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Home My WebLink About20121006.tiff RESOLUTION RE: ACCEPTANCE OF FILING OF SERVICE PLAN, REFERRAL TO WELD COUNTY PLANNING COMMISSION FOR STUDY AND RECOMMENDATION,AND SET HEARING DATE FOR CONSIDERATION - DRY CREEK EAST METROPOLITAN DISTRICTS NOS. 1 - 5/ DRY CREEK EAST MAINTENANCE METROPOLITAN DISTRICT WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Service Plans for the Dry Creek East Metropolitan Districts Nos. 1 - 5 and the Dry Creek East Maintenance Metropolitan District, were received by the Clerk to the Board on April 6, 2012, from counsel for said Districts, Kristen Bear, White, Bear and Ankele Professional Corporation, 2154 East Commons Avenue, Suite 2000, Centennial, Colorado 80122,for filing with, and consideration by, the Board of County Commissioners, and WHEREAS, Section 32-1-204(2), C.R.S., requires that the Service Plans be delivered to the Weld County Planning Commission for study and recommendation to the Board of County Commissioners, such recommendation to be received by the Board within thirty(30) days after the filing of the Service Plan, and WHEREAS, the Board of County Commissioners deems it advisable to accept the filing of the Service Plans, as of April 6, 2012, and to refer them to the Weld County Planning Commission for a hearing to be held on August 7, 2012, with study and recommendation to be received by the Board from Planning Commission by August 15, 2012, pursuant to the proposed schedule approved by the applicant, which schedule waives the thirty (30) day requirement due to schedule conflicts and the fact that only one Planning Commission meeting occurs each month, and WHEREAS,the Board of County Commissioners deems it advisable to set a public hearing date for its consideration of said Service Plans, said hearing date to be August 22, 2012, at 9:00 a.m. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the filing of said Service Plans be, and hereby is, accepted. BE IT FURTHER RESOLVED that said Service Plans be, and hereby are, referred to the Weld County Planning Commission for study and recommendation back to the Board of County Commissioners, such recommendation to be received by the Board by August 15, 2012. BE IT FURTHER RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the public hearing for consideration of the Dry Creek East Metropolitan Districts Nos. 1 -5 and the Dry Creek East Maintenance Metropolitan District, be, and hereby is,August 22, 2012, at 9:00 a.m. 2� IL keit (A F Il -R 2012-1006 SD0138 ACCEPTANCE OF FILING OF SERVICE PLANS, REFERRAL TO WELD COUNTY PLANNING COMMISSION FOR STUDY AND RECOMMENDATION, AND SET HEARING DATE FOR CONSIDERATION - DRY CREEK EAST METROPOLITAN DISTRICTS NOS. 1 -5/DRY CREEK EAST MAINTENANCE METROPOLITAN DISTRICT PAGE 2 BE IT FURTHER RESOLVED by the Board of County Commissioners that the organizers of the proposed Dry Creek East Metropolitan Districts Nos. 1 -5 and the Dry Creek East Maintenance Metropolitan District, have paid the required statutory filing fee of$500.00 per Service Plan to the Clerk to the Board. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of April, A.D., 2012. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ` ATTEST:� C. Sean P. Cor�wa`y, Chair Weld County Clerk to the Boa vvu N �� r y�iam F. Garcia, Pr•-Tem BY: Deputy ' erk to the B•�':' ,ra (A'.�. AROVE AS M:�®� . i� /� David E. Lon ounty Attorney ta/ a2 Wi r Date of signature: S'-//-/ "9- 2012-1006 SD0138 SERVICE PLAN FOR DRY CREEK EAST METROPOLITAN DISTRICTS NOS. 1-5 WELD COUNTY,COLORADO Prepared by: White, Bear and Ankele Professional Corporation 2154 E. Commons Avenue, Suite 2000 Centennial CO 80122 2012-1006 SID0138 TABLE OF CONTENTS I. INTRODUCTION 1 A. Purpose and Intent 1 B. Need for the Districts 1 C. Multiple District Structure 1 C. Objective of the County Regarding Districts' Service Plan 1 II. DEFINITIONS 2 III. BOUNDARIES 4 IV. PROPOSED LAND USE AND ASSESSED VALUATION 4 V. DESCRIPTION OF PROPOSED POWERS,IMPROVEMENTS AND SERVICES 4 A. Powers of the Districts and Service Plan Amendment 4 1. Operations and Maintenance Limitation 5 2. Construction Standards Limitation 5 3. Privately Placed Debt Limitation 5 4. Inclusion Limitation 5 5. Initial Debt Limitation 5 6. Total Debt Issuance Limitation 5 7. Monies from Other Governmental Sources 6 8. Consolidation Limitation 6 9. Eminent Domain Limitation 6 10. Service Plan Amendment Requirement 6 B. Primary Infrastructure Plan 6 VI. FINANCIAL PLAN 7 A. General 7 B. Maximum Voted Interest Rate and Maximum Underwriting Discount 7 C. Maximum Debt Mill Levy 7 D. Maximum Debt Mill Levy Imposition Term 8 E. Debt Repayment Sources 8 F. Security for Debt 8 G. TABOR Compliance 8 H. Districts' Operating Costs 8 I. Elections 9 VII. ANNUAL REPORT 9 A. General 9 B. Reporting of Significant Events 9 VIII. DISSOLUTION 10 IX. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND EXTRATERRITORIAL SERVICE AGREEMENTS 10 A. Master Intergovernmental Agreement 10 B. Maintenance Intergovernmental Agreement 11 C. County Intergovernmental Agreement 11 D. Extraterritorial Intergovernmental Agreement 11 (1)Water and Sewer Service 11 X. MATERIAL MODIFICATIONS 11 XI. CONCLUSION 11 XII. RESOLUTION OF APPROVAL 12 LIST OF EXHIBITS EXHIBIT A Land Description EXHIBIT B Vicinity Map EXHIBIT C-1 Initial Districts Boundary Map EXHIBIT C-2 Inclusion Area Boundary Map EXHIBIT D Primary Infrastructure Plan EXHIBIT E Map Depicting Public Improvements EXHIBIT F Financial Plan I. INTRODUCTION A. Purpose and Intent. The Districts are independent units of local government, separate and distinct from the County and except as may otherwise be provided for by state or local law or this Service Plan, each of the Districts' activities is subject to review by the County only insofar as they may deviate in a material matter from the requirements of this Service Plan. It is intended that the Districts will coordinate to provide a part or all of the Public Improvements for the use and benefit of all anticipated inhabitants and taxpayers of the Districts. The primary purpose of the Districts will be to finance and cause the construction of the Public Improvements. The Districts are not being created to provide ongoing operations and maintenance services other than as specifically set forth and authorized in this Service Plan or pursuant to a subsequent intergovernmental agreement with the County. This Service Plan has been prepared in accordance with Section XIV of Chapter 2 of the County Code. B. Need for the Districts. There are currently no other governmental entities, including the County, located in the immediate vicinity of the Districts that consider it desirable, feasible or practical to undertake the planning, design, acquisition, construction, installation, relocation, redevelopment and financing of the Public Improvements needed for the Project. Formation of the Districts is therefore necessary in order for the Public Improvements required for the Project to be provided in the most economic manner possible. C.Multiple District Structure. The Districts are proposed to exist pursuant to a multiple district structure as the projected absorption of the Project and Public Improvements to be financed is projected to extend well over a ten (10) year period from the date anticipated for organization of the Districts. Additionally, the Project includes multiple uses, including various types of residential products and commercial development. The boundaries of the four Financing Districts will be based upon (1) three separate phases of residential development and(2)a separate parcel comprised of commercial development. Dry Creek East Metropolitan District No. 1 is proposed to be the Service District, and is expected to coordinate the manner in which the District Activities shall be conducted with, and between, each of the Financing Districts pursuant to one or more District Master Intergovernmental Agreements. The Financing Districts are expected to include all of the future development comprising the Project and are responsible for providing the funding and tax base as is necessary for the District Activities. D. Objective of the County Regarding Districts' Service Plan. The County's objective in approving the Service Plan for the Districts is to authorize the Districts to provide for the planning, design, acquisition, construction, installation, relocation and redevelopment of the Public Improvements from the proceeds of Debt to be issued by the Districts. All Debt is expected to be repaid by taxes imposed and collected for no longer than the Maximum Debt Mill Levy Imposition Term and at a tax mill levy no higher than the Maximum Debt Mill Levy. Debt which is issued within these parameters(as further described in the Financial Plan)will insulate property owners from excessive tax burdens to support the servicing of the Debt and will result in a timely and reasonable discharge of the Debt. This Service Plan is intended to establish a limited purpose for the Districts and explicit financial constraints that are not to be violated under any circumstances. The primary purpose is to provide for the 423954_6 -1 Public Improvements associated with the Project and those regional improvements necessitated by the Project. Ongoing operational and maintenance activities are allowed, as specifically addressed in this Service Plan or pursuant to a subsequent intergovernmental agreement between the Districts and the County. In no case shall the mill levies imposed by the Districts for the District Activities, including debt service and operations and maintenance functions exceed the Aggregate Mill Levy Cap. It is the intent of the Districts to dissolve upon payment or defeasance of all Debt incurred or upon a court determination that adequate provision has been made for the payment of all Debt and, if the Districts are authorized operating functions under this Service Plan, to retain only the power necessary to undertake such operations and maintenance functions and impose and collect taxes or fees to pay for associated costs. The Districts shall be authorized to finance the Public Improvements that can be funded from Debt to be repaid from tax revenues collected from a mill levy which shall not exceed the Maximum Debt Mill Levy and which shall not exceed the Maximum Debt Mill Levy Imposition Term. It is the intent of this Service Plan to assure to the extent possible that no taxable property bears an economic burden that is greater than that associated with the Maximum Debt Mill Levy in amount and that no property bears an economic burden that is greater than that associated with the Maximum Debt Mill Levy Imposition Term in duration, even under bankruptcy or other unusual situations. Generally, the costs of Public Improvements that cannot be funded within these parameters are not costs to be paid by the Districts. H. DEFINITIONS In this Service Plan, the following terms shall have the meanings indicated below, unless the context hereof clearly requires otherwise: Aggregate Mill Levy Cap means the maximum aggregate mill levy the Districts are permitted to impose for the District Activities, including debt service and operations and maintenance, as set forth in Subsection VI.H below. Approved Development Plan means a development plan or other process established by the County (including but not limited to approval of a Planned Unit Development final plan or Subdivision final plat by the BOCC) for identifying, among other things, Public Improvements necessary for facilitating development for property within the Service Area as approved by the County pursuant to the County Code and as amended pursuant to the County Code from time to time. Boards means the Boards of Directors of the Districts. BOCC means the Board of County Commissioners of the County of Weld, Colorado. Bond, Bonds or Debt means bonds or other obligations for the payment of which any one or more of the Districts has promised to impose an ad valorem property tax mill levy on a multi-fiscal year basis. Bond, Bonds or Debt shall specifically exclude obligations between the Financing Districts and Service Districts as set forth in the Master Intergovernmental Agreement. County means the County of Weld,Colorado. County Code means the Weld County Code,as the same may be amended from time to time. District Activities means any and all functions undertaken by the Districts in accordance with this Service Plan and as permitted under applicable law in order to effectuate the purposes for which the Districts are organized. 