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Home My WebLink About20060405.tiff DRAFT McGEADY SISNEROS, P.C. October 13, 2005 SERVICE PLAN FOR PIONEER REGIONAL METROPOLITAN DISTRICT (Service District) (COUNTY OF WELD, COLORADO) Submitted: PREPARED BY: McGEADY SISNEROS,P.C. 1675 BROADWAY,SUITE 2100 DENVER,COLORADO 80202 (303)592-4380 GATEWAY AMERICAN RESOURCES _ 9145 EAST KENYON AVE., SUITE 202 DENVER, CO 80237 (303) 843-9742 2006-0405 EXHIBIT i00054184.DOC v:8} `{/ TABLE OF CONTENTS Page I. INTRODUCTION 1 A. General Information 1 II. DISTRICT BOUNDARIES/MAPS 2 III. PURPOSE OF THE DISTRICT 2 A. Generally 2 B. Proposed Structure 4 IV. PROPOSED LAND USE/POPULATION PROJECTIONS 6 V. DESCRIPTION OF PROPOSED SERVICES 6 A. Types of Improvements 6 1. Water 7 2. Sanitation 8 3. Streets 8 4. Safety Protection 9 5. Park and Recreation 9 6. Transportation 10 7. Television Relay and Translation 10 8. Mosquito Control 10 9. Other Powers 11 (a) Plan Amendments 11 (b) Phasing, Deferral 11 (c) Additional Services 11 B. Standards of Construction/Statement of Compatibility 11 VI. ASSESSED VALUATION 12 VII. ESTIMATED COSTS OF FACILITIES 12 VIII. REGIONAL IMPROVEMENTS /INTERGOVERNMENTAL AGREEMENT 13 A. Coordinated Services of the Districts. 13 IX. OPERATION AND MAINTENANCE/ESTIMATED COSTS 13 X. FINANCIAL PLAN/PROPOSED INDEBTEDNESS 15 A. General Discussion. 15 B. Service District Participation. 16 1. Revenue Bonds. 16 2. Operations. 17 C. Financing Districts Participation 18 1. Limited Obligation Bonds and General Obligation Bonds 18 (a) Limited Obligation Bonds 18 (b) General Obligation Bonds 19 (00054184.DOC v:8) i 2. Mill Levy Cap 20 3. Regional Improvements Mill Levy 21 4. Operations 23 XI. CONCLUSION 23 {00054184.DOC v:8} ii SCHEDULE OF EXHIBITS EXHIBIT A Legal Description of Property EXHIBIT B-1 Boundary and Vicinity Map EXHIBIT B-2 Service Area EXHIBIT C List of Improvements and Preliminary Engineer's Estimate of Costs; Depiction of Location of Public Improvements EXHIBIT D Financial Plans (00054184.DOC v:8) lll SERVICE PLAN FOR PIONEER REGIONAL METROPOLITAN DISTRICT -- I. INTRODUCTION A. General Information Pursuant to the requirements of the Special District Control Act, Section 32-1-201, et seq., Colorado Revised Statutes, this Service Plan consists of a financial analysis and an engineering plan showing how the existing and proposed facilities and services of the proposed Pioneer Regional Metropolitan District(the"District"or"Service District") will be constructed and financed. The following items are included in this Service Plan: 1. A description of the proposed services; 2. A financial plan showing how the proposed services are to be financed, including the proposed operating revenue derived from property taxes of the District; 3. A preliminary engineering or architectural survey showing how the proposed services are to be provided; 4. A map of the District boundaries, the proposed Service Area, as hereinafter defined, and an estimate of the population and valuation for assessment of the District; 5. A general description of the facilities to be constructed and the standards of such construction, including a statement of how the facility and service standards of the District are compatible with facility and service standards of Weld County(the"County") and of any municipalities and special districts which are interested parties pursuant to Section 32-1-204(l), Colorado Revised Statutes; 6. A general description of the estimated cost of acquiring land, engineering services, legal services, administrative services, proposed indebtedness and estimated proposed (00054184.DOC v:8( 1 maximum interest rates and discounts, and other major expenses related to the operation of the District; and 7. A description of any arrangement or proposed agreement with any political subdivision for the performance of any services between the District and such other political subdivision, and if applicable, a form of the agreement is attached hereto. II. DISTRICT BOUNDARIES/MAPS The total area proposed to be included within the District's boundaries at the time of organization is approximately 1.0 acre ("Property"). A legal description of the Property is attached hereto as Exhibit A. A map of the boundaries of the District and a vicinity map is attached as Exhibit B-1. A map of the proposed service area, which comprises the approximate 5,600 acre Pioneer development, is attached as Exhibit B-2 (referred to herein as "Service Area" or"Development"). It is anticipated that the County will approve land uses for the Development (defined below) for commercial, single-family and multi-family residential uses. Each tract of land ("Tract")will describe the type of development that will be permitted with respect to that Tract. III. PURPOSE OF THE DISTRICT A. Generally The Service Area is entirely within the boundaries of the County. The District and the property within the Service Area are located generally north of I-76 at the intersection of CR 22 and CR 49. Water and sewer service will be provided by Resource Colorado Water and Sanitation Metropolitan District("Resource") as discussed below. Resource has received a conditional service area designation from North Front Range Water Quality Planning Association to serve as the regional wastewater treatment provider to the Service Area("208 (00054184.DOC v.8} 2 Permit"). The Service Area is within the area prescribed by the 208 Permit. The Development is now vacant and is not presently served with the facilities and services to be provided by the District. Neither the County nor any other existing special district has plans to provide such services and facilities within a reasonable time and on a comparable basis. It is proposed that the District will work in cooperation with Pioneer Metropolitan District Nos. 1-6 to serve the Service Area and will have the following powers: (1) to provide sanitation and storm drainage service to the Service Area; (2)to provide water services to the Service Area ; (3)to provide street improvements in the Service Area, including some drainage improvements; (4)to provide safety protection facilities and services in the Service Area; (5) to provide transportation facilities in the Service Area; (6) to provide mosquito control facilities and services in the Service Area; (7) to provide park and recreation facilities and services; and (8) to provide television relay and translation facilities in the Service Area. The District will dedicate certain of the public improvements to the County or to such other entity, as appropriate. Portions of the Development are within Hudson Fire Protection District("Hudson FPD")or Southeast Weld Fire Protection District ("SEWFPD"). Portions of the Development are not currently within the boundaries of Hudson FPD or SEWFPD ("Non- Overlapping Area(s)"). Where property within the Development overlaps Hudson FPD or SEWFPD, service will be provided by either District as applicable. Fire protection services will be provided to the Non-Overlapping Areas through the inclusion of such property into Hudson FPD or SEWFPD, or in case any area is not included in either existing fire protection district, with funding by subdistricts to be formed by the Districts containing Non-Overlapping Areas pursuant to Section 32-1-1101(1)(1)(1), C.R.S. ("Fire Subdistricts"). The Fire Subdistricts anticipate imposition of 5 mills within the Non-Overlapping Areas to fund the provision of fire (00054184.DOC v:8} 3 protection services to the Non-Overlapping Areas. The revenue from the Fire Subdistrict mill levy will be used to enable the respective Districts to provide fire protection services directly or by intergovernmental agreement with Hudson FPD or SEWFPD. Law enforcement services will be provided by the Weld County Sheriff's Department through an intergovernmental agreement with the Pioneer Law Enforcement Authority to be formed pursuant to Section 30-11-401 et seq., C.R.S. B. Proposed Structure Services will be provided to the Development by seven metropolitan districts: the District; Pioneer Metropolitan District No. I ("District No. 1"); Pioneer Metropolitan District No. 2 ("District No. 2"); Pioneer Metropolitan District No. 3 ("District No. 3"); Pioneer Metropolitan District No. 4 ("District No. 4"); Pioneer Metropolitan District No. 5 ("District No. 5"); and Pioneer Metropolitan District No. 6 ("District No. 6"). All are sometimes referred to collectively as the"Districts." The District will be the"Service District"organized to finance and construct the public improvements throughout the Development and operate and maintain the water and sewer infrastructure within the Development. District No. 1, District No. 2, District No. 3, District No. 4, District No. 5 and District No. 6, together with any other districts that are organized to provide financing for the public infrastructure and services, are sometimes hereinafter referred to collectively as the"Financing Districts." The seven districts will coordinate their efforts in order to finance and construct the Improvements(defined herein)and to provide public services to the Service Area in the most efficient manner possible. The construction of the infrastructure or provision of services within the Districts will occur in multiple phases. The District will be responsible for: (1) managing the construction of the public facilities and improvements within the Service Area and the (00054184.DOC v:8) 4 operation of the water and sewer infrastructure and (2) providing funding to support costs related to the necessary services and improvements. Each Financing District will be responsible for financing its respective share of the improvements and associated operation and maintenance costs, as described in the respective Service Plan for each Financing District. It is anticipated that the Districts will enter into a Facilities Funding, Construction and Operations Agreement ("FFCOA") which will set forth the arrangements for the financing, construction and operations of the improvements contemplated herein for the Development. The FFCOA will set forth that the District will have the authority to enter into agreements on behalf of the Districts for the provision of wholesale water and sanitation and storm drainage services and improvements and services within the Service Area directly or through the establishment of a water enterprise and a sewer enterprise. The District will enter into an intergovernmental agreement with Resource whereby Resource will provide water and sanitation and storm drainage service to the District, which will in turn, distribute water, collect sewage and otherwise service the individual residential or commercial users or customers within the Service Area, as more specifically set forth in Sections V.A.1 and V.A.2 herein. This multiple district structure is proposed because it provides several benefits to the inhabitants of the Development and the County. Multiple districts will assure that: (1)the necessary services and improvements can be financed in the most favorable and efficient manner; (2) costly infrastructure will not be constructed and financed prior to an established need; (3) all the services and improvements needed for the Development will be available when needed through managed development; and(4) a reasonable mill levy and reasonable tax burden {00054184.DOC v:8} 5 on all residential and commercial property within the Districts will be maintained through managed financing and coordinated completion of infrastructure improvements. IV. PROPOSED LAND USE/POPULATION PROJECTIONS It is anticipated that the land use for the Property and the Service Area will provide for the development of a maximum of 200,000 square feet of commercial uses, 9,500 single-family residential units and 500 attached and/or multi-family units. The peak daytime residential population for the property within the Development is estimated at 25,000 persons, based upon a ratio of 2.5 people per residential unit. These projections are subject to revision based upon final land use approvals. Due to the small size of the District boundaries, the future population of the District is anticipated to be de minimus. It is anticipated that the District's boundaries may change from time to time as it undergoes inclusions and exclusions pursuant to parts 4 and 5 of Article I, Title 32, C.R.S. The District shall establish a policy for inclusion and exclusion of property from the District's boundaries, which policy shall provide objective procedures for the determination of costs, — standards and criteria to allow for the orderly extension of services to developable lands. V. DESCRIPTION OF PROPOSED SERVICES The following paragraphs provide a description of the proposed services to be provided by the District. A. Types of Improvements The District plans to provide for the design, acquisition, construction, installation, maintenance, and financing of certain water, sanitation, storm drainage, street, safety,park and recreation, transportation, television relay and translation, and mosquito control improvements and services within and without the boundaries of the District("Improvements"). This Service (00054184DOC v:8) 6 Plan describes those Improvements anticipated for construction and financing by the District, together with the Financing Districts, which Improvements will benefit the Development and the County. The Improvements generally depicted and described in Exhibit C have been presented for illustration only and the exact design, subphasing of construction and location of the Improvements will be determined at the time of platting and such decisions shall not be considered to be a material modification of the Service Plan. 1. Water. The District shall have the power to provide for the design, acquisition, construction, completion, installation, operation and maintenance of a complete potable and nonpotable water supply, purification, storage, transmission and distribution system, which may include, but shall not be limited to: wells, water pumps, purification plants, pump stations, transmission lines, distribution mains and laterals, fire hydrants, irrigation facilities, storage facilities, land and easements, and all necessary, incidental, and appurtenant facilities, together with extensions of and improvements to said system within and without the boundaries of the District. The water supply system will supply the water needs for the Service Area as development occurs. Water facilities and service arrangements to the entire Service Area will be provided by the District. The District will acquire water rights and water services as necessary and build the water facilities for the Service Area. It is anticipated that the District will develop and implement municipal standards for the provision of water service, which standards will govern the District's construction of water facilities and provision of water service in association with any Colorado Department of Health or other applicable regulations. The water facilities — will be constructed in phases. The District will enter into an intergovernmental agreement with Resource, whereby Resource will construct the facilities necessary to transport water from Resource's (00054184.DOC v:9 t facilities to the Service Area connection point("Resource IGA"). The District will maintain the water facilities, or cause such facilities to be maintained. 2. Sanitation. The District shall have the power to provide for the design, acquisition, construction, completion, installation, operation and maintenance of a complete sanitary sewage collection, treatment, transmission, and disposal system which may include, but shall not be limited to, treatment plants, collection mains and laterals, lift stations, transmission lines, sludge handling and disposal facilities, and/or storm sewer, flood and surface drainage facilities and systems, including detention/retention ponds and associated irrigation facilities, and all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said system within and without the boundaries of the District. It is anticipated that the District will develop and implement municipal standards for the provision of sewer service, which standards will govern the District's construction of sewer facilities and provision of sewer service, in association with the Colorado Department of Health. Pursuant to the Resource IGA,Resource will provide final wastewater treatment — service to the Service Area. The District will maintain the sanitation and storm drainage facilities, or cause such facilities to be maintained. 