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Home My WebLink About20062406 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 June 12, 2006 EXHIBIT I 2006-2406 ST)CIW 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 9 D. IGAs 9 VI. FINANCIAL PLAN 10 A. General 10 B. Maximum Net Effective Interest Rate and Maximum Underwriting Discount 11 C. Maximum Debt and Maximum Aggregate Mill Levy 1 I D. Maximum Debt Mill Levy Imposition Term. 12 E. Debt Repayment Sources 12 F. Security for Debt 12 G. District Elections 12 H. Districts' Operating Costs 12 VII. DISSOLUTION 13 VIII. CONCLUSION 13 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 Sewer 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. 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 1-25 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 person 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 32-1-103(18), (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. 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 6 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. 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. 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 Sewer District, where it can be demonstrated that having the Districts provide operating and maintenance is in the best interest of the County and the existing future residents and taxpayers of the District. 2. 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. 3. Debt Limitation. The maximum outstanding Debt of the Districts shall not exceed $166,500,00.00 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 7 (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. 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. 4. 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. 5. 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. 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 8 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 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. 6. 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 9 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)(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 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 notice shall include the rime, 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 Tenn 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 10 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, 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), 11 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. 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' 12 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 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.; 13 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. 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 day of , 2006. Attorneys for the Proponents of the Districts SVLMD\SPLAN MERI152050406 0799 00034 14 EXHIBIT A Legal Descriptions 1 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 1 SHEET 1 OF 2 LEGAL DESCRIPTION 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: 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 2729'35" 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 0874'19" 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 4870'22" 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, JK, A SUR t SED IN THE STATE OF COLORADO, DO HEREBY CERTIFY THAT THE ABOVE LEGAL DESCRIPTION AND Fag IT WERE PREPARED BY ME OR UNDER MY DIRECT SUPERVISION AND CHECKING. Q. .. ••.. r F H••E • S8� ..•PFD "rot 4 • WILLAM F HESSELBACH, JR, P.L t 5369 �ir'$' .