HomeMy WebLinkAbout20070826 COLLINS COCKREL & COLE
PAUL R.COCKREL A PROFESSIONAL CORPORATION TELEPHONE
JAMES P.COLLINS 303-986-1551
ROBERT G.COLE ATTORNEYS AT LAW 800-354-5941
TIMOTHY J.FLYNN 390 UNION BOULEVARD,SUITE 400
EVAN D.ELA DENVER,COLORADO 80228-1556 FACSIMILE
LINDA G.ALEXANDER 303-986-1755
DAVID A.GREHER www.cccfirm.com
DIRECT E-MAIL
JAMES M.MOCK mwadhams@cccfirm com
March 1, 2007
Mr. Steve Moreno
Weld County Clerk and Recorder
1402 North 17th Avenue
Greeley, Colorado 80631
Re: Kiteley Ranch Metropolitan District
Dear Steve:
Pursuant to Section 32-1-306, C.R.S., enclosed is a copy of the approved Service
Plan for the Kiteley Ranch Metropolitan District
Please let this office know if you have any questions.
Sincerely,
Of'
Micki L. Wadhams
Paralegal
Enclosure
cc: Jerry Eckelberger
2007-0826
Cie i9'1Mun/re-er e:
SERVICE PLAN
FOR
KITELEY RANCH
METROPOLITAN
DISTRICT
WELD COUNTY, COLORADO
June 2006
SERVICE PLAN
- FOR
KITELEY RANCH
METROPOLITAN
DISTRICT
WELD COUNTY, COLORADO
—
June 2006
TABLE OF CONTENTS
I. INTRODUCTION 1
A. Summary 1
B. General Development Information and Assumptions 4
C. Contents of Service Plan 6
D. Modification of Service Plan 7
II. NEED FOR DISTRICT AND GENERAL POWERS OF DISTRICT 8
A. Need for District 8
_ B. General Powers of District 8
III. PRIMARY INFRASTRUCTURE PLAN (INCLUDING PRELIMINARY
ENGINEERING SURVEY AND ESTIMATED COSTS OF PUBLIC
IMPROVEMENTS) 11
A. General 11
— B. General Design Standards 12
C. Estimated Costs of Public Improvements and Capital Expenditure Plan 15
IV. DEVELOPMENT PROJECTIONS 16
V. FINANCING PLAN 16
A. Administration and Maintenance Costs 16
B. Financing Plan 17
VI. PROPOSED AND EXISTING AGREEMENTS 22
A. County Agreements 22
B. Facility Fee Agreement 22
C. Other Agreements 22
VII. OTHER REQUIREMENTS 22
VIII. DEFINITIONS 23
IX. CONCLUSION 25
EXHIBIT A-1
Map Showing the Boundaries of District, Section Lines and Public Roads
EXHIBIT A-2
Vicinity Map Showing the Legal Boundaries of the District
EXHIBIT B
Legal Description of District
EXHIBIT C
Primary Infrastructure Plan (including Engineering Survey and Estimated Costs of
Public Improvements)
EXHIBIT C-I
Public Improvements Matrix
EXHIBIT D
Financing Plan
EXHIBIT E
Alternative Financing Plan
EXHIBIT F
Letter from George K. Baum & Company
ii
SERVICE PLAN FOR
KITELEY RANCH METROPOLITAN DISTRICT
I. INTRODUCTION
A. Summary
The Service Plan ("Service Plan") of Kiteley Ranch Metropolitan District
("District") constitutes the service plan for the Title 32 special district proposed to serve
the needs of a residential planned development in unincorporated Weld County
_ ("County"), Colorado, generally known as Kiteley Ranch at Foster Lake Planned Unit
Development ("Kiteley Ranch Development" or"Development"), which is currently
owned by Kiteley Farms, LLLP, a Colorado limited liability limited partnership, and is to
be transferred to and developed by Longs Peak Investors, LLC, a Colorado limited
liability company(including any successor transferee or assign as the legal owner of the
Development, "Longs Peak").
The Kiteley Ranch Development has been zoned and approved for development
by the County in accordance with the terms of the Kiteley Ranch at Foster Lake P.U.D.
Change of Zone Plat ("Kiteley Ranch P.U.D."). The Kiteley Ranch Development is
generally located in the northwest one-quarter of Section 27, Township 3 North, Range
68 West of the 6`h Principal Meridian, to the south of Colorado State Highway No. 66 and
to the east of Weld County Road No. 7. The total area of the Kiteley Ranch
Development is approximately 140.43 acres.
The Kiteley Ranch P.U.D. contemplates single-family detached residential
dwelling sites and roadways, drainage, utilities,parks, landscaped areas, open space and
other public improvements, which will be provided for Kiteley Ranch Development by
the District. All development projections herein are based upon the Kiteley Ranch
P.U.D. More specifically, the projected land uses within the Kiteley Ranch Development
are as follows:
Description of Land Use Total Units Acres
Single-family detached homes 427 77.91
Parks and open space --- 31.11
Rights-of-Way/Miscellaneous --- 31.41
Build-out of the 427 residential units within the Kiteley Ranch Development is
presently anticipated over a five-year period commencing in 2008. As indicated in the
Financing Plan, which is set forth in Section V and Exhibits D and E, the public
infrastructure improvements will be completed by Longs Peak and acquired by the
District, or will be funded by Longs Peak and constructed by the District, over a two-year
1
period during the initial phase of the Kiteley Ranch Development. District bonds will be
issued later when development actually occurs as discussed more fully in the Financing
Plan. All development projections are, of course, dependent upon market activity,
governmental regulations, general economic conditions, and other factors over which the
District and Longs Peak have no control. All land uses and public infrastructure
improvements are subject to review and Approval by the County.
All public infrastructure, including streets, drainage, water and sanitation facilities,
parks and other improvements needed to serve Kiteley Ranch Development, will be
completed by Longs Peak and acquired by the District, or will be funded by Longs Peak
and constructed by the District. Some public improvements will then be transferred to
the County or other public agencies, and the District or a homeowners association will
operate and maintain all other public improvements as explained in Section III. The
Service Plan describes the major public improvements which will be provided by the
District, a special district established pursuant to, and having the powers authorized in
Article 1 of Title 32, C.R.S. as amended from time to time ("Act"). The Service Plan is
submitted in accordance with Part 2 of the Act and the County's Regulations for Service
Plans for Title 32 Special Districts as set forth in the Article XIV of Chapter 2 of the
_ Weld County Code, as amended from time to time ("County Special District Code").
The Service Plan demonstrates how the District will serve the Kiteley Ranch
Development and provide the public improvements and services needed by residents of
the District as contemplated by the Kiteley Ranch P.U.D. The public infrastructure
improvements are discussed more fully in Section III and generally depicted in the
primary infrastructure plan ("PIP") attached as Exhibit C.
Unless otherwise specified herein, any reference to the Service Plan shall also
apply to any subsequent amendment, change, or modification of the Service Plan
approved in compliance with the Act and the County Special District Code, if required.
Definitions of all terms capitalized herein can be found in Section VIII. All exhibits,
_ maps and tables referred to herein are attached at the conclusion of the Service Plan,
unless otherwise noted, and are incorporated herein by this reference for all purposes.
District Structure. The Service Plan defines the powers and
authorities of, as well as the limitations and restrictions on, the District. The Service Plan
also sets forth the general parameters for the working relationship with other
governmental agencies. The District will be responsible for(i) financing the public
improvements within the Service Area, (ii) acquiring, completing, constructing,
equipping, completing, managing operating, providing and maintaining the public
improvements and services needed to serve the Kiteley Ranch Development, unless
transferred to the County or other governmental agencies, and (iii) providing the property
tax base needed to support the Financing Plan for the public improvements and for on-
going operating expenses of the District. The Financing Plan discussed throughout the
Service Plan is more fully described in Section V and Exhibits D and E and will be
2
implemented to provide the public improvements and services needed for the Kiteley
Ranch Development.
The organization of the District to finance, acquire, construct, equip,
complete, manage, operate, provide, and maintain public improvements and services
throughout the Kiteley Ranch Development, unless transferred to the County or other
governmental agencies, and to generate property taxes and other revenue sufficient to pay
_ on-going expenses and debt service costs incurred by the District for the public
improvements will create numerous benefits for the Kiteley Ranch Development. In
general, these benefits are: (i) coordinated administration of construction and completion
of the public improvements needed for the Kiteley Ranch Development in cooperation
with Longs Peak and the development of the property, (ii) maintenance of uniform
property tax levies and reasonable tax burdens on all properties within the Kiteley Ranch
Development, and (iii) assurance that all public improvements needed for the Kiteley
Ranch Development are completed and paid for in a timely and cost effective manner
without any cost to the County. Each of these concepts is addressed in greater detail in
the Service Plan.
2. Boundaries of District. The boundaries of the District are
coterminous with the boundaries of the Kiteley Ranch Development. Attached are (i) a
vicinity map designated as Exhibit A-1 showing the boundaries of the District, section
lines and public roads, and (ii) a vicinity map designated as Exhibit A-2 showing the
legal boundaries of the District. The District will contain all of the land within the Kiteley
Ranch Development. A legal description of the property within the boundaries of the
District is attached as Exhibit B.
The geographic area which may legally be served by the District
("Service Area") comprises the entire area of the Kiteley Ranch Development, all of
which will be included within the District's boundaries. The District will have the power
to impose property taxes only within its boundaries. The District does not intend to
furnish services or facilities outside of its boundaries, except as authorized in this Service
Plan or by intergovernmental agreement in compliance with the provisions of Section 2-
14-20.F of the County Special District Code. The District's failure to comply with
Section 2-14-20.F of the County Special District Code prior to providing any exterritorial
services shall be considered a material modification of this Service Plan.
Other property may, however, be included in or excluded from the
District in compliance with the provisions of the Act and Section 2-14-20.E of the
County Special District Code. The District's failure to comply with Section 2-14-20.E of
the County Special District Code prior to the inclusion or exclusion of such property shall
be considered a material modification of this Service Plan.
3. Dissolution of District. The District will not be dissolved as long as
it is providing services and facilities and discharging its obligations in accordance with
3
the provisions of the Service Plan. If all public improvements are transferred to the
County or other governmental agencies or a homeowners association for operation and
maintenance in accordance with Section III.B, and all bonds or other obligations of the
District are discharged or payment is provided for, the District will be dissolved pursuant
to the Act. The District will not be dissolved, however, without first complying with the
provisions of Section 2-14-50 of the County Special District Code.
4. Existing Services and Districts. There are no other governmental
agencies in existence within the area which have the legal and financial ability to
undertake the financing, design, and completion of the public improvements needed to
serve the Kiteley Ranch Development in whole or part. Consequently, the organization
of the District is necessary for the provision of public improvements and services within
the Kiteley Ranch Development.
In order to minimize its governmental activities, the District will
fund, acquire, construct, equip, complete, operate, provide, and maintain the public
improvements within the Kiteley Ranch Development only as specified herein.
Operation and maintenance of certain public improvements, including water, sanitation,
off-site street and traffic control, will be the responsibility of either the Longs Peak Water
District ("Water District"), the St. Vrain Sanitation District ("Sanitation District") or the
County as more particularly specified in Section III.B, after such improvements have
been designed, constructed, completed, dedicated and transferred to, and accepted by
such entities in accordance with the criteria and regulations of the County (as more
precisely defined in Section VIII, "County Regulations") and the Kiteley Ranch P.U.D.,
or the criteria and regulations of the Water District ("Water District Regulations") or the
Sanitation District ("Sanitation District Regulations"), as applicable.