423954_6 -2- Districts mean the Dry Creek East Metropolitan Districts Nos. 1 —5. External Financial Advisor means a consultant that: (1) advises Colorado governmental entities on matters relating to the issuance of securities by Colorado governmental entities, including matters such as the pricing, sales and marketing of such securities and the procuring of bond ratings, credit enhancement and insurance in respect of such securities; (2) shall be an underwriter, investment banker or individual listed as a public finance advisor in the Bond Buyer's Municipal Market Place; and(3)is not an officer or employee of the Districts. Financial Plan means the Financial Plan described in Section VI below which is prepared by an External Financial Advisor in accordance with the requirements of the County Code and describes: (a)how the Public Improvements are to be financed; (b) how the Debt is expected to be incurred; and (c) the estimated operating revenue derived from property taxes for the first budget year. Financing Districts means any one or more of Dry Creek East Metropolitan District No. 2 through 5. Inclusion Area Boundaries means the boundaries of the area described in the Inclusion Area Boundary Map, if any. Inclusion Area Boundary Map means the map attached hereto as Exhibit C-2, describing the property proposed for inclusion within the Districts(if any) in the future. Initial Districts'Boundaries means the boundaries of the area described in the Initial Districts' Boundary Map. Initial Districts'Boundary Map means the map attached hereto as Exhibit C-1, describing the Districts' initial boundaries. Maintenance District shall mean the Dry Creek East Maintenance District as organized pursuant to a Service Plan approved concurrently herewith. Map Depicting Public Improvements means the map or maps attached hereto as Exhibit E, showing the locations of the Public Improvements listed in the Primary Infrastructure Plan. Maximum Debt Mill Levy means the maximum mill levy the Districts are permitted to impose for payment of Debt as set forth in Subsection VI.C below. Maximum Debt Mill Levy Imposition Term means the maximum term for imposition of a mill levy as set forth in Subsection VI.D below. Primary Infrastructure Plan means the Primary Infrastructure Plan described in Subsection V.B below, which includes: (a) a list of the anticipated Public Improvements to be developed by the Districts; and(b)an estimate of the cost of the Public Improvements. Project means the development or property commonly referred to as Dry Creek East. Public Improvements means a part or all of the improvements authorized to be planned, designed, acquired, constructed, installed, relocated, redeveloped and financed as generally described in the Special Districts Act, except as specifically limited in Section V below to serve the future taxpayers and inhabitants of the Service Area as determined by the Boards of the Districts. Service Area means the property within the Initial Districts Boundary Map and the Inclusion Area Boundary Map. 423954_6 -3- Service District means Dry Creek East Metropolitan District No. 1. Service Plan means this service plan for the Districts,as approved by the BOCC. Service Plan Amendment means an amendment to the Service Plan approved by the BOCC in accordance with applicable state law. Special Districts Act means Section 32-1-101 et seq., C.R.S., as amended from time to time. State means the State of Colorado. Total Debt Issuance Limitation means the total Debt the Districts are authorized to issue, in aggregate,as set forth in Section V.A.6 below and supported by the Financial Plan. III. BOUNDARIES The area of the Initial Districts Boundaries includes approximately three (3) acres, and the total area proposed to be included in the Inclusion Area Boundaries is approximately 530 acres. A legal description of the Initial Districts' Boundaries and the Inclusion Area Boundaries is attached hereto as Exhibit A. A map of the Initial Districts' Boundaries is attached hereto as Exhibit C-1, and a map of the Inclusion Area Boundaries is attached hereto as Exhibit C-2. A vicinity map is attached hereto as Exhibit B. It is anticipated that the Districts' Boundaries may change from time to time as they undergo inclusions and exclusions pursuant to Section 32-1-401 et seq., C.R.S., and Section 32-1-501 et seq., C.R.S., subject to the limitations set forth in Section V below. IV. PROPOSED LAND USE AND ASSESSED VALUATION The Service Area consists of approximately 530 acres of land. The current assessed valuation of the Service Area is assumed to be $0.00 for purposes of this Service Plan and, at build-out, is expected to be sufficient to reasonably discharge the Debt as demonstrated in the Financial Plan. Approval of this Service Plan by the County does not imply approval of the development of a specific area within the Districts, nor does it imply approval of the number of residential units or the total site/floor area of commercial or industrial buildings which may be identified in this Service Plan or any of the exhibits attached thereto,unless the same is contained within an Approved Development Plan. V. DESCRIPTION OF PROPOSED POWERS,IMPROVEMENTS AND SERVICES A. Powers of the Districts and Service Plan Amendment. The Districts shall have the power and authority to provide the Public Improvements within and without the boundaries of the Districts as such power and authority is described in the Special Districts Act, and other applicable statutes, common law and the State Constitution, subject to the limitations set forth herein. If, after the Service Plan is approved, the State Legislature includes additional powers or grants new or broader powers for Title 32 Districts by amendment of the Special District Act, no such powers shall be available to or exercised by the Districts unless the Districts publish forty-five-day notice and provides written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If,within forty-five(45) days of the publication of such notice, the BOCC expresses to the Districts a written objection to the proposed exercise of such new or broader powers, then the exercise of the same by the Districts without the prior written consent of the BOCC shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1-207(2), C.R.S. 423954_6 -4- 1. Operations and maintenance limitation. The purpose of the Districts is to plan, design, acquire, construct, install, relocate, redevelop and finance the Public Improvements. The Districts shall dedicate the Public Improvements to the County or other appropriate districts, jurisdictions or owners' association in a manner consistent with the Approved Development Plan, other rules and regulations of the County and applicable provisions of the County Code. With the exception of the Service District as such authorization is described pursuant to Section IX herein, the Financing Districts shall not be authorized to operate and maintain any part or all of the Public Improvements, unless specifically provided for and identified with particularity in this Service Plan or pursuant to an intergovernmental agreement with the County. 2. Construction standards limitation. The Districts will ensure that the Public Improvements are designed and constructed in accordance with the standards and specifications of the County and of other governmental entities having proper jurisdiction, as applicable. The Districts will obtain all applicable permits for construction and installation of Public Improvements prior to performing such work. 3. Privately placed debt limitation. Prior to the issuance of any privately placed Debt, the Districts shall obtain the certification of an External Financial Advisor substantially as follows: We are [I am] an External Financial Advisor within the meaning of the Districts' Service Plan. We [I] certify that(1)the net effective interest rate(calculated as defined in Section 32-1- 103(12), C.R.S.) to be borne by the Districts for the [insert the designation of the Debt] does not exceed a reasonable current [tax-exempt] [taxable] interest rate, using criteria deemed appropriate by us [me] and based upon our [my] analysis of comparable high yield securities; and (2) the structure of [insert the designation of the Debt], including maturities and early redemption provisions, is reasonable considering the financial circumstances of the Districts. 4. Inclusion limitation. The Districts shall not include within their boundaries any property outside the Service Area without the prior written consent of the BOCC. Inclusions or exclusions not described in this Service Plan shall require a forty-five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the Districts a written objection to the proposed inclusion or exclusion, then the proposed inclusion or exclusion shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1- 207(2), C.R.S. 5. Initial debt limitation. Prior to the effective date of approval of an Approved Development Plan relating to development within the Service Area, the Districts shall not: (a) issue any Debt; (b) impose a mill levy for the payment of Debt by direct imposition or by transfer of funds from the operating fund to the debt service fund of any District; or (c) impose and collect any fees used for the purpose of repayment of Debt. 6. Total debt issuance limitation. The Districts shall not issue Debt in excess of $39,000,000. To the extent the Districts seeks to modify the Total Debt Issuance Limitation, it shall proceed in accordance with Subsection 2-14-20.I of the County Code. 7. Monies from other governmental sources. The Districts shall not apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds or other funds available from or through governmental or nonprofit entities for which the County is eligible to apply, except pursuant to an intergovernmental agreement with the County. This Section shall not apply to 423954_6 -5- specific ownership taxes which shall be distributed to and a revenue source for the Districts without any limitation. 8. Consolidation limitation. The Districts shall not file a request with any court to consolidate with another Title 32 Districts without the prior written consent of the County. This limitation shall not apply to consolidations among or between the Districts. 9. Eminent domain limitation. The Districts shall not exercise their statutory power of eminent domain, except as may be necessary to construct, install, access, relocate or redevelop the Public Improvements identified in the Primary Infrastructure Plan. Any use of eminent domain shall be undertaken strictly in compliance with state law. Any proposed use of eminent domain for a purpose.other than as may be necessary to complete the Public Improvements identified in the Primary Infrastructure Plan shall require a forty-five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the Districts a written objection to the proposed use of eminent domain by the Districts, then the proposed use of eminent domain shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1-207(2), C.R.S. 10. Service Plan amendment requirement. This Service Plan is general in nature and does not include specific detail in some instances because development plans have not been finalized. The Service Plan has been designed with sufficient flexibility to enable the Districts to provide required services and facilities under evolving circumstances without the need for numerous amendments. Modification of the general types of services and facilities making up the Public Improvements, and changes in proposed configurations, locations or dimensions of the Public Improvements, shall be permitted to accommodate development needs consistent with the then- current Approved Development Plans for the Project. The Districts are independent units of local government, separate and distinct from the County, and their activities are subject to review by the County only insofar as they may deviate in a material manner from the requirements of the Service Plan. Any action of the Districts which: (1) violate the limitations set forth in Sections V.A.1-9 above; or(2)violate the limitations set forth in Subsections VI.B—H below, shall be deemed to be a material modification to this Service Plan,unless otherwise agreed by the County as provided for in Section X of this Service Plan. B. Primary Infrastructure Plan. The Districts shall have authority to provide for the planning, design, acquisition, construction, installation,relocation,redevelopment,maintenance and financing of the Public Improvements within and without the boundaries of the Districts, to be more specifically defined in an Approved Development Plan. The Primary Infrastructure Plan, including: (1) a list of the anticipated Public Improvements to be developed by the Districts; and (2) an estimate of the cost of the Public Improvements is attached hereto as Exhibit D. The Map Depicting Public Improvements is attached hereto as Exhibit E. In accordance with Subsection 2-14-20.L of the County Code, the Map Depicting Public Improvements shall also be provided to the County in(at minimum)24" x 36" format. The Map Depicting Public Improvements may be reduced as necessary to permit filing of the approved Service Plan with the Districts Court for and in Weld County, Colorado. As shown in the Primary Infrastructure Plan,the estimated cost of the Public Improvements which may be planned for, designed, acquired, constructed, installed, relocated, redeveloped, maintained or financed by the Districts is approximately $45,000 in 2012 dollars. 