- . ON BEHALF OF CARRO r, •4Y NGE, INC. , . $ 4//s/o° 44 AL • AP ..s ,"1„, LAND DATE -49994II110 • Carroll a Lange �, 16530. u t,rnv.81rM5urc,Wn 1655ol iglogBIst.5W1.188 Iu88w.o8 Cda do 80228 PRONE: a08f 980-0200 FR1C( 880-0917 WWW.cA L-UNBECOM P:WO73'IETRO Matt ]075-D01BIT-EXCEPTION-1DWG SHEET 1 OF 2.PREPARED 11/2/04.REV. 08/12/08 • EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 1 SHEET 2 OF 2 _BASIS_OF BEARING$ - - NORTH LINE NW 3 SEC 25 POINT OF N88 49'43 E 2625.44' COMMENCEMENT NW COR SEC 25 • NE COR NW Y4 SEC 25 T3N, R68W, 6TH PM q' ,T3N, R68W, 6TH PM goo I ,4 1 N ,oro AO v. co S58'36'32"E N f`1 -II- 123.79' I W - 6 ^D y �.yw NG I 3 2? SCALE: 1" = 200' 2 N 102.541 SF.* ei POINT OF =' N 2.354 AC.* BEGINNING y o ry I W 2 N N08'24'19"E 0)4) I 70.78' C2 �„o CURVE TABLE CURVE DELTA RADIUS LENGTH BEARING SE COR NW 1/4 C1 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, i I C3 183'04'38" 160.00 511.25 1448'20'22"E 6TH PM I ��/�T�� r Carroll �. Lange= ....... UQIL, PMolmld�.l Engineersa laid SYMPTOM • Denotes Change of Direction Only. This exhibit " +ee swn udda aloe.suw+5a wM.uda( cdwadd e5z2e does not represent a monumented survey. It EPtloN(E: 1 aadaza0 i is intended only to depict the attached legal WWW.CRPROLL-L 1GE.CUM i I description. P:\5075WflRO 0151RICT\3075-(RNeIT.ZXCEP a+-TOWC,SHEET 2 OF 2. PREPARED 11/2/04,REV.06/12/06 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 2 SHEET 1 OF 5 LEGAL DESCRIPTION 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 00'14'13" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THSOUTH 1325.57 4'FEET TO T THEONG THE EAST UNE SOUTHEAST CORNER F THE OF THE NORTH NORTHEAST HALFU OF TER OF SAID THENORTHEAST TION 36.QUARTER A QUART R 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 UNE 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 36; 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 8915'43" WEST, ALONG THE NORTH LINE QUARTER OF SAID SECTION 35, A DISTANCE OF 522.99 FEE TOTHE SOUTHEAST 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 UNE OF THE SOUTHWEST QUARTER OF SECTION 35;THENCE NORTH DISTANCE OF 21.71 FEET TO THE ALONG NORTHRLY UNE OF TH T PARCEL OF LAND DES SECTION CRIBED N RECEPTIO A N NUMBER 2261418 IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER; THENCE SOUTH 77'43'35" WEST, ALONG THE NORTHERLY UNE OF SAID PARCEL OF LAND, A DISTANCE OF 2395.38 FEET TO THE EASTERLY RIGHT OF WAY UNE 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 UNE 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 06'12'52", A RADIUS OF 3379.26 FEET AND AN ARC LENGTH OF 366.52 FEET; 5. NORTH 06'14'03" 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 &Lange °�ee5 swal F n Union�"'& Blvd.. Il a n"+rp.wIbiwM°o.d�CCy 0)l0.an0d2t1 " FN0 OAMOLLLWOE.COM P:\3075µEM0 0ISIRICI\uMGE-S0UINAM'G SHEET 1 OF 0,PREPMTD 11/2/04,REV.05/12/06 LEGAL DESCRIPTION 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 08'36'34", A RADIUS OF 800.00 FEET AND AN ARC LENGTH OF 120.21 FEET; THENCE NORTH 5416'25" 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 8418'24" 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 1812'08" WEST A DISTANCE OF 196.12 FEET; THENCE NORTH 06'58'06" WEST A DISTANCE OF 202.00 FEET; THENCE NORTH 0212'09" 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 LINE OF THE NORTHEAST QUARTER OF SAID SECTION 35; THENCE NORTH 00'42'02" WEST, ALONG THE WEST UNE 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 8916'34" EAST, ALONG THE NORTH UNE 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 UNE 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 436.18 FEET; THENCE NORTH 72'18'54" EAST A DISTANCE OF 938.85 FEET TO A POINT OF CURVATURE; 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 UNE 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 0R 677.025 ACRES, MORE OR LESS. EXCEPTING THEREFROM ALL OF LOT A, AMENDED RECORDED EXEMPTION NO. 1207-36-2-RE1140, AS RECORDED IN THE RECORDS OF THE WELD COUNTY CLERK AND RECORDER BEING SUBORDINATELY DESCRIBED 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 UNE OF THE NORTHWEST QUARTER OF SAID SECTION 36 TO BEAR NORTH 88'58'33" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; - ! , Carroll & Lange Professionallhum&Land 51RYy'n,n ` 155 South Union BM.Suite 155 PHON o5 CW9Mo ebae Va 1VAGA PW VI W.CPRflOU.