thence, s 639 37'30" E a distance of 52.31 feet;
thence, s 93•2e•21n z a distance of 46.95 feet;
thence, N 86°20'27" B a distance of 61.04 f .. t;
thence, N 31°59'09" B a distance of 4'7.07 feet;
thence, N 06°sa•Js" B a distance of 32.16 feet;
thence, N 72"08'07" £ a distance of 7.98 feet;
thence, s 24°51'03" £ a distance of 72.35 feet;
thence, s 41°52'47" B a distance of 50.71 feet;
thence, s 54°44'21" E • cli.etance of 38.31 feet;
thence, s 83°39'39" £ a distance of 87.15 feet;
thence, s 57°11'12" E a distance of 77.06 feat;
thence, s 41•51•16" £ a di•tance of 88.65 feet;
thence, s 57°39'13" z a distance of 65.60 feet;
thence, s 49°55°38" E a distance of 74.96 feet;
thence, s 61°04'52" J!l a distance of 43.44 feet;
thence, s 71°46'03" E a distance of 55.45 feet;
thence, N 09°35'09" w a distance of 59.88 f .. t;
thence, N 65°36 1 14'' W a di.stance of 60.45 feet;
thence, N 49°54'10" W a distance of! 6'.72 feet;
thence, N 49•54•10" w a distance of 86.97 f .. t;
thence,· N 48°11 1 10 11 Wa dietance of 54.30 feet;
thence, N 56°47•27" Wa distance of 123.97 feet;
thence, N 83°47'24" Wa distance of 93.00 feet;
thence, N 29°35'3111 Wa di•tance of 119.58 feet;
thence, N 79°00'43" Wa distance of 33.94 feet;
thence, s 79"41'48" Wa distance of 37.80 feat;
thence, s 22"57'52" Wa distance of 56.05 feet;
thence, s 59°31 1 57" Wa distance of 45.49 feet;
thence, N 82°32 1 35" Wa distance of 28.23 feet;
thence, N 59°07 1 03" Wa dietanc• of 95.71 feet;
thence, N 71°20'44" Wa distance of 85.73 feet;
thence, N 36°43'10" Wa distance of 93.22 feet;
thence, N 25°39°22" wa distance of 181.92 feet;
thence, N ss•10 1 24" wa distance of 98.43 feet;
thence, s 85°02°33" wa distance of 52.20 feet;
thence, s 56°33 1 52" wa distance of 39.34 feet;
thence, s 20°49'33" Wa di•tance of! 42 .96 feet·;
thence, s 37°27 1 43" E a distance of 21.60 feet;
thence, N 77°02°57" Wa diat:&nce of 89.66 feet;
thence, s 70°24'18" Wa di.stance of '10.95 feet;
thence, N 88°59'39" Wa distance of 55.55 feet;
thence, s 84°29'58" Wa distance of 49.93 feet;
thence, N 14°22'4811 Ba distance of 68.20 feet;
thence, N 05°11'46" Wa di.stance of 77.59 feet;
thence, N 19°20'05" z a distance of 10.82 feet;
thence, N 22°53'40" g a di.stance of 44.14 feet;
thence, N 10°34'58" B a di.stance of 35.11 feet;
thence, N os•s9•s1" E a distance of 4'1.16 f-t;
thence, N 03°48 1 08" E a distance of 36.48 feet;
thence, N 04°40°52" E a di.stance of 71.03 feet;
thence, N 07°37°51" E • distance of 54.66 feet;
thence, N 29•2e•14" Wa distance of 63.68 feet;
thence, N 32°00 1 44" wa distance of 61.05 feet;
13 ExhibilA
Caule Creek Mdropolilln District-Legal Description of the Inclusion Propaty
thence, N 26°17'29" wa distance Of 55.52 feet;
thence, N 38°14'36" Wa distance of 44.36 feet;
thence, N 53°11'32" Wa distance Of 37.73 feet;
thence, N 59°54•48" w a diatance of 54.16 feet;
thence, N 87°51'35 11 Wa distance of 36.97 feet;
thence, N 57°33'47" Wa distance Of 65.70 feet;
thence, N s1°56'22" Wa distance of 85.02 feet ;
thence, N 04°11'29" Wa distance of 158.65 feet;
thence, N 35°50'41" W a distance of 41.30 feet;
thence, N 54°46 1 03 11 W a distance of 24.70 feet;
thence, N 28°51'45" W a distance of 209.99 feet;
thence, N 11°58'37" w a distance of 33.82 feet;
thence, N 41°03°46" E a distance of 78.19 feet;
thence, N 06°29'01" w a distance of 117 .20 feet;
thence, N 20°05'27" w • distance of 94.24 feet;
thence, N 11°32'03" w a di.stance of 63.83 feet;
thence, N 07°57'46" w a distance of 141 .45 feet;
thence, N 09°56 1 14" E a distance of 50.76 feet;
thence, N 19°17'44" Wa distance Of 91 .04 feet;
thence, N 44°41 1 59" Wa distance of 134 .55 feet;
thence, N 19°23'49" Wa distance of 74.18 feet;
thence, N 19°33 1 06" Wa distance of 43.27 feet;
thence, N 21°30'01" W a distance of 72.23 feet;
thence, departing aa.id Basement line N 00°16'30" Ea distance of 217 .77
feet;
thence, N 00°16'30" E a distance of 312 .94 feet;
thence, s 89°43'30" B a distance of 1005 .44 feet to a point on the
westerly riqht of way line of the Roaring Fork Transit Authority
Transportation Corridor Easement, also being the point of beginning.