423954_6 -6- The Districts shall be permitted to allocate any portion of the estimated costs set forth in the Primary Infrastructure Plan between such categories of the Public Improvements as deemed necessary in its discretion. All of the Public Improvements described herein will be designed in such a way as to assure that the Public Improvements standards will be compatible with those of the County and shall be in accordance with the requirements of the Approved Development Plan. All descriptions of the Public Improvements to be constructed, and their related costs, are estimates only and are subject to modification as engineering, development plans, economics, the County's requirements and construction scheduling may require. Upon approval of this Service Plan, the Districts will continue to develop and refine the Primary Infrastructure Plan and the Map Depicting Public Improvements, as necessary, and prepare for issuance of Debt. All cost estimates will be inflated to then-current dollars at the time of the issuance of Debt and construction. All construction cost estimates contained in Exhibit D assume construction to applicable local, state or federal requirements. VI. FINANCIAL PLAN A. General. The Districts shall be authorized to provide for the planning, design, acquisition, construction, installation, relocation and/or redevelopment of the Public Improvements from its revenues and by and through the proceeds of Debt to be issued by the Districts. The Financial Plan for the Districts shall be to issue such Debt as the Districts can reasonably pay within the Maximum Debt Mill Levy Imposition Term from revenues derived from the Maximum Debt Mill Levy and other legally available revenues. The total Debt that the Districts shall be permitted to issue shall not exceed the Total Debt Issuance Limitation and shall be permitted to be issued on a schedule and in such year or years as the Districts determine shall meet the needs of the Financial Plan referenced above and phased to serve development as it occurs. All Bonds and other Debt issued by the Districts may be payable from any and all legally available revenues of the Districts, including general ad valorem taxes to be imposed upon all taxable property within the Districts. The Districts will also rely upon various other revenue sources authorized by law. These will include the power to assess fees, rates, tolls, penalties or charges as provided in Section 32-1-1001(1), C.R.S. The Total Debt Issuance Limitation is supported by the Financial Plan prepared by Anchor Fiscal Management, LLC, attached hereto as Exhibit F. The Financial Plan attached to this Service Plan satisfies the requirements of Subsection 2-14-20.I of the County Code. B. Maximum Voted Interest Rate and Maximum Underwriting Discount. The interest rate on any Debt is expected to be the market rate at the time the Debt is issued. In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed fifteen percent (15%). The proposed maximum underwriting discount will be five percent (5%). Debt, when issued, will comply with all relevant requirements of this Service Plan, state law and federal law as then applicable to the issuance of public securities. C. Maximum Debt Mill Levy. The Maximum Debt Mill Levy shall be the maximum mill levy the Districts is permitted to impose upon the taxable property within the Districts for payment of Debt, and shall be fifty (50) mills; provided that if, on or after January 1, 2012, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the mill levy limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Boards in good faith(such determination to be binding and final) so that,to the extent possible,the 423954_6 -7- actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2012, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. All Debt issued by the Districts must be issued in compliance with the requirements of Section 32-1-1101, C.R.S., and all other requirements of state law. D. Maximum Debt Mill Levy Imposition Term. The Districts shall not impose a levy for repayment of any and all Debt(or use the proceeds of any mill levy for repayment of Debt) on any property which exceeds thirty (30) years after the year of the initial imposition of a mill levy for repayment of Debt to such property unless a majority of the Boards are residents of the Districts and have voted in favor of a refunding of a part or all of the Debt and such refunding will result in a net present value savings as set forth in Section 11-56-101 et seq.,C.R.S. The Districts shall be limited to issuing new Debt within a period of fifteen (15) years from the date of the Districts' first debt authorization election. Upon written notice to the County, the Districts may issue Debt after the fifteen-year period in order to provide the services outlined in this Service Plan if development phasing is of a duration that makes it impracticable to issue all debt within the fifteen-year period. E. Debt Repayment Sources. The Districts may 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,to the extent operations and maintenance functions are specifically addressed in this Service Plan or pursuant to an intergovernmental agreement with the County. The Districts may also rely upon various other revenue sources authorized by law. At the Districts' discretion, these may include the power to assess fees, rates, tolls, penalties or charges as provided in the Special Districts Act. In no event shall the debt service mill levy in the Districts exceed the Maximum Debt Mill Levy. F. Security for Debt. The Districts shall not pledge any revenue or property of the County as security for the indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed as a guarantee by the County of payment of any of the Districts' obligations; nor shall anything in the Service Plan be construed so as to create any responsibility or liability on the part of the County in the event of default by the Districts in the payment of any such obligation. G. TABOR Compliance. The Districts will comply with the provisions of TABOR. In the discretion of the Boards, the Districts may set up other qualifying entities to manage, fund, construct and operate facilities, services and programs. To the extent allowed by law, any entity created by the Districts will remain under the control of the Districts' Boards. H. Districts' Operating Costs. The estimated cost of acquiring land, engineering services, legal services and administrative services, together with the estimated costs of the Districts' organization and initial operations, are anticipated to be$100,000,which will be eligible for reimbursement from Debt proceeds. In addition to the capital costs of the Public Improvements, the Districts will require operating funds for administration and to plan and cause the Public Improvements to be operated and maintained. 423954_6 -8- The first year's operating budget is estimated to be $100,000, which is anticipated to be derived from property taxes and other revenues produced to the Service District by the Maintenance District. The Maximum Debt Mill Levy for the repayment of Debt shall not apply to the Districts' ability to increase its mill levy as necessary for provision of operation and maintenance services to its taxpayers and service users. The Aggregate Mill Levy Cap shall be the maximum mill levy the Districts is permitted to impose upon the taxable property within the Districts for payment of Debt and operations and maintenance functions, and shall be sixty-five (65) mills and shall be specifically inclusive of any mill levy imposed by the Maintenance District; provided that if, on or after January 1, 2012, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement,the mill levy limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Boards in good faith (such determination to be binding and final) so that, to the extent possible,the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. Although the operations and maintenance mill levy imposed by the Districts may exceed fifteen(15)mills as part of the Aggregate Mill Levy Cap,the debt service mill levy may not exceed the Maximum Debt Mill Levy. I. Elections. The Districts will call an election on the questions of organizing the Districts, electing the initial Boards and setting in place the proposed financial structure as required by TABOR. The election will be conducted as provided in the Uniform Election Code of 1992, the Municipal Election Code and TABOR. At least thirty (30) days prior to the Districts' organizational election, the proposed ballot questions shall be submitted to the County for review to ensure that said ballot questions are in compliance with this Service Plan. VII. ANNUAL REPORT A. General. The Districts shall be responsible for submitting an annual report with the County Clerk not later than March 1 of each year following the year in which the Order and Decree creating the Districts has been issued by the Districts Court for and in Weld County, Colorado. B. Reporting of Significant Events. The annual report shall include information as to any of the following: 1. Boundary changes made or proposed to the Districts' boundaries as of December 31 of the prior year. 2. Intergovernmental Agreements with other governmental entities, either entered into or proposed as of December 31 of the prior year. 3. Copies of the Districts' rules and regulations, if any, as of December 31 of the prior year. 4. A summary of any litigation which involves the Districts' Public Improvements as of December 31 of the prior year. 5. Status of the Districts' construction of the Public Improvements as of December 31 of the prior year. 423954_6 -9- 6. A list of all facilities and improvements constructed by the Districts that have been dedicated to and accepted by the County as of December 31 of the prior year. 7. The estimated assessed valuation of the Districts for the current year. 8. Current year budget including a description of the Public Improvements to be constructed in such year. 9. Audit of the Districts' financial statement, for the year ending December 31 of the previous year, prepared in accordance with generally accepted accounting principles or audit exemption,if applicable. VIII. DISSOLUTION Upon a determination of the BOCC that the purposes for which the Districts were created have been accomplished, the Districts agree to file a petition in the District Court in and for Weld County, Colorado, for dissolution, in accordance with the provisions of the Special District Act. In no event shall dissolution occur until the Districts have provided for the payment or discharge of all of its outstanding Debt and other financial obligations as required pursuant to state statutes. If the Districts are responsible for ongoing operations and maintenance functions under this Service Plan (Long-Term Districts Obligations), the Districts shall not be obligated to dissolve upon any such BOCC determination. However, should the Long-Term Districts Obligations be undertaken by the County or other governmental entity, or should the Districts no longer be obligated to perform the Long-Term Districts Obligations,the Districts agree to commence dissolution proceedings as set forth above. IX. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND EXTRATERRITORIAL SERVICE AGREEMENTS All such agreements must be for facilities, services and agreements lawfully authorized to be provided by the Districts, pursuant to the State Constitution, Section XIV, Section 18(2)(a), and Sections 29-1-201 et seq., C.R.S. To the extent practicable, the Districts may enter into additional intergovernmental and private agreements to better ensure long-term provision of the Public Improvements identified herein. Agreements may also be executed with property owner associations and other service providers. Any agreements which are required, or known at the time of formation of the Districts to likely be required, to fulfill the purposes of the Districts, must be described in this Service Plan, along with supporting rationale. Execution of intergovernmental or extraterritorial agreements by the Districts that are not described in this Service Plan shall require a forty-five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If,within forty-five(45) days of the publication of such notice,the BOCC expresses to the Districts a written objection to the proposed agreements,then the entry into said agreements without the prior written approval of the BOCC shall be considered a material modification of this Service Plan and shall be resolved only in accordance with Section 32-1-207(2), C.R.S. The following intergovernmental agreements are contemplated to be entered and shall be authorized to be issued on a multi-fiscal year basis. All agreements identified in this Section IX shall be specifically exempted from the Total Debt Issuance Limitation: A. Master Intergovernmental Agreement The Districts will undertake the District Activities in a coordinated manner with the Service District undertaking the administration of all District Activities. Accordingly,the Districts are expected to enter into one or more intergovernmental agreements that will define the obligations of each of the Financing Districts and the Service District as to construction, operation and maintenance and funding obligations for the applicable District Activities. 423954_6 -10- B. Maintenance Intergovernmental Agreement. The Service District will enter into a Maintenance Intergovernmental Agreement with Dry Creek East Maintenance Metropolitan District, which shall set forth the obligations of each of the Districts relative to operation and maintenance obligations required to be undertaken by the County. C. County Intergovernmental Agreement. The County and the Service District may enter into an IGA, if required by the County, regarding the nature of the relationship between the Service District and the County, and setting forth various procedures and agreements regarding the construction, ownership, operation and maintenance of improvements constructed by the Service District. D. Extraterritorial Intergovernmental Agreement. (1) Water and Sewer Service. Water and sewer service will be provided to properties within the boundaries of the Districts by the Todd Creek Village Metropolitan District pursuant to an extraterritorial service agreement. The Districts' authorization under this Service Plan shall be limited to causing the financing and construction of all internal water and sewer improvements needed for the Project, and causing the financing and construction of water and sewer improvements and facilities outside of the Project that are needed to connect the Districts' internal infrastructure to the Todd Creek Village Metropolitan District existing connections (or where appropriate to the City of Fort Lupton's connections for sanitary sewer). All water and sewer improvements authorized for financing and construction by the Districts shall be designed and constructed in accordance with the Todd Creek Village Metropolitan District standards and shall be conveyed to the Todd Creek Village Metropolitan District upon completion. The Districts shall not amend this Service Plan in any manner that would affect or expand the water or sewer powers contemplated herein without the express consent of the Todd Creek Village Metropolitan District . X. MATERIAL MODIFICATIONS Material modifications to this Service Plan may be made only in accordance with Section 32-1- 207, C.R.S. All modifications to the written provisions of this Service Plan, whether deemed material or otherwise, must be approved by the County prior to becoming effective, and the Districts shall not be permitted to unilaterally make such modifications. No modification shall be required for an action of the Districts which does not materially depart from the provisions of this Service Plan. The Districts may request from the County a determination as to whether the County believes any particular