-UNBE.CCM • P:\3075'MEMO DISTRICT\IARGE—SCUMOYD.SWEET 2 OP 5,PREPARED 11/2/08,REV.08/12/05 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 0015'20" 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 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. j v ,0 fliNlllfj+W� AECgr�„�� U M F. SSELBACH, JR, P.L.S;'1� `. W FO• . : •N BEHALF OF CARR• -& ` GE, INC .�13 17/0(. 25369 p, DATE . irv� 1,Hin om I� • '' Carroll sr. Lange Professional Won 6aLund Surveyor' 150 155 South 9,Cnlor,D B %,150 1166.1 RHONE 3031910-0200 FNO .C NIO0-091f WWW 10491NGE.COM P:\]01s\11Ell0 DW1NICIVARGE-90O111AWO,SHOP 3 OF 5,PRIMED 11/2/04,REV.09/12/00 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 2 SHEET 4 OF 5 SW 1/4 I SE 1/4 I I I 1 1 I I I I MrPIOM MINT 01 14111511131 1 '.. COMIENCSIDIF 10.63' 4 NW COR SEC 30 NOE78'JWE 1!0.00' �.i lay ROW.6111 PM H009']WE CI CM IIS 1402 1J27.1327.10' _ 1110110.51"E 10M02' a D J8 8001 1 1102•5513545t!7G!/4 SEC Sawa:01 311 PM cc NOUN ureic 1/4 SEC J6 NE POINT o SEC 30 No ERTEN JD.O' 57.92' OW= POW OP 0� r 111... N 131.RUM 681 PM dRMO a4eS11 PO WARM SE M EEC SO 1 END x• W CAP TX Rea 0111 PM !S 23500 N001WIPW 24 Ia•00J1' S24ZW24M.160.M• FOUND r AM CAP 20273 r- RECORDED EMDIPR0N Ian Ex®HW20'N MAYOr I C NO 1207-36-2-REIN 6 n NE1�0'4Y•K te1.OY Nees ACRE ae laaoW I I NO.1 =um '4e ttI i 4 IS. see7P4YW 263x28' V lap h- NW 1/4 EY' s.ICM SCUM uNEMIANCl/4 !i2 N1/2 5, ye W i 5 1�' NE1/4 W lit I I = I NE 1/4 Co I 29 6 SSA 474.770A I W I11 y �' Ser2W0•W 2046.3Y SOUTH LINE NWi'/4 SEC SS — — — 0 sw CO SO24141'W 1323.4W SV COR NE 11 SEC 3! N SE Cal NE SEC 36 SE C —'OR NE I SEC 35 SE 1/4 73N.ROW PM a R6S1.41H PM Pa ROW 6111 PMl�74815 LS � W ALUM CAP N0 MGNNENT FOUND rRUNC3lis µUM C NW 1/4 1-I SEC 36 1 H I 1 N I ••!1 �Z1;x.4M I I I MiT MtLl • T.Y54W:1 !i' l I 4 Se61W43'W I CURVE TAME 6219V sonars •SE CURVE NW 1/4 j NE CO EW 132.3.44' 9W 1/4 SEC 36 Ei'MINIT_Sl�LLID IL..OW f7 + M ToolCiatin..kit141117._:l IlataLlICIIMM 6j SE 1/4 — — t?1•."F lXT WC=':D.Eva E dw e2s' SW 1/4 I o�+ W-u>,m I SEC 16I Mrairc SliO[!: HL'_JMILx. Yt�} I 1II I 1 I I _ _ _ __�___ _ _ _ SCA�: 1w _ l000'1 _ _ — — SW COR SE 1/4 SEC 36 SE GO SEC 31 SW COR SEC 36 Tao MOW,61H PM 7311 R6EW.6114 PM 1311.61111%0711 PM FOND 3 JE µ1M CAP FOUND 2 H•AIU1 CAP I POIND 3)j'ALUM CAP LS 7242 is 268se P13 win Carroll a Lange DOTE: , P10NawoS EnWnwam 3 Land&NWaa F • Denotes Change of Direction Only. This exhibit - lu saran umm�eM..balm 156 IASAwcuO,CMonao ZU226 does not represent a monumented survey. It Fu°N921Do 2aDD-az6o Is intended only to depict the attached legal ww�.C.4 ROLL-V IGE.COM description. P.V073\NEDR0 DISMICT\WIOE-SOWIRDWO SHEET 4 OF O.PREPARED 11/2/04.REV.00/12/08 EXHIBIT ST. VRAIN KES METROPOLITAN DISTRICT NO. 2 SHEET 5 OF 5 I I I i I I I I I I marts SCALE: 1" = 1000' "W DD"SEC ae T"xUrl Growl�sE�a+ xNx 73N.FRINK3 T4 BM PM P1.5 VIM•ALUM CM CS?P13%•SUM Pu I7000 waC ner f�3.0Y OAP PLs INC HWY NORM UNE NE FA SEC�L' 0 won PPP CON Re SEC a 57 M.RBBW,e1X PM LINE TABLE OF�M.0 b. FOUND 3 W ALM CAR m'7 ®mE Laim N0010.20•M 246. PIS 15482 �!MIiP3S1 _—.1 I N rr{♦EILri•EIFFS[SP1 eeCEPTION-LOT A. pi Q a>♦MUYSII a:.T iJ RECORDED EXEMPTION 45 1�EIRMOCSI. �3L NO.121.00 ACM 6 Id I WSR I u .x5?, R 1.03 ACRE $ MIT-ffirtl=a.:'G. itil• . NN7ROYE I I I ayim u cone w�{ I a'MI�,.e,1•e:Gu:r A 3 I isv m.rAymIC. ,v - OESD•Et[__iOlr,, ..�1 .A I Osor�ai:: 101 .� A•M r; Y/ CURVE TABLE NE 1/4 1 I I MINIM 5.iJIMiui�_ rA'cj lil EEEc_] -i nn ms--lJrT_P1�9_'cri'L I 10 I aISIM 9 aZ::i=171Ir_-Di_ri1 I 6 MIllEr lICIun ME:;rISTI nliiiii,-671I MINKAAE I t--S 1r Z'3�re.T i W xeRsl'sTt ISUs.u' t W N y� — — — 0VI CCM NE�y1_gC 35 FOR NE 1L SEC ss es TON,seenSW Cat 9111 PM � I FOUND S K•ALUM FO GSJ n•V. AALLYM OAP RLs 314.