3. Streets. The District shall have the power to provide for the acquisition, construction, completion, installation and/or operation and maintenance of street improvements, including curbs, gutters, culverts, and other drainage facilities, sidewalks, bike paths and pedestrian ways,bridges, overpasses, interchanges, median islands, paving, lighting, grading, landscaping and irrigation, together with all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said facilities within and without the boundaries of the District and the Service Area. It is anticipated that, until (00054184.DOC v:8( 8 acceptance by the County, the Districts or an owner's association within the Property("OA") will, by agreement, own, operate and maintain the streets constructed by any of the Districts. The District may supplement the County's maintenance of the streets as it deems necessary or desirable to benefit its service users. It is anticipated that all streetscaping or street landscaping improvements will be — maintained by one of the Districts or an association of landowners within the Service Area. 4. Safety Protection. The District shall have the power to provide for the acquisition, construction, completion, installation and/or operation and maintenance of facilities — and/or services for a system of traffic and safety controls and devices on streets and highways, including signalization, signing and striping, together with all necessary, incidental, and appurtenant facilities, land and easements, together with extensions of and improvements to said facilities within and without the boundaries of the District and the Service Area. Until acceptance by the County, all safety protection improvements will be maintained by the Districts or OA, by agreement. — 5. Park and Recreation. The District shall have the power to provide for the design, acquisition, construction, completion, installation, operation and maintenance of parks and recreational facilities and programs including, but not limited to,parks,bike paths and pedestrian ways, open space, landscaping, cultural activities, community recreational centers, water bodies, irrigation facilities, and other active and passive recreational facilities and programs, and all necessary, incidental and appurtenant facilities, land and easements, together with extensions of and improvements to said facilities within and without the boundaries of the District and the Service Area. All such parks and recreational facilities and landscaping will be {00054184.DOC v:8} 9 owned and maintained by the Districts or OA,by agreement, until such improvements are accepted by the County. 6. Transportation. The District shall have the power to provide for the design, acquisition, construction, completion, installation, operation and maintenance of a system to transport the public by bus, rail, or any other means of conveyance, or combination thereof, or pursuant to contract, including park and ride facilities and parking lots, structures, and facilities; together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities of systems within and without the boundaries of the District and the Service Area. Until acceptance by the County, it is anticipated that the transportation improvements will be owned, operated and maintained by the Districts, the OA or other appropriate jurisdiction. 7. Television Relay and Translation. The District shall have the power to provide for the design, acquisition, construction, completion, installation, operation and maintenance of television relay and translation facilities and programs, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities or programs within and without the boundaries of the District and the Service Area. Following acceptance, the television relay and translation improvements will be owned, operated and maintained by one of the Districts or other appropriate jurisdictions. 8. Mosquito Control. The District shall have the power to provide for the eradication and control of mosquitoes, including but not limited to elimination or treatment of breeding grounds, and purchase, lease, contracting or other use of equipment or supplies for mosquito control. (00054184.DOC v:8} 10 • 9. Other Powers. In addition to the enumerated powers, the Board of Directors of the District("Board") shall also have the following authority: (a) Plan Amendments. To amend the Service Plan as needed, subject to the appropriate statutory procedures. (b) Phasing, Deferral. Without amending this Service Plan, to defer, forego, reschedule, or restructure the financing and construction of certain improvements and facilities, to better accommodate the pace of growth, resource availability, and potential inclusions and exclusions of property within the District. (c) Additional Services. Except as specifically provided herein, to provide such additional services and exercise such powers as are expressly or impliedly granted by Colorado law. The District shall have the authority pursuant to Section 32-1-1101(1)(f)(I), C.R.S. and Section 32-1-1101(1.5)(a) through(1.5)(e), C.R.S., to divide the District into one or more areas consistent with the services,programs and facilities to be furnished therein. The exercise of such authority shall not be deemed a material modification of this Service Plan. B. Standards of Construction/Statement of Compatibility The District will ensure that the Improvements are designed and constructed in accordance with the requirements of the jurisdiction in which the Improvements are located. The District will obtain all necessary approvals from the appropriate governing entity prior to construction and installation of the Improvements. Where Improvements are constructed within the County, the District shall obtain from the County all appropriate approvals prior to commencing construction on any phase of the Improvements. (00054184.DOC v:8) 11 VI. ASSESSED VALUATION For purposes of the Financial Plans(including Significant Assumptions) attached hereto as Exhibit D, the Property within the District's boundaries is assumed to have an assessed valuation of$-0-. The projected build-out for the proposed District is set forth in the Financial Plans. The projected assessed valuation of the Development, based upon the land use expectations heretofore noted, is set forth in the Financial Plans. At build-out, the assessed valuation of the Property is expected to be de minimus and the assessed valuation of the Development is expected to be Two Hundred Twenty-Seven Million Four Hundred Thousand — Dollars ($227,400,000). VII. ESTIMATED COSTS OF FACILITIES The estimated costs of the Improvements to be designed, constructed, installed and/or acquired by the District and/or the Districts are approximately as set forth in Exhibit C attached hereto. A general description and preliminary engineering sketch of the facilities to be constructed and/or acquired are also set forth in Exhibit C attached hereto. The combined total estimated cost of the Improvements is approximately One Hundred Seventy-Four Million Eight Hundred Forty-Two Thousand Six Hundred Three Dollars ($174,842,603). In addition to the sources of revenue described below, the District's Board may establish enterprises to fund such facilities, services and programs as may qualify for enterprise status using the procedures and criteria provided by Article X, Section 20, Colorado State Constitution. It is the current intention that the District will establish a water enterprise and a sewer enterprise. To the extent provided by law, any enterprise created by the District will remain under the control of the Board of the District. (00054184.DOC v:8) 12 VIII. REGIONAL IMPROVEMENTS/INTERGOVERNMENTAL AGREEMENT A. Coordinated Services of the Districts. As discussed throughout this Service Plan, the relationship between the District as the Service District and the Financing Districts, will be established through a proposed FFCOA. The FFCOA will specify the rights and responsibilities of the District to finance, own, acquire ` and facilitate any or all of the Improvements or services, except for the wholesale water and sanitation and storm drainage services or improvements (which will be owned by Resource), and operate, construct and maintain the water and sewer infrastructure needed to serve the Development in conjunction with financing provided by the Financing Districts; the Financing Districts may contract for services or operate and maintain Improvements to serve the development within each Financing District. The FFCOA will establish the procedures and standards for the approval of the design, operation and maintenance of the Improvements and the financing of fire protection and law enforcement services. Additionally, the FFCOA will provide the procedures for coordinated financing, budgeting and administrative oversight and management. IX. OPERATION AND MAINTENANCE/ESTIMATED COSTS Subject to the applicable warranty, the District intends to dedicate certain facilities constructed or acquired, to the appropriate jurisdiction for operations and maintenance. Certain water and sewer improvements completed by the District may be owned,operated and/or maintained by the District subject to the receipt of financing from the Financing Districts pursuant to the FFCOA and enterprise revenues as more specifically set forth below. The Financing Districts will operate and maintain the Improvements to serve the development within each Financing District. To the extent it is necessary to share operation and maintenance costs, (00054184.DOC v:8} 13 the applicable Districts will enter into an intergovernmental agreement(s) to facilitate this. Estimated costs for operation and maintenance functions are shown on the Financial Plans. It is anticipated that the Financing Districts will initially impose an operation and maintenance mill levy of ten(10) mills to cover the operating costs of the Districts. The District and/or Financing Districts may impose a system of fees, rates, tolls, penalties or charges in connection with its provision of services to supplement these revenues. The Mill Levy Cap, as hereafter defined, does not apply to the Financing Districts' ability to increase their mill levy as necessary for provision of operation and maintenance services to the Property and Service Area. However, there are statutory and constitutional limits on the Financing Districts' ability to increase their mill levy for operation and maintenance services without an election. The District's initial annual operating budget is Fourteen Thousand Sixty- - Eight Dollars($14,068) (to be inflated at 2%per year thereafter). These projections are subject to change based upon final land use approvals. In addition to the sources of revenue described above, the District's Board may set up enterprises to manage and operate such facilities, services and programs as may qualify for enterprise status using the procedures and criteria provided by Article X, Section 20, Colorado State Constitution. To the extent provided by law, any enterprise created by the District will remain under the control of the Board of the District. The operation and maintenance of the water and sewer facilities will be funded by the revenue derived from a monthly fee to be established by the water and sewer enterprise pursuant to a rate study. ..., {00054184.DOC v:8) 14 X. FINANCIAL PLAN/PROPOSED INDEBTEDNESS A. General Discussion. This Section X summarizes the components of the Financial Plans attached hereto as Exhibit D, as they relate to the Service District and the Financing Districts. The Financial Plans show how the Districts will cooperatively finance the proposed facilities and/or services, including the estimated costs of engineering services, legal services, administrative services, proposed bond issuances and estimated proposed maximum interest rates and discounts, and other major expenses related to the operation of the Districts and as such, should be read together. With regard to the Financing Districts, the Financial Plan contained in Exhibit D is a combined financial plan. As development occurs, any debt issued by any of the Financing Districts will be structured to ensure that the respective district has sufficient capacity to support such debt. The Financial Plans demonstrate the issuance of bonds and the anticipated repayment based on the projected development within the Service Area. Although the land use application for the Development contemplates 200,000 square feet of commercial development, 9,500 single family units and 500 multi-family units, for purposes of the Financial Plans, the Development Projection is based only on the residential units, on the basis that any commercial development is assumed as single family equivalents within the 10,000 residential units. The Financial Plans demonstrate that, at various projected levels of development, the Districts have the ability to finance the facilities identified herein, and will be capable of discharging the debt on a reasonable basis. The Financial Plans anticipate — imposition of certain capital infrastructure fees totaling approximately$22,000 in the aggregate per equivalent residential unit, as more specifically set forth in the Financial Plans. Rate studies will be conducted, as necessary, to confirm the relative amounts of such fees. The District may (00054184.DOC v:8( 15 increase or decrease fees as it deems necessary to accommodate the financing, construction and installation of Improvements or services. Pursuant to the terms of the FFCOA, the Financing Districts shall be responsible for financing some of the costs of the Improvements for the Development through the issuance of general obligation bonds. The District is authorized to issue revenue bonds secured by various revenue sources, including fee revenue or the Financing Districts' pledge of proceeds from general obligation bonds. The Financial Plans show that prior to the time of the initial issuance of bonds by the District or the Financing Districts, the construction costs for necessary improvements will be paid by the Developer of the property within the Development, subject to subsequent acquisition by the District of the completed improvements and payment to the Developer of such construction costs together with accrued interest thereon. B. Service District Participation. 1. Revenue Bonds. In order to fund the planning, design, acquisition, construction, completion and installation of the Improvements, the District may issue revenue bonds through its enterprise payable from either proceeds from general obligation bonds issued by the Financing Districts or from revenue generated from rates, fees, tolls or charges of the District, the Financing Districts or any water or sewer enterprise created by the District. Any such revenue bonds will be issued in strict compliance with any then-existing statutory or regulatory provisions. Bonds would mature not more than forty(40) years from the date of issuance, with the first maturity being not later than three years from the date of their issuance. The maximum voted interest rate is anticipated to be eighteen percent (18%) and the maximum underwriting discount is anticipated (00054184.DOC v:8} 16 to be five percent(5%). The exact interest rates and discounts will be determined at the time the bonds are sold by the District, and will reflect market conditions at the time of sale. The District may also issue notes, certificates, debentures or other evidences of indebtedness, including but not limited to contracts that extend beyond one year. The District may capitalize interest to permit payment of interest during the time lapse between development of properties and collection of fees, rates, tolls and charges, and to establish reserve funds. Interest income through the reinvestment of construction funds will provide additional income. The projected revenue sources will retire the proposed bonds if growth occurs as projected; otherwise increases in and/or the imposition of new rates, tolls, fees and charges may be necessary. The revenue bonds issued by the District shall never constitute debt or indebtedness of the District, the County, or any other political subdivision of the state within the meaning of any provision or limitation of the laws of Colorado or the state constitution. 