action constitutes a material departure from the Service Plan, and the Districts may rely on the County's written determination with respect thereto; provided that the Districts acknowledge that the County's determination as aforesaid will be binding only upon the County, and will not be binding upon any other party entitled to enforce the provisions of the Service Plan as provided in Section 32-1-207, C.R.S. XI. CONCLUSION It is submitted that this Service Plan for the Districts, as required by Section 32-1-203(2), C.R.S., and Section 32-1-203(3), C.R.S., establishes that: 1. There is sufficient existing and projected need for organized service in the area to be serviced by the Districts; 2. The existing service in the area to be served by the Districts is inadequate for present and projected needs; 3. The Districts are capable of providing economical and sufficient service to the area within its proposed boundaries; 423954_6 -11- 4. The area to be included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; 5. Adequate service is not, and will not be, available to the area through the County or other existing municipal or quasi-municipal corporations, including existing special Districts, within a reasonable time and on a comparable basis; 6. The facility and service standards of the Districts are compatible with the facility and service standards of the County and each municipality which is an interested party under Section 32-1-204(1), C.R.S.; 7. The proposal is in substantial compliance the County's Master Plan adopted pursuant to Section 30-28-106, C.R.S.; 8. The proposal is in compliance with any duly adopted County, regional or state long-range water quality management plan for the area; 9. The creation of the Districts is in the best interests of the area proposed to be served; and 10. The creation of the Districts is in the best interests of the residents and future residents of the area proposed to be served. XII. RESOLUTION OF APPROVAL The Districts agree to incorporate the BOCC's resolution of approval, including any conditions on any such approval, into the Service Plan presented to the District Court for and in Weld County, Colorado. 423954_6 -12- EXHIBIT A-1 Land Descriptions for the Initial Districts' Boundaries (Dry Creek Metropolitan District Nos. 1-5) DRY CREEK EAST LAND DESCRIPTION-PAGE 1 OF 1 PART OF THE NORTHEAST QUARTER OF SECTION 26,TOWNSHIP ONE NORTH, RANGE 67 WEST OF THE SIXTH PRINCIPAL MERIDIAN,COUNTY OF WELD,STATE OF COLORADO,MORE PARTICULARLY DESCRIBED AS FOLLOWS: THE BASIS OF BEARINGS IS THE EAST LINE OF THE NORTHEAST QUARTER OF SECTION 26,TOWNSHIP ONE NORTH,RANGE 67 WEST OF THE SIXTH PRINCIPAL MERIDIAN,COUNTY OF WELD,STATE OF COLORADO, BEING MONUMENTED AT THE NORTHEAST QUARTER CORNER AS A 2#INCH ALUMINUM CAP STAMPED"L.S. 9644"AND BEING MONUMENTED AT THE SOUTHEAST QUARTER CORNER AS A 2i INCH ALUMINUM CAP STAMPED"L.S.9644",SAID LINE BEARS S 00°05'27"W FOR A DISTANCE 2650.97 FEET. BEGINNING AT THE SOUTHEAST CORNER OF NORTHEAST QUARTER OF SECTION 26,THENCE N00°05'27"E, ALONG THE EAST LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 138.35 TO THE POINT OF BEGINNING,SAID POINT ALSO BEING ON THE EASTERLY RIGHT-OF-WAY LINE OF WELD COUNTY ROAD 23 AS DESCRIBED IN RECORDED EXEMPTION NO. 1469-26-1 RE215 RECEPTION NO. 1694272 AND 2147506 ALSO SUBJECT TO COUNTY ROAD RIGHT OF WAY AS RECORDED AT THE CLERK AND RECORDERS OFFICE IN BOOK 86 AT PAGE 273;THENCE ALONG SAID EASTERLY RIGHT-OF-WAY LINE THE FOLLOWING FOUR(4)COURSES AND DISTANCES: N31°47'31"W FOR A DISTANCE OF 50.07 FEET; THENCE N09°48'48"W FOR A DISTANCE OF 879.02 FEET; THENCE N11°09'50"W FOR A DISTANCE OF 151.32 FEET; THENCE N29°14'32"E FOR A DISTANCE OF 305.00 FEET TO A POINT ON THE EASTERLY LINE OF SAID NORTHEAST QUARTER; THENCE DEPARTING SAID EASTERLY RIGHTO-OF-WAY S00°05'27"W,ALONG EASTERLY LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 1323.31 FEET TO THE POINT OF BEGINNING: SAID PARCEL CONTAINING A CALCULATED AREA OF 3.05 ACRES MORE OR LESS. I,TROY L.NEDVED,A SURVEYOR IN THE STATE OF COLORADO,DO HEREBY CERTIFY THAT THE ABOVE LAND DESCRIPTION AND ATTACHED EXHIBIT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION. TROY L. NEDVED, PLS#37985 DATE: i I I I Civil 6 C Design Group, Inc. C I E ENGINEERS+PLANNERS+SURVEYORS PRELININARY°°"p6e 79N7000 E Berty PI,S0U°16D M.o....:�NW E.°d VUkpe,CO 80117 � � PC 303.431.0505 F®c 303431-7178 "wrn"rsaar"cvenae e.m sFe Hnelt englneeing®dvb00'0uP•cam - _ EXHIBIT A-2 Land Descriptions for Inclusion Area Boundaries DRY CREEK EAST LAND DESCRIPTION- PAGE 1 OF 2 PART OF THE SOUTHWEST QUARTER(SW 1/4)AND THE NORTHWEST QUARTER(NW 1/4)OF SECTION 35,AND PART OF THE SOUTHWEST QUARTER(SW 1/4)AND THE NORTHEAST QUARTER(NE 1/4)OF SECTION 26, TOWNSHIP ONE NORTH(T01 N), RANGE SIXTY-SEVEN WEST(R67W)OF THE SIXTH PRINCIPAL MERIDIAN(6TH P.M.), COUNTY OF WELD,STATE OF COLORADO,MORE PARTICULARLY DESCRIBED AS FOLLOWS: THE BASIS OF BEARINGS IS THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 35,TOWNSHIP ONE NORTH(T01N),RANGE SIXTY-SEVEN WEST(R67W)OF THE SIXTH PRINCIPAL MERIDIAN (6TH P.M.),COUNTY OF WELD,STATE OF COLORADO, BEING MONUMENTED AT THE SOUTHWEST QUARTER CORNER AS A 2-INCH ALUMINUM CAP STAMPED"L.S.25937"AND BEING MONUMENTED AT THE NORTHWEST QUARTER CORNER AS A 3.25-INCH ALUMINUM CAP STAMPED"L.S.25937". SAID LINE BEARS ND0°46'38"W FOR A DISTANCE OF 2639.85 FEET. BEGINNING AT THE SOUTHWEST CORNER OF SOUTHWEST QUARTER OF SECTION 35,THENCE N00°46'38"W, ALONG THE WEST LINE OF SAID SOUTHWEST QUARTER,A DISTANCE OF 2639.85 FEET TO THE NORTHWEST CORNER OF SAID SOUTHWEST QUARTER,THENCE N89°35'40"E,ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER,SAID NORTH LINE ALSO BEING THE SOUTHERLY LINE OF LOT A RECORDED EXEMPTION NO. 1469-35-03 RE-4462 RECEPTION NO.3450532,FOR A DISTANCE OF 738.93 FEET;THENCE DEPARTING THE NORTH LINE OF SAID SOUTHWEST QUARTER N00°24'20"W,ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 154.03 FEET;THENCE N58°48'43"W,ALONG THE NORTHERLY LINE OF SAID LOT A FOR A DISTANCE OF 872.46 FEET TO A POINT ON THE WESTERLY LINE OF THE NORTHWEST QUARTER OF SECTION 35;THENCE DEPARTING THE NORTHERLY LINE OF SAID LOT A N00"48'03"W,ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 368.46 FEET;THENCE DEPARTING THE WESTERLY LINE OF SAID NORTHWEST QUARTER N84°21'53"E, ALONG THE SOUTHERLY LINE OF LOT A OF RECORDED EXEMPTION NO. 1469-35-1 RE-4487 RECEPTION NO. 3440694 FOR A DISTANCE OF 500.21 FEET;THENCE N00"32'57"W,ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 345.19 FEET;THENCE S89°11'57"W,ALONG THE NORTHERLY LINE OF SAID LOT A FOR A DISTANCE OF 500.00 FEET TO A POINT ON THE WESTERLY LINE OF SAID NORTHWEST QUARTER;THENCE DEPARTING THE NORTHERLY LINE OF SAID LOT A N00"48'03"W,ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 1273.57 FEET TO THE NORTHWEST CORNER OF SAID NORTHWEST QUARTER OF SECTION 35; SAID NORTHWEST CORNER ALSO BEING THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER OF SECTION 26,THENCE N00°33'06"W,ALONG THE WESTERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2640.02 FEET TO THE NORTHWEST CORNER OF SAID SOUTHWEST QUARTER,THENCE N89°40'23"E, ALONG THE NORTHERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2645.72 FEET TO THE NORTHEAST CORNER OF SAID SOUTHWEST QUARTER;THENCE N00°31'18"W,ALONG THE WESTERLY LINE OF THE NORTHEAST QUARTER OF SECTION 26 FOR A DISTANCE OF 2493.67 FEET,THENCE DEPARTING THE WESTERLY LINE OF SAID NORTHEAST QUARTER ALONG THE SOUTHERLY LINE OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE-1898 RECEPTION NO.2510456,THE FOLLOWING SEVEN(7)COURSES AND DISTANCES: 1.S55°12'32"E FORA DISTANCE OF 128.80 FEET; 2.THENCE S41°20'46"E FOR A DISTANCE OF 330.15 FEET; 3.THENCE S64°00'29"E FOR A DISTANCE OF 296.15 FEET; 4.THENCE S87°16'23"E FOR A DISTANCE OF 294.42 FEET; 5.THENCE S65°17'31"E FOR A DISTANCE OF 158.91 FEET; 6.THENCE S85°05'04"E FOR A DISTANCE OF 190.61 FEET; 7.THENCE S80°02'21"E FOR A DISTANCE OF 300.48 FEET; THENCE N02°53'58"E ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 764.93 FEET TO A POINT ON THE NORTHERLY LINE OF SAID NORTHEAST QUARTER;THENCE DEPARTING THE EASTERLY LINE OF SAID LOT A N89°34'02"E,ALONG THE NORTHERLY LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 847.23 FEET; iTHENCE DEPARTING THE NORTHERLY LINE OF SAID NORTHEAST QUARTER S00°05'27"W FOR A DISTANCE OF i 267.01 FEET;THENCE N89°34'02"E FOR A DISTANCE OF 245.01 FEET TO THE EASTERLY LINE OF SAID i NORTHEAST QUARTER;THENCE S00°05'27"W,ALONG THE EASTERLY LINE OF SAID NORTHEAST QUARTER i FOR A DISTANCE OF 445.01 FEET; I1 c Civil Design Group,Inc. ENGINEERS+PLANNERS+SURVEYORS PIELIVINARYN'izt.---.. Shce ER Graamw°d VAlepe,CD p0111 .......ter Pte 303.131.0505 Far 303-031-7178 �wwre.e r°aen°S°rtvv"i wve"'v E•maE enpineednp®dV3dpr°uP.mm DRY CREEK EAST LAND DESCRIPTION-PAGE 2 OF 2 THENCE DEPARTING THE EASTERLY LINE OF SAID NORTHWEST QUARTER AND CONTINUING ALONG THE NORTHERLY AND WESTERLY LINES OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE-2859 RECEPTION NO. 2949931,THE FOLLOWING THREE(3)COURSES AND DISTANCES: 1.S79°57'21"W FOR A DISTANCE OF 289.21 FEET; 2.THENCE S88°57'31"W FOR A DISTANCE OF 106.78 FEET; 3.THENCE S08°33'31"W FOR A DISTANCE OF 965.24 FEET; THENCE DEPARTING THE WESTERLY LINE OF SAID LOT A AND CONTINUING ALONG THE WESTERLY,SOUTHERLY AND EASTERLY LINES OF LOT B RECORDED EXEMPTION NO. 1469-26-1 RE215 RECEPTION NO. 1694272 AND 2147506 THE FOLLOWING FOUR(4)COURSES AND DISTANCES: 1. S26°28'31"W FOR A DISTANCE OF 272.60 FEET; 2.THENCE S01°10'04"E FOR A DISTANCE OF 148.90 FEET; 3.THENCE N89°04'04"E FOR A DISTANCE OF 530.60 FEET; 4.THENCE N09°48'48"W FOR A DISTANCE OF 389.70 FEET; THENCE DEPARTING THE EASTERLY LINE OF SAID LOT B AND CONTINUING ALONG THE EASTERLY LINES OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE-2859 RECEPTION NO.2949931,THE FOLLOWING THREE(3)COURSES AND DISTANCES: 1. N09°48'48"W FOR A DISTANCE OF 117.30 FEET; 2.THENCE N11°09'50"E FOR A DISTANCE OF 161.65 FEET; 3.THENCE N29°14'32"E FOR A DISTANCE OF 363.56 FEET TO A POINT ON THE EASTERLY LINE OF SAID NORTHEAST QUARTER; THENCE DEPARTING THE EASTERLY LINE OF SAID LOT A S00°05'27'W,ALONG THE EAST LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 1523.23 FEET TO THE SOUTHEAST CORNER OF SAID NORTHEAST QUARTER;THENCE S89°40'23"W,ALONG THE SOUTH LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 2618.41 FEET TO THE SOUTHWEST CORNER OF SAID NORTHEAST QUARTER;THENCE S00°31'18"E,ALONG THE EAST LINE OF THE SOUTHWEST QUARTER OF SECTION 26 FOR A DISTANCE OF 2635.43 FEET TO THE SOUTHEAST CORNER OF SAID SOUTHWEST QUARTER; SAID SOUTHEAST CORNER ALSO BEING THE NORTHEAST CORNER OF NORTHWEST QUARTER OF SECTION 35; THENCE S00°39'48"E,ALONG THE EAST LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 2641.41 FEET TO THE NORTHEAST CORNER OF SOUTHWEST QUARTER OF SECTION 35;THENCE S00°40'00"E,ALONG THE EAST LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 759.77 FEET;THENCE N68°58'25"W FOR A DISTANCE OF 755.90 FEET;THENCE NORTHWESTERLY,ALONG A CIRCULAR CURVE TO THE RIGHT HAVE A RADIUS OF 5729.75 FEET,AN ARC LENGTH OF 680.93 AND A CHORD WHICH BEARS N65°35'53"W FOR A DISTANCE OF 680.53 FEET TO A POINT ON THE EASTERLY LINE OF THE WEST HALF OF SAID SOUTHWEST QUARTER;THENCE S00°43'19"E,ALONG THE EASTERLY LINE OF THE WEST HALF OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2440.93 FEET TO SOUTHEAST CORNER OF THE WEST HALF OF SAID SOUTHWEST QUARTER;THENCE S89°33'23"W,ALONG THE SOUTHERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 1316.44 FEET TO THE POINT OF BEGINNING: SAID PARCEL CONTAINING A CALCULATED AREA OF 530.10 ACRES MORE OR LESS;SAID PARCEL BEING SUBJECT TO COUNTY ROAD RIGHT-OF-WAY AS RECORDED AT THE CLERK AND RECORDERS OFFICE IN BOOK 86 AT PAGE 273. D I,TROY L.NEDVED,A SURVEYOR IN THE STATE OF COLORADO,DO HEREBY CERTIFY THAT THE ABOVE LAND DESCRIPTION AND ATTACHED EXHIBIT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION. E a I 1 c Civil Design Group,Inc. TROY L.NEDVED,PLS#37985 DAT • align z..7 7SOOE. .nyPL AIte150 SURVEYORS FREI Il UARY°b�'� 7000 E eany PI-SuOe 150 Gr°umvood Vll�Os,GO 50111 P5 303.431.0505 Fax:303-431-7176 Ernst:en01n°ningedv5°ar°up.com i EXHIBIT B Vicinity Map DRY CREEK EAST VICINITY MAP r x ' a , -0;''''.."1,124".:',' 4. _ C f ,, 4 �� ,�„. Ø19JRY, WELD C{ �°� , � '�, :,� � �,, E ' .!.. f WELD CO.RD#7 , a xse. .:: ,„tiw �. '". ₹„,h, .mgrs t - '; • ,,,,�j°,' =.,V ;, �' 1,� a in t #�r� fl k� g .: '. ,.it k , i �. e M (fir „p , ., ;„,----„',._ „:•Ailt.0 '' 1 3 8, Civil Design Groups', roup, Inc. 0' 5000' 10000' 15000' $ ENGINEERS+PLANNERS+SURVEYORS ilm7900 E.BERRY PL.,SUITE 150 n GREENWOOD VILLAGE,CO 80111 SCALE 1"=5000' 303.431.0505 Fax:303-431-7176 E-mail:engineering@civildgroup.com Y EXHIBIT C-1 Initial Districts' Boundary Map DRY CREEK EAST EXHIBIT- PAGE 1 OF 1 NW COR OF NE I SEC 26 NE COR OF NE i SEC 26 FOUND 2"ALUM CAP- FOUND 2 i"ALUM CAP- LS 18475 --------- S9644_40_ -N\'''''''. .',,,„, N29 14'32"E 05.00 NORTHEAST}OF SECTION 26 N 11°'9'50"E TOWNSHIP 1 NORTH, 1 .32 RANGE 67 WEST OF ;1- 6TH PRINCIPAL MERIDIAN c 'Z'.7) •c EASTERLY RIGHT OF WAY LINE "'"' d SUBJECT TO COUNTY ROA D N`o RIGHT OF WAY AS RECORDE o w AT THE CLERK AND RECORDE'S m OFFICE IN BOOK 86 AT PAGE 2 3. N 09°48'48"W 879.02 P oCOaB'i N00°0527"E N 31°47'31"W �_ 138.35 bU.U/ r"SE COR OF NE i SEC 26 �NE COR OF SW i SEC 26 FOUND 2}"ALUM CAP- FOUND 3}"ALUM CAP-LS LS 9644 37890 I NOTE: i Denotes Change of Direction only. This Exhibit 1 does not represent a monumented survey. ills intended only to depict the attached land description. Civil I C Design 0' 500' 1000' 1500' Group,Inc. PpA � OI p ENGWEERS+PLANNERS+SURVEYORSCil 7900E Sony PL.Suite 150 SCALE 1"=500' Greenwood Village.CO 50111 Ph:303l.431.0505 Fax 383-931-7175 eaten MTMOFFeearwe onu we ..............•••••• E-mat enplaeedng©cMdpmup.00m EXHIBIT C-2 Inclusion Area Boundary Map DRY CREEK EAST EXHIBIT- PAGE 1 OF 5 $N...._.................. SEE PAGE 5 FOR NE}OF SECTION 26 I- 1 •I � I I I SEE PAGE 4 FOR I SW i OF SECTION 26 I I I I I I I I I I t 1. SEE PAGE 3 FOR NW}OF SECTION 35 .4f .....41-' 4- I I I I SEE PAGE 2 FOR I SW}OF SECTION 35 I I I I kl m I I f 1 I I I Civil L 1 ¢ - J N.T.S Design Group, Inc. ©cW. iii ENGINEERS+PLANNERS+SURVEYORS Group, R 7900 E.Berry PI.,Suite 150 PRELIMINARY G%P.