Bxcepti.ncz theraf rom land subject to th• Roaring Fork Conservancy
Conservation Basement recorded in the Office of the Garfi.eld County Clerk
and Recorder, Garfield County, Colorado with bception Number 804200.
14 '='xhibit A
Caulc Creek Mcl!Opolitan Disuict·l.cpl Dcsaiption of the Inclusion Property
EXHIBITF
Preliminary Engineering Survey and Cost Estimate for the Access Improvements
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s
EXHIBITG
Financing Plan
(including sources and uses and bond solutions)
Cattle Creek Metropolitan District
Garfield County, Colorado
Limited Tax General Obligation Bonds
Table of Schedules
Assumptions
40 Mm Bond Levy
10 Mill Operations Levy
Preliminary as of 0612712012
Non Rated • Bank Qualified
Series 2015
1 . Cover Page
2 . Cashflow Schedule
3 . Residential Lot Valuation
Par Amount
$5,590,000
4 . Residenfial Development Schedule
5 . Assessed Valuation Summary
Series 2015
6 Debt Service Schedule
7 . Sources and Uses of Funds
George K. Baum Company
1
Callie Creek (40 Bond Mill$I
Cover
612812012
$4,000,000 Project Fund & 40 Mill Bond Levy
Project Amount
(at Closing)
$4,000,900
7.00% Rate
6/28/2012
Cattle Creek Metropolitan District
Garfield County, Colorado
Limited Tu General ObllgaUon Bonda
Schedule of Bond Levy Cash00W9
Bond.__ Revenue
Ralbol Assessed Bond Propefly
Coledioo Oellt IO Vab! l.w! Tax@
Year AV 1-0-Lew ~a.a••
Ill 121 (3) 141 (5)
2012 .
2013 0% 718,980
2014 0% 718,980 ~u.&"O 28,184
2015 m"I. 718,980 40.000 28,184
2016 258% 2,170,063 '40.000 85,066
2017 135% 4,129,427 40.000 161,874
2018 101% 5,538,087 40.000 217,093
2019 11% 7,201,475 40.000 282,298
2020 64'1'1 8,669,122 40.000 339,830
2021 55% 10,125,011 40.000 396,900
2022 47% 11,m.102 40.000 460,353
2023 41% 13.120,731 40.000 514,333
2024 39% 13,841,097 40.000 542,571
2025 37% 14,124,992 40.000 553,700
2026 36% 14,214,125 '40.000 557,194
2027 36% 13,838,575 40.000 542,472
2028 34% 14,115,346 40.000 553,322
2029 33Vo 14,115.346 40.000 553,322
2030 31% 14,397,653 40.000 564,388
2031 30% 14,397,653 40.000 564,388
2032 28% 14,685,606 40.000 575,676
2033 27% 14,685,606 40.000 575,676
2034 25% 14,979,318 40.000 587,189
2035 23% 14,979,318 40.000 587,189
2036 21% 15,278,905 40.000 598,933
2037 19% 15,278,905 40.000 598,933
2038 17% 15,584,483 40.000 610,912
2039 15'1'. 15,584,483 40.000 610,912
204() 13% 15,896,172 40.000 623,130
2041 11% 15,1196,172 40.000 623,130
2042 8% 16,214,096 40.000 635,593
2043 6% 16,214,096 40.000 635,593
2044 3% 16,538,378 4-0.000 648,304
2045 0% 16,538,378 40.000 648,304
15.504944
Gecwge K. a-C«rlpMv
Onenllons I .w Rt'ltnH
Speci&t:
Assessed Bond Property Olwllnhip
Vl!lue Ml Tai@ Tax
UO'JlC--. Lew 98.0'i 7.00 ...