2. Operations. Annual administrative, operational and maintenance expenses are estimated as shown in the Financial Plans. With regard to the District, the Financial Plans contemplate that a portion of the revenue derived from the Regional Improvements Mill Levy (equivalent to 2 mills)will be transferred to the District. The Financial Plans project that the District will have sufficient revenue to pay for its ongoing operations and maintenance expenses. If necessary, however, the District reserves the right to supplement these revenues with additional revenue sources as permitted by law. The County shall not be held liable for any of the District's obligations as set forth in this Service Plan. (00054184.DOC v:8} 17 Prior to the District having sufficient revenue to pay its ongoing operations and maintenance expenses, the Developer of the property within the Development will advance funds to the District. The District shall have the authority to repay the Developer for amounts advanced for operations and maintenance expenses, together with interest thereon, pursuant to an operation funding agreement between the District and the Developer. C. Financing Districts Participation. 1. Limited Obligation Bonds and General Obligation Bonds. (a) Limited Obligation Bonds. The Financing Districts shall have the authority to issue limited obligation bonds in the total aggregate principal amount of One Hundred Eighty Million Seven Hundred Eighty Thousand Dollars ($180,780,000). It is anticipated that the Financing Districts — will make a total general obligation pledge to the District and/or issue bonds in the amount of One Hundred Eighty Million Seven Hundred Eighty Thousand Dollars ($180,780,000) to assist in financing the Improvements; however the total amount of general obligation debt issued by all of the Financing Districts shall not exceed One Hundred Eighty Million Seven Hundred Eighty Thousand Dollars ($180,780,000). The FFCOA will provide that each Financing District will have a cap on its total obligation and each Financing District shall only be required to fund on an annual basis, that amount the applicable Financing District would be capable of funding through tax revenues resulting from the imposition of a mill levy cap as defined in each Financing District's Service Plan. The maximum voted interest rate is anticipated to be eighteen percent (18%) and the maximum discount is anticipated to be five percent(5%). The exact interest rates and discounts will be determined at the time the bonds are sold by the Financing Districts, and will reflect market conditions at the time of sale. (00054184DOC v:8) 18 (b) General Obligation Bonds. The Districts will seek authority from their electorates to incur general obligation debt for various purposes in an aggregate amount, including all general obligation bonds and limited obligation bonds issued by all Financing Districts, not to exceed Two Hundred Twenty Million Dollars($220,000,000). The above amount exceeds the total debt set forth in the Financial Plans. This allows for the utilization of alternative financing mechanisms, unforeseen contingencies, increases in construction costs due to inflation, expansions of the Financing Districts' boundaries, changes in voter approved priorities, and to cover all issuance costs, including capitalized interest, reserve funds, discounts, legal fees and other incidents of costs of issuance. Bonds will not be issued by the Districts in excess of Two Hundred Twenty Million Dollars ($220,000,000), in the aggregate, without an amendment to this Service Plan. Prior to the first issuance of such bonds, it is anticipated that the Developer will advance funds for the construction of the Improvements which advances will accrue interest and, as such, the principal amount of bonds issued by the Financing Districts will be increased to cover such costs. Bonds would mature not more than forty(40) years from the date of issuance, with the first maturity being not later than three years from the date of their issuance. The maximum voted interest rate is anticipated to be eighteen percent (18%) and the maximum underwriting discount is anticipated to be five percent(5%). The exact interest rates and discounts will be determined at the time the bonds are sold by the Financing Districts, and will reflect market conditions at the time of sale. The Financing Districts may also issue notes, certificates, debentures or other evidences of indebtedness, including but not limited to contracts that extend beyond one year. {00054184.noc v:5} 19 2. Mill Levy Cap. It is anticipated that the Financing Districts will impose a mill levy on all taxable property within their boundaries as a primary source of revenue for repayment of debt service. Although the mill levy may vary depending on each Board's decision to fund the projects contemplated in this Service Plan, it is estimated that a mill levy of forty(40)mills will produce revenue sufficient, together with other funds available, to support the Financing Districts' debt service through the bond repayment period. In addition, the Financing Districts may capitalize interest to permit payment of interest during the time lapse between development of taxable properties and the collection of tax levies therefrom. In addition to the forty(40) mill levy for debt service, and as more specifically set forth in subsection 3 below, the Financing Districts will impose a"Regional Improvements Mill Levy"of ten(10) mills, the revenue from which will be used for debt service and operating expenses of the District. Interest income through the reinvestment of construction funds, capitalized interest and annual tax receipts will provide additional funds. These revenue sources should be sufficient to retire the proposed indebtedness if growth occurs as projected; otherwise, increases in the mill levy and/or the imposition of rates, tolls, fees and charges may be necessary, but in no event shall the debt service mill levy exceed the Mill Levy Cap, as defined below. The"Mill Levy Cap" shall be the maximum mill levy the District is permitted to promise to impose for payment of general obligation debt, and shall be determined as follows: (i) For debt which exceeds 50%of a Financing District's assessed valuation, the Mill Levy Cap shall be fifty(50) mills reduced by the number of mills necessary to pay the unlimited mill levy general obligation debt, provided however, that in the event the method of calculating assessed valuation is changed after the date of approval of this 00054184.DOC v:81 20 Service Plan,by any change in law,change in method of calculation, or in the event of any legislation or constitutionally mandated tax credit, cut or abatement, the mill levy limitation applicable to such debt may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Board in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted, 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. (ii) For debt which is less than 50%of a Financing District's assessed valuation, either on the date of issuance or at any time thereafter, the Mill Levy Cap shall be such amount as may be necessary to pay the debt service on such debt, without limitation of rate. For purposes of the foregoing, once debt has been determined to be within subsection ii above so that the District is entitled to pledge to its payment an unlimited ad valorem mill levy, the District may provide that such debt shall remain secured by such unlimited mill levy, notwithstanding any subsequent reduction in the assessed valuation of the District. 3. Regional Improvements Mill Levy. The FFCOA will provide that the Service District shall be authorized to provide for the planning, design, acquisition, construction, installation, relocation and/or redevelopment and a contribution to the funding of certain regional water and sanitation and storm drainage improvements and services and fund the administration and overhead costs related to the provision of such regional improvements and services. "Regional Improvements" {00054184.DOC v.81 21 are defined as such water and sanitation and storm drainage improvements and services as the Service District in its sole reasonable discretion believes are public in nature and are permitted by state law to be paid for from revenues derived from the Financing Districts, including operations and maintenance thereof. The Financing Districts shall impose a"Regional Improvements Mill Levy", which is defined as follows: Regional Improvements Mill Levy: means the mill levy imposed for payment of the costs of the planning, design, permitting, construction, acquisition and financing of the water and sanitation and storm drainage improvements and services and operation and maintenance costs therefor,which shall not exceed ten (10) mills. Collections shall begin in the first year of collection of an operations and maintenance or debt service mill levy by each Financing District. The Regional Improvements Mill Levy shall continue in each year thereafter until the Service District determines it is no longer necessary. All mills described in this Regional Improvement Mill Levy definition shall be adjusted as follows: on or after January 1, 2006, if there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement the ten(10) mill levy described above shall be increased or decreased to reflect such changes, such increases or decreases to be determined by the Board in good faith(such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of such changes; and 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 revenue from the Regional Improvement Mill Levy shall be conveyed to the Service District pursuant to the FFCOA for use in planning, designing, constructing, installing, acquiring, relocating, redeveloping or financing of the Regional Improvements as prioritized and determined by the Service District which benefit the service users and taxpayers of the Financing Districts in accordance with such agreement and for operation and maintenance costs therefor. The Regional Improvements shall be limited only as set forth in the FFCOA. (00054184.DOC v:8} 22 4. Operations. Annual administrative, operational and maintenance expenses are estimated as shown in the Financial Plans. The Financial Plans contemplate that the Financing Districts will impose a mill levy of ten(10)mills for operations. The Financial Plans project that the Financing Districts will have sufficient revenue to pay for their ongoing operations and maintenance expenses. If necessary,however, the Financing Districts reserve the right to supplement these revenues with additional revenue sources as permitted by law. The County shall not be held liable for any of the Districts' obligations as set forth in this Service Plan. Prior to the Financing Districts having sufficient revenue to pay their ongoing operations and maintenance expenses, the Developer of the property within the Development will advance funds to the Financing Districts. The Financing Districts shall have the authority to repay the Developer for amounts advanced for operations and maintenance expenses, together with interest thereon, pursuant to one or more operation funding agreements between the Financing Districts and the Developer. XI. CONCLUSION It is submitted that this Service Plan for the Pioneer Regional Metropolitan District establishes that: A. There is sufficient existing and projected need for organized service in the area to be serviced by the District; B. The existing service in the area to be served by the District is inadequate for present and projected needs; C. The District is capable of providing economical and sufficient service to the area within its proposed boundaries; (00054Is4.DOC v:8) 23 D. The area to be included in the District does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; E. Adequate service is not, and will not be, available to the area through the County or other existing municipal or quasi-municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; F. The facility and service standards of the District are compatible with the facility and service standards of the County within which the special district is to be located and each municipality which is an interested party under Section 32-1-204(1), Colorado Revised Statutes; G. The proposal is in substantial compliance with a master plan adopted pursuant to Section 30-28-106, C.R.S.; and H. The proposal is in compliance with any duly adopted County, regional, or state long-range water quality management plan for the area; and I. The creation of the District is in the best interests of the area proposed to be served. {00054184.DOC v:8} 24 EXHIBIT A Legal Description of Property {00054184.DOC v:8 • LEGAL DESIONIFIION • LEGAL DESCRIPTION A PARCEL OF LAND BEING A PART OF THE SOUTHEAST QUARTER OF SECTION 18, TOWNSHIP 2 NORTH, RANGE 64 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY -' DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER OF SAID SECTION 18, AND CONSIDERING THE WEST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 18 TO BEAR SOUTH 01'02'20" EAST, WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO; THENCE NORTH 01'02'20" WEST, ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 18, A DISTANCE OF 75.00 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING NORTH 01'02' 20" WEST, ALONG SAID WEST UNE OF THE SOUTHEAST QUARTER OF SEC110N 18, A DISTANCE OF 208.71 FEET; THENCE NORTH 89'07'45" EAST, A DISTANCE OF 208.71 FEET; THENCE SOUTH 01'02'20" EAST, A DISTANCE OF 208.71 FEET; -' THENCE SOUTH 89'07'45" WEST, A DISTANCE OF 208.71 FEET TO THE POINT OF BEGINNING, CONTAINING A CALCULATED AREA OF 43,560 SQUARE FEET OR 1.000 ACRE, 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. Rato WIWA ELBACH, JR. PLS NO. 25369 =� FOR AND ON BEHALF OF 25369 's} CARROLL & LANGE, INC. s0.'"huss°ss , 9/9/os ) DATE Carroll & Lange Professional Engineers 8 Land Surveyors 165 South Union d 8..Suite 156 Lakewood,Colorado ln8 228 . (303)980-0200 P:\3325\E)OIIBITS\DIRECTOR PARCEL SHEET 1 OF 2, PREPARED 09/08/05,REV. IMMI IMO EXHIBIT B-1 Boundary and Vicinity Map IMO Mop ORM (00054184.DOC v:8} • BOUNDARY MAP oserr 4 m, 0 Lir:—CAI N co O a 'z N SCALE: 1"=-100' w Ea SW 1 /4 ZINC SE 1/4 SEC 18 oN SEC 18 ITTWm N89'07'45"E 208.71' r 0u of PARCEL O N 43,560 S.F.± 0 1.000 AC.± o N N N O O o POINT OF ai BEGINNING 589'07'45"W 208.71' 3 I N O O cf?rtc O � 2 SOUTH LINE SE 1/4 SEC 18 L - 589'07'45"W 2635.72' POINT OF COMMENCEMENT SW COR SE 1/4 SEC 18 T2N, R64W, 6TH PM FOUND 2-1/2" ALUM CAP PLS 27269 NOTE: Carroll & Lange • Denotes Change of Direction Only. This Professional Engineers&Land Smveye,s exhibit does not represent a \/ Lakewoon Coio°soo Blvd Suite monumented survey. It is intended only (303)980-0200 to depict the attached legal description. P:\3325\EXHIWTSVARECTOR PARCEL, SHEET 2 Or 2, PREPARED 09/08/05, REV. o - c o k N 4 _ 'Al ki- d Z - . N. dI p ` 4t I o `n;adj § Q Vf f� ' rn O n s 1 ' I N a 3 A I!!! 5 - o • N - 1O „ N O N K 0 [0 0 O ,u p m U Z U 3 U EC 00glia F a O a 6 2m 4 < 1 Z i 2. .. .. . . . n n - • N. l / 1. \ L1 . .� r iftlf �f.1.1 Lij t L G• J ! - ti v4trMtf,.j �-• 3. mil\ `.