B. General Development Information and Assumptions
The total residential development within the District at build-out is
projected to be 427 detached residential dwelling units. Based upon an estimated 3.0
persons per dwelling unit, the population within the District at build-out is projected to be
over 1,281 persons. As detailed in Exhibits D and E, the market valuation of all taxable
residential property within the Kiteley Ranch Development at build-out is projected to be
approximately $165,380,000 with a base valuation for property taxation of approximately
$13,164,248 (based upon present State property tax law). The assessed valuation of all
taxable property within the boundaries of the District is presently $35,910.
The estimated costs of the public improvements needed to serve the Kiteley
Ranch Development are substantial, exceeding $8,200,000 (in 2006 dollars). The District
will obtain financing to fund the costs of the public improvements, as well as
organizational costs and capitalized interest, reserves and costs of bond issuance, through
the issuance of limited tax general obligation bonds or other debt instruments, or from
revenue bonds, notes or other multiple-fiscal year financial obligations made or issued by
4
the District secured by revenues from legally available sources. The District may also
enter into funding, acquisition and reimbursement agreements with Longs Peak or other
developers to acquire or fund the costs of the public improvements, operations and other
District expenses, until District financing or funding is available therefor.
It is anticipated that credit enhancement will not be required for bonds
issued by the District. If market conditions change, or if credit enhancement is desirable,
credit enhancement may be provided by Longs Peak or other developers who may enter
into agreements with the District securing the bonds, including without limitation by
providing letters of credit or other forms of credit enhancement. The District may issue
its bonds directly in public or private markets for municipal securities when it has the
financial ability to discharge its indebtedness on a reasonable basis, thereby reducing
risks of non-payment. The timing of the issuance of District bonds will be dependent
upon actual residential absorption within the Kiteley Ranch Development and other
market factors. The absorption forecasts utilized for the revenue projections set forth in
the Financing Plan are based upon various development assumptions made by Longs
Peak. For purposes of the Financing Plan, the Longs Peak pro forma absorption schedule
has been used. The preliminary engineering survey for costs of the public improvements
is based upon the Longs Peak absorption forecasts and all requirements set forth in the
Kiteley Ranch P.U.D., County Regulations, Water District Regulations and Sanitation
District Regulations.
The Financing Plan demonstrates the anticipated financing method that
may be used by the District to fund the costs of acquisition, construction and completion
of certain public improvements needed for the Kiteley Ranch Development. At the time
that the acquisition or construction of public improvements is actually funded, alternate
financing plans may be more beneficial and may be implemented by the District, if
— appropriate. As set forth more fully in Section V, use of an alternate financing plan,
which is materially consistent with the Financing Plan, will not require an amendment of
the Service Plan or Approval of the County.
The Financing Plan demonstrates that the costs of certain public
improvements needed to serve the Kiteley Ranch Development can be financed
economically without significant financial risk to property owners within the District
through property taxes levied to pay debt service on District bonds. Such property taxes
are projected to be 35 mills. Maximum total mill levy limitations are provided for the
protection of property owners within the District as set forth in this Section and
Section V. The projections and estimates set forth in the Financing Plan relating to the
costs of debt repayment and operations will not constitute limitations on the financial
powers of the District; provided, however, that the District shall not issue bonds which
are not in compliance with State law, the County Special District Code and other
provisions of the Service Plan, including without limitation Sections V and VII.
5
Further, the Financing Plan demonstrates that any risks associated with the
financing of public improvements needed to serve the Kiteley Ranch Development will
be borne initially by Longs Peak or other developers. The responsibility for payment of
costs incurred for the public improvements will be shifted incrementally from private
funding to property taxes on all taxable property within the District as residential
absorption occurs, the valuation of property within the District increases, and bonds are
issued by the District. The remainder of such public improvement costs will be
reimbursed from revenue generated from other legally available sources or, if funds are
not available, then such costs may not be reimbursed to Longs Peak or other developers.
Any general obligation bonds issued by the District will limit the tax levy
for repayment of such debt to no more than 50 mills, adjusted as described below ("Debt
Service Mill Levy Cap"), against any property within the District pursuant to Section 2-
- 14-20.H of the County Special District Code. In this manner, the risks of development
and the responsibility for repayment of debt incurred by the District will be reasonable
and borne solely by the property owners within the Service Area. The County will have
no financial responsibility for District debt under any circumstance. Additionally, the
County can be assured that there are legal and financial controls on District debt, which
operate to limit the taxes that property owners within the District will be required to pay.
Under the Act, a special district cannot incur general obligation
indebtedness payable from property tax revenues in excess of 50% of the valuation for
assessment of all property within the District, unless (i) such indebtedness is secured,
rated or insured; (ii) the bonds are sold to accredited investors or financial institutions; or
(iii) the mill levy from which it is payable is limited to no more than 50 mills. The Debt
Service Mill Levy Cap and the District's property tax levy for operations and
maintenance in the aggregate shall not exceed 65 mills ("Aggregate Mill Levy Cap"),
subject to adjustment in accordance with Section V.B and Section 2-14-20.H of the
County Special District Code. In addition, State securities laws do not allow exemption
_ from registration for District bonds not meeting minimum requirements. Finally, the
current public market for municipal securities is very cautious with respect to special
district general obligation bonds and demands relatively low debt-to-valuation ratios.
C. Contents of Service Plan
The Service Plan consists of(i) a summarization of the need for the
District and its general powers and authorities; (ii) a Primary Infrastructure Plan
(including Engineering Survey and Estimated Costs of Public Improvements) showing
how the public improvements and services needed to serve the Kiteley Ranch
Development can be provided; and (iii) a Financing Plan showing how the proposed
public improvements and services will be financed by the District. Other information is
included in the Service Plan in compliance with the requirements of Part 2 of the Act and
the County Special District Code.
6
The information regarding the Kiteley Ranch Development and the
engineering and financial projections contained within the Service Plan were derived
from a variety of sources. Information regarding the present status of the Kiteley Ranch
Development, as well as current development schedules, was obtained from Longs Peak
and their consultants. The preliminary engineering survey and capital cost estimates were
prepared by S.A. Miro, Inc. of Fort Collins, Colorado, a professional engineering
company with expertise in the design and construction of public infrastructure
improvements. Financial advice and preparation of the Financing Plan has been provided
by George K. Baum & Company, of Denver, Colorado, investment banking and financial
advisors listed in the Bond Buyers Marketplace with considerable experience in special
district financing. Legal consultation, including preparation of the Service Plan, has been
provided by the law firm of Collins Cockrel & Cole, P.C. of Denver, Colorado, which
represents numerous special districts and local governments throughout the State.
D. Modification of Service Plan
The Service Plan contains all information required by the Act and the
County Special District Code but does not include specific detail in some instances
because all development plans have not been finalized. The Service Plan has been written
with sufficient flexibility to enable the District to provide the services and public
improvements now anticipated for the Kiteley Ranch Development under evolving
conditions without the need for numerous amendments or modifications of the Service
Plan in the future. While the assumptions upon which the Service Plan is generally based
are reflective of authorized land uses under the Kiteley Ranch P.U.D., the capital cost
estimates and Financing Plan are sufficiently flexible to enable the District to provide any
service or public improvement without the need to modify the Service Plan, if changes
are subsequently necessary. Modification of the general types of public improvements
and changes in proposed configurations, locations, quantities, dimensions or costs of
various public improvements shall be permitted to accommodate actual development
needs and compliance with the Kiteley Ranch P.U.D. without any requirement for an
amendment or modification of the Service Plan, unless such changes constitute material
modifications as set forth in Section 2-14-20.G of the County Special District Code. The
District's failure to comply with (i) the Debt Service Mill Levy Cap, the Aggregate Mill
Levy Cap or the Maximum Debt Authorization (as defined herein), or(ii) any other
condition, restriction or requirement set forth in this Service Plan or the County Special
District Code shall constitute a material modification of the Service Plan and be subject
to all rights, remedies and penalties which are available to the County or the electors of
the District under the Act.
7
II. NEED FOR DISTRICT AND GENERAL POWERS OF DISTRICT
A. Need for District
All property within the Kiteley Ranch Development is currently
undeveloped. There are no public improvements or services within the Kiteley Ranch
Development. It is anticipated that Longs Peak will initially fund and construct, and the
District will finance, acquire and complete the public improvements needed to serve the
Kiteley Ranch Development through build-out. Neither the County, the Water District,
— the Sanitation District, nor any other governmental agency will finance or construct such
public improvements. Further, neither the County, the Water District nor the Sanitation
District will assume any costs for the completion of the public improvements. Following
acceptance, the District will dedicate and transfer certain off-site streets, traffic and safety
controls and related improvements to the County (or other jurisdiction, if applicable) for
ownership, operation and maintenance in accordance with County Regulations.
Following acceptance, the District will dedicate and transfer certain water and sanitation
improvements to the Water District and Sanitation District for operation and maintenance
in accordance with Water District Regulations and Sanitation District Regulations, as
— applicable. The District will operate and maintain all other public improvements, unless
an owners association or other governmental entity subsequently assumes responsibility
for some or all of such improvements.
B. General Powers of District
The District will have the powers and authorities granted under the Act to
metropolitan districts to provide all necessary services and facilities both within and
without the Service Area, subject to the limitations set forth in this Service Plan and the
County Special District Code. In particular, the District shall have authority to provide
the following services and facilities, all of which will be in conformance with the County
Regulations, the Water District Regulations, the Sanitation District Regulations and the
regulations of other governmental agencies, if applicable:
1. Streets. The design, acquisition, installation, and construction of
arterial, collector and local streets and other roadway improvements, including without
limitation curbs, gutters, culverts, storm sewers and other drainage facilities, detention
_ ponds, retaining walls and appurtenances, as well as public sidewalks, bridges, parking,
paving, lighting, grading, landscaping, entrance facilities, undergrounding of public
utilities, security systems, and other related improvements, t:ogether with all necessary,
incidental, and appurtenant facilities, land and easements, equipment and all necessary
extensions of and improvements to such facilities.
2. Traffic and Safety Controls. The design, acquisition, installation, and
construction of traffic and safety protection facilities and services through traffic and
safety controls and devices on all streets and roadways, as well as other facilities and
8
improvements, including without limitation signalization at intersections, traffic signs,
area identification signs, directional assistance, driver information signs, and security
systems and services, together with all necessary, incidental, and appurtenant facilities,
land and easements, equipment, and all necessary extensions of and improvements to
such facilities.
3. Drainage. The design, acquisition, installation, and construction of
drainage and storm sewer systems, including without limitation lines, channels, detention
ponds, flood and surface drainage disposal works and facilities, and all necessary
equipment and improvements, together with all necessary, incidental and appurtenant
facilities, land and easements, equipment, and all necessary extensions of and
improvements to such facilities or systems.
4. Sanitation. The design, acquisition, installation and construction of
sanitary sewer systems, including without limitation lines, collection facilities, lift
stations, and related disposal works and facilities, and the collection and transportation
(by contract) of solid wastes, together with all necessary, incidental, and appurtenant
facilities, land and easements, equipment and all necessary extensions of and
improvements to such facilities or systems; provided, however, that the District will
exercise no power or authority with respect to sanitation services or facilities that is in
conflict with or contravention of the powers or authorities of the Sanitation District or the
Sanitation District Regulations.
5. Water. The design, acquisition, installation and construction of
water systems, including without limitation lines, transmission, distribution and storage
facilities, hydrants, irrigation and pumping facilities, together with all necessary,
incidental, and appurtenant facilities, land and easements, equipment and all necessary
extensions of and improvements to such facilities or systems; provided, however, that the
District will exercise no power or authority with respect to water services or facilities that
_ is in conflict with or contravention of the powers or authorities of the Water District or
the Water District Regulations.