(6) (71 (8) (9)
.
718,980 .
718,980 10.GOO 7,046 2.466
718,980 10.000 7,046 2.466
2, 170,063 10.000 21,267 7,443
4,129,427 10.000 40,468 14,164
5,538,087 10.000 54,273 18,996
7,201,475 10.000 70,574 24,701
8,669,122 10.000 84,957 29,735
10,125,011 10.000 99.225 34,729
11,743,702 10.000 115,088 40,281
13,120,731 10.000 128,583 45,004
13,841,097 10.000 135,643 47,475
14,124,992 10.000 138,425 48,449
1(214.125 10.000 139.~ 48,754
13,838,575 10.000 135,618 47,466
14,115,346 10.000 138,330 48,416
14,115,346 10.000 138,330 48,416
14,397,653 10.000 141,097 49,JM
14,397,653 10.000 141,097 49,JM
1(685,606 10.000 143,919 50,372
14,685,606 10.000 143,919 50,372
14,979,318 10.000 146,797 51,379
14,979.318 10.000 146,797 51,379
15,218,905 10.000 149,733 52.407
15,278,905 10.000 149,733 52,407
15,584,483 10.000 152.728 53,455
15,584,483 10.000 152,728 53,455
15,896,172 10.000 155,782 54,524
15,896,172 10.000 155,782 54,524
16.214,096 10.000 158.898 55,614
16.214,096 10.000 158,898 55,614
16,538,378 10.000 162,076 ';/;,727
16,538,378 10.000 162,076 56.727
3,876.236 1,356.683
othlll'Rt'ltnwt Tolll DtblSemc•
Eamklllson ~ Rawnue SS,590,000
ClmAa!MI Mvlltta!I Avaiable For Series 2015 Series 2015
51.qM (Repay!nenl) ~ Selvicie NetDeb4 Capilalized
1.00% Toward Olla & Ooeralions Set\a Interest
(\OJ (1\) (121 (\31 (14)
18.0C<() 18,000 . 14 C-00 51,696
317 16000 54,013
647 J or.i0 117,423 381,334 (381,334)
1,609 (15 ,000J 203,115 381,334 (266,934)
2,241 (27CWJ 265,600 381,334 (190,667)
2.718 (~.QCl.ll 371,291 401,334 .
1,802 456,324 399,934 .
1,516 532.370 403,534 .
1.812 617,534 401,784
2.819 690,739 05,034
4,090 729,779 435,834
5,673 746,246 486,2114
6,888 752,135 487,884
8,138 733,694 483,784
9,281 749,348 484,334
10,548 750.615 484,184
11,829 766 ,697 488,334
13,201 768,070 486,434
14,607 784,573 483,834
16,175 786,141 485,534
17,742 803,107 486,184
19,443 804,809 485,784
21,165 822.238 484,334
2.3,047 824,120 486,834
24,922 842,0H m,934
26,936 844.030 487.634
28,973 862.409 485,934
31,180 864,616 487,834
33.390 883.495 487,9114
35,756 885,861 486,384
38,161 905,269 488,034
40.713 907,820 (10,716}
457,335 0 21,195,197 13,336,220 (838.935
2
CftClw'(OOlllol<Wlll
c..Mo.
llltllOU
I $4,000,000 Project Fund & 40 Ill Bolld L!vy I
OMntlOftl EJMMt S.llllus
Amual
~Ions Annual Cunllativa
Expense ~sl Sulplus/
Defl:il Dercil
(15) (16) /171
18,000 .
