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Home My WebLink About20062402 RESOLUTION RE: APPROVE CONSOLIDATED SERVICE PLAN FOR PROPOSED ST. VRAIN LAKES METROPOLITAN DISTRICTS NOS. 1, 2, 3, AND 4 WHEREAS,the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS,pursuant to Section 32-1-204,C.R.S.,a Consolidated Service Plan concerning the proposed St. Vrain Lakes Metropolitan Districts Nos. 1, 2, 3, and 4 was filed with the Weld County Board of County Commissioners, and WHEREAS, on July 10, 2006, by Resolution #2006-1856, the Board of County Commissioners scheduled a public hearing on the Consolidated Service Plan to be held at 9:00 a.m. on August 30, 2006, and WHEREAS, notice of the date, time, location, and purpose of said hearing was duly published in The Fort Lupton Press, the county legal newspaper, on August 2, 2006; notice was provided to the Division of Local Affairs of the name and type of the proposed district;and notice of the date,time and location of said hearing was provided to the Petitioners,to the governing body of each municipality and of each special district which had levied an ad valorem tax within the next preceding tax year and which had boundaries within a radius of three (3) miles of the proposed district,and to said Division,as required by Section 32-1-202(1),C.R.S.,and Section 32-1-204(1), C.R.S., and WHEREAS,the Weld County Planning Commission considered the Consolidated Service Plan at its meeting on August 15,2006, and presented its favorable recommendation to the Board of County Commissioners at its hearing on this matter,as required by Section 32-1-204(2),C.R.S., and WHEREAS,the Board did,on August 30,2006, conduct a full public hearing on this matter, taking evidence establishing the jurisdiction of the Board to hear this matter and further taking evidence regarding the substantive issues set forth in Section 32-1-203, C.R.S.,at which hearing all interested parties were afforded an opportunity to be heard, and WHEREAS,the Board fully considered the Consolidated Service Plan and all testimony and other evidence presented to it in this matter relating to said Consolidated Service Plan,including the favorable recommendation of the Weld County Planning Commission, and WHEREAS,the Board,after consideration of all testimony and other evidence presented to the Board in this matter,finds that the Consolidated Service Plan meets the criteria contained within Section 32-1-203, C.R.S., and WHEREAS,no written requests for exclusion were submitted to the Board from property owners within the proposed boundaries of the proposed District. 2006-2402 SD0130 00 : FL1PL-P rq a -aG APPROVE CONSOLIDATED SERVICE PLAN - PROPOSED ST. VRAIN LAKES METROPOLITAN DISTRICTS NOS. 1, 2, 3, AND 4 PAGE 2 NOW,THEREFORE,BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that: Section 1. The Board hereby determines that all of the jurisdictional and other requirements of Sections 32-1-202 and 32-1-204,C.R.S.,have been fulfilled, including those relating to the filing and form of the Service Plan, the form and publication of the public notice of the hearing on the Service Plan, and the type of public hearing held herein, and that, pursuant to Section 32-1-204(1.5)the petitioners did give proper and timely notification of the hearing to the property owners within the proposed district. Section 2. The Weld County Planning Commission has considered this matter as required by law and has favorably recommended approval of the Consolidated Service Plan. Section 3. Based upon the information contained within the Consolidated Service Plan and evidence presented to the Board at the hearing,the Board hereby finds and determines as follows: A. There is sufficient existing and projected need for organized services of the nature proposed in the Consolidated Service Plan in the area to be serviced by the proposed District. B. The existing services in the area to be served by the proposed District are inadequate for present and projected needs. C. The proposed District is capable of providing economical and sufficient services to the area within its proposed boundaries. D. The area to be included in the proposed District has,or will have,the financial ability to discharge the proposed indebtedness on a reasonable basis. E. Adequate services are not, and will not be, available to the area through Weld County or other municipal or quasi-municipal corporations, including special districts,within a reasonable time and on a comparable basis. F. The facilities and service standards of the proposed District are, or will be, compatible with the facilities and service standards of Weld County and of each municipality and special district which is an interested party hereto. G. The Consolidated Service Plan is in substantial compliance with the Weld County Comprehensive Plan and the Weld County Code. 2006-2402 SD0130 APPROVE CONSOLIDATED SERVICE PLAN - PROPOSED ST. VRAIN LAKES METROPOLITAN DISTRICTS NOS. 1, 2, 3, AND 4 PAGE 3 H. The creation of the proposed District will be in the best interest of the area proposed to be served. Section 4. The Consolidated Service Plan of the proposed District be, and hereby is, approved, subject to the following conditions: Section 5. The Clerk to the Board be, and hereby is, directed to advise the Petitioners in writing of this action and to attach a certified copy of this Resolution for the purpose of filing the same with the District Court of Weld County. Section 6. All Resolutions, or parts hereof, in conflict with the provisions hereof, are hereby repealed to the extent of such conflict only. Section 7. This Resolution, immediately upon its passage,shall be authenticated by the signatures of the Board of County Commissioners and the Clerk to the Board and sealed with the corporate seal of the County. Section 8. This Resolution is necessary for the health, safety and welfare of the citizenry of Weld County. The above and foregoing Resolution was,on motion duly made and seconded,adopted by the following vote on the 30th day of August, A.D., 2006. BOARD OF CO NTY COMMISSIONERS EL s WELD COU , COLORADO ATTEST: Atli I �•r£��1 �� M. . ile, Chair Weld County Clerk to the f j (� N. David E. Long, Pro-Tem BY: .� _ / Dep 4 Clerk he Board ' fr/i Willi H er ke �� APP AS TO FO *1) Robert D, Masd� ounty Attorney Glenn Vaad Date of signature: S/ 2006-2402 SD0130 CONSOLIDATED SERVICE PLAN FOR ST. VRAIN LAKES METROPOLITAN DISTRICT NOS. 1 -4 WELD COUNTY, COLORADO Prepared By White Bear & Ankele Professional Corporation 1805 Shea Center Drive Suite 100 Highlands, Ranch, CO 80129 Filed with Weld County, Colorado On August 28, 2006 TABLE OF CONTENTS I. INTRODUCTION 1 A. Purpose and Intent 1 II. DEFINITIONS 1 A. Multiple District Structure 3 B. Needs Analysis/Basis for Statutory Findings 4 C. District Functions Generally 4 III. BOUNDARIES 5 IV. PROPOSED LAND USE/POPULATION PROJECTIONS/ASSESSED VALUATION 5 V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES 6 A. General Powers of the Districts 6 B. Limitations of the Districts Powers and Service Plan Amendment 7 C. Primary Infrastructure Plan 10 D. IGAs 10 VI. FINANCIAL PLAN 11 A. General 11 B. Maximum Net Effective Interest Rate and Maximum Underwriting Discount 11 C. Maximum Debt and Maximum Aggregate Mill Levy 12 D. Maximum Debt Mill Levy Imposition Term 12 E. Debt Repayment Sources 13 F. Security for Debt 13 G. District Elections 13 H. Districts' Operating Costs 13 VII. DISSOLUTION 13 VIII. CONCLUSION 14 LIST OF EXHIBITS EXHIBIT A Legal Descriptions EXHIBIT B Map of the Initial District Boundaries EXHIBIT C Projected District Infrastructure Costs EXHIBIT D Maps Depicting Public Improvements EXHIBIT E Financial Plan EXHIBIT F Statutory Considerations ii I. INTRODUCTION A. Purpose and Intent The St. Vrain Lakes Metropolitan District Nos. 1-4 (the "Districts") are independent units of local government, separate and distinct from Weld County, Colorado and, except as may otherwise be provided for by State or local law or this Service Plan, their activities are subject to review by Weld County only insofar as they are specifically required hereunder or may deviate in a material matter from the requirements of this Service Plan. This Service Plan is submitted in accordance with Part 2 of the Special District Act (Section 32-1-201, et seq., C.R.S.) It defines the powers and authorities of, as well as the limitations and restrictions on the Districts. It is intended that the Districts will provide a part or all of the Public Improvements necessary and appropriate for the development of a project within Weld County to be known as Bayshore. The Public Improvements will be constructed for the use and benefit of all anticipated inhabitants, property owners and taxpayers of the Districts and the public in general. The primary purposes of the Districts will be to plan, design, acquire, construct, install, finance, receive reimbursement for, own, operate, maintain, relocate and/or redevelop the Public Improvements. II. DEFINITIONS In this Service Plan, the following terms shall have the meanings indicated below, unless the context hereof clearly requires otherwise: Approved Development Plan: means a development plan or other process established by the County for identifying, among other things, Public Improvements necessary for facilitating development for property within the Service Area as approved by the County pursuant to the Weld County Code. Board: means the board of directors of one District or the boards of directors of all Districts, in the aggregate, as is contextually appropriate. Board of County Commissioners: means the Board of County Commissioners of Weld County, Colorado County: means Weld County, Colorado County Code: means the County Code of Weld County, Colorado, as may be amended from time to time. Debt: means bonds or other financial obligations not subject to annual appropriation (excluding District IGAs) for the payment of which any District has promised to impose, collect and pledge an ad valorem property tax mill levy. Debt Limitation: means the maximum amount of Debt payable in whole or in part from a pledge of ad valorem property taxes that the Districts may issue in aggregate, whether such Debt is issued by one District, or any combination of Districts. Debt that is paid, 1 defeased or refunded shall not be counted against the Debt Limitation, nor shall increase as necessary to accomplish a refunding, reissuance or restructuring of Debt. Developer: means Carma Colorado, Inc., a Nevada corporation, and its affiliates, subsidiaries, successors or assigns. District: means any one of the St. Vrain Lakes Metropolitan District Nos. 1 through 4. District Activities: means any and all functions undertaken by the Districts in accordance with this Service Plan and as permitted under applicable law in order to effectuate the purposes for which the Districts are organized. District IGAs: means one or more agreements among one or more of the Districts pertaining to one or more District Activities. District No. 1: means the St. Vrain Lakes Metropolitan District No. 1. District No. 2: means the St. Vrain Lakes Metropolitan District No. 2. District No. 3: means the St. Vrain Lakes Metropolitan District No. 3. District No. 4: means the St. Vrain Lakes Metropolitan District No. 4. Districts: means District No. 1, District No. 2, District No. 3 and District No. 4, collectively. Fees: means any rate, fee, toll, penalty or other charge imposed by the Districts and permitted by applicable law for services, programs or facilities provided by the Districts. Financial Plan: means the Financial Plan described in Section VI. and as further set forth on Exhibit E, attached hereto and incorporated hereby, which describes (a) how the Public Improvements are to be financed; (b) how the Debt is expected to be incurred; and (c) proposed sources of revenue and projected expenses of the Districts. Financing District: means any one or more of District Nos. 2 through 4. IGAs: means collectively, the District IGAs and the County IGA. Initial District Boundaries: means the initial boundaries of the Districts as described in Exhibit B. Initial District Boundary Map: means the map attached hereto as Exhibit B depicting the initial boundaries of the Districts. Maximum Aggregate Mill Levy: means the maximum mill levy any of the Districts are permitted to impose for payment of Debt and operations related to District Activities as described in paragraph VI.C. below. 