HomeMy WebLinkAbout20053083.tiff HIGHLAND LAKE ESTATES
METROPOLITAN DISTRICT
SERVICE PLAN
TOWN OF MEAD,COLORADO
APPROVED
SEPTEMBER 26, 2005
(v - I-7-OS 2005-3083
TABLE OF CONTENTS
I. Introduction 1
II. Purpose 1
III. Organizers of Proposed District 2
IV. Boundaries,Population&Valuation 3
V. Description of Proposed Services 4
VI. Need for the Proposed District 5
VII. Other Governmental Entities 5
VIII. Proposed Land Use&Anticipated Development 5
LX. Preliminary Engineering Analysis 6
a. Facilities to be Constructed,Acquired and/or Installed 6
b. Standards of Construction and Statement of Compatibility 7
c. Estimated Costs of Facilities 7
d. Dedication of Improvements to the Town 7
X. Financial Information 8
a. General 9
b. Debt Issuance 9
c. Limited Mill Levy 10
d. Refunding Bonds 11
e. Identification of District Revenue 11
f. Security for Debt 12
g. Services of District 12
XI. Annual Report 12
XII. Landowners' Public Improvements 13
XIII. Conservation Trust Fund 13
XIV. Dissolution 14
XV. Modification of Service Plan 14
XVI. Disclosure 14
XVII. Intergovernmental Agreements 15
XVIII. Initial Board of Directors 15
XIX. Resolution of Approval 15
XX. Conclusion 16
TABLE OF EXHIBITS
Exhibit A Legal Description
Exhibit B Boundary Map
Exhibit C Vicinity Map
Exhibit D Property Owner's Consent
Exhibit E Engineer's Estimate of Costs
_ Exhibit F Location of Public Improvements
Exhibit G Financing Plan
Exhibit H Resolution of Town Board of Trustees Approving Service Plan
HIGHLAND LAKE ESTATES METROPOLITAN DISTRICT
SERVICE PLAN
L INTRODUCTION
The District shall be named the Highland Lake Estates Metropolitan District(the"District").
The purpose of the District is to finance certain streets, traffic safety controls, street lighting,
water, landscaping, storm drainage, mosquito control and park and recreation improvements for
the development to be known as the Highland Lake Estates planned unit development (the
"Highland Lake Estates development"). The developer of the Highland Lake Estates
development and the petitioner for the formation of the District is Highland Lake Estates, LLC, a
Colorado limited liability company ("Highland Lake Estates") (Highland Lake Estates or any
successor developer of the Highland Lake Estates development shall be referred to herein as the
"Developer"). The District shall have all of the powers of a metropolitan district described in §§
32-1-1001 and -1004, C.R.S., except that the District shall not provide fire protection or
emergency medical services or facilities.
II. PURPOSE
Pursuant to the requirements of the Special District Act, §§ 32-1-101, et seq., C.R.S. (the
"Act"), this Service Plan(the "Service Plan") consists of a financial analysis and an engineering
plan illustrating how the proposed facilities and services of the District will be provided and
financed. The following items are included in this Service Plan:
a. A description of the proposed services;
b. A financing plan showing how the proposed services are to be financed, including
all elements required by § 32-1-202(2)(b), C.R.S.;
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c. A preliminary engineering or architectural survey showing how the proposed
services are to be provided;
d. A map of the proposed District's boundaries and an estimate of the population
and valuation for assessment of the proposed District;
e. A general description of the facilities to be constructed and the standards for
construction, including a statement of how the facility and service standards of the proposed
District are compatible with facility and service standards of the Town and special districts
which are interested parties pursuant to § 32-1-204(1), C.R.S.;
f. A general description of the estimated cost of acquiring land, engineering
services, legal services, administrative services, initial proposed indebtedness and estimated
proposed maximum interest rates and discounts and other major expenses related to the
organization and initial operation of the District; and
g. A description of any arrangement or proposed agreement with any political
subdivision for the performance of any services between the proposed District and such other
political subdivision and, if applicable,a form of the agreement.
III. ORGANIZERS OF PROPOSED DISTRICT
This Service Plan has been prepared by the Developer and the following participating
consultants:
Developer District Counsel
Highland Lake Estates,LLC Miller, Gruber&Rosenbluth,LLC
Al D. Schnabel Jennifer L. Umber, Esq.
348 Morning Star Lane 700 17th Street, Suite 2200
Lafayette, Colorado 80026 Denver, Colorado 80202
(303) 520-1748 (303) 285-5309
(720) 890-0619—facsimile (303)285-5330--facsimile
adsgolfer@aol.com ieruber@mgrlawfirm.com
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Financial Advisor Engineer
Kirkpatrick, Pettis, Smith,Polian Inc. JVA,Inc.
Thomas Bishop David Heinrich,P.E.
1600 Broadway, Suite 1100 1519 Spruce Street
Denver,Colorado 80202 Boulder,Colorado 80302
(303) 764-5737 (303)444-1951
(303) 764-5770--facsimile (303)444-1957—facsimile
tbishop@a,kpsp.com dheinrich@jvaiva.com
Bond Counsel
Sherman&Howard
Blake T. Jordan, Esq.
633 17th Street, Suite 3000
Denver, Colorado 80202
(303)299-8364
(303)298-0940—facsimile
biordan@sah.com
IV. BOUNDARIES,POPULATION&VALUATION
The District is generally located north of Weld County Road 36 between Weld County Road
3 and Weld County Road 5. The District consists of approximately seventy-one and fifty-six
one-hundredths-of-one(71.56) acres located entirely within the boundaries of the Town, as more
particularly set forth in the legal description attached hereto as Exhibit A and as shown on the
boundary map, attached hereto as Exhibit B, and the vicinity map, attached hereto as Exhibit C.
The petitioner, also the Developer of the District property, is the sole owner of the property
which constitutes the boundaries of the District. A letter from the Developer consenting to the
formation of this District is attached hereto as Exhibit D and incorporated herein by this
reference.
The Highland Lake Estates subdivision is being developed for the anticipated
construction of thirty-one (31) single-family homes by the Developer. The current population of
the District is zero. The daytime population of the District at full build-out is estimated to be
ninety(90)people, subject to development approval by the Town. It is acknowledged that Town
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development standards and requirements may affect the foregoing numbers of anticipated homes
and population. The estimated assessed value at full build-out is One Million Seven Hundred
Fifty-Six Thousand Five Hundred Thirty-One Dollars ($1,756,531.00). The property is currently
zoned agricultural. The current assessed value is approximately Four Thousand Seventy Dollars
($4,070.00). The total overlapping mill levy imposed upon the property within the proposed
District for tax collection year 2004 was approximately seventy-four and one hundred thirty-two
one-thousandths-of-one(74.132)mills.
V. DESCRIPTION OF PROPOSED SERVICES
The purpose of the District is to finance public improvements which may be dedicated to the
Town, or other non-profit or governmental entities, for the use and benefit of District residents and
taxpayers and, unless otherwise agreed, to finance perpetual maintenance of the streets, traffic
safety controls, street lighting,water, landscaping, storm drainage,mosquito control and park and
recreation facilities. The improvements shall include streets, traffic safety controls, street
lighting, water, landscaping, storm drainage, mosquito control and park and recreation
improvements and facilities. The District shall have all of the powers of a metropolitan district
described in §§ 32-1-1001 and -1004, C.R.S., except that the District shall not provide fire
protection or emergency medical services or facilities.
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VI. NEED FOR THE PROPOSED DISTRICT
The area to be served by the District is located entirely within the boundaries of the
Town. The Town does not consider it feasible or practical to provide the District with the certain
public infrastructure described in this Service Plan. Therefore, it is necessary that the District be
organized to provide its inhabitants with the facilities and services described in this Service Plan.
VII. OTHER GOVERNMENTAL ENTITIES
The District shall receive fire protection services from the Mountain View Fire Protection
District. The District shall receive water services from the Little Thompson Water District.
Pursuant to § 32-1-107(3)(a)(IV), C.R.S., the District shall obtain the consent of the Little
Thompson Water District for the overlap in boundaries for the purposes of financing water
improvements only. The District shall not be empowered to provide water services. The District
is located within the following governmental entities but the District is neither empowered to nor
shall it provide the same services as those entities: Longmont Soil Conservation District;
Northern Colorado Water Conservancy District; St. Vrain Valley School District RE-1J: St.
Vrain & Left Hand Water Conservancy District; Weld County Library District; Mountain View
-- Fire Protection District; and Weld County. The District is not located within any other special
districts or municipalities.
VIII. PROPOSED LAND USE &ANTICIPATED DEVELOPMENT
At present, the property is zoned low density single-family residential. Other than as set
forth in this Service Plan,the property is not presently provided with the facilities and/or services
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proposed to be provided by the District, nor does the Town or any other special district have any
plans to provide such services within a reasonable time and on a comparable basis.