20.WO 31,696 31,696
21 .000 33,013 64,709
21,267 96,157 160,866
25,468 63,246 224,112
27,273 U,663 211.ns
61,574 (91,617) 180,157
84,957 (28,568) 151,590
99,225 29,611 181,201
115,088 100,662 281,863
128,583 127,121 408.984
135,643 158,302 567,286
138,425 121,537 688,823
139,298 124.952 813,776
135,618 114,292 928,068
138,330 126,684 1,054,752
138,330 128,101 1,182.852
141,097 137,266 1,320,119
141,097 140,539 1,460,658
143,919 156,820 1,617,478
143,919 156,688 1,774,166
146,797 170,126 1,944,292
146,797 172,227 2,116,519
149,733 188.171 2,304,690
149,733 187,553 2,492.243
152.728 201,355 2,693,598
152.728 203.668 2.897,266
155,782 220,692 3,117,959
155,782 220,999 3,338,958
158,898 236,612 3,575.571
158,898 240,579 3.816,149
162,076 255,159 4,071,308
162,076 756,460 4,827,768
3,870,144 4,827,768
6128/2012
Cattle Creek Metropolitan District
Garfield County, Colorado
limited TH General Obllg1llon Bonds
Realdentl1l lot Valuation
I Campletiot1
v ••
201
201
201
201
201
201
201
201
2020
202
2022
2023
202
t
l
I
i
)
r
~
~
)
I
2
3
I
Phase
Exec.£51a1e
Premium
Market
Units Vakle
1
1
1
1
1
1
1
1
1
1 750,000
1 750,000
0 750,000
0 750,000
I
Exec/Estate Non
Premium
Marlie I
Units Vakle
8
8
8
B
8
8
8
B
8
8 160.000
8 160,000
s 160,000
2 160,000
8
Geolge K. Baum Company
Single Famiy TO'MI
Mwt
Units Value
39
39
39 100.000
44 100,000
31 100,000
51 100,000
80 100,000
67 100,000
67 100,000
58 100,000
JS 100,000
20 100,000
5 100,000
39
Single Famiy Alladled (1) Attached (2) VI age
Malla!! Mwt Market
Units Value Uni ls Value Units Value
13 10 10
13 10 10
13 10 sn.oro 10 ~.000
13 95000 20 90,000 19 95,000
15 95,000 16 90,000 15 95,000
15 95,000 9 90,000 9 95,000
13 95.000 3 90,000 3 95,000
27 95,000 0 90,000 0 95,000
26 95.000 0 90,000 0 95,000
23 95.000 0 90,000 0 95,000
15 95,000 0 90,000 0 95.000
15 95,000 0 90,000 0 95,000
5 95,000 0 90,000 0 95,000
13 10 10
I
Ganlen Homes (11 Carden Homes (2)
Marllat Marbt
UnllS Value Units Value
11 10
11 10
11 10
11 10
11 25,0CQ 10 ml.000
11 85,000 10 90,000
7 85,000 6 90,000
13 85 ,000 12 90,000
10 85 ,000 9 90,000
6 85,000 6 90,000
3 85.000 3 90,000
0 85,000 0 90,000
0 85,000 0 00,000
11 10
Income Rntrlcted
lncome Restrided Income Restricted
Garden Homes Garden Homes
(01) (02)
Mml Mart.et
Units Value Units Value
6 7
6 7
6 50.000 7 .:s.~:-0
20 50,000 21 .CS,000
18 50,000 18 .C5,000
11 50,000 11 45,000
4 50,000 4 45 ,000
0 50,000 0 45.000
7 50,000 7 45,000
7 50,000 7 .CS,000
4 50.000 .. 45.000
2 50,000 2 45,000
0 50,000 0 45,000
6 7
3
C:-Oto<f411_ ... ,
lo!Voll
Vacant lot Atteued
v11uauon ValuaUon
29'4
. .
. .
6,365,000 1,845,850
11,185,000 J,243,650
10,935.000 3,171 ,150
11,070,000 3,210,300
11,305,000 3,278,450
11,450,000 3,320,500
11,495,000 3,333,550
11,730,000 J ,401,700
7,860,000 2.2791400
4,415,000 1,280.350
1.295.000 375.SSO
6/28f2012
Cattle Cl'ffk Matropollt.n District
Garfield County, Colondo
Umlted Tu Genenil ObllgaUon Bonds
RHldentlal Unit. Sold
E.aeci&lalll El~Non
Pl8llVlln Pn!mUll
~~ I Vu /
Y.. Yur ~ VabllU,.. Units Uni
2012 201 I 1,320.000 m.eoo
2013 201 i 1,320,000 744.!00
2014 201 i 1,320,000 7«.eoo
2015 201 I 1,320,000 . 7«.!00
2016 201 I 1,320,000 7·H,!OO
2017 201
2018 20201
2019 2021
2020 2022
I 1.320,000 m.eoo
I 1,320,000 744.eoo
I 1,320.000 m.eoo
t 1,320.000 744.800
2021 202: I 1,320,000 7«.eoo