6. Park and Recreation. The design, acquisition, installation,
construction, operation and maintenance of public parks and recreation facilities or
programs, including without limitation grading, soil preparation, sprinkler systems,
playgrounds, playfields, community center, bike, hiking and nature trails, pedestrian and
equestrian trails, pedestrian bridges, picnic areas, lakes, open space, common area
landscaping and weed control, outdoor lighting of all types, and other recreational
facilities, together with all necessary, incidental and appurtenant facilities, land and
easements, equipment and all necessary extensions of and improvements to such facilities
or systems.
7. Other Services. The District will provide the design, acquisition,
installation, construction, operation and maintenance of services and facilities for the
9
elimination and control of mosquitoes. In addition, the District may provide other
services and facilities authorized under the Act or by law, such as telecommunications
and transportation facilities, if needed to serve the Kiteley Ranch Development and not
otherwise provided by the County or other governmental agencies within the Service
Area; however, the addition of such telecommunications, transportation or any other
services not specified herein shall constitute a material modification of the Service Plan
and shall require the Approval of the County in accordance with Section 2-14-20.K of the
County Special District Code.
8. Legal Powers. The powers of the District will be exercised by the
Board to provide the services and facilities contemplated in the Service Plan and
authorized under the Act. The furnishing of the facilities and provision of the services
specified herein, along with other activities permitted by law,will be undertaken in
accordance with, and pursuant to the procedures and conditions set forth in the Act or
other State law, the Service Plan, and the County Special District Code. The District's
exercise of the statutory power of eminent domain shall constitute a material modification
of the Service Plan and shall require the Approval of the County in accordance with
Section 2-14-20.G of the County Special District Code.
9. Other Authorities. In addition to the powers enumerated herein, the
Board shall have the following authorities:
a. To amend the Service Plan as necessary, subject to
compliance with all statutory procedures set forth in the Act, including by providing
written notice to the County pursuant to Section 32-1-207(3)(b), C.R.S., and Section 2-
14-20.E of the County Special District Code of any action or activity which the District
believes is permitted by the Service Plan but which may be unclear, or which may result
in a material change of the PIP;
b. Subject to specific limitations set forth in this Service Plan, to
revise, resize, reschedule, or restructure the financing, construction, completion and
operation of the various public improvements and facilities in order to accommodate the
_ rate of residential absorption within the District, the costs of public improvements, or the
provision of any public improvement, facility or service by the County, the Water
•District, the Sanitation District, or another entity. However, the District shall notify the
_ County of any alteration or revision of the proposed schedule of debt issuance set forth in
the Financing Plan pursuant to Section 32-1-202(2)(b), C.R..S.; and
_ c. To provide all additional services and facilities, subject to any
necessary Approval of the County in accordance with the provisions of the County
Special District Code, and to exercise all express or implied powers granted by the Act or
State law, and which the District is required to provide or exercise or, in its discretion,
chooses to provide or exercise.
10
III. PRIMARY INFRASTRUCTURE PLAN (INCLUDING PRELIMINARY
ENGINEERING SURVEY AND ESTIMATED COSTS OF PUBLIC
IMPROVEMENTS)
A. General
The District will finance, acquire, construct, install, and operate and
maintain the public facilities and improvements needed to serve the Kiteley Ranch
Development either directly or by contract or acquisition from Longs Peak or other
public or private entities. It is anticipated that the District will acquire the completed
improvements from Longs Peak, and/or complete the construction of such improvements,
and may then transfer, without charge or encumbrances, certain improvements to the
County, as long as such improvements are constructed and accepted in accordance with
the County Regulations, and the Water District and the Sanitation District for ownership,
operation and maintenance in accordance with the County Regulations, the Water District
Regulations and the Sanitation District Regulations, as applicable, while retaining,
operating and maintaining all other public improvements. If appropriate, the District may
contract with other public and/or private entities to complete the public improvements
and to effect such functions and activities, including without limitation funding,
acquisition and reimbursement agreements with Longs Peak or other developers and
builders.
General information relating to each type of public improvement needed to
serve the Kiteley Ranch Development is set forth in this Section and in the PIP. It is
important to note that the engineering information contained in the Service Plan is
preliminary in nature, and that modifications to the type, configuration, quantity,
dimension, location and costs of public improvements may'be necessary as development
proceeds, subject to the Approval of the County for any material change of the PIP
pursuant to Section 2-14-20.G of the County Special District Code. The District will
_ acquire, construct and complete the public improvements in accordance with the
standards generally described in Section III.B, unless the Approval of the County is first
obtained. Internal traffic circulation improvements, grading, drainage, and water and
_ sewer lines needed to serve individual lots will be funded and completed by Longs Peak
or builders.
Plans and specifications for the public facilities and improvements within
the Kiteley Ranch Development will be submitted to the County for Approval if required
in accordance with the County Regulations or to the Water District or Sanitation District
for approval if required in accordance with the Water District Regulations or Sanitation
District Regulations, as applicable. To the extent practicable, the District and Longs Peak
will coordinate the submittal of plans for the public improvements to be installed within
the Service Area together with current development plans. All public facilities must be
designed and installed in such a manner as to be in conformance with the County
Regulations and the facility and service standards of the County, the Water District
11
Regulations and facility and service standards of the Water District, the Sanitation
District Regulations and facility and service standards of the Sanitation District, and, if
applicable, the regulations of other governmental agencies and utility providers.
Construction o£all public facilities and improvements will be
professionally engineered and scheduled to allow for proper sizing and phasing consistent
with the need for services within the Kiteley Ranch Development or as required under the
Kiteley Ranch P.U.D. The County, the Water District and the Sanitation District, as
applicable, may direct that any public facility or improvement be oversized, at its
expense, unless infeasible. All descriptions of specific public facilities and
improvements to be constructed and their costs are estimates only and are subject to
change, modification and revision as actual engineering design, development plans,
market conditions, governmental requirements, and construction scheduling may require.
B. General Design Standards
All public improvements within the Kitcley Ranch Development will be
designed, acquired, installed, constructed, operated and maintained by the District, unless
dedicated and transferred to the County in conformance with the County Regulations and the
Kiteley Ranch P.U.D. or to the Water District or Sanitation District in conformance with the
Water District Regulations or the Sanitation District Regulations, as applicable. A. general
description and estimate of costs of the public improvements needed for the Kiteley Ranch
Development are attached as Exhibit C. Designs and specifications for the public
improvements will be filed with and approved by the County or the Water District or
Sanitation District, as applicable. The public improvements will be installed in accordance
with (i) all County Regulations, standards, specifications and procedures of the County, except
that specific arrangements may be made under an intergovernmental agreement between the
County and the District with respect to collateral guarantees for the completion and warranty
of the public improvements, (ii) all Water District Regulations, standards, specifications and
procedures of the Water District with respect to the water improvements, or(iii) all Sanitation
District Regulations, standards, specifications and procedures of the Sanitation District with
respect to the sanitation improvements. A matrix describing the responsibilities for ownership,
construction and maintenance of the public improvements is attached as Exhibit C-I. The
County may specify procedures and provisions that must be followed to assure compliance
with all County Regulations or the implementation of the Service Plan.
There follows a preliminary engineering survey of the public improvements
which will be financed, acquired, installed and constructed by the District to serve the
Kiteley Ranch Development:
1. Street System and Traffic Safety.
a. General. The District will construct the arterial and internal
streets and other off-site road improvements needed to serve the Kitcley Ranch
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Development, including without limitation grading, drainage, curbs and gutters,
sidewalks, pedestrian crossings, medians, landscaping, signalization and security
facilities. The street improvements will accommodate anticipated traffic within the
Kiteley Ranch Development in accordance with the Kiteley Ranch P.U.D. and County
Regulations.
b. County Standards. Streets will be designed and constructed
in accordance with the Kiteley Ranch P.U.D., County Regulations and standards and
criteria of the County, unless otherwise approved by the County.
c. Landscaping. Native areas disturbed during construction will
be revegetated in accordance with County Regulations. The District will install and
maintain landscaping along major arterial streets. All landscaping and related features
_ within street rights-of-way shall be maintained by the District. The County will not be
responsible for any landscaping within street rights-of-way. The District may install and
maintain other landscaped areas within the Kiteley Ranch Development, including entry
features at major entrances to the Kiteley Ranch Development. Additional landscaping
features may be installed by Longs Peak or other developers in accordance with County
Regulations and transferred to and maintained by the District or an owners association.
d. Operation and Maintenance. All off-site street improvements,
traffic and safety controls and related facilities will be subject to County acceptance for
ownership, operation and maintenance in accordance with the Kiteley Ranch P.U.D. and
County Regulations, except for any off-site streets that are subject to the jurisdiction of
the Town of Mead or the Colorado Department of Transportation. All other streets
within Kiteley Ranch Development will be operated and maintained by the District.
2. Storm Drainage.
a. General. The District will install the necessary storm drainage
system to serve the Kiteley Ranch Development in accordance with the design criteria,
standards and specifications under the County Regulations and any other applicable State or
federal regulations. The storm drainage system will include a network of drain inlets and
outlets, ditches, culvert pipes, detention ponds, and erosion control measures. The District
will design and install storm drainage improvements associated with the street
improvements. Any drainage facilities associated with internal overlot grading will be
designed and installed by Longs Peak or other developers. Any drainage facilities associated
with individual lots will be financed, designed and installed by builders or lot owners.
b. County Standards. Drainage facilities will be designed in
accordance with the design criteria, standards and specifications under the County
Regulations. Drainage facilities will be designed to prevent major damage or flooding in
a one-hundred year storm or as otherwise required by the County Regulations.
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c. Operation and Maintenance. All storm drainage
�- improvements and stormwater management facilities, including gutters, drain inlets and
outlets, detention ponds, culverts, pipes, and water quality facilities, will be owned,
operated and maintained by the District.
3. Sanitary Sewer System.
a. General. The Sanitation District will provide all wastewater
treatment and collection facilities needed to furnish sanitation service within the Kiteley
Ranch Development in accordance with the Sanitation District Regulations, and the
— District will exercise no power or authority with respect to individual sanitation services
or facilities that is in conflict with or contravention of the terms and limitations set forth
in the Sanitation District Regulations, which shall, upon request, be set forth in an
intergovernmental agreement. The District will install the sanitary sewer system within
the Kiteley Ranch Development in accordance with the design criteria, standards,
specifications under the Sanitation District Regulations. The sanitary sewer system will
include all collection lines, manholes, lift stations, and related facilities required to serve
the Kiteley Ranch Development. Individual service lines for each lot will be financed,
designed and installed by builders or lot owners.
b. Sanitation District Standards. The sanitary sewer system will
be designed and constructed in accordance with all standards and specifications under the
Sanitation District Regulations, the regulations of the Colorado Department of Public
Health and Environment ("CDPHE"), the Denver Regional Clean Water Plan, and the
County Regulations, as applicable.
c. Operation and Maintenance. All sanitary sewers and related
facilities will be dedicated and transferred to the Sanitation District in accordance with the
Water District Regulations. The Sanitation District as the wastewater treatment provider
will be responsible for compliance with all County, regional or State long-range water
quality management plans for the Service Area. The District will, if necessary, operate and
maintain the sanitary sewer facilities until acceptance by the Sanitation District.