The Highland Lake Estates subdivision is being developed for the construction of
approximately thirty-one (31) single-family homes. The Developer anticipates total build-out to
occur by 2007 with the construction of fifteen (15) single-family residential units in 2006 and
sixteen (16) single-family residential units in 2007, subject to final design and development
approval by the Town. It is acknowledged by the Developer that Town development standards
and requirements may affect the foregoing numbers of anticipated homes and the foregoing
anticipated build-out schedule.
IX. PRELIMINARY ENGINEERING ANALYSIS
a. Facilities to be Constructed,Acquired and/or Installed.
The District will provide for the construction, acquisition and installation of streets, traffic
safety controls, street lighting,water, landscaping, storm drainage,mosquito control and park and
recreation improvements and facilities (as the foregoing terms are defined in § 32-1-1004(2),
C.R.S. and the sections referenced therein) subject to mutual agreement between the District and
the Town, and for the ongoing maintenance of streets, traffic safety controls, street lighting,
landscaping, storm drainage, mosquito control and park and recreation facilities, within and
without the boundaries of the District that are not otherwise dedicated to other governmental
entities. A general description and preliminary engineering survey of the facilities to be
financed, constructed, acquired and/or installed are shown in Exhibit E, attached hereto and
incorporated herein by this reference. A map showing the location of the public improvements to
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be financed by the District is attached hereto as Exhibit F. The location of the public
improvements set forth in Exhibit F are conceptual and subject to change.
b. Standards of Construction and Statement of Compatibility.
The District will ensure that the proposed improvements are designed and constructed in
accordance with the standards and specifications of the Town and other governmental entities
having jurisdiction, and will obtain approval of civil engineering plans for such improvements
from the Town and other governmental entities having jurisdiction.
c. Estimated Costs of Facilities.
The combined total estimated cost of the improvements is One Million Nine Hundred Four
Thousand Two Hundred Seventy-Five Dollars($1,904,275.00). The Developer shall be responsible
for any improvement costs that exceed the amount of debt issued. The Town is not responsible for
assuming any of the costs of the improvements funded by the District.
The District shall be authorized to construct the public improvements generally shown on
Exhibit F, subject to the specific final design and approval thereof by the Town or any other
governmental entity having jurisdiction. Phasing of construction shall be determined by the District
to meet the needs of residents and taxpayers within its boundaries.
d. Dedication of Improvements to the Town.
Upon completion of construction and installation, the District will dedicate all streets to the
Town and all water improvements to the Little Thompson Water District for operation and
maintenance. The District will dedicate all other public improvements, as required by the Town or
its designee, upon completion of construction and installation. At the direction of the Town,
landscaping,park and recreation improvements, street lighting and storm drainage facilities shall be
maintained by the District or by a homeowners' association formed for the Highland Lake Estates
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development. The dedicated improvements will be operated and maintained by the Town or its
designee. All rights-of-way and easements necessary for the facilities will also be dedicated to the
Town or its designee by the District,to the extent the District has the necessary property interest to
provide such dedication.
An initial acceptance letter will be issued by the Town that may require the public
improvements to be warranted for two (2) calendar years from the date of dedication. The Town
will issue a final acceptance letter at the successful completion of the warranty period. At the
Town's discretion, dedication may take place after the two (2) year warranty. Failure to comply
with the dedication of improvements shall be deemed to be a material modification of this Service
Plan.
X. FINANCIAL INFORMATION
This Article X describes the nature, basis, method of funding and debt and mill levy
limitations associated with the District's public improvements program and operations. Together
with the Financing Plan, attached hereto as Exhibit G and further described below, this Article X
constitutes the financial plan for the District as required by § 32-1-202(2)(b), C.R.S. A detailed
Financing Plan is contained in Exhibit G, attached hereto and incorporated herein. The Financing
Plan includes estimated operations, maintenance, administration costs, proposed indebtedness and
estimated interest rates and discounts and other major expenses related to the organization and
operation of the District. The Financing Plan projects the issuance of the debt and the anticipated
repayment based on the development assumptions (including the market projections and absorption
forecasts set forth therein) for property within the boundaries of the District. The Financing Plan
demonstrates that,at the projected level of development, and with the projected Developer support,
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the proposed District has the ability to finance the facilities identified herein, and will be capable of
discharging the proposed indebtedness on a reasonable basis.
a. General.
The provision of improvements and facilities by the District will be financed through the
issuance of general obligation bonds (the `Bonds"), secured by the ad valorem taxing authority of
the District and other District revenues, as discussed below. The Financing Plan anticipates the
issuance of one (1) series of Bonds in 2006. The term of any Bonds issued by the District shall not
exceed thirty (30) years. The combined total estimated cost of the improvements is One Million
Nine Hundred Four Thousand Two Hundred Seventy-Five Dollars ($1,904,275.00). The District
has the capacity to issue general obligation bonds in the aggregate principal amount of
approximately Nine Hundred Seventy-Five Thousand Dollars ($975,000.00), projected to yield net
bond proceeds of Eight Hundred Nineteen Thousand Seven Hundred Seventy-Two Dollars and
Sixty-Seven Cents ($819,772.67). Accordingly, it is currently anticipated that the bond proceeds
will be insufficient to allow for repayment of One Million Eighty-Four Thousand Five Hundred
Two Dollars and Thirty-Three Cents ($1,084,502.33), which will be contributed by the Developer;
however, if the financing capability of the District changes and will permit repayment in the future
(due to higher than anticipated assessment values, lower interest rates or any other circumstance),
the District may agree to repay the Developer for unreimbursed public infrastructure costs so long
as the District has the capacity to make such payments without exceeding the debt limit or Mill
Levy Limit provided in this Service Plan
b. Debt Issuance.
The District intends to issue one (1) series of general obligation bonds in the aggregate
principal amount of approximately Nine Hundred Seventy-Five Thousand Dollars ($975,000.00)
in 2006. The aggregate principal amount of all general obligation bonds and all other forms of
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borrowing by the District, throughout the District's existence and regardless of subsequent
payments and discharges, shall be limited to a total of One Million Six Hundred Thousand
Dollars ($1,600,000.00) ("debt limit"); except to the extent otherwise provided in Article V.d.
with respect to refunding bonds. The authorized maximum voted interest rate is eighteen percent
(18%) per annum and the maximum underwriting discount is five percent (5%) of bond
principal.
The Developer acknowledges and accepts the risk that, if all or a part of the general
obligation bonds proposed to be issued by the District are not issued, because of changes in
financial conditions or for any other reason,the Developer may not be paid or reimbursed for the
cost of public improvements or other advances to the District.
Any bonds issued by the District pursuant to this Service Plan shall be in compliance
with all applicable legal requirements, including without limitation § 32-1-1101(6), C.R.S., and
article 59 of title 11, C.R.S., and shall be approved by nationally recognized bond counsel. An
opinion shall also be obtained from bond counsel or counsel to the District that the bonds comply
with all requirements of this Service Plan.
c. Limited Mill Lew.
"Limited Mill Levy" shall mean an ad valorem mill levy (a mill being equal to 1/10 of
10) imposed upon all taxable property in the District each year in an amount sufficient to pay the
principal of,premium if any, and interest on the bonds as the same become due and payable, and
to make up any deficiencies in any debt service reserve for the bonds, but,together with all other
District mill levies, such mill levy shall not exceed fifty (50.000) mills for debt service purposes
for so long as the total principal amount of all of the District's general obligation debt exceeds
fifty percent (50%) of the valuation for assessment of the taxable property in the District, as
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certified by the Weld County Assessor. In the event of changes in the ratio of actual valuation to
assessed valuation for residential real property, pursuant to Article X, section 3(1)(b) of the
Colorado Constitution and legislation implementing such constitutional provision, the fifty
(50.000) debt service mill levy limitation provided herein will be increased or decreased(as to all
taxable property in the District, including both residential and commercial property) to reflect
such changes 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 ("Gallagher
adjustment"). The Limited Mill Levy shall be an enforceable limit on all District mill levies for
debt service purposes.
In addition to the Limited Mill Levy applicable to all District debt service mill levies,the
total District mill levy for administration, warranty maintenance and other operating expenses
shall be limited to eight(8.000)mills, as adjusted by the Gallagher adjustment.
d. Refunding bonds.
General obligation refunding bonds may be issued by the District to defease original
issue bonds in compliance with applicable law, but any such refunding shall not extend the
maturity of the bonds being refunded nor increase the total debt service thereon and shall meet
the requirements of§ 32-1-1101(6)(a), C.R.S. Refunding bonds shall not be subject to the debt
limit stated in Article X.b., above, provided that such refunding bonds demonstrate net present
value debt service savings;but if such refunding bonds do not demonstrate net present value debt
service savings, any increase in principal amount of the refunding bonds over the principal
amount of bonds being refunded shall be subject to such debt limit.
e. Identification of District Revenue.