2022 202• I I 1,320.000 3 744.800
2023 202~ ; 1,320,000 3 744.800
2024 202i i 1,320.000 2 744.aoo
I e
George K. Bun CompMy
Slnglll Farr#t Ta;m
VW&f
UnltsBull Uflil
519.400
519,400
519,400
I) 519,400
IS 519.400
15 519.400
13 519,400
27 519.400
:iv 519,400
2J 519,400
IS 519,400
15 519,400
5 519.400
167
SlnglaFany
\'Cage A11ached (II Attad'oed (2)
Vlilue j Valve / Ids V'lllle/
Units Uril \Mils Um Bui .\Jnl
-441 ,000 385,000 420,000
«1.000 -385,000 -420,000
«1.000 385,000 420,000
«1.000 4 385,000 4 420,000
4 441,000 7 Ja5,000 6 420.000
4 «1.000 6 385,000 6 420,000
5 441,000 l 315,000 3 420,000
3 «t,000 385.000 420,000
3 441,000 385.000 -420,000
2 441,000 355.000 420,000
12 441,000 385.000 420.000
12 441,000 385,000 420,000
11 44 1.000 385.000 420,000
56 20 19
I lllCOllllRHlriclld
lnlolnll~ lnaxna Resrlc1ed GilOe!IHomes(I) Gaden Homes (2) Clnlen Homes (011 GWen Homes (02)
Vlluel Valuel
Units lJlil UllG Unll Unls VWllUnl Units VMIUm
345.000 420,000 225,000 175,000
315,000 420,000 . 225,000 175.000 -385,000 420,000 225,000 175,000 . 385.000 420,000 2 225,000 J 175.000
385,000 420.000 1 225,000 7 175.000
~ 385,000 4 420.000 ~ 225,000 1 175,000
~ 385.000 J 420.000 4 225.000 4 175.000
J 385,000 J 420,000 . 225 ,000 175,000
' 385,000 3 420,000 225 ,000 -175,000
3 385,000 J 420,000 3 225,000 J 175,000
3 385,000 J 420,000 2 225,000 2 175,000
385,000 420.000 2 225 ,000 2 175,000 -385.000 420.000 225.000 . 175,000
21 19 27 2a
PagelRnldlllllal
owe1-1v111ue
-.
-
10,947,200
17.570,000
20.405,000
15.112.200
17,761,800
17.627,400
16.443,200
19.852.400
16,117,400
8,937.600
161,C34,200
...,,....,1ao.l1 ... 1 ....... ,
C11111ulatlYt
Anentd AsHUtd
Value Value
7.96':.
. .
-
871,397 871,397
1.398.572 2.269,969
1,624,238 3,894,207
1.255.467 5,149,674
1,413,1139 6,563,514
1.403,141 7,966,6S5
1,308,819 9,715,53.l
1,580.251 10,855.184
1,282,945 12.138,179
711,4ll 12.a50.162
12.aso,1&2
lm/201 2
C•ttle Creek Metropolillln District
Garfleld County, Colorado
Limited Tax General Obligation Bonds
Assessed Valuatlon Summary
~-· .. ~ llndlM!klped
r .. Year v-land Value
2012
2011 2012 l'013 718,980
2012 2013 2014
2013 2014 2015
2014 2015 2016 1,436,703
2015 2016 2017 1,087,967
2016 2017 2018 [72.500)
2017 2018 2019 39,150
2018 2019 2020 68,150
2019 2020 2021 42.050
2020 2021 2022 13,050
2021 2022 2023 68,150
2022 2023 2024 (1,122.300)
2023 2024 2025 (999,050)
2024 2025 2026 (904,800)
2025 2026 2027 (375,550)
2026 2027 2028
2027 2028 2029 .
2028 2029 2030
2029 2030 2031
2030 2031 2032
2031 2032 2033 .
2032 2033 2034 .
2033 2034 2035 .
2034 2035 2036 .
2035 2036 2037 .
2036 2037 2038 .
2037 2038 2039 .
2038 2039 2040
2039 2040 2041
2040 2041 2042
2041 2042 2043
2042 2043 2044
2043 2044 2045
2044 21145 2046
2045 2046 2047
2046 2047 2048
2047 2048 2049
2048 2049 2050
2049 2050 2051
2050 2051 2052
2051 2052 2053
Total .
Georuo K. Ba1.111 eon.>anv
As1n1ed Vll111 Sumnmv
Residential Grow1ll Factor , 2.0'•
.
. . . .
. . . 14,380
871,397 .
1,398,572 82,589
1,624,238 .
1,255,467 144.030
1,413,839 .
1,403,141 202,500
1,308,879 .
1,580,251 262,415
1,282,945 .
711,433 282.500 . . . 776,771 . . . 282,307 . .
. 287,953 . . . 293,712 . .
. 299,586 . . . 305,578 .
311,690 .
317,923
.
324,282
330,768
-
337,383
344,131
351,013
12.850,162 5,051.510
Ctlmulilliw
Assessed VU!e
.
