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Home My WebLink About20051638.tiff R WKRIS E U.BEE WHITE • BEAR • ANKELE BO H.A. EARLY WALKER KRISTEN D.BEAR DEBORAH EAR WILLIAM P.ANKELE,JR. JAMES P.PARROT KIMBERLY A.CASEY PROFESSIONAL CORPORATION JOSEPH J.LICO ALAN D.POGUE ATTORNEYS AT LAW REBECCA V.AMENT DAVID S.O'LEARY CYNTHIA M.BEYER-ULRICH STEPHANIE L.THOMAS K.SEAN ALLEN DANA K.NOTTINGHAM May 18, 2005 Steve Moreno Weld County Clerk and Recorder P.O. Box 459 Greeley, Colorado 80632 Re: SMPG Metropolitan District Nos. 1-6 Dear Mr. Moreno: Enclosed is a copy of the Amended Consolidated Service Plan for SMPG Metropolitan District Nos. 1-6 dated April 15, 2005 to be retained by your office as a public record for public inspection. To confirm for our records that you have received the consolidated service plan, please sign the enclosed receipt and return it to our office in the enclosed, self-addressed, stamped envelope. If you have any questions, please don't hesitate to contact our office. Very truly yours, WHITE, BEAR& ANKELE Professional Corporation J - /�V. Ebel Legal Assistant /jve Enclosures SMPG/LTRS/2005/NE 12220051805 0)520003 2005-1638 1805 SHEA CENTER DRIVE, SUITE 100 • HIGHLANDS RANCH, COLORADO 80129 (� O O/0 Q ( , rutv(r'aH- TELEPHONE (303) 858-1800 • FACSIMILE (303) 858-1801 31.1 06-cite -- ; 0i9 RESOLUTION 2 -05 A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF BERTHOUD APPROVING THE AMENDED CONSOLIDATED SERVICE PLAN FOR SMPG METROPOLITAN DISTRICT NOS. 1 -6 WHEREAS, on February 24, 2004 the Town approved the Wilson Ranch Annexation and Development Agreement (the "Annexation Agreement") which governs the terms of annexation of the property presently included and to be included within the Districts and which contemplated the formation of special districts to provide infrastructure financing for the property described in the Annexation Agreement; and WHEREAS, on August 31, 2004, the Consolidated Service Plan for SMPG Metropolitan District Nos. 1 - 6 (the "Districts") was submitted to the Board of Trustees of the Town of Berthoud, Colorado (the "Board"), pursuant to Section 32-1-204.5 of the Colorado Revised Statutes ("C.R.S."); and WHEREAS, on September 14, 2004, the Board held a public hearing on the Consolidated Service Plan and adopted a resolution approving the same (the "Conditional Resolution") subject to the condition, stated in Paragraph 3 thereof, that the Districts would not be authorized to exercise any of the powers recited in, or contemplated by, the Consolidated Service Plan, including but not limited to the issuance of any bonds or the levying of any tax, until such time as the Town adopted a Resolution removing this condition in connection with approval of an amendment to the Consolidated Service Plan; and WHEREAS, on February 10, 2005, an Amended Consolidated Service Plan for SMPG Metropolitan District Nos. 1 - 6 was submitted to the Board of Trustees of the Town of Berthoud, Colorado, pursuant to Section 32-1-207(2), C.R.S.; and WHEREAS, on April 26, 2005, the Board held a public hearing, following publication of notice therefor, to consider said Amended Consolidated Service Plan; and WHEREAS, the Board has considered the Amended Consolidated Service Plan in reference to the information and criteria required and set forth in Sections 32-1-202(2) and 32-1- 203(2), C.R.S, as required in Section 32-1-207(2), C.R.S., and in light of testimony and other evidence presented to it at the public hearing; and WHEREAS, the Board hereby finds that said Amended Consolidated Service Plan should be approved without condition, except as provided in Paragraph 5 hereof, pursuant to Section 32-1-204.5, C.R.S.; and WHEREAS, nothing contained in this Resolution or the Amended Consolidated Service Plan is intended to, nor shall the terms hereof, modify or amend the terms and agreements contained in the Annexation Agreement; and NOW THEREFORE, it is hereby RESOLVED by the Board of Trustees of the Town of Berthoud, Colorado as follows: 1. THAT, pursuant to Section 32-1-204.5(1), C.R.S., the information contained in the Amended Consolidated Service Plan satisfies the requirements of Section 32-1-202(2), C.R.S. 2. THAT, pursuant to Section 32-1-204.5(1), C.R.S., evidence satisfactory to the Board of each of the following criteria, as provided in Section 32-1-203(2), C.R.S., was presented: a. There is sufficient existing and projected need for organized service in the area to be served by the Districts; and b. The existing service in the area to be served by the Districts is inadequate for present and projected needs; and c. The Districts are capable of providing economical and sufficient service to the area within their proposed boundaries; and d. The area to be included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis. 3. THAT the requirements of Section 32-1-204.5, C.R.S., relating to the contents and standards for approval of the Amended Consolidated Service Plan, have been fulfilled. 