�M CAP o L9 T1a2 LS S>082 �, SEC 35 I I I I I RIdi I I SE 1/4 � 1 SW 1/4 la s. NE CON tans I I SEC swot SE 1/4 EYE sw I 6 I ,DD• I 566 I I I5 Ij a xar46Dz1- - - - - - � SN COR sE MECS5 SW Cai SEC 30 OW coR sW 11 0EC JS tat RIKN,6 PM I]I.ROOW.0146 PM T31.RINK COI PM FOUND J 1E•NBY CAP MOND 3 X"Pal CAR NO MONUMENT FOUND Pls 10740 PLs 18462 e N Carroll &Lange a NOTE: Prat ssbnal Engross&UM Suwon 155 South ONonOM SUM 150 • Denotes Change of Direction Only. This exhibit " PHONE 0cNawae ° PHONE�:�{d,CO 080-0200 does not represent a monume survey. It FAx .c1mo,DaPn is intended only to depict the attached legal w1wS.cA,haou.lMaecDM description. P:\S0T5\METRO DISIRICT\I.MCE—SOUDLDWD,SHEET 5 OF 5.PREPARED 11/2/04.REV.06/12/00 LEGAL DESCRIPTION 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 0019'19" 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 0019'19" 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 UNE, 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 7218'54" 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 88'58'33" 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 23'22'49" 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 UNE OF THE - NORTHWEST QUARTER OF SECTION 25; THENCE NORTH 0013'07" WEST, ALONG THE WEST UNE OF THE NORTHWEST QUARTER OF SECTION 25, A DISTANCE OF 1214.04 FEET; Carroll a Langeor Nik = I Prol..lonal ERWR.n 6 Lend Suveyen " ippBM5wHe,wu��od.�Cye61l1411 appdoS225 156 Fvnn&AWIOLL091LN_COM P.V075WEMO DISTRICT V0T5-Ep EtT-LARCEMORM, SHEET I OE 4.PREPARED IO/27/a,REV.06/12/06 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 8816'35" 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 LINE 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 888'56'10" 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; f I Carroll &Lange 2 ` Prspn lone)Engnnrs E.land Surveyors 185 Soot Union TM Sulle156 Iaynroo8.Colomde a?T16 F ONE(30518�S0107Z00 IS 10081 YBOLWANGE.COM P:\2075\METRO OISTR1C1\5075-EXHRR-WIGS-NOR1H,SHEET 2 OF 4.PREPARED 10/27/04,REV.06/12/06 LEGAL DESCRIPTION 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 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. .,� WI TAM . HESS BACH, JR, P.LS. F•• ND 0. ALF OF CARROLL *;-E,! C.SSA ing 5389 DATE Air n••. .•t�$a priros imitsommos Cis Carroll a.Lange Premi185500 U Engfl.s&Laid Surveyors10!Smi0 Union Blvd..Sidle 155 Lfla oo0 CWoMc!0228 �PPyAHJJ(O(��N��SES:opal 1) 280-0200 rOP yROLL-IANGE.COM P:\3075\METRO DISTRICT\3075-4H&T—LARGE—NOR1H,SHEET 3 OP 4.PREPARED 10/27/M.REV.08/12/00 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 3 SHEET 4 OF 4 Mr 0311 am LSm5 ISM. Oa.IS�{ w OM M NO 3A WO OP IW WA M'mC 11' Re1a74C� ARS M usM dal AR a IRO u ins — LaaM l'S rI[Vt a` — PONT Of Nee'aaY I1Be'N7e'E 5 am mast 1M01' iZ R la no laMOS,25 ¢KilWl L12 I d a w fa I F 2 I 1.7 COM at is0 Lte I • ePONTa jai 1e ce = p ® 2.354 1 1.-'x Lf 'E lE i3a L' Ie�3 Ma-IFik1ZIDtt rlt n xth iL I 1g BtJE'xlltullt ] CAM Iki I I IIIIIt�IIMIc L i 1]a M% gg 1N s i-� f� i� c s g i i B seea45t W 1 lial-'l ,,1 vim"ji iii 3g s _II1M . 211E,1.J LI k lif =1112372'40V ti T 11= ' Nt• « !1 1i 274.74' �._I :173751=23.JIO YKD Fniffll M .EEt OVIDUL PAM tJ tr SLx. _SMEI-IMIVA=arsAl Ie0.00' 22..157 AC ES 572 See46WW In 1 xaM siE t 1 41aB m — 31400. fp ImR5114[gl/1—GOa —0��,o—��M m - ISL VLa¢yI1N lYa sw cat no Rum11 wa 'alas mow xT u wnma aumw Il LINE TABLE MISIAWIfl "T.:RZM ellIMEnS i::i is SIMI I MIOLMII i T:IlMrZ, ate A NW74Yf E 1 a ��i= T;i a I —0— 5=0.27 B� 1ter?3i1IMI R,S:L1• I• A a tS�ts:.-1�thdila 11 • <R2l Ir_,111 -rn-LcBEI 1y1 A r 01013111M t CS1�IIN>rYl� 5 t1Sil:y_1i } !� 1.11111.013,7 1rid afftaJ I a1 morn= =F1li licks IMMIM f3,1t-ThI;,,. 