2 Maximum Debt Mill Levy: means the maximum mill levy any of the Districts are permitted to impose for payment of Debt as described in paragraph VI.C, below. Maximum Debt Mill Levy Imposition Term: means the maximum term for imposition of a mill levy for any individual Debt issuance, as described in paragraph VI.D, below. Maximum Net Effective Interest Rate: means the maximum net effective interest rate applicable to any issuance of Debt, which is 18% under this Service Plan. Maximum Underwriting Discount: means the maximum underwriter's discount applicable to any issuance of Debt, which is 5%under this Service Plan. Primary Infrastructure Plan: means those Public Improvements to be provided by the Districts, as are further set forth within Exhibit C and Exhibit D. Project: means the development or property commonly referred to as St. Vrain Lakes or Bayshore within the County. Public Improvements: means a part or all of the improvements authorized to be planned, designed, acquired, constructed, installed, relocated, redeveloped, operated, maintained and/or financed as generally described in the Special District Act, except as specifically limited in Section V. below, to serve the future taxpayers and inhabitants of the Service Area as determined by the Board. Service Area: means the property within and without the Initial District Boundaries that may legally be served by the Districts. Service District: shall refer to District No. 1. Service Plan: means this service plan for the Districts approved by the County. Service Plan Amendment: means an amendment to the Service Plan approved from time to time by the County, in accordance with the all provisions of applicable state law and the County Code. Special District Act: means Section 32-1-101, et seq., of the Colorado Revised Statutes. State: means the State of Colorado. TABOR: means Article 10 Section 20 of the Colorado Constitution. A. Multiple District Structure The Districts are proposed to exist pursuant to a multiple district structure as the projected absorption of the Project and Public Improvements to be financed is projected to extend well over a ten (10) year period from the date anticipated for organization of the Districts. Additionally, the Project includes multiple uses, including various types of residential products and commercial development. The boundaries of the three Financing Districts are based upon 3 two separate phases of residential development and a separate parcel that shall include commercial development. District No. 1 is proposed to be the Service District, and is expected to coordinate the manner in which the District Activities shall be conducted with, and between, each of the Financing Districts pursuant to one or more District IGAs. The Financing Districts are expected to include all of the future development comprising the Project and are responsible for providing the funding and tax base as is necessary for the District Activities as the same relate to the Public Improvements. The Service District and Financing Districts will be permitted to provide public services and facilities within the Service Area. B. Needs Analysis/Basis for Statutory Findings In order to establish compliance with the standards for Service Plan approval as are set forth in Section 32-1-203, C.R.S., Exhibit F, attached hereto provides a needs analysis for the proposed Districts. C. District Functions Generally The Districts shall be authorized to fund the District Activities from the proceeds of Debt to be issued by the Districts, and from other legally available revenues. All Debt payable from a pledge of property taxes is subject to the Maximum Debt Mill Levy, Maximum Mill Levy Imposition Term and Debt Limitation. Debt issued within these parameters and pursuant to the provisions of this Service Plan will insulate property owners from excessive tax burdens to support the servicing of such Debt and also will result in a timely and reasonable discharge thereof. The Districts expect and are authorized to own, operate and maintain certain Public Improvements not dedicated to the County or other governmental entities, the scope of which shall include, but not necessarily be limited to park and recreation improvements, lake and water amenities within the Project and associated recreation facilities and buildings. Certain other Public Improvements will be dedicated to either the County, or in the case of water and sanitation improvements to the Little Thompson Water District and the St. Vrain Sanitation District, respectively, according to the requisite procedures for the specific entity (including but not limited to standards relating to construction). Determination of both the scope and manner in which specific Public Improvements will be dedicated to the County and/or other governmental entities will be the subject of separate agreements among the interested parties. Further detail on operations and maintenance of certain Public Improvement is discussed below. The County shall have and will exercise sole and exclusive jurisdiction over land use and building, e.g., zoning, subdivision, building permit issuance, and property development within the boundaries of all Districts. Construction of all Public Improvements shall be subject to applicable ordinances, codes and regulations of the County and other applicable governmental entities. 4 III. BOUNDARIES The general boundaries of the Districts consist of Weld County Road 13 to the east, Colorado State Highway 66 to the north, United States Interstate I-25 to the west, and the Saint Vrain River to the south. The area of the Initial District Boundaries includes approximately 1,314 acres. The combined acreage of the Districts covers all acreage within the Project. Currently, there are no additional areas proposed for inclusion into the Districts. A legal description of the Initial District Boundaries for each District is attached hereto as Exhibit A. A map of the Initial District Boundaries is attached hereto as Exhibit B. It is anticipated that the Districts' boundaries may change from time to time as they undergo inclusions and exclusions pursuant to Section 32-1-401, et seq., C.R.S., and Section 32-1-501, et seq., C.R.S. Any proposed inclusion or exclusion of property shall require forty-five (45) day published and written notice to the County made pursuant to Section 32-1-207(3)(b), C.R.S. If the County expresses written objection to the proposed action, the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 32-1-207(2) C.R.S. The vote by the Board of Directors to seek inclusions or exclusions which precedes the notice to the County, must occur at a public meeting of the District for which the District has sent written notification via U.S. mail at least fourteen (14) days and not more than thirty (30) days in advance of such a meeting to all electors, residents, and land owners. Such notice shall include the time, date and location of the meeting, as well as a general description of the modification to be discussed. IV. PROPOSED LAND USE/POPULATION PROJECTIONS/ASSESSED VALUATION It is currently anticipated that at full build out the Project will include approximately 1,314 acres of mixed use development, including approximately 2,921 single family homes, 1,512 multi-family or attached homes and approximately 434,511 square feet of commercial space. At 2.6 persons estimated per household and using 1.3 as a single-family equivalent, the population of the area is anticipated to be approximately 12,705.16 persons. The current assessed valuation of the Service Area is assumed to be $0.00 for purposes of this Service Plan and, at build out, is expected to be sufficient to reasonably discharge the Debt proposed under the Financial Plan -- at a level approximating $133,647,005 in 2018. Approval of this Service Plan by the County does not imply approval of the development of a specific area within the Districts, nor does it imply approval of the number of residential units or the total site/floor area of commercial or industrial buildings identified in this Service Plan or any of the exhibits attached thereto. Any and all development approvals are specifically subject to further approval by the County pursuant to the County Code and all other County requirements. 5 V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES A. General Powers of the Districts The Districts shall have the power and authority to provide the Public Improvements and undertake related District Activities within the Service Area, as such power and authority is described in the Special District Act, and other applicable statutes, the common law and the Constitution, as of the date of approval of this Service Plan and subject to the limitations set forth in this Service Plan. In order for the Districts to facilitate financing and completion of the Public Improvements for the benefit of the County and all inhabitants, property owners and taxpayers of the Districts, the Districts shall have the following necessary and reasonable authorizations as a metropolitan district, as are more specifically set forth within Title 32 generally and Section 32-1-1004, C.R.S., specifically: 1. Elimination and control of mosquitoes; 2. Parks or recreational facilities or programs as specified in section 32-1-103(14), C.R.S.; 3. Safety protection through traffic and safety controls and devices on streets and highways and at railroad crossings; 4. Sanitation services as specified in section 32-1-103(18), C.R.S.; 5. Street improvements through the construction and installation of curbs, gutters, culverts, and other drainage facilities and sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping, and other street improvements; 6. Transportation as specified in subsection (5) of Section 32-1-1004, C.R.S.; 7. Water and sanitation services as specified in section 32-1-10308), (24), and (25), C.R.S.; 8. Water as specified in section 32-1-103 (25), C.R.S.; 9. Solid waste disposal facilities or collection and transportation of solid waste as specified in section 32-1-1006(6) and (7); 10. Establish, maintain, and operate a system to transport the public by bus, rail, or any other means of conveyance, or any combination thereof; and 11. Furnish covenant enforcement and design review services. 6 If additional powers or grants for special districts are provided by amendment of Section 32-1-1001, et seq., C.R.S., after the date of the approval of this Service Plan, no such powers shall be available to or exercised by the Districts unless the Districts publish forty-five (45) days notice and provide written notice to the County pursuant to Section 32-1-207(3)(b), C.R.S. If within forty-five (45) days of the publication, the County expresses written objection to the proposed action, the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 32-1-207(2) C.R.S. The vote by the Board of Directors to obtain or utilize such powers which precedes the notice to the County, must occur at a public meeting of the Districts for which the Districts have sent written notification via U.S. mail at least fourteen (14) days and not more than thirty (30) days in advance of such a meeting to all electors, residents, and land owners. Such notice shall include the time, date and location of the meeting, as well as a general description of the modification to be discussed. B. Limitations of the Districts Powers and Service Plan Amendment 1. Operations and Maintenance Limitation. "Operations and maintenance" shall refer to all actions necessary to maintain the Public Improvements including, but not limited to, replacement of deteriorated materials and structures (as determined by County inspection), mowing, seeding, dust control, painting and inlet and pipe cleanouts. Specifically, the Districts shall be responsible for the operation and maintenance of all drainage facilities including detention ponds, drainage swales, pipes, inlets, outfalls, water quality installations and erosion protection. All streets, curbs, gutters, bridges, embankments, sidewalks, divider islands and medians, crosswalks, cross-pans and traffic signals and signage shall also be operated and maintained by the Districts. The primary purpose of the Districts is to undertake the District Activities, including the provision of the Public Improvements. The Districts shall dedicate certain Public Improvements to the County in a manner consistent with the Approved Development Plan, other rules and regulations of the County and applicable provisions of the County Code or other appropriate jurisdictions consistent with all applicable rules and regulations of such jurisdiction. In addition to operations and maintenance of those Public Improvements identified above, the Districts shall specifically be authorized to own, operate and maintain any part or all of the Public Improvements not otherwise dedicated to the County or other appropriate jurisdictions, including the Little Thompson Water District and the St. Vrain Sanitation District, where it can be demonstrated that having the Districts provide operation and maintenance is in the best interest of the County and the existing future residents and taxpayers of the District. 2. St. Vrain Sanitation District and Little Thompson Water District. The Districts hereby acknowledge that the St. Vrain Sanitation District will be the sole provider of sanitation services within the Districts. The Districts agree not to sell any sewer taps and will not construct, finance or otherwise provide for any sanitation treatment facility. The Districts shall be expressly prohibited from entering into any contract with any other sanitary service provider, other than St. Vrain Sanitation District, for such treatment facilities. The Districts authorization shall be limited to the financing and construction of all internal sanitation improvements needed for the Project, and the financing and construction of sanitation improvements outside of the Project that are needed to connect the Districts' internal infrastructure to the St. Vrain Sanitation 7 District's existing lines. Notwithstanding the aforesaid, the Districts' authorization with respect to the construction of sanitation improvements outside of the Project shall be exercised only with the prior written consent of the St. Vrain Sanitation District. All sanitation improvements authorized for financing and construction by the Districts shall be designed and constructed in accordance with St. Vrain Sanitation District's standards and shall be conveyed to the St. Vrain Sanitation District upon completion. The Districts shall not amend this Service Plan in any manner that would affect or expand the sanitary sewer powers contemplated herein without the express consent of St. Vrain Sanitation District. The Districts hereby acknowledge that the Little Thompson Water District will be the sole provider of water services within the Districts. The Districts' authorization shall be limited to the financing and construction of all internal water improvements needed for the Project, and the financing and construction of water improvements outside of the Project that are needed to connect the Districts' internal infrastructure to the Little Thompson Water District's existing lines. All water improvements authorized for financing and construction by the Districts shall be designed and constructed in accordance with the Little Thompson Water District's standards and shall be conveyed to the Little Thompson Water District upon completion. The Districts shall not amend this Service Plan in any manner that would affect or expand the water powers contemplated herein without the express consent of the Little Thompson Water District. 3. Construction Standards Limitation. The Districts will ensure that the Public Improvements to be dedicated to the County or other appropriate jurisdiction are designed and constructed in accordance with the standards and specifications of the County and/or of other appropriate jurisdictions, as applicable. The District will obtain approval of civil engineering plans and permits for construction and installation of Public Improvements from the County, or other appropriate governing jurisdictions. All Public Improvements constructed by the District for dedication to the County will be subject to review, monitoring and inspection by the County. 