•_ �S X. Greenwood Village,CO 80111 Ph:303.431.0505 Fax:303-431-7176 `CXe MINT '",� a .�.cv rOFFICEorre use ow:DAM ,,: 3 .q � E-mail:engineering@cixildgroup.com Y DRY CREEK EAST EXHIBIT-PAGE 2 OF 5 I I LOT A RECORDED EXEMPTION SEE PAGE 3 NO.14594803 RE-4452 I REC.NO.3450532 N89"35'40"E _---_ ------------43-NE COR OFSW}SEC 35 738.93 FOUND 3}"ALUM CAP- NW COR OF SW}SEC 35 LS 24307 FOUND 3}"ALUM CAP- w LS 25937 bo b , �v br o N68"5 y %5595'il, Curve Length=680.93 Radius=5729.75 Delta=06'48'33" Cord Bearing=N 65°35'53"W Cord Length=680.53 N C 'C a m ti To)al MI co a to N <-aa' In M C7 to To o N b CO 0 z SOUTHWEST}OF SECTION 35 TOWNSHIP 1 NORTH, RANGE 67 WEST OF 6TH PRINCIPAL MERIDIAN S89*33'23"W _-_- ----- (316.44 ® -SW COR OF SW}SEC 35 S SE COR OF SW}SEC 35 COR OF SEC 35 3}"ALUM CAP- FOUND 2"ALUM CAP- FOUND 34"ALUM CAP- LS FOUND UND LS 25937 LS 24307 37890 t 1 • NOTE: Denotes Change of Direction only. This Exhibit does not represent a monumented survey. It is intended f6 only to depict the attached land description. Civil Design 0' 500' 1000' 1500' Group, Inc. ` mi pRELlivINARy0::::,... ENGINEERS+PLANNERS r SURVEYORS 7900 E.Sorry Pl.,,CO150 SCALE 1"=500' Greenwood Village.C 80111 ....com wql r,egr°"emccacewq an s+q r.r. °«w.� Plc 303.431.0505 Fax 303-431-7178 E-mall enyinaerin0@dv505IWP• DRY CREEK EAST EXHIBIT-PAGE 3 OF 5 SEE PAGE 4 - NW COR OF NW I SEC 35 NE COR OF NW I SEC 35 FOUND 2"ALUM CAP- FOUND 2 i"ALUM CAP- LS 25937 LS 25937 o u to n O N V O Z NORTHWEST}OF SECTION 35 TOWNSHIP 1 NORTH, RANGE 67 WEST OF La S 89°11'sr W 6TH PRINCIPAL MERIDIAN v r v I N 00°32'27"W ,T:h`- LOT A P3 1 IRECORDED EXEMPTION 345.19 °oo N NO.1459-35.1 RE-4487 I REC.NO.3440894 Cl) M N84°21'53"E Eo • 500.21 .4- b 0 I ° 8�?46 • LOT A I RECORDED EXEMPTION N 00°24'20"W NO.1469-35-03 RE-4462 i REC.NO.3450532 154.03 N89°35'40"E _---_---- -------- E COR OF SW i SEC 35 738.93 FOUND 3 "ALUM CAP- NW COR OF SW a SEC 35 SEE PAGE 2 LS 24307 FOUND 3 i"ALUM CAP- LS 25937r.4%.%%"414....."%4 9 i • NOTE: t I Denotes Change of Direction only. This Exhibit idoes not represent a monumented survey. It Is intended Ionly to depict the attached land description. CCivil Cosign 500' 1000' 1500' Group,Inc. IIIMIIIIIIIIIIMIIIMIliiPRELIVINARYiENGINEERSaPU1NNF.R6+SURVEYORS P�"°• MOO E.Berry PI„suite 150 SCALE 1"=500' Greenwood Mee.CO 80111 _"-„,__^ Ph:303.431.0505 Fe=303-431-7176 wwc.""rrwv.cswew"wa aa" Eq"IE enptneedn05dvlld9roUP.COM 5 DRY CREEK EAST EXHIBIT- PAGE 4 OF 5 SEE PAGE 5 N O 23"E ® 2645.72 NW COR OF SW i SEC 26 NE COR OF SW i SEC 26 FOUND 3 1"ALUM CAP- FOUND 3 i"ALUM CAP-LS LS 13155 37890 w row SOUTHWEST{OF SECTION 26 to rh o O TOWNSHIP 1 NORTH, < e RANGE 67 WEST OF °'m c a 6TH PRINCIPAL MERIDIAN o a z co - NW COR OF NW 4 SEC 35 E COR OFNW}SEC 35 FOUND 2"ALUM CAP- SEE PAGE 3 FOUND 2 i"ALUM CAP- LS 25937 LS 25937 D NOTE: i Denotes Change of Direction only. This Exhibit i does not represent a monumented survey. It is intended Ionly to depict the attached land description. i cCivil Design 0' 500' 1000' 1500' Group,Inc. civil c ENGINEERS+PLANNERS+SURVEYORS PRELIVI1ARY .7900E.BerryPL,Suds150GreenwoodVW ge,GO 80111 SCALE 1"=500' Pk 303.431.0506 FMC 303-431-7178 "°Ot"'°"'""""'M""'NOI°"m"" """'^""'�-" E+nelk enp$neering®dv8dgroup.com DRY CREEK EAST EXHIBIT-PAGE 5 OF 5 NW COR OF NE 4 SEC 26 NE COR OF NE 4 SEC 26 FOUND 2"ALUM CAP- FOUND 2 i"ALUM CAP- LS 18475 - S 9644 N69°34'02"E -.- 847.23 S55°12'32"E e‘.(\.K........<, 128.80 S 41°20'46"E Lora S 00°05'27"W RECORDED EXEMPTION W267.01 N0.1468 281 RE-1698 40 REC.NO.2510456 Un in 330,15 in of N 89°34'02"E S 64°00'29"E Tr o lo. 245.01 IcIm 296.15 in 5 79°57'21"W o Z 289.21 0 4 S88°57'31"W 1n S 87°16'23"E 7. 106.78 294.42 S65°17'31"E S80°02'21"E I 158.91 300.48 0 ,0 S85°05'04"E 44d 190.61 F,N o. V M co ° O1 N29°14'32"E °°r- 363.56 CO NORTHEAST 4 OF SECTION 26 "N TOWNSHIP 1 NORTH, o RANGE 67 WEST OF N 11°09'50"E Z 6TH PRINCIPAL MERIDIAN 161.65 S26°28'31"W 272.60 N 09°48'48"W LOT B S 01°10'04"E RECORDED EXEMPTION 117.30 NO.1469-26-1 RE-215 148.90 REC.NO.1694272 8 N 09°48'48"W 2147508 389.70 N 89°04'04"E-/1 530.60 N N in vi oN 0 0 co S 89°40'23"W 2618.41 SE COR OF NE3 SEC 26 NE COR OF SW 4 SEC 26 FOUND 2 4"ALUM CAP- SEE PAGE 4 FOUND 33"ALUM CAP-LS LS 9644 37890 z I • NOTE: t Denotes Change of Direction only. This Exhibit does not represent a monumented survey. It is intended p only to depict the attached land description.1 c Civil Design 0' 500' 1000' 1500' Group,Inc. D PRELIVIMARY ENGINEERS+PLANNERS+SURVEYORS ,,,°° `s 50 G966 E.,w odV 5sum 50 SCALE 1"=500' "M~ Greenwood 303.4 1.0505,CO 60111 Pn:303.r,gIne rI Fcb 303-031-7176 wununw.anuuew"OM.N. ----fl-t.--= E.Ma en9lnee'In9ad 09mup.cam I EXHIBIT D Primary Infrastructure Plan DISTRICT IMPROVEMENTS DRY CREEK EAST METROPOLITAN DISTRICT NOS. 1-5 ENGINEERS OPINION OF CONSTRUCTION COSTS Project: Dry Creek East Date: 6-Mar-12 Phase: Location: Weld County, CO Filing: Our Job#: 11-23 #Lots: Revision: Original Area: 530.1 acres By: TLN Public Roadway Improvements(Includes Storm Drainage,Street Lights,Sleeving,Curb a Gutter,Sidewalk) $13,966,500 Detention/Water Quality Pond $1,023,750 Sanitary Sewer $4,453,250 Potable Water $2,084,275 Irrigation Water $4,788,025 Common Landscaping $3,940,500 Utility Relocation/Distribution $2,000,000 Subtotal $32,256,300 Contingency $4,270,000 Engineering $3,247,000 Governmental Approvals/Inspection Fees $1,029,700 Construction Managemen/Review $1,399,000 Construction Survey $1,399,000 Geotechnical Engineering $1,399,000 Estimated Total $45,000,000 NOTICE: Civil Design Group, Inc.'s opinion of probable construction costs provided for herein are made on the basis of CDG's experience and qualifications and represent CDG's best judgment as an experienced and qualified professional engineer generally familiar with the construction industry. However,since CDG has no control over the cost of labor,materials,equipment or services labor,materials,equipment or services furnished by others,or over the contractors methods of determining prices,or over competitive bidding or market conditions,Civil Design Group cannot and will not warrant or guarantee that proposals,bids or actual construction costs will not vary from the opinions of costs provided herein. The costs included in this Opinion of Cost are for budgetary purposes only. No formal bids have been received. Prepared by: Civil Design Group, Inc. Engineers r Planners .Surveyors 3/6/2012 EXHIBIT E Map Depicting Public Improvements \ (irun-uorvray O in ♦ ,z---,' 4p -oh.;,,9 a6aR CE Od ?GV'd .., ,, 9 m w v: a f 30nni ZO 213 11rtil14 — --- --- N //''----------------7"'-\--:---'\\ w [ / rr'♦ w p=r. o Zr_(••:;•. .� T 6 i 1 J : , 01 rnvz1zouni..- s U • 1 _ LL '\,m w QI 8 CO• o I oW CL � (/fiI/J.4• I • �• o I D _ i U-i2 11 I— k),,, • ii I W Q � � - W I g° b CEO 4M1 i $P. 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LJ zw}� r , O,u,w EXHIBIT F Financial Plan ANCHOR FISCAL MANAGEMENT, LLC PRIVATE INVESTMENT BANKING Dry Creek Fast Metropolitan Districts#1-5 Weld County,Colorado I have compiled the accompanying Forecasted Sources and Uses of Funds,Schedule of Absorption and Assessed Valuation Model and Schedule of Residential and Commercial Development,System Development Fees and Market and Assessed Valuations for the proposed Dry Creek East Metropolitan Districts#1-5. The Sources and Uses of Funds is a consolidated model depicting construction and infrastructure improvements,a general obligation bond issuance,debt service,residential and commercial assessed valuations,ad valorem taxes,specific ownership taxes and system development fees. Also included is an analysis of absorption for various housing unit types,market values,and system development fees for the period of 2013 through 2047, This financial forecast is based on information that is the representation of ALF Equinox TCVN,LLC and does not include an evaluation of the support for the assumptions underlying the projection. I have not examined the ALF Equinox TCVN,LLC's assumptions and,accordingly,do not express an opinion or any other form of assurance on the accompanying statements or assumptions. Furthermore,there will usually be differences between forecasted and actual results,because events and circumstances frequently do not occur as expected,and those differences may be material. I have no responsibility to update this report for events and circumstances occurring after the date of this report. Anchor Fiscal Management,LLC March 2,2012 4225 South Pierce Street • Denver,Colorado 80235 Phone: 303.716.0116 • Cell: 303.4 89.4172 Dry Creek East Metropolitan Districts #1.5 Forecasted Statement of Cash Flows For the periods of 2013 throve-12047 Dry Creek East Metropolitan Districts #1-5 Summary of Significant Assumptions For the Period of 2013 through 2047 The following forecast is based upon information provided by representatives of the primary developer ALF Egninox TCVN, LLC(the "Developer")for the proposed Dry Creek East Metropolitan Districts#1-5 (the"District"). The following forecast presents,to the best of the Developer's knowledge and belief,the expected cash receipts and disbursements for the forecast period. Accordingly,the forecast reflects the Developer's judgment as of March 2, 2012. The assumptions disclosed herein are those that the Developer believes are significant to the forecast. There will usually be differences between the forecasted and actual results, because events and circumstances frequently do not occur as expected,and those differences may be material. The purpose of the forecast is to show the amount of funds available for infrastructure improvements and debt retirement related to the proposed$34 million bond issuance in the year 2017. Prior to the issuance of the bonds,funds for the needed infrastructure costs will need to be advanced by the Developer and reimbursed when the bonds are issued by the District. Note 1: Dry Creek East Metropolitan District Ad Valorem Taxes The primary source of revenue for the District will be the collection of ad valorem taxes. Residential property is estimated to be assessed at 7.96%of market values. Market values for 1,575 single family homes are estimated to range from$250,000 to $450,000. Market values for the sine family homes are forecasted to inflate at 3%per annum. After the construction of a residential unit is completed, assessed valuations are projected to inflate at 3%biennially. Commercial property is estimated to be assessed at 29%of market values. Market values for commercial development of 25,000 square feet are estimated at$200 per square foot. As per the Schedule of Residential and Commercial Absorption,System Development Fees and Market and Assessed Valuation,residential units are projected to be added over the period of 2014 through 2020. Commercial development is projected to be added in 2018. Property is assumed to be assessed annually as of January 1st. The forecast recognizes the related property taxes as revenue in the second year(i.e. a two-year delay between the building permit issuance and property tax revenue recognition). The County Treasurer currently charges a 1.5%fee for the collection of property taxes. These charges are reflected in the accompanying forecast as an expenditure. The mill levy to be imposed by the District for debt retirement is equal to 50.00 mills. The forecast assumes that Specific Ownership Taxes collected on motor vehicle registrations will be 8%of property taxes collected. It is projected that the Specific Ownership Taxes will be pledged to the bonds. Note 2: Dry Creek East Metropolitan District System Development Fees The District will impose a$5,000 System Development Fee on each residential unit and collect this fee at the time a building permit is issued. The System Development Fee of $5,000 is projected to increase by 3%per year. The System Development Fees are forecasted to be used for infrastructure improvements in the years before the bonds are issued,and used to service the debt after the issuance of the bonds commencing in 2018. The District will impose a$5 per square foot System Development Fee for commercial development which is forecasted to be received by the District in 2018. This fee is due at the time of building permit issuance. The commercial System.Development Fee of$5 per square foot is projected to increase by 3%per year. Note 3: Bond Assumptions and Infrastructure Costs The District intends to issue its general obligation bonds in 2017 in the principal amount of$34,000,000. These bonds are projected to carry a coupon rate of 6.00% and mature in 2047. The proceeds from the 2017 bond issue plus the amount of residential System Development Fees collected are anticipatftri to provide$37.3 million for infrastructure improvements. The balance of the bond proceeds will be used to provide a debt service reserve fund and to pay the costs of issuance. It is anticipated the bonds wdl be secured by a mill levy of 50 mills,the Specific Ownership Taxes and a portion of the System Development Fees. The bonds are projected to be repaid in level payments commencing in 2018 and mature in 2047. 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R .8 $ R8 R § § § § t § 2 "A A 11 1; 1 4 " y i tR E E >A le :II a _ amuow § 5 O$ g,! E a m o o w it E $ Li LL 11111 1 S U F I a ' R 'Q < ' i $ s E. ' 1 U ti N g g a A g To i ' E ' s ' E m ' 5 s ' 1 a g ti o c R m I ti T .2 E I R 8 R m n S . 3 �I o A. L n i • i • 1 ' 1 m ' ' 2 ' $ ' a a ' .. 