The District will impose a mill levy on all taxable property in the District as the primary
source of revenue for repayment of debt service and for operations and maintenance. The mill
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levy imposed by the District for debt service purposes shall not exceed fifty (50.000) mills,
except for Gallagher adjustments permitted under X.c., above. Although the mill levy imposed
may vary depending on the phasing of facilities anticipated to be funded, it is estimated that a
mill levy of approximately forty-five (45.000) mills will produce revenue sufficient to support
debt service and operations and warranty maintenance expenses throughout the repayment
period. The District also anticipates the imposition of facility fees in the amount of Two
Thousand Dollars($2,000.00)per single-family unit on property within the District.
f. Security for Debt.
The District will not pledge any Town funds or assets for security for the indebtedness set
forth in the Financing Plan of the District.
g. Services of District.
The District will require sufficient operating funds to plan and cause the public
improvements to be constructed. The costs are expected to include: organizational costs, legal,
engineering, accounting and debt issuance costs, compliance with warranty obligations,
compliance with state reporting and other administrative requirements. The first year's operating
budget (for 2007) is estimated to be Nine Thousand Dollars ($9,000.00), inflated at one percent
(1%) per annum to accommodate for inflation. Until the District receives sufficient revenue
from ad valorem property taxes and other District sources, funds for District organizational
costs,operations and administration will be contributed by the Developer.
XI. ANNUAL REPORT
The District will submit an annual report to the Town within one hundred twenty(120)days
from the conclusion of the District's fiscal year (December 31). The annual report shall include
information concerning the following matters:
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a. Boundary changes made or proposed;
b. Intergovernmental agreements entered into or proposed;
c. Changes or proposed changes in the District's policies;
d. Changes or proposed changes in the District's operations;
e. Any changes in the financial status of the District including revenue projections or
operating costs;
f. A summary of any litigation involving the District;
g. Proposed plans for the year immediately following the year summarized in the
annual report;
h. Status of construction of public improvements;and
i. The current assessed valuation of the District.
XII. LANDOWNERS' PUBLIC IMPROVEMENTS
The creation of the District shall not relieve the Developer, its successors or assigns of the
obligation to construct public improvements required by any annexation or other subdivision
improvement agreement.
XIII. CONSERVATION TRUST FUND
The District shall claim no entitlement to funds from the Conservation Trust Fund which
is derived from lottery proceeds. The District shall remit to the Town any and all conservation
trust funds that it receives.
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XIV. DISSOLUTION
The District shall file a petition in the District Court for dissolution when there are no
financial obligations or outstanding bonds, or any such financial obligations or outstanding
bonds are adequately secured by escrow funds or securities meeting the investment requirements
set forth in §§ 24-75-601, et seq., C.R.S., and upon an independent determination by the Town
Board of Trustees that the purposes for which the District was created have been achieved.
Dissolution of the District is subject to approval of a plan of dissolution meeting the
requirements of§§ 32-1-701,et seq.,C.R.S.,by the Weld County District Court.
XV. MODIFICATION OF SERVICE PLAN
The District will obtain the approval of the Town before making any material modifications
to this Service Plan. Material modifications include modifications of a basic or essential nature
including additions to the types of services provided by District, change in debt limit or change in
revenue sources. This is not an exclusive list of all actions that may be identified as a material
modification. Town approval is not required for modifications to this Service Plan necessary for the
execution of financing or construction of public improvements already outlined in this Service Plan.
XVI. DISCLOSURE
The Developer and the District will take steps to insure that the developers of the property
located within the District provide written notice at the time of closing to purchasers of land
regarding the existence of taxes, charges or assessments which may be imposed in connection with
the District. The District will also record a statement against the property within the District,at such
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time as the property is legally included therein, including notice of the existence of the District,
average expected tax levy,maximum expected tax levy and maximum allowed tax levy.
XVII. INTERGOVERNMENTAL AGREEMENTS
No intergovernmental agreements are proposed at this time.
XVIII.INITIAL BOARD OF DIRECTORS
The following persons, who are or will be owners of property within the District,
are anticipated to be nominated for the initial board of directors of the District:
Al D. Schnabel Axel Bishop
348 Morning Star Lane 513 Wilson Street
Lafayette,Colorado 80026 Lafayette, Colorado 80026
Thomas Lindsay Stephen F. Clark
5185 East Donald Avenue,Unit A Post Office Box 296
Denver, Colorado 80222 Mead,Colorado 80542
Janis A. Schnabel
348 Morning Star Lane
Lafayette,Colorado 80026
XIX. RESOLUTION OF APPROVAL
The District incorporates the Town Board of Trustees' resolution approving this Service
Plan,including any conditions of approval,into this Service Plan as Exhibit H.
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XX. CONCLUSION
This Service Plan demonstrates 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;
d. The area to be included in the District has, or will have, the financial ability to
discharge the proposed indebtedness on a reasonable basis;
e. The facility and service standards of the District are compatible with the facility
and service standards of each county within which the District is to be located and
each municipality which is an interested party under § 32-1-204(1), C.R.S.;
f. The proposal is in compliance with any duly adopted county, regional, or state
long-range water quality management plan for the area; and
g. The creation of the District will be in the best interests of the area proposed to be
served.
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EXHIBIT A
Legal Description
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EXHIBIT "A"
September 8, 2005
A description of HIGHLAND LAKE ESTATES SUBDIVISION located in the S1/2 of Section 5, T3N,
R68W of the 6th P.M., in Weld County, Colorado. For: Highland Lake Estates, LLC.
LEGAL DESCRIPTION
A tract of land located in the S1/2 of Section 5, T3N, R68W of the 6th P.M., County of Weld, State of
Colorado, described as follows:
BEGINNING at the S1/4 Corner of said Section 5, from which the Southwest Corner of said Section 5
bears N89°52'15"W, 2624.70 feet(Basis of Bearing);
Thence S89°56'51"E, 602.11 feet along the South Line of the SE1/4 of said Section 5 to the Easterly
Line of Parcel B conveyed to Leonard A. Hergenreter & Geraldine S. Hergenreter as described in
Warranty Deed recorded April 25, 1991, in Book 1297 as Reception No. 2248203 of the records of
Weld County, Colorado.
The following courses and distances are along the Easterly Line of said Parcel B and along the
Easterly Line of Parcel A as described in said Book 1297 as Reception No. 2248203;
Thence N00°52'23"E, 194.33 feet;
Thence N23°11'13'W, 254.28 feet;
Thence N26°46'01"W, 285.71 feet;
Thence N07°42'36'W, 510.04 feet;
Thence N07°46'19"E, 580.91 feet;
Thence N12°43'20'W, 519.00 feet;
Thence N14°28'41"W, 394.54 feet to the North Line of the SE1/4 of said Section 5;
Thence leaving the Easterly Line of said Parcel A, S89°59'26'W, 165.18 feet along the North Line of
the SE1/4 of said Section 5 to the C1/4 Corner of said Section 5;
Development Services for the Communities of the Future
drexel`VIII -ENGINEERING
CivilArts group -PLANNING
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EXHIBIT"A"
Thence S89°58'28"W, 1460.06 feet along the North Line of the SW1/4 of said Section 5 to the
Westerly Line of said Parcel A;
Thence S00°00'38"W, 922.73 feet along the Westerly Line said Parcel A to an Angle Point thereof;
Thence N61°21'41"E, 81.75 feet along the Southerly Line of said Parcel A to an Angle Point thereof;
Thence S89°51'37"E, 902.60 feet along the Southerly Line of said Parcel A to an Angle Point thereof;
Thence S00°08'23'W, 1764.35 feet along the Westerly Line said Parcel A and along the Westerly
Line of said Parcel B to the South Line of the SW1/4 of said Section 5;
Thence S89°52'15"E, 481.89 feet along the South Line of the SW1/4 said Section 5, to the S1/4
Corner of said Section 5 and the POINT OF BEGINNING.
Area = 71.559 acres, more or less.
Page 2
EXHIBIT B
Boundary Map
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�rJ T3N, R69W, 6TH P.M. POINT OF BEGINNING SE 1/4 SEC. 5
`at S1/4 COR. SEC. 5
A T3N, R69W, 6TH P.M.
rTE tat
llJ .
EXHIBIT C
Vicinity Map
WCR 38 7_
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ta. ti LL—:Se
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N i:N \ 1 Q4 I \ MEAD
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— 1500 0 1500
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SCALE OF FEET
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— 7 VICINITY MAP
JUNE 06, 2005tr
if
N CG1ASULTLi1, El,IIJEE_ S
- N
—
EXHIBIT D
Property Owner's Consent
Jun. 29. 2005 8:28AM Miller Gruber and Rosenbluth LLC No. 0762 P. 2
June 29,2005
_ Town of Mead
Post Office Box 626
Mead,Colorado 80542
RE: Proposed Highland Lake Estates Metropolitan District(the
"District")
To Whom It May Concern:
Highland Lake Estates, LLC, a Colorado limited liability company, is the owner of the
property attached hereto as Exhibit A, which property is proposed to constitute the
boundaries of the District The purpose of this letter is to advise that 1, Al D. Schnabel,
as Managing Member of Highland Lake Estates, LLC,consent to the organization of the
District.