718,980
718,980
718,980
2,170,063
4,129,477
5.538.067
7,201,475
8,669,122
10,125,011
11,743,702
13,120,731
13,8'1,097
14,124,992
14,214,125
13,838,575
14, 115,346
14, 115,346
14,397,653
14,397,653
14,685,606
14,685.606
14,979,318
14,979,318
15,278,905
15,278,905
15,584,483
15,584,483
15,896,172
15,896,172
16,214,096
16,214,096
16,538,378
16,538,378
16,869,145
16,869,145
17,206,528
17,206,528
17,550,659
17,550.659
17,901,672
17,90t,6n
C&lloO...'~-Mlol •v-
5
6/28f2012
Calllc CrHk .._,palllJn Olllrid ic...en.ic ........ t I
Garfield County, Colonclo --Umlled T .. Gcllttll Olilplon llolld1 ...,.,.,.,,
SalnZIH
Debt Sertlca Sdledule I TAX EXEMPT
$5,590,000
lnlnst Mnual ~id DSRF E.M;s NtlAMlll
v .. Prn:ipal Rm lnlarlst P&I P&I lolltrast 200% P&I
06.01116 195,650.00 19S,650.00 (190,667 .00) (4,SUOO)
12A>IH6 . 7.00 195,650.00 195,650.00 391 .JOOOO (190,667 .00) 1•.saJ.00) 0.00
06Altn7 . 195.650.00 195,650.00 (152.SlJ .£,O) (4 ,983.00)
12Al1n7 7.00 195.65000 195.650.00 391,30000 (114,400 .20) (4,963 00) 114,400.20
O&<JlllS . 195,650.00 195,650.00 (190,667.00) (0113.00)
12.01/11 7.00 195,650.00 195,650.00 391 ,300.00 (4,98300) 190,667.00
O&<llJl9 . 195,65000 195.650.00 {4,913 00)
12A)lll9 20,000 7.00 195.65000 215.650.00 411 ,300.00 (4.98300) 401 ,334.00
O&<lll20 19',950.00 19',950.00 (083.00)
12.0ll20 20.000 7.00 19'.950.00 214,950.00 •09 .900.00 (4.98](XJ) l9U34.00
OGIOl/21 19'.25000 194,250 .00 (4,98J.OOJ
12/01121 25,000 7.00 194,250.00 219.250.00 413.500.00 (4,98300) 403,$34.00
0&()1122 193,375.00 193,375.00 (093.00)
12.01122 25,000 7.00 193,375.00 211.375.00 411,750.00 (4,98300) 401,78400
06/01123 . 192,SOOOO 192.500.00 (4,943.00)
12101123 r.o.ooo 7.00 192,SOO.llO 25 2.500.00 «S.000.00 (4.983.00) 05,034.00
06/0112C 190,400.00 190,400.00 (4,91300)
12.0lfl4 65.000 1.00 IS0,40000 255,400 .00 445.800.00 (4 ,96300) 4:!.5,134.00
06.Vl/25 . 188,125 00 ISS,125 00 (4 ,96300)
12/01/25 120.000 7.00 IBB,125.00 308,125.00 496,250.00 (4.9'300) "6,254.00
06/01/26 . 153,925.00 113,925.00 (4,9UOOJ
12/01126 130.000 1.00 IBl ,925.00 313,92500 497 ,850.00 (4 ,91).00) 487,'84.00
06l0 1m 17',375.00 119.m .oo (4 ,91300)
12A11m 135,000 7.00 119,375.00 314,375.00 493,75000 (4,943.00) CBl,754.00
0610l/25 174.650.00 m .650.oo (4,9UOO)
12All/25 145.000 7.00 m.6so.oo 319.650.00 494,300.00 (4,953.00) 484.334.00
OM>1/29 169,575.00 169,575.00 (4,913 00)
12101129 155,000 7.00 169,m.oo 324,575.00 494,150.00 (C,913 00) 484,154 .00
C6/01/30 . 164 ,150.00 184,150.00 (4,963 .00)
12All/30 170,000 7.00 164 ,150.00 334,150.00 498,30000 (4,9&.l .OO) 4811 ,33400
0&1>1/31 158,200.00 156,200 00 (4,98300)
12IOl/31 lll0.000 7.00 15&,200.00 338.200.00 496,400.00 (4,9UOO) 435,434.00
Df>1)1/l2 151 ,900.00 151,900.00 (4,98300)
12IOl/32 190.000 1.00 151 ,900 00 341,!IOO.CO 493.B00.00 (4,913.00) 483 ,BlC.OO
0&1>1/JJ . 145,25000 145,250.00 (05300)
12101/lJ 205.000 1.00 145,250.00 350.250 00 495,500.00 (05300) 485,534.00
06/0 li34 . tJ8,075.00 138,07500 (081001
12A)l/34 220.000 7.00 138,075.00 JS8 .075.00 496,15000 (4,95300) 456,184 .00
06o<l1135 130,37500 1JO,J7500 (4,983.00)
12101135 235,000 7.00 130,375.00 365.37500 495,75000 (4.913.00) 485,754 00
06.01/36 122,150.00 122.150.00 (08300)
12/01136 250,000 7.00 122,150.00 ln,150.00 49'.30000 (4,963.00) 484,334 .00