4. THAT the condition established in Paragraph 3 of the Conditional Resolution is hereby rescinded and shall be of no further force and effect. 5. THAT no individual District shall be entitled to exercise the Park and Recreation powers enumerated in, or contemplated by, the Amended Consolidated Service Plan until the property within that District has either been excluded from the boundaries of the Thompson Rivers Park and Recreation District or the Board has otherwise approved of the Park and Recreation powers to be so exercised. This resolution was adopted by the Board of Trustees of the Town of Berthoud at a regular meeting held on April 26 , 2005. Dated this 26 day of April , 2005. TOWN OF BERTHOUD, COLORADO ktitCatiC Milan Karspeck, Mayor 2 ATTEST: Mary K. Co in, Town Clerk 3 AMENDED CONSOLIDATED SERVICE PLAN FOR SMPG METROPOLITAN DISTRICT NOS. 1-6 Prepared by William P. Ankele, Jr. White Bear • Ankele Professional Corporation 1805 Shea Center Drive, Suite 100 Highlands Ranch, Colorado 80129 April 15,2005 TABLE OF CONTENTS I. INTRODUCTION 1 A. General Overview 1 1. Multiple District Structure 2 2. Benefits of Multiple District Structure 3 3. Initial Boundaries/Expansions 4 4. Future Consolidation/Dissolution of Districts 4 5. Existing Services and Districts/Consents to Overlap 4 B. 2003 Certified Assessed Valuation 5 C. Contents of Service Plan 5 D. Modification of Service Plan 6 II. NEED FOR NEW DISTRICTS AND GENERAL POWERS 6 A. Need for Metropolitan Districts 6 B. General Powers of Districts 7 III. DESCRIPTION OF FACILITIES AND IMPROVEMENTS 10 A. General 10 B. General Design Standards/Dedication/Operations 11 C. Wastewater System 11 D. Storm Drainage 11 E. Water System 11 F. Street System and Traffic Safety 12 G. Signals and Signage 12 H. Parks and Recreation/Landscaping 12 I. Mosquito and Pest Control 13 J. Fire Protection 13 K. Estimated Cost of Facilities 13 IV. DEVELOPMENT PROJECTIONS 13 V. PROPOSED AGREEMENTS 13 A. Master Intergovernmental Agreement 13 B. Other Agreements/Authority 14 VI. OPERATION AND MAINTENANCE COSTS 14 VII. FINANCING PLAN 14 A. Financing of Proposed Facilities and Services 14 VIII. OTHER REQUIREMENTS/MISCELLANEOUS 18 A. Other Requirements 18 B. Miscellaneous 18 C. Intergovernmental Agreement 19 IX. CONCLUSIONS 19 LIST OF EXHIBITS EXHIBIT A Map of Initial District Boundaries EXHIBIT A-1 Map of Expanded District Boundaries EXHIBIT B Legal Description of District Nos. 1-6 EXHIBIT C Financing Plan EXHIBIT D Public Improvements and Costs EXHIBIT E Statutory Contents of this Service Plan EXHIBIT F Intergovernmental Agreements Town of Berthoud Little Thompson Water District Berthoud Fire Protection District I. INTRODUCTION A. General Overview The SMPG Metropolitan District Nos. 1-6 (collectively, the "Districts") are being organized for the purpose of acquiring, constructing and providing essential public infrastructure to support the needs of a new community to be developed within the territory known as the "Wilson Ranch," which was annexed to the Town of Berthoud (the "Project" and the "Town," respectively) on February 24, 2004 pursuant to the "Wilson Ranch Annexation and Development Agreement" (the "Annexation Agreement"). Section 11 of the Annexation Agreement concerning Wilson Ranch contemplates the formation of special districts to provide funding and construction of public infrastructure to this area. The property within the respective boundaries of the proposed Districts shall be subject to the ordinances, rules and regulations of the Town and the Annexation Agreement, and the approval of this Service Plan shall not be construed as representing approval of any alteration or amendment by the Town of any such ordinances, rules, regulations or the Annexation Agreement. All the property within their respective boundaries are subject to all of the Town's current ad valorem property and sales taxes and to any future amendments thereof. The proposed Districts are generally located between Weld County Road 44 on the North, the Ronald E. West Parcel No. 1061-25-0-00-005 on the East, a dedicated right-of-way for Weld County Road 40 to the South, and Interstate Highway 25 to the West. The site consists of approximately 1,604 acres that are expected to be divided into several development areas planned for development of residential and commercial areas. Certain assumptions