HIGHLAND LAKE ESTATES,LLC,
A Colorado limited liability company
•
�AeD.Sc� ember
STATE OF COLORADO )
COUNTY OF 7 1A1CO.0 —
_ Subscribed and sworn to before me on this 29th day of June 2005, by Al D.
Schnabel, as Managing Member of Highland Lake Estates, LLC, a Colorado limited
liabili
+••• A9Jy09m
SEAL]
e •3A Vl VLl* l tA1�i(5Y�
. taub No lie
•9,)F B L N G'P0 cam/
My OF COQ P . 1 1� 'U
ytommission Expires 07 2/2008
Band Like Eaw SmicePita
3.61615
drexel-ENGINEERING
CivilArts I grro p —PLANNING
—SURVEYING
Civil Arts-Drexel Group, Inc. • 1860 Lefthand Circle, Suite A•Longmont, CO 80501 •Tel'. (303) 682-1131 • Fax: (303) 682-1149 •www.civIlarls-drexel.com
EXHIBIT "A"
September 8, 2005
A description of HIGHLAND LAKE ESTATES SUBDIVISION located in the S1/2 of Section 5, T3N,
R68W of the 6th P.M., in Weld County, Colorado. For: Highland Lake Estates, LLC.
LEGAL DESCRIPTION
A tract of land located in the S1/2 of Section 5, T3N, R68W of the 6th P.M., County of Weld, State of
Colorado, described as follows:
BEGINNING at the S1/4 Corner of said Section 5, from which the Southwest Corner of said Section 5
bears N89°52'15'W, 2624.70 feet(Basis of Bearing);
Thence S89°56'51"E, 602.11 feet along the South Line of the SE1/4 of said Section 5 to the Easterly
Line of Parcel B conveyed to Leonard A. Hergenreter & Geraldine S. Hergenreter as described in
Warranty Deed recorded April 25, 1991, in Book 1297 as Reception No. 2248203 of the records of
Weld County, Colorado.
The following courses and distances are along the Easterly Line of said Parcel B and along the
Easterly Line of Parcel A as described in said Book 1297 as Reception No. 2248203;
Thence N00°52'23"E, 194.33 feet;
Thence N23°11'13'W, 254.28 feet;
Thence N26°46'01"W, 285.71 feet;
Thence N07°42'36"W, 510.04 feet;
Thence N07°46'19"E, 580.91 feet;
Thence N12°43'20'x/11, 519.00 feet;
Thence N14°28'41"W, 394.54 feet to the North Line of the SE1/4 of said Section 5;
Thence leaving the Easterly Line of said Parcel A, S89°59'26'W, 165.18 feet along the North Line of
the SE1/4 of said Section 5 to the C1/4 Corner of said Section 5;
Development Services for the Communities of the Future
drexel -ENGINEERING
C -PLANNING
ivil its - group -SURVE`/ING
EXHIBIT"A"
Thence S89°58'28"W, 1460.06 feet along the North Line of the SW1/4 of said Section 5 to the
Westerly Line of said Parcel A;
Thence S00°00'38"W, 922.73 feet along the Westerly Line said Parcel A to an Angle Point thereof;
Thence N61°21'41"E, 81.75 feet along the Southerly Line of said Parcel A to an Angle Point thereof;
Thence S89°51'37"E, 902.60 feet along the Southerly Line of said Parcel A to an Angle Point thereof;
_ Thence S00°08'23"W, 1764.35 feet along the Westerly Line said Parcel A and along the Westerly
Line of said Parcel B to the South Line of the SW1/4 of said Section 5;
Thence S89°52'15"E, 481.89 feet along the South Line of the SW1/4 said Section 5, to the S1/4
Corner of said Section 5 and the POINT OF BEGINNING.
Area =71559 acres, more or less.
Page 2
EXHIBIT E
Engineer's Estimate of Costs
_. ` /� ` JVA,Incorporated Job Name: Highland Lake Estates
Vies/
1319 Spruce Street Job Number. 1224c
"""I' Boulder, CO 80302 Date: June 20,2005
Ph: 303.444.1951 By: DWH
Fax: 303.444.1957 Phase: Preliminary
Opinion of Probable Costs For
HIGHLAND LAKE ESTATES - PRELIMINARY DESIGN
-
MEAD, COLORADO
Quantity Units Unit Cost Total
General Sitework
Demo Existing Misc. Structures/Clear&Grub 1.0 LS $20,000.00 $20,000.00
Stripping and Stockpile topsoil 10.0 AC $1,000.00 $10,000.00
Grading-ROW(assume 1'average over width of ROW) 20,000 CY $1.80 $36,000.00
Grading-Detention Ponds(assume 2'average over area of
ponds) 10,000 CY $1.80 $18,000.00
Fine Grading-Topsoil 3,000 CY $2.00 $6,000.00
Open Space Landscaping 5 AC $5,000.00 $25,000.00
-- Utility Allowance to Support& Relocate Exist Utilities 1 LS $20,000.00 $20,000.00
General Sitework Subtotal $135,000.00
Roads
Access Roads(asphalt, subgrade prep, and gravel shoulder) 7,000 LF $80.00 $560,000.00
Signage&Striping 1 LS $50,000.00 $50,000.00
Traffic Control Plan for Work in Street 1 LS $10,000.00 $10,000.00
Pavements Subtotal $620,000.00
Utility-Water
Water Line-8"PVC C900(4.5'bury) 6000 LF $40.00 $240,000.00
Allowance for water fittings, etc. (20%of line cost) 1 LS $48,000.00 $48,000.00
Offsite Water Line Extension- 12"PVC C900(4.5'bury) 3465 LF $45.00 $155,925.00
Allowance for offsite water fittings, etc. (20%of line cost) 1 LS $31,200.00 $31,200.00
Water Service Assembly(tap,service line,water meter) 30 EA $1,625.00 $48,750.00
- Fire Hydrant Assembly-6" 10 EA $4,000.00 $40,000.00
Traffic Control for Water work in Street 1 LS $20,000.00 $20,000.00
Utility-Water Subtotal $583,875.00
Utility-Storm Drainage System
Road Culvert(FES, Pipe, Riprap)-24" 7 EA $3,500.0O $24,500.00
— Road Culvert(FES, Pipe, Riprap)-36" 1 EA $5,300.00 $5,300.00
Detention Pond Outlet-(Major&Minor Restrictions w/Water
Quality) 4 EA $5,000.00 $20,000.00
Pond spillway and outfall improvements 1 LS $25,000.00 $25,000.00
Erosion Control(silt fence,vehicle tracking control, seeding and
mulching) 1 LS $20,000.00 $20,000.00
Utility-Storm Drainage System Subtotal $94,800.00
Subtotal $1,433,675.00
Contingency(5%) $71,700.00
Contractor's OH&P(15%) $225,800.00
Engineering Fees(10%) $173,100.00
PROJECT TOTAL $1,904,275.00
.....
.. Engineers opinions of probable Construction Cost provided for herein are to made on the basis of Engineer's experience and qualifications and
represent Engineer's best judgement as an experienced and qualified professional generally familiar with the industry. However,since the Engineer
has no control over the cost of labor,equipment,or services fumished by others,or over the Contractors methods of determining prices,or over
competitive bidding or market conditions,Engineer cannot and does not guarantee that proposals,bids,or actual Construction Cost will not vary from
v opinions of probable Construction Cost prepared by Engineer. If Owner wishes to greater assurance as to probable Construction Cost,Owner shall
employ an independent contractor/cost estimator.
EXHIBIT F
Location of Public Improvements
III
-
- \- E.VI
23: E � SJ • X �w 1\ \I &Il
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ot / / �/ _' �/ =EAR N'Vl` P 2� \464- I ` 1\
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1 ` 05-&851'37 E 804.6i' 4 \ 6\1 \ \� 11 \\ 1\
TRACT C , 1\ 1 2� I I o \\ \\ \\
p 1 1 I I j ,.A I
1 I ` I1 11 43\c?. 1 I 1
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81 1 ai ; I I I
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a TRACT D c3 1112 1pi 1 h 1 / o
15 WIDE DRIVEWAY i' Pleb I I' socy \ ,' 113"W
N I CONNECTIO 1 n 1 k ;Fry- ;TRACT F 54.28'
N I 1 ( ri91113 \1‘i�yh\ j \\ . ( / N00'52'23'E
N I \ I I` , 4 \ 7 I \ .1/ 194.33'N to
— m 81:89' I ffi01.11' ' TRACT G
a III I WELD COUNTY ROAD 4a
ce
400 0 400 800 NOTE:
LOT LINES SHOWN ARE FOR ILLUSTRATIVE
- 2 SCALE OF FEET PURPOSES ONLY.
x
w
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N
- 2 ROADWAY EXHIBIT iN
il SEPTEMBER 06, 2005 1
U
P
N C01SUL1IN; �'l_;I P:S J?
.` N
III ±3600 LF OF OFFSITE
WATER MAIN IMPROVEMENTS
' . i / Ii \ C 1 /1)10\.