� '. Y\w�.] - ° y.• r4, E , f 2 a . . - t E-\c� 1;,. , ' 1 I .� N fr .: I \ ■ m _ a r, T i �� ; • a ; ff' p V r 1 I • �'ygg,/ , I' { i fi ate . J 11 \ I 7 .. . ._• � a i• 'c • / ,� \ .••• I f a A N%6 , . � ./�� 1 '1 3 cl - /..---.. UUt<S Pam t �_rte.. -11 ,s I Z " ;1f A f. I�' A a 1 V :4 \ 7 1 rte. I IS ' I -�.-' __ A f k 1-_ a �O :(14 - .....-.-�_ .. � f ry z• . _ or HT i .... , it W ) . J 1 i t' s1 e ♦ ' 2 l 1 f, fI Li) 14 a / r'' f A 4 ; Lim i � : L 1 j' „._ .,3 f.. "d, ___� b :- ^ • . •1 f� 1} I.. 1•% { f 4 fi 1 i 7 { yj.--,-,\ \--„.. u # �yy a c ,r1� • x / ? ,_/•' . o -"F• _ F • x eti R 1 _. •.•,q i•L1M R y ♦ y a . • a 1 I - -- - _ .otr-'-''•^18f'"'m'O f_S'-'''""8£rn•'•00Z/S--- PZN.• 5Z£f""'"••IOId\rw•..,.!_ald1•'^^„d EXHIBIT B-2 Service Area (00054184.DOC v:8) P I bRa I 5 z 4 o x¢0 F %i l'•1i+i i I t 1 : y57 OmmW w „8 758 ill ! I 0 5E air < M a � - c� hi ' I .g Ni/H q lilt Z � N to mo x3 w= �W Xr \o co 7o • Ii1� VAN — — — \� \o < \ L. Jf O OO - oo M .a wcWnZ ` ��\ \\ ` I' \ -- N — £5 21�M 1 Q < \<1\08 \ \�\�o oo0 �8N NI Z < 0 0 \ ,O 0 0 0 0 O OO `i co—N- 0 -+--------� WZ � Mo \� �� o Moo \o .- o � oo N Ct Fe xWz \� 00 \,- 00 \ rn0 Sii _ LLS0£l\ O \\\\\ LJ N U Z - O a � N V bj cvi I r7i co ,. - ^ < rn o Z I- wI ro ` ro a<. o0 Q - Grow � W I �' o 31_44__________1_____________M�9'�I _ 'Mt9'b _I wc� o r , MS9'b , N M ^o 6L LINMA 'MS9'b ` r:� < >-• I I No r` o coo co z ! I O Q drQ O M N� � .;., - . . m i. : . i:::i: ` Z � Z I (V0I'NO \N � • Z MM Q =N o0I 00� t-:e_.,'-6 CI r-- 0 V Q F- Fci.L- I GMON� PO \00 00 ro in IJJ p to ::::: :::::::::::::N ,- a ro o `,`j boo `oo 00 4- N 0 zN II \ooCC pc) �, I CO rM • r• 0 � o �"'o \ na MN rho Z -J � k. - - - - - - - - - - � - - - ,► ce ow j , O � °- co N M N a W M O ► ��°�°�� —_—_ N to N NI Ir 6I I 1 I I Ili; 14,_________i_________i ., EXHIBIT C List of Improvements and Preliminary Engineer's Estimate of Costs; Description of Location of Public Improvements 00054184.DOC v:8 Contents 1. District Cost Summary _ 2. Pioneer Regional Metropolitan District 3. Pioneer Metropolitan District#1 - Detailed Budget _ 4. Pioneer Metropolitan District#2 - Detailed Budget 5. Pioneer Metropolitan District#3 - Detailed Budget _ 6. Pioneer Metropolitan District#4 - Detailed Budget 7. Pioneer Metropolitan District#5 - Detailed Budget 8. Pioneer Metropolitan District#6 - Detailed Budget 9. District Maps • District Boundary • Onsite Sanitary Sewer • Onsite Potable Water • Onsite Storm Sewer • Roadways • Conceptual Open Space/Trail Plan 10. List of Improvements and Preliminary Engineers Estimate of Costs; District Cost Assumption Backup DISTRICT COST SUMMARY: Pioneer Regional Metropolitan District: $29,849,400 Pioneer Metropolitan District#1: $26,414,954 Pioneer Metropolitan District#2: $31,387,214 Pioneer Metropolitan District#3: $27,952,104 Pioneer Metropolitan District#4: $33,007,929 Pioneer Metropolitan District#5: $21,026,280 Pioneer Metropolitan District#6: $5,204,722 _ Total Pioneer Metropolitan District#1 - 6 = $144,993,203 PIONEER REGIONAL METROPOLITAN DISTRICT (PRMD): I) Major District Components A) Potable Water Facilities. _ Pumping Facilities Storage Facilities Water Filtration and Treatment Plants Power Plants Ventilation Gauging Stations Inlets Infiltration Galleries Parking Facilities Miscellaneous Appurtenant Facilities B) Water Transmission Lines To include lines?24"in size. (Note:There are no water lines?24"in size.) C) Non-Potable Water Facilities Pumping Facilities Storage Facilities Irrigation Distribution D) Sanitary Sewer Improvements To include all sanitary sewer mains contained within the Pioneer District streets. E) Street Imnrovements Off-Site street improvements II) Potable Water Facilities UNIT TOTAL DESCRIPTION ONTY UNIT COST COST Blending/Treatment 1 EA $ 230,000$ 230,000 Storage 5,000,000 Gallons $ 1 $ 5,000,000 Pumping 1 EA $ 440,000$ 440,000 SUBTOTAL 5,670,000 Design/Survey/Testing; Construction Management;and Contingency 18% 1,020,600 6,690,600 Subtotal 6,690,600 10/7/2005 11:05 AM Page 4 PIONEER REGIONAL METROPOLITAN DISTRICT (PRMD): III) Non-Potable Water Facilities UNIT TOTAL _ DESCRIPTION QNTY UNIT COST COST Storage 500,000 Gallons $ 1 $ 500,000 Pumping 1 EA $ 160,000$ 160,000 Irrigation Distribution Lines 91,867 LF $ 39$ 3,577,289 SUBTOTAL 4,237,289 Design/Survey/Testing: Construction Management;and Contingency 18% 762,712 5,000,000 Subtotal 5,000,000 IV) Sanitary Sewer Improvements UNIT TOTAL DESCRIPTION QNTY UNIT COST COST A) ALLOCATED TO MD#1 24"PVC ASTM F679 1,200 LF $ 98.49 $ 118,188 SUBTOTAL A $ 118,188 B) ALLOCATED TO MD#5 24"PVC ASTM F679 5,200 LF $ 98.49 $ 512,148 SUBTOTAL B $ 512,148 C) ALLOCATED TO MD#6 24"PVC ASTM F679 5,000 LF $ - 98.49 $ 492,450 SUBTOTAL C $ 492,450 Subtotal 1,122,786 V)Street Improvements A) Off-Site Street Improvements" 17,036,014 Subtotal 17,036,014 VI)Cost Summary • Total Cost—Potable Water Facilities $ 6,690,600 • Total Cost—Sanitary Sewer Improvements $ 1,122,786 _ • Total Cost—Off-Site Street Improvements $ 17,036,014 • Total Cost—Non-Potable Water Facilities $ 5,000,000 Pioneer Regional Metropolitan District Total $ 29,849,400 Note: "Off-Site Street Improvements include those improvements whose timing.etc.will be determined thn,detailed studies during the Zoning process. 10/7/2005 11:05 AM Page 5 PIONEER METROPOLITAN DISTRICT #1 UNIT TOTAL DESCRIPTION ONTY UNIT COST COST II) Sanitary Sewer Improvements 21'PVC ASTM F679 5,000 LF 75.52 377,600 18'PVC ASTM F679 1,700 LF 70.80 120,360 15'PVC SOR 35 7,200 LF 56.64 407,808 �. 12 PVC SDR 35 800 LF 49.56 39,648 SUBTOTAL II $ 945,416 III) Water System Improvements 16'D.I.P. 22000 LF $ 112.10$ 2,466,200 SUBTOTAL III $ 2,466.200 IV) Storm Drainage Improvements DUAL 66'RCP STORM SEWER 1300 LF $ 535.72$ 696,436 48'RCP STORM SEWER 3000 LF 122.72 368,160 DETENTION/WATER QUALITY POND EXCAVATION 137000 CY 2.07 283.590 CUSTOM POND OUTLET STRUCTURE 2 EA 33,040.00 66,080 SUBTOTAL IV $ 1,414,266 V) Street Improvements 6 LANE STRATIGIC ROADWAY 3,000 LF $ 419.00$ 1,257,000 4 LANE STRATIGIC ROADWAY 0 LF 331.00 4 LANE URBAN ARTERIAL 7,500 LF 200.00 1,500,000 2 LANE URBAN ARTERIAL 12,200 LF 213.00 2,598,600 2 LANE RURAL ARTERIAL 7,400 LF 158.00 1.169.200 -- 2 LANE COLLECTOR 3,700 LF 258.00 954,600 TRAFFIC SIGNALS 6 EA 200,000.00 1,200,000 SUBTOTAL V $ 8,679,400 10/7/2005 11:05 AM Page 6 PIONEER METROPOLITAN DISTRICT #1 UNIT TOTAL DESCRIPTION QNTY UNIT COST COST VI) Community Facilities PARKS -Neighborhood Park 5(N5) 12.5 AC 141.600.00 $ 1.770,000 ENTRY FEATURES -Entry Feature 5(E5) 1 EA 100,300.00 100,300 -Entry Feature 6(E6) 1 EA 354,000.00 354,000 -Entry Feature 8(E8) 1 EA 59,000.00 59,000 -Neighborhood Entry Features 2 EA 29,500.00 59,000 — STREETSCAPE -6 Lane Stag.Rd. 3,000 LF 115.64 346,920 -4 Lane Stag.Rd. 0 IF 298.54 0 -4 Lane Urban Arterial 7,500 IF 315.06 2,362.950 -2 Lane Urban Arterial 12,200 LF 330.40 4,030,880 -2 Lane Rural Arterial 7,400 LF 122.72 908.128 -2 Lane Collector 3,700 LF 153.40 567.580 FENCING — -6 Lane Stag.Rd. 0 IF 0.00 0 -4 Lane Urban Arterial 10,000 LF 25.96 259,600 -2 Lane Urban Arterial 24.400 LF 22.42 547,048 -2 Lane Rural Arterial 2,300 LF 22.42 51.566 — -2 Lane Collector 7,400 LF 22.42 165,908 TRAILS -Major Trails(10'concrete) 8,400 LF 82.60 693.840 -Secondary Trails(6'concrete) 9,200 LF 49.56 455,952 — OIL 8 GAS WELL SCREENING 3 EA 59,000.00 177,000 SUBTOTAL VI $ 12,909,672 VII) Cost Summary • Total Cost—Sanitary Sewer Improvements $ 945,416 • Total Cost—Water System Improvements $ 2,466,200 • Total Cost—Storm Drainage Improvements $ 1,414,266 • Total Cost—Street Improvements $ 8,679,400 — • Total Cost—Community Facility Improvements $ 12,909,672 Pioneer Metropolitan District #1 Total $ 26,414,954 10/7/2005 — 11:05 AM Page 7 PIONEER METROPOLITAN DISTRICT#2 UNIT TOTAL DESCRIPTION ONTY UNIT COST COST II) Sanitary Sewer Improvements 18'PVC ASTM F679 1,800 LF $ 70.80$ 127,440 12'PVC SDR 35 3,900 LF 49.56 193,284 - 8"PVC SDR 35 800 LF 38.94 31,152 SUBTOTAL II $ 351,876 III) Water System Improvements 16"D.I.P. 11000 LF $ 112.10$ 1,233.100 SUBTOTAL III $ 1,233,100 IV) Storm Drainage Improvements DUAL 60"RCP STORM SEWER 2300 IF $ 379.96$ 873,908 60"RCP STORM SEWER 1000 LF 189.98 189,980 DETENTIONNOATER DUALITY POND EXCAVATION 110000 CY 2.07 227,700 CUSTOM POND OUTLET STRUCTURE 2 EA 33,040.00 66,080 OPEN CHANNEL(100'WIDE LAND CORRIDOR) 800 LF 66.00 52,800 BRIDGES 1 EA 3,380,000.00 3,380,000 SUBTOTAL N $ 4,790,468 V) Street Improvements 6 LANE STRATIGIC ROADWAY 0 LF $ 419.00$ - 4 LANE STRATIGIC ROADWAY 18,600 LF 331.00 6,156,600 4 LANE URBAN ARTERIAL 0 LF 200.00 - 2 LANE URBAN ARTERIAL 9,000 LF 213.00 1,917,000 2 LANE RURAL ARTERIAL 10,500 LF 158.00 1,659,000 2 LANE COLLECTOR 1,200 LF 258.00 309,600 2 LANE RURAL ARTERIAL 0 IF 205.00 - TRAFFIC SIGNALS 5 EA 200,000.00 1,000.000 SUBTOTAL V $ 11,042,200 10/7/2005 .... 11:05 AM Page 8 PIONEER METROPOLITAN DISTRICT #2 UNIT TOTAL DESCRIPTION ONTY UNIT COST COST VI)Community Facilities PARKS -Neighborhood Park (N3) 12.5 AC 141,600.00 S 1,770,000 ENTRY FEATURES -Entry Feature(E4) 1 EA 177,000.00 150,000 -Neighborhood Entry Features 2 EA 29,500.00 59.000 STREETSCAPE -6 Lane Stag.Rd. 0 LF 115.64 0 -4 Lane Stag.Rd. 18.600 LF 298.54 5,552,844 -4 Lane Urban Arterial 0 LF 315.06 0 -2 Lane Urban Arterial 9,000 LF 330.40 2,973.600 -2 Lane Rural Arterial 10,500 LF 122.72 1,288,560 -2 Lane Collector 1,200 LF 153.40 184.080 FENCING -6 Lane Stag.Rd. 0 LF 0.00 0 -4 Lane Urban Arterial 0 LF 25.96 0 -2 Lane Urban Arterial 16,400 LF 22.42 367.688 -2 Lane Rural Arterial 4,700 LF 22.42 105,374 -2 Lane Collector 2,400 IF 22.42 53,808 TRAILS -Major Trails(10'concrete) 5,700 LF 82.60 470,820 -Secondary Trails(6'concrete) 14,100 LF 49.56 698,796 OIL&GAS WELL SCREENING 5 EA 59,000.00 295,000 SUBTOTAL VI S 13,969,570 VII)Cost Summary • Total Cost—Sanitary Sewer Improvements $ 351,876 _ • Total Cost—Water System Improvements $ 1,233,100 • Total Cost—Storm Drainage Improvements $ 4,790,468 • Total Cost—Street Improvements $ 11,042,200 • Total Cost—Community Facility Improvements $ 13,969,570 Pioneer Metropolitan District #2 Total $ 31,387,214 10/72005 11:05 AM Page 9 PIONEER METROPOLITAN DISTRICT #3 UNIT TOTAL DESCRIPTION QNTY UNIT COST COST II) Sanitary Sewer Improvements 18"PVC ASTM F679 5,100 IF $ 70.80$ 361.080 15"PVC SDR 35 4.550 LF 56.64 257,712 12'PVC SDR 35 3,200 IF 49.56 158,592 10'PVC SDR 35 700 LF 47.20 33,040 SUBTOTAL II $ 810,424 III) Water System Improvements 16'D.I.P. 25000 LF $ 112.10$ 2,802,500 SUBTOTAL III $ 2,802,500 IV) Storm Drainage Improvements DUAL 66"RCP STORM SEWER 600 LF $ 535.72$ 321,432 66"RCP STORM SEWER 700 IF 267.86 167,502 48'RCP STORM SEWER 2000 LF 122.72 245,440 DETENDONJWATER QUALITY POND EXCAVATION 174000 CY 2.07 360,180 CUSTOM POND OUTLET STRUCTURE 3 EA 33.040.00 99,120 OPEN CHANNEL OW WIDE LAND CORRIDOR) 1500 LF 66.00 99,000 CULVERTS 2 EA 222,500.00 445,000 SUBTOTAL IV $ 1,757,674 V) Street Improvements 6 LANE STRATIGIC ROADWAY 0 LF $ 419.00$ - 4 LANE STRATIGIC ROADWAY 0 LF 331.00 - 4 LANE URBAN ARTERIAL 2.100 LF 200.00 420,000 2 LANE URBAN ARTERIAL 7.500 LF 213.00 1,597,500 2 LANE RURAL ARTERIAL 0 LF 158.00 2 LANE COLLECTOR 14,400 LF 258.00 3.715,200 TRAFFIC SIGNALS 3 EA 200,000.00 600,000 SUBTOTAL V $ 6,332,700 10/7/2005 11:05 AM Page 10 PIONEER METROPOLITAN DISTRICT #3 UNIT TOTAL DESCRIPTION (PITY UNIT COST COST VI) Community Facilities PARKS -Community Park 70 LS $ 6,500.000 -Neighborhood Park (N7) 12.5 AC 141,600.00 1 770,000 ENTRY FEATURES -Entry Feature(E4) 0 EA 0.00 0 -Neighborhood Entry Features 2 EA 29,500.00 59,000 STREETSCAPE -6 Lane Stag.Rd. 0 LF 115.64 0 -4 Lane Stag.Rd. 0 LF 298.54 0 -4 Lane Urban Arterial 2,100 LF 315.06 661,626 -2 Lane Urban Arterial 7.500 LF 330.40 2,478,000 -2 Lane Rural Arterial 0 LF 122.72 0 -2 Lane Collector 14,400 LF 153.40 2,208,960 FENCING -6 Lane Slag.Rd. 0 LF 0.00 0 -4 Lane Urban Arterial 0 LF 25.96 0 -2 Lane Urban Arterial 20,200 LF 22.42 452,884 -2 Lane Rural Arterial 0 LF 22.42 0 -2 Lane Collector 26,000 LF 22.42 582,920 TRAILS -Major Trails(10'concrete) 13,800 LF 82.60 1.139,880 -Secondary Trails(6'concrete) 5,600 LF 49.56 277,536 OIL&GAS WELL SCREENING 2 EA 59,000.00 118,000 SUBTOTAL VI $ 16,248,806 VII)Cost Summary • Total Cost—Sanitary Sewer Improvements $ 810,424 • Total Cost—Water System Improvements $ 2,802,500 • Total Cost—Storm Drainage Improvements $ 1,757,674 • Total Cost—Street Improvements $ 6,332,700 • Total Cost—Community Facility Improvements $ 16,248,806 Pioneer Metropolitan District #3 Total $ 27,952,104 10/7/2005 11:05 AM Page 11 PIONEER METROPOLITAN DISTRICT #4 • DESCRIPTION QNTY UNIT COST COST II) Sanitary Sewer Improvements - 18"PVC ASTM F679 4.600 LF $ 70.80$ 325.680 15"PVC SDR 35 13,200 LF 56.64 747.648 12"PVC SDR 35 1.250 LF 49.56 61,950 10"PVC SDR 35 800 LF 47.20 37,760 8"PVC SDR 35 700 LF 38.94 27,258 - SUBTOTAL II $ 1,200,296 - III) Water System Improvements 16"D.I.P. 11000 LF $ 112.10$ 1,233,100 12"PVC C900 12600 LF 60.18 758.268 SUBTOTAL III $ 1,991,368 IV) Storm Drainage Improvements .- 66"RCP STORM SEWER 1000 LF $ 267.86$ 267,860 48"RCP STORM SEWER 2000 LF 122.72 245,440 36"RCP STORM SEWER 700 IF 86.14 60,298 DETEN11ONWATER QUALITY POND EXCAVATION 146500 CV 2.07 303,255 CUSTOM POND OUTLET STRUCTURE 5 EA 33,040O0 165.200 "" OPEN CHANNEL(100'WIDE LAND CORRIDOR) 1000 LF 66.00 66,000 BRIDGES 1 EA 3,815,000.00 3.815,000 SUBTOTAL IV $ 4,923,053 - V) Street Improvements 6 LANE STRATIGIC ROADWAY 0 LF $ 419.00$ - 4 LANE STRATIGIC ROADWAY 10,800 LF 331.00 3,574.800 4 LANE URBAN ARTERIAL 0 IF 200.00 - 2 LANE URBAN ARTERIAL 11.600 IF 213.00 2,470,800 2 LANE RURAL ARTERIAL 3,000 LF 158.00 474,000 2 LANE COLLECTOR 8,500 LF 258.00 2,193,000 - TRAFFIC SIGNALS 2 EA 200,000.00 400,000 SUBTOTALV $ 9,112,600 10/7/2005 — 11:05 AM Page 12 PIONEER METROPOLITAN DISTRICT #4 UNIT TOTAL DESCRIPTION ONTY UNIT COST COST VI)Community Facilities PARKS -Neighborhood Park(N4) 12.5 AC 141.600.00$ 1,770,000 -Neighborhood Park (N6) 12.5 AC 141,600.00$ 1,770,000 ENTRY FEATURES -Entry Feature(E7) 1 EA 35,400.00 35.400 -Neighborhood Entry Features 2 EA 29,500.00 59,000 STREETSCAPE -6 Lane Stag-Rd. 0 LF .- 415.64 0 -4 Lane Stag.Rd. 10,800 LF - 298.54 3,224.232 -4 Lane Urban Modal 0 LE 315.06 0 -2 Lane Urban Arterial 11,600 LF 330.40 3,832,640 -2 Lane Rural Arterial 3,000 LF 122.72 368,160 -2 Lane Collector • 8,500 LF 153.40 1,303,900 FENCING -6 Lane Stag.Rd. 0 LF 0.00 0 -4 Lane Urban Arterial 0 LF 25.96 0 .� -2 Lane Urban Arterial 23,200 LF 22.42 520,144 -2 Lane Rural Medal 6,000 LF 22.42 134,520 -2 Lane Collector 17,000 LF 22.42 381,140 TRAILS .,.. -Major Trails(10'concrete) 16,600 LF 82.60 1,371,160 Secondary Trails(6'concrete) 6,100 LF 49.56 302,316 OIL 8 GAS WELL SCREENING 12 EA 59,000.00 708,000 SUBTOTAL VI $ 15,780.612 VII)Cost Summary • Total Cost—Sanitary Sewer Improvements $ 1,200,296 • Total Cost—Water System Improvements $ 1,991,368 • Total Cost—Storm Drainage Improvements $ 4,923,053 • Total Cost—Street Improvements $ 9,112,600 • Total Cost—Community Facility Improvements $ 15,780,612 Pioneer Metropolitan District #4 Total $ 33,007,929 10/7/2005 -� 11:05 AM Page 13 PIONEER METROPOLITAN DISTRICT #5 UNIT TOTAL DESCRIPTION ONTY UNIT COST COST II) Sanitary Sewer Improvements 18'PVC ASTM F679 9,600 LF 70.80 679,680 15'PVC SDR 35 5,000 LF 58.64 283,200 8'PVC SDP 35 6,000 LF 38.94 233,640 - SUBTOTAL II S 1,196,520 III) Water System Improvements 16'D.I.P. 25400 IF $ 112.10$ 2,847,340 12'PVC C900 14000 LF 60.18 842,520 SUBTOTAL III S 3,689,860 - IV) Storm Drainage Improvements 66'RCP STORM SEWER 2500 LF $ 267.86$ 669,650 48'RCP STORM SEWER 2000 LF 122.72 245,440 DETENTIONANATER QUALITY POND EXCAVATION 127000 CV 2O7 262,890 - CUSTOM POND OUTLET STRUCTURE 3 EA 33.040.00 99,120 SUBTOTAL IV $ 1,277,100 - V) Street Improvements 6 LANE STRATIGIC ROADWAY 0 LF $ 419.00$ 4 LANE STRATIGIC ROADWAY 0 LF 331.00 4 LANE URBAN ARTERIAL 0 IF 200.00 - - 2 LANE URBAN ARTERIAL 5,200 LF 213.00 1,107,600 2 LANE RURAL ARTERIAL 16,000 LF 158.00 2,528,000 2 LANE COLLECTOR 8,200 LF 258.00 2,115,600 TRAFFIC SIGNALS 0 EA 200,000.00 SUBTOTAL V $ 5,751,200 10/7/2005 — 11:05 AM Page 14 PIONEER METROPOLITAN DISTRICT #5 UNIT TOTAL DESCRIPTION ONTY UNIT COST COST VI)Community Facilities PARKS Neighborhood Park (NI) 12.5 AC 141,600.00$ 1,770,000 ENTRY FEATURES -Entry Feature(El) 1 EA 35400.00 35,400 — -Entry Feature(E2) 1 EA 61,000.00 61,000 -Entry Feature(E3) 1 EA 35,400.00 35,400 -Neighborhood Entry Features 2 EA 29,500.00 59,000 STREETSCAPE — -6 Lane Stag.Rd. 0 LF 115.64 0 -4 Lane Stag.Rd. 0 LF 298.54 0 -4 Lane Urban Arterial 0 LF 315.06 0 -2 Lane Urban Arterial 5,200 LF 330.40 1,718,080 .