1 SCALE: 1" = 1000 see'5e'aa'w t5as — y 0 4 Lioir mum u0.a ro m a ° tia M Oa SW 1/4✓S 0.0 �liL ImaS 4M MI N.Valw m]lYI w74�i '.. DI on lM mla WMaaw mlam' nWS SWmw Is 22400 3131 raw a A'mImw m2427 M IMm Carroll sL Lange a NOTE: els noloolm&Engineers a nod Smog 165 Sawn LMnn BAC Sam 158 • Denotes Change of Direction Only. This exhibit " Lokovece Womb 00228 rm5NE: sw ao-5z5B does not represent a monumented survey. It PNO 1ao�1 M1u jii is intended only to depict the attached legal wYVN'.CNaaUAMI0E.COM description. P:\N075\YEIRo 0I51RIC1\5075-EMwWIT-LARGE-NORTH.SHEET 4 W 4.PREPARE 10/27/04.REV.05/13/06 LEGAL DESCRIPTION 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 UNE OF THE SOUTHWEST QUARTER OF SAID SECTION 35 TO BEAR NORTH 8916'22" 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 84'78'24" 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 5416'25" 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 UNE 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 UNE 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", 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 0011'21" 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 0418'10" 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 Carroll a Lange Prolealaal Engineers 6 land Surveyors �I166soWunion BIM 6u@r166 lakaxeod Caaa0-68226 FAM:(�3 66] MI: WWW.CRNR0LI-LMRIEC0M PA.V01$\aSTRICT LEGM.S\DISIRI0T 4 SR(1)-0RO, SHEET 10E 6,PREMED 10/27/04,REV,06/12/06 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 2 OF 8 LEGAL DESCRIPTION PARCEL B 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 UNE 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 UNE 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; THENCE SOUTH 0190'17" 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 21'38117", 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; HENCE NORTH 89'29'32" WEST, A DISTANCE OF 241.54 FEET TO A POINT ON THE WEST UNE OF 7HE NORTHWEST QUARTER OF SAID SECTION 25; THENCE NORTH 0093'07" 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 T Carroll &Lange Id Professional Elglneea&land Sways, , ifi5SMM WIendu 86228 tfifi IYe4PEa Calp8D- 200 FAZE EIM)SEII7 FAR b0E11 N1NV. 0LL-IAUGEC0M PA3075\11ETR0 OISTRICT\OIS1AC1 4 MP12).D14 SHEET 2 OF D, PREPARED 11/2/04,REV.08/12/08 LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN 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 00'19'19" EAST WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO; THENCE SOUTH 00'19'19" EAST, ALONG NE EAST LINE 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 NE 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 09'03'52", 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 01'17'38" WEST, A DISTANCE OF 721.43 FEET TO A POINT ON NE 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 NE FOLLOWING DESCRIBED PARCEL { I Carroll a, Lange E .�.. „ lbssmm iI Eglne°w'on &LaSund Sunman 1155Sood1 Colllooppnmdo Blvd.8220 \, W taRCILE WIGECCM P:\3075\141RO OISWR:T\DISTRICT 4 NE(3).UMC,SWEET 3 OF B.PREPARED 11/2/04,REV.0E/1WOE LEGAL DESCRIPTION ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 4 OF S 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 UNE OF THE SOUTHEAST QUARTER OF SAID SECTION 25 TO BEAR SOUTH 00'25'49" EAST WITH ALL BEARINGS CONTAINED HERON 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 35'24'33" 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 UNE, 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. 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. nfl�Qlyf��ii WILL HE ELBACH, JR, P.L.S. 253 'OVC3 FOR BEHALF OF CARROLL & NC. ;ae— is oG 25369 'keg :S g DATE / '�/44:4 awl il..t•• S Osr Carroll &Lange r ' P,eleaab,wl Erma 61nNSY0eYoro I 65 South UNoe&vt Suite 155 f4 labwoo(E9..CCd0.omdo Ott OE COM P:\.3075\MEMO SIEVE\DISTRICT 4 E(4)DWG,SHEET 4 OF 8,PREMED 10/27/01.REY.0/12/09 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 5 OF 8 NW 1/4, SEC. 35 N89'31'37"E POINT OF COMMENCEMENT NE R u N0418'10"W, 264.11' S0212'09'W FOUND 3 1/4' ALUM. 283.91' CAP PLS 7472 N82'5Y03"E N. LINC SW 1/4 Sea 35 590.67' N8976'22 E 2649.8 — — — 7 NW COR., SW 1/4, SEC. 35 N00'5T37"W, 172.01' BASIS OF BEARINGS FOUND 3 1/4" ALUM. CAP 608'58'06"E PLS 18482 202.00' 561 N88'08'57"E, 185.82' 61812'08"E 0 1200 SBB'31'13'E 82.26' NO091'21'W, 379.15' 196.12' 5644]as PARCEL A 526'53'04"E 1,064,268 S.F.