4. Debt Limitation. The maximum outstanding Debt of the Districts shall not exceed $166,500,000.00 without the approval of the County. The Debt Limitation shall not be increased unless one or a combination of the following described factors changes: (i) the projected interest rate on the Debt to be issued by the Districts; (ii) the projected assessed valuation of the property within the Districts, (iii) the projected rate of absorption of the assessed valuation within the Districts; or, (iv) the rate of inflation is demonstrated to be in excess of three percent (3%). In the event that any of the previously described factors changes, leading to increased debt capacity for the Districts, as determined by an investment banking firm or financial advisor, the Debt Limitation may increase up to 150% of the original amount set forth herein. Any increase in the Debt Limitation, as permitted herein, shall require that the Districts provide a forty-five (45) day published and written notice to the County pursuant to Section 32- 1-207(3)(b), C.R.S., along with a report from the financial advisor described above, documenting the basis for the increase in the Debt Limitation. If, within forty-five (45) days of the publication of such notice, the County expresses to the Districts a written objection to the proposed action, then the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 32-1-207(2), C.R.S. The vote by the Boards of the Directors to increase the Debt Limitation which precedes the notice to the County, must occur at a public meeting of the Districts for which the Districts have sent written notification via U.S. 8 mail at least fourteen (14) days and not more than thirty (30) days in advance of such a meeting to all electors, residents, and land owners. Such notice shall include the time, date and location of the meeting, as well as a general description of the modification to be discussed. 5. Bankruptcy Limitation. All of the limitations contained in this Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy, Maximum Debt Mill Levy Imposition Term and the Fees have been established under the authority of the County to approve a Service Plan with conditions pursuant to Section 32-1-204.5, C.R.S. It is expressly intended that such limitations: (a) shall not be subject to set-aside for any reason or by any court of competent jurisdiction, absent a Service Plan Amendment; and (b) are, together with all other requirements of Colorado law, included in the "political or governmental powers" reserved to the State under the U.S. Bankruptcy Code (11 U.S.C.) Section 903, and are also included in the "regulatory or electoral approval necessary under applicable nonbankruptcy law" as required for confirmation of a Chapter 9 Bankruptcy Plan under Bankruptcy Code Section 943(b)(6). Any Debt, issued with a pledge or which results in a pledge, that exceeds the Maximum Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term, shall be deemed a material modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material modification has been approved by the County as part of a Service Plan Amendment. 6. Eminent Domain. The Districts shall have the power to exercise the power of eminent domain, but only in connection with carrying out the Districts' essential purposes and functions and the Districts' Primary Infrastructure Plan, provided further, that the use of eminent domain shall be undertaken in strict compliance with state and federal law. In no event shall the Districts use their eminent domain powers for water storage purposes without providing a notice to the County in accordance with Section 32-1-207(3)(b), C.R.S. The Primary Infrastructure Plan is preliminary in nature and shows only one possible configuration for improvements to be built, acquired and/or financed by the Districts. Approved Development Plans and other forces outside of the control of the Districts may force the Districts to modify the configuration to best serve the needs of the residents and property owners within the Project. The Districts shall be authorized to make non-material changes to the Preliminary Development Plan to best serve the evolving needs of the Project. Such non-material changes shall require no additional authorization from the County. The use of eminent domain or a material change in the Primary Infrastructure Plan by the Districts not otherwise contemplated herein or required by an Approved Development Plan shall require forty-five (45) day published and written notice to the County pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the County expresses to the Districts a written objection to the proposed action, then the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 32-1-207(2), C.R.S. The -- vote by the Board of Directors to enter into such an Intergovernmental Agreement which precedes the notice to the County, must occur at a public meeting of the District for which the 9 District has sent written notification via U.S. mail at least fourteen days and not more than thirty days in advance of such a meeting to all electors, residents, and land owners. Such notice shall include the time, date and location of the meeting, as well as a general description of the modification to be discussed. 7. Service Plan Amendment Requirement. This Service Plan has been designed with sufficient flexibility to enable the Districts to provide required services and facilities under evolving circumstances without the need for amendments. Actions of the Districts that violate the limitations set forth herein shall be deemed to be material modifications to this Service Plan and the County shall be entitled to all remedies available under State and local law to enjoin such actions. C. Primary Infrastructure Plan The District's Primary Infrastructure Plan includes an estimate of the initial costs of the Public Improvements which may be the subject of one or more District Activities and projects a total cost for the Public Improvements of approximately $99,446,205 in 2006 dollars, or $129 million assuming 5% annually compounded inflationary increases. Actual Public Improvements costs will vary based in part upon applicable Approved Development Plans. The Districts shall have the discretion, subject to the Debt Limitation, to determine which Public Improvements will be financed by the Districts and the specific timing associated with the same. D. IGAs 1. District IGAs. The Districts collectively will undertake the District Activities. Accordingly, the Districts are expected to enter into the District IGAs, which will define the relationships among the Districts concerning the applicable District Activities. 2. County IGA. The County and the Service District may enter into an IGA, if required by the County, regarding the nature of the relationship between the Service District and the County, and setting forth various procedures and agreements regarding the construction, ownership, operation and maintenance of improvements constructed by the Service District. 3. Other IGAs. To the extent practicable, the Service District may enter into additional intergovernmental and private agreements to better ensure long-term provision of the improvements and services and effective management. Agreements may also be executed with property owner associations and other service providers. All such agreements are authorized to be provided by each, pursuant to the Colorado Constitution, Article XIV, Section 18(2)(a) and Section 29-1-201, et seq., C.R.S. Notwithstanding, any and all intergovernmental agreements not expressly contemplated herein shall require forty-five (45) day notice publication and written notice to the County pursuant to Section 32-1-207(3)(6), C.R.S. If the County expresses written objection to the proposed action, the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 32-1-207(2) C.R.S. The vote by the Board of Directors to enter into such an intergovernmental agreement which precedes the notice to the County, must occur at a public meeting of the District for which the District has sent written notification via U.S. mail at least fourteen (14) days and not more than thirty (30) days in advance of such a meeting to all electors, residents, and land owners. Such 10 notice shall include the time, date and location of the meeting, as well as a general description of the modification to be discussed. 4. Extraterritorial Agreements. With the specific exception of facilities to be constructed outside the boundaries of the Districts and which are necessary for the development of the Project and are set forth as part of the Primary Infrastructure Plan, the Districts may only provide services to properties outside the Districts' Service Area pursuant to extraterritorial service agreements with the written consent of the County's Board of County Commissioners. Any extraterritorial service agreements entered into by the District that are not described in the Service Plan shall require forty-five (45) day notice publication and written notice to the County pursuant to Section 32-1-207(3)(b), C.R.S. If, within forty-five (45) days of the publication of such notice, the County expresses to the District a written objection to the proposed action, then the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 32-1-207(2), C.R.S. The vote by the Board of Directors to enter into such an extraterritorial agreement which precedes the notice to the County, must occur at a public meeting of the District for which the District has sent written notification via U.S. mail at least fourteen (14) days and not more than thirty (30) days in advance of such a meeting to all electors, residents, and land owners. Such notice shall include the time, date and location of the meeting, as well as a general description of the modification to be discussed. VI. FINANCIAL PLAN A. General The Districts shall be authorized to undertake the District Activities from any legally available revenues, including but not limited to the proceeds of Debt to be issued by the Districts. The Financial Plan for the Districts shall be to issue such Debt as the Districts can reasonably pay from time to time within the Maximum Debt Mill Levy Imposition Term from revenues derived from the Maximum Debt Mill Levy, Fees and other legally available revenues. Debt shall be permitted to be issued subject to the Debt Limitation, on a schedule, in such amounts and in such year or years as the Districts determine shall meet the needs of the Financial Plan referenced above and shall be phased to serve development as it occurs. It is anticipated that the Developer shall provide initial and continuing funding to the Districts subject to reimbursement of the principal amount plus accrued interest as is further described in the Financial Plan for the Districts. A consolidated pro forma Financial Plan is attached hereto as Exhibit E. The attached Financial Plan is an illustration of the manner in which the Public Improvements, developer advances and other services of the Districts may be financed; however, the final terms of such financing shall be determined by the Districts, subject to the parameters established within this Service Plan. B. Maximum Net Effective Interest Rate and Maximum Underwriting Discount The interest rate on any Debt is expected to be the market rate at the time the Debt is issued, but the interest rate shall not exceed the Maximum Net Effective Interest Rate. The underwriting discount on any Debt shall not exceed the Maximum Underwriting Discount. Debt, 11 when issued, will comply with all relevant requirements of this Service Plan, and State and Federal law then applicable to the issuance of public securities. C. Maximum Debt and Maximum Aggregate Mill Levy. The "Maximum Debt Mill Levy" shall be the maximum mill levy a District is permitted to impose upon the taxable property within such District for payment of Debt, and shall be fifty (50) mills; provided that if, on or after January 1, 2006, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the Maximum Debt Mill Levy may be increased or decreased to reflect such changes, such increases or decreases to be determined by the District Board in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed valuation. The "Maximum Aggregate Mill Levy" shall be the maximum aggregate mill levy a District is permitted to impose upon the taxable property within such District for any purpose, and shall be sixty—five (65) mills; provided that if, on or after January 1, 2006, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the Maximum Aggregate Mill Levy may be increased or decreased to reflect such changes, such increases or decreases to be determined by the District Board in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the method of calculating assessed valuation. Although a mill levy imposed by a District for operations and maintenance may exceed fifteen (15) mills as part of the Maximum Aggregate Mill Levy Cap, at no time may the Maximum Debt Mill Levy exceed fifty (50) mills, subject to adjustment as provided herein. All issuance of Debt payable from a pledge of ad valorem property taxes shall be deemed to be in compliance with the Financial Plan so long as the Minimum Criteria (as set forth below), have been met. The term "Minimum Criteria" shall mean that such Debt: (a) is subject to the Maximum Debt Mill Levy, as required by this Service Plan; (b) is in compliance with the conditions set forth in Section VI. F, below; and (c) does not exceed the Debt Limitation, when aggregated with other outstanding Debt that is subject to the Debt Limitation. D. Maximum Debt Mill Levy Imposition Term. The phasing associated with the Public Improvements is such that it would be impracticable, if not impossible, to issue all Debt of the Districts within fifteen (15) years from the date of the first debt issuance. Notwithstanding, any individual Debt issuance shall mature not later than thirty (30) years from its date of issue, including any and all refundings. 