— -2 Lane Rural Medal 16,000 IF 122.72 1,963.520 -2 Lane Collector 8,200 LF 153.40 1,257,880 FENCING -6 Lane Stag.Rd. 0 LF 0.00 0 ,.. -4 Lane Urban Arterial 0 LF 25.96 0 -2 Lane Urban Medal 7,400 LF 22.42 165,908 -2 Lane Rural Medal 10,700 LF 22.42 239,894 -2 Lane Collector 12,900 LF 22.42 289.218 'TRAILS -Major Trails(10'concrete) 13.000 LF 82.60 1,073,800 Secondary Trails(6'concrete) 0 IF 49.56 0 Neves Canal Trail(10'crusher fines) 5,000 LF 41.30 206,500 OIL&GAS WELL SCREENING 4 EA 59,000.00 236,000 SUBTOTAL VI $ 9.111,600 VII)Cost Summary — • Total Cost—Sanitary Sewer Improvements $ 1,196,520 • Total Cost—Water System Improvements $ 3,689,860 • Total Cost-Storm Drainage Improvements $ 1,277,100 — • TotalCost—StreetImprovements $ 5,751,200 • Total Cost—Community Facility Improvements $ 9,111,600 Pioneer Metropolitan District #5 Total $ 21,026,280 10/7/2005 11:05 AM Page 15 PIONEER METROPOLITAN DISTRICT #6 UNIT TOTAL DESCRIPTION QNTY UNIT COST COST II) Sanitary Sewer Improvements 21"PVC ASTM F679 3,700 LF 75.52 279,424 18"PVC ASTM F679 2,700 IF 70.80 191,160 15"PVC SDR 35 1,600 LF 56.64 90,624 SUBTOTAL II $ 561,206 III) Water System Improvements 16'D.I.P. 6000 LF $ 112.10$ 672,600 SUBTOTAL III $ 672,600 IV) Storm Drainage Improvements DUAL 66"RCP STORM SEWER 2200 LF $ 535.72$ 1,178,584 66"RCP STORM SEWER 2300 LF 267.86 616,078 DETENTION/VVATER QUALITY POND EXCAVATION 149000 CY 2.07 308,430 CUSTOM POND OUTLET STRUCTURE 1 EA 33,040.00 33,040 SUBTOTAL IV $ 2,136,132 V) Street Improvements 6 LANE STRATIGIC ROADWAY 0 LF $ 419.00$ 0 4 LANE STRATIGIC ROADWAY 0 LF 331.00 0 4 LANE URBAN ARTERIAL 0 LF 200.00 0 2 LANE URBAN ARTERIAL 0 LF 213.00 0 2 LANE RURAL ARTERIAL 0 LF 158.00 0 2 LANE COLLECTOR 0 LF 258.00 0 TRAFFIC SIGNALS 0 EA 200,000.00 0 SUBTOTAL V $ 0 10/7/2005 11:05 AM Page 16 PIONEER METROPOLITAN DISTRICT #6 UNIT TOTAL - DESCRIPTION ONTY UNIT COST COST VI)Community Facilities PARKS -Neighborhood Park (N7) 5 AC 147,500.00$ 737,500 ENTRY FEATURES -Entry Feature(E9) 1 EA 236,000.00 236.000 -Neighborhood Entry Features 0 EA 29,500.00 0 STREETSCAPE -6 Lane Slag.Rd. 0 LF 115.64 0u -4 Lane Stag.Rd. 0 LF 298.54 •0 -4 Lane Urban Arterial 0 LF 315.06 0 -2 Lane Urban Arterial 0 LF 330.40 0 -2 Lane Rural Arterial 0 LF 122.72 0 -2 Lane Collector 0 LF 153.40 0 FENCING -6 Lane Stag.Rd. 0 LF 0.00 0 -4 Lane Urban Arterial 0 LF 25.96 0 -2 Lane Urban Arterial 0 LF 22.42 0 -2 Lane Rural Arterial 0 LF 22.42 0 -2 Lane Collector 0 LF 22.42 0 TRAILS -Major Trails(10'concrete) 2,600 IF 82.60 214,760 -Secondary Trails(6'concrete) 3,700 LF 49.56 183.372 -Box Elder Creek Trail(10'crusher fines) 5.500 LF 41.30 227,150 OIL 8 GAS WELL SCREENING 4 EA 59,000.00 236,000 SUBTOTAL VI $ 1,834,782 VII) Cost Summary • Total Cost—Sanitary Sewer Improvements $ 561,208 — • Total Cost—Water System Improvements $ 672,600 • Total Cost—Storm Drainage Improvements $ 2,136,132 — • Total Cost—Street Improvements $ 0 • Total Cost—Community Facility Improvements $ 1,834,782 — Pioneer Metropolitan District #6 Total $ 5,204,722 10/712005 — 11:05 AM Page 17 0 o sI o o lo.r s o a'h .^, lc m o 912 N l NIo , gg U o m;9- ii izs g5api9 w o N o a U I all _ n 0 0 0 o 0 O l y MI o o IA 0 ao a a 0 a O ,.,` LI n W a a a a a a \I/ Z 2 ii`2 o a Li € 0 0 0 0 m N _cm; o 3 0 z w co _I __ W ' I 1 i7 a ., N 1 - 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Sanitary sewer constructed by Resource Colorado District and by Pioneer Regional Metropolitan District have been allocated to the 6 metropolitan districts by geographic area. 3. Unit Prices: • Sanitary Sewer,Water&Storm Sewer based on pricing from Tierdael Construction Company, 8-18-05. • Grading costs based on pricing provided by Bemas Construction, Inc., 8-19-05. • Paving costs based on pricing provided by Premier Paving, Inc., 8-19-05. Landscaping costs based on pricing provided by Gage Davis&Associates, 8-24-05. • Waste Water Treatment Plant and Potable Water Treatment/Storage costs based on pricing provided by Brad Simons, PE, Gateway American Resources, 8-25-05. • Bridge and Culvert costs provided by Daryl Lindeman, P.E. Carroll& Lange, Inc., 8-25-05. _ • 1-76 Interchange&Traffic Signal costs based on pricing provided by Benjamin Waldman,PE, LSC Consultants, Inc., 8-18-05. Sanitary Sewer Improvement Assumptions: 1. Unit costs for sanitary sewer mains anticipate an average depth of 11'. 2. Unit costs for sanitary sewer include one(1)manhole every 300 LF. 3. Sanitary mains between 8"-24"shall use 4'-DIA manholes. 4. Sanitary mains greater than or equal to 27"shall use 5'-DIA manholes. Water System Improvement Assumptions: 1. Unit costs for water mains include one(1)standard fire hydrant assembly, including a tee,valve, fire hydrant, and approximately 15 LF of 6"DIP,every 1000 LF. 2. Unit costs for water mains include one(1)fitting, tee or cross, every 600 LF. 3. Unit costs for water mains include one butterfly valve every 600 LF. 4. Curvilinear waterline alignments shall be constructed with joint deflections. Fittings for curvilinear alignments are not included in this cost estimate. Storm Drainage Improvement Assumptions: 1. Unit costs for storm sewer mains include one(1)manhole every 300 LF. 2. Storm mains between 18"- 30"shall use 4'-DIA manholes. 3. Storm mains between 33"- 42"shall use 5'-DIA manholes. 4. Storm mains between 48"- 54"shall use 6'-DIA manholes. 5. Storm mains greater than 54"shall use box base manholes. 6. A 10'Type'R'inlet,with 20'of 18"CL III RCP lateral, is assumed to occur every 300'along storm mains. 7. Custom pond outlets consist of two type'D'inlets with three orifice plates and 150'of 48"CL III RCP outlet pipe with a flared end section and very heavy rip-rap protection. 8. Drainage channels are assumed to need a 100'wide corridor, be graded six feet deep with 4:1 side slopes,with a six-foot bottom width containing a four-foot wide concrete trickle channel with 6-inch high curbing on each side. The entire corridor will be native grass-lined and will have an eight-foot wide gravel maintenance access road along the top of one side. Street Im ro ent Assumptions: 1. All streets constructed with full depth asphalt with the following thicknesses: 6 Lane Strategic Roadway: 12" 4 Lane Strategic Roadway: 12" 4 Lane Urban Arterial: 12" 2 Lane Urban Arterial: 10" 2 Lane Rural Arterial: 10" 2 Lane Collector: 10" UNIT PRICES UNIT UNIT SANITARY COST 33" SPIRAL WOUND PVC ASTM F794 $123.90 LF 30'SPIRAL WOUND PVC ASTM F794 $113.28 LF 27"PVC ASTM F679 $88.50 LF 24"PVC ASTM F679 $79.06 LF 21"PVC ASTM F679 $75.52 LF 18"PVC ASTM F679 $70.80 LF 15"PVC SDR 35 $56.64 LF 12"PVC SDR 35 $49.56 LF 10"PVC SDR 35 $47.20 LF 8"PVC SDR 35 $38.94 LF WATER 16"D.I.P. $112.10 LF 12'PVC C900 $60.18 LF STORM DUAL 66"RCP STORM SEWER $535.72 LF DUAL 60"RCP STORM SEWER $379.96 LF 72"RCP STORM SEWER $313.88 LF 66"RCP STORM SEWER $267.86 LF 60"RCP STORM SEWER $189.98 LF 54"RCP STORM SEWER $154.58 LF 48"RCP STORM SEWER $122.72 LF 42"RCP STORM SEWER $105.02 LF 36'RCP STORM SEWER $86.14 LF 30'RCP STORM SEWER $76.70 LF 24"RCP STORM SEWER $70.80 LF 18"RCP STORM SEWER $66.08 EA DETENTIOWWATER QUALITY POND EXCAVATION $2.07 CY CUSTOM POND OUTLET STRUCTURE $33,040.00 EA OPEN CHANNEL(100'WIDE LAND CORRIDOR) $66.00 LF STREET 6 LANE STRATIGIC ROADWAY $419.00 LF 4 LANE STRATIGIC ROADWAY $331.00 LF 4 LANE URBAN ARTERIAL $200.00 LF 2 LANE URBAN ARTERIAL $213.00 LF 2 LANE RURAL ARTERIAL $158.00 LF 2 LANE COLLECTOR $258.00 LF Note: All Unit Costs include the following: 18%for Design, Staking&Testing; Construction Management; and Contingency Tierdael Construction Company General Contractors �•) ` 0 1775 EAST 69TH AVENUE air DENVER,COLORADO 80229 BUS (303)287-7700 FAX'. (303)287-1790 BUDGET ESTIMATE UNIT PRICES GATEWAY AMERICAN PROPERTIES 9145 E.KENYON AVE.,SUITE 200 DENVER,COLORADO 80237 -- (303)843-9742 FAX(303)43-0143 ATTENTION:PAULL NATION,jr PROJECT: PIONEER FARMS SUBDIVISION-BUDGET ESTIMATE — OWNER:GATEWAY AMERICAN Addenda NO. DESCRIPTION UN QUANT AVG.UNIT A SANITARY SEWER I 33"SANITARY SEWER PIPE LF I $ 105.00 2 30"SANITARY SEWER PIPE LF I $ 96.00 3 27"SANITARY SEWER PIPE LF I $ 75.00 4 24"SANITARY SEWER PIPE LF 1 5 67.00 5 21"SANITARY SEWER PIPE LF 1 $ 64.00 6 I8"SANITARY SEWER PIPE LP I $ 60.00 7 15"SANITARY SEWER PIPE LF I $ 48.00 _ 8 12"SANITARY SEWER PIPE LF I $ 42.00 9 10"SANITARY SEWER PIPE LF I S 40.00 10 8"SANITARY SEWER PIPE LF 1 - S 33.00 — a WATER SYSTEM I 16"DIP WATER PIPE LF I $ 95.00 2 12"C-900 PVC WATER PIPE LF I 5 51.00 3 8"C-900 PVC WATER PIPE LP I $ 38.00 C STORM SEWER I 72"CL El RCP LF 1 5 266.00 - 2 66"CL III RCP LF I $ 227.00 3 60"CL III RCP LF I $ 161.00 4 54"CL III RCP LP I $ 131.00 5 48"CL III RCP LF I $ 104.00 - 6 42"CL III RCP LF I $ 89.00 7 36"CL III RCP LF I S 73.00 8 30"CL III RCP LF I $ 65.00 9 24"CL III RCP LF I $ 60.00 - 10 18"CL III RCP LF I $ 56.00 I I CUSTOM POND OUTLET STRUCTURE LS I $ 28,000.00 1 oft MEMO TO: Tom DiRito FROM: Brad Simons CC: Paull Nation DATE: August 25,2005 RE: Wastewater/Water Facilities—District Cost Estimates Following is a summary of the estimated capital costs for Resource Colorado's wastewater and water facilities, as well as Pioneer's control district's water facilities. RESOURCE COLORADO'S WASTEWATER FACILITIES _ As presented to you on Friday, August 19,preliminary planning for Resource Colorado's wastewater treatment facilities anticipates the improvements being constructed in four phases. These phases, their respective capacities and resulting total capacity are tabulated below. Phase Phase Capacity Total Plant Capacity _ 1 300,000 gpd 300,000 gpd 2 700,000 gpd 1,000,000 gpd 3 1,000,000 gpd 2,000,000 gpd 4 2,000,000 gpd 4,000,000 gpd These phased improvements generate capacity for a quantity of ERUs dependent upon the average daily flow per ERU. For planning purposes,a value of 320 gallons per day per ERU is commonly used,but the actual flow can be considerably less than this value. Recent use of low flow devices in new construction has resulted in a value of 240 gallons per day per ERU or less. ERU capacities for each of these phases are tabulated below for 320 and 240 gpd per ERU. Phase Phase Capacity At 320 gpd per ERU At 240 gpd per ERU _ 1 300,000 gpd 938 1250 2 700,000 gpd 2188 2917 3 1,000,000 gpd 3125 4167 4 2,000,000 gpd 6250 8333 Memo to Tom DiRito August 25, 2005 Page Two In accordance with State of Colorado requirements, once influent flows approach 80 percent of total plant capacity,planning for the subsequent phase will begin. In accordance with the same State requirements, construction of each subsequent phase will begin once influent flows approach 95 percent of total plant capacity. The general trigger points for the planning and construction of the incremental phases are tabulated below,but these trigger points could be reduced as a result of actual development projections in the future. Phase Planning Trigger Construction Trigger 1 N/A N/A 2 240,000 gpd 285,000 gpd 3 800,000 gpd 950,000 gpd 4 1,600,000 gpd 1,900,000 gpd For costing purposes, information associated with four recently constructed wastewater treatment facilities was assembled. These facilities are all"new"in terms of unit processes. The facilities, treatment technologies,capacities and costs are tabulated below. Facility Technology Capacity Cost Lochbuie CAS 1.0 MOD $5.6M Milliken Aeromod 0.7 MGD $5.2M• Berthoud CAS 2.0 MGD $7.8M Wellington Oxidation Ditch 0.45 MGD $5.1M The raw costs for Lochbuie's new facility equate to$5.60 per gallon of capacity. The improvements do not include a permanent headworks structure, and only limited disinfection facilities were constructed,but many unit processes were constructed to a capacity of 1.5 MGD. The raw costs for Milliken's new facility equate to $7.43 per gallon of capacity. The improvements utilized the existing headworks structure to reduce construction costs,but the project incorporated a higher architectural component. The raw costs for Berthoud's new facility equate to$3.90 per gallon of capacity. The improvements utilized the existing solids processing facilities to reduce construction costs. The raw costs for Wellington's new facility equate to$11.33 per gallon of capacity,but the majority of the facility has an actual capacity of 0.7 MGD. Accordingly, the raw costs can be approximated to be$7.28 per gallon of capacity. Memo to Tom DiRito August 25,2005 Page Three Based upon the raw costs summarized above, an estimated cost of$8.00 per gallon of capacity is used for Phase 1 of Resource Colorado's new wastewater treatment facility. Implementing a 10 percent contingency on the estimated cost of$8.00 per gallon, the Phase 1 capacity of 300,000 gallons per day is estimated to cost$2,640,000. surveying, engineering and construction management costs are in addition to this construction cost estimate. Cost estimates, including the 10 percent contingency but excluding surveying,engineering and construction management costs, for the subsequent phases of Resource Colorado's wastewater treatment facility are tabulated below. Phase Phase Capacity Cost per Gallon Phase Cost 2 700,000 gpd $7.50 $5,250,000 3 1,000,000 gpd $6.50 $6,500,000 4 2,000,000 gpd $5.00 $10,000,000 Resource Colorado's cost estimates,as presented above,do not include any costs associated with — collection lines,metering facilities,lift stations or interceptor sewers. RESOURCE COLORADO'S WATER FACILITIES Appendix F to Pioneer's Comprehensive Plan Amendment application, dated July 29,2005, identifies a total water resource planning number of 4,150 acre-feet of water annually for 10,000 ERUs. The infrastructure necessary to deliver this quantity of water on an annual basis to Pioneer's boundaries includes wells, gathering pipelines, treatment facilities(consisting of simple chlorination), storage tanks,booster pumping facilities and transmission pipelines. The initial improvements anticipate facilities capable of delivering approximately half of the annual supply(2,250 acre-feet)necessary for indoor and outdoor uses. Approximately 1,435 acre-feet of this initial amount will be used for indoor purposes, while the remaining 815 acre-feet will be used for outdoor purposes. An estimated 18 water wells within the Lost Creek Designated Groundwater Basin will need to be reconstructed and equipped to meet the initial supply amount and provide some water production redundancy. An estimated 10 miles of gathering pipeline will need to be constructed from the wells to the treatment facilities(20' by 20' buildings and equipment)and storage tanks. The booster pumping facilities(30' by 30' buildings and equipment)will be constructed and equipped in phases to meet delivery demands. A maximum pumping capacity of five limes annual average demand is anticipated, so the initial improvements anticipate a peak capacity of approximately 7,000 gpm achieved in phases. The initial transmission pipeline is anticipated to be 30 inches in diameter and run an estimated 10 miles to the treatment, storage and distribution facilities of the Pioneer Water and Sanitation — District(i.e. control district). The costs estimates associated with Resource Colorado's initial improvements are tabulated below. — Memo to Tom DiRito August 25,2005 Page Four Item Quantity Unit Unit Price Cost Estimate Well 18 Each $115,000 $2,070,000 6"Gathering 26,400 Feet $27.00 $712,800 — 8"Gathering 15,840 Feet $36.00 $570,240 12"Gathering 10,560 Feet $54.00 $570,240 Treatment 2 Each $100,000 $200,000 — Storage 2,000,000 Gallons $1.00 $2,000,000 Pumping Station 2 Each $360,000 $720,000 