`�� �.,[T . J tea° I L --
— v\ >\ 4�$28_W -1460.06c.__,. _,. < �. F r-
\�\ 4 /rtTC\%\
' 1 \ \
—
x. v3 11 1 v , / / _ * j 2\ 1 I \ v
1 rn/ \ \\ \\ 1 \ '1h Vi2dj '
30 ���\ 2- 45 \ 1 $—
/ / \ \ \ ' \ FLUME DITCHc"' >_.. N` N Vla• 12� \ t 1
a -e--S-8 51'37�E 902.6.' 1 ( \ l
` ♦1 . 6 \ \ 1 \ 1 e \
TRACT C \ l I IH
2411 z \^ p1 I Io I/ 1 I \ II \ ' R (/1 " \
N61'21'41'E w \ \ 1 I ,` m
\ 81 1 , I I I I I
81.75' odo'�, \\ I I Lis 1 i I I r
- Vct", \ I I I I Z I II111 z, \I
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1 \
— 160'(ROW' -chi 11171 c N 1\
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2
\\ 1111 1I t `,j 1\ \,
N TRACTD I 2112 (, 1p1 h Izin \ / 01 3 3"W
co l j t‘rj I I I II.ryI \ ; %/ 54.28'
(TRACT F
- I FIRE HYDRANT 2', 113 \ 1 2� \ N00'52'23"E
g Typ`1 ( -I 11 v 1,1 v 194.33'
\ 1 ) s '529-s 1,.,6$9'56'5 " - _
I / k8V.89' ' U ii0�.11'1 ' TRACT G
E WELD COUNTY ROAD CF
3
m
NOTE:
vi 400 0 400 800
0303 , - - r LOT LINES SHOWN ARE FOR ILLUSTRATIVE
_. I SCALE OF FEET PURPOSES ONLY.
w
N
N
WATER EXHIBIT I U�1111
j SEPTEMBER 06, 2005
N
N
LIMITED RELEASE POND OUTFALL PIPE
� OUTFALL STRUCTURE WI OUTLET PROTECTION
f�GINEERED SPILLWAY DETENTION POND A I LIMITED RELEASE WEIR STRUCTURE
W/ OUTLET PROTECTION
18" RCR\ it, �/M58'28_39181460.0• f \`ate l ;__` !r!II( L
1 \ S =E& tdt4 !1 t C.
- \ 4
n k23-- tt" \ -N
I c \:2 ` " '" �' ~T8`ReE 1 �C
a; 18 RCP q i DETE�!TION 1
�w' \ f / 7-f 9 _ 27 \24 \ \\\; \ ` I POND\B \ \\
* \3 1 I ..; ./ 8 -RCP. -" \ 1 \ `z2\ 1. 1 2 l \ \\
I co -1 I /ji _ . 36" 'CP'eCR\DITC \\ \\ 1 •\'' - u \ \\
9// �, 3 $-\ 26 25 \ 1 \ $-� FLUME DITCH t
`" / / •02._.....-- i BEN. N.Wg 1 2i \ \ 1
g ' A� I LI (TED RELEASE \
--SB '51'37",E-902.6 ' I t 1 , ' ' WEI STRUCTURE \ 1
4, \ 6 \ , 1 1 •-•••,.. I W/ 'UT PROTECTION
TRACT C 18" RCP 1 i : I \ \
l21 . / o" \ ` \
\
IRRIGATION DITCH \b 1 , 1 1 I 1 l I ', I I \ (
'IDE St STARBIRD DITCH' 1 I \ III I I I `r 1 O I 1
N6121.41"E N \ 1 1 1 1 1) m. / \ 1
81.75' \ 8 1 1 of I 11
o I I1
\ 1 1 I III t DTENTIQN
cm" ;—
1 1 12 111 1118 1'�, D C \I
' I 111 Sd I I I Y.:). l
160' RO �I 1 \171 �' c \ \
A 1 II 1 �I \\ 1
— 1 \ 1 q I i LIMITEp RELEASE
F 18 \RCP I N � WEIR $TRUCTUR
`\ 4 1111 I 1 yy�� 2�w/ OUTLET PRO ECTION
TRACT D 1 IC; 1118"I.C -•' I \'. A DES .:
1 c- 112 11 I h I! \ / r' i :/C
�h I i I � \\ 1 0 tY3'w
N 1, ...%),(-) 14i �\ (TRACT F / / 54.28'
\ I 18' ; 1 ; 9113 1 14 IZr t 1 1 /
O1 I I I7 1 1 \ 1 1 N00'5223"E
04 wI �I �8' '" 194.33'
z
o 1 ' 18' RCP a 89' i I
t0±.11 TRACT G
— a) WELD COUNTY ROAs ciF
3 NOTE:
0 ( 400 0 400 800
LOT LINES SHOWN ARE FOR ILLUSTRATIVE— = IVE
SCALE OF FEET
w PURPOSES ONLY.
N
N
DRAINAGE EXHIBIT aSEPTEMBER 06, 2005
.
ryN CON.LJJ TVL1 E':-:IrF_E mS 1
III _
� I -' c, A23 vat \
/
Q, \\ \ i I 1x / , 31 9 _P7 \2�\ \ \ 1 \ \\
—
\ \ 1 \ .$2233
\ 1 l
0 1 /// 9`: r"" .: 30 /2,$- 2� 25 \ I " $o \
— i / / th' / i \\ \ I 1 1 \ \ FLAME DITCH
.' N'-S89-51'37�E-902.=r' .- a- , \ 6\\ 1
TRACT C \ \1 1 i 112 I oz \\ \
1 ii ( Sv I \
-. y 1 I \ 11 1 cc Iy$'. i ' 1
/ 1, 1 i 1 1A -Co \ 1,
1 * N61'21'41.E 0 1\\ 8\I \1 i �' n'I I
81.75' a- \ I i I ^� i I i /
War\ 9i i � zi1 '1p I, Z `I
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- Q o� i 60'IROW `fig \ 111711 c ,I \\\ -\
it 11 14 I ; I Sd` /
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— 1\ 10 i I ty PF cis 1\ V�
I \ I I I I 1 II V
a TRACT D
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in I 1 a� 15 1 1kiIZm 1 ''r . . ✓ / N00'52'23'E
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-
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a III WELD COUNTY ROAr %F
a
— m
3 NOTE:
400 0 400 800
LOT LINES SHOWN ARE FOR ILLUSTRATIVE
I SCALE OF FEET PURPOSES ONLY.