12 E. Debt Repayment Sources Each of the Districts may impose a mill levy on taxable property within their boundaries as a primary source of revenue for repayment of Debt service and for operations and maintenance. The Districts also may rely upon other revenue sources authorized by law from time to time. At the Districts' discretion, these may include the power to assess Fees, as provided in Section 32-1-1001(1), C.R.S. In no event shall the mill levy in any District exceed the Maximum Aggregate Mill Levy, Maximum Debt Mill Levy or the Maximum Debt Mill Levy Imposition Term, as specifically described herein. F. Security for Debt The Districts shall not pledge any revenue or property of the County as security for the indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed as a guarantee by the County of payment of any of the Districts' obligations; nor shall anything in the Service Plan be construed to create any responsibility or liability on the part of the County in the event of default by the Districts in the payment of any such obligation. G. District Elections Not later than thirty (30) days prior to an election thereon, proposed ballot questions for a formation election, debt authorization or De-Brucing will be submitted to the County for filing and review. The County shall have the right to object to any ballot questions not in compliance with the Service Plan as a major modification of the District's Service Plan pursuant to Section 32-1-207(3)(a), C.R.S. H. Districts' Operating Costs The estimated cost of acquiring land, engineering services, legal services and administrative services, together with the estimated costs of the districts' organization and initial operations are approximately $250,000. The Districts' operating costs shall be determined from time to time pursuant to annual budgeting as required by Colorado law. All such costs may be paid from legally available revenues of the District, which may be derived from the Districts' Maximum Aggregate Mill Levy and other Fees that may be imposed upon residents, property owners and other persons using the District's facilities. VII. DISSOLUTION After all bonds or other debt instruments have been issued by the Districts and adequate provision has been made for payment of all Debt of the Service District and Financing Districts, the electorate of the Districts will have the opportunity to consider either the consolidation of the Service District and Financing Districts into a single entity, or the dissolution of the Service District and/or Financing Districts in accordance with state law. The Service District and Financing Districts will consider consolidation and/or dissolution at the time each District's Debt has been paid and adequate provision has been made for operation of all the Service District facilities. In the event the obligation for operation is undertaken by another party, or is otherwise 13 no longer the responsibility of the applicable District, such District shall be required to dissolve. Ultimately, control of these decisions will rest with the electorate in each District. VIII. CONCLUSION It is submitted that this Service Plan for the Districts, as required by Section 32-1-203(2), and Section 32-1-204.5, C.R.S., establishes that: A. There is sufficient existing and projected need for organized service in the area to be serviced by the Districts; B. The existing service in the area to be served by the Districts is inadequate for present and projected needs; C. The Districts are capable of providing economical and sufficient service to the area within their proposed boundaries; D. The area to be included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; E. That adequate service is not, or will not be available to the area through the County, other existing municipal or quasi-municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; F. That the facility and service standards of the Districts are compatible with the facility and service standards of the County within which the Districts are to be located and each municipality which is an interested party under § 32-1-204(1), C.R.S.; G. The proposal is in substantial compliance with any master plan adopted pursuant to § 30-28-106, C.R.S.; H. That the proposal is in compliance with any duly adopted city, county, regional, or state long-range water quality management plan for the area; and I. That the continued existence of the Districts will be in the best interests of the area proposed to be served. 14 Therefore, it is hereby respectfully requested that the Board of County Commissioners of the Weld County, Colorado, which has jurisdiction to approve this Service Plan by virtue of Section 32-1-204.5, C.R.S., et seq., as amended, adopt a resolution, which approves this "Consolidated Service Plan for St. Vrain Lakes Metropolitan District Nos. 1 through 4" as submitted. RESPECTFULLY SUBMITTED this 2 T day of , 2006. Attorneys for the Proponents of the Districts SVLMD\SPLAN MER1152050406 0799.0003c 15 EXHIBIT A Legal Descriptions 1 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOUTAN DISTRICT NO. 1 SHEET 1 OF 2 LEGAL DESCRIPTION A PORTION OF THE NORTHWEST QUARTER OF SECTION 25, TOWNSHIP 3 NORTH, RANGE 88 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 25 AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 25 TO BEAR NORTH 88'49'43" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 24'00'06" WEST, A DISTANCE OF 688.84 FEET TO A POINT ON CURVE, SAID POINT ALSO BEING THE POINT OF BEGINNING; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 06.40'34", A RADIUS OF 854.00 FEET AND AN ARC LENGTH OF 99.51 FEET, THE CHORD OF WHICH BEARS SOUTH 27'29'35" WEST; THENCE SOUTH 30'49'52" WEST, A DISTANCE OF 218.55 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 28'26'26", A RADIUS OF 418.00 FEET AND AN ARC LENGTH OF 207.49 FEET, THE CHORD OF WHICH BEARS NORTH 73'40'40" WEST; THENCE NORTH 08'24'19" EAST, A DISTANCE OF 70.78 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 183'04'38", A RADIUS OF 160.00 FEET AND AN ARC LENGTH OF 511.25 FEET, THE CHORD OF WHICH BEARS NORTH 48'20'22" EAST; THENCE SOUTH 58'36'32" EAST, A DISTANCE OF 123.79 FEET TO THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 102,541 SQUARE FEET OR 2.354 ACRES, MORE OR LESS. I, WILLIAM F. HESSELBACH, JO, A SURVEY(ftIU& SED IN THE STATE OF COLORADO, DO HEREBY CERTIFY THAT THE ABOVE LEGAL DESCRIPTION AND ' TF �IT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION AND CHECKING. ypQ`:••NES•*' . o-tot WILLIAM F HESSELBACH, JR, P.L. 1.5369 _ •' ON BEHALF OF CARRO '�.. ).ANGE, INC. ,� EPj`•.......•• q1 DATE ‘1/5/e2 y�LLO aco• „ Carroll a Lange 155 1 south union Blvd. Lind L.hwond Coloado 68228 PHONE:3105)-011? v.W.C.LRRGIL AHGECOM P:\3025\METRO DISTRICT\3075—Ep10MT—EXCEPEION-1.OWG.SHEET 1 OF 2,PREPARED 11/2/04.REV. 05/12/09 EXHIBIT St VRAIN LAKES METROPOLITAN DISTRICT NO. 1 SHEET 2 OF 2 BASIS OF BEARINGS _ _ NORTH LINE NW 4 SEC 25 POINT OF N8849'43'E 2625.44' COMMENCEMENT NW COR SEC 25 NE COR NW Y4 SEC 25 T3N, R68W, 6TH PM cbV IT3N, R68W, 6TH PM rah N o� I LItit S58'36'32"E N M 123.79' I W 00 I (02 O I3N 2 SCALE: 1" = 200' W N N 102,541 S.F.* C POINT OF -4 sNi 2.354 AC.± BEGINNING � 00 A I W 2 N08'24'19"E 0) 6° I ts 70.78' C2 �0 � ^ ' I N CURVE TABLE CURVE DELTA RADIUS LENGTH BEARING SE COR NW 1/4 Cl 06'40'34" 854.00 99.51 527'29'35"W SECTION 25 C2 28'26'26" 418.00 207.49 N73'40'4D"W T3N, R68W, 1 C3 183'04'38" 160.00 511.25 N48'20'22"E 6TH PM " I II NOTE: ,r� Carroll �. Lange 165 So onl Ennlnure 91an1 Sumye" • Denotes Change of Direction Only. This exhibit lee South Union me U9e"999 celonS060226 does not represent a monumented survey. It / PHOHE I$eJ)980-9200 r�x: 90] 98at'? is intended only to depict the attached legal ww�.C R0LLLMCE.00M description. P:\102sv..cmo 0ISTIICT\3075-EXHIBIT-E2CEP110N-,.0Wo. SHEET 2 OF 2,PREPARED 11/2/08,REV.08/12/09 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 2 LEGAL DESCRIPTION SHEET 1 of 5 A PARCEL OF LAND LOCATED IN SECTIONS 25, 35 AND 36, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SAID SECTION 36 AND CONSIDERING THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 36 TO BEAR SOUTH 0014'13" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 00'14'16" EAST, ALONG THE EAST UNE OF THE NORTHEAST QUARTER OF SAID SECTION 36, A DISTANCE OF 1325.57 FEET TO THE SOUTHEAST CORNER OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SAID SECTION 36; THENCE SOUTH 88'29'41" WEST, ALONG THE SOUTH LINE OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SAID SECTION 36, A DISTANCE OF 2632.25 FEET TO THE SOUTHWEST CORNER OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SAID SECTION 36; THENCE SOUTH 00'19'03" EAST, ALONG THE WEST UNE OF THE NORTHEAST QUARTER OF SAID SECTION 36 A DISTANCE OF 1326.34 FEET TO THE SOUTHWEST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 36; THENCE SOUTH 88'29'44" WEST, ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 36, A DISTANCE OF 1323.13 FEET TO THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 36; THENCE SOUTH 00'17'20" EAST, ALONG THE EAST LINE OF THE NORTHWEST QUARTER OF THE SOUTHWEST '.. QUARTER OF SAID SECTION 36, A DISTANCE OF 1335.11 FEET TO THE SOUTHEAST CORNER OF THE NORTHWEST QUARTER OF.THE SOUTHWEST QUARTER OF SAID SECTION 38; THENCE SOUTH 88'21'56" WEST, ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 36, A DISTANCE OF 1323.94 FEET TO THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 35; THENCE SOUTH 89'15'43" WEST, ALONG THE NORTH LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 35, A DISTANCE OF 522.99 FEET TO THE NORTHEAST CORNER OF SUBDIVISION EXEMPTION NO. 741 AS RECORDED IN RECEPTION NUMBER 2669206 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; THENCE ALONG THE NORTHERLY BOUNDARY OF SAID SUBDIVISION EXEMPTION NO. 741 THE FOLLOWING TWO (2) COURSES: 1. SOUTH 72'40'05" WEST, A DISTANCE OF 825.83 FEET; 2. SOUTH 66'34'28" WEST, A DISTANCE OF 1420.78 FEET TO THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 35; THENCE NORTH 00'42'02" WEST, ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF SECTION 35, A DISTANCE OF 21.71 FEET TO THE NORTHERLY UNE OF THAT PARCEL OF LAND DESCRIBED IN RECEPTION NUMBER 2261418 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; THENCE SOUTH 77'43'35" WEST, ALONG THE NORTHERLY LINE OF SAID PARCEL OF LAND, A DISTANCE OF 2395.38 FEET TO THE EASTERLY RIGHT OF WAY LINE OF HIGHWAY 25 AS DESCRIBED IN RECEPTION NUMBER 3019961 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; THENCE ALONG THE EASTERLY RIGHT OF WAY LINE OF SAID HIGHWAY 25 THE FOLLOWING SIX (6) COURSES: 1. NORTH 00'01'11" WEST, A DISTANCE OF 119.70 FEET; 2. SOUTH 89'58'49" WEST, A DISTANCE OF 114.82 FEET; 3. NORTH 00'01'11" WEST, A DISTANCE OF 186.21 FEET TO A POINT OF CURVATURE; 4. ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 0692'52", A RADIUS OF 3379.26 FEET AND AN ARC LENGTH OF 366.52 FEET; 5. NORTH 0694'03" WEST, A DISTANCE OF 601.98 FEET TO A POINT OF CURVATURE; 6. ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 05'11'20", A RADIUS OF 3182.41 FEET AND AN ARC LENGTH OF 288.21 Carroll a Lange P,olnebns Enolnnn&Land Semen 105 South Union RIVE.Soul 150 Lakewood Cgende RE33S " P,HOO(;N�E:IS ,RRDA200 MYJ CAAROM.IANOE.COM P:\30]5\MEM0 DISTRICT\LAMOE-SOl1HOWG,51111T 1 CP 5.PREP/RED 11/3/01,REV,06/12/00 F LEGAL DESCRIP110N ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 2 SHEET 2 OF 5 THENCE SOUTH 76'34'54" EAST A DISTANCE OF 97.86 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 52'34'19", A RADIUS OF 240.00 FEET AND AN ARC LENGTH OF 220.21 FEET, THE CHORD OF WHICH BEARS NORTH 36'35'50" EAST; THENCE NORTH 62'52'59" EAST A DISTANCE OF 226.48 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 08'36'3C, A RADIUS OF 800.00 FEET AND AN ARC LENGTH OF 120.21 FEET; THENCE NORTH 54'16'25" EAST A DISTANCE OF 115.47 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 30'01'59", A RADIUS OF 800.00 FEET AND AN ARC LENGTH OF 419.34 FEET; THENCE NORTH 84'18'24" EAST A DISTANCE OF 132.31 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 22'28'51", A RADIUS OF 600.00 FEET AND AN ARC LENGTH OF 235.42 FEET TO A POINT OF REVERSE CURVATURE; THENCE NORTH 26'53'04" WEST A DISTANCE OF 211.58 FEET; THENCE NORTH 18'12'08" WEST A DISTANCE OF 196.12 FEET; THENCE NORTH 06'58'06" WEST A DISTANCE OF 202.00 FEET; THENCE NORTH 02'12'09" EAST A DISTANCE OF 283.91 FEET; THENCE NORTH 89'31'37" EAST A DISTANCE OF 1333.34 FEET TO A POINT ON THE WEST UNE OF THE NORTHEAST QUARTER OF SAID SECTION 35; THENCE NORTH 00'42'02" WEST, ALONG THE WEST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 35, A DISTANCE OF 2357.64 FEET TO THE NORTHWEST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 35; THENCE NORTH 89'76'34" EAST, ALONG THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 35, A DISTANCE OF 2655.85 FEET TO THE NORTHWEST CORNER OF SECTION 36; THENCE NORTH 88'58'33" EAST, ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SECTION 36, A DISTANCE OF 1338.83 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 16'39'38", A RADIUS OF 1500.00 FEET AND AN ARC LENGTH OF 438.18 FEET; THENCE NORTH 7278'54" EAST A DISTANCE OF 936.85 FEET TO A POINT OF CURVATURE; I THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 13'33'53", A RADIUS OF 1100.00 FEET AND AN ARC LENGTH OF 260.42 FEET; THENCE NORTH 85'52'47" EAST A DISTANCE OF 101.87 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 3317'47", A RADIUS OF 400.00 FEET AND AN ARC LENGTH OF 232.45 FEET; THENCE SOUTH 60'49'25" EAST A DISTANCE OF 194.84 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 30'39'44", A RADIUS OF 1600.00 FEET AND AN ARC LENGTH OF 856.25 FEET TO A POINT ON THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 36; THENCE NORTH 88'30'51" EAST, ALONG SAID NORTH LINE OF THE NORTHEAST QUARTER OF SECTION 36, A DISTANCE OF 1044.02 FEET TO THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 29,491,219 SQUARE FEET OR. 677.025 ACRES, MORE OR LESS. EXCEPTING THEREFROM ALL OF LOT A, AMENDED RECORDED EXEMPTION NO. 1207-38-2-RE1140, AS RECORDED IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER BEING SUBORDINATELY DESCRIBED ! F AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID EXEMPTION, SAID POINT ALSO BEING THE NORTHEAST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 36 AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 36 TO BEAR NORTH 88'58'33" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; • Carroll a Lange �... • ,\ Prolusions!6 Sou NmIBHa Suite 156"'r°° / LNwued Cd ndo 68226 PpH�ONBE::(300 966-0200 VAP.4ZAP60U-IANOE.COM P:\3075\MEM0 0I51RICT\UR0E-S0UTH.0W0 SWEET 2 OF 5.PREMED 17/2/01.REV.06/12/06 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 2 SHEET 3 OF 5 THENCE SOUTH 88'58'33" WEST, ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 36, A DISTANCE OF 1327.10 FEET; THENCE SOUTH 00'33'36" EAST, A DISTANCE OF 30.00 FEET TO THE NORTHWEST CORNER OF SAID LOT A, SAID POINT BEING THE POINT OF BEGINNING: THENCE SOUTH 00'33'36" EAST, A DISTANCE OF 87.38 FEET; THENCE SOUTH 89'26'24" WEST, A DISTANCE OF 158.88 FEET; THENCE SOUTH 24'08'20" WEST, A DISTANCE OF 168.83 FEET; THENCE NORTH 51'30'49" WEST, A DISTANCE OF 191.03 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 48'35'14", A RADIUS OF 80.55 FEET AND AN ARC LENGTH OF 68.31 FEET; THENCE NORTH 02'55'35" WEST, A DISTANCE OF 57.92 FEET; THENCE NORTH 88'58'33" EAST, A DISTANCE OF 409.93 FEET TO THE POINT OF BEGINNING: CONTAINING A CALCULATED AREA OF 54,666 SQUARE FEET OR 1.25 ACRES, MORE OR LESS. ALSO EXCEPTING THEREFROM ALL OF LOT A, RECORDED EXEMPTION NO. 1207-36-2-RE488, AS RECORDED IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER BEING SUBORDINATELY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF THE NORTHEAST QUARTER OF SECTION 36, TOWNSHIP"3 NORTH, RANGE 68 WEST OF THE 6TH PRINCIPAL MERIDIAN, AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 36 TO BEAR NORTH 88'58'33" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 00'15'20" EAST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 36, A DISTANCE OF 30.00 FEET TO THE POINT OF BEGINNING: '.. THENCE NORTH 88'58'33" EAST, A DISTANCE OF 180.00 FEET; THENCE SOUTH 0015'20" EAST, A DISTANCE OF 242.02 FEET; THENCE SOUTH 88'58'33" WEST, A DISTANCE OF 180.00 FEET; THENCE NORTH 00'15'20" WEST, A DISTANCE OF 242.02 FEET TO THE POINT OF BEGINNING: CONTAINING A CALCULATED AREA OF 43,559 SQUARE FEET OR 1.00 ACRES, MORE OR LESS. THE TOTAL NET AREA IS 29,392,994 SQUARE FEET OR 674.770 ACRES, MORE OR LESS. I, WILLIAM F. HESSELBACH, JR, A SURVEYOR UCENSED IN THE STATE OF COLORADO, DO HEREBY CERTIFY THAT THE ABOVE LEGAL DESCRIPTION AND ATTACHED EXHIBIT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION AND CHECKING. j r °gyp IflEQ%n� o LI M F. SSELBACH, JR, P.L.S 90; FO N BEHALF OF CARROL & GE, INC. �':ci DATE cyfOG �°° � 25369 •i 44Y Mite arm+xxu AL LnluA ,\ Carroll E • Pm ot t Engineers Lange er B Land Surveyors South \, 185 Sou Union Bri e155 lw•ewoo.0.lun.e 88225 PpAH��0,,N(EE�::ii�oai G80-0200 W W W.0ARH0LLLL-GIANGE.00M P:\3075\METR0 DISIRICT\URGE-S0031.084 SHEET 3 OF 3,PREPARED 11/'1/0•,REV.08/12/08 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 2 SHEET 4 OF 5 SW 1/4 SE 1/4 I I I I I I I I I aryl Pa4T W Rent= W 1 C08l71<1f>bR 10.03' 47r NW Cat SEC 38 N883E3]•E 180.00' s0a3.38•E T3N,RBBW.BM PM 0, • CIO FWND J X'AWM 1327.a 0 — POINT OF DEMIN0 • 55• CAP P13 18482 NRB'SB'33•E 1 , NORM IAiE NE I/4 SEC JB , l NW/ 4 SEC J8 pWTI0N maw NE COR SEC 36 :CM 5001S'20•E N0255'35' CpBpImpIT 130.RBBW,BM PM IIT Or30.00' 57.82. pain aion NE COR SEC 38 FWD 2•MITI CAP B[ONq 64481.514• UN.RBBW,81N PM LS 23500 N01S'20'W 24x02 R-80.55' s8D98'24'W,15885' LSUYl r73 MAIM CAP - Ir80.J1' RECORDED E 0T A.IO su'a1'20'W 18B.BJ' RECORDED EXEMPTION H CNB-N2713'tYW EXCEPTION-WT A.AMENDED Ore NO.1207-3B-2-RE488 ...N51'30'/8'Vl.181.0' ��OD M TDON 1.00 AWE NO.1207-JS-2-REI14o n I i Ig NEW51433•E 180.00' I 1.25 AWES y Co �� IA N,S s8818'41'YI 20.1x15' L N W NW 1/4 U WI c SWINLINEN I/2NE+q HI/2 a i ^, NE 1/4 NSEC E I 3N r I Se NE 1/4 11 in I 29,392,984 SAOI 874.770 ACRES 55579.08•W 2540.37 -SOUTH UNE NW I/4 SEC 38 Y� -35 yy�j SE COR NE Y.SEC 35 SBBRD'N'W 13711]' eTT33N,RRR88W 0111gPIA M,RRIlP COR 80w,BM PM SW COR 73N, RBBW 61N PM SE 1/4 FOUND 3 X'ALUM CAP NO MONUMENT FOUND FOUND 3 X'ALUM CAP NW 1/4 . 10.14815 IS 33042 SEC JB SEC 36 LINE TABLE I I laN nrz� a:ii?iii I I WE>•OMILIA•ll F.`2ti14• LLIMMILOIMWa2I1-14•I I s8D15'43'W CURVE TABLE I. 57288' 1/4 B SW 1/4 SEC 38 CURVE DELTA RADIUS LENGTH HEARING NE COR �+ 47 Ionia' MID_ 4434.34HY SE 1%4 _e_ ,I 0491 0.ivi'o•rty i6084�enao w8 N7I•tsn'W I Lf4 siroartliN 615.81 EE t3SEC5 I SW 1/4 —® 0'6 Min SKS Ma rosin I I • SCALE: 1" = 1000' I$j _ _ - _ _ - - - - _ _ _ SW COR 5E 1/4 SEC 34 SE CM SEC 38 . 7311.ROW,511I PM SW COR SEC 30 TON,R80W,am PM FOUND 2 r AWN CAP FOR, D Sill PM 3 X'AWN CAP FOUND 3 X•ALUM CAP 13 Ls 72]242 IS 78858 PLS 18412 Carroll sr.Lange NOW. Prolenlolnl Engineer B Lana SuMyon 165 Snuib Union Blva.sMW 156 • Denotes Change of Direction Only. This exhibit Lwwona wonaoed22B does not represent a monumented survey. It PHON%r) eeaaaoo Is intended only to depict the attached legal FwA11N'v)°COAJROLL-L E.COM description. Pi\3075\ME1Ro DISTRICT\LARCE-SW1H.DWO,SHEET 4 OF 5•PREPARED 11/2/04•REV.01/12/06 EXHIBIT ST. VRAIN rKES METROPOLITAN DISTRICT NO. 2 SHEET 5 OF 5 I I I _C— I \ I I I I I I \ I I Deno Parr o SCALE: 1" = 1000 NW eon NE K 9EC]7 NCDIDTF NW�R SEC 34 TOIL ROW.a PM 7]N,D 3) STx PY xeeae'SWITTIMISIMIRIIIIII MIEMIIMUUMNICraa FOUND 3 S'ALUM W FWND 3 AEUM A.PIS 27238 xe9�P•]a•E/e5s.u' CAP PIS 1xe15z NMTJI NORM VAlE NE 1/4 SEC]P Snm13Y0t Nm7S ji NW CRI SEC J5 — _ _ UTERUS 30.03• M TUN,Reew.6M TM n PONT a OWN to POUND 3 M'NUM CAP �iE��ET7PiP5� R. KS 19467 I♦EMIEp�a ss3 1 N0M97CW 7{i L. EXCEPTION W m poem n a ESE:1��1cca N0,1707-]6-S-REISS n Nl I �4>♦S}2:�E�i�r[F'0i �ti 1.00 ACRE ESIME3Tr1•c.n_-n1a �, Nesx'aT'IE moo' I ERl• tIIIIIfl=-LW1i <S)•LtF_i1•ML:n( LYi Ci 050 I I Eef±i iE ,.a L' ' a in arr.cifrl.„,:„... w NE 1/4 I si 11FT.i J11K11E""IE".17”/ 1 I 1�=1 FC-➢ERI3N=FiiElPie iPil I a:]l:F:9rn tzlT:ltli'_arE-s.: 1 4 I 77 •� aline-TEN E=E4r"vsE�s.e.44 a IA MCI1E YI.C.::1t:-:S11E:ffY1.4Li I N5931'37•P 133.3.31' e W LT N — — — SW COR NW(SEC-35— SEC 35 i O W COR NE TOM 35 T3N,Reew,5114 Pm SEC K O 33 Tax,ROW,9111 PM UN.NNW,ITN PY FOUND]JL'ALAI CAP FOUND]Y!AWN CAP 1:4 FOUND 3 c l.9]1{2 Y5•ACM CAP LS 33047 PLS 18487 L8 SEC 35 I I t i cn I i 03RI 1 Cik I I I Sa577]1W SW 1/4 roi SE 1/4 E CON G 7 SE 1/4 6 EDI 1S Ni I SEC as I6 NOO'42O W SW Ca BCC]5 SW Cpl SEC 38 SW OCR SW Y.SEC 35 Tkl.RSS%W.0111 PM T3N.R99W,MN FINRe T3N, 5W 9 PM FOUND 3)Q•ALUM CAP FOUND 3 wALUM CAP NO MONUMENT FOUND PLS 10740 PLS 1114412 Carroll & Lange _,_ NOTF' or Prol,nlonel sa o,.,&3..w sun.yn5 lee South Union BM.Sues 155 • Denotes Change of Direction Only. This exhibit " bEewood Colorado sous does not represent a monumented survey. It PH0 E: 303)1980-0200 P Y FN( 503 990-0917 Is Intended only to depict the attached legal wvA75.cA�n9uNNxaECDM description. P:\3075\METRO DIS1RICT\LAROE—SOUIN.DWO,SHEET 5 Or 5•PREPARED 11/2/04.REV.06/17/05 LEGAL DESCRIP11ON ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 3 SHEET 1 OF 4 LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN SECTION 25, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 25 AND CONSIDERING THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 25 TO BEAR SOUTH 00'19'19" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 0019'19" EAST, ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 25, A DISTANCE OF 706.67 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00'19'19" EAST, ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 25, A DISTANCE OF 1940.93 FEET TO THE SOUTHEAST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 25; THENCE SOUTH 88'45'03" WEST, ALONG THE NORTH UNE OF THE SOUTHEAST QUARTER OF SAID SECTION 25 A DISTANCE OF 514.00 FEET; THENCE SOUTH 00'25'49" EAST, A DISTANCE OF 450.00 FEET; THENCE NORTH 88'45'03" EAST, A DISTANCE OF 149.04 FEET; • THENCE SOUTH 0114'57" EAST, A DISTANCE OF 133,39 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 150'53'56", A RADIUS OF 150.00 FEET AND AN ARC LENGTH OF 395.05 FEET, THE CHORD OF WHICH BEARS SOUTH 35'24'33" WEST; THENCE SOUTH 89'34'11" WEST, A DISTANCE OF 77.23 FEET; THENCE SOUTH 00'25'49" EAST, A DISTANCE OF 166.73 FEET; THENCE NORTH 89'34'11" EAST, A DISTANCE OF 610.27 FEET TO A POINT ON THE EAST UNE OF THE SOUTHEAST QUARTER OF SAID SECTION 25; THENCE SOUTH 00'25'49" EAST, ALONG SAID EAST LINE, A DISTANCE OF 1663.11 FEET TO THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER OF SAID SECTION 25; THENCE SOUTH 88'30'51" WEST, ALONG THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 25, A DISTANCE OF 1044.02 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 30'39'44", A RADIUS OF 1600.00 FEET AND AN ARC LENGTH OF 856.25 FEET; THENCE NORTH 60'49'25" WEST, A DISTANCE OF 194.84 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 3317'47", A RADIUS OF 400.00 FEET AND AN ARC LENGTH OF 232.45 FEET; • THENCE SOUTH 85'52'47" WEST, A DISTANCE OF 101.87 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 13'33'53", A RADIUS OF 1100.00 FEET AND AN ARC LENGTH OF 260.42 FEET; THENCE SOUTH 72'18'54" WEST, A DISTANCE OF 936.85 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 16'39'38", A RADIUS OF 1500.00 FEET AND AN ARC LENGTH OF 436.18 FEET, SAID POINT ALSO BEING ON THE SOUTH UNE OF THE SOUTHWEST QUARTER OF SAID SECTION 25; THENCE SOUTH 68'58'33" WEST, ALONG SAID SOUTH LINE OF THE SOUTHWEST QUARTER OF SECTION 25, A DISTANCE OF 1338.83 FEET TO THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER OF SECTION 25; THENCE NORTH 0012'43" WEST, ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 25, A DISTANCE OF 2654.50 FEET, TO THE SOUTHWEST CORNER OF THE NORTHWEST QUARTER OF SECTION 25; THENCE NORTH 0013'07" WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF SECTION 25, A DISTANCE OF 518.80 FEET; THENCE NORTH 88'54'53" EAST, A DISTANCE OF 480.00 FEET; THENCE NORTH 2322'49" EAST, A DISTANCE OF 274.74 FEET; THENCE SOUTH 88'54'53" WEST, A DISTANCE OF 590.00 FEET, TO A POINT ON THE WEST LINE OF THE + NORTHWEST QUARTER OF SECTION 25; THENCE NORTH 0013'07" WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF SECTION 25, A DISTANCE OF 1214.04 FEET; Carroll &Lange P1,1,,,loml Enpin,m 6 L,nd Survryora 1Ek Sood MNan dh0.SOD,158 PHONEo0 COIan0-20086 vHaME�im�DED-Dzoo FM:( UOLL T WWW.GPPDLL-IANDECOM P:\3075\METRO DIS1RICT\307—E1011BIT—WIGE—NORTH. SHEET I OF 4,PREPARED 10/27/01,REV.06/12/06 it LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 3 SHEET 2 OF 4 THENCE SOUTH 89'29'32" EAST, A DISTANCE OF 241.54 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 04'04'53", A RADIUS OF 700.00 FEET AND AN ARC LENGTH OF 49.86 FEET; THENCE NORTH 86'25'34" EAST, A DISTANCE OF 113.93 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 21'38'17", A RADIUS OF 650.00 FEET AND AN ARC LENGTH OF 245.48 FEET; THENCE SOUTH 71'56'09" EAST, A DISTANCE OF 91.01 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 20'38'57", A RADIUS OF 500.00 FEET AND AN ARC LENGTH OF 180.20 FEET; THENCE NORTH 87'24'54" EAST, A DISTANCE OF 403.49 FEET; THENCE NORTH 01'43'25" WEST, A DISTANCE OF 305.38 FEET; THENCE NORTH 88'16'35" EAST, A DISTANCE OF 24.89 FEET; THENCE NORTH 87'41'05" EAST, A DISTANCE OF 196.62 FEET; THENCE NORTH 34'51'54" EAST, A DISTANCE OF 237.18 FEET; THENCE NORTH 1419'58" EAST, A DISTANCE OF 223.93 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF HIGHWAY 66 AS DESCRIBED IN BOOK 1491 AT PAGE 509 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY UNE OF STATE HIGHWAY 66 THE FOLLOWING TWO (2) COURSES; ,�.. 1) NORTH 88'49'43" EAST, A DISTANCE OF 905.29 FEET; 2) NORTH 88'49'28" EAST, A DISTANCE OF 1600.25 FEET; THENCE SOUTH 0117'38" EAST. A DISTANCE OF 721.43 FEET; THENCE SOUTH 88'56'10" EAST, A DISTANCE OF 154.98 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 10'07'51", A RADIUS OF 700.00 FEET AND AN ARC LENGTH OF 123.77 FEET; THENCE NORTH 80'55'59" EAST, A DISTANCE OF 389.28 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF.A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 09'03'52", A RADIUS OF 700.00 FEET AND AN ARC LENGTH OF 110.74 FEET; THENCE NORTH 89'59'51" EAST, A DISTANCE OF 250.58 FEET TO THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 24,924,476 SQUARE FEET OR 572.187 ACRES, MORE OR LESS. EXCEPTING THEREFROM A PORTION OF THE NORTHWEST QUARTER OF SECTION 25, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 25 AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 25 TO BEAR NORTH 88'49'43" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 24'00'08" WEST, A DISTANCE OF 688.84 FEET TO A POINT ON CURVE, SAID POINT ALSO BEING THE POINT OF BEGINNING; ,ThCarroll ac Lange ProSMwiI Engineers&Land Summon 1��8y53 South UnlnaBlt.SMM 158 PH0N�05)95020002, FA%: 13),90-0,11 r .CAT 0LL-IANGE.00M P:\3075\METR0 DISTRICT\]075-EIWSIT-4ACE-NCRIN, SHEET 2 OF 4, PREPARED 10/27/04.REV.06/12/00 ' I LEGAL DESCRIP11ON ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 3 SHEET 3 OF 4 THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 06'40'34", A RADIUS OF 854.00 FEET AND AN ARC LENGTH OF 99.51 FEET, THE CHORD OF WHICH BEARS SOUTH 27'29'35" WEST; THENCE SOUTH 30'49'52" WEST, A DISTANCE OF 218.55 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 28'26'26", A RADIUS OF 418.00 FEET AND AN ARC LENGTH OF 207.49 FEET, THE CHORD OF WHICH BEARS NORTH 73'40'41" WEST; THENCE NORTH 08'24'19" EAST, A DISTANCE OF 70.78 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 183'04'38", A RADIUS OF 160.00 FEET AND AN ARC LENGTH OF 511.25 FEET, THE CHORD OF WHICH BEARS NORTH 48'20'22" EAST; THENCE SOUTH 58'36'32" EAST, A DISTANCE OF 123.79 FEET TO THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 102,541 SQUARE FEET OR 2.354 ACRES, MORE OR LESS. THE TOTAL NET AREA IS 24,821,935 SQUARE FEET OR 569.833 ACRES, MORE OR LESS. I, WILLIAM F. HESSELBACH, JR, A SURVEYOR LICENSED IN THE STATE OF COLORADO, DO HEREBY CERTIFY THAT THE ABOVE LEGAL DESCRIPTION AND ATTACHED EXHIBIT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION AND CHECKING. UMW u I• •. ...DA WI LAM . HESS BACH, JR, P.L.S. -et = FO• •ND 0. ALF OF CARROLL # L• E,f NC. r•8c 4/g' a2 5369 `M}E_ W DATE 4$4.141.11,41 4. Lfl S . /vunxmn,l�" r N Carroll &Lange ,.� Professional Unnlon Wows BIW89N1n 156 an \, P�SUE:',d,c{ ol)lu'R$o'-0zao28 FA1C19da1 4 E.00M P:\307S\NEiRO DIS1RICTW073-EIWSIT-URGE-NORTH,SHEET 3 CF 4,WPWWPREIPIPARREPRDRR 10/27/04.REV.0!/13/08 I EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 3 SHEET 4 OF 4 NW COI aam .IIat MTeM " la.Rea em PM / raffia..Jy�Nw W Nerwtre ails" MD 3 A'ALM CAP NNWC NW le ZW'55 — (°?A — — Sall 1AE He 1/4 Min— ��QQ"POWs — — NBB9'4J'E NBBYe'1B'E rag OM: M CE ZIT 905.1" 1800.2" 9ilZ �FFfGL�."'IIIIIII no MW a NO ma mi / I i=0 Now L12 rF 5 C7 �� 13 I �g 11001069% }L7z �iee Ito I le PCOIT Or a R E"1�02.541'St* a r' IIISLLItZLiftal IF3® IIIIIK.1I Et•≥]E 1r-27-e- 1 841 2354 ACRES . "i TLIHNI[ rl---j IWallii5G•l 1= I a iEMINIE ] � lz 1U 1�t F ' Ypy: IIMIKIMPa—En r. IIIT.s4Elgm y 5 § I S 1t l}llE l IIS k 4 gb Y U5 tit)el�i filinkP.T?:1=1t511� }trcLI I /N232240'E etillet laetilrrls'.£P=7 ThFV"4 274.741 MIIIIEii3LTirl- rI?:1nitinnWrima.1 NOW 54'53'E OWRAU.PARCEL tiF1tI.rN.t A m]EIIEi1IErrirzz J 2419241476 Sri ..a. g n a, 490.00• 572157 ACRES ser1YoJ'w a I w ,w Iml E14wom S14.er Nam me a l/4 w u — 0¢— y L— —IN Ab a ®m y si CAR NW x me{um Pm m j INF RA PN �io a 11'WS wm I No mao NwoaT �1 u tvao.14 w rs WJJ raj i. LINE TABLE INMAN Lsal IIIIIIMMIIM I immgmimirr....imIllICEal L3 OIRIS2k1t IkimyJ♦ • IIIIIMInflerrn- I 11\1 -•�OIMUfl �nianriM A l Ne9]41rE 0 MIOUSIMIIIII-Er IN -0_ 610.2r il j 1•SI•E ANSI kte. i IS AMAIIIMIESCEMMINLIRTIFIT.M N Z r4F!