30"Transmission 52,800 Feet $135.00 $7,128,000 — Subtotal $13,971,280 Contingency(10%) $1,397,128 Total $15,368,408 "- Over time,the return flows from indoor and outdoor water uses are anticipated to be the augmentation supply for a dual water system whereby the non-potable irrigation water will be pumped from shallow alluvial wells in the Box Elder Creek Drainage Basin. For 10,000 ERUs, — the outdoor water requirements equate to 1,500 acre-feet annually. Return flows in the form of wastewater effluent from indoor water uses are anticipated to be approximately 2,250 acre-feet annually—more than adequate to augment the anticipated outdoor water uses. Accordingly, as — Pioneer Communities develops,Resource Colorado's initial water system improvements will only require minimal improvements to accommodate the secondary phase of improvements. The second phase of infrastructure will need to increase the total annual delivery amount to 2,650 acre-feet for indoor water uses and will include additional wells, gathering pipelines, treatment facilities(consisting of simple chlorination), storage tanks,booster pumping facilities and transmission pipelines. With the outdoor water demands being met through the non-potable irrigation component of the dual water system,Resource Colorado's additional improvements will only be expected to meet the additional indoor water demands and provide a degree of redundancy for the total of 10,000 ERUs. The costs estimates associated with Resource Colorado's secondary improvements are tabulated below. Memo to Tom DiRito August 25, 2005 Page Five Item Quantity Unit Unit Price Cost Estimate Well 4 Each $115,000 $460,000 6"Gathering 10,560 Feet $27.00 $285,120 8"Gathering 5,280 Feet $36.00 $190,080 12"Gathering 5,280 Feet $54.00 $285,120 Treatment 1 Each $100,000 $100,000 Storage 2,000,000 Gallons $1.00 $2,000,000 Pumping Station 1 Each $340,000 $340,000 24"Transmission 31,680 Feet $110.00 $3,484,800 Subtotal $7,145,120 Contingency(10%) $714,512 Total $7,859,632 Future wholesale customers of Resource Colorado's water facilities could benefit from the initial and secondary improvements constructed to serve Pioneer Communities,but additional improvements constructed to serve these same future wholesale customers could also benefit Pioneer Communities by providing overall system redundancy, as well as possibly alternate points of delivery. PIONEER COMMUNITIES' WATER FACILITIES Once delivered to Pioneer's boundaries through Resource Colorado's water facilities, additional water facilities are needed for the Pioneer Water and Sanitation District(i.e. control district). These facilities will include blending facilities(with on-site water sources), treatment facilities (consisting of simple chlorination),storage tanks,booster pumping facilities and distribution pipelines. The costs estimates associated with the control district's infrastructure,excluding on- site water sources (i.e.Denver Basin wells) for 10,000 ERUs are tabulated below. Item Quantity Unit Unit Price Cost Estimate Blending/Treatment 1 Each $230,000 $230,000 Storage 5,000,000 Gallons $1.00 $5,000,000 Pumping Station 1 Each $440,000 $440,000 Subtotal $5,670,000 Contingency(10%) $567,000 Total $6,237,000 Carroll & Lange= Professional Engineers&Land Surveyors C\fVj Lakewood • Winter Park August 25, 2005 JN: 3325 Project: Pioneer Subject: Major Drainage Crossings Concept Stage Budget Estimate A. Keensburg Tributary Roadway Crossings (double 12' x 6' CDOT Box Culverts) 1. North Crossing under 4 Lane Arterial (120' +/- back of walk to back of walk) assume 4'cover and 4:1 at each end to headwalls: 4 x 4 x (2) = 32 120 + 32 = 152'; assume length = 160' Structure cost: 160' x 2.3 CY/LF x $300/CY = $ 110,000 Channel transition grading & erosion protection plus revegetation, wingwalls, and safety railing $ 50,000 Subtotal $ 160,000 Concept-Stage Estimated Total $ 235,000 (including construction contingency (20%), design, staking, and testing (20%), and construction management(7%)). 2. South Crossing under 2 Lane Collector (100 ' +/- back of walk to back of walk) assume 4' cover and 4:1 at each end to headwalls = 4 x 4 x (2) = 32 100 + 32 = 132', assume length = 135' Structure cost 135' x 2.3 CY/LF x $300/CY= $ 93,000 Channel transition grading and erosion protection Plus revegetation, wingwalls, and safety railing $ 50,000 Subtotal $ 143,000 Concept-Stage Estimated Total: $ 210,000 (including construction contingency (20%), design, staking, and testing (20%), and construction management (7%)). P.O.Box 3345 63 Cooper Creek Way, Suite 328 165 South Union Blvd., Suite 156 Winter Park,CO 80482-3345 Lakewood,CO 80228 (970)726-8100 Fax 726-9100 (303)980-0200 Fax 980-0917 Denver-Winter Park Dir. 980-9600 B. Box Elder Creek Roadway Crossings (side by side bridges) 1. Box Elder Creek under WCR22 (4 Lane Strategic Arterial) Due to median condition and no nearby intersections, assume twin bridges with 2 lanes plus 6' walk/pedestrian refuge for each direction. Total edge-to-edge bridge width (each structure) assumed to be 36' +/-. Span length is assumed to be 300' (90° stream crossing) Total structure deck area (both bridges): 300' x 36' x 2 structures = 21,600 SF Structures only cost: 21,600 SF x$90/SF = $ 1,944,000 Channel transition grading, spur dikes, erosion projection, revegetation, guardrails, and 5' average fill for the roadway for% miles west of the bridge. $ 354,000 Subtotal $2,298,000 Concept-Stage Estimated Total: $3,380,000 (including construction contingency(20%), design, staking, and testing (20%), and construction management (7%)). 2. Box Elder Creek Under WCR 49 (4 Lane Strategic Arterial) Due to median condition and no nearby intersections, assume twin Bridges with 2 lanes plus 6' walk/pedestrian refuge for each direction. Total edge-to-edge bridge width (each structure) assumed to be 36 +/-. Span length is assumed to be 346' (60° stream crossing) Total structure deck area (both bridges): 346' x 36' x 2 structures = 24,900 SF Structures only cost: = 24,900 SF x $90/SF = $2,241,000 Channel transition grading, spur dikes, erosion projection, revegetation, guardrails, and 5' average fill for the roadway for% miles north of the bridge. $ 354,000 Subtotal $2,595,000 Concept-Stage Estimated Total: $3,815,000 (including construction contingency (20%), design, staking, and testing (20%), and construction management (7%)). p SS QS 0 - U 0.000.° R.00 ° O �0 O N ^ � OOttOooO M 00 OO ODoOIL rOM rr M.M00 V' nWM O NNNrr0M e te-0 i-00ea H N 000000 4' N a-•- U) Z ("' C 08888 0 N a r r M < < < < r Q - ; rtpOoM Z 7 ZZZZ Z C 0 O -C i Y O d > > > C Q CA •- v) N N N N W J J _ O O U 21 pC a> to > >. o U m c O gym _ m 0 0 o ° O m o O Y Y Q Z N.CO a) U m Oa 0 U) C� V) � Op) O �j U o 0 00 o o o � o o L am ? = a o oo ? oral o 0 o OoO � C r (tlbnCAN Otnr 000D0 C D fA000-00N0 rrrtnfN _ 2 0 a 73 _ i c I- 0) o t C a O U — O l0 0 Cl-0 Zr > (t c .aC C E m = o • m (�} OCn rn o m c m m U C t '0 o 3 Q.C !>li i — 00 a uj 0 C 7 C mao c001- .6 00 - 000 0 aE Ea cgS rnO rn Q C C U O foa ¢ wmro (nJ owl- (nF- U F- `u ° - o , t V O U < S N =O J J O W YC J W 1 J 11 c W K J H f 1 1 c wIOJJO W OC _ owe OZI3V LW O � s 4IOJJO W OC IJ t N ofi N g ! 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These two categories have assumed market values of $225,000/unit, and $130,000/unit. These market values are inflated at 2%/year through buildout. The single-family residential absorption begins with the first completed home in 2008 and continues through 2026. The multi-family units will be completed in 2027. 3. Assessed Valuation: Districts #1-6 assessed value is shown in the year of tax collection, which lags 2 years from the year of construction. The assessed value for commercial property is 29% of the market value and the assessed value for residential property is 7.96% of the market value, which is the residential assessment ratio effective next year as determined in accordance with the Gallagher Amendment. At buildout, collected in 2028, the District's expected assessed value will be $227.4 million. This plan also assumes biennial reassessment of 2%after buildout. 4. District Revenues: The Regional District expects to receive a transfer of mill levies from Districts #I-6 of 8 mills for debt service and 2 mills for operations in accordance with an Intergovennental Agreement. The Regional District will collect sewer tap fees of $500/SFD unit and $333/MFD unit. The Regional District also expects to collect water tap fees of$1,000/SFD unit and $667/MFD unit. The transfer of specific ownership tax revenue has been estimated at 10% of the property taxes collected. 5.- District Operations: $14,068 inflated at 2% per year is allocated for Regional District administrative costs, and the Regional District's operations and maintenance costs grow to $432,770 per year by 2026. 6. Debt Structure: This plan demonstrates the Regional District's ability to support $32.1 million in General Obligation debt in five bond issues, raising a total of $30.4 million in proceeds net of issuance costs and capitalized interest. 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ArBd i agah- ictnagi'in42 '4'. a e' s' 000000000000000000000 0o E S 43 a a asramn e.,9F,ammmaassma^ori. al- q13 0000000000000000 000 N ooI s ; 0 000000000000000o00000fl00o 0 a $a' g§ 3loa.coo 000000000000000 r s 000$ §'sRe$ . EE a$Tu^0000Ia _ — o' A ; sR:mFIow�t: mrSR5-V gym IR Fa' .e.a .teizr;e;e:a1,7,A,e;efr.elnaraa la y , n o nv�RREHa'i u4 Qm RretH z $mmrmmNE a ¶ !' e0 § § s§sa00001sIImam• oo Q o c 0 0 0 0 0 0 0 0 0 0 0 o a c o o q'o o a o 0 if i0 7.1f3 ®R - 3 _ � Ii ITC _ LL r — Luc' € ii oosg§ssssasssa �s §lgg00° 8 . o• - . a a 2 8 — rnR88«R n nnn;;;E ;222222 «n«0 SOURCES AND USES OF FUNDS PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2008 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2008 Delivery Date 12/01/2008 Sources: Bond Proceeds: Par Amount 6,700,00000 6,700,000.00 Uses: Project Fund Deposits: Construction Fund 6,040,345.34 Other Fund Deposits: Capitalized Interest 458,654.66 Other Delivery Date Expenses: Global COI 201,000.00 6,700,000.00 c Oct 3,2005 2:54 pm Prepared by Kirkpatrick Penis Quantitative Group-EL (Pioneer MD 05:CSEP3005-W0BNRC) Page 1 BOND DEBT SERVICE PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2008 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/012008 Delivery Date 12/012008 Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/2008 06/01/2009 234,500 234,500 12/01/2009 234,500 234,500 469,000 06/01/2010 234,500 234,500 12/012010 410,000 7.000% 234,500 644,500 879.000 06/01/2011 220,150 220,150 12/012011 515,000 7.000% 220,150 735,150 955,300 06/0112012 202,125 202,125 12/01/2012 585,000 7.000% 202,125 787,125 989,250 -- 06/01/2013 181,650 181,650 12/01/2013 10,000 7.000% 181,650 191,650 373,300 06/012014 181,300 181,300 12/01/2014 45,000 7.000% 181,300 226,300 407,600 06/01/2015 179.725 179,725 _ 12/01/2015 50,000 7.000% 179,725 229,725 409,450 06/012016 177,975 177,975 12/01/2016 60,000 7.000% 177,975 237,975 415,950 06/01/2017 175,875 175,875 12/01/2017 65,000 7.000% 175,875 240,875 416,750 06/01/2018 173,600 173,600 - 12/01/2018 80.000 7.000% 173,600 253,600 427,200 06/01/2019 170,800 170,800 12/01/2019 85,000 7.000% 170,800 255,800 426,600 06/01/2020 167,825 167,825 12101/2020 100,000 7.000% 167,825 267,825 435,650 -- 06/012021 164,325 164,325 12/01/2021 105,000 7.000% 164,325 269,325 433,650 06/01/2022 160.650 160,650 12/01/2022 120,000 7.000% 160,650 280,650 441,300 06/01/2023 156,450 156,450 12/01/2023 130,000 7.000% 156,450 286.450 442,900 ' 06/012024 151,900 151,900 12/01/2024 145,000 7.000% 151,900 296,900 448,800 06/01/2025 146,825 146,825 12/01/2025 160,000 7.000% 146,825 306,825 453,650 06/01/2026 141,225 141,225 - 12/01/2026 180,000 7.000% 141,225 321,225 462,450 06/01/2027 134,925 134,925 12/012027 190,000 7.000% 134,925 324,925 459,850 06/01/2028 128.275 128,275 12/01/2028 215,000 7.000% 128,275 343,275 471,550 .:... 06/01/2029 120,750 120.750 12/01/2029 230.000 7.000% 120,750 350,750 471.500 06/01/2030 112,700 112,700 12/012030 255,000 7.000% 112,700 367,700 480,400 06/01/2031 103,775 103,775 _ 12/01/2031 270,000 7.000% 103,775 373,775 477,550 06/01/2032 94,325 94,325 12/01/2032 300,000 7.000% 94,325 394,325 488,650 06/01/2033 83,825 83,825 12/012033 320,000 7.000% 83,825 403,825 487,650 06/01/2034 72,625 72,625 12/01/2034 355,000 7.000% 72,625 427,625 500,250 06/01/2035 60,200 60,200 12/01/2035 375,000 7.000% 60,200 435,200 495,400 06/01/2036 47,075 47,075 12/01/2036 415,000 7.000% 47,075 462,075 509,150 06/01/2037 32,550 32,550 12/01/2037 445,000 7.000% 32,550 477,550 510,100 06/01/2038 16,975 16,975 12/01/2038 485,000 7.000% 16.975 501,975 518,950 6,700,000 8,458,800 15,158,800 15,158,800 — r Oct 3,2005 2:54 pm Prepared by Kirkpatrick Pettis Quantitative Group-El (Pioneer MO 05:CSEP300SW 08NRC) Page 2 NET DEBT SERVICE PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2008 G.O.BONDS Non-Rated,30-Year Maturity �, Total Capitalized Net Annual Date Principal Interest Debt Service Interest Debt Service Net DIS 06/01/2009 234,500 234,500 234,500 12/01/2009 234,500 234,500 234,500 -- - 06/01/2010 234,500 234,500 234,500 12/01/2010 410,000 234,500 644,500 644,500 879,000 06/01/2011 220,150 220,150 220,150 12/01/2011 515,000 220,150 735,150 735,150 955,300 06/01/2012 202,125 202,125 202,125 - 12/0112012 585,000 202,125 787,125 787,125 989,250 06/01/2013 181,650 181,650 181,650 12/01/2013 10,000 181,650 191,650 191,650 373,300 06/01/2014 181,300 181,300 181,300 r 12/01/2014 45,000 181,300 226,300 226,300 407,600 06/01/2015 179,725 179,725 179,725 12/01/2015 50,000 179,725 229,725 229,725 409,450 06/012016 177,975 177,975 177,975 12/01/2016 60,000 177,975 237,975 237,975 415,950 06/01/2017 175,875 175,875 175,875 12/01/2017 65,000 175,875 240,875 240,875 416,750 06/01/2018 173,600 173,600 173,600 12/01/2018 80,000 173,600 253,600 253,600 427,200 06/01/2019 170,800 170,800 170,800 12/01/2019 85,000 170,800 255,800 255,800 426,600 06/01/2020 167,825 167,825 167,825 12/01/2020 100,000 167,825 267,825 267,825 435,650 06/0112021 164,325 164,325 164,325 _ 12/01/2021 105,000 164,325 269,325 269,325 433,650 06/01/2022 160,650 160,650 160,650 12/01/2022 120,000 160,650 280,650 280,650 441,300 06/01/2023 156,450 156,450 156,450 12/01/2023 130,000 156,450 286,450 286,450 442,900 06/01/2024 151,900 151,900 151,900 12/01/2024 145,000 151,900 296,900 296,900 448,800 06/01/2025 146,825 146,825 146,825 12/01/2025 160,000 146.,825 306,825 306,825 453,650 06/01/2026 141,225 141,225 141,225 12/01/2026 180,000 141,225 321,225 321,225 462,450 06/01/2027 134,925 134,925 134,925 12/01/2027 190,000 134,925 324,925 324,925 459,850 06/01/2028 128,275 128,275 128,275 12/01/2028 215,000 128,275 343,275 343,275 471,550 �'^ 06/01/2029 120,750 120,750 120,750 12/01/2029 230,000 120,750 350,750 350,750 471,500 06/01/2030 112,700 112,700 112,700 12/01/2030 255,000 112,700 367,700 367,700 480,400 06/01/2031 103,775 103,775 103,775 12/01/2031 270,000 103,775 373,775 373,775 477,550 06/01/2032 94,325 94,325 94,325 12/01/2032 300,000 94,325 394,325 394,325 488,650 06/01/2033 83,825 83,825 83,825 12/01/2033 320,000 83,825 403,825 403,825 487,650 06/01/2034 72,625 72,625 72,625 12/01/2034 355,000 72,625 427,625 427,625 500,250 06/01/2035 60,200 60,200 60,200 12/01/2035 375,000 60,200 435,200 435,200 495,400 , 06/01/2036 47,075 47,075 47,075 12/01/2036 415,000 47,075 462,075 462,075 509,150 06/01/2037 32,550 32,550 32,550 12/01/2037 445,000 32,550 477,550 477,550 510,100 06/01/2038 16,975 16,975 16,975 — 12/01/2038 485,000 16,975 501,975 501,975 518,950 6,700,000 8,458,800 15,158,800 469,000 14,689,800 14,689,800 r Oct 3,2005 2:54 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-W08NRC) Page 3 SOURCES AND USES OF FUNDS PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2012 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2012 Delivery Date 12/01/2012 Sources: Bond Proceeds: Par Amount 6,600,000.00 6,600,000.00 Uses: Project Fund Deposits: Construction Fund 6,402,000.00 