1 9 1 J ! fl > y>yI !a t Q m U O W li C .g _ ..8$ rj$ LL < 1 1 U hii es$ SERVICE PLAN FOR DRY CREEK EAST MAINTENANCE METROPOLITAN DISTRICT WELD COUNTY,COLORADO Prepared by: White, Bear and Ankele Professional Corporation 2154 E. Commons Avenue, Suite 2000 Centennial CO 80122 C) rn 500)3g TABLE OF CONTENTS I. INTRODUCTION 1 A. Purpose and Intent 1 B. Need for the District 1 C. Objective of the County Regarding District Service Plan 1 II. DEFINITIONS 1 III. BOUNDARIES 2 IV. PROPOSED LAND USE AND ASSESSED VALUATION 2 V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES 3 A. Powers of the Districts and Service Plan Amendment 3 1. Construction Standards Limitation 3 2. Inclusion Limitation 3 3. Monies from Other Governmental Sources 3 4. Consolidation Limitation 3 5. Eminent Domain Limitation 3 6. Service Plan Amendment Requirement 4 VI. FINANCIAL PLAN 4 A. General 4 B. TABOR Compliance 4 C. Districts' Operating Costs 4 D. Elections 5 VII. ANNUAL REPORT 5 A. General 5 B. Reporting of Significant Events 5 VIII. DISSOLUTION 5 IX. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND EXTRATERRITORIAL SERVICE AGREEMENTS 6 A. Maintenance Intergovernmental Agreements 6 B. County Intergovernmental Agreement 6 X. MATERIAL MODIFICATIONS 6 XI. CONCLUSION 6 XII. RESOLUTION OF APPROVAL 7 LIST OF EXHIBITS EXHIBIT A Legal Description EXHIBIT B Vicinity Map EXHIBIT C Initial District Boundary Map EXHIBIT D Financial Plan I. INTRODUCTION A. Purpose and Intent. The District is an independent unit of local government, separate and distinct from the County and except as may otherwise be provided for by state or local law or this Service Plan, the District's activities are subject to review by the County only insofar as they may deviate in a material matter from the requirements of this Service Plan. It is intended that the District will coordinate to operate and maintain the Public Improvements for the use and benefit of all anticipated inhabitants and taxpayers of the District, inclusive of any necessary financing and construction as is necessary for the repair and replacement of the Public Improvements in the future. This Service Plan has been prepared in accordance with Section XIV of Chapter 2 of the County Code. 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 undertake the continued operation and maintenance of the Public Improvements needed for the Project nor their future repair and replacement. Formation of the District is therefore necessary in order for the Public Improvements required for the Project to be provided in the most economic manner possible. C. Objective of the County Regarding District Service Plan. The County's objective in approving the Service Plan for the District is to authorize the District to provide for the operation and maintenance of the Public Improvements and their repair and replacement as is necessary in the future. The District shall be authorized to fund the District Activities from the revenues generated from property taxes fees and charges imposed and collected by the District. 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 continued operation, maintenance and good repair of the Public Improvements associated with the Project. Ongoing operational and maintenance through the District is in the best interest of the County and the existing and future residents and taxpayers of the District. In no case shall the mill levies imposed by the District for the District Activities exceed the Mill Levy Cap at any time. II. DEFINITIONS In this Service Plan, the following terms shall have the meanings indicated below, unless the context hereof clearly requires otherwise: Approved Development Plan means a development plan or other process established by the County (including but not limited to approval of a Planned Unit Development final plan or Subdivision final plat by the BOCC) for identifying, among other things, Public Improvements necessary for facilitating development for property within the Service Area as approved by the County pursuant to the County Code and as amended pursuant to the County Code from time to time. Board means the Board of Directors of the District. BOCC means the Board of County Commissioners of the County of Weld, Colorado. County means the County of Weld, Colorado. 425947_5 -1- County Code means the Weld County Code, as the same may be amended from time to time. District means the Dry Creek East Maintenance Metropolitan District. District Activities means any and all functions undertaken by the District in accordance with this Service Plan for the operation, maintenance, repair and replacement of the Public Improvements and as permitted under applicable law in order to effectuate the purposes for which the District is organized. District Boundaries means the boundaries of the area described in the Initial District Boundary Map. District Boundary Map means the map attached hereto as Exhibit C, describing the District's initial boundaries. Financial Plan means the Financial Plan described in Section VI below which is prepared by an External Financial Advisor in accordance with the requirements of the County Code and describes the estimated operating revenues anticipated to be generated by the District for the provision of the District Activities. Mill Levy Cap means the maximum mill levy the District is permitted to impose to provide the District Activities, as set forth in Subsection VI.C below. Project means the development or property commonly referred to as Dry Creek East. Public Improvements means those improvements authorized to be operated and maintained by the District, as the same are generally described in the Special District Act, to serve the future taxpayers and inhabitants of the Service Area. Service Area means the property within the District Boundary Map. Service Plan means this service plan for the District, as approved by the BOCC. Service Plan Amendment means an amendment to the Service Plan approved by the BOCC in accordance with applicable state law. Special District Act means Section 32-1-101 et seq., C.R.S., as amended from time to time. State means the State of Colorado. III. BOUNDARIES The area of the District Boundaries includes approximately 530 acres, and the total area proposed to be included in the Inclusion Area Boundaries is approximately 530 acres. A legal description of the District's Boundaries is attached hereto as Exhibit A. A map of the District's Boundaries is attached hereto as Exhibit C. A vicinity map is attached hereto as Exhibit B. It is anticipated that the District's Boundaries may change from time to time as it undergoes inclusions and exclusions pursuant to Section 32-1-401 et seq., C.R.S., and Section 32-1-501 et seq., C.R.S., subject to the limitations set forth in Section V below. IV. PROPOSED LAND USE AND ASSESSED VALUATION The Service Area consists of approximately 530 acres of land. The current assessed valuation of the Service Area is assumed to be $0.00 for purposes of this Service Plan and, at build-out, is expected to be sufficient to reasonably conduct the District Activities as demonstrated in the Financial Plan. 425947_5 -2- Approval of this Service Plan by the County does not imply approval of the development of a specific area within the District, nor does it imply approval of the number of residential units or the total site/floor area of commercial or industrial buildings which may be identified in this Service Plan or any of the exhibits attached thereto,unless the same is contained within an Approved Development Plan. V. DESCRIPTION OF PROPOSED POWERS,IMPROVEMENTS AND SERVICES A. Powers of the Districts and Service Plan Amendment. The District shall have the power and authority to undertake the District Activities within and without the boundaries of the District as such power and authority is described in the Special Districts Act, and other applicable statutes, common law and the State Constitution, subject to the limitations set forth herein. If, after the Service Plan is approved, the State Legislature includes additional powers or grants new or broader powers for Title 32 Districts by amendment of the Special District Act, no such powers shall be available to or exercised by the District unless the District publishes a forty-five-day notice and provides written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the District a written objection to the proposed exercise of such new or broader powers, then the exercise of the same by the District without the prior written consent of the BOCC shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1-207(2), C.R.S. 1. Construction standards limitation. The District will ensure that any necessary repair and replacement of the Public Improvements is completed in accordance with the standards and specifications of the County and of other governmental entities having proper jurisdiction, as applicable. The Districts will obtain all applicable permits for construction and installation of Public Improvements prior to performing such work. 2. Inclusion limitation. The District shall not include within its boundaries any property outside the Service Area without the prior written consent of the BOCC. Inclusions or exclusions not described in this Service Plan shall require a forty-five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the District a written objection to the proposed inclusion or exclusion, then the proposed inclusion or exclusion shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1- 207(2), C.R.S. 3. Monies from other governmental sources. The District shall not apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds or other funds available from or through governmental or nonprofit entities for which the County is eligible to apply, except pursuant to an intergovernmental agreement with the County. This Section shall not apply to specific ownership taxes which shall be distributed to and a revenue source for the District without any limitation. 4. Consolidation limitation. The District shall not file a request with any court to consolidate with another Title 32 Districts without the prior written consent of the County. 5. Eminent domain limitation. The District shall not exercise its statutory power of eminent domain, except as may be necessary to construct, install, access, relocate or redevelop the Public Improvements identified in the Primary Infrastructure Plan. Any use of eminent domain shall be undertaken strictly in compliance with state law. Any proposed use of eminent domain for a purpose other than as may be necessary to complete the Public Improvements identified in the 425947_5 -3- Primary Infrastructure Plan shall require a forty-five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the District a written objection to the proposed use of eminent domain by the District, then the proposed use of eminent domain shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1-207(2), C.R.S. 6. Service Plan amendment requirement. This Service Plan is general in nature and does not include specific detail in some instances because development plans have not been finalized. The Service Plan has been designed with sufficient flexibility to enable the District to conduct the District Activities under evolving circumstances without the need for numerous amendments. Modification of the general types of services and facilities making up the Public Improvements, and changes in proposed configurations, locations or dimensions of the Public Improvements, shall be permitted to accommodate development needs consistent with the then-current Approved Development Plans for the Project. The District is an independent unit of local government, separate and distinct from the County, and its activities are subject to review by the County only insofar as they may deviate in a material manner from the requirements of the Service Plan. Any action of the District which: (1)violates the limitations set forth in this Section V.A. above; or(2) violates the limitations set forth in Subsections VI.B and C below, shall be deemed to be a material modification to this Service Plan, unless otherwise agreed by the County as provided for in Section X of this Service Plan. VI. FINANCIAL PLAN A. General. The District shall be authorized to provide for the operation, maintenance, repair and replacement of the Public Improvements. The Financial Plan for the District shall be to impose ad valorem property taxes against all taxable property within the Service Area of the District in order to fund the District Activities. It is not anticipated that the District will issue Debt, other than that necessary to recognize a reimbursement obligation to any developer or other entity that supports the District revenue needs in the initial years after organization. Any such reimbursement obligation shall be paid from the Maximum Mill Levy and other legally available revenues of the District. The District will also rely upon various other revenue sources authorized by law. These will include the power to assess fees, rates, tolls, penalties or charges as provided in Section 32-1-1001(1), C.R.S. B. TABOR Compliance. The District will comply with the provisions of TABOR. In the discretion of the Board, the District may set up other qualifying entities to manage, fund, construct and operate facilities, services and programs. To the extent allowed by law, any entity created by the District will remain under the control of the District's Board. C. Districts' Operating Costs. The first year's operating budget is estimated to be $100,000, which is anticipated to be derived from property taxes and other revenues. The estimated cost of engineering services, legal services and administrative services, together with the estimated costs of the Districts' organization and initial operations, are anticipated to be $100,000, which will be eligible for reimbursement from District revenues. The Mill Levy Cap shall be the maximum mill levy the Districts is permitted to impose upon the taxable property within the District for payment for the District Activities, and shall be twenty(20) mills; 425947_5 -4- provided that if, on or after January 1, 2006, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the mill levy limitation may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Boards in good faith(such determination to be binding and final) so that, to the extent possible,the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. D. Elections. The District will call an election on the questions of organizing the