•eti!Il•SZIALTER.ON Li gj tw SIT II VIIIIIWIE-11:114• Nyy soniumnimorrkrili 1r g siT in : a-re �aa- nori a1}4E I `i C- MI ..x I SCALE: 1" = 1000' L;E MILITIA IIIIII -ESTa• ��f0 gggypy}a11 ZZ q®rye pt SYY AA" SOWN OW 1/4• II6'II — la is ; a — '. allf'111/oia4�t'm u yy ,aSO 3 i,!M PNm waraly maaYKM CAP P121 aA'NLU W Carroll &Lange LEE; ornolmnlwwl Engineers 5 Land Sur Nyors ,....... Rout Ulan 165 Souan Blvd..San leg • Denotes Change of Direction Only. This exhibit " Lakewood.ColordoB0226 PHONE:1303 seo-0255 does not represent a monume survey. It FAX: 30D 96o-aen atta ched intended only to depict the attached legal WAVIafwou-ux5Econl description. P:\So7s\IEEMo olsmci 075-ExSSIT-LARCE-N0N1H,SHEET 4 Or 41 PREPARED 10/27/04,REV.06/12/06 LEGAL DESCRIP11ON ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 1 OF 8 LEGAL DESCRIPTION PARCEL A A PARCEL OF LAND LOCATED IN THE WEST HALF OF SECTION 35, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER OF SAID SECTION 35 AND CONSIDERING THE NORTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 35 TO BEAR NORTH 89'16'22" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 64'41'08" WEST, A DISTANCE OF 1290.56 FEET TO A POINT ON CURVE, SAID POINT ALSO BEING THE POINT OF BEGINNING; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 22'28'51", A RADIUS OF 600.00 FEET AND AN ARC LENGTH OF 235.42 FEET, THE CHORD OF WHICH BEARS SOUTH 73'03'59" WEST; THENCE SOUTH 84'18'24" WEST, A DISTANCE OF 132.31 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 30'01'59", A RADIUS OF 800.00 FEET AND AN ARC LENGTH OF 419.34 FEET; THENCE SOUTH 54'16'25" WEST, A DISTANCE OF 115.47 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 08'36'34", A RADIUS OF 800.00 FEET AND AN ARC LENGTH OF 120.21 FEET; THENCE SOUTH 62'52'59" WEST, A DISTANCE OF 226.48 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 52'34'19", A RADIUS OF 240.00 FEET AND AN ARC LENGTH OF 220.21 FEET; THENCE NORTH 76'34'54" WEST, A DISTANCE OF 97.86 FEET TO A POINT ON A CURVE, SAID POINT ALSO BEING ON THE EASTERLY RIGHT OF WAY LINE OF HIGHWAY 25 AS DESCRIBED IN RECEPTION NUMBER 3019961 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; THENCE ALONG THE EASTERLY RIGHT OF WAY LINE OF SAID HIGHWAY 25 THE FOLLOWING TWO (2) COURSES: 1. ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 01'58'15"r A RADIUS OF 3182.41 FEET AND AN ARC LENGTH OF 109.47 FEET; 2. NORTH 01'0413" WEST, A DISTANCE OF 464.17 FEET; THENCE SOUTH 88'31'13" EAST, A DISTANCE OF 82.26 FEET; THENCE NORTH 00'11'21" WEST, A DISTANCE OF 379.15 FEET; THENCE NORTH 88'08'57" EAST, A DISTANCE OF 185.82 FEET; THENCE NORTH 00'57'37" WEST, A DISTANCE OF 172.01 FEET; THENCE NORTH 82'52'03" EAST, A DISTANCE OF 590.67 FEET; THENCE NORTH 04'18'10" WEST, A DISTANCE OF 264.11 FEET; THENCE NORTH 89'31'37" EAST, A DISTANCE OF 374.84 FEET; THENCE SOUTH 02'12'09" WEST, A DISTANCE OF 283.91 FEET; • THENCE SOUTH 06'58'06" EAST, A DISTANCE OF 202.00 FEET; THENCE SOUTH 1812'08" EAST, A DISTANCE OF 196.12 FEET; THENCE SOUTH 26'53'04" EAST, A DISTANCE OF 211.58 FEET TO THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 1,064,266 SQUARE FEET OR 24.432 ACRES, MORE OR LESS. TOGETHER WITH THE FOLLOWING DESCRIBED PARCEL eThCarroll a Lange P,d,plaW Enghian 6,Lund Survryv, 185 SwiD Union Blvd.Bulb 158 \, IPpH�1{","(ONBEBpp(5(�3=��09 BB'B0-02X v 1.C,ABBBD0LLLW10E.00M P:\D075\0ISTRICT LECALS\DISTRICT 4 SB(1).DRO,SHEET 1 CF B,PREPARED 10/27/01,REV.08/13/00 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 2 OF 8 LEGAL DESCRIPTION PARCEL B iI. A PARCEL OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 25, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 25 AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 25 TO BEAR NORTH 88'49'43" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 0013'07" EAST, ALONG THE WEST UNE OF THE NORTHWEST QUARTER OF SAID SECTION 25, A DISTANCE OF 90.00 FEET TO THE SOUTHERLY RIGHT OF WAY UNE OF STATE HIGHWAY 66 AS DESCRIBED IN BOOK 1491 AT PAGE 509 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER, SAID POINT ALSO BEING THE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE OF STATE HIGHWAY 66 THE FOLLOWING THREE (3) COURSES; 1)? NORTH 88'49'38" EAST, A DISTANCE OF 30.00 FEET; 2) NORTH 43'50'07" EAST, A DISTANCE OF 70.70 FEET; 3 NORTH 88'49'43" EAST, A DISTANCE OF 1245.14 FEET; HENCE SOUTH 01'10'17" EAST, A DISTANCE OF 411.50 FEET; THENCE SOUTH 88'16'35" WEST, A DISTANCE OF 24.89 FEET; THENCE SOUTH 01'43'25" EAST, A DISTANCE OF 305.38 FEET; THENCE SOUTH 87'24'54" WEST, A DISTANCE OF 403.49 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 20'38'57", A RADIUS OF 500.00 FEET AND AN ARC LENGTH OF 180.20 FEET; THENCE NORTH 71'56'09" WEST, A DISTANCE OF 91.01 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 21'38'17", A RADIUS OF 650.00 FEET AND AN ARC LENGTH OF 245.48 FEET; THENCE SOUTH 86'25'34" WEST, A DISTANCE OF 113.93 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 04'04'53", A RADIUS OF 700.00 FEET AND AN ARC LENGTH OF 49.86 FEET; THENCE NORTH 89'29'32" WEST, A DISTANCE OF 241.54 FEET TO A POINT ON THE WEST UNE OF THE NORTHWEST QUARTER OF SAID SECTION 25; THENCE NORTH 0013'07" WEST, ALONG SAID WEST LINE, A DISTANCE OF 581.71 FEET TO THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 892,819 SQUARE FEET OR 20.496 ACRES, MORE OR LESS. TOGETHER WITH THE FOLLOWING DESCRIBED PARCEL Carroll &. Lange?.Professional Engine('&LAN Surreyom Ill South Union Blvd.5u11 155 I r11�qMO;N�Eo�) BB5-0th110 B \ FFewSp ARPOLI°-UNBec0M P:\3075\NETRO DISTWC1\515TRICT 4 NW(2),OWO.SHEET a OF B. PREPARED 904/04,REV.55/12/55 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOUTAN DISTRICT NO. 4 SHEET 3 OF 8 LEGAL DESCRIPTION PARCEL C A PORTION OF THE NORTHEAST QUARTER OF SECTION 25, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 25 AND CONSIDERING THE EAST UNE OF THE NORTHEAST QUARTER OF SAID SECTION 25 TO BEAR SOUTH 0019'19" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 0019'19" EAST, ALONG THE EAST UNE OF THE NORTHEAST QUARTER OF SAID SECTION 25, A DISTANCE OF 92.60 FEET TO A POINT ON THE SOUTHERLY RIGHT OF WAY UNE OF STATE HIGHWAY 66 AS DESCRIBED IN BOOK 1491, AT PAGE 511 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER, SAID POINT ALSO BEING THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00'19'19" EAST, ALONG SAID EAST LINE, A DISTANCE OF 614.07 FEET; THENCE SOUTH 89'59'51" WEST, A DISTANCE OF 250.58 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 0903'52", A RADIUS OF 700.00 FEET AND AN ARC LENGTH OF 110.74 FEET; THENCE SOUTH 80'55'59" WEST, A DISTANCE OF 389.28 FEET TO A POINT OF CURVATURE; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 10'07'51", A RADIUS OF 700.00 FEET AND AN ARC LENGTH OF 123.77 FEET; THENCE NORTH 88'56'10" WEST, A DISTANCE OF 154.98 FEET; THENCE NORTH 0197'38" WEST, A DISTANCE OF 721.43 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY OF SAID HIGHWAY 66; THENCE ALONG THE SOUTHERLY RIGHT OF WAY LINE OF STATE HIGHWAY 66 THE FOLLOWING FOUR (4) COURSES: 1. NORTH 88'49'28" EAST, A DISTANCE OF 790.65 FEET TO A POINT OF CURVATURE; 2. ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 00'50'40", A RADIUS OF 11,420.00 FEET AND AN ARC LENGTH OF 168.31 FEET TO A POINT OF NON-TANGENCY; 3. SOUTH 43'43'11" EAST, A DISTANCE OF 68.87 FEET; 4. NORTH 89'59'28" EAST, A DISTANCE OF 30.00 FEET TO THE POINT OF BEGINNING, CONTAINING A CALCULATED AREA OF 710,272 SQUARE FEET OR 16.305 ACRES, MORE OR LESS. TOGETHER WITH THE FOLLOWING DESCRIBED PARCEL I ' Carroll &Lange E Professional Engineer,&Land Surveyor, ,""` 11/4155 South Union Blvd Salt,155 Lakewood Colorado EMI PHORE: )910-091 200 WZAnRaLL-IM'CE.00M P:\0015\HEM•0 0ISTRICI\0ISIRICT 4 NE(3).0WG,SHEET 3 OF 4 PREPARED 11/2/04.REV.011/12/06 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 4 OF 8 LEGAL DESCRIPTION PARCEL D A PARCEL OF LAND LOCATED IN THE SOUTHEAST QUARTER OF SECTION 25, TOWNSHIP 3 NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF SAID SECTION 25, AND CONSIDERING THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 25 TO BEAR SOUTH 0075'49" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE CONTINUING SOUTH 00'25'49" EAST, ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 25, A DISTANCE OF 450.00 FEET TO THE SOUTHWEST CORNER OF THAT PARCEL OF LAND DESCRIBED AT RECEPTION NUMBER 1606745 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; SAID POINT ALSO BEING THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00'25'49" EAST, ALONG SAID EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 25, A DISTANCE OF 540.73 FEET; THENCE SOUTH 89'34'11" WEST, A DISTANCE OF 610.27 FEET; THENCE NORTH 00'25'49" WEST. A DISTANCE OF 166.73 FEET; THENCE NORTH 89'34'11" EAST, A DISTANCE OF 77.23 FEET TO A POINT ON A CURVE; THENCE ALONG THE ARC OF A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 150'53'56", A RADIUS OF 150.00 FEET AND AN ARC LENGTH OF 395.05 FEET, THE CHORD OF WHICH BEARS NORTH 3524'33" EAST; THENCE NORTH 01'14'57" WEST, A DISTANCE OF 133.39 FEET; TO A POINT ON THE SOUTH LINE OF THAT PARCEL OF LAND DESCRIBED AT RECEPTION NUMBER 1606745 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER THENCE NORTH 88'45'03" EAST, ALONG SAID SOUTH LINE, A DISTANCE OF 364.96 FEET TO THE POINT OF BEGINNING; CONTAINING AN AREA OF 232,557 SQUARE FEET OR 5.338 ACRES, MORE OR LESS. 1, WILLIAM F. HESSELBACH, JR, A SURVEYOR LICENSED IN THE STATE OF COLORADO, DO HEREBY CERTIFY THAT THE ABOVE LEGAL DESCRIPTION AND ATTACHED EXHIBIT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION AND CHECKING. 1 IIOIIIIU1 ,� Rf0/SrF9, WILL M HE EI.BACH, JR, P.L.S. 253 ti o C FOR BEHALF OF CARROLL & N • C. sS Q F ro /s oG 25389 W DATE �0"4:• Carroll &Lange ,,,.�.. ,` 1'85 Smite l Enos BIvE SUNit awn l.Fewaad ColoMo 86228 PNONE:130S1-0917 0 FA%.f OJ 19 P68CLL0-0B_40E.COM P:\0075WETp0 OISTRICT\OISINCT 4 E(4).0W0,SHEET 4 OF&PREPARED 10/27/04.REV.06/12/01 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 5 OF 8 I NW 1/4, SEC. 35 N89'31'37"E POINT OF COMMENCEMENT • NE COR SW 1/4 SEC 35 N0418'10"W, 264.11' 50212'09"W FOUND 3 1/4" ALUM. 283.91' CAP PLS 7472 1482'52'03"E N. LINE SW IA SEC 35 590.67' N897B'22 8 2649.8r — NW COR., SW 1/4, SEC. 35 BASIS OF BEARINGS FOUND 3 1/4" ALUM. CAP N00'57'37-W, 172.01' 506'58'06"E PLS 18482 202.00' N58'08'57"E, 165.82' 518'1206"E Wit '588'31'13'8 82.26' N00.11'21"W, 379.15' 196A2' se44108 PARCEL A 526'53'04"E 1,064,288 S.F.± 211.58' L. 24.432 ACRES POINT OF BEGINNING PARCEL A 1401'04'13"W 464.17' I 584'18'24"W 132.31' 554'16'25"W 115.47' ..-- in G582'52'59"W 228.48' SW//4, SEC. 35 I3 N76'34'54"W 97.88' 'A— ..c".4 N �y0 N ,,,`� CURVE TABLE CURVE DELTA RADIUS LENGTH BEARING Irt Cl 27'28'51" 600.00 235.42 573'03'59"W :‘1.3 C2 30'01'59" 800.00 419.34 S5917'25"W ye I C3 08'38'34" 800.00 120.21 558'34'42'W -®- z 3$ C4 52'34'18" 240.00 220.21 536'35'50'W I C5 01'55'15" 3182.41 109.47 NO2'01'38"W L _ _ SCALE: 1" = 500' SW COR SEC 35 6 UAL SW t/4, SEG 35 SE COR SW 1/4 SEC 35 END. 3 1/4" ALUM. CAP N8972'54-E 2838.37' FOUND 3 1/4" ALUM, CAP PLS 10734, 1999 PLS 10740 er Carroll &Lange? NOTE: Prslee4onl Engineers&laid 5urveyan 166 South Union Blvd.Sults 166 '— • Denotes Change of Direction Only. This exhibit \ IAl$ wood,Colorado B822B PNONE: 65 866-6260 does not represent a monumented survey. It PAx: a6�e�B-6917 is intended only to depict the attached legal Wm�.CAdBOLL4ANOECOM description. P:\3675\61STRICT IEOAIS\015EWCT 4 SW71)DWO,MEET 5 W 8,PREPARED 10/27/04,REV.06/12/06 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 6 OF 8 POINT OF 66 HIGHWAY COMMENCEMENT BASIS OF BEARINGS NW COR SEC 25 NORTH LINE NW i SEC 25 T3N, R68W, 677-1 PM N88 49'43 E 2625.44' • NE COR NW%4 SEC 250 I - - _ N88'49'43"E 1245.14' w T3N, R68W, 6TH PM S0073'07 E 90.00' • N43'50'07'E - S POINT OF 3 70.70' o • PARICELBEG NNING B _ N88'49'38"E 30.00' PARC N Q.S 892,819 S.F.* 20.498 AC.± 5889.89' 24.89' SO,'43'25"E C3 C2 1 -587'24'54"W 305.38' N89'29'32"W 241.54 \\\! 403.49' I586'25'34"W N71'56'09"W 113.93' 91.01' Nd b W h CURVE TABLE "N CURVE DELTA RADIUS LENGTH BEARING 3,W C1 20'38'57" 500.00 180.20 1182'5'37"W 2 o C2 21'38'17" 650.00 245.48 N82'45'17"W La NI C3 04'04'53" 700.00 49.86 588'28'01"W 2 r- 2I Q I N q (1 SW COR SCALE: 1" = 500' NW 1/4 SECTION 25 NOTE: rN Carroll & Lange PmNxlonal Enpinuun&land Survryan 156 ouln Won 5Nd.228 168 • Denotes so Change of Only. This exhibit \ ' PHONEntiorsi.0200 PRONE: 205 4917 0 does not represent a hemonumented survey. It Ac wS II0Le T is intended only to depict the attached legal rvw�.c ROLL-UNOE.a0M description. P:\3075\NEIRD DISTRICT\DISTRICT 4 NW(2).DWr.,SHEET 8 of 8.PREPARED 11/2/81.REV.06/12/05 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 7 OF B POINT OF 6 COMMENCEMENT -00'50'40" HIGHWAY 88 iT3 SEC R=11420.00' N, R68W, 6TH PM • NW COR NE%4 SEC 25 NORTH LINE NE } SEC 25 L=168.31' UN, R68W, 6TH PM N88'49'28 E 2636.61' _ 50079'19 E 0 — — — In N88'49 28 E 790.65 92.60' i 4 S43'43111"E POINT OF I BEGINNING n 68'87' lb 6- -or! PARCEL C N89'59'28"E n 30.00' i PARCEL C S v7 N 710,272 S.F.* y r 16.305 AC.* S C1 2 C2 • � 880'5559"°N N88'56'10"W� 389 28•• S89'59'51"W 154.98' I 250.58' h n CURVE TABLE a woo CURVE DELTA RADIUS LENGTH BEARING $i,^o-z g Cl 09'03'52" 700.00 110.74 585'27'55"W ""cv u� C2 10'0751" 700.00 123.77 585'59'54"W ,41 2 Si tu 21. T H 4 SE COR., NE 1/4, 1 SECTION 25 SCALE: 1" = 500' Carroll Lange NOTF Prolmalanul Enolne.'.&land So yor. • Denotes Change of Direction Only. This exhibit 105 Soulh WIN Blvd.Sulks Ise PHONE 81C316Bo 020°022° does not represent a monumented survey. It \ rMx:Ls03IB�00917 is intended only to depict the attached legal w cAPPOu-LMBE.EDM description. P:\3075\RETRO 01sTRIcT\oIST91CT 4 NE(3).01%,SHUT 7 OF 0, PREPARED 11/2/04.REV.06/12/°& EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 8 OF 8 POINT Cf COMMENCEMENT NEN. LINE, SE 1/4, SEC. 25 SE OIN 5E 1/4, NW COR SECTIOIN 25 SE 1/4, REN88'45'03"E 2632.77' U . PARC5 SEC. 25 N88'45'03"E S0025'49"E 364.96' 450.00' N01'14'57"W 133.39' POINT OF Li BEGINNING M PARCEL D N89'34'11"E 77.23' n C, sg G 0 N00'25'49"W 166.73' rn 98914111"W 610.27' PARCEL D 232,557 S.F.* 5.338 AC.t N• CURVE TABLE ti00(f) CURVE DELTA RADIUS LENGTH BEARING I Cl 150'53'56' 150.00 395.05 N35'24'33'E ' LI I E v iNin 4i N SE COR., SE 1/4, -® SECTION 25 SCALE: 1" = 700' N_QIE; ,\ Carroll a Lange Professional Engineers&Land Surveyors a • Denotes Change of Direction Only. This exhibit 155 South Wen Stud.Sults 155 9 156$add Colandod.Sul does not represent a monumented survey. It \ FHi°a(ao(is25a0A501 i00 is Intended only to depict the attached legal wwA.cA Du-lAHOECOM description. P:\3o15\MEMO OISIWC1\OISIRICT 4 E(4).0W5,SHEET 5 OF 5.PREPARE)10/27/04.REV.05/12/05 EXHIBIT B Map of Initial District Boundaries 2 I. 1e -r- / / y - - 1 '" o 7 , w , m - ' y NI- =a Ii x 0 �= J___, . = I o in T F- Y r� (n p 0 U U V 0 Cl- 11) U, CO S o ID O S • W m N _ i w Y Z Q IX I EXHIBIT C Projected District Infrastructure Costs 3 METRO COSTS PROJECT: MEAD/WELD COUNTY AREA(acres): 1,313 NO. UNITS:4,500 DESCRIPTION TOTAL COST METRO GENERAL $1,000,000.00 LANDSCAPING $33,000,000.00 WATER SYSTEM $6,770,780.00 RAW WATER SYSTEM $5,817,250.00 SANITARY SEWER $1,487,550.00 STORM DRAINAGE $5,112,100.00 GRADING $7,954,115.33 CONCRETE $3,815,710.00 PAVING $9,866,167.50 STREET SIGNS $105,350.00 TRAFFIC SIGNALS $806,250.00 F STREET LIGHTS $455,000.00 SLEEVING $321,562.50 RELOCATE OIL/GAS FACILITIES $4,900,000.00 ELECTRIC REMOVALS/DISTRIBUTION $1,150,000.00 ENVIRONMENTAL I WILDLIFE MITIGATION $350,000.00 SUBTOTAL INFRASTRUCTURE $82,911,835.33 CONTINGENCY $7,336,847.89 ENGINEERING $3,423,875.68 SURVEYING $1,956,473.41 SOILS ENGINEERING $733,744.79 CONSTRUCTION MANAGEMENT $2,445,682.63 INSPECTION FEES $637,744.79 SUBTOTAL COST $16,534,369.20 TOTAL COST $99,446,204.53 EXHIBIT D Maps Depicting Public Improvements 4 SH 66 IN.A.P. 3 I HIGHLAND N.A.P. DITCH \ , CONDUIT o ' Q —p N.A.P. cc W I 0 I 1 I- z I u_ E` U <n 1 N I I yl 1 r WCR 28 1 _ - — - 4_ _ _ _L ` � N.A.P.I ^ /1)�.!