,,
C
N
- 7 OVERALL SITE & PARKS tat
AND RECREATION EXHIBIT `f
SEPTEMBER 06, 2005
N
EXHIBIT G
Financing Plan
I 1 I I I I I I 1 1 I 1 I I I I I I I
Page 1 of 3
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
Development Projection at 40.00 Debt Service Mills for Bonds,with Facility Fees
Set.2006 Non-Rated Bond,30-year maturity
««««Residential»»»» « Ptatted/Developed Lots»
Mkt 1/alue Aced Value N1d Value Senility Fns
Biennial @ T.9Y% @ TYRO% Total Total BA.Taxes Collected @
Total 'mt Cumulative of Merkel Cumulative of Market Collected Debt Bye Collections Collected $2,0001SFD unit
' YEAR Reel Unite @2.0% Merkel Value l2 rN9i Market Value 1LYrIF1 Assessed Value Mill Levy 98% @10%
2004 0 0 0 $0
2005 0 0 1,036,125 $0 40.000 $0 $0 $0
2006 15 0 10,568,475 0 1,105,200 0 0 40.000 S0 0 30,000
2007 16 22,066,976 0 0 300,476 300,476 40.000 11,779 1,178 32,000
2008 0 441,340 22,508,315 841,251 0 320,508 1,181 759 40.000 45,541 4,554 0
2009 0 22,508,315 1,756,531 0 0 1,758,531 40.000 68,856 6,806 0
2010 0 450,166 22,958,482 1,791,662 0 0 1,791,662 40.000 70,233 7,023 0
2011 0 22,958,482 1,791,662 0 0 1,791,662 40.000 70,233 7,023 0
2012 0 459,170 23,417,651 1,827,495 0 0 1,827495 40.000 71,638 7,164 0
2013 0 23,417,651 1,827,495 0 0 1,827,495 40.000 71,638 7,164 0
2014 0 488,353 23,886,004 1,864,045 0 0 1,864,045 40.000 73,071 7,307 0
2015 23,886,004 1,864,045 0 1,864,045 40.000 73,071 7,307 0
2016 477,720 24,363,724 1,901,326 0 1,901 326 40.000 74,532 7,453
2017 24,363,724 1,901,326 0 1,901,326 40.000 74,532 7,453
2018 487,274 24,850,999 1,939,352 0 1,939,352 40.000 76,023 7,602
2019 24,850,999 1,939,352 0 1,939,352 40.000 76,023 7,602
2020 497,020 25,348,019 1,978,140 0 1,978,140 40.000 77,543 7,754
2021 25348,019 1,978,140 0 1,978,140 40.000 77,543 7,754
2022 506,980 25,854,979 2,017,702 0 2,017,702 40.000 79,094 7,909
2023 25,854,979 2,017,702 0 2,017,702 40.000 79,094 7,909
2024 517,100 26,372,079 2,058,056 0 2058,058 40.000 80,876 8,088
2025 26,372,079 2,058,058 0 2,058,056 40.000 80,676 8,088
2026 527,442 213,899,520 2,099,217 0 2,099,217 40.000 82,289 8,229
2027 28,899,520 2,099,217 0 2,099,217 40.000 82,289 8,229
2020 537,990 27,437,511 2,141,202 0 2,141,202 40.000 83,935 8,394
2029 27,437,511 2,141,202 0 2,141,202 40.000 83,935 8,394
2030 548,750 27,986,261 2,184,026 0 2,184,026 40.000 85,614 8,561
2031 27,986,261 2,184,026 0 2,184,026 40.000 85,614 8,561
2032 559,725 28,545,988 2,227,708 0 2,227,706 40.000 87,326 8,733
2033 28,545,986 2,227,706 0 2,227,706 40.000 87,326 8,733
2034 570,920 29,116,906 2,272,261 0 2,272,261 40.000 89,073 8,907
2035 29,116,908 2,272,261 0 2,272,261 40.000 89,073 6,907
2036 582,338 29,699,244 2,317,706 0 2,317,706 40.000 90,854 9,085
2037 29,699,244 2,317,706 0 2,317,706 0.000 0 0
2038 593,985 30,293,229 2,364,060 0 2,364,060 0.000 0 0
2039 30,293,229 2,384060 0 2,364,060 0000 0 0
2040 30,293,229 2,411,341 0 2,411,341 0.000 0 0
31 8,226,253 2,279,121 227,912 62,000
5/37/2005 B HLEMD Fin Plan 05.xla NR Fin Plan Prepared by Kirkpatrick Pettis
1 ► ► ► ► ) ) i I ) ► I 1 I 1 I 1 f I
Page 2 of 3
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
Development Projection at 40.00 Debt Service Mills for Bonds,with Facility Fees
5er.2008 Non-Rated Bond,30-year maturity
Lees Ser.2005
Mt Income $975,000 Par Surplus Senior Senior
on Cum. ptet$0.830 MM) Release e Cumulative Debt/ Debt
Surplus$2 Net Available Net Debt Annual 50%WA Surplus A Actl Value
YEAR 3% for Debt Svc Service Surplus to 597,500 $97,500 Target Ratio Ratio
2004 0 0
2005 0 0 0 0 n/a n/a
2006 0 30,000 $0 30,000 30,000 n/a n/a
2007 900 45,657 0 45,857 75,657 324% 4%
2008 2,276 52,371 36,563 15,808 91,665 84% 4%
2009 2,750 76,492 78.125 367 92031 56% 4%
2010 2,761 80,017 87,750 (7,733) 84,299 54% 4%
2011 2,529 79,785 76,825 3,160 0 87459 53% 4%
2012 2,624 61,425 76,250 5,175 0 92,835 52% 4%
2013 2,779 81,561 60,875 706 0 93,340 52% 4%
2014 2,800 83,176 80,125 3053 0 96,393 50% 4%
2015 2,892 83,269 79,375 3,894 2,787 97,500 50% 4%
2016 2,925 84910 83,825 1,285 1,285 97,500 48% 4%
2017 2,925 84,910 82500 2,410 2,410 97,500 47% 4%
2018 2,925 86,550 81375 5,175 5,175 97,500 46% 4%
2019 2,925 88,550 85,250 1,300 1,300 97,500 45% 4%
2020 2,925 88,222 83,750 4,472 4,472 97,500 43% 3%
2021 2,925 88,222 87,250 972 972 97,500 42% 3%
2022 2,925 89,92B 85,375 4,553 4,553 97,500 40% 3%
2023 2,925 89,928 88,500 1,428 1,428 97,500 39% 3%
2024 2,925 91,668 86,250 5,418 5,418 97,500 36% 3%
2025 2,925 91,668 89,000 2,668 2,668 97,500 35% 3%
2026 2,925 93,443 91,375 2,068 2,088 97,500 33% 3%
2027 2,925 93,443 86,375 5,068 5,088 97,500 31% 2%
2028 2,925 95,254 90,375 4,879 4,879 97,500 28% 2%
2029 2,925 95,254 92,000 3,254 3,254 97,500 26% 2%
2030 2,925 97,100 93,250 3,850 3,850 97,500 23% 2%
2031 2,925 97,100 94,125 2,975 2,975 97,500 21% 2%
2032 2,925 98,984 94,625 4359 4,359 97,500 18% 1%
2033 2,925 98,984 94,750 4,234 4,234 97,500 15% 1%
2034 2,925 100,905 99,500 1,405 1,405 97,500 11% 1%
2035 2,925 100,905 98,500 2,405 2,405 97,500 8% 1%
2038 2,925 102,864 102,125 739 739 97,500 4% 0%
2037 2,925 2,925 0 2,925 2,925 97,500 0% 0%
2036 2,925 2,925 0 2,925 2,925 97,500 0% 0%
2039 2,925 2,925 0 2,925 2,925 97,500 0% 0%
2040 2,925 2,925 0 2,925 2,925 97,500 0% 0%
95,435 2,664,469 2,487,563 176,906 79,406
lfk400310505NJ5ei
5/31/2005 6 HLEMD Fin Plan 05.xls NR Fin Plan Prepared by Kirkpatrick Pettis
I 1 1 1 I 1 I 1 1 1 I 1 1 I I I I I 1
Page 3 of 3
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
Operations Revenue end Expense Projection I
Less District
Specific operations 0
Total Total Ownership Tea Total of 99,800 Developer Developer
Aaaose4 Opera. Collection 0 lox of Available WI.e1%or (sons for RepaYmenitor Annual
YEAR Value M11I Levy 99% Prop'Y Tian For OBM ran 5.0 mills O rations ()pennons Surplus
2004
2005 D 5.000 0 0 D
2006 0 5.000 0 0 0
2007 300,476 5.000 1,472 147 1820 9,000 7,38 0
2008 1,161,759 5.000 5,693 569 6,262 9,090 2,82 0
2009 1,756,531 5.000 8,607 861 9,468 9,181 287
2010 1,791,662 5.000 8,779 878 9,657 9,273 384
2011 1,791,682 5.000 8,779 878 9,657 9,365 292
2012 1,827,495 5.000 8,955 895 9,850 9,459 391
2013 1,827,495 5.000 8,955 895 9,850 9,554 297
2014 1,864,045 5.000 9,134 913 10,047 9,649 398
2015 1,864,045 5.000 9,134 913 10,047 9,748 301
2016 1,901,326 5.000 9,316 932 10,248 9,843 405
2017 1,901,326 5.000 9,316 932 10,248 9,942 307
2018 1,939,352 5.000 9,503 950 10,453 10,041 412
2019 1,939,352 5.000 9,503 950 10,453 10,141 312
2020 1,978,140 5.000 9,893 969 10,662 10,243 419
2021 1,978,140 5.000 9,693 969 10,662 10,345 317
2022 2,017,702 5.000 9,887 989 10,875 10,449 427
2023 2,017,702 5.000 9,887 989 10,875 10,553 322
2024 2,058,058 5.000 10,084 1,008 11,093 10,659 434
2025 2,058,056 5.000 10,084 1,008 11,093 10,765 328
2026 2,099,217 5.000 10,286 1,029 11,315 10,873 442
2027 2,099,217 5.000 10,286 1,029 11,315 10,982 333
2028 2,141,202 5.000 10,492 1,049 11,541 11,092 450
2029 2,141,202 5.000 10,492 1,049 11,541 11,202 339
2030 2,184,026 5.000 10,702 1,070 11,772 11,314 457
2031 2,184,026 5.000 10,702 1,070 11,772 11,428 344
2032 2,227,708 5.000 10,916 1,092 12,007 11,542 465
2033 2,227,706 5.000 10,918 1,092 12,007 11,657 350
2034 2,272,261 5.000 11,134 1,113 12,247 11,774 474
2035 2,272,261 5.000 11,134 1,113 12,247 11,892 356
2036 2,317,708 5.000 11,357 1,136 12,492 12,011 167 31
2037 2,317,708 4.855 11,028 1,103 12,131 12,131 0
2038 2,364,060 4.808 11,136 1,114 12,252 12,252 0
2039 2,364,060 4.856 11,250 1,125 12,374 12,374 0
2040 2.411.341 4.808 11,362 1,136 12,498 12,498 0
329,668 32,967 362834 362,319 10,20 10,209 31
5/31/2005 B HLEMD Fin Plan 05.xls NR Fin Plan Prepared by Kirkpatrick Pettis
I ) I I I I I I I I I I 1 I I I I I I
Page 1 of 1
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
Development Projection—Bulldout Plan(updated 5/305)
Residential Summary
SFDs
Incd(pecr)in Annual Market