4. Water System.
a. General. The Water District will provide all water supply,
treatment and transmission facilities needed to furnish water service within the Kiteley
Ranch Development in accordance with the Water District Regulations, and the District
will exercise no power or authority with respect to individual water services or facilities
that is in conflict with or contravention of the terms and limitations set forth in the Water
District Regulations, which shall, upon request,be set forth in an intergovernmental
agreement. The District will install the water distribution lines, hydrants and related
facilities within the Kiteley Ranch Development in accordance with the design criteria,
standards and specifications under the Water District Regulations. The water
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system will include all distribution lines, hydrants, and related facilities required to
serve the Kiteley Ranch Development. Individual service lines for each lot will be
financed, designed and installed by builders or lot owners.
b. Water District Standards. The water system will be designed
and constructed in accordance with the standards and specifications under the Water
District Regulations, the regulations of CDPHE, and the County Regulations, as
applicable.
c. Operation and Maintenance. All water lines, hydrants, and
related facilities will be dedicated and transferred to the Water District in accordance
with the Water District Regulations. The Water District as the water treatment provider
will he responsible for compliance with all County, regional or State long-range water
quality management plans that are applicable within the Service Area. The District will,
if necessary, operate and maintain the water facilities until dedication to and acceptance
by the Water District.
5. Park and Recreation.
a. General. Park and recreation facilities may include parks,
open space, playfields, recreation facilities, community center, trails, common area, open
space, water features, xeriscaping, fencing and median landscaping.
b. County Standards. All park and recreation facilities will be
designed and constructed in accordance with design criteria, standards and specifications
under the Kiteley Ranch P.U.D. and County Regulations, unless otherwise approved by
the County.
c. Operation and Maintenance. All public trails, park and
recreation facilities will be operated and maintained by the District or an owners
association in accordance with the Kiteley Ranch P.U.D. When all District bonds and
other obligations have been discharged, maintenance responsibilities may be assumed by
an owners association, unless the County agrees to accept operational responsibility
therefor.
C. Estimated Costs of Public Improvements and Capital Expenditure Plan
The estimated costs of the public improvements, including engineering and
contingency, to be financed, acquired, constructed, installed, and completed by the
District is expected to exceed $8,200,000 (in 2006 dollars). The total estimated costs of
the public improvements that may be financed by the District are shown in the PIP
attached as Exhibit C. All public improvements within the Service Plan are expected to
be completed and acquired by the District by December 31, 2009. Longs Peak and other
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developers will not be compensated for land dedicated to the County or the District for
rights-of-way or utility corridors, except that the District may compensate any person for
any land acquired for public improvements located outside the Kiteley Ranch
Development or acquired from other persons. The preliminary engineering survey of the
District facilities and improvements is shown in the PIP attached as Exhibit C, and such
public improvements, including the costs thereof, may be changed, modified and revised
as necessary to provide the facilities needed to serve the Kiteley Ranch Development
without any amendment or modification of the Service Plan, subject to (i) any restrictions
on material changes under Section 2-14-20.G of the County Special District Code and
(ii) any Approval required by the County Regulations or the Kiteley Ranch P.U.D.
IV. DEVELOPMENT PROJECTIONS
Longs Peak has projected the residential absorption within the Kiteley Ranch
Development based upon present development plans and market forecasts. The
absorption projections for the Kiteley Ranch Development are detailed in and
incorporated into the Financing Plan set forth in Exhibit D. The assessed valuation of all
taxable residential property within the District is projected to be $13,164,248 at build-out.
The assessed valuation of all property within the District adjusted for future market value
increases is projected to exceed $20,585,000 in 2035 (assuming a 2% annual inflation
rate with biennial adjustments). The assessed valuation of taxable property within the
District is based upon Longs Peak's projections of the market values of improved
property within the Kiteley Ranch Development and present State property tax law
(specifically, the current assessment ratio for residential property).
V. FINANCING PLAN
A. Administration and Maintenance Costs
The costs of District administration and maintenance of the public
improvements are expected to average $50,000 to $65,000 annually at build-out. These
costs have been estimated based upon typical expenses incurred for similar special
districts. Administration and maintenance costs will be funded by an operating property
tax levy, fees and other legally available revenue of the District. The property tax levy
for operations and maintenance, together with the Debt Service Mill Levy Cap, shall not
exceed the Aggregate Mill Levy, however, and will be restricted exclusively for costs of
administration, operations and maintenance of the public improvements. The proposed
operating revenue derived from District Property taxes for the first full budget year
(2007) is $0, which will not be materially exceeded except as authorized pursuant to the
Act or State law. The District does not expect to receive property taxes from an
operating mill levy until its second or third full budget year. Longs Peak or other
developers will provide funding for District operations in the initial years. Any increase
in such costs over time will be funded by property taxes, fees and other revenue sources
16
legally available for such purposes, as determined by the Board during the annual budget
process.
B. Financing Plan
The Financing Plan is set forth in Exhibit D, including a revenue and cost
analysis, absorption schedules and preliminary debt repayment schedules for non-rated
District fixed-rate bonds in the aggregate principal amount of$7,290,000 (assuming 30-
year terms, no credit enhancement, and coupon interest rates of 6.5%) supported by a 35-
mill levy rate, demonstrates that the financial operations of the District will (i) provide
economic and sufficient services within the District, (ii) have the financial ability to
discharge the proposed District indebtedness on a reasonable basis, and (iii) protect future
property owners from onerous property taxes or District bond defaults. The District
bonds would be used to pay costs of issuance and organization of the District, fund
capitalized interest, and provide up to an estimated $6,060,000 in project funds for the
acquisition or construction of the public improvements or the reimbursement to Longs
Peak or other developers for the actual costs incurred therefor.
The Financing Plan includes projected revenues derived from property
taxes collected within the District commencing in 2008, facility fees collected from
builders, specific ownership taxes, interest income, cash balances and other revenue
legally available each year, including the first full budget year commencing in the 2007
fiscal year through the 2035 fiscal year, the date when District debt is projected to be
retired. All District revenues will be exempt from spending limits, if voter approval is
obtained at a public election pursuant to Article X, Section 20 of the Colorado
Constitution ("TABOR"). Prior to the issuance of long-term bonds, the District may
issue bond anticipation notes or other multiple-fiscal year financial obligations secured
by revenue available to the District, including property taxes (subject to the Debt Service
Mill Levy Cap) and facility fees. Credit enhancement may be provided for any series of
District bonds or other obligations of the District, if appropriate. The District may also
enter into other multiple-fiscal year financial obligations secured by property taxes
(subject to the Debt Service Mill Levy Cap) and other available revenue of the District to
fund the acquisition and installation of the public improvements for the Kiteley Ranch
Development, including funding, acquisition and reimbursement agreements with Longs
Peak and other persons. Revenue from property taxes and other legally available sources
will be used to retire District bonds, other debt or multiple-fiscal year financial
obligations. The District may issue revenue or bond anticipation notes to fund the costs
of the public improvements and other interim expenses, until such time as bond proceeds
and other revenues are available for such purpose. All District bonds, notes or multiple-
fiscal year financial obligations shall be subject to TABOR and shall require an election,
unless exempt therefrom.
The Financing Plan sets forth one but not the exclusive bond structure for
financing the public improvements within the District. An Alternative Financing Plan
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(any reference in this Service Plan to the Financing Plan shall include the Alternative
Financing Plan, unless otherwise provided), including a revenue and cost analysis,
absorption schedules and preliminary debt repayment schedules, for an alternative series
of non-rated District fixed-rate bonds in the aggregate principal amount of$10,200,000
(assuming 30-year terms, no credit enhancement, and coupon interest rates of 6.5%)
supported by a 50-mill levy rate (the Debt Service Mill Levy Cap) is attached as
Exhibit E. The District bonds under this alternative would be used to pay costs of
issuance and organization of the District, fund capitalized interest, and provide up to an
estimated $8,914,000 in project funds for the acquisition or construction of the public
improvements or the reimbursement to Longs Peak or other developers for the actual
costs incurred therefor.
The District intends to issue its limited tax general obligation and/or
revenue bonds secured primarily by (i) property taxes, (ii) specific ownership taxes, and
(iii) facility fees. The principal amount of District bonds will be based upon reasonable
absorption assumptions, property tax projections, debt service expenses, and other market
factors, subject to all financing limitations set forth in this Section. The property tax levy
of the District for debt service purposes is projected to be 35.0 mills, but may be less if
the principal amount of the bonds is reduced because of lower infrastructure project costs.
The property tax levy of the District for debt service purposes shall not exceed the Debt
Service Mill Levy Cap and, together with the District property tax levy for operations and
maintenance, shall not exceed the Aggregate Mill Levy Cap.
The District's Debt Service Mill Levy Cap and Aggregate Mill Levy Cap
shall be subject to adjustments in the event of statutorily prescribed changes in the
assessed valuation of property within the District required by State law ("Gallagher
Adjustments") in compliance with the provisions of Section 2-14-20.H of the County
Special District Code. In the event that the statutory method of calculating assessed
valuation for property tax purposes is changed after the base year of 2006 by State law
either in the method of calculation or by any change in the assessment ratio to the actual
value of property or otherwise, the Debt Service Mill Levy Cap and the Aggregate Mill
Levy Cap may be increased or decreased to reflect a commensurate change, as
determined by the Board in good faith, so that to the extent possible, the actual property
tax revenues generated by such mill levies are neither enhanced nor diminished as a result
of such change.
If the developer advances funds to the District for the purpose of payment
of principal of and/or interest on any bonds or for other purposes, the obligation of the
District to repay the developer shall be subject to the limits set forth above and may be
amortized over time, so long as each payment obligation is (i) subordinate to annual debt
service payments to any bondholders and (ii) subject to prepayment at any time without
penalty.
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No provision of the Service Plan shall be construed to restrict the issuance
of any structure, form or type of bond, note or other multiple-fiscal year financial
obligation of the District; provided that the projections and obligations of the District as
set forth in the Financing Plan are not materially modified. The Financing Plan illustrates
that adequate revenues are available from property taxes and other sources for payment
of the financial obligations incurred to provide public improvements for the Kiteley
Ranch Development, thus eliminating risks of excessive property tax levies or bond
defaults or other potential risks of District financing. The Aggregate Mill Levy Cap for
both operations and debt repayment purposes will itself significantly limit the potential
tax liability of property owners within the District.
Alternate bond financing plans, including without limitation the Alternative
Financing Plan, may be implemented without having to amend or modify the Service
Plan, if determined by the Board to be in the District's best interests and if in material
compliance with the Financing Plan. However, the District shall notify the County of any
material alteration or revision of the Financing Plan or the proposed schedule of debt
issuance set forth in the Financing Plan pursuant to Section 32-1-202(2)(b), C.R.S. The
District may issue up to 30-year fixed rate bonds with coupons (and credit enhancement
fees, if necessary) not to exceed 12% per annum. The District may also issue variable
rate bonds or notes, if interest and other issuance costs are more advantageous than the
debt service costs projected in the Financing Plan. District bonds may be secured or
unsecured, rated or non-rated, which might cause interest rates, debt service and other
issuance costs to be different than the financing costs projected in the Financing Plan. In
such event, the District will size the bond issue so that bond repayments can be made
from the revenue projected to be available to the District.
The District shall, without limiting other financing alternatives or having to
amend or modify the Service Plan, be entitled to change the structure of the Financing
Plan, including without limitation by enabling the District to obtain financing directly
from Longs Peak, other developers, financial institutions, or accredited investors in
compliance with State law. The District may obtain funding directly from Longs Peak or
other persons and repay and reimburse such obligations from property tax collections and
other available funds of the District. In connection therewith, the District may also issue
bonds, notes or contingent repayment obligations to Longs Peak or other persons or
entities in amounts which (i) when combined with other District indebtedness, will not
exceed the Maximum Debt Authorization as set forth in this Section, (ii) will be in
compliance with State law, (iii) will be subordinate to senior bonded indebtedness of the
District, and (iv) will be subject to the Debt Service Mill Levy Cap.