are made in this Consolidated Service Plan regarding number and type of residential units, as well as the square footage and location of commercial development. The actual composition and distribution of future development shall be as determined in accordance with subsequent development approvals to be sought from the Town, and nothing in this Service Plan shall be construed as the Town's approval of such matters. The primary purpose of the proposed Districts is to provide public improvements, most of which will be dedicated to the Town. The Districts will have the power to operate and maintain certain improvements not dedicated to the Town or other governmental entities. Improvements to be provided by the Districts shall include the types of facilities and improvements generally described in Section III, consisting of wastewater systems, storm drainage facilities, water systems, street and traffic safety facilities, park and recreation facilities, and mosquito/pest control. The proposed Districts are being organized to serve as a method by which development can occur in the Town in such a way as to eliminate economic risk to the Town, provide economic benefits to property owners, and place the risk of development on property developers. The Financing Plan discussed herein has been designed to assure that at no time will the Town have any legal responsibility for any of the Districts' obligations. This Service Plan is designed to assure that the risk of development remains with the developer until a sufficient tax base has been achieved to pay the Districts' debt with reasonable mill levies This Service Plan has been prepared with sufficient flexibility to enable the Districts to provide required services and facilities under evolving circumstances to meet the needs of the community. While the assumptions upon which this Service Plan are generally based are reflective of the current zoning for the property within the proposed Districts, the cost estimates and the Financing Plan are sufficiently flexible to enable the Districts to provide necessary services and facilities without the need for repeated amendments to the Service Plan. Modification of the proposed configuration of improvements, scheduling of construction of such improvements, as well as the locations and dimensions of various facilities and improvements shall be permitted to accommodate development needs consistent with zoning and future development approvals for the property. Considerable public infrastructure will be constructed to provide the public improvements necessary for the Project. This Service Plan addresses the improvements that will be provided by the Districts and demonstrates how the Districts will work cooperatively to provide the necessary public improvements. All Exhibits referred to herein are attached to the end of this Service Plan. 1. Multiple District Structure. This Service Plan is submitted in accordance with Part 2 of the Special District Act (§32-1-201, et seq., C.R.S.). It defines the powers and authorities of, as well as the limitations and restrictions on, the SMPG Metropolitan District Nos. 1-6. SMPG Metropolitan District No. 1 shall be referred to as "the Coordinating District" and SMPG Metropolitan District Nos. 2-6 shall be referred to as "the Financing Districts." The Coordinating District and Financing Districts are sometimes collectively referred to as "the Districts" and individually as "the District." This structure is intended to provide for the fair and equitable allocation of public infrastructure improvements and services among the property within the Project. The use of a consolidated Service Plan for the Districts assures proper coordination of the powers and authorities of the independent Districts, and avoids confusion regarding the separate, but coordinated, purposes of the Districts that could arise if separate service plans were used. Unless otherwise specifically noted herein, general provisions of this Service Plan apply to all Districts. Where possible, however, specific reference is made to an individual District to help distinguish the powers and authorities of each District. The "Financing Plan" discussed in Section VII refers to a preliminary financial plan for the Districts which is intended to be read as a unified Financing Plan which may be used for public improvements for the Project. The Coordinating District is responsible for managing the construction and operation of facilities and improvements needed for the Project. The Financing Districts are responsible for providing the funding and tax base needed to support the Financing Plan. Various agreements have been, and are expected