Finished Lot a Units Price Total Total SF Total MF Value+I-of
a Lots Value Completed Inflated Market Residential Total Total Total Facility Fees Facility Fees Platted&
YEAR Deverd 10% 31 2% Value Market Value SF Units MF Units Reel Units $2,000/unit @$1,000/unit Developed Lots
2004 0 0 0 $0 0 0 0 0 0 0
2005 15 1,036,125 $690,750 0 0 0 0 0 0 0 1.036,125
2006 16 69,075 15 704.565 10,568,475 10,568,475 15 0 15 30,00D 0 69,075
2007 0 (1,105,200) 16 718.656 11,498,501 11,498,501 16 0 16 32,000 0 (1,105,200)
2008 0 0 0 733,029 0 0 0 0 0 0 0 0
2009 0 0 0 747,690 0 0 0 0 0 0 0 0
2010 0 0 0 762,644 0 0 0 0 0 0 0 0
2011 0 0 0 777,897 0 0 0 0 0 0 0 0
2012 0 0 0 793,455 0 0 0 0 0 0 0 0
2013 0 0 0 809,324 0 0 0 0 0 0 0 0
2014 0 0 825,510 0 0 0 0 0 0 0 0
31 0 31 22,066,976 22,066,976 31 0 31 62,000 0 0
5/31/2005 B HLEMD Fin Plan 05.xls Abs Prepared by Kirkpatrick Pettis
SOURCES AND USES OF FUNDS
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
SERIES 2006 G.O.BONDS
Non-Rated,30-Year Maturity
Dated Date 12/01/2006
Delivery Date 12/01/2006
Sources:
Bond Proceeds:
Par Amount 975,000.00
975,000.00
Uses:
Project Fund Deposits:
Construction Fund 819,772.67
Other Fund Deposits:
Capitalized Interest 106,477.33
Delivery Date Expenses:
Global COI 48,750.00
975,000.00
May 31,2005 4:53 pm Prepared by Kirkpatrick Pettis Quantitative Group-MK (Highland Lakes Estates MD 05:BMAY3105-06NR35B) Page 1
BOND DEBT SERVICE
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
SERIES 2006 G.O.BONDS
Non-Rated,30-Year Maturity
Annual
Period Debt
Ending Principal Coupon Interest Debt Sondes Service
12/012006
06/01/2007 36,562.50 36,562.50
12/012007 36,562.50 36,562.50 73,125
06/01/2008 36,562.50 36,562.50
12/01/2008 36,562.50 36,562.50 73,125
06/01/2009 36,562.50 36,562.50
12/01/2009 5,000 7.500% 36,562.50 41,562.50 78,125
06/01/2010 36,375.00 36,375.00
12/01/2010 15,000 7.500% 36,375.00 51,375.00 87,750
06/01/2011 35,812.50 35,812.50
12/012011 5,000 7.500% 35,812.50 40,812.50 76,625
06/01/2012 35,625.00 35,625.00
12/01/2012 5,000 7.500% 35,625.00 40,625.00 76,250
--- 06/01/2013 35,437.50 35,437.50
12/012013 10,000 7.500% 35,437.50 45,437.50 80,875
06/01/2014 35,062.50 35,062.50
12/01/2014 10,000 7.500% 35,062.50 45,062.50 80,125
06/012015 34,687.50 34,887.50
12/01/2015 10,000 7.500% 34,687.50 44,687.50 79,375
06/01/2016 34,312.50 34,312.50
12/01/2016 15,000 7.500% 34,312.50 49,312.50 83,625
06/01/2017 33,750.00 33,750.00
12/012017 15,000 7.500% 33,750.00 48,750.00 82,500
06/01/2018 33,187.50 33,187.50
12/01/2018 15,000 7.500% 33,187.50 48,187.50 81,375
06/01/2019 32,625.00 32,625.00
12/01/2019 20,000 7.500% 32,625.00 52,625.00 85,250
06/01/2020 31,875.00 31,875.00
12/01/2020 20,000 7.500% 31,875.00 51,875.00 83,750
06/01/2021 31,125.00 31,125.00
12/012021 25,000 7.500% 31,125.00 56,125.00 87,250
06/012022 30,187.50 30,187.50
12/01/2022 25,000 7.500% 30,187.50 55,187.50 85,375
06/01/2023 29,250.00 29,250.00
12/012023 30,000 7.500% 29,250.00 59,250.00 88,500
06/01/2024 28,125.00 28,125.00
-
12/01/2024 30,000 7.500% 28,125.00 58,125.00 86,250
06/01/2025 27,000.00 27,000.00
12/01/2025 35,000 7.500% 27,000.00 62,000.00 89,000
06/01/2026 25,687.50 25,687.50
12/01/2026 40,000 7.500% 25,687.50 65,687.50 91,375
06/01/2027 24,187.50 24,187.50
12/01/2027 40,000 7.500% 24,187.50 64,187.50 88,375
06/012028 22,687.50 22,687.50
12/01/2028 45,000 7.500% 22,687.50 67,687.50 90,375
06/01/2029 21,000.00 21,000.00
12/01/2029 50,000 7.500% 21,000.00 71,000.00 92,000
_
06/01/2030 19,125.00 19,125.00
12/01/2030 55,000 7.500% 19,125.00 74,125.00 93,250
06/01/2031 17,062.50 17,062.50
12/01/2031 60,000 7.500% 17,062.50 77,062.50 94,125
06/01/2032 14,812.50 14,812.50
-- 12/012032 65,000 7.500% 14,812.50 79,812.50 94,625
06/012033 12,375.00 12,375.00
12/01/2033 70,000 7.500% 12,375.00 82,375.00 94,750
06/01/2034 9,750.00 9,750.00
12/01/2034 80,000 7.500% 9,750.00 89,750.00 99,500
06/01/2035 6,750.00 6,750.00
- 12/01/2035 85,000 7.500% 6,750.00 91,750.00 98,500
06/01/2036 3,562.50 3,562.50
12/012036 95,000 7.500% 3,562.50 98,562.50 102,125
975,000 1,622,250.00 2,597,250.00 2,597,250
-- May 31,2005 4:53 pm Prepared by Kirkpatrick Pettis Quantitative Group-MK (Highland Lakes Estates MD 05:BMAY3105-06NR35B) Page 2
NET DEBT SERVICE
HIGHLAND LAKES ESTATES METROPOLITAN DISTRICT
SERIES 2006 G.O.BONDS
Non-Rated,30-Year Maturity
— Total Capitalized Net Annual
Date Principal Interest Debt Service Interest Debt Service Net D/S
06/01/2007 36,562.50 36,562.50 36,562.50
12/01/2007 36,562.50 36,562.50 36,562.50
— 06/01/2008 36,562.50 36,562.50 36,562.50
12/01/2008 36,562.50 36,562.50 36,562.50 36,562.50
06/01/2009 36,562.50 36,562.50 36,562.50
12/01/2009 5,000 36,562.50 41,562.50 41,562.50 78,125.00
06/01/2010 36,375.00 36,375.00 36,375.00
12/01/2010 15,000 36,375.00 51,375.00 51,375.00 87,750.00
06/01/2011 35,812.50 35,812.50 35,812.50
12/01/2011 5,000 35,812.50 40,812.50 40,812.50 76,625.00
06/01/2012 35,625.00 35,625.00 35,625.00
12/01/2012 5,000 35,625.00 40,625.00 40,625.00 76,250.00
06/01/2013 35,437.50 35,437.50 35,437.50
12/01/2013 10,000 35,437.50 45,437.50 45,437.50 80,875.00
06/01/2014 35,062.50 35,062.50 35,062.50
12/01/2014 10,000 35,062.50 45,062.50 45,062.50 80,125.00
06/01/2015 34,687.50 34,687.50 34,687.50
-
12/01/2015 10,000 34,687.50 44,687.50 44,687.50 79,375.00
06/01/2016 34,312.50 34,312.50 34,312.50
12/01/2016 15,000 34,312.50 49,312.50 49,312.50 83,625.00
06/01/2017 33,750.00 33,750.00 33,750.00
12/01/2017 15,000 33,750.00 48,750.00 48,750.00 82,500.00
06/01/2018 33,187.50 33,187.50 33,187.50
12/01/2018 15,000 33,187.50 48,187.50 48,187.50 81,375.00
06/01/2019 32,625.00 32,625.00 32,625.00
12/01/2019 20,000 32,625.00 52,625.00 52,625.00 85,250.00
- 06/01/2020 31,875.00 31,875.00 31,875.00
12/01/2020 20,000 31,875.00 51,875.00 • 51,875.00 83,750.00
06/01/2021 31,125.00 31,125.00 31,125.00
12/01/2021 25,000 31,125.00 56,125.00 56,125.00 87,250.00
06/01/2022 30,187.50 30,187.50 30,187.50
12/01/2022 25,000 30,187.50 55,187.50 55,187.50 85,375.00
06/01/2023 29,250.00 29,250.00 29,250.00
12/01/2023 30,000 29,250.00 59,250.00 59,250.00 88,500.00
06/01/2024 28,125.00 28,125.00 28,125.00
12/01/2024 30,000 28,125.00 58,125.00 - 58,125.00 86,250.00
06/01/2025 27,000.00 27,000.00 27,000.00
12/01/2025 35,000 27,000.00 62,000.00 62,000.00 89,000.00
06/01/2026 25,687.50 25,687.50 25,687.50
12/01/2026 40,000 25,687.50 65,687.50 65,687.50 91,375.00
06/01/2027 24,187.50 24,187.50 24,187.50
- 12/01/2027 40,000 24,187.50 64,187.50 64,187.50 88,375.00
06/01/2028 22,687.50 22,687.50 22,687.50
12/01/2028 45,000 22,687.50 67,687.50 67,687.50 90,375.00
06/01/2029 21,000.00 21,000.00 21,000.00
12/01/2029 50,000 21,000.00 71,000.00 71,000.00 92,000.00
06/01/2030 19,125.00 19,125.00 19,125.00
12/01/2030 55,000 19,125.00 74,125.00 74,125.00 93,250.00
06/01/2031 17,062.50 17,062.50 17,062.50
12/01/2031 60,000 17,062.50 77,062.50 77,062.50 94,125.00
06/01/2032 14,812.50 14,812.50 14,812.50
- 12/01/2032 65,000 14,812.50 79,812.50 79,812.50 94,625.00
06/01/2033 12,375.00 12,375.00 12,375.00
12/01/2033 70,000 12,375.00 82,375.00 82,375.00 94,750.00
06/01/2034 9,750.00 9,750.00 9,750.00
12/01/2034 80,000 9,750.00 89,750.00 89,750.00 99,500.00
— 06/01/2035 6,750.00 6,750.00 6,750.00
12/01/2035 85,000 6,750.00 91,750.00 91,750.00 98,500.00
06/01/2036 3,562.50 3,562.50 3,562.50
12/01/2036 95,000 3,562.50 98,562.50 98,562.50 102,125.00
-- 975,000 1,622,250.00 2,597,250.00 109,687.50 2,487,562.50 ' 2,487,562.50
4-- May 31,2005 4:53 pm Prepared by Kirkpatrick Pettis Quantitative Group-MK (Highland Lakes Estates MD 05:BMAY3105-06NR35B) Page 3
EXHIBIT H
Resolution of Town Board of Trustees Approving Service Plan
TOWN OF MEAD,COLORADO
RESOLUTION NO.20-R-2005
A RESOLUTION OF THE TOWN OF MEAD,COLORADO,IN SUPPORT OF
THE FORMATION OF THE HIGHLAND LAKE ESTATES METROPOLITAN
DISTRICT,TOWN OF MEAD,COUNTY OF WELD,STATE OF COLORADO.