* 211.58' 24.432 ACRES POINT OF BEGINNING NO1'04'13'W 464.17' PARCEL A I 98418'24"W 132.31' 65416'25"W 115.47' 75 582'52'59"W 226.48' IIN SW 1/4, SEC. 35 ; N76'34'54'W 97.88' Ra— Na N % el N.�' CURVE TABLE W S I CURVE DELTA RADIUS LENGTH BEARING • h C1 22'28'51" 600.00 235.42 573'03'59'W p5 + C2 30'01'59' 800.00 419.34 58917'25'W I C3 05'38'34' 800.00 120.21 558'34'4YW il 3IDI C4 52'34'19' 240.00 220.21 538'35'50'W —® C5 W'58'1e 3182.41 109.47 NO2'O1'38"W II SCALE: 1" = 500' SW COR SEC 35 .0 l/NE SW VA SEa JS SE COR SW 1/4 SEC 35 FND. 3 1/4' ALUM. CAP N8972'54E 2838.37' FOUND 3 1/4' ALUM. CAP PIS 10734, 1999 PLS 10740 i !I Carroll a Lange NOTE: ,I\ Pmr5tl5w Enot,w.L, an, ron • Denotes Change of Direction Only. This exhibit 155 some Union MI.221 155 g PPgON"""NE:(1031Bgc22c522a does not represent a monumented survey. It A�;�309�g50-0 is intended only to depict the attached legal rN1NY.CNWOLL- GEC0M description. P:\3075\DISTRICT'MI5\MslwC1 4 51,41).01M.SW 5 CC 4.PREPARED 10/2//04,REV.05/12/E5 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 6 OF B II POINT OF HIGHWAY 66 COMMENCEMENT BASIS OF BEARINGS NW COR SEC 25 NORTH LINE NW } SEC 25 TJN, R68W, 6771 PM _ _ _N68'49'451! 2625.44' 7188'49'43"E 1245.14' m NE COR NW Y4 SEC 25 S0073'07 E 90.00' T3N, R68W, 67H PM N43'50'07"E ^1irE POINT OF 70.70' rr , -BEGPARICELNB N88'49'38"E R*30.00' pAROFI.B N 892,819 S.F.f 588'16'35"W 20.498 AC.± 24.89' `\ C2501'43'25"E N69'29'32"W 241.54'7 C3 7,.., 1 "S87'24'54"W305.38' 403.49' I S86'25 34 W 71'56'09"W 113.93' 91.01' N, W'S CURVE TABLE in• N CURVE DELTA RADIUS LENGTH BEARING r nW Cl 20'38'57" 500.00 180.20 N82'15'37"W 2 o C2 21'38'17" 650.00 245.48 N82'45'17"W C3 04'04'53" 700.00 49.86 $68'28'01"W 28IEn I N ii , SW COR SCALE: 1" = 500' NW1/4 SECTION 25 Carroll &Lange NOTE: Enofnalonal Eogl::aen&Land Surveyo:e les spun union REn suw.iee • Denotes Change of Direction Only. This exhibit \, 1.5 Scut UWoonBORb22e does not represent a monumented survey. It ,Ex,1 �910'� »00 is Intended only to depict the attached legal WYIW.CAPROLL-LWOE.COM description. P:\,3076\MEMO olsmRICT\MSTRICT 4 IMAM,MEET 5 OF 5 PREPARE)11/2/04,REV.05/12/06 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 7 OF 8 POINT OF COMMENCEMENT HIGHWAY 88 1=00'50.40“ 11NE COR SEC 25 R R=111 T3,420.00' T3N, R68W, 6TH PM • NW COR NE Y4 SEC 25 NORTH LINE NE # SEC 25 L=168.31' TUN, R68W, 6TH PM N88'49128'8' 262161' _ S0079'19 E 0 — — — N88'49'28'E 790.65' 92.60' 543'43'11"E POINT OF Z--4 68.87' w BEGINNING In b PARCEL C N89'59'28"E r o 01 4 30.00' T 710,272 S.F.* I�j 16.305 AC.* Z �- C2 580389 26N • N88'56'10"W 589'59'51"W 154.98' I 250.58' In n CURVE TABLE `'o CURVE DELTA RADIUS LENGTH BEARING ${w z 1 Cl 09'03'52" 700.00 110.74 585'27'55"W ""N C2 10'07'51' 700.00 123.77 585'59'540W 2,W m I rm H 4 ' •SE CDR., NE 1/4, T SECTION 25 SCALE: 1" = 500' Suite 158 Carroll & Langeki NOTE: , P,ele 185 South Union S=Innk E glneers a Lank SSurveyorsYd. • Denotes Change of Direction Only. This exhibit Laxwood.Colorado 86228 does not represent a monumented survey. It PHQNE 65°�,A°ulxrcE coM is intended only to depict the attached legal n^°°S M�- description. PA3075\MEmo 0IS1R1C1 IS111CT 4 NE(3)•DWO,SHEET 7 OF 9.PREPARED 11/2/04,RSA.09/12/08 EXHIBIT ST. VRAIN LAKES METROPOLITAN DISTRICT NO. 4 SHEET 8 OF 8 POINT OF COMMENCEIENT NE COR., SE NW COR N. LINE, SE 1/4, SEC. 25 SECTIOIN 25 1/4 SE 1/4, N88'45'03 E 2632.77' REC.NO.1606745 SEC. 25 N88'45'03"E 50075'49"E 364.98' 450.00' NO1'14'57"W 133.39' POINT OF BEGINNING c1 PARCEL 0 N89'34'11"E 77.23' '1' v cg NO0'25'49"W 186.73' 127 589'34'11'W 610.27' PARCEL D q 232,557 S.F.+ 5.338 AC.± CURVE TABLE ci z CURVE DELTA RADIUS LENGTH BEARING co ft cv CI 150'53'56' 150.00 395.05 N35'24'33'E ' I 3 14 iv jgml 4i N SE COR., SE 1/4, SECTION 25 '1 SCALE: 1" = 700' NIZIE; Carroll & Lange= ,,,, • Denotes Change of Direction Only. This exhibit ProfessionalSouthU ww.n5E.1nd swry"n 165 5son WEly fiM.6uE4158 lHONE(. 