Upon approval of the Service Plan, the District will continue to refine the
cost estimates for the public improvements needed for the Kiteley Ranch Development
and to develop and implement a viable bond financing plan. Costs for construction,
engineering and contingencies, capitalized interest, reserve requirements, credit
19
enhancement/letter of credit fees, and other costs of financing will be included in the
bond financing plan, as appropriate. All construction cost estimates will assume
construction in compliance with the requirements of the County and other governmental
agencies, if applicable.
The total estimated costs of all public improvements to be financed by the
District, capitalized interest, and related issuance and organizational costs are
approximately $10,200,000 as shown in the Alternative Financing Plan. The District
shall have the authority to issue or incur limited tax general obligation indebtedness
(secured by a property tax levy not to exceed the Debt Service Mill Levy Cap), revenue
debt, and other multiple-fiscal year financial obligations in an amount sufficient to
finance and construct all public improvements specified under the Service Plan, if not
greater than $12,000,000 ("Maximum Debt Authorization"), without the need to obtain
the Approval of the County or to process any amendment or modification of the Service
Plan. The District shall not incur indebtedness greater than the Maximum Debt
Authorization, exclusive of refundings or other refinancings, without the Approval of the
County, unless the Maximum Debt Authorization may be increased without the Approval
of the County pursuant to the provisions of Section 2-14-20.I of the County Special
District Code. All ballot questions authorizing indebtedness will be filed with the County
no later than 30 days before any election held therefor in accordance with Section 2-14-
20.J of the County Special District Code. Authorization to issue bonds and to incur other
multiple-fiscal year financial obligations of the District will be sought from the District's
electorate pursuant to the Act and Colorado Constitution.
In addition to property taxes, the District may also rely upon various other
revenue sources authorized by law to fund its financial obligations. These include the
power to establish fees, rates, penalties, or charges as provided in the Act. Facility fees in
the preliminary amount of$3,000 per residential unit will be imposed to fund in part the
various public improvements made by the District. Water and sewer tap fees and other
rates and charges of the Water District and Sanitation District will be charged directly to
lot owners and will not be collected through the District. The Financing Plan has been
developed without reliance upon all possible sources of revenue available to the District,
but this will not preclude the District from implementing any revenue source legally
available to the District, if needed to fund debt service, operations and maintenance, or
other expenses.
The Financing Plan does not project any significant accumulation of fund
balances which might represent revenues in excess of expenditures under TABOR. If
District operations do not qualify as enterprises under TABOR, revenues from all sources
which exceed the permitted level of expenditures in any year will be refunded to
taxpayers, unless a vote approving the retention or "de-Brucing" of such revenues is
obtained. The District will seek voter approvals in advance at the earliest TABOR
election date, so that fluctuations in District revenue from year to year do not create a
20
TABOR refund problem. To the extent that annual District revenues exceed expenditures
without prior approval, the District will comply with the provisions of TABOR and either
refund any excess revenue or obtain voter approval to retain such amounts. At the
discretion of the Board, the District may establish enterprises or other qualifying entities
to finance, acquire, construct, equip, manage complete, operate, maintain and provide
facilities, services and programs.
The estimated costs of the public facilities and improvements to be
acquired, constructed, equipped and completed by the District, including the costs of
acquisition of land, engineering, legal and administrative services, initial proposed
indebtedness, capitalized interest and other financing costs, and other major expenses
related to such facilities and improvements, are set forth in the PIP and the Financing
Plan. For full build-out of the Kiteley Ranch Development, the principal costs of such
items that are funded by the District are not expected to exceed the Maximum Debt
Authorization. If for any reason build-out does not occur as anticipated, the public
improvements may be deferred or phased to coincide with actual development, and
unnecessary expenditures will be avoided. Organizational costs authorized under the Act
are estimated to be approximately $50,000. Interim District expenses funded by Longs
Peak or other developers will be reimbursed from available revenue sources, including
bond proceeds.
The principal amount of voter-authorized debt for each category of public
improvements shall not exceed the Maximum Debt Authorization, exclusive of
refundings or other refinancings, unless otherwise Approved by the County. The
maximum interest rate on District bonds shall not exceed 12% per annum. The
maximum underwriting discount shall not exceed 4.0%. The maximum maturity of
District fixed-rate bonds, when issued, will not exceed 30 years from the date of issuance.
District bonds shall be issued in compliance with the provisions of Section 2-14-70 of the
County Special District Code and may be refunded or refinanced in accordance with
State law. The letter from George K. Baum & Company attached as Exhibit F confirms
the availability of bond financing for the District within the parameters set forth in the
Financing Plan.
The Financing Plan demonstrates that, at the projected levels of
development, the District will have the economic ability to finance the public
improvements needed for the Kiteley Ranch Development, to provide and pay for
services likely to be needed, and to discharge the proposed indebtedness of the District on
a reasonable basis without significant potential risks of financing, relying principally
upon limited rate property tax levies that are subject to the Aggregate Mill Levy Cap. No
funds or assets of the County shall be pledged as security for the repayment of debt
incurred by the District. The County shall have no financial liability of any nature for the
debt of the District or its operations.
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VI. PROPOSED AND EXISTING AGREEMENTS
A. County Agreements
The District may, from time to time, enter into agreements with the County
relating to the financing, construction, completion and operation of the public
improvements. No intergovernmental agreement with the County is currently
contemplated. All such agreements must be approved by the governing board of the
County and the District and may include provisions for administrative review and
implementation by other County or District officials.
B. Facility Fee Agreement
The District may enter into a Facility Fee Agreement with Longs Peak or
other developers to fund in part the public improvements needed to serve the Kiteley
Ranch Development. Under the Facility Fee Agreement, Longs Peak or other developers
will be obligated to pay a facility fee in the projected initial amount of$3,000 per
residential lot on or before the date or transfer and/or sale of each lot. Scheduled
payments may also be required. The District may increase the developer fee as necessary
to fund the capital costs of the public improvements. Until paid, the developer fee will
constitute an unconditional obligation of, and lien against, each lot within the Kiteley
Ranch Development by contract.
C. Other Agreements
To the extent necessary, the District may, from time to time, enter into
other intergovernmental and private agreements to ensure the long-term provision of the
public improvements and services needed for the Kiteley Ranch Development and for the
effective management of District affairs. Agreements may be entered into with the Water
District, the Sanitation District, other governmental entities, Longs Peak or other
developers, the owners association, and other service providers to furnish or discharge
any facility or service responsibility of the District set forth in the Service Plan or to
provide funding therefor. Any other intergovernmental agreements not mentioned in the
Service Plan shall require the Approval of the County in compliance with Section 2-14-
20.D of the County Special District Code.
VII. OTHER REQUIREMENTS
The District shall be subject to the following additional requirements:
1. In the event that the District desires to make a modification to the
Service Plan, the materiality of which is not conclusive hereunder, the District may
submit such proposed modification to the County Attorney for determination of whether
the modification is considered material. If the County Attorney determines that the
proposed modification is considered material, then the District shall obtain the prior
22
Approval of the Board of County Commissioners before implementing any such
modification of the Service Plan in accordance with Section 32-1-207, C.R.S., including
by written notice to the County pursuant to Section 32-1-207, C.R.S. of proposed actions
that the District believes are permitted by the Service Plan but which may be unclear. It
shall be the responsibility of the District to contact the County Attorney to seek an
interpretation as to whether a disputed proposed action is allowed by the Service Plan. In
the event the County elects not to enjoin any such action or activity pursuant to the
provisions of the Act, such election shall constitute agreement by the County that such
action or activity is not a material modification and falls within the scope of the Service
Plan.
2. The District shall cooperate with the County to implement the
Service Plan and to discharge its responsibilities to furnish services and facilities needed
— for the Kiteley Ranch Development as set forth herein or as contemplated in the Kiteley
Ranch P.U.D.
3. The District shall require that Longs Peak or other developers
provide adequate written notice to initial buyers of residential lots within the Kiteley
Ranch Development regarding (i) the types of District property taxes, fees or
assessments, including without limitation any facility fee or other capital fee that are
currently imposed by the District, and (ii) the name and addresses of a District contact
person. This disclosure shall occur prior to the sale of any residential lot to the first
resident buyer.
VIII. DEFINITIONS
Unless the context indicates differently, any capitalized term in the Service Plan
shall have the meaning as set forth therein or as hereinafter set forth. All definitions shall
include both the singular and plural of such term, and any reference to one gender shall
include the other gender.
1. "Act" means Article 1 of Title 32, C.R.S., as amended from time to
time.
2. "Aggregate Mill Levy Cap" shall have the meaning set forth in
Section I.B.
3. "Alternative Financing Plan" means the proposed financing plan set
forth in Exhibit E.
4. "Approval" means the review and approval or disapproval by the
Board of County Commissioners or other County officials, if appropriate, of any specific
bond financing, construction or development plan for the public improvements installed
23
within the District, or material modification of the Service Plan in accordance with the
provisions hereof or the County Special District Code.
5. "Board" means the Board of Directors of the District.
6. "County" means the County of Weld, Colorado.
7. "County Regulations" means all codes, ordinances, charters, rules,
regulations, criteria, and other governing laws of the County, including without limitation
the County Special District Code.
8. "County Special District Code" means Article XIV of Chapter 2 of
the Weld County Code, as amended from time to time.
9. "De-Brucing" means a voter approved retention of revenues from all
sources which exceed the permitted level of expenditures in any year under TABOR.
10. "Debt Service Mill Levy Cap" shall have the meaning set forth in
Section I.B.
11. "Development"means the Kiteley Ranch Development.
12. "District" means the Kiteley Ranch Metropolitan District.
13. "Financing Plan" means the Financing Plan or the Alternative
Financing Plan for the District set forth in Section V and Exhibits D and E of the Service
Plan or any alternate bond financing plan in material compliance therewith (any reference
in the Service Plan to the Financing Plan shall include the Alternative Financing Plan,
unless otherwise provided).
14. "Kiteley Ranch Development" means all property described and
included under the Kiteley Ranch at Foster Lake Planned Unit Development as more
specifically described in Exhibit B. Any reference to the "Development" shall also mean
the Kiteley Ranch Development.
15. "Kiteley Ranch P.U.D." means the Kiteley Ranch at Foster Lake
Planned Unit Development Change of Zone Plat as approved by the County and recorded
in the County land records, as amended from time to time.
16. "Longs Peak" means Longs Peak Investors, LLC, a Colorado limited
liability company, and any successor, transferee or assign, as the legal owner of the
Kiteley Ranch Development.
17. "Maximum Debt Authorization" shall have the meaning set forth in
Section V.B.
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18. "PIP" means the primary infrastructure plan attached hereto as
Exhibit C.
19. "Service Area" means the jurisdictional area that the District will
serve, which presently encompasses the entire area of the Kiteley Ranch Development
and is the legal description of the District as described in Exhibit B.
20. "Service Plan" means the Service Plan for the District, as amended
from time to time pursuant to the Act and the County Special District Code, if required.
21. "Sanitation District" means the St. Vrain Sanitation District, a
Colorado special district, furnishing sanitation services within the Service Area.
22. "Sanitation District Regulations" means all rules, regulations and
specifications of the Sanitation District.
23. "State" means the State of Colorado.
24. "TABOR" means Article X, Section 20 of the Colorado
_ Constitution.
25. "Water District" means the Longs Peak Water District, a Colorado
special district, furnishing water services within the Service Area.
26. "Water District Regulations" means all rules, regulations and
specifications of the Water District.