WHEREAS,highland Lake Estates. LLC,348 Morning Star Lane,Lafayette,CO 80026,the
developer of the Highland Lake Estates Subdivision within the Town of Mead,has proposed the
-- organization of the Highland Lake Estates Metropolitan District to provide certain street,traffic safety
controls,street lighting,water, landscaping,storm drainage,mosquito control,and park and recreation
improvements and facilities for the subdivision in accordance with the plans described in the Service Plan
for the district;and
WHEREAS,pursuant to the requirements of the Special District Act,C.R.S. 32-1-101,et seq. a
service plan for the district consists of a financial and jurisdictional analysis demonstrating how the
proposed facilities and services of the proposed district will be constructed and financed;and
WHEREAS,C.R.S 32-1-204.5 provides that no special district,including metropolitan districts.
— shall be organized if its boundaries are wholly contained within the boundaries of a municipality,except
upon adoption of a resolution of approval by the governing body of such municipality: and
WHEREAS,C.R.S. 32-1-204.5 sets forth the information required for the Service Plan and the
criteria applicable to such approval;
NOW THEREFORE,BE iT RESOLVED by the Board of Trustees of the Town of Mead,
Weld County,Colorado,that:
Section 1. Findings of Fact.The Board of Trustees of the Town of Mead,having reviewed
the petition and Service Plan for the Highland Lake Estates Metropolitan District dated September 9,
2005 and presented by Highland Lake Estates,LLC,348 Morning Star Lane,Lafayette,CO 80026 has
determined the following findings based solely upon the Service Plan for the proposed Highland Lake
Estates Metropolitan District and evidence presented to the Board of Trustees in support of said Service
Plan during a public hearing called for that purpose.
a. The Service Plan provides an adequate description of the proposed services;
— b. The Service Plan provides an adequate financial plan showing how the proposed services
are to be financed,including the proposed operating revenue derived from property taxes
for the first budget year of the district,which shall not be materially exceeded except as
authorized pursuant to C.RS. 32-1-207 or C.R.S. 29-1-302. All proposed indebtedness
for the district has been displayed together with a schedule indicating the year or years in
which the debt is scheduled to be issued. The board of directors of the district shall
notify the governing body of the municipality of any alteration or revision of the
— proposed schedule of debt issuance set forth in the financial plan.
c, The Service Plan provides an adequate engineering or architectural survey showing how
the proposed services are to be provided;
tto,www,Histiorsa.a o ,,ccvasinaoc,svzvots 1128 am) Page 1 of 3
d. The Service Plan provides a map of the proposed special district boundaries and an
estimate of the population and valuation for assessment of the proposed special district;
e. The Service Plan provides 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 proposed special district are compatible with facility and service
standards of Weld County,the Town of Mead,and special districts which are interested
parties pursuant to C.R.S. 32-I-204(1);
-- f. The Service Plan provides a general description of the estimated cost of acquiring land.
engineering services,legal services,administrative services,initial proposed indebtedness
and estimated proposed maximum interest rates and discounts,and other major expenses
related to the organization and initial operation of the district;
g. The Service Plan provides a description of any arrangement or proposed agreement with
any political subdivision for the performance of any services between the proposed
-- special district and such other political subdivision,and,if the form contract to be used is
available,it is attached to the service plan;
h. The Service Plan provides adequate information that along with other evidence presented
at the hearing,is satisfactory to establish that each of the criteria set forth in C.R.S. 32-
1-203,if applicable,is met;
i. The Service Plan provides such additional information as the Board of Trustees may
require by resolution on which to base its findings pursuant to C.R.S. 32- 1-203. There is
sufficient existing and projected need for organized service in the area to be serviced by
the proposed special district.
Section 2. Conclusions and Order Approving the Service Plan for the Highland Lake
Estates Metropolitan District,
a. There is sufficient existing and projected need for organized service in the area to be
serviced by the proposed special district.
b. The existing service in the area to be served by the proposed special district is inadequate
for present and projected needs.
c. The proposed special district is capable of providing economical and sufficient service to
the area within its proposed boundaries_
d. The area to be included in the proposed special district has,or will have,the financial
ability to discharge the proposed indebtedness on a reasonable basis.
e. The facility and service standards of the proposed special district arc compatible with the
facility and service standards of the Town of Mead.
1. The proposal is in substantial compliance with Town of Mead 2004 Comprehensive
Plan.
Resaluttan-Iitah land lakeEstatesMeto0kstnctwp!8124+08 1123 am} Page 2 of 3
g. The proposal is in compliance with any duly-adopted county,regional,or state
long-range water quality management plan for the area.
h. The creation of the proposed special district will be in the best interests of the area
proposed to be served.
i. The Developer/Metro District shall provide a separate document to each purchaser of a
developed lot identifying the additional mill levy assessed by the Highland Lake Estates
Metropolitan District.The document shall be provided to the purchaser ai dosing.
j. The Metropolitan District shall contribute$200,000 from the District's bond issue to the
paving of WCR 36 between WCR 5 and WCR 7.
Section 3. The Service Plan for the district shall be and the same is hereby approved.The
terms,provisions and limitations of the Service Plan shall be incorporated in an Intergovernmental
Agreement between the District and the Town and the District shall not borrow money,incur any
indebtedness,certify any mill levy,or impose any fees until the Town approves the Intergovernmental
Agreement,which approval chall not be unreasonably withheld.
Section 4. The Town's approval of the Service Plan is not a waiver of,nor a limitation upon
any power that the Town is legally permitted to exercise with respect to the property subject to the
proposed District.
Section 5. Effective Date. This resolution shall become effective immediately upon
adoption.
Section 6. Repealer.All resolutions,or parts thereof,in conflict with this resolution arc
hereby repealed,provided that such repealer shall not repeal the repealer clauses of such resolution nor
revive any resolution thereby.
Section 7. Certification. The Town Clerk shall certify to the passage of this resolution and
make not less than one copy of the adopted resolution available for inspection by the public during
regular business hours.
INTRODUCED,READ,PASSED,AND ADOPTED THIS 26" DAY OF September
2005.
ATTEST: TOWN OF
By_l I/W C(QJ t;1G(
Marcia David,Acting Town Clerk Richard E.Kraemer,Mayor
_, ReSciutton-HlgtitandLakeEstatesMatroDistrietwwc erzaus 1129n) Page 3 of 3
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