Other Delivery Date Expenses: Global COI 198,000.00 6,600,000.00 Oct 3,2005 2:55 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-W12NRC) Page 1 BOND DEBT SERVICE __ PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2012 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2012 Delivery Date 12/012012 Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12101/2012 06/01/2013 231.000 231,000 12/01/2013 285,000 7.000% 231,000 516.000 747,000 06101/2014 221,025 221,025 _ 12/01/2014 360,000 7.000% 221,025 581,025 802.050 06/01/2015 208,425 208,425 12/01/2015 470,000 7.000% 208,425 678,425 886,850 06/01/2016 191,975 191,975 12/01/2016 560,000 7.000% 191,975 751,975 943,950 - 06/01/2017 172,375 172,375 12/012017 172,375 172.375 344,750 06/01/2018 172,375 172,375 12/01/2018 10,000 7.000% 172,375 182,375 354.750 06/01/2019 172,025 172,025 12/01/2019 10,000 7.000% 172,025 182,025 354,050 06/012020 171,675 171,675 12/01/2020 15,000 7.000% 171,675 186,675 358,350 06/01/2021 171,150 171,150 12/01/2021 20,000 7.000% 171,150 191,150 362,300 06/01/2022 170,450 170,450 12/01/2022 30,000 7.000% 170,450 200,450 370,900 06/012023 169,400 169,400 12/012023 30.000 7.000% 169,400 199,400 368,800 06/01/2024 168,350 168,350 12/012024 45,000 7.000% 168,350 213,350 381,700 06/01/2025 166.775 166,775 12/01/2025 40,000 7.000% 186,775 206,775 373,550 06/01/2026 165,375 165.375 12/01/2026 50.000 7.000% 165,375 215,375 380,750 06/01/2027 163,625 163.625 r 12/01/2027 60,000 7.000% 163,625 223,625 387,250 06/01/2028 161,525 161,525 12/01/2028 70,000 7.000% 161,525 231,525 393,050 06/01/2029 159,075 159,075 12/01/2029 70,000 7.000% 159,075 229,075 388,150 06/01/2030 156,625 156,625 -- 12101/2030 85,000 7.000% 156,625 241,625 398,250 08/012031 153,650 153,650 12/01/2031 95,000 7.000% 153,650 248,650 402,300 06/01/2032 150,325 150,325 12/01/2032 105,000 7.000% 150,325 255,325 405,650 - 06/01/2033 146,650 146,650 12/01/2033 115,000 7.000% 146,650 261,650 408,300 06/01/2034 142,625 142,625 12/01/2034 130.000 7.000% 142,625 272,625 415,250 06/01/2035 138,075 138,075 __ 12/01/2035 145,000 7.000% 138,075 283,075 421,150 06/01/2036 133,000 133,000 12/01/2036 160,000 7.000% 133,000 293,000 426,000 06/01/2037 127,400 127,400 12/01/2037 170,000 7.000% 127,400 297,400 424,800 06/01/2038 121,450 121,450 - 12/01/2038 190,000 7.000% 121,450 311,450 432,900 06/01/2039 114,800 114,800 12/01/2039 720,000 7.000% 114,800 834,800 949,600 06/01/2040 89,600 89,600 12/01/2040 790,000 7.000% 89,600 879,600 969,200 l.- 06/01/2041 61,950 61,950 12/01/2041 845,000 7.000% 61,950 906,950 968,900 06/01/2042 32,375 32,375 12/01/2042 925,000 7.000% 32,375 957,375 989,750 6.600.000 9.210.250 15,810,250 15,810,250 Oct 3,2005 2:55 pm Prepared by Kirkpatdck Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-W 12NRC) Page 2 SOURCES AND USES OF FUNDS PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2016 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2016 Delivery Date 12/01/2016 Sources: Bond Proceeds: Par Amount 7,200,000.00 7,200,000.00 Uses: Project Fund Deposits: Construction Fund 6.984,000.00 Other Delivery Date Expenses: Global COI 216,000.00 7,200,000.00 Oct 3,2005 2:56 pm Prepared by Kirkpatrick Pettis Quanktative Group-EL (Pioneer MD 05:CSEP3005-W16NRC) Page 1 BOND DEBT SERVICE _ PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2016 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2016 -- Delivery Date 12/01/2016 Annual Period Debt Debt _ Ending Principal Coupon Interest Service Service 12101/2016 06/01/2017 252,000 252,000 12/01/2017 210.000 7.000% 252,000 462,000 714,000 06/01/2018 244,650 244,650 _ 12/01/2018 305,000 7.000% 244,650 549,650 794,300 06/01/2019 233,975 233,975 12/01/2019 420,000 7.000% 233,975 653,975 887,950 06/01/2020 219,275 219,275 12/01/2020 560,000 7.000% 219,275 779,275 998,550 - 06/01/2021 199,675 199,675 12/01/2021 199,675 199,675 399,350 06101/2022 199,675 199,675 12/01/2022 199,675 199,675 399,350 06/01/2023 199,675 199,675 12101/2023 199,675 199,675 399,350 06/01/2024 199,675 199,675 12/01/2024 199,675 199.675 399,350 06/01/2025 199,675 199,675 12101/2025 199,675 199,675 399,350 06/01/2026 199,675 199.875 -- 12/01/2026 199,675 199,675 399,350 06/01/2027 199,675 199,675 12/012027 199,675 199,675 399,350 06/01/2028 199,675 199.675 12/01/2028 5,000 7.000% 199,675 204,675 404,350 06/01/2029 199,500 199,500 12/01/2029 10,000 7.000% 199,500 209,500 409,000 06/01/2030 199,150 199,150 12/01/2030 15,000 7.000% 199,150 214,150 413,300 06/01/2031 198,625 198,625 12/01/2031 15,000 7.000% 198,625 213,625 412,250 06/012032 198,100 198,100 12/01/2032 25,000 7.000% 198,100 223,100 421,200 06/01/2033 197,225 197,225 12101/2033 25,000 7.000% 197,225 222,225 419,450 06/01/2034 196,350 196,350 -- 12/01/2034 35,000 7.000% 196,350 231.350 427,700 06/01/2035 195,125 195.125 12/01/2035 35,000 7.000% 195,125 230,125 425,250 06/01/2036 193,900 193,900 12/01/2036 50,000 7.000% 193,900 243,900 437,800 06/01/2037 192,150 192,150 12/01/2037 50,000 7.000% 192,150 242,150 434,300 06/01/2038 190,400 190,400 12/01/2038 65,000 7.000% 190,400 255,400 445,800 06/01/2039 188,125 188,125 12/01/2039 70,000 7.000% 188,125 258,125 446,250 _ 06/01/2040 185,675 185,675 12/01/2040 85,000 7.000% 185,675 270,675 456,350 06/01/2041 182,700 182,700 12101/2041 90.000 7.000% 182,700 272,700 455,400 06/01/2042 179,550 179,550 - 12/01/2042 105,000 7.000% 179,550 284,550 464,100 06/01/2043 175,875 175,875 12/01/2043 1,105.000 7.000% 175,875 1,280,875 1,456,750 06/01/2044 137,200 137,200 12/01/2044 1,210,000 7.000% 137,200 1,347,200 1,484,400 06/01/2045 94.850 94.850 12/01/2045 1,295,000 7.000% 94,850 1,389,850 1,484,700 06/01/2046 49,525 49,525 12/01/2046 1,415,000 7.000% 49,525 1,464,525 1,514,050 7,200,000 11.402,650 18,602,650 18,602,650 Oct 3,2005 2:56 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-W 16NRC) Page 2 SOURCES AND USES OF FUNDS PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2020 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2020 Delivery Date 12/01/2020 Sources: Bond Proceeds: Par Amount 7,350,000.00 7,350,000.00 Uses: Project Fund Deposits: Construction Fund 7,129,500.00 Other Delivery Date Expenses: Global COI 220,500.00 7,350,000.00 Oct 3,2005 2:57 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP300S-W20NRC) Page 1 BOND DEBT SERVICE PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2020 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2020 Delivery Date 12/01/2020 Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/2020 06/01/2021 257,250 257.250 12101/2021 180.000 7.000% 257,250 437,250 694,500 06/01/2022 250,950 250,950 -- 12/012022 295,000 7.000% 250,950 545,950 796,900 06/01/2023 240,625 240,625 12/01/2023 415,000 7.000% 240,625 655,625 896.250 06/01/2024 226,100 226.100 12101/2024 550,000 7.000% 226.100 776,100 1,002,200 - 06/01/2025 206,850 206,850 12/01/2025 206,850 206,850 413.700 06/01/2026 206,850 206,850 12/01/2026 15,000 7.000% 206,850 221,850 428,700 06/012027 206,325 206,325 - 12/01/2027 15,000 7.000% 206,325 221,325 427,650 06/01/2028 205,800 205,800 12101/2028 25,000 7.000% 205,800 230,800 436,600 06101/2029 204,925 204,925 12/01/2029 25,000 7.000% 204,925 229,925 434,850 06/01/2030 204,050 204,050 12/01/2030 40,000 7.000% 204,050 244,050 448,100 06/01/2031 202,650 202,650 12/01/2031 45,000 7.000% 202,650 247,650 450,300 06/01/2032 201,075 201,075 12/01/2032 55,000 7.000% 201,075 256,075 457,150 -- 06/01/2033 199,150 199.150 12/01/2033 60,000 7.000% 199,150 259,150 458.300 06/01/2034 197,050 197,050 12101/2034 75.000 7.000% 197,050 272,050 469,100 06/01/2035 194,425 194,425 12/01/2035 80.000 7.000% 194,425 274,425 468,850 06/01/2036 191,625 191,625 12/01/2036 90,000 7.000% 191,625 281,625 473,250 06/01/2037 188,475 188,475 12J01/2037 100,000 7.000% 188,475 288,475 476,950 06/01/2038 184,975 184,975 - 12/01/2038 115,000 7.000% 184,975 299.975 484,950 06/01/2039 180,950 180,950 12/01/2039 125,000 7.000% 180,950 305.950 486,900 06/01/2040 176,575 176,575 12/01/2040 140,000 7.000% 176,575 316,575 493,150 06/01/2041 171,675 171,675 12/01/2041 155,000 7.000% 171,675 326,675 498,350 06/01/2042 166,250 166,250 12/01/2042 175,000 7.000% 166,250 341,250 507,500 06/012043 160.125 160,125 12/012043 180,000 7.000% 160.125 340,125 500,250 _ 06/01/2044 153,825 153,825 12/01/2044 205,000 7.000% 153,825 358.825 512,650 06/01/2045 146,650 146.650 12101/2045 220,000 7.000% 146,650 366.650 513.300 06/01/2046 138,950 138,950 12/01/2046 245,000 7.000% 138.950 383,950 522,900 06/01/2047 130,375 130,375 12/01/2047 1,780,000 7.000% 130,375 1,910,375 2,040,750 06/01/2048 68,075 68,075 12/01/2048 1,945,000 7.000% 68,075 2,013,075 2,081,150 r 7,350,000 10.525,200 17,875,200 17,875,200 Oct 3,2005 2:57 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-W20NRC) Page 2 SOURCES AND USES OF FUNDS PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2024 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2024 '— - Delivery Date 12/01/2024 Sources: Bond Proceeds: Par Amount 4,280.000.00 4,280,000.00 Uses: Project Fund Deposits: Construction Fund 4,151,600.00 Other Delivery Date Expenses: Global COI 128,400.00 4,280.000.00 Oct 3.2005 2:58 pm Prepared by Kirkpatrick Pettis Quantitative Group-a (Pioneer MD 05:CSEP3005-W24NRC) Page 1 BOND DEBT SERVICE - PIONEER REGIONAL METROPOLITAN DISTRICT SERIES 2024 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2024 Delivery Date 12/01/2024 Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/2024 06/01/2025 149,800 149,800 12/01/2025 400,000 7.000% 149,800 549,800 699,600 06/01/2026 135,800 135,800 12/01/2026 410,000 7.000% 135,800 545,800 681,600 06/01/2027 121,450 121,450 12/01/2027 170,000 7.000% 121,450 291,450 412,900 _ 06/01/2028 115,500 115,500 12/01/2028 20,000 7.000% 115,500 135,500 251,000 06/01/2029 114,800 114,800 12/01/2029 60,000 7.000% 114,800 174,800 289,600 - 06/01/2030 112,700 112,700 12/01/2030 65,000 7.000% 112,700 177,700 290,400 06/01/2031 110,425 110,425 12/01/2031 70,000 7.000% 110,425 180,425 290,850 06/01/2032 107,975 107,975 -- 12/01/2032 85,000 7.000% 107,975 192,975 300,950 06/01/2033 105,000 105,000 12/01/2033 90,000 7.000% 105,000 195,000 300,000 06/01/2034 101,850 101,850 12/01/2034 95,000 7.000% 101,850 196,850 298,700 06/01/2035 98,525 98,525 12/01/2035 105,000 7.000% 98,525 203,525 302,050 06/01/2036 94,850 94,850 12/01/2036 120.000 7.000% 94,850 214,850 309,700 06/01/2037 90,650 90,650 12/01/2037 130,000 7.000% 90,650 220,650 311,300 06/01/2038 86,100 86,100 12/01/2038 145,000 7.000% 86,100 231,100 317,200 06/01/2039 81,025 81,025 12/01/2039 155,000 7.000% 81,025 236,025 317,050 06/01/2040 75,600 75,600 12/01/2040 170,000 7.000% 75,600 245,600 321,200 06/01/2041 69,650 69,650 12/01/2041 180,000 7.000% 69,650 249,650 319,300 06/01/2042 63,350 63,350 12/01/2042 200,000 7.000% 63,350 263,350 326,700 06/01/2043 56,350 56,350 12/01/2043 215,000 7.000% 56,350 271,350 327,700 06/01/2044 48,825 48,825 - 12/01/2044 240,000 7.000% 48,825 288,825 337,650 06/01/2045 40,425 40,425 12/01/2045 255,000 7.000% 40,425 295,425 335,850 06/01/2046 31,500 31,500 __ 12/01/2046 280,000 7.000% 31,500 311,500 343,000 06/01/2047 21,700 21,700 12/01/2047 295,000 7.000% 21,700 316,700 338,400 06/01/2048 11,375 11,375 12/01/2048 325,000 7.000% 11,375 336,375 347,750 4,280,000 4,090,450 8,370,450 8,370,450 Oct 3,2005 2:58 pm Prepared by Kirkpatrick Pettis Quantitative Group-El (Pioneer MD 05:CSEP3005-W24NRC) Page 2 Statement of Significant Assumptions Pioneer Metropolitan Districts# 1-6 Prepared by Kirkpatrick Pettis 1. Service Districts: Districts #1-6 boundaries will be established as growth occurs for Service Districts to issue debt, provide operations/maintenance and levy a tax for transfer to the Regional District. This financing plan demonstrates the feasibility of the combined Districts#1-6. 2. Development Projections: The single-family residential development schedule includes 9,500 single-family units and 500 multi-family units. These two categories have assumed market values of $225,000/unit, and $130,000/unit. These market values are inflated at 2%/year through buildout. The single-family residential absorption begins with the first completed home in 2008 and continues through 2026. The multi-family units will be completed in 2027. 3. Assessed Valuation: The Districts' assessed value is shown in the year of tax collection, which lags 2 years from the year of construction. The assessed value for residential property is 7.96% of the market value, which is the residential assessment ratio effective next year as determined in accordance with the Gallagher Amendment. At buildout, collected in 2028, the Districts' expected assessed value will be $227.4 million. This plan also assumes biennial reassessment of 2%after buildout. 4. District Revenues: The Districts expect to levy 40 mills for debt service and an operating mill levy of 10 mills. The Districts expect to collect cumulative fees of $5,000/SFD unit to include storm sewer, traffic and parks fees, $3,333/MFD unit and facility fees of $1,500/SFD unit, $1,000/MFD unit. The Districts will also collect interest income on the cumulative surplus estimated at 3%. The specific ownership tax revenue has been estimated at 10% of the property taxes collected. The Districts will additionally levy up to ten mills for regional services that will be transferred by an Intergovernmental Agreement to the Pioneer Regional Metro District. 5. District Operations: $200,000 inflated at 1% per year is allocated for the Districts' administrative costs. The Districts' operations and maintenance costs grow to $1.1 million per year by 2026. Developer advances initially cover the Districts' operating costs until the Districts begin collecting sufficient revenues. 6. Debt Structure: This plan demonstrates the Districts' ability to support $148.7 million in General Obligation debt in five bond issues, raising a total of$144.2 million in proceeds net of issuance costs and capitalized interest. These bond issues will be non-rated with an estimated annual interest rate of 7.5% based on historical averages for similar bond issues. 