District, electing the initial Boards and setting in place the proposed financial structure as required by TABOR. The election will be conducted as provided in the Uniform Election Code of 1992, the Municipal Election Code and TABOR. At least thirty (30) days prior to the District's organizational election, the proposed ballot questions shall be submitted to the County for review to ensure that said ballot questions are in compliance with this Service Plan. VII. ANNUAL REPORT A. General. The District shall be responsible for submitting an annual report with the County Clerk not later than March 1 of each year following the year in which the Order and Decree creating the District has been issued by the District Court for and in Weld County, Colorado. B. Reporting of Significant Events. The annual report shall include information as to any of the following: 1. Boundary changes made or proposed to the District's boundaries as of December 31 of the prior year. 2. Intergovernmental Agreements with other governmental entities, either entered into or proposed as of December 31 of the prior year. 3. Copies of the District's rules and regulations, if any, as of December 31 of the prior year. 4. A summary of any litigation which involves the District's Public Improvements as of December 31 of the prior year. 5. The estimated assessed valuation of the District for the current year. 6. Audit of the District's financial statement, for the year ending December 31 of the previous year, prepared in accordance with generally accepted accounting principles or audit exemption,if applicable. VIII. DISSOLUTION Upon a determination of the BOCC that the purposes for which the District was created has been accomplished, the District agree to file a petition in the District Court in and for Weld County, Colorado, for dissolution, in accordance with the provisions of the Special District Act. In no event shall dissolution occur until the District has provided for ongoing operations and maintenance functions under this Service Plan (Long-Term District Obligations), through the same being undertaken by the County or other 425947_5 -5- governmental entity, or should the District no longer be obligated to perform the Long-Term District Obligations. IX. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND EXTRATERRITORIAL SERVICE AGREEMENTS All such agreements must be for facilities, services and agreements lawfully authorized to be provided by the District, pursuant to the State Constitution, Section XIV, Section 18(2)(a), and Sections 29-1-201 et seq., C.R.S. To the extent practicable, the District may enter into additional intergovernmental and private agreements to better ensure long-term provision of the Public Improvements identified herein. Agreements may also be executed with property owner associations and other service providers. Any agreements which are required, or known at the time of formation of the District to likely be required, to fulfill the purposes of the District, must be described in this Service Plan, along with supporting rationale. Execution of intergovernmental or extraterritorial agreements by the District that are not described in this Service Plan shall require a forty-five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), C.R.S. If,within forty-five(45) days of the publication of such notice, the BOCC expresses to the District a written objection to the proposed agreements,then the entry into said agreements without the prior written approval of the BOCC shall be considered a material modification of this Service Plan and shall be resolved only in accordance with Section 32-1-207(2), C.R.S. The following intergovernmental agreements are contemplated to be entered: A. Maintenance Intergovernmental Agreement. The District is anticipated to enter into an intergovernmental agreement with Dry Creek East Metropolitan District No. 1 in order to coordinate the District Activities as deemed necessary. B. County Intergovernmental Agreement. The County and District may enter into an IGA, as required by the County, regarding the nature of the relationship between the District and the County and setting forth various procedures and agreements regarding the operation and maintenance of the Public Improvements. X. MATERIAL MODIFICATIONS Material modifications to this Service Plan may be made only in accordance with Section 32-1- 207, C.R.S. All modifications to the written provisions of this Service Plan, whether deemed material or otherwise, must be approved by the County prior to becoming effective, and the District shall not be permitted to unilaterally make such modifications. No modification shall be required for an action of the District which does not materially depart from the provisions of this Service Plan. The District may request from the County a determination as to whether the County believes any particular action constitutes a material departure from the Service Plan, and the District may rely on the County's written determination with respect thereto; provided that the District acknowledge that the County's determination as aforesaid will be binding only upon the County, and will not be binding upon any other party entitled to enforce the provisions of the Service Plan as provided in Section 32-1-207, C.R.S. XI. CONCLUSION It is submitted that this Service Plan for the District, as required by Section 32-1-203(2), C.R.S., and Section 32-1-203(3), 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; 425947_5 -6- 2. The existing service in the area to be served by the District is inadequate for present and projected needs; 3. The District is capable of providing economical and sufficient service to the area within its proposed boundaries; 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; 5. Adequate service is not, and will not be, available to the area through the County or other existing municipal or quasi-municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; 6. The facility and service standards of the District is compatible with the facility and service standards of the County and each municipality which is an interested party under Section 32-1-204(1), C.R.S.; 7. The proposal is in substantial compliance the County's Master Plan adopted pursuant to Section 30-28-106, C.R.S.; 8. The proposal is in compliance with any duly adopted County,regional or state long-range water quality management plan for the area; 9. The creation of the District is in the best interests of the area proposed to be served; and 10. The creation of the District is in the best interests of the residents and future residents of the area proposed to be served. XII. RESOLUTION OF APPROVAL The District agrees to incorporate the BOCC's resolution of approval, including any conditions on any such approval, into the Service Plan presented to the District Court for and in Weld County, Colorado. 425947_5 -7- EXHIBIT A Legal Description DRY CREEK EAST LAND DESCRIPTION-PAGE 1 OF 2 PART OF THE SOUTHWEST QUARTER(SW 1/4)AND THE NORTHWEST QUARTER(NW 1/4)OF SECTION 35,AND PART OF THE SOUTHWEST QUARTER(SW 1/4)AND THE NORTHEAST QUARTER(NE 1/4)OF SECTION 26, TOWNSHIP ONE NORTH(T01N),RANGE SIXTY-SEVEN WEST(R67W)OF THE SIXTH PRINCIPAL MERIDIAN(6TH P.M.), COUNTY OF WELD,STATE OF COLORADO,MORE PARTICULARLY DESCRIBED AS FOLLOWS: THE BASIS OF BEARINGS IS THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 35,TOWNSHIP ONE NORTH(T01 N),RANGE SIXTY-SEVEN WEST(R67W)OF THE SIXTH PRINCIPAL MERIDIAN(6TH P.M.),COUNTY OF WELD,STATE OF COLORADO,BEING MONUMENTED AT THE SOUTHWEST QUARTER CORNER AS A 2-INCH ALUMINUM CAP STAMPED"L.S.25937"AND BEING MONUMENTED AT THE NORTHWEST QUARTER CORNER AS A 3.25-INCH ALUMINUM CAP STAMPED"L.S.25937". SAID LINE BEARS N00°46'38"W FOR A DISTANCE OF 2639.85 FEET. BEGINNING AT THE SOUTHWEST CORNER OF SOUTHWEST QUARTER OF SECTION 35,THENCE N00°46'38"W, ALONG THE WEST LINE OF SAID SOUTHWEST QUARTER,A DISTANCE OF 2639.85 FEET TO THE NORTHWEST CORNER OF SAID SOUTHWEST QUARTER,THENCE N89°35'40"E,ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER,SAID NORTH LINE ALSO BEING THE SOUTHERLY LINE OF LOT A RECORDED EXEMPTION NO. 1469-35-03 RE-4462 RECEPTION NO.3450532, FOR A DISTANCE OF 738.93 FEET;THENCE DEPARTING THE NORTH LINE OF SAID SOUTHWEST QUARTER N00°2420 W,ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 154.03 FEET;THENCE N58°48'43"W,ALONG THE NORTHERLY LINE OF SAID LOT A FOR A DISTANCE OF 872.46 FEET TO A POINT ON THE WESTERLY LINE OF THE NORTHWEST QUARTER OF SECTION 35;THENCE DEPARTING THE NORTHERLY LINE OF SAID LOT A N00°48'03"W,ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 368.46 FEET;THENCE DEPARTING THE WESTERLY LINE OF SAID NORTHWEST QUARTER N84°21'53"E, ALONG THE SOUTHERLY LINE OF LOT A OF RECORDED EXEMPTION NO. 1469-35-1 RE-4487 RECEPTION NO. 3440694 FOR A DISTANCE OF 500.21 FEET;THENCE N00°32'57"W,ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 345.19 FEET;THENCE S89°11'57"W,ALONG THE NORTHERLY LINE OF SAID LOT A FOR A DISTANCE OF 500.00 FEET TO A POINT ON THE WESTERLY LINE OF SAID NORTHWEST QUARTER;THENCE DEPARTING THE NORTHERLY LINE OF SAID LOT A N00°48'03"W,ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 1273.57 FEET TO THE NORTHWEST CORNER OF SAID NORTHWEST QUARTER OF SECTION 35; SAID NORTHWEST CORNER ALSO BEING THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER OF SECTION 26,THENCE N00°33'06"W,ALONG THE WESTERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2640.02 FEET TO THE NORTHWEST CORNER OF SAID SOUTHWEST QUARTER,THENCE N89°40'23"E, ALONG THE NORTHERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2645.72 FEET TO THE NORTHEAST CORNER OF SAID SOUTHWEST QUARTER;THENCE N00°31'18"W,ALONG THE WESTERLY LINE OF THE NORTHEAST QUARTER OF SECTION 26 FOR A DISTANCE OF 2493.67 FEET,THENCE DEPARTING THE WESTERLY LINE OF SAID NORTHEAST QUARTER ALONG THE SOUTHERLY LINE OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE-1898 RECEPTION NO.2510456,THE FOLLOWING SEVEN(7)COURSES AND DISTANCES: 1.S55°12'32"E FOR A DISTANCE OF 128.80 FEET; 2.THENCE S41°20'46"E FOR A DISTANCE OF 330.15 FEET; 3.THENCE S64°00'29"E FOR A DISTANCE OF 296.15 FEET; 4.THENCE S87°16'23"E FOR A DISTANCE OF 294.42 FEET; 5.THENCE S65°17'31"E FOR A DISTANCE OF 158.91 FEET; 6.THENCE S85°05'04"E FOR A DISTANCE OF 190.61 FEET; 7.THENCE S80°02'21"E FOR A DISTANCE OF 300.48 FEET; THENCE N02°53'58"E ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 764.93 FEET TO A POINT ON THE NORTHERLY LINE OF SAID NORTHEAST QUARTER;THENCE DEPARTING THE EASTERLY LINE OF SAID LOT A N89°34'02"E,ALONG THE NORTHERLY LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 847.23 FEET; ri THENCE DEPARTING THE NORTHERLY LINE OF SAID NORTHEAST QUARTER S00°05'27"W FOR A DISTANCE OF f 267.01 FEET;THENCE N89°34'02"E FOR A DISTANCE OF 245.01 FEET TO THE EASTERLY LINE OF SAID i NORTHEAST QUARTER;THENCE S00°05'27"W,ALONG THE EASTERLY LINE OF SAID NORTHEAST QUARTER i FOR A DISTANCE OF 445.01 FEET; I Civil I I- Design Group,Inc. E ENGINEERS.PLANNERS•SURVEYORS PRELIVINARYE6'7=-... 7:00-7.,...„.......10,„ PV 303.431.0505 Far.303-431-717fi aaae..n ramcru.r°a"wns s4v c.a E-mail:englneedng©clvMdgroup.can DRY CREEK EAST LAND DESCRIPTION-PAGE 2 OF 2 THENCE DEPARTING THE EASTERLY LINE OF SAID NORTHWEST QUARTER AND CONTINUING ALONG THE NORTHERLY AND WESTERLY LINES OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE-2859 RECEPTION NO. 2949931,THE FOLLOWING THREE(3)COURSES AND DISTANCES: 1.S79°57'21"W FOR A DISTANCE OF 289.21 FEET; 2.THENCE S88°57'31"W FOR A DISTANCE OF 106.78 FEET; 3.THENCE S08°33'31"W FOR A DISTANCE OF 965.24 FEET; THENCE DEPARTING THE WESTERLY LINE OF SAID LOT A AND CONTINUING ALONG THE WESTERLY,SOUTHERLY AND EASTERLY LINES OF LOT B RECORDED EXEMPTION NO. 1469-26-1 RE215 RECEPTION NO. 1694272 AND 2147506 THE FOLLOWING FOUR(4)COURSES AND DISTANCES: 1. S26°28'31"W FOR A DISTANCE OF 272.60 FEET; 2.THENCE S01°10'04"E FOR A DISTANCE OF 148.90 FEET; 3.THENCE N89°04'04"E FOR A DISTANCE OF 530.60 FEET; 4.THENCE N09°48'48"W FOR A DISTANCE OF 389.70 FEET; THENCE DEPARTING THE EASTERLY LINE OF SAID LOT B AND CONTINUING ALONG THE EASTERLY LINES OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE-2859 RECEPTION NO.2949931,THE FOLLOWING THREE(3)COURSES AND DISTANCES: 1.N09°48'48"W FOR A DISTANCE OF 117.30 FEET; 2.THENCE N11°09'50"E FOR A DISTANCE OF 161.65 FEET; 3.THENCE N29°14'32"E FOR A DISTANCE OF 363.56 FEET TO A POINT ON THE EASTERLY LINE OF SAID NORTHEAST QUARTER; THENCE DEPARTING THE EASTERLY LINE OF SAID LOT A S00°05'27"W,ALONG THE EAST LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 1523.23 FEET TO THE SOUTHEAST CORNER OF SAID NORTHEAST QUARTER;THENCE S89°40'23'W,ALONG THE SOUTH LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 2618.41 FEET TO THE SOUTHWEST CORNER OF SAID NORTHEAST QUARTER;THENCE S00°31'18"E,ALONG THE EAST LINE OF THE SOUTHWEST QUARTER OF SECTION 26 FOR A DISTANCE OF 2635.43 FEET TO THE SOUTHEAST CORNER OF SAID SOUTHWEST QUARTER; SAID SOUTHEAST CORNER ALSO BEING THE NORTHEAST CORNER OF NORTHWEST QUARTER OF SECTION 35; THENCE S00°39'48"E,ALONG THE EAST LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 2641.41 FEET TO THE NORTHEAST CORNER OF SOUTHWEST QUARTER OF SECTION 35;THENCE S00°40'00"E,ALONG THE EAST LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 759.77 FEET;THENCE N68°58'25"W FOR A DISTANCE OF 755.90 FEET;THENCE NORTHWESTERLY,ALONG A CIRCULAR CURVE TO THE RIGHT HAVE A RADIUS OF 5729.75 FEET,AN ARC LENGTH OF 680.93 AND A CHORD WHICH BEARS N65°35'53"W FOR A DISTANCE OF 680.53 FEET TO A POINT ON THE EASTERLY LINE OF THE WEST HALF OF SAID SOUTHWEST QUARTER;THENCE S00°43'19"E,ALONG THE EASTERLY LINE OF THE WEST HALF OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2440.93 FEET TO SOUTHEAST CORNER OF THE WEST HALF OF SAID SOUTHWEST QUARTER;THENCE S89°33'23"W,ALONG THE SOUTHERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 1316.44 FEET TO THE POINT OF BEGINNING: SAID PARCEL CONTAINING A CALCULATED AREA OF 530.10 ACRES MORE OR LESS;SAID PARCEL BEING SUBJECT TO COUNTY ROAD RIGHT-OF-WAY AS RECORDED AT THE CLERK AND RECORDERS OFFICE IN BOOK 86 AT PAGE 273. 