31 nO- 20078 does not represent a monumented survey. It PHONe�{aaa�ueo-0200 is intended only to depict the attached legal F 6 5 05527 LL-IM�BECOM description. P.\3075'uEM 0IS1RIc1\OISIR1CT 4 E(4).0MC,SHEETS OF 5,PREPARED 10/27/04.REV.05/12/06 EXHIBIT B Map of Initial District Boundaries 2 9 i 1 1. I >- i S w m N a ti ik •:1- N._ 0 CL in vii ► , ,1 /� 0 0 0 o :-/ / V LIB 0 // liiLi N li ,\,,,\ A� W J Z a CC 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 STREET LIGHTS $455,000.00 SLEEVI N G $321,562.50 RELOCATE OIUGAS FACILITIES $4,900,000.00 ELECTRIC REMOVALS/DISTRIBUTION $1,150,000.00 ENVIRONMENTAL/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 II EXHIBIT D Maps Depicting Public Improvements 4 ,, SH 66 _--i PROPOSED I N.A.P. ' 8" SAN. I y I PROPOSED l I ,/-8" SAN. TRANSTION ,,,,e7"—TO 12" SAN. y I Q I I PROPOSED U y EXISTING �T 12" SAN. 3 Cr SAN. 18" v-Nr .A.P. aI N.A.P. y I vl PROPOSED 12" SAN. u7 y I CI I PROPOSED y 12" SAN. 1 N.A.P. y 1 WCR 28 _ __I 4 in _ `� PROPOSED _ 12" SAN. QPROPOSED EXISTING i PROPOSED \ 12" SAN. SAN. 27" 12" SAN.Ct: \ _ PROPERTY V I I BOUNDARY 3 �..,_ Is-s s�Ys" EXISTING `` _ --\.. _ il SAN. 21" 1 ' i EXISTING �-r s—_s—mss �, I „f,. SAN. 30" EXISTING I ,F=j +��• .rfPROPOSED `'"' � � 8" SAN. -•••-•••- = EXISTING DRAINAGEWAY I �lr.. . -s-s- = EXISTING SANITARY N = PROPOSED SANITARY 'N___ST. VRAIN -®- RIVER SCALE: 1" = 1500' -- Carroll & Lange St. Vrain Lakes Master Sanitary Sewer Plan Professional 65 wrio,' $Land 111 Surveyors , PHONE:( COlaa0-200 FAX(3:0031 0917 0 FIGURE F ( R906DLLOY GE,00M P:\3073, SHEEETW4 OF 6, PREPARED 11/01/04.REV. I SH 66 yL' N.A.P. / 6" RAW WA MAIN -% CC L _4IER Z CC `N.A.P. �N.A.P. 1 � \ �7 N I ,- IX 3 12" RAW WATER [MAIN N.A.P. WCR 28 l EXTEND TO ST. VRAIN N ! SANITATION DISTRICT "OX-BOW" 12" RAW LAKE AT TREATMENT PLANT, IWATER MAIN '"�J-�-- - -_ mss f rn ‘ RAW WATER MAIN WITH _ I - - - � ' PUMP STATION AT WWTP t z 3 PROPERTY BOUNDARY OUTLET �+ STRUCTURE 1 It 1 /PUMP STATION 1 1 1 1 C/ / / /� - EXISTING LAKE/ '" �ST. VRAIN RAW WATER STORAGE 4 3. i+ ® ' RIVER •, ..- = PROPOSED 6" RAW N ____ WATER MAIN 9 PROPOSED 12" RAW WATER MAINll SCALE: 1" = 1500' r\ Carroll & Lange St. Vrain Lakes Master Raw Water Plan Professional Engineers A land Surveyors \, 186 South Colo 980_011226 _Blvd.. 26 158 PHONE:(( Co�l 200 FIGURE FAx(6W 96DA617 WWW.C 0-0917GE.COM P:\3075. SHEET 3 OF 6. PREPARED 11/01/04, REV 1 SH 66 _ - - - - -1 1 N.A.P.----1-,1 in 1 • • U 1 • 3 1 HIGHLAND N.A.P. • DITCH „; CONDUIT Q -7+�d N.A.P. -� w t o I 1 I- I i- bix -. in 1 •..A N 1 I I I 1 WCR 28 _ _ � 10 \*.. _ _ \V)) a .'_ \__N p N.A.P. Q cn I tr I I W cc z 31 \' '—__ 1 1 si 1 Jr r' __� .. 1 PROPERTY � '" "``"- � ,-__-.--.-?4,.- -�^ BOUNDARY l fj ..:, „... i i 11 ii I I it t /, r% 1' ''L ". -••• - = DRAINAGEWAY A I = DETENTION 1 �` CL�L1J PONDS/ LAKES —O— il vim`i, �ST. VRAIN !•4 = CULVERT CROSSING ' RIVER SCALE: 1" = 1500' — Carroll 54, Lange St. Vrain Lakes Master Drainage Plan Professional Engineers i land Sermon / 165 NE:( 3)9 002 SINK 156 Lalmwoad Colorado 80229 PH0FAX(33)98-99.0200 FIGURE F {.C )9 OLLL-09LANGE.COM P:\3075, SHEET 6 OF 6,PREPARED 11/01/04,REV. EXTEND TO EXISTING 42" WATER AT WCR 38 if EXISTING 24" WATER EXISTING 8" WATER _ SH' 6 16" WATER 6 �I 16" WATER N.A.P. 4 Q 3 /10 �ry �P.C'R ce o Z i0 12 La 7 ►,� ?. r hq N.A.P. a z °�° c�R 3 z \-N.A.P. 1 F in I W ix a 12" WATER 0 3 a co Q ETER VAULT 3 _ l. N 16" WATER WCR 28 16" WATER 16" WATER I N 24" WATER • N.A.P. N 3 `�N.A.P. 12" WATER .••"°‘.°) Cr 1 I - - CO 3 *i" 1 12� " STUB i METER i VAULT , 12" STUB I I I 12" WATER ri I =PROPOSED WATER A.si,R 1 L Net I =EXISTING WATER EXISTING 18" W B_ _ _ PROPERTY Y -0- I BOUNDARY `! II -- �� - �' SCALE: 1" = 1500' Carroll a Lange �' St. Vrain Lakes Master Potable Water Plan �� 155 Sow Union \/ VIH South Unlan t10 Sulee 156 Lakewood Colorado Rb228 PHONE:(3031960-0200 FIGURE F (.9030 10LL09-umE.00M P.