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' — 1 °OOOOOO°Oeeo°OOOOOO°°§r°O i8 _ 11 EFEREM2i4F-rnrin41 111 o `e a a mym�.m R" amemhe E to §§§^x"4:8 m F� SmmB Virus — Ea Fi^ RR«RrARRRRF^RRR§R�m�AXX G - OO§§§§§§§§§§§§§§§888§DODO § I : ! g • a 0000c000e0000000 000 IL, ? • ®Ili e§e e8eIS I 8 8 a Y E . — w 1 8s o h§§§ § §§§§§88888§ §§§000e la, a o d as u EIREE RRRRRRRRRRRn«;;DAI$ SOURCES AND USES OF FUNDS PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2008 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2008 Delivery Date 12/01/2008 Sources: Bond Proceeds: Par Amount 32,200,000.00 32,200,000.00 Uses: Project Fund Deposits: Construction Fund 31,234,000.00 Other Delivery Date Expenses: Global COI 966,000.00 32,200,000.00 Oct 3,2005 2:42 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M08NRa0C) Page 1 BOND DEBT SERVICE PIONEER METROPOLITAN DISTRICTS#1-6 - SERIES 2008 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12101/2008 — Delivery Date 12/0112008 Annual Period Debt Ending Principal Coupon Interest Debt Service Service 12/01/2008 06/01/2009 1, 07.50000 1,207,500.00- 12/012009 1,100,000 7.500% 1, 07,500.00 2,307,500.00 3,515.000 06/012010 1, 66.25000 1,166,250.00 12/012010 1,550,000 7.500% 1, 66,250.00 2,716,250.00 3,882,500 06/01/2011 1, 08125.00 1,108,125.00 12/01/2011 2,050.000 7.500% 1, 08125.00 3,158,125.00 4,266,250 06/01/2012 1, 31,250.00 1,031,250.00 12/01/2012 2,650,000 7.500% 1, 31,250.00 3,681,250.00 4,712,500 06/01/2013 31,875.00 931,875.00 12101/2013 20,000 7.500% 31,875.00 951,875.00 1,883,750 06/01/2014 31,125.00 931,125.00 12/01/2014 190.000 7.500% 31,125.00 1,121,125.00 2,052,250 06/01/2015 24,000.00 924,000.00 12/01/2015 205,000 7.500% 24,000.00 1,129,000.00 2,053,000 _ 06/01/2016 16,312.50 916,312.50 12/01/2016 265,000 7.500% 16,312.50 1,181,312.50 2,097,625 06/01/2017 906,375.00 906,375.00 12101/2017 285.000 7.500% 906,375.00 1,191,375.00 2,097,750 06/01/2018 895,687.50 895,687.50 - 12/01/2018 345,000 7.500% 895,687.50 1,240,687.50 2,136,375 06/01/2019 882,750.00 882,750.00 12/012019 370,000 7.500% 882,750.00 1,252,750.00 2,135,500 06/01/2020 868,875.00 868.875.00 12/012020 445,000 7.500% 868,875.00 1,313,875.00 2,182,750 - 06/012021 852,187.50 852,187.50 12/01/2021 475.000 7.500% 852,187.50 1,327,187.50 2,179,375 06/01/2022 834,375.00 834,375.00 12/01/2022 555,000 7.500% 834,375.00 1,389,375.00 2,223,750 06/01/2023 813,562.50 813,562.50 12/01/2023 595,000 7.500% 813,562.50 1,408,562.50 2,222,125 - 06/01/2024 791,250.00 791,250.00 12/01/2024 685,000 7.500% 791,250.00 1,476,250.00 2,267,500 06/01/2025 765,562.50 765,562.50 12/01/2025 735,000 7.500% 765,562.50 1,500,562.50 2,266,125 06/01/2026 738,000.00 738000.00 - 12/01/2026 840,000 7.500% 738,000.00 1,578,000.00 2,316,000 06/01/2027 706.500.00 706,500.00 12/01/2027 900,000 7.500% 706,500.00 1,606,500.00 2,313,000 06/01/2028 672,750.00 672,750.00 12/01/2028 1,015,000 7.500% 672,750.00 1,687,750.00 2,360,500 08/012029 634,687.50 634,687.50 12/01/2029 1,090,000 7.500% 634,687.50 1,724,887.50 2,359,375 06/01/2030 593,812.50 593,812.50 12/01/2030 1,220,000 7.500% 593,812.50 1,813,812.50 2.407,625 06/01/2031 548,062.50 548,062.50 12101/2031 1,310,000 7.500% 548.062.50 1,858,062.50 2,406,125 "- 06/01/2032 498,937.50 498,937.50 12J01/2032 1,455,000 7.500% 498,937.50 1,953,937.50 2,452,875 06/01/2033 444,375.00 444,375.00 12/01/2033 1.565.000 7.500% 444.375.00 2,009,375.00 2,453,750 06/01/2034 385,687.50 385,687.50 - 12/01/2034 1,735,000 7.500% 385,687.50 2,120,687.50 2,506,375 06/01/2035 320,625.00 320,625.00 12/01/2035 1,865.000 7.500% 320,625.00 2,185,625.00 2,506,250 06/01/2036 250.687.50 250,687.50 12J01/2036 2,055.000 7.500% 250687.50 2,305,687.50 2,556,375 _ 06/01/2037 173.625.00 173,625.00 12/01/2037 2,205,000 7.500% 173,625.00 2,378,625.00 2,552,250 06/01/2038 90,937.50 90,937.50 12101/2038 2,425.000 7.500% 90,937.50 2,515,937.50 2,606,875 32.200,000 43,771,500.00 75,971,500.00 75,971.500 Oct 3,2005 2:42 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M08NR40C) Page 2 SOURCES AND USES OF FUNDS PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2012 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2012 Delivery Date 12/01/2012 Sources: Bond Proceeds: Par Amount 30,100,000.00 30,100,000.00 Uses: Project Fund Deposits: Construction Fund 29,197,000.00 Other Delivery Date Expenses: Global COI 903,000.00 30,100000.00 Oct 3,2005 2:44 pm Prepared by Kirkpatrick Peals Quantitative Group-EL (Pioneer MD 05:CSEP3005-M12NR40C) Page 1 BOND DEBT SERVICE PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2012 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2012 — Delivery Date 12/01/2012 Annual Period Debt — Ending Principal Coupon Interest Debt Service Service 12/01/2012 06/01/2013 1,128,750.00 1,128,750.00 12/01/2013 950,000 7.500% 1,128,750.00 2,078,750.00 3.207.500 06/01/2014 1,093,125.00 1,093,125.00 - 12/01/2014 1,300,000 7.500% 1,093,125.00 2,393,125.00 3,486,250 06/01/2015 1,044,375.00 1,044,375.00 12/0112015 1,850,000 7.500% 1,044,375.00 2,894,375.00 3.938.750 06/01/2016 975,000.00 975.000.00 12/01/2016 2,400,000 7.500% 975,000.00 3.375.000.00 4,350,000 08/01/2017 885,000.00 885,000.00 - 12/012017 885,000.00 885,000.00 1,770,000 06/01/2018 885,000.00 885,000.00 12/01/2018 25,000 7.500% 885,000.00 910,000.00 1,795,000 06/01/2019 884,062.50 884,062.50 12/012019 25,000 7.500% 884,062.50 909,062.50 1,793,125 06/01/2020 883,125.00 883,125.00 12/01/2020 60,000 7.500% 883,125.00 943,125.00 1,826,250 06/01/2021 880,875.00 880,875.00 12/01/2021 65,000 7.500% 880,875.00 945,875.00 1,826,750 06/01/2022 878,437.50 878.437.50 12/012022 105,000 7.500% 878,437.50 983,437.50 1,861,875 06/012023 874,500.00 874,500.00 12101/2023 115,000 7.500% 874,500.00 989,500.00 1,864,000 06/01/2024 870,187.50 870,187.50 12/01/2024 160,000 7.500% 870,187.50 1,030,187.50 1,900,375 06/01/2025 864,187.50 864,187.50 - 12/01/2025 175,000 7.500% 864,187.50 1,039,187.50 1,903,375 06/01/2026 857,625.00 857,625.00 12/01/2026 220,000 7.500% 857,625.00 1,077,625.00 1,935,250 06/01/2027 849.375.00 849,375.00 12/01/2027 240,000 7.500% 849,375.00 1,089,375.00 1,938,750 06/01/2028 840,375.00 840,375.00 12/01/2028 295,000 7.500% 840,375.00 1,135,375.00 1,975,750 06/012029 829,312.50 829,312.50 12101/2029 320,000 7.500% 829,312.50 1,149,312.50 1,978,625 06/01/2030 817,312.50 817,312.50 12/01/2030 385,000 7.500% 817,312.50 1,202,312.50 2,019,625 06/01/2031 802,875.00 802,875.00 12/01/2031 415,000 7.500% 802,875.00 1,217,875.00 2,020,750 06/01/2032 787,312.50 787,312.50 12/01/2032 485,000 7.500% 787,312.50 1,272,312.50 2,059.625 06/01/2033 769,125.00 769,125.00 12/01/2033 520,000 7.500% 769,125.00 1,289,125.00 2,058,250 06/01/2034 749,625.00 749,625.00 12/01/2034 595,000 7.500% 749,625.00 1,344,625.00 2,094,250 06/01/2035 727,312.50 727,312.50 12/01/2035 640,000 7.500% 727,312.50 1,367,312.50 2,094,625 - 06/012036 703.312.50 703,312.50 12/012036 730,000 7.500% 703,312.50 1,433,312.50 2,136,625 06/01/2037 675,937.50 675,937.50 12/01/2037 790,000 7.500% 675,937.50 1,465,937.50 2,141,875 06/01/2038 646,312.50 646,312.50 _. 12/01/2038 890,000 7.500% 646,312.50 1,536,312.50 2,182,625 06/01/2039 612,937.50 612,937.50 12/01/2039 3,565,000 7.500% 612,937.50 4,177,937.50 4,790,875 06/01/2040 479,250.00 479,250.00 12/01/2040 3,925,000 7.500% 479,250.00 4,404,250.00 4,883,500 06/01/2041 332,062.50 332,062.50 - 12/01/2041 4,220,000 7.500% 332,062.50 4,552,062.50 4.884,125 06/01/2042 173,812.50 173,812.50 12/01/2042 4,635,000 7.500% 173,812.50 4,808,812.50 4,982,625 30.100,000 47,601,000.00 77,701,000.00 77,701,000 Oct 3,2005 2:44 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M12NR40C) Page 2 SOURCES AND USES OF FUNDS PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2016 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2016 Delivery Date 12/01/2016 Sources: Bond Proceeds: Par Amount 33,050,000.00 33,050,000.00 Uses: Project Fund Deposits: Construction Fund 32,058,500.00 Other Delivery Date Expenses: Global COI 991,500.00 33,050,000.00 • Oct 3,2005 3:04 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M16NR40C) Page 1 BOND DEBT SERVICE PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2016 G.O.BONDS Non-Rated,30-Year Maturity Dated Date 12/01/2016 �. Delivery Date 1 210 1/2 01 6 Annual Period Debt Ending Principal Coupon Interest Debt Service Service 12/01/2016 06/01/2017 1,239,375.00 1,239,375.00 12/01/2017 550,000 7.500% 1,239,375.00 1,789,375.00 3,028,750 06/01/2018 1,218,750.00 1,218,750.00 12/01/2018 1,050,000 7.500% 1,218,750.00 2,268,750.00 3.487,500 06/01/2019 1,179,375.00 1,179,375.00 12/01/2019 1,600,000 7.500% 1,179,375.00 2,779,375.00 3,958.750 06/01/2020 1,119,375.00 1,119,375.00 12/01/2020 2,200,000 7.500% 1,119,375.00 3,319,375.00 4,438,750 06/01/2021 1,036,875.00 1,036,875.00 12/01/2021 1,036,875.00 1,036,875.00 2,073,750 06/01/2022 1,036,875.00 1,036,875.00 12/01/2022 1,036,875.00 1,036,875.00 2,073,750 06101/2023 1,036,875.00 1,036,875.00 12/01/2023 1,036,875.00 1,036,875.00 2,073.750 06/01/2024 1,036,875.00 1,036,875.00 12/01/2024 1,036,875.00 1,036,875.00 2,073,750 06/01/2025 1,036,875.00 1,036,875.00 12/01/2025 1,036,875.60 1,036,875.00 2,073,750 06/01/2026 1,036,875.00 1,036,875.00 12/01/2026 1.036.875.00 1,036,875.00 2.073.750 06/01/2027 1,036,875.00 1,036,875.00 12/01/2027 1,036,875.00 1,036,875.00 2,073,750 06/01/2028 1,036,875.00 1,036,875.00 12101/2028 1,036,875.00 1,036,875.00 2,073.750 06101/2029 1,036,875.00 1,036,875.00 12/01/2029 1,036,875.00 1,036,875.00 2,073.750 06/01/2030 1,036,875.00 1,036,875.00 12/01/2030 25,000 7.500% 1,036,875.00 1,061,875.00 2,098,750 06/01/2031 1,035,937.50 1,035,937.50 12/01/2031 25.000 7.500% 1,035,937.50 1,060,937.50 2,096,875 06101/2032 1,035,000.00 1,035,000.00 12101/2032 70,000 7.500% 1,035,000.00 1,105,000.00 2,140,000 06101/2033 1,032,375.00 1,032,375.00 12/01/2033 80,000 7.500% 1,032,375.00 1,112,375.00 2,144,750 06/01/2034 1,029,375.00 1,029,375.00 -- 12/01/2034 130,000 7.500% 1.029.375.00 1,159,375.00 2,188.750 06/01/2035 1,024,500.00 1,024,500.00 12/01/2035 135.000 7.500% 1,024,500.00 1,159,500.00 2,184,000 06101/2036 1,019,437.50 1,019,437.50 12/012036 190,000 7.500% 1,019,437.50 1,209,437.50 2,228,875 06/01/2037 1,012,312.50 1,012,312.50 12/012037 205,000 7.500% 1,012,312.50 1,217,312.50 2,229.625 06/01/2038 1,004,625.00 1,004,625.00 12/01/2038 260,000 7.500% 1,004,625.00 1,264,625.00 2.269,250 06/01/2039 994,875.00 994,875.00 _ 12/01/2039 280,000 7.500% 994,875.00 1,274,875.00 2,269,750 06/01/2040 984,375.00 984,375.00 12/01/2040 350,000 7.500% 984,375.00 1,334,375.00 2,318.750 06/01/2041 971,250.00 971,250.00 12/01/2041 375,000 7.500% 971,250.00 1,346,250.00 2.317,500 06/01/2042 957,187.50 957,187.50 12/01/2042 450,000 7.500% 957,187.50 1,407,187.50 2,364.375 06/01/2043 940,312.50 940,312.50 12/01/2043 5.465.000 7.500% 940,312.50 6,405,312.50 7,345,625 06/01/2044 735,375.00 735,375.00 12/01/2044 6,025,000 7.500% 735,375.00 6.760.375.00 7,495,750 06/01/2045 509.437.50 509,437.50 12/01/2045 6,475,000 7.500% 509.437.50 6,984,437.50 7,493,875 06401/2046 266,625.00 266,625.00 12/01/2046 7,110.000 7.500% 266,625.00 7,376,625.00 7,643,250 33,050,000 59,357,250.00 92,407,250.00 92.407,250 Oct 3,2005 3:04 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M16NR40C) Page 2 SOURCES AND USES OF FUNDS PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2020 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2020 Delivery Date 12/01/2020 Sources: Bond Proceeds: Par Amount 32,450,000.00 32,450,000.00 Uses: Project Fund Deposits: Construction Fund 31,476,500.00 Other Delivery Date Expenses: Global COI 973,500.00 32,450,000.00 Oct 3,2005 2:47 pm Prepared by Kirkpatrick Pettis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M20NR40C) Page 1 BOND DEBT SERVICE _ PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2020 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2020 - Delivery Date 12/012020 Annual Period Debt _ Ending Principal Coupon Interest Debt Service Service 12/012020 06/01/2921 1,216,875.00 1,216,875.00 12/01/2021 400,000 7.500% 1,216,875.00 1,616,875.00 2,833,750 06/01/2022 1,201,875.00 1,201,875.00 - 12/01/2022 950,000 7.500% 1,201,875.00 2,151,875.00 3,353,750 06/01/2023 1,166,250.00 1,166,250.00 12/01/2023 1,500,000 7.500% 1,166,250.00 2,666,250.00 3,832,500 06/01/2024 1,110,000.00 1,110,000.00 12/01/2024 2,200,000 7.500% 1,110,000.00 3,310,000.00 4,420,000 -- 06/01/2025 1,027,500.00 1,027,500.00 12/01/2025 1,027,500.00 1,027,500.00 2,055,000 06/01/2026 1,027,500.00 1,027,500.00 12/01/2026 1,027,500.00 1,027,500.00 2,055,000 06/01/2027 1,027,500.00 1,027,500.00 12101/2027 1,027,500.00 1,027,500.00 2,055,000 _ 06/01/2028 1,027,500.00 1,027,500.00 12/01/2028 70,000 7.500% 1,027,500.00 1,097,500.00 2,125,000 06/01/2029 1,024,875.00 1,024,875.00 12/01/2029 75,000 7.500% 1,024,875.00 1,099,875.00 2,124,750 06/01/2030 1,022,062.50 1,022,062.50 - 12101/2030 135,000 7.500% 1,022,062.50 1,157,062.50 2,179,125 06/01/2031 1,017,000.00 1,017,000.00 12/01/2031 150,000 7.500% 1,017,000.00 1,167,000.00 2,184,000 06/01/2032 1,011,375.00 1,011,375.00 12/01/2032 205,000 7.500% 1,011,375.00 1,216,375.00 2.227,750 06/01/2033 1,003,687.50 1,003,687.50 12/01/2033 220,000 7.500% 1,003,687.50 1,223,687.50 2,227.375 06/01/2034 995,437.50 995,437.50 12/01/2034 280,000 7.500% 995,437.50 1,275,437.50 2,270.875 06/01/2035 984,937.50 984,937.50 12/01/2035 305,000 7.500% 984,937.50 1,289,937.50 2,274,875 _ 06/01/2036 973,500.00 973,500.00 12/01/2036 370,000 7.500% 973,500.00 1,343,500.00 2,317,000 06/01/2037 959,625.00 959,625.00 12/01/2037 395,000 7.500% 959,625.00 1,354,625.00 2,314,250 06/01/2038 944,812.50 944,812.50 - 12/01/2038 475,000 7.500% 944,812.50 1,419,812.50 2,364,625 06/01/2039 927,000.00 927,000.00 12/01/2039 510,000 7.500% 927,000.00 1,437,000.00 2,364,000 06/01/2040 907,875.00 907,875.00 12/01/2040 595.000 7.500% 907,875.00 1,502,875.00 2.410,750 06/01/2041 885,562.50 885,562.50 12/01/2041 640,000 7.500% 885,562.50 1,525,562.50 2,411,125 06/01/2042 861,562.50 861.562.50 12/01/2042 735,000 7.500% 861,562.50 1,596,562.50 2,458,125 06/01/2043 834,000.00 834,000.00 12/01/2043 790,000 7.500% 834,000.00 1,624,000.00 2,458,000 06/01/2044 804,375.00 804,375.00 12/01/2044 900,000 7.500% 804,375.00 1,704,375.00 2,508,750 06/01/2045 770,625.00 770,625.00 12/01/2045 965,000 7.500% 770,625.00 1,735,625.00 2,506,250 06/01/2046 734,437.50 734,437.50 - 12/01/2046 1,090,000 7.500% 734,437.50 1,824,437.50 2,558,875 06/01/2047 693,562.50 693,562.50 12/01/2047 8,815,000 7.500% 693,562.50 9,508,562.50 10,202,125 06/01/2048 363,000.00 363,000.00 12/012048 9.680,000 7.500% 363,000.00 10,043,000.00 10,406,000 32.450,000 53,048,625.00 85,498,625.00 85,498,625 Oct 3,2005 2:47 pm Prepared by Kirkpatrick Penis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M20NR40C) Page 2 SOURCES AND USES OF FUNDS -' PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2024 G.O.BONDS Non-Rated,2048 Final Maturity --. Dated Date 12/01/2024 Delivery Date 12/01/2024 Sources: Bond Proceeds: Par Amount 20,850,000.00 20,850,000.00 Uses: Project Fund Deposits: Construction Fund 20,224,500.00 Other Delivery Date Expenses: • Global COI 625,500.00 20,850,000.00 Oct 3,2005 2:49 pm Prepared by Kirkpatrick Penis Quantitative Group-EL (Pioneer MD 05:CSEP3005-M24NR40C) Page 1 BOND DEBT SERVICE PIONEER METROPOLITAN DISTRICTS#1-6 SERIES 2024 G.O.BONDS Non-Rated,2048 Final Maturity Dated Date 12/01/2024 Delivery Date 12/01/2024 Annual — Period Debt Ending Principal Coupon Interest Debt Service Service 12/01/2024 06/01/2025 781,875.00 781,875.00 - 12/01/2025 1,340,000 7.500% 781,875.00 2,121,875.00 2,903,750 06/01/2026 731,825.00 731,625.00 12/01/2026 2,040,000 7.500% 731,625.00 2,771,625.00 3,503,250 06/01/2027 655,125.00 655,125.00 12/01/2027 1,640,000 7.500% 655,125.00 2,295,125.00 2,950,250 - 06/01/2028 593,625.00 593,625.00 12/01/2028 80,000 7.500% 593,625.00 673,625.00 1,267,250 06/01/2029 590,625.00 590,625.00 12/01/2029 250,000 7.500% 590,625.00 840,625.00 1,431,250 - 06/01/2030 581,250.00 581,250.00 12/01/2030 300,000 7.500% 581,250.00 881,250.00 1,462,500 06/01/2031 570,000.00 570,000.00 12/01/2031 320,000 7.500% 570,000.00 890,000.00 1,460,000 06/01/2032 558,000.00 558,000.00 12/01/2032 375,000 7.500% 558,000.00 933,000.00 1,491,000 06/01/2033 543,937.50 543,937.50 12/01/2033 395,000 7.500% 543,937.50 938,937.50 1,482,875 06/01/2034 529,125.00 529,125.00 12/01/2034 455,000 7.500% 529,125.00 984,125.00 1,513,250 06/01/2035 512,062.50 512,062.50 12/01/2035 490,000 7.500% 512,062.50 1,002,062.50 1,514,125 06/01/2036 493,687.50 493,687.50 12/01/2036 560,000 7.500% 493,687.50 1,053,687.50 1,547,375 06/01/2037 472,687.50 472,687.50 - 12/01/2037 605,000 7.500% 472,687.50 1,077,687.50 1,550,375 06/01/2038 - 450,000.00 450,000.00 12/01/2038 680,000 7.500% 450,000.00 1,130,000,00 1,580,000 06/01/2039 424,500.00 424,500.00 - 12/01/2039 730,000 7.500% 424,500.00 1,154,500.00 1,579,000 06/01/2040 397,125.00 397,125.00 12/01/2040 815,000 7.500% 397,125.00 1,212,125.00 1,609,250 06/01/2041 366,562.50 366,562.50 12/01/2041 875,000 7.500% 386,562.50 1,241,562.50 1,608,125 - 06/01/2042 333,750.00 333,750.00 12/01/2042 975,000 7.500% 333,750.00 1,308,750.00 1,642,500 06/01/2043 297,187.50 297,187.50 12/01/2043 1,050,000 7.500% 297,187.50 1,347,187.50 1,644,375 06/01/2044 257,812.50 257,812.50 — 12/01/2044 1,155,000 7.500% 257,812.50 1,412,812.50 1,670,625 06/01/2045 214,500.00 214,500.00 12/01/2045 1,250,000 7.500% 214,500.00 1,464,500.00 1,679,000 06/01/2046 167,625.00 167,625.00 12/01/2046 1,375,000 7.500% 167,625.00 1,542,625.00 1,710,250 — 06/01/2047 116,062.50 116,062.50 12/01/2047 1,475,000 7.500% 116,062.50 1,591,062.50 1,707,125 06/01/2048 60,750.00 60,750.00 12/01/2048 1,620,000 7.500% 60,750.00 1,680,750.00 1,741,500 — 20,850,000 21,399,000.00 42,249,000.00 42,249,000 Oct 3,2005 2:49 pm Prepared by Kirkpatrick Penis Quantitative Group-EL (Pioneer MO 05:CSEP3005-M24NR40C) Page 2 Hello