[16.1)1/37 113,40000 113,40000 (4,963.00)
12/01/37 270,000 7.00 113,400.00 383.400.00 496,llOO.OO (4,963.00) 486,93400
06.111/38 103,950.00 103,950.00 (4,98300)
12/01138 290,000 7.00 103.950.00 393,950.00 497.900.00 (4,S8300) 487,934.00
06IOl/39 . 9J,llOO.OO 93,90000 (4.96300)
12Al1/39 310,000 7.00 93,800.00 403.800.00 497,Wl.OO (4,98300) 457,63400
OMll/40 52.95000 82,950.00 (4.91300)
12.111140 330,000 7.00 82.950.00 412,950.00 495.900.00 (4,98300) Q5 ,934 00
06rlll/CI 11,40000 71 ,400.00 (4 ,953.00)
12/01141 355.000 7.00 71.40000 426.•00.00 497,800.00 (4,953.00) 487,834 .00
06rll1142 58.975.00 58,975 00 (4 ,91300)
12/01142 380,000 1.00 sa.975.00 4307500 497,95000 (4 .983.00) 487,9SCOO
0&1>1143 . 45.675.00 45,675.00 (4 ,S83.00)
12101143 405.000 7.00 45.67500 450,675.00 06,350.00 (4,953.00) "6.3'4.00
OM)l/U 31 ,50000 31.500.00 (4 ,953.00)
12.111/U 435,000 7.00 31 ,50000 466 ,500.00 498 .00000 (4,913.00) 488 ,034 .00
06o111/45 16.27500 16,275 00 (4 ,98l.OOJ
12/01145 ~.000 7.00 16,27500 Ql,27500 497,550.00 (503 ,293 00) (10,716 .00)
5,590,000 8,543 ,50000 14,133,500.00 14.133,500.00 (BlB,934 80) (797.280 00) 12.497.285.20
Diiied 12IOlll5 A"NagtCoupon 7.000000
NIC 7.091602
Sta:ement 12/01115 TIC 71BSB22
Atbilrage Y'ltld 1.000000
Bond Yen 122,0SO.OO
AW<agel.lt 21.Bl
Amwdlnlnst 000
GeoigeK.S...~ 61'2BQC'll
Cattle Creek Metropolitan District
Garfield County, Colorado
Limited Tax General Obligation Bonds
Series 2015
Sources and Uses of Funds
Sources
Principal Amount of Bond Issue
Uses
Project Fund
Reserve Fund
Bond Discount
Capitalized Interest Fund
Cost of Issuance
Contingency
George K. Baum Company
$20.00 /$1,000
7
CalUe Creek (40 Bond Mills)
Sources/Uses
612812012
5,590,000.00
5,590,000.00
4,000,900.00
498,300.00
111,800.00
829,000.00
150,000.00
0.00
5,590,000.00
6/28/2012
DATE: July 28, 2012
TO: Garfield County, CO
FROM: Bruce C. O'Donnell
SUBJECT: Formation of Cattle Creek Metropolitan District
George K. Baum & Company has has developed the cash flow analysis for the Service Plan
for the proposed Cattle Creek Metropolitan District in Garfield County. This analysis
proves the feasibility of the financing based on assumptions provide by the developer and
demonstrates that the area to be included in the District does have, and will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis. The Service
Plan does not provide for unusual financing conditions but rather demonstrates the
issuance of bonds and the maintenance of improvements in amounts that are within the
requirements of the Special District Act, the Municipal Bond Supervision Act and other
state statutes affecting metropolitan districts. Furthermore, the assumptions are consistent
with widely accepted practices being used regularly by typical metropolitan districts
throughout Colorado.
The Financial Plan assumes the issuance of $5,590,000 of general obligation bonds to be
repaid from property taxes generated by the District. The proceeds of the bonds will be
used to pay for the District's installation of public improvements, and or for
reimbursement to the developer for public improvements required to be made inside and
outside the District's boundaries. We have assumed that the bonds would be issued as non-
rated, fixed rate tax exempt bonds.