IX. CONCLUSION
_ It is submitted that the Service Plan establishes compliance with all requirements
of the Act, more particularly that:
a. there is sufficient existing and projected need for organized
service in the area to be served by the District;
b. the existing service in the area to be served by the District is
inadequate for present and projected needs;
c. the District is capable of providing economical and sufficient
service to the area within its boundaries and within the Service Area;
d. the area included in the District and within its Service Area
has, or will have, the financial ability to discharge the proposed indebtedness on a
reasonable basis;
25
e. adequate service is not, or will not be, available to the area
through the County or other existing municipal or quasi-municipal corporations,
including existing special districts, within a reasonable time and on a comparable basis;
f. the facility and service standards of the District are
compatible with the facility and service standards of the County;
g. the Service Plan is in substantial compliance with the
County's comprehensive plan;
h. the Service Plan is in substantial compliance with the County,
regional or State long-range water quality management plan for the area;
i. the creation of the District will be in the best interests of the
area proposed to be served;
j. the creation of the District will be in the best interests of the
residents or future residents of the area proposed to be served; and
k. the Service Plan is in substantial compliance with the County
Special District Code.
_... Therefore, it is requested that the Board of Commissioners of the County, which
has jurisdiction to approve the Service Plan pursuant to §32-1-202(1), C.R.S., adopt a
resolution approving the Service Plan for Kiteley Ranch Metropolitan District without
— condition or modification.
26
EXHIBIT A-1
MAP SHOWING THE BOUNDARIES OF DISTRICT,
SECTION LINES AND PUBLIC ROADS
[Attached]
A-1
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1, a �� _ '- ErRO DISTRICT
i ! • •' �. '?� •+�/r ur.I°'a°a BO�DARY
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CONC11E1E DITCH MIONpHO IRRIG,.r ON WATER TO PIE•NDERSG*PHOPE4n
SHNL OE RELOCATED°I A PIPE IN THE 2S'u nuTV EA5ElEN f tlOHG RI-SPITvp
NANO THE EAST SIDE Of NCR TM 5m4
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EXHIBIT A-2
VICINITY MAP SHOWING THE LEGAL BOUNDARIES
OF THE DISTRICT
[Attached]
A-2
97- 1 ., 4.-....,-f"
... ...Y x:.;- ,li_Ho9oa. _ ._ _..._._._..s:4.;. - r.._ yan _....—...,.1 \
r i.. i Dria 7,-J i ,
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ift .7
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IICINITY MAP E
EXHIBIT B
LEGAL DESCRIPTION OF DISTRICT
[Attached]
B
Exhibit B
Lot B of Recorded Exemption No. 1207-27-2-RE 843 as recorded in Book 1111,Film 1383,Reception No.
02052248,Weld County Records,being more particularly described as follows:
That tract of land located in the Northwest one-quarter of Section 27,Township 3 North,Range 68 West of the 6°
P.M.,Weld County,Colorado being more particularly described as follows:
Considering the West line of the Northwest one-quarter as assumed to bear North 00°03'44"West and with all
bearings contained herein relative thereto:
Beginning at the West one-quarter corner of said Section 27;thence North 00°03'44"West 2651.99 feet to the
Northeast corner of said Section 27;thence North 89°48'39"2637.30 feet to the North one-quarter corner of said
Section 27;thence along the East line of the Northwest one-quarter of said Section 27,South 00°42'51"West
1500.73 feet;thence along the Northwesterly boundary of that parcel of land described by deed recorded in Book
207 at Page 395 of Weld County Records,the following three(3)courses: South 51°37'52"West 507.62 feet
South 52°39'03"West 394.00 feet;thence South 39°24'03"West 765.00 feet to a point on the South line of the
Northwest one-quarter of said Section 27;thence South 89°24'03"West 1125.18 feet to the Southeast corner of
Lot A of Recorded Exemption No. 1208-27-2-RE 843 as recorded in Book 1111,Reception No.02052248,Weld
County Records;thence along the East,North and West line of said Lot A the following three(3)courses: North
00°03'44"West 233.34 feet;South 89°24'03"West 263.82 feet;South 00°03'44"East 233.34 feet to a point on
the South line of theNorthwest one-quarter of said Section 27;thence South 89°24'03"West 30.00 feet to the
West one-quarter corner of said Section 27 and the True Point of Beginning,except any portion lying within
_ rights rights of way, except for the following described property:
Considering the West line of the Northwest Quarter of said Section 27 as assumed to bear
_ South 00°03'44" East and with all bearings contained herein relative thereto;
Beginning at the Northwest corner of said Section 27; thence along the West line of the
Northwest Quarter of said Section 27 South 00°03'44" East 861.97 feet to the TRUE
POINT OF BEGINNING; thence continuing along said West line South 00°03'44"East
376.60 feet;thence departing said West line North 89°59'42"East 378.15 feet; thence
North 00°03'44" West 189.15 feet; thence North 28°00'26" West 212.62 feet;thence
South 89°56'16" West 278.51 feet to a point on the West line of the Northwest Quarter of
said Section 27 and the TRUE POINT OF BEGINNING, , which contains 3.05 acres,
more or less.
Weld County, Colorado.
EXHIBIT C
ENGINEERING SURVEY OF ESTIMATED COSTS OF
PUBLIC IMPROVEMENTS INCLUDING PRIMARY
INFRASTRUCTURE PLAN
[Attached]
C
x y( *�INION OF PROBABLE COSTS ,` 4,41114-4 24-
Project Title: Kiteley Ranch
Project number: 04190
Description: Metropolitan District Infrastructure
Estimator: LRC
Date: June 29, 2006
�'t'.,#JQy e x w ,ta .`°�b�y �x �gi'tyzy��.,t'xSrc 'a � �`I pp 2,+ ,y w 'iy "w4 '�b a, SummaniZ N M1rr ti .,� �s£ a $r'.
�T ,•re. 6 �. Y&F e
srx ,}.. -• I+v,sxs?' ey 'C.ra �.. s,.� , �sr *�r'ky41i . i2
MetrotD1sttietSaYittarySo MrtOtetne - . »ate - t ,
Subtotal $1,365,000
Contingences 20% $273,000
Engineering and Construction Management 10% $163,800
Total $1,801,800
zaz ° '. .m ° e rr 7: ,._ ...r
Subtotal $1,470,000
Contingencies 20% $294,000
Engineering and Construction Management 10% $176,400
Total $1,940,400... . .. _.. . , _ ..
Subtotal $1,428,000
Contingencies 20% $285,600
Engineering and Construction Management 10% $171,360
Total $1,884,960
Subtotal $1,952,720
Contingencies 20% $390,544
Engineering and Construction Management 10% $234,326
Total $2,577,590
Subtotal $3,040,522
Contingencies 20% $608,104
Engineering and Construction Management 10% $364,863
Total $4,013,489
Subtotal $126,750
Contingencies 20% $25,350
Engineering and Construction Management 10% $15,210
Total $167,310
Total $0
n f' l�F� . ex rsr/'A .y,. +3 :' s. tiai i #w F*y � rv `�
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C , � S �' �s. l e#� �4Y3
. " ""Grand;Total 5,: a2 So
S.A. Miro, Inc. Exhibit C -Metro District Costs.xls
4e nti
Project Title: Kiteley Ranch
Project number: 04190
Description: Metro District Sanitary Sewer Improvements
Estimator: LRC
Date: June 29, 2006 y�° p
5a}„# � " �t "'rd'{ thgtFFN.C' +-ttr ; 'f�.. ,ka ₹» e,..,C'l�w"} r4 $.4s'e rjS! "� {'v-" 1 ft,teljr
�� 3 vY'r`i gi 3d ms3.. '1 ..:::"s". ssti : .,:4'...:.t. 7a, rte eao ,_D.'. t -..4 ., I .
p:Pi$' 47;11 v. y M M.'1/4::.1'.:
34.Ly4 $$ ': 4 -..-I
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�a�.aVm.ndi. [ . . . ..-_,',. ..'"—P—.?`":..+...3.. t.:2':`:,....:,:7:,-..'..... f . = ss.�x.._ v .. ., a . ,t �favui .+ . sN
10-Inch PVC- 21,000 LF $65 $1,365,000
it . . . ..te x h Nt°r Js - ., a a + "
�i� ^' � �h` u vN< ,:g +ii 4^)�ylg #� ,,..��,,J �'"^}.K �x 8 o- � x �t+. s a �y ��3�i
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IT...........L"..;,.. ..&� n 3x ...I' 4...e ,�� r. �Ss -a J� .at 6.c i, 'n s 4itmd'.�
" .. ...ax.;£rM,. 7ar,u ;1,11 :,r„ s7..-_ w.Cub; . 3 . . s: - .x..�s,� #.'s.w,',ug Lq Y';.4.:M
S.A. Miro, Inc. Exhibit C-Metro District Costs.xls
• f1 °FON OF PRgSAtl t ?,
it 7
Project Title: Kiteley Ranch
Project number: 04190
Description: Metro District Potable Water Improvements
Estimator: LRC
Date: June 29, 2006
& c
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�
aalc.,, d»a.�i.,�s.0 �'„1?b% � u.a.�idde,Est»z a .. .. ,�,ma..,�.. u.`"w•..tia t,a t, .,.b3..+�.. ,�iw �s..§s..,u LTG.�,v.. 6�.�
10-Inch PVC- 21,000 LF $70 $1,470,000
z �s r s 't' 'tjf, s r q , "F a r rs
� � � °'�, $# j a � '.�
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S.A. Miro, Inc. Exhibit C- Metro District Costs xis
.
y ,;
1 t or( .,R�$A�
Project Title: Kiteley Ranch
Project number: 04190
Description: Metro District Non-Potable Water Improvements
Estimator: LRC
Date: June 29, 2006
tc 4
e-, ca r"'₹4t7"44,74-T a9 ,. . ..4:;;7444.!4-74.4.1'O.44 , a xi 7-, `Y 4, 4 S `.
��fm 'Stz4� a} k rsSs C t v
8" PVC Non Potable Irrigation tine- 21,000 LF $68 $1,428,000
oye'
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S.A. Miro, Inc. Exhibit C-Metro District Costs.xls
Project Title: Kiteley Ranch
Project number: 04190
Description: Metro District Drainage Improvements
Estimator: LRC
Date: June 29, 2006&crr ;rltN t- 7 7 x s . `'v 5>�tti" r ++ L1ijp 1 ),'3 ":
fkE14 Le. A t q.1 "' � °t TA:Li .Q R'.YM9ni) N'-F LY WYcvLtlj:;ieEG (vtffi.r I
'ZIE i °T =w ; x° T2it :^- „ s7"":':TyaRr .a"' C ,� } 9 r gym"£"�i .rc«�?8:.�,3d�.E ..,wd ,≥t�`...4wk .�..«� L .�.f..sas ruG� ;,,.�n•,sa.,..aa..a..ad,_ ..,; _x.5..z._w�•. � .__�.. .aa.,a:w�. ...1t..., ,
5'Type R Inlet 28.0 EA $4,935 $138,180
10'Type R Inlet 28 EA $5,355 $149,940
6' Dia Manhole (8' Deep) 58 EA $5,575 $323,350
48"RCP 3040.0 LF $175 $532,000
36" RCP 1,700 LF $130 $221,000
30" RCP 3,500 LF $100 $350,000
24"RCP 2,050 LF $65 $133,250
Outlet Structure� 3 EA $15,000 $45,000
LaC&�1.. ;'4,D Et;:;:t .i'Y.' 'T7:r..., 7;:r f''.. z.t .4:':7F ₹c , i_.,. -'i t ...,x. ..', .t . .1,-i c 3 -:'y?