/l/�J/A� cc i z 3I \ III I 1 _ PROPERTY 1 /! 1--• BOUNDARY IT T I -III �,r " - --•- = DRAINAGEWAY x I = DETENTION III, _` - Ci PONDS/ LAKES p k .--."-----. - - \ ST. VRAIN S = CULVERT CROSSING V RIVER SCALE: 1" = 1500' Carroll & Lange St. Vrain Lakes Master Drainage Plan 165S°1°^Vo Blvd. SliteI Saneyan % 165 South Union OWE.0 156 lakewooE coior.m 08220 F :(3:3)980-0917 FIGURE F CLARCI0LLLL-tMGE.COM P:\3075. SHEET 6 OF 6. PREPARED 11/01/04. REV. SH 66 N.A.P. / / 6" RAW WATER MAIN 0 .—.—2 rn rx z N cc N.A.P. .....*N.A.P.� N I CC 3 [MAIN 12" RAW WATER -N.A.P. WCR 28 —1---- I I• EXTEND TO ST. VRAIN —1in I — SANITATION DISTRICT "OX—BOW" i N 12" RAW LAKE AT TREATMENT PLANT] LLiI WATER MAIN —1J ---�-----��— N I — — RAW WATER MAIN WITH --- — — — i-- ct \ PUMP STATION AT WWTP I ? 3 II PROPERTY BOUNDARY \ OUTLET I y I STRUCTURE — PUMP STATION _I = EXISTING LAKE/ ST. VRAIN I RAW WATER STORAGE �- ✓_ _ - RIVER "''1111 = PROPOSED 6" RAW N __ WATER MAIN = PROPOSED 12" RAW WATER MAINtl SCALE: 1" = 1500' Carroll & Lange St. Vrain Lakes Master Raw Water Plan Professional Engineers 6 Land Surveyors , 185 South Colon Blvd.,228 158 PHONE:( Colona0-80228 PHONE08)080-091200 FIGURE F .C RR&�FO-BLANGE.COM P:\3075, SHEET 3 OF 6, PREPARED 11/01/04, REV. SH 66 i PROPOSED lip I N.A.P.LA 8" SAN. ( 0 i i PROPOSED 8" SAN. TRANSTION fTO 12" SAN. 0 I / PROPOSED v 0 EXISTING �� f 12" SAN. 3 / SAN. 18' N.A.P. Iw N.A.P. ' Lu i I . Z PROPOSED u_ 0I 12" SAN. <n 1, 3I N PROPOSED y I 12" SAN. I —N.A.P. 1 1 WCR 28 J L 14 PROPOSED — u� CV � 12" SAN. '� \ \ PROPOSED EXISTING h PROPOSED \ 12" SAN. SAN. 27" 12" SAN. Z PROPERTY 3 � s s� BOUNDARY �' � s� s i s EXISTING \ S EXISTING - - SAN. 21" �I s_. —s—mss s. 1 ,; SAN. 30 1 s —s EXISTING I SAN. 24" - 1 t PROPOSED Vie' = EXISTING DRAINAGEWAY 8" SAN. I,i w�/ � - —s s— = EXISTING SANITARY N \�" = PROPOSED SANITARY 9 �"� ✓' ~ \ ST. VRAIN RIVER SCALE: 1" = 1500' Carroll & Lange St. Vrain Lakes Master Sanitary Sewer Plan �� `5 South Union Blvd. 15°"°'°� \, PHONE:5)980-0917 FIGURE FAX. 30051 ROLLLLOBLANGE.COM P:\3075. SHEET 4 OF 6. PREPARED 11/01/04, REV. —Ii EXTEND TO EXISTING 42" WATER AT WCR 38 EXISTING 24" WATER EXISTING 8" WATER ,. _ „_. — — - - -- — — --FF SH 66 16 WATER 16" WATER / N.A.P. h� Q 3 0 3 ^� -SC-SL v+ a � 12 w 3 ,2'• 10 I y'q7, N.A.P.1 3z R 3 oz `N.A.P. i F 1 in N N W — cc W i— ce 12" WATER c> 3 - METER VAULT 3 3 N 16" WATER 16" WATER WCR 28 16" WATER 24" WATER 10 `` N.A.P. N a N.A.P. 12" WATER Lir l- �I 3 "1r ---> 4 F- 1 N ES Z I ) �P�ER - - -- _ 12 8" STUB 1 METER F VAULT 12" STUB - - - 12" WATER 1 1 =PROPOSED WATER ill DER N) �P I =EXISTING WATER 1 EXISTING 18" WAS TE$_ _ _ N /II"' PROPERTY I\\1 ' BOUNDARY IF _ ./- -D- L, SCALE: 1" = 1500' Carroll & Lange St. Vrain Lakes Master Potable Water Plan :I 165 South UUnnionnIBlvvd.1116156 rs \, l.w.wo: CnblaE-O2OO FA%:R(30d Col redo 060 FIGURE WVIW.CMRRCu--BLANGE.COM P:\3075. SHEET 2 OF 6, PREPARED 11/01/04, REV. EXHIBIT E Financial Plan 5 Stan Bernstein and Associates, Inc. Financial Planners and Consultants For Local Governments, Municipal Bond Underwriters, and Real Estate Developers 8400 East Prentice Avenue, Penthouse Greenwood Village, Colorado 80111 Telephone: 303-409-7611, Fax: 303-409-7612; Email: stanplan@earthlink.net MEMORANDUM TO: MS. DANA SMITH, CARMA MR. TYLER PACKARD, CARMA MR. THOMAS P. MORTON, CARMA KRISTEN BEAR,ESQ.,MELISSA RYAN, ESQ. ANDY KANE MILES STEPHENS FROM: STAN BERNSTEIN,AMY BERNSTEIN SUBJECT: FINANCING PLAN-DEBT SERVICE FUND ST. VRAIN LAKES METROPOLITAN DISTRICTS #1 - #4 (COMBINED) DATE: JUNE 6, 2006 This memorandum and the attached multi-year combined debt service fund financial model for St. Vrain Lakes Metropolitan Districts #1 - #4 ("the Districts") has been assembled by Stan Bernstein and Associates, Inc. based upon key assumptions regarding land use and buildout provided by Carma, Inc. Exhibit I (page 1), Cash Flow Forecast for Debt Service Fund Only—Infrastructure Funding and Related Bond Issues. This Exhibit—row 41 - demonstrates how approximately $129.1 million of infrastructure costs (these infrastructure costs include 5.0% annual compounded inflationary increases over current dollar cost estimates of approximately $99.5 million) could be funded from (i) credit enhanced-rated limited general obligation bond issues, (ii) non-rated general obligation bond issues, (iii) developer infrastructure capital loans and contributions, and (iv) various impact fees. Exhibit I —row 35 - indicates that all (approximately $129.1 million) of infrastructure costs are to be funded by developer capital loans during years 2007 through 2016, and that proceeds from future rated and non-rated G.O bond issues, combined with approximately $15.75 million of impact fees, will be used to pay back these developer capital loans including compound interest(assumed for this model to be 3.5%). Row 49 shows the total developer capital loans outstanding (including 3.5% compounded interest Memorandum June 6,2006 Page 2 on these capital loans) at the end of each year—it appears that these capital loans will be paid in full by the end of year 2031. Row 39 on Exhibit I indicates that on October 1, 2009 the Districts will issue rated (credit enhanced) general obligation variable rate demand bonds in the amount of$12.0 million which will be used to pay back approximately $11.4 million of developer capital loans. It is assumed that these bonds will incur average interest, LOC fee related costs, and re- marketing costs equal to approximately 5.15% of the outstanding principal on the variable rate demand bonds. It is assumed that these bonds will be partially redeemed every year and be fully refunded on October 1, 2019 from approximately $11.16 million of non-rated general obligation bonds assumed to be issued by the Districts. Row 48 of Exhibit I presents the amount of outstanding Series 2009 credit enhanced variable rate demand notes outstanding at the end of each year. Row 38 on Exhibit I indicates that approximately $153.9 million of non-rated general obligation bonds (as shown below) could be issued and used to pay back the developer capital loans. October 1, 2012 $15,500,000 October 1, 2013 8,000,000 October 1, 2014 9,000,000 October 1, 2016 15,000,000 October 1, 2019 51,000,000 October 1, 2021 13,490,000 October 1, 2031 41,975,000 Totals $153,965,000 The issuance, and related timing and size, of these $153.9 million of non-rated general obligation bonds will be contingent upon the number of completed homes occurring within the Districts' boundaries and the related assessed valuation certified by the Weld County Assessor's Office, and municipal bond interest rates at the time of issuance. The timing and the size of the above bond issues assume that at the date of bond issuance, the total outstanding non-rated general obligation bonds will be approximately 50% of the total certified assessed valuation for the Districts (with the exception of the October 1, 2019, 2021 and 2031 issues which is assumed to be privately placed). The non-rated general obligation bonds assume average interest rates of 6.0% and relatively level debt service payments occurring over not more than a 30-year period. Row 46 of Exhibit I presents the total amount of non-rated general obligation bonds outstanding at the end of each year. Row 47 of Exhibit I presents the total outstanding non-rated general obligation bonds at the end of each year as a percentage of the Districts certified assessed valuation. It is possible that decreases in the residential assessment rate caused by Gallagher, or actual buildout occurring at a slower pace than shown on Schedule 1, could result in a lessor amount of non-rated general obligation bonds being issued in the years shown on Exhibit 1 and Schedule 2. Memorandum June 6, 2006 Page 3 Exhibit I —Revenue Available for Debt Service and Infrastructure Funding This draft assumes a District debt service fund mill levy of 45.00 (which would increase in direct proportion to any decreases in assessed valuation caused by Gallagher), and is based upon (ii) the land use and buildout schedule presented on Schedule 1. The maximum debt service mill levy allowed to be levied by metropolitan districts pursuant to the Weld County Guidelines for Metropolitan Districts is 50 (which would increase in direct proportion to Gallagher related declines in the residential assessment rate). While the Financing Plan indicates large fund balances in the later years, it is logical that the assumed 45.00 mill levy would be reduced as the District's assessed valuation continues to increase as a result of inflation. Exhibit I indicates other revenues in addition to the property taxes generated from a 45.00 mill levy which include: • Specific Ownership Taxes assumed to be 6% of property tax revenues. • Single Family Development Impact Fees imposed at building permit on all single family residential units, which are based upon $1,100 per unit (inflated a 5.0% annually beginning in 2008). • Multi-Family Development Impact Fees imposed at building permit on all multi- "' family residential units, which are based upon $550 per unit(inflated @ 5.0% annually beginning in 2008). • Commercial Development Impact Fees imposed at building permit assumed to be $1,100 per 5,000 square feet of commercial space (inflated @ 5.0%annually beginning in 2008). • Single Family Storm Sewer Impact Fees imposed at building permit assumed to be $1,100 per unit (inflated @ 5.0%annually beginning in 2008). • Multi-Family Storm Sewer Impact Fees imposed at building permit assumed to be $550 per unit(inflated @ 5.0%annually beginning in 2008). • Commercial Storm Sewer Impact Fees imposed at building permit which are based upon $1,100 per 5,000 square feet of commercial space (inflated @ 5.0%annually beginning in 2008). • Single and Multi-Family Park Impact Fees imposed at building permit which are based upon $750 per unit (inflated at 5.0% annually beginning in 2008). • It is assumed that the revenues generated from all of the above impact fees (approximately $15.75 million) will, in addition to net bond issue proceeds, be used to repay the developer capital loans. Memorandum June 6, 2006 Page 4 Schedule 1 presents the land use and expected buildout and the related assessed valuation buildup for the Districts. An anticipated residential assessment rate of 7.96% has been assumed for the entire planning period. This rate is currently 7.96%but could decline every other year pursuant to the provisions of The Gallagher Amendment. This analysis, pursuant to Carma's direction, assumes that the District's mill levy will be increased to offset any decrease in the residential assessment rate as a result of Gallagher. This analysis assumes that inflationary increases in real estate will result in 6% inflationary assessed valuation increases every other year. This model calculates assessed valuation based upon completed homes only—consequently, it is possible that assessed valuation buildout could occur sooner than forecasted on Schedule 1. Schedule 2 presents the detailed debt service schedules. All non-rated general obligation bond issues assume average coupon rates of 6.0% and not more than thirty- year serial maturities. The Series 2009 rated general obligation variable rate demand bond issue assumes combined interest rates and annual LOC fees of 5.15%based on information provided by Kirkpatrick, Pettis. LIMITATIONS Stan Bernstein and Associates, Inc., has assembled the information contained in the Exhibit and Schedules based upon key information with respect to land use, values, buildout rates and land sale rates provided by representatives of Carma, Inc. Stan Bernstein and Associates, Inc. has not independently reviewed or evaluated these key assumptions and, consequently, does not vouch for the achievability of the assumptions or the results presented in the accompanying Exhibit and Schedules. Furthermore, because future events are uncertain and unpredictable, actual results may vary significantly from forecasted results, and such variances may be material. 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Y Ow z aZ in • 0 4WOU' p,wO U' -w RWOJ(J 6 OU' LL OU' -w re O W re yy z ° CW w 5000 wF0 U600 °M00 ZWFI Z 4I Z�I-k ZCC10-0 F4 $ �VJ N >q j $� O II _pp a °O m- ° 6_ ° a-°° N-°o a_°° wk 06 y 1-m 4p1 8 1z11QQ� ,Q�Q$$��00 00 11rr�� yyyajjj' Z Z F 1{, °Q W OV V WS$aSS1EODW W N Np' (Y 'G>' R' 2 �� ° �ru arc �' iw8g�i-", q$"m'm > o W> PE WSw ₹u' 'o }fuo Q 0sr O11p�1�1 p1�- IN- IY ¢ a z ul IIIQ OO E. 0 FO'n'P R O W ~m 044444 tt K K(� ~ZU �u is- REI U' OO W W Q NQ Z Z Z Z Z Z ZO Z QF Z0 Z0 z Z0 Z g O 0 J W J OH�C ZZZpZZZQZ 00000OZZ Q as Z Z Z N OPJ Zj Z ,{' 2p� CJWt W NW G ONO&LVLI�L`L�L�CQ a L` 1` Cl r 3`+Q �a 1 U LLQNS O o en 02 2 2ggppyypppppppp pp gg gg pp pp> pp> KZK }� N<wo N S 03d6d3do,9 8 0 a 0 0 S bh dW aLL 171 ".. onY2 D.A.Davidson & CO. m•mn•r SI PC June 12, 2006 Ms. Dana Smith Mr.Tyler Packard Mr.Tom Morton Mr. Miles Stephens Carina, Colorado Highland Place II 9110 E.Nichols Avenue, Suite 180 Denver, CO 80112 Ms. Kristen Bear Ms. Melissa Ryan White, Bear&Ankele 1805 Shea Center Drive, Suite 100 Highlands Ranch, CO 80129 Re: St. Vrain Lakes Metropolitan Districts-Plan of Finance Ladies and Gentlemen: We have reviewed the "Financing Plan - Debt Service Fund, St. Vrain Lakes Metropolitan Districts #1-#4 (Combined)" dated June 6, 2006 prepared by Stan Bernstein and Associates ("SBA"), the special district advisor for Canna Colorado (the " Developer"), the horizontal land developer for the proposed above mentioned Districts, Our firm is the foremost investment banking firm underwriting Colorado metropolitan districts, and we believe is qualified to provide advice regarding such • projections. We are also listed in the current edition of The Bond Buyer's Municipal Marketplace (Spring 2006 edition), also known informally as the "red book". We have many public finance offices around the country, including one here in Denver, and are often asked to advise Colorado governmental entities on matters relating to the issuance of debt securities. Please see attached to this letter both a chart describing our district financing experience, which reflects that in 2005 we underwrote more such debt than all of our competition combined, and also the relevant information from the red book confirming our listing. As investment bankers, we are experienced in public finance and are regulated by the relevant governmental entitles. However,we are not accountants nor do we hold ourselves to be such. The purpose for our engagement by the Developer was to review the Financing Plan to ascertain whether it conforms to current capital markets underwriting criteria. D.A.Davidson&Co. 1600 Broadway,Suite 1100•Denver,Colorado 80202-4922•(303)764-6000•Fax(303)764-6001 ,.