9 I,TROY L.NEDVED,A SURVEYOR IN THE STATE OF COLORADO, DO HEREBY CERTIFY THAT THE ABOVE LAND 1 DESCRIPTION AND ATTACHED EXHIBIT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION. i 1 I S c Civil Design Group, Inc. TROY L. NEDVED, PLS#37985 DAT : cirll 3 ENGINEERS+PLANNERS+SURVEYORS PRELIVINRRY°°°oe" P¢ 7800 E.Serry PI..SWle 160 Gro,,,,,up,•I°, ,r,. Gre303ood.0505 a.O 303 4 31. Ph: englnaerIng@dvIldgroup.com FcI 303atip.c 178 E-mail:mall:englneedng®dvIldgroup.c°m c"cc.m"rrwemccr.aaa°wti>.t.. 5 EXHIBIT B Vicinity Map DRY CREEK EAST VICINITY MAP �„ i` rkl ilk yria ,7 F F ,r i � 1 r � .;.,0$1,k. ,�-Fir. ..451., � fa `�i �$!t ry7+sra4-,1.ah„; ,w° ff z x y :pH wr ,r �3S » 1 .+ )' • "a F ,e, .a V r Y F'S t4.t 'l �. . .is:9-p. , 4 4 } D RYA. EKE q x P Pv� �� 1D sA Br®. ` �DARY# . -4-• ::4_:-,.'.7.-1,4-e.,t �� [ ! � • l -i [ its �r�! --" -f 1, '.att # X441.7 ,Ar`Vii ,:,z,,,,.,..:' u t J ..''''%,.,..",.4,,,A- 1 1.� [ ,'. Y�:.T4 WELD CO< D v: }`}� 't is A� .+7a �, a KO'l tr ' r of• � 1. r �. . 1 't, j+F�,.. ,-"'!",'''.:*:'-‘,..1.- 3 6 „ r' t S L 4Q P9. r k xA 1D RY G r; EE § � .,4 rf..- �, a cv ,•' --. ® t � ".„',,,,,„4,,,, 25 c�` y>' +ts+ �`t:' u,A:. a ,r', cil `T„ f � ,, % «sq v�*'1s. P fs :--:-...44:s r' ""!1• i l l y" ' f '+' � 'i x₹'lf•'1 t 'V. [y Fr i S aV% ;[�`,.ton-r.,iki-el;xA r. N ;4 ,n� (A �: 7 ,.WELD,CO.RD#2`:A :5- ,-..} w:.,' ,: , ._ n -'a-. M r ..•�e!� r v ip, '?--• �K r ar '-r ,,,,_.,,,,,r7,,,,,,,,, . :ec, a ADAM U ‘..A.:•;•04x a`is s ' ra c . 41,0'2 t11 .1 • Y1 i3� �Y ' c�A, ` } x f? �q t i � Y v �ttw� ri >: .r i,fi '' axFi ; a , tr xF4s l+r .i. 'F ° <fr ` 14",4,7g.''''7.0".*o i E.53`y,y x" 1r� K- O14:-. A ty �k•' -:.;-.,-.1:'5 [ + iik ,, i 6 L y'"c v f r) s[..3�8yi. -ay .El •S < -Q fp,',• . + 4.k }. .at' S`!�s'` } a:' [F, y,+�yf3'4 �I ti: , °tea ' tf � + 4 i'It 1•i't,. �i,i,,% A*4 i ' -4 k t d r, o f v P 7i'4u x r i xa cA r7 �4 ,,?',a , 4�r-Faro ' [ h ��,+0�s, 114,4,,,,,,,,_1 M .�� ,},,g�-fL�NY "},,'P .Y'„r .,,,,,,,„;?..,6,, }:' f S' F,�Sfi'/"n •~ ' Oftt, • 3L �� 079 . €I�N�7'4i7io u+v sf.. .1"S r, .. ,w t�-, ''''''f,',1''"`Y .,l N' .� ��-r.e"� ,-,,,,,V4 tr� i 7�l'.v.�.'F�'�.w�4 •T`' �r [a, � ,yl, w + ws 4' rtF"21, ct ro ? i — ' 1 r ' il' t- r tlS -n!`+ ,+ "' 4 ., i `'k °r. Ys;w t�t�"7 -irt --S f a "P ,. ^ .„. ; .��,'•4;4,.:.,.,,41,,d! 4, 4,, '"n r al`,41. ik',., G ,.v t! 1,,, * e r�'ir-„ `- '4.,,�i,iiR- }1f 'el it -� °� .�_ "44', .,L,` ' -=sr y'TMr F 4x4.•,. '0 .`'Ih.':�a�:. k ,4' •�'' 1y yam.- ' e .p� {5�'aly.�� a t,j4,rhr� Atrt �n 7 • • y t •fir• a ro � T*. 'fie , a0 D 11 l' iy ,cr- ,- g .u� i` ,,4.. Ni#{S�, n A sri It „t yy�� k ii.,4-,',i--, `�f ' tr f ' R+f*�''4'q`� 7,,�y.., >,6 A. * �fi.4aa�° 1 - F°M1! �1y [ a e, r P 'tc . C !it 41.4, 1.R4lFsi,i A �+� • t{'k pit s',40 �k a'� k�f� qf� [1..• , °' ,O:.- i'k' s1„K bra ! if .._ ..�.._.�,,L. t =,'A.. ..�.. :.1'.. "_x.7.f%f_Si+(R.,�,i lry x5 r.._W'i i:1+i2 �L�!:O N ,'t c ....�. ,;;ic .-1'(lf.., , .... .a.:u 6 S' v Civil i c Design Group, Inc. 0' 5000' 10000' 15000' ENGINEERS+PLANNERS+SURVEYORS e 7900 E.BERRY PL.,SUITE 150 IMIIIMMIMIIIIIMIMilli GREENWOOD VILLAGE,CO 80111 SCALE 1"=5000' 303.431.0505 Fax:303-431-7176 E-mail:engineering( cIvildgroup.com EXHIBIT C District Boundary Map DRY CREEK EAST EXHIBIT- PAGE 1 OF 5 iv \"••••„,•,................... ij: SEE PAGE 5 FOR NE}OF SECTION 26• • + I I I I SEE PAGE 4 FOR I I SW}OF SECTION 26 I I I I I I I I I I SEE PAGE 3 FOR NW}OF SECTION 35 r 1 .444641-II I I I SEE PAGE 2 FOR I SW}OF SECTION 35 I I I I I I I I S 1 I A c Civil L l Design - - - $ J N.T.S € Group, Inc. c it ENGINEERS+PLANNERS+SURVEYORS'. 7900 ARy©o..lpn GreenwoodE.Berry Pl.,Suite 150 c.nax..w o.rcEuse aan o..,E..+� E—..w.rp y�5' 'Y,5 Gree Village,CO 80 PRELIMIN Ph:303.431.0505 Fax:303-431-7176 ' "a°°"'°°""'" S E-mail:engIneedng@civlldgroup.com `HE Y DRY CREEK EAST EXHIBIT- PAGE 2 OF 5 1 I LOT A RECORDED E%EMP710N SEE PAGE 3 NO.1469-35-03 RE-4462 i REC.NO.3450532 461 N89°35'40"E -_ - ----- --®-NECOROFSW 4 SEC 35 738.93 FOUND 3 4"ALUM CAP- NW COR OF SW a SEC 35 LS 24307 FOUND 3 a"ALUM CAP- w LS 25937 b on ti v rn u7 bh- o N6g°6 co ,569:6„w Curve Length=680.93 Radius=5729.75 Delta=06°48'33" Cord Bearing=N 65'35'53"W Cord Length=680.53 cr d M 0 m w 0 (V mM O1 <1• 0 N b In o Z SOUTHWEST 4 OF SECTION 35 TOWNSHIP 1 NORTH, RANGE 67 WEST OF 6TH PRINCIPAL MERIDIAN• S89°33'23"W ____ ___ _ 4 1316.44 ® SE COR OF SW SEC 35 SW COR OF SW 4 SEC 35 S 11-3 COR I FOUND 3 "ALUM CAP- OF SEC 35 FOUND 2"ALUM CAP- FOUND 3d"ALUM CAP- LS FOUND 378 3 LS 25937 LS 24307 0 T. NOTE: € Denotes Change of Direction only. This Exhibit idoes not represent a monumented survey. It is intended Ionly to depict the attached land description. 1 c Civil Design 0' 500' 1000' 1500' Group,Inc. 0IA e.lDa Ign ENGINEERS+PLANNERS+SURVEYORS .PRELIN'INARY �. P:1nei 7900 E.Berry PL.Su6e 160 SCALE 1"=500' �" Greenwood Village,CO 80111 .oi C.."'"P5:303.431.0005 Floc 303-431-7176 w re°n MI WY , ----- E-mall:englnee4ng®dvlldgroup.can DRY CREEK EAST EXHIBIT-PAGE 3 OF 5 SEE PAGE 4 NW COR OF NW i SEC 35 NE COR OF NW}SEC 35 FOUND 2"ALUM CAP- FOUND 2 i"ALUM CAP- LS 25937 LS 25937 o _ • ' Zo co ✓N o o z NORTHWEST OF SECTION 35 TOWNSHIP 1 NORTH, RANGE 67 WEST OF w S 89°11'57"W 6TH PRINCIPAL MERIDIAN v d• • LOTH N 00°32'27"W 0 RECORDED EXEMPTION 345.19 co o w NO.1409-35-1 RE-4487 O REG NO.3440894 CO c N84°21'53"E Bo • 500.21 v b a 1 ° 1 8'246 LOT A RECORDED EXEMPTION N 00°24'20"W NO.148335-03 RE-4462 I REC.NO.3450532 154.03 N89°35'40"E - - -- ----- -- - - NE COR OF SW i SEC 35 738.93 NW COR OF SW i SEC 35 SEE PAGE 2 FOUND 3 LS 24307 4 ALUM CAP- FOUND 3;}"ALUM CAP- LS 25937 N.....4%.4% 17 i • NOTE: I Denotes Change of Direction only. This Exhibit i does not represent a monumented survey. It is intended only to depict the attached land description. CCivil Design 0' 500' 1000' 1500' Group, Inc. civil ENGINEERS+PLANNERS+SURVEYORS P RE LI VI NARY 7900 E.Sony PI.,Sully 150 Greenwood Village,CO 80111 SCALE 1"=500' Ph:303.431.0505 Fax:303-431-7176 aaamw11°°anuussaxe um s,.a w". E-malt angMeedngadvgdgreup.can DRY CREEK EAST EXHIBIT- PAGE 4 OF 5 SEE PAGE 5 N 89°40'23"E • NW COR OF SW i SEC 26 2645.72 NE COR OF SW i SEC 26 FOUND 3 i"ALUM CAP- FOUND 3 4"ALUM CAP-LS LS 13155 37890 w c o SOUTHWEST i OF SECTION 26 e0 m i.7 c TOWNSHIP 1 NORTH, vii .w RANGE 67 WEST OF M o w 6TH PRINCIPAL MERIDIAN o a Z cn bNWCOROFNW4 SEC 35 E COR OF NW i SEC 35 FOUND 2"ALUM CAP- SEE PAGE 3 FOUND 2 i"ALUM CAP- LS 25937 LS 25937 t • NOTE: i Denotes Change of Direction only. This Exhibit I does not represent a monumented survey. It is intended only to depict the attached land description. l Civil Design 0' 500' 1000' 1500' Group, Inc. PRELIVIiARY : '°"'EN.,...PLANNERS*SURVEYORS780D E,eertyPI.,SWIo 150 GramoodVUIage,GO 50111 SCALE 1" 500' ��,�„•;" Pb:303.431.0505 Far 303-431.7,75 aear"wrr°"a1.14.Wn are 1.2 .... °+....... E-ma:engineedngedv8dgroup.com DRY CREEK EAST EXHIBIT-PAGE 5 OF 5 NW COR OF NE I SEC 26 NE COR OF NE}SEC 26 FOUND 2"ALUM CAP- FOUND 2}"ALUM CAP- LS 18475 --- 4-S 9644 N89°34'02"E 1_._ .4)___ -._ 847.23 S 55°12'32"E 128.80 LOTA S 05'27"W RECORDED EXEMPTION W 00°05'267.2 .5.'41;3200.1f 20'46"Egli\Kit......<, NO.1453281 696 330.15 2510456 REaNO. 07 cn En N 89°34'02"E S 64°00'29"E 2N l'^n 245.01 N o 296.15 S79°57'21"W o"1 Z 289.21 0' 1 0 /� S88°57'31"W En S 87°16'23"E J 106.78 294.42 S65°17'31"E S80°02'21"Etiry�9 158.91 00+5-�' 300.48 S85°05'04"E - s4e�X20 190.61 M N X4,24 M to ° O, N29°14'32"E 0S 363.56 NORTHEAST i OF SECTION 26 cc) in CD N TOWNSHIP 1 NORTH, o RANGE 67 WEST OF N 11°09'50"E Z 6TH PRINCIPAL MERIDIAN 161.65 S26°28'31"W 272.60 N 09°48'48"W LOT 8 S 01°10'04"E RECORDED EXEMPTION 117.30 NO.1469-28-1 RE-215 148.90 REC.NO.1694272 8 N 09°48'48"W 2147505 389.70 N89°04'04"EJ 530.60 N,.., N in co O N ° to 0 0 CO S 89°40'23"W ,I.\ c 2618.41 "ASE COR OF NE i SEC 26 NE COR OF SW i SEC 26 SEE PAGE 4 FOUND 3*"ALUM CAP-LS FOUND 2 Z'ALUM CAP- LS 9644 37890 s i • NOTE: II Denotes Change of Direction only. This Exhibit I does not represent a monumented survey. It is Intended Ionly to depict the attached land description. 6 c Civil Design 0' S° 500' 1000' 1500' Group, Inc. C1v' 5. ENGINEERS+PLANNERS+SURVEYORS P RE LI ® 7900 E.Deny PI.,Sully 150 o.r " Greenwood Wage.CO 50111 SCALE 1"=500' `:�"•"• Ph: 303431.0506 Rim 303-431-7178 wanwrw°°.nee°uoa"w.o sen .s.+...."ai....—� E-mall:englneedng®dv9dgmup.wm EXHIBIT D Financial Plan ANCHOR FISCAL MAN' AGEMEN' T, L L C PRIVATE INVESTMENT BANKING Dry Creek East Maintenance Metropolitan District Weld County,Colorado I have compiled the accompanying Forecasted Sources and Uses of Funds,Schedule of Absorption and Assessed Valuation Model,and Schedule of Residential and Commercial Absorption,Maintenance Fee and Market and Assessed Valuation for the proposed Dry Creek East Maintenance Metropolitan District. The Sources and Uses of Funds is a model depicting residential and commercial assessed valuations,ad valorem taxes,and Maintenance fees. Also included is an analysis of absorption for various housing unit types,market values,and maintenance fees for the period of 2013 through 2047. This financial forecast is based on information that is the representation of ALF Equinox TCVN,LLC and does not include an evaluation of the support for the assumptions underlying the projection. I have not examined the ALF Equinox TCVN,LLC's assumptions and,accordingly,do not express an opinion or any other form of assurance on the accompanying statements or assumptions. Furthermore,there will usually be differences between forecasted and actual results,because events and circumstances frequently do not occur as expected,and those differences may be material. I have no responsibility to update this report for events and circumstances occurring after the date of this report. Anchor Fiscal Management,LLC March 2,2012 4225 South Pierce Street • Denver, Colorado 80235 Phone: 303.716.0116 • Cell: 303.489.4172 Dry Creek East Maintenance Metropolitan District Forecasted Statement of Cash Flows For the periods of 2013 through 2047 • Dry Creek East Maintenance Metropolitan District Summary of Significant Assumptions For the Period of 2013 through 2047 The following forecast is based upon information provided by representatives of the primary developer ALF Equinox TCVN, LLC(the"Developer")for the proposed Dry Creek East Maintenance Metropolitan District(the "District"). The following forecast presents,to the best of the Developer's knowledge and belief, the expected cash receipts and disbursements for the forecast period. Accordingly,the forecast reflects the Developer's judgment as of March 2, 2012. The assumptions disclosed herein are those that the Developer believes are significant to the forecast. There will usually be differences between the forecasted and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. The purpose of the forecast is to show the amount of funds available for operating and maintaining the District's infrastructure improvements. Notel: Dry Creek East Maintenance Metropolitan District Ad Valorem Taxes The primary source of revenue for the District will be the collection of ad valorem taxes. Residential property is estimated to be assessed at 7.96%of market values. Market values for 1,575 single family homes are estimated to range from$250,000 to $450,000. Market values for the single family homes are forecasted to inflate at 3%per annum. After the construction of a residential unit is completed, assessed valuations are projected to inflate at 3%biennially. Commercial property is estimated to be assessed at 29%of market values. Market values for commercial development of 25,000 square feet are estimated at$200 per square foot. As per the Schedule of Residential and Commercial Absorption, Maintenance Fee and Market and Assessed Valuation,residential units are projected to be added over the period of 2014 through 2020. Commercial development is projected to be added in 2018. Property is assumed to be assessed annually as of January 1st. The forecast recognizes the related property taxes as revenue in the second year(i.e. a two-year delay between the building permit issuance and property tax revenue recognition). The County Treasurer currently charges a 1.5%fee for the collection of property taxes. These charges are reflected in the accompanying forecast as an expenditure. The mill levy to be imposed by the District for operating and maintaining the district's infrastructure is equal to 15.00 mills. Note 2: Dry Creek East Maintenance Metropolitan District Maintenance Fee The District will impose a$2,000 Maintenance Fee on each residential unit and collect this fee at the time a building permit is issued. The Maintenance Fee of$2,000 is projected to increase by 3%per year. The Maintenance Fees are forecasted to be used for maintaining the infrastructure improvements of the District. The District will impose a$2 per square foot Maintenance Fee for commercial development which is forecasted to be received by the District in 2018. This fee is due at the time of building permit issuance. The Maintenance Fee of$5.00 is projected to increase by 3%per year. Note 3: Operating, Maintenance and Administrative Expenses The County Treasurer's 1.5%ad valorem tax collection fee and all operating, maintenance, and administrative expenses are assumed to equal the amount of revenue from Maintenance Fees and residential and commercial ad valorem taxes received on an annual basis. >• , • . • N Y ro 1�N N N YL q m m Pf O P Y m 6mms F.am i65 m 4 ' s§R4gg .r g 4;Vvo ;I gSi yrdgwumigigsmogmgmmmmmu u N O gh ( R A h p QI ' w ' A N 14 ' 1 , C C R§ ,g ,,, T ri b' a m c v q 9• . . r . 3 RiRo 64 MMi S CC 85� g�y "o v'pNp yp� �o�Np �'go gv' od"�0 0 oa la d . S a m M iX P P Q g Q P Q g F YI Y P P Q Q Y P Q ggglggqoRRggg Be• a 3I g § "a§g §ggagg §gRggg §xxg „ gN o> m d a O ill iE m s ..• �v gg gE A N • Ali e, S y LLI i . i i OBg oyg . . . . ga§ a a 1 . 8 g s s' . Q.', . C°Q g m m g g w O N R N R R R R R I R I i S I R N R N O i m i m Og a'Y g i S l N �o R g R R��N R N N N N N N N N 9 O w. 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