Pond 1 1 LS $30,000 $30,000
Pond 2■ . . 1 LS $20,000 $20,000
Pond 3 1 LS $10,000 $10,000
a �
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�Y e.�t wx )�. .troll ,,j��m i Y �� � i� a ',.;..'It':
i
d.`,..= .:-./:::;';;La,f;.::2,...r. :,.::,;....1:9. . .,. '°.+`i-II,C w. .fitter,.« ere. _ x, .- . .. , .-. .,.,.. .._ ... ."a `.'' j,
S.A. Miro, Inc. Exhibit C- Metro District Costs.xls
s. �"4 ^tto ' � mat ,t4 ,d tho A -b ,' 3 f,.! � €a
Project Title: Kiteley Ranch
Project number: 04190
Description: Metro District Roadways
Estimator: LRC
Date: June 29,2006
ftr � s *,
"'ri ;., Fry� t �r as ., Sr 4�t "74,:t 41,4112:IIS7.7. s*t�3,.,n s�:�.»aat .. Em7:E ::1:1±.4.Z-A":5:-:":5.,".211.;11:71,n1
Asphalt 30,700 TON $1412,200
1
Sidewalk- 216,181 SF $4 MN
i u.Ca rv''Ty2 +c' 177 tC,', "ro S �i.As.�'pp! . P,'.7.. q fri'j l;7177 ` a .. t
nl 'Z� � L �f4.1GA N � � �{ otdl�# f� �. � :CZ:3:Z�s � ^$
�-p Curb and Gutter- 40,573 LF $608 598
`-it:71 "T." 4T, 7= S'%lYv :111111: :171
Earthwork 31,000 CY $5 $155,000
� rreT"x !1 'r A" y2r 6 ' >}^ar'"ait lr� f4x^1Y- d4`Y° It ' 'err! ' y e w, T
S.A. Miro,Inc. Exhibit C -Metro District Costs.xls
�?,7�.*i x { L"m 1, x rOPINIO$O P.C Bf ` �3# c' � ,'' : "44..1.
l ro .1t� v., 3?3 i tell" -tral t,r^v 144 .i 66y a t"4": x *AO,' . x, 4�,r.;a,
Project Title: Kiteley Ranch
Project number: 04190
Description: Metro District Erosion Control
Estimator: LRC
Date: June 29, 2006
WAIT rPrjr.tiiihr71)71"itiriCi'.64;4r".*Xjxticritaaril
vita's R JnB� .bi' L
RR 12"Rip Rap- 2,150 CY $45.00 $96,750
k"etjfiTeaw,.. .u L > .,.= G• nn"5ytuY.R�.
Erosion Control
1 LS $30,000 $30,000
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EXHIBIT C-1
- PUBLIC IMPROVEMENTS MATRIX
Public Improvement[[) Paid for by(e) Constructed by Maintained by(3) Dedicated to Date of
Conveyance
Storm Drainage Facilities District District District District Final Plat
-' Landscape/Perimeter Fencing District District District District Final Plat
Signage/Monuments District District District District Final Plat
Recreation Facilities(4) District District District District Final Plat
. Open Open Space, Parks and Trails District District District District Final Plat
Interior Street System District District District District(5) Final Plat
Offsite Streets District , District Count?) County(6) Completion
Sanitary Sewer Mains District District St.Vrain S.D. St.Vrain S.D. Completion
Water Mains District District Longs Peak W.D. Longs Peak W.D. Completion
Gas Mains Developer PSC PSC N/A Easement
Electric Lines Developer United Power United Power N/A Easement
-- Telecommunications Developer TBD TBD N/A Easement
Engineering,construction District N/A N/A N/A N/A
management services
Overlot Grading Developer Developer N/A N/A N/A
(1) Each general category of public improvement includes all improvements and facilities related
thereto as more fully described in Parts II and III of the Service Plan or as may be specified by
Weld County.
(2) To the extent that District bond proceeds are insufficient to pay any public improvement costs,
the Developer will fund such costs.
(3) Maintenance includes without limitation any repair, replacement, inspection, cleaning,mowing,
- seeding, painting and general upkeep of the facility and adjacent property as necessary to
maintain such facility in an operable and sightly condition.
(4) The swimming pool complex is expected to be paid for and constructed by the Developer, and
maintenance expenses are expected to be funded by owner association fees.
(5) All platted streets within Kiteley Ranch Development will be dedicated to the District for public
use, including access to adjacent platted lots by all lot owners, fire,police and other emergency
service providers,utility companies and the public generally. If Weld County requires
conveyance of the street system to the County subsequent to recording of the plat, the District
shall transfer and convey all streets to the County. Police services will be provided by the Weld
County Sheriff.
— (6) Offsite roads will be owned and maintained by Weld County, unless any such road is under the
jurisdiction of the Town of Mead or the Colorado Department of Transportation.
G:\Clients\Kiteley Ranch Metro\Organization\Exhibit C-i to
Service Plan.doc
EXHIBIT D
FINANCING PLAN
[Attached]
D
t
Mimicry Panel,Mem.om Kiteley Ranch Metropolitan District
12-May06 Weld County, Colorado
2:43 PM Limited Tax General Obligation Bonds
Plan A
Fixed Rate @5.5%
Schedule to 2036
35 Mills
56,060,000 Project Fund
Table of Schedules
1 . Cover Page
2 . Cashflow Schedule
3 . Bulldout Schedule
4 . Development Fee Schedule
5 . Schedule of Assessed Valuation
6 . Bond Debt Service Schedule-Series 2006
7 . Sources and Uses of Funds Statement
B . Capitalized Interest Schedule
George K.Baum&Company 5/12/2006
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5aMY R,na,Moire Pn Kiteley Ranch Metropolitan District
— °M^^ Weld County, Colorado
502/100114:43 Limited Tax General Obligation Bonds
Schedule of Projected Assessed Valuation
Residential Total
Assessed Assessed
Value Value Market Total
Added i Added Re-valuation Re-valuation Assessed
— Year (Collection Yr.) . (Collection Yr.) Rate Value Valuation
4% bi-annually
0 2006 0 0
0 0
1 2007 0 0
0 0
2 2008 0 0 4% 0 0
3 2009 0 0 0 0
4 2010 3,054,650 3,054,650 4% 0 3,054,650
5 2011 3,054,650 3,054,650 0 6,109,300
8 2012 3,054,650 3,054,650 4% 244,372 9,408,322
7 2013 3,054,650 3,054,850 0 12,462,972
— 8 2014 945,648 945,648 4% 496,519 13,907,139
9 2015 0 0 0 13,907,139
10 2016 0 0 4% 556,286 14,463,424
11 2017 0 0 0 14,463,424
— 12 2018 0 0 4% 578,537 15,041,961
13 2019 0 0 0 15,041,961
14 2020 0 4% 601,678 15,643,640
15 2021 0 0 15,643,640
— 16 2022 0 4% 625,746 16,269,385
17 2023 0 0 16,269,385
18 2024 0 4% 650,775 16,920,161
19 2025 0 0 16,920,161
—
20 2026 0 4% 676,806 17,596,967
21 2027 0 0 17,596,967
22 2028 0 4% 703,879 18,300,846
23 2029 0 0 18,300,846
24 2030 0 4% 732,034 19,032,860
25 2031 0 0 19,032,880
26 2032 0 4% 761,315 19,794,195
27 2033 0 0 19,794,195
28 2034 0 4% 791,768 20,585,963
29 2035 0 0 20,585,963
30 2036 0 4% 823,439 21,409,401
— 13,164,248 13,164,248
George K.Baum & Company
rarer 6eS 680o Dm 57.290.000
6
room? Rileley Ranch Metropolitan District
I3'twrm Wald County,Colorado
2:43 Pre tlmilad Tax General Ohligation Bonds
Series 2005
—' Debt Service Schedule
Annual Ceplenwd gnus/
Dole Principal Pate Interest PSI PSI Intone, Payment
06/01/07 236.926 00 236.926,00 1236.926.001
12/01107 0 6.600 236.925 00 2]6.92600 473.86000 1236.926.001 000
06/01/08 235.92600 236.926.00 1236.926.001
12/01,09 0 6.600 236,92600 235.926.00 473.860.00 1236.925 001 0.00
06/01109 236.926.00 216,925.00 1118.462.501
12/01109 0 6.600 236.925.00 236,926.00 473.860 00 0.00 356.367.50
06:01/10 236,92600 236.92600 0.00
12/01/10 40.000 9.600 2]6.92600 276.926.00 61].850.00 0.00 513,650.00
06,0,/,1 236,626.00 235.626,00
12/01/11 46.000 8,500 236,626.00 250,626,00 616,260,00 516,260.00
06/01/12 234.16160 234.162 50
12/01/12 45.000 6.500 234,16290 279.162.60 513.32600 513.32600
06/01113 232,70000 232,700.00
12/01113 46.000 8600 232.70000 277 700.00 510,40000 610400.00
06/01/14 231.237.60 231,23160
12/01114 45 000 6.600 231.23760 276.237.60 607,476.00 607.47500
06/01115 229.776.00 229 775.00
12/01116 60.000 6600 229.77600 219.775,00 609.660.00 509,660,00
06/01/19 228.16000 228,150.00
12/01/16 16000 6,600 226,160.00 303.15000 63/30000 6]1.30000
06101/11 226,11260 225.712,60
12/01/17 80.000 6.600 226.712.60 306.71260 631 426.00 631 425.00
06/01/18 223,11260 223.113 60
12/01/18 106,000 6600 223 112.50 328.11260 661 225.00 661.226.00
06/01/19 219.700 00 219.700 00
12/01/19 110.000 9.600 219,100.00 329.70000 549.40000 549400.00
06/01/20 218.125.00 216.525.00
12/01/20 140.000 6.500 216.12600 366.12900 572 260.00 612,260.00
06/01/21 211.679 00 211,67600
12/01/21 166000 8,500 211,616.00 366.67600 578.160.00 678.160.00
06/01/22 206.637.60 206637,60
12/01/22 190.000 5600 206637.60 399.637 60 60]07600 603.076,00
06701123 200.362 50 200.362 50
12/01/23 205,000 6.600 200,362 50 409.352_50 906 72600 606,725.00
06101/24 193,700.00 193.700,00
12/01/24 246.000 8600 193,700.00 4]8,70000 632.400.00 632.400.0D
06/01/26 166,737.50 196.737.60
12/01/25 260600 6600 195,7]7,60 446.737.60 631,06,00 631.41500
06,11/26 177.297.50 177.287,60
12101/26 300,000 6.900 177.297,50 477.287,50 664,97500 65967900
06/01/27 157.537.60 181,637.60
12/01/27 320.000 6.600 157.637.60 487.63260 665.07600 556.075.00
- 06/01/28 161,137,60 151,137.60
12)01/26 365,000 6.600 161.137.60 522.137.60 679,276.00 679,276,00
06/01/29 146,21600 146.27600
12/01/29 390.000 6.600 146276.00 635.276,00 68066000 880.550.00
09/01/30 132,60000 132.600.00
12101/30 440,000 6.500 12600.00 672.50000 705,20000 70630000
06/01/31 118.300,00 119.300.00
12/0101 476,000 5.900 116,300.00 693000,00 711 600.00 711.60000
06101/32 102.862.60 102 862.60
12/01/32 935.000 6.500 102,862.60 637.862 90 740.726 00 740.725 00
_ 06101133 86.476 00 85 476 00
12101133 670.000 6.600 86.47500 666.476 00 740,95000 740,950,00
06/01/34 66.950.00 66.96000
12/01/34 631000 6.600 66,990.00 701 950 00 068.90000 768 900.00 •
05101/36 46.312.60 46313 50
—. 12/01/36 680,000 6,600 46.312 60 726.312.50 772.62600 772.526.00
06/01/36 29.212.50 24.21260
12/01/36 745.000 6.900 24.212.60 769.212.60 793.426.00 793 425.00