� www.dadavidson.com member SIPC • Page Two June 12, 2006 The purpose of the Financing Plan is to reflect how the proposed infrastructure improvements can be repaid from forecasted cash receipts and disbursements for the District, using various forms of revenues. The Financing Plan presents, to the best knowledge and belief of the Developer, the Districts' expected cash position and results of cash receipts and disbursements for the forecast period for the Debt Service Fund. Accordingly, the Financing Plan reflects the Developer's judgment, as of the date written, of the expected conditions within the Districts and the Districts' expected course of action. The assumptions disclosed in the Financing Plan are those of the Developer and have not been independently reviewed by this firm. Those identified are believed to be the significant factors in determining financial feasibility; however, they are likely not to be all-inclusive, There will usually be differences between forecasted and actual results, because events and circumstances frequently do not occur as expected. and those differences may be material. Key assumptions -like those relating to market values of real property improvements and the buildout schedule of such property - are particularly sensitive in terms of the timing necessary to create the tax base for the Districts. A small variation in these variables, and to their timing, can have a large effect on the projected results. There is a high probability that the forecasted results will differ from realized future tax base factors. Additionally, other key assumptions as to inflation, assessment ratios, and operating costs may, and likely will,vary from those assumed. Both the infrastructure and the related debt for the Districts is anticipated to be incurred over time as development is planned based upon consumer demand. Should growth and demand be less than projected, it is typical that less infrastructure and less debt will be required or that it will be extended in time into later years. Given that the Districts will have a limited or "capped" mill levy, the risk of future growth and expansion in terms of the Districts' debt obligations is limited by the Service Plan to an annual amount equal to the mill levy cap multiplied by the assessed value of the affected property. A tax-secured creditor can seek nothing more from such taxpayer. In this case, the ultimate tax burden risk of such a slower buildout scenario falls upon the Developer, not the individual homeowner, as the homeowner is assured that his/her tax burden is limited to the value of the property at the maximum capped levy allowed. The Developer, in such instance, may not be fully reimbursed or repaid for infrastructure the debt for which it has either credit supported or directly invested. We have evaluated the Financing Plan in terms of the potential capacity of the Districts to repay the debt and other obligations incurred to pay the proposed public infrastructure costs, without independently verifying the key assumptions used by SBA. We believe the Financing Plan reflects, in 2006 terms, financing assumptions consistent with the current Colorado municipal marketplace in terms of interest rates, amortization and debt maturities, and timing of potential bond issues according to the credit enhancement and unrated bond marketplaces. As such, assuming the achievement of such key variables, in our opinion the Financing Plan provides a projection that is consistent with many other Colorado metropolitan districts of similar size. D.A.Davidson&Co. 1600 Broadway,Suite 1100•Denver,Colorado 80202-4922•(303)764-6000•Fax(303)764-6001 .► www.dadavidson.com member SIPC II Page Three June 12, 2006 Please el free to call me if you have any questions regarding this letter. Beat reg ew B. Kane enior Vice President cc: Stan Bernstein � I D.A.Davidson&Co. 1600 Broadway.Suite 1100•Denver,Colorado 80202-4922•(303)764-6000•Fax(303)764-6001 www.dadavldson.com member SIPC { • Colorado Special District Bond Underwriter Rankings (Rioldug based on Dollar Amount) i' 2005 Ranking 2001-2005 CDmuladv6 Ranking ! Amosmt Number of Amount Numbs;of �'. Lend Mampv (S Million) lawn Rank (S Millions) Issues Rank • Klrlgmtrlck Petal Kirkpalriek Pottle (a dhIsian orD.A.Rattan Co.) 538.4 40 1 (a division of D.A.Davidson&Co.) 1,5015 140 I _ A G Edwards&Cons Inc 80.1 5 1 RBCDain amain 266.9 19 2 ABC Dein Ramada! 73.8 3 3 George Banm&Conpany 263.3 48 3 Camp KBaum&Company 47.4 11 4 Piper lafiay&Co 242.7 27 4 • Piper Jeflay&Co 44.5 3 5 Stlfel Nicolws&Co Inc 163.3 33 5 8dfel Nicokus&Colna 36.8 7 6 AO Edw .:M(430nslm 138.1 '8 6 CBS Finnan!Serviws ins. 19.9 I 7 Wells Pergo Brokerage Sew 80.9 II 7 Sathgete Capital Pmmers 8.6 1 8 Pages Sealy&Co 77.1 5 8 Wells Fargo Brokerage Sacs 7.5 1 9 BalbgalaCapital Parana 46.1 4 9 Oppanheiner&Co 1.2 1 10 UBS Financial Roraima In. 38.0 2 10 Pink Tani Securities,Me. 0.1 1 II BenkofAmedca ScaWdes 36.0 I II Prager Scaly&Co 0.0 0 WA Oppenheimer&Ca 26.8 2 12 Stephens lac 0.0 0 NA First Manx Investment Sve. 11.1 2 13 Bank of Amain Secudtaa 0.0 0 NA Stephens Inc 4.7 4 14 Zion,First Nall Bank 0.0 0 NA Zion Phi Nall Bank 3.3 I 15 Final Mott Inwsunant Svc. 0.0 0 NA FifhTbird Sewrides,Inn. 0.7 2 16 Total $858.3 79 Toted 52910.8 311 • Data Source:Securities Data Company • Colorado Special District . 2005 Bond Underwriter Market Share Ranking Based on Dollar Amount AG Edwards&Sono Inc BBC Dein Ramrobor 9% 9% George K Boom&Company ' 6% Piper Jaffrey&Co 5% Stlfal Malaita&Co lac 4% CBS Flnaac1a18eMwr Ina 1% ,.2) Bathgete Capital Partner 1% Wells Fargo Brokerage Sew Kirkpatrick Pettis 1% A division of U.A.Davidson&Co. Oppenheimer&Co 0% 63% , r 5 'cr • 11• '))11.CC,�cte)l y © ; �t nrt,n ug � Ovth) Mr ; .. THE STANDAR h� • " i , tip 1. + F'I PUBLIC FINANG r''° N [ F�'. ad r ,....4,„„,,..„,..,4„,..:::-.,..,,,.: i . r1 ar, $ Manage your financial decisions I f ',./,..! � f • • • with clarity • riand confidence. � • t> j 1 '', t i r I' l l I Nn York•114.na cmzon2121391D73 I Boston bcal lie i 00 a an a G17.530 03111. r` •• 5' 'ANDAKll. 1 • Chic pn•Sarah Eaoaligr 312 233?COI I Dallas ry1jI IaHILn ill Q 111321 (- jIPOOK'S • i San k�anrL[q•.Slave Lin!rail'am 11S371Y7d11 .: ' - 1 e .�•np ,.At I [ d .. ,: ,YdYIIW,[�6dppr. - I • MWpk nnlm p,o'SS Lp Snnbrd st.t: thro kn*a r""'e 5minr'Innlr 11:el wp.nruvdrain 0WMn V••=1:1i*m,dmn rN ubpadrirr,i.i%piipI ,,,.Ci.JlnrrlA,WuNN'%rd•VS%e.m rublr rvnnunn d•pnn'rvuW nruurmuneu14[nnnnmmmLtlnuurpunbv. �`- livid nndl am vntlrin v nub un vrkr imerrnunr drtlrinn•dnardnplll wpnan.l andlr nuny Wurd 11 Prdi knin dnsM m rtlr uunp rw6 1 ny m, AnrmlaunbrrndbyhaiMy kn*ai.mMm/aq brmnnrdnlrlm.MarinAu•LnN.a 1115,.10 ma'dl'y dainaknlar.Pkn didn 'oaodnd A pu•A ny br<dunu•n ib.'h nu ntW44 v m...drnioaa FnndM A Yrwr:Nr m.hihhd pvlkln ud nrrodr ra n rna nub Fr mNidmN l l ninny pubIcI rnnv0an rtrdnd luni,ILr nd,q rm... • • 6@,f • • • • — mar 11 v A UIII'! ibilk;I til . I� I1 h1tli� $ o g A 1 « !BIiitidi!1I ! II1ItI!11in Lif Ili o a N 4PitiBee IM' tt I O6 f s68 .1l• � Jy ilhiith{IIIM{hthhfl YdI . .iqiII '. Lip iiilllilhililit Jill bli1341?' .y 111101 i!IIilu1)Ih1WIiiiliI!IhJi1 gg$ .g - 1 1 ; ; Mu ' I A a'�l ¢��d"8 $.5n $l�jo �(e=d�ofNF iflnh1i1Iih1iIii4 8loglilIJI E 'NI i 1Ia8£ 1 e s d 11 Idl 1 It IlliilligiNIN 11 i 11 a, 1 ggIf 1 1 al TWIT 1 6 14111 i - .1 1 1 ; 821 f 3Fami r i27g 1'!'LLJLU O jul1489 ;d1a l 63pS il I 3Ili IiJllu1WiU � � B it "Q gl 31 Y. ii $ a il D� sn }a2a b QN �Y fl ii ' gQ°I b .il!ill!',s ¢ � g LLs SgS �� 0 5E5Q�� O8 ft r b ffti b. h �$ 3ti 3f ti 4I 1,1 84tH ILIA i H 4 i EXHIBIT F Statutory Considerations A. There Is Sufficient Existing And Projected Need For Organized Service In The Area To Be Served By The Districts (32-1-203(2)(a)). The Financing Plan and the content of this Service Plan describe the overall development plans for the Project. The Project will require substantial Public Improvements, in excess of $99,000,000 in order to facilitate build-out. Implementation of an organized and coordinated financing and phased construction program through the proposed Districts is crucial for a development of this size and scope. Accordingly, the demand for the services and facilities to be provided by the Districts is demonstrable. B. The Existing Service In The Area To Be Served By The Districts Is Inadequate For The Present And Projected Needs (32-1-203(2)(b))/Adequate Service Through Other Governmental Entities, Including Existing Special Districts, Will Not Be Available Within A Reasonable Time And On A Comparable Basis (32-1-203(2.5)(a)). There are currently no other entities in existence in the Project area which have the ability and/or desire to undertake the design, financing and construction of improvements needed for the community. It is also the developer's understanding that the County does not consider it feasible or practicable for the County to provide the necessary services and facilities for the Project. Consequently, use of the new Districts is deemed necessary for the provision of public improvements in the Project. Therefore, provision of facilities will not be available through other institutions. C. The Districts Are Capable Of Providing Economical And Sufficient Service To The Area Within Their Boundaries (32-1-203(2)(c)). The proposed Districts are necessary in order to provide the most economical and efficient means of undertaking the District Activities to serve existing and future residents within their respective boundaries. The Financing Plan attached as Exhibit E demonstrates the feasibility of providing the District Activities proposed herein on an economical basis. The formation of the Districts will facilitate the financing of the proposed Public Improvements in the most cost effective manner as the Districts will have access to tax-exempt financing not otherwise available to private entities. D. The Area To Be Included In The Districts Has, Or Will Have, The Financial Ability To Discharge The Proposed Indebtedness On A Reasonable Basis (32-1-203(2)(d)). The matters described in items 1 through 3 of this Exhibit establish that the creation of the Districts is in the best interests of the area to be served, in that they establish a demand for public improvements that otherwise will be unmet by other governmental entities. The Districts also offer the advantage of obtaining public financing to fund these improvements. In addition, the use of a multiple district structure is beneficial, as it permits: (a) the phasing of improvements to occur according to logical development modules, resulting in a more specific association of cost with benefit and less incentive to initiate public improvement programs too far in advance of -- development; (b) the ability to arrange for delivery of public infrastructure in a manner that will conform to the approved development plans that will be associated with the Project in the future, 6 thus permitting development of the Project in accordance with County expectations; and (c) maintenance of a reasonably uniform mill levy and fee structure through coordinated planning and financing for construction of public improvements. E. That The Facility And Service Standards Of The Districts Are Compatible With The Facility And Service Standards Of The County Within Which The Districts Are To Be Located And Each Municipality Which Is An Interested Party Under § 32-1-204(1), C.R.S. (32-1-203(2.5)(b)). The Service Plan and all applicable rules and regulations of the County and other jurisdictions require that all facility and service standards associated with the Public Improvements must be met. Consequently, all facility and service standards will be compatible with all governing jurisdictions. F. The Proposal Is In Substantial Compliance With Any Master Plan Adopted Pursuant To § 30-28-106, C.R.S. (32-1-203(2.5)(c))//That The Proposal Is In Compliance With Any Duly Adopted City, County, Regional, Or State Long-Range Water Quality Management Plan For The Area (32-1-203(2.5)(d)). The Service Plan clearly states that all Public Improvements must be in accordance applicable ordinances, codes and regulations of the County, inclusive of the applicable Master Plan and any Water Quality Management Plan. The Service Plan further makes it clear that the County has exclusive jurisdiction over all property development issues within the boundaries of the Districts. G. That The Creation of the Proposed Special Districts Will Be In The Best Interests Of The Area Proposed To Be Served (32-1-203(2.5)(d)). The matters in this Service Plan establish that the creation of the Districts is in the best interests of the area to be served, in that they establish a significant demand for public improvements that will not otherwise be provided by existing governmental entities. The Districts offer the advantage of obtaining public financing to fund these improvements. In addition, the use of a multiple district structure is beneficial, as it permits: (a) the phasing of improvements to occur according to logical development modules, resulting in a more specific association of cost with benefit and less incentive to initiate public improvement programs too far in advance of development; (b) the ability to arrange for delivery of public infrastructure in a manner that will conform to the Approved Development Plans that will be associated with the Project in the future, thus permitting development of the Project in accordance with County expectations; and (c) maintenance of a reasonably uniform mill levy and fee structure through coordinated planning and financing for construction of public improvements. 7 Hello