We have assumed that the development will grow according to the build-out schedule set
forth by the developer. The market value of the residential development is projected to
increase 2% on a biennial basis. We have provided for capitalized interest to pay the
interest on the bonds as the early stages of the development progress. The Financial Plan
assumes the issuance of 30 year fixed rate bonds in 2015, but the bonds could be issued
sooner or later, and for a different term if those options make more sense for the District
depending on market conditions at the time of issuance.
The Financial Plan utilizes a mill levy of 40 mills for debt service. This mill levy is
consistent with comparable districts throughout Colorado.
Based on our work so far and our understanding of and experience with the financial
markets, we are confident that the proposed general obligation bonds are consistent with
those of Colorado metropolitan districts with similar credit profiles and can be successfuJJy
marketed. We have been engaged by the developer, the petitioner of the proposed District,
to structure and underwrite the District's voter authorized debt once sufficient credit
support can be identified based on assessed value. As currently proposed within the
Service Plan, we believe that the bond structure represented in the finance plan will be
acceptable to investors and will result in a successful bond issue, as the District's finance
plan offers a "reasonable basis" for the financing and it, along with other typical
metropolitan district service plans and financing plans, are forward-looking documents
which look at future development to create a tax base and secure indebtedness, and not
just existing conditions.
Should you have any questions or require clarification of any of the numbers or
assumptions within the finance plan, do not hesitate to contact me.
Sincerely Yours,
GEORGE K. BAUM & COMPANY
(jCl~
Bruce C. O'Donnell
Vice President
EXHIBITH
Form of Disclosure
J-1
Cattle Creek Metropolitan District
GARFIELD COUNTY, COLORADO
•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
DISCLOSURE STATEMENT
Pursuant to Article X of the Service Plan
of Cattle Creek Metropolitan District
•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
DISTRICT ORGANIZATION:
Cattle Creek Metropolitan District (the "District"), Garfield County, Colorado is a quasi-
municipal corporation and political subdivision of the State of Colorado duly organized and existing
as a metropolitan district pursuant to Title 32, Colorado Revised Statutes. The District was declared
organized and an existing metropolitan district on , 2012, pursuant to an Order and
Decree Organizing District and Issuance of Certificates of Election for the Cattle Creek
Metropolitan District, issued in the District Court of Garfield County, Colorado. The Order and
Decree was recorded in the records of the Garfield County Clerk and Recorder on
------' 2012 at Reception# _____ _
The District is located entirely within unincorporated Garfield County. The legal
description of the property forming the boundaries of the District is described in Exhibit A.
DISTRICT PURPOSE:
The District was organized for the primary purpose of financing the construction of the
Access Improvements, which includes both direct and ancillary facilities and improvements related
to the railroad crossings, to provide ongoing operations and maintenance services for the Access
Improvements, for the use and benefit of all anticipated constituents and taxpayers of the District,
and to establish a government entity as required by the rules established by the Colorado Public
Utilities Commission governing public railroad crossings, all in accordance with its Service Plan
approved by the Board of County Commissioners for Garfield County. Access Improvements is
defined in the Service Plan to mean a part or all of the improvements authorized to be planned,
designed, acquired, constructed, installed, and financed as generally described in Exhibit F of the
Service Plan, except as specifically limited in Section V of the Service Plan, including roads,
railroad crossing, storm drainage, trails, sidewalks and utility installation and relocations. The
District's Service Plan is on file and available for review at the office of the District and at the office
of the Garfield County Clerk and Recorder,109 gth Street, Suite 200, Glenwood Springs, CO 81601.
TAX LEVY INFORMATION:
The primary source of revenue for the District is ad valorcm property taxes. Property taxes
arc determined arumally by the District's Board of Directors and set by the Board of County
Conunissioners for Garfield County as to rate or levy based upon the assessed valuation of the
property within the District. The levy is expressed in terms of mills. A mill is 1/1,000 of the
assessed valuation, and a levy of one mill equals $1 of tax for each $1,000 of assessed value. The
financial forecast for the District (as set forth in its Service Plan) assumes that the District will be
able to set its tax levy at approximately fifty (50) mills for 2016 through 2045 for debt service,
maintenance and administration purposes. Except for certain adjustments permitted by the Service
Plan to compensate for legally required changes in residential valuation ratios, the District shall not
impose a mill levy in excess of fifty (50) mills. District taxes are collected as part of the property
tax bill from Garfield County.
CATTLE CREEK METROPOLITAN DISTRICT
STA TE OF COLORADO
COUNTY OF~~~~~~
By:
)
) SS.
)
, President
The foregoing instrument was acknowledged before me this __ day of _____ _
2012, by ____________ as President of the Cattle Creek Metropolitan District.
WITNESS my hand and official seal.
My commission expires:
Notary Public
EXHIBIT A
(Legal Description of District)