\3075, SHEET 2 OF 6.PREPARED 11/01/04,REV. EXHIBIT E Financial Plan 5 2t.n„,' D.A.Davidson & Co. o,n . member SIP June 12, 2006 Ms.Dana Smith Mr.Tyler Packard Mr.Tom Morton Mr. Miles Stephens Carma, Colorado Highland Place 11 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 #144 (Combined)" dated June 6, 2006 prepared by Stan Bernstein and Associates ("SBA"), the special district advisor for Carma 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 entities. 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 60202-4922•(303)764-6000•Fax(303)764-6001 www.dadavidson.cQm 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 lees 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 Page Three June 12, 2006 • I Please el free to call me if you have any questions regarding this letter. Best reg j I/C______..------- ; i ew B. Kane senior Vice President cc: Stan Bernstein II 1 • • I I I I I U.A.Davidson&Co. I 1600 Broadway,Suite 1100•Denver,Colorado 80202-4922•(303)764-6000•Fax(303)764-6001 www,dadavidson.conl member SIPC I i Colorado Special District Bond Underwriter Rankings • (RaoWbg bared on Dollar Amount) _ 2005 Ranking 2001-2005 Cumulative Ranking Amount NumSerof Amount Number of Lead Mane (5 MOllom) Isms Rak (S MSllom) Sues Rank !CannataPetN Kirkpatrick hula (adbadoa of D.A.Datldmn 4 Co.) 538.4 45 I (a Mahlon of DA.Davidson&Co.) 1,501.5 140 1 AO Pavans&Sons km 80.I 5 2 ABC BalaRwreker 266.9 19 2 ABC Daiil...ober 73.8 3 3 0emgeKBaum&Compaq 263J 48 3 Gouge K Baum&Company 47A 11 4 Piper lmfay&Co 242.7 27 4 Piper AB*gtCo 44.5 3 5 Stahl Nicolau&CoInc 163.3 33 5 SB&INkoi.us*Co Ina 36.8 7 6 A0 Edwards&Sou Inc 158.1 8 6 UBS Finmdal Sariwine. 19.9 1 7 Welk Fargo Brokerage Sea 80.9 11 7 Betkpte Capital Pumem 8.6 1 I Puget Seely&Co 77.1 5 8 Walls Fago Brahman.Sean 75 I 9 ea&gma Capital Palos 46.1 4 9 Oppeebeu.er&Co 1.2 1 10 UBS Financial Sonic..lm. 38.0 2 10 Pit%TOW Securities.lm. 0.1 1 11 BmkofAmalee Seadties 36.0 I 11 Prager Sealy&Co 0.0 0 NA Oppenheimer&Co 261 2 12 Stepbma Inc 0.0 0 NA Fint Maoulnvmbsmm Svc. 11.1 2 13 Boast America Semliki.. 0.0 0 NA Stephsnalm 4.7 4 14 ZinnFhstNW Beek 0.0 0 NA Zion Plat Nall Bark 35 I 15 Finnate &InvepmmtSvc. 0.0 0 NA FifIhTlird Seowi0a,lno. 07 2 16 Total 58563 79 Tot l 12920.8 311 DMA Samoa:Semdgee Date Company Colorado Special District 2005 Bond Underwriter Market Share Ranking Based on Dollar Amount A G Edwards&Sons Inc ABC Data Reasoner 9% 9% George KBaum&Company 6% Piper Jatfray&Co 5% SBfel Manus&Co Inc 4% UBS 18nanmal Service.Inc. 2% _ j Bath gate Capital Pannen 1% Well.Fargo Brokerage Sea Kirkpatrick Pettis 1% A.liviilnn 01 D.A.D:rvakin,&Co. Oppenheimer&Co 0% 63% 7 III J I il; ' ilr ',• iIf i DI' l'rr� it 1III ir\Irll 11 II l �.. 11 ( /I 5 rI I � s � 11 a iJ I I�✓'iL II)I II . ,II, fI l)l '1I,rl _ _-,:iI . o J JP I7I. LC ;> ,t! ' o �I`yI t ]LLtt?: p',.:.':(..11)'.1,1':'?-1)lr 33 a_'/ I I fta:/icoistokl, I; THE STANDAI ' � ett° `3 £' = PUBLIC FINANC R A � ' I�T" I•�,,1 Manage your financial decisions 4 ti fir" ' I with clarity ( ' wad and confidence. I I. 1 II:NYu •III fl r,2 2133? 731eslen•c mn ,L,, in•&175.0 Cal 11 STANDARD. C.,G 3 r uI 31733 irll I R.Ilo5•M1 Ir on IS 8 _/I IfI'. - :In 0•61,e:{Inna1:“1153/1 I. dPDOR'S ri I Si I'9: . ...r. , '. rl I ''u: ..L.r °,rn, c / , are i_r.. ip9W i3t, .eleeli.0 AmiPX scram weriMl by SundnJ S Pail Roth.*knka filednp irnkei ye M mul'elit essdhln delved to pumas the Whpntire and .b ell Tdsiks" l w.Ce.ID ierlwe Iemdlmkedepkr.lm. kll.we'"'"or p iu.ind nnr.menennd Ynrerteemndadmn o.p hne. 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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 I 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 Canna, 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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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