7.290,000 10091.725 91.725 00 18,161.725 00 16.561.225 00 11,066,162.601 17.116.662.60
Delod 12/01/05 Avarege Coupon 6.600000
NIC 6.687011
Settlement 12/01/06 'IC 6676076
M61vege Yield 6.600000
All In Yield 6.168821
Bond Veers 167,56500
Avurego the 2299
Accrued/mere.? 0_00
George K.Daum 1 Company 6/12/2006
Kiteley Ranch Metro Dist 7
aaunl Kiteley Ranch Metropolitan District
12-May-06 Weld County, Colorado
2:43 PM Limited Tax General Obligation Bonds
Series 2006
Sources and Uses of Funds
Sources Total
Principal Amount of Bond Issue 7,290,000.00
7,290,000.00
Uses Total
Project Fund 6,060,000.00
Bond Discount $20.00 /$1,000 145,800.00
Capitalized Interest Fund 1,007,000.00
Cost of Issuance 75,000.00
Contingency 2,200.00
7,290,000.00
George K. Baum & Company 5/12/2006
Kiteley Ranch Metro Dist 8
capint Kiteley Ranch Metropolitan District
12-May-08 Weld County, Colorado
�. 2:43 PM Limited Tax General Obligation Bonds
Series 2006
Capitalized Interest Schedule
Interest @ Interest Fund
periods Date Days 4.2500% Draws Balance
12/01/06 initial deposit 1,007,000
1 06/01/07 182 21,340 (236,925) 791,415
2 12/01/07 183 16,864 (236,925) 571,354
3 06/01/08 183 12,175 (236,925) 346,603
4 12/01/08 183 7,385 (236,925) 117,064
5 06/01/09 182 2,481 (118,463) 1,082
60,245 (1,066,163)
George K. Baum & Company 5/12/2006
EXHIBIT E
ALTERNATIVE FINANCING PLAN
[Attached]
E
1
Moiety Ranch Metro[1st-50 mills Kiteley Ranch Metropolitan District
6Jun06 Weld County,Colorado
4:41 PM Limited Tax General Obligation Bonds
Plan B
Fixed Rate @ 6.5%
Schedule to 2036
50 Mills
._ 88,914,000 Project Fund
Table of Schedules
1 . Cover Page
2 . Cashflow Schedule
3 . Buildout Schedule
4 . Development Fee Schedule
5 . Schedule of Assessed Valuation
6 . Bond Debt Service Schedule-Series 2006
7 . Sources and Uses of Funds Statement
8 . Capitalized Interest Schedule
George K.Baum&Company 6/6/2006
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Melee Ranch Metro DM-so mills Kiteley Ranch Metropolitan District
ame. Weld County, Colorado
l,Td20U616.34 Limited Tax General Obligation Bonds
Schedule of Projected Assessed Valuation
— Residential • Total
Assessed Assessed
Value Value Market Total
Added Added Re-valuation Re-valuation Assessed
Year (Collection Yr.) I (Collection Yr.) Rate Value Valuation
4%bi-annually
0 2006 0 0 0 0
1 2007 0 0 0 0
2 2008 0 0 4% 0 0
3 2009 0 0 0 0
4 2010 3,054,650 3,054,650 4% 0 3,054,650
5 2011 3,054,650 3,054,650 0 6,109,300
6 2012 3,054,650 3,054,650 4% 244,372 9,408,322
— 7 2013 3,054,650 3,054,650 0 12,462,972
8 2014 945,648 945,648 4% 498,519 13,907,139
9 2015 0 0 0 13,907,139
10 2016 0 0 4% 556,286 14,463,424
11 2017 0 0 0 14,463,424
12 2018 0 0 4% 578,537 15,041,961
13 2019 0 0 0 15,041,961
__ 14 2020 0 4% 601,678 15,643,640
15 2021 0 0 15,643,640
16 2022 0 4% 625,746 16,269,385
17 2023 0 0 16,269,385
— 18 2024 0 4% 650,775 16,920,161
19 2025 0 0 16,920,161
20 2026 0 4% 676,806 17,596,967
21 2027 0 0 17,596,967
22 2028 0 4% 703,879 18,300,846
23 2029 0 0 18,300,846
24 2030 0 4% 732,034 19,032,880
25 2031 0 0 19,032,880
26 2032 0 4% 761,315 19,794,195
27 2033 0 0 19,794,195
28 2034 0 4% 791,768 20,585,963
29 2035 0 0 20,585,963
30 2036 0 4% 823,439 21,409,401
13,164,248 13,164,248
George K. Baum&Company
Kam Rao,roue om-30 $10,200,000 6
wan Kiteley Ranch Metropolitan District
6Aara Weld County,Colorado
434 as Limited Tax General Obligation Bonds
Series 2006
'-' Debt Service Schedule
Annual Capnmted Annual
Dale Principal Rale Interest P P Interest Payment
06/01/07 331,500.00 331,500.00 (331500.00)
12/01/07 0 6500 331,500.00 331,50000 663000.00 (331.500.00) 000
0001/0e 33150000 331,500.00 (331,500.00)
12/01/08 0 6500 331500.00 331,500.00 66]000.00 1331,5(0.00) 000
06/01/09 331500.00 331,500.00 (331.500 00)
12/01/09 0 6.500 331500.00 331500.00 663,000.00 (165,750.00) 165.75000
06/01/10 331,500.00 331,50000 000
12/01/10 0 9500 331,500.00 331,500.00 663000.00 0.00 663,00.00
06/01/11 331 500.00 331.500.00
12/01/11 25,000 6.500 331580.00 356500.00 668,000.00 686,00000
0601/12 330,68)50 330 68150
12/01/12 25.000 6.500 330,687.50 355087.50 886,37503 686,37500
06/01/13 329,875.00 329,675.00
12/01/13 25,000 8.500 329,875.00 354,875.)0 684.750.00 664,750.00
06/01/14 329,062.50 329,062.50
12/01/14 75.000 6.500 329.062.50 40106250 733,12500 733,12500
08/01/15 326,625.00 326,625.00
12/01/15 75,030 6.500 32602500 401,25.00 72625000 726250.00
06/01/16 32d 187.50 324,187.50
12/01/16 115,000 0.500 324,187.50 439,187.50 763.375.00 76537500
06/01/17 320!50.03 320.45000
12/01/17 120,000 6.500 320.450.00 440.45000 780,900.00 760,90000
03/01/18 316550.00 316550.00
12/01/18 155,030 6.500 318.550.00 471,550.00 786100.00 766.10000
06/01/19 311512.50 311,512.50
12/01/19 165,030 6.500 311,512.50 476,51250 768.025.00 788,02503
86/01/20 308,150.00 306,15000
12/01/20 210,000 6.530 308.15000 516.150.00 822,300.00 822300.00
08/01/21 299,325 00 299.325 00
12/01/21 220.000 6.500 290325.00 519.325.00 818,65000 818.650.00
06/01/22 292.17500 292.175.00
12/01/22 270.000 6.500 292,175.00 562175.00 854,35000 854,350.00
08/01(23 263!0000 28560000
12/01/23 290,000 0.500 203.100.00 57510000 858.800.00 656800,00
06/01/24 273,975.00 273,97500
12/01/24 315000 6.500 273,97500 616.975.00 892,95000 862.950.00
D6/01/25 262,762.50 262,762.50
12/01/25 385,000 6.500 262]0250 827,782.50 890,52500 89052509
06/0126 250.900.00 25090000
12/0126 425,000 6.500 250,90000 675,900.00 926800.30 926,80000
060127 237,067.50 237,087.50
12/0127 450,000 6.500 237,087.50 667,087.50 924,175.00 924.17500
06/0128 222,462.50 222!82.50
12)01/28 520.000 6.500 222462.50 742.48250 964,92500 964,925.00
03/01/29 205,562.50 205,562.50
12/01/29 555.000 6.500 205562.50 780,562.50 966.12500 926,12500
08/01/30 167.525 00 187,525 00
12/01/30 630,000 0.500 167,525.00 817,525.00 1.005.050.00 1005,050.0
06/01➢1 167,050.00 187,050.00
12/01/31 670,000 6.500 167,05000 637050.00 1O04100.00 1,001,100.00
06/01/32 145,275.00 145.27500
12/01/32 755,000 8.500 145,275.00 900,275.00 1,045,55.00 1,045,550.00
-- 06/01/33 120.737.50 120,73750
12101/33 805,000 6.500 120,737.50 92573750 1048,475.00 1,046!7500
06/01/34 94,575.00 94.57500
12/01/34 895.000 6.500 94,57500 989,575.00 1.084.150.00 1084,150.00
05901/35 65467.50 65.487.50
.� 12/01/35 955,000 6.500 65!87.50 1020,48750 1,005,975.00 1,08597500
06/01/36 34.450.00 31!50.00
12/01/36 1,060,000 8.500 34!50.00 1094.150.00 1,12890000 1,128,90000
10200.00 15,390,700.00 25.590,700 00 25,5911700.00 (1.823.250 00) 23,767,45000
Dated 12101/06 Average Coupon 8.500090
RIC 6.5(93156
Settlement 12/01/08 TIC 6.674576
Arduage YleS 6.500000
All In Yield 6.740138
—` Bond Tears 236,780.00
Average Lyle 2321
Accrued Interest 0.00
Ge0rpe K.Baum A Company
&62008
Kiteley Ranch Metro Dist-50 mills 7
aaunt Kiteley Ranch Metropolitan District
6-Jun-06 Weld County, Colorado
4:34 PM Limited Tax General Obligation Bonds
Series 2006
Sources and Uses of Funds
Sources Total
Principal Amount of Bond Issue 10,200,000.00
10,200,000.00
Uses Total
Project Fund 8,914,000.00
Bond Discount $20.00 /$1,000 204,000.00
Capitalized Interest Fund 1,007,000.00
Cost of Issuance 75,000.00
Contingency 0.00
10,200,000.00
George K. Baum & Company 6/6/2006
Kiteley Ranch Metro Dist- 50 mills 8
capint Kiteley Ranch Metropolitan District
6-Jun-06 Weld County, Colorado
4:34 PM Limited Tax General Obligation Bonds
Series 2006
Capitalized Interest Schedule
Interest @ Interest i Fund
periods Date Days 4.2500% Draws E Balance
12/01/06 initial deposit 1,007,000
1 06/01/07 182 21,340 (331,500) 696,840
2 12/01/07 183 14,848 (331,500) 380,189
3 06/01/08 183 8,101 (331,500) 56,790
4 12/01/08 183 1,210 (331,500) (273,500)
39,704 (1,491,750)
George K. Baum & Company 6/6/2006
EXHIBIT F
LETTER FROM GEORGE K. BAUM & COMPANY
[Attached]
F
George K. Baum & Company
gicio
INVESTMENT BANKERS SINCE 1 9 2 8
June 26, 2006
Paul R. Cockrel
Collins Cockrel & Cole
390 Union Boulevard, Suite 400
Denver, Colorado 80228-1556
Re: Kiteley Ranch Metropolitan District General Obligation Bonds
Dear Mr. Cockrel:
George K. Baum & Company has been working very closely with the proponents of the Kiteley
Ranch Metropolitan District. We have reviewed the service plan and have developed a cash flow
analysis which proves the feasibility of the financing based on assumptions provide by the
developer.
Based on our work so far and our understanding of and experience with the financial markets, we
are confident that the proposed general obligation bonds can be successfully marketed. We have
been engaged by the developer, the petitioner of the proposed District, to structure and
underwrite the District's voter authorized debt once sufficient credit support can be identified
based on assessed value, guarantees provided by the Developer or other forms of credit
enhancement. As currently proposed within the Service Plan, we believe that the bond structure
represented in the finance plan will be acceptable to investors and will result in a successful bond
issue.
Should you have any questions or require clarification of any of the numbers or assumptions
within the finance plan, do not hesitate to contact me.
Sincerely Yours,
GEORGE K. BAUM & COMPANY
t 2-6
Alan T. Matlosz
Senior Vice President
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