to be, executed by the Districts clarifying the nature of the functions and services provided by each District. The agreements are designed to help assure the orderly development of essential services and facilities, resulting in a community which will be both an aesthetic and economic asset to the Town. 2 The Coordinating District shall be authorized to provide improvements and services to and for the benefit of the entire area of the Project, including but not limited to acquisition of completed improvements. Each Financing District will be authorized to provide improvements and services, including but not limited to acquisition of completed improvements, to the property within and without their respective legal boundaries, as they may be amended from time to time. The Coordinating District will have power to impose taxes only within its legal boundaries, but will be permitted to impose fees and charges in all or any portion of the area within the Districts, as well as to property outside of the Districts based upon services provided to such property. It is currently anticipated that no residential units will be located within the Coordinating District. District Nos. 2, 3, 5 and 6 are expected to contain all of the residential development, and District No. 4 is expected to contain the commercial development. Bonds or other financial obligations may be issued by either the Coordinating District and/or the Financing Districts as appropriate to deliver the improvements and services to the property within the Project. 2. Benefits of Multiple District Structure. The multiple district structure offers significant benefits both to the Town and the Project, including future property owners. In general, those benefits are: (a) coordinated administration of construction and operation of public improvements, and delivery of those improvements in a fashion that supports the orderly development of the Project; (b) avoiding the issuance of debt prematurely; (c) creating a means for the fair and equitable allocation of costs of public infrastructure across the Project; and(d) obtaining the benefits of financing at low interest rates. These benefits are addressed further below: a. Coordinated Services. Development of the Project will proceed in several phases, each of which requires the extension of public services and facilities. The multiple district structure assures that the construction and operation of each phase of public facilities is primarily administered by in accordance with a long-term construction and operations program. This is consistent with "best practices" in the development industry involving projects with a long-term development horizon. Use of the Coordinating District as the entity responsible for construction of each phase of improvements and for management of operations will facilitate a well-planned financing effort through all phases of construction and assists in assuring coordinated extension of services. b. Avoids Premature Debt Issuance. The multiple district structure helps assure that facilities and services needed for future build-out of the Project will be provided when they are needed, and not sooner. Projects that do not utilize multiple districts may be motivated to issue debt prematurely, since the prospect of loss of control over decision making exists. c. Equitable Debt Allocation. Allocation of the responsibility for paying debt for capital improvements will continue to be managed through development of a unified financing plan for those improvements and through development of an integrated operating plan for long-term operations and maintenance. Use of the Coordinating District to manage these functions helps assure that no area within the Project becomes obligated for more than its share of the costs of capital improvements and operations. Low-density areas will not bear a disproportionate burden of debt and operating costs, nor will high valued areas bear 3 disproportionate burdens. Intergovernmental agreements between the Districts will assure that mill levies remain equitable throughout the Project. d. Bond Interest Rates. The use of the Coordinating District and/or the Financing Districts to issue bonds to provide for the cost of infrastructure in the Project will allow for the issuance of bonds at competitive interest rates. The combination of appropriate management, controlled timing of financing and the ability of the Districts to obtain attractive interest rates will benefit residents and property owners. 3. Initial Boundaries/Expansions. In order to implement the multiple district structure, the boundaries of the Coordinating District and the Financing Districts need to be carefully configured. At the time of submittal of this Service Plan, the District organizers own a portion of the total area proposed to be included within the legal boundaries of the Districts. Therefore, the initial legal boundaries of the Districts will be confined to this area, and are described in Exhibit A. The organizers have an option to purchase the balance of the property. Accordingly, the initial boundaries of the Districts will be expanded and adjusted via the inclusion/exclusion process to incorporate the balance of the property being acquired by the organizers in this manner. The expanded boundaries of the Districts as they are expected to exist following the purchase of the balance of the property by the District organizers are described and depicted in Exhibit A-1. Following acquisition of all of the property proposed to be included within the Districts, the combined area of the Districts is expected to consist of approximately 1,604 acres, a legal description for such combined area being attached hereto as Exhibit A-2 (the "Combined Area"). Due to the long-term nature of the Project, the potential need to respond to development patterns and the pace of growth, and to accommodate future financing dynamics, adjustments to the Districts' boundaries may be necessary or appropriate from time to time. Therefore, the Districts shall be permitted to make boundary adjustments among the Financing Districts and the Coordinating District with respect to the property located within the Combined Area without prior Town approval. The Districts shall be permitted to include additional property outside of the Combined Area only with the approval of the Board of Trustees of the Town. 4. Future Consolidation/Dissolution of Districts. Upon an independent determination by the Town Trustees that the purposes for which the Districts were created have been accomplished, the Districts shall file petitions in the appropriate District Court for dissolution in accordance with the applicable State statutes. In no event shall a dissolution occur until the Districts have provided for the payment or discharge of all of their outstanding indebtedness or other financial obligations as required pursuant to State statutes. Additionally, the Coordinating District and the Financing Districts shall consider consolidation at the time each District's debt has been paid. 5. Existing Services and Districts/Consents to Overlap. There are currently no other entities in existence in the undeveloped portion of the Project area which have the intent, ability and/or desire to undertake the design, financing and construction of improvements 4 needed for the community. Consequently, use of the new Districts is deemed necessary for the provision of public improvements in the Project. Portions of the legal boundaries of the Districts (as initially configured and as ultimately expanded) overlap those of the Little Thompson Water District and the Thompson Rivers Park and Recreation District. Additionally, a Petition for inclusion of the property into the boundaries of the Berthoud Fire Protection District has been approved by the Board of Directors of that District.". The organizers of the District have agreed to coordinate the exclusion of the Combined Area from the boundaries of the Thompson Rivers Park and Recreation District, and no individual District shall be entitled to exercise the Park and Recreation powers enumerated in, or contemplated by, this Amended Consolidated Service Plan until the property within that District has either been excluded from the boundaries of the Thompson Rivers Park and Recreation District or the Town has otherwise approved of the Park and Recreation powers to be so exercised. The Little Thompson Water District and the Berthoud Fire Protection District shall be collectively referred to as the "Overlapping Districts." Neither of the Overlapping Districts plans to provide financing for the construction of improvements within the Districts being organized under this Service Plan. Further, the Districts do not plan to provide any services that the Overlapping Districts would otherwise provide within the boundaries of the Districts being organized under this Service Plan. Therefore, compliance with the provisions of Section 32-1- 107(3)(b)(III), C.R.S., relating to the Overlapping Districts will be satisfied. Further, in accordance with Section 32-1-107(3)(b)(IV), C.R.S., the Districts shall not, to the extent prohibited by law, duplicate the services provided by the Overlapping Districts, except as may be consented to and approved by the Board of Directors of the Overlapping Districts. Additionally, in accordance with any consent required by Section 32-1-107(3)(b)(IV), C.R.S., to the extent required by the Overlapping Districts, the Districts shall execute a form of intergovernmental agreement acceptable to the Overlapping Districts relating to the provision of services within their overlapping boundaries within 60 days of the Order and Decree creating the Districts, or at the organizational meeting of the Districts, whichever occurs later. B. 2003 Certified Assessed Valuation The 2003 certified assessed valuation of all taxable property within the boundaries of the Districts is approximately $35,030.00. C. Contents of Service Plan This Service Plan consists of a preliminary financial analysis and preliminary engineering plan showing how the facilities and services for the Project can continue to be provided and financed by the Districts. Numerous items are included in this Service Plan in order to satisfy the requirements of law for formation of special districts. Those items are listed in Exhibit E attached hereto. Each of the requirements of law is satisfied by this Service Plan. 5 The assumptions contained within this Service Plan were derived from a variety of sources. Information regarding the present status of property within the Districts, as well as the current status and projected future level of similar services, was obtained from the organizers. Facility diagrams were provided by TST Inc. Consulting Engineers. Legal advice in the preparation of this Service Plan was provided by the law firm of White • Bear • Ankele Professional Corporation, which represents numerous special districts. D. Modification of Service Plan This Service Plan has been designed with sufficient flexibility to enable the Districts to provide required services and facilities for the Project under evolving circumstances without the need for numerous amendments. While the assumptions upon which this Service Plan are generally based are reflective of current zoning for the property within the Project, the cost estimates and the Financing Plan are sufficiently flexible to enable the Districts to provide necessary services and facilities without the need to amend this Service Plan. Modification of the general types of services and facilities, as well as changes in proposed configurations, locations, or dimensions of various facilities and improvements shall be permitted to accommodate development needs consistent with then-current zoning for the Project. IL NEED FOR NEW DISTRICTS AND GENERAL POWERS A. Need for Metropolitan Districts In order to establish compliance with the standards for Service Plan approval set forth in §32-1-203(1), C.R.S.,the following information is presented: 1. There is Sufficient Existing and Projected Need for Organized Service. The Financing Plan projects a total of 4,000 single/multi family units and approximately 3,060,000 square feet of commercial development to be constructed within the area served by the Districts between 2005 and 2035, representing a projected population of 9,550 persons. Accordingly, the demand for the services and facilities to be provided by the Districts is demonstrable. 2. The Existing Service in the Area to be Served is Inadequate for Present and Projected Needs/Adequate Service Through Other Governmental Entities Will Not Be Available Within a Reasonable Time and on a Comparable Basis. The facilities and services to be provided by the proposed Districts will not be provided by any county, municipal or quasi- municipal corporations, including existing special districts. Neither the Town nor any existing special district plans to provide the facilities required for the development of the Project. Therefore, provision of facilities will not be available through other institutions. 3. The Districts are Capable of Providing Economical and Sufficient Service/The Districts Will Have the Financial Ability to Discharge Proposed Indebtedness on a Reasonable Basis. The proposed Districts are necessary in order to provide the most economical and efficient means of ownership and operation of essential improvements to serve existing and future residents within their respective boundaries. The Financing Plan attached as Exhibit C demonstrates the feasibility of providing the improvements and services proposed herein on an economical basis, and the ability to discharge the proposed indebtedness on a reasonable basis. The formation of the Districts will facilitate the financing of the proposed public improvements 6 at least cost, as the Districts will have access to tax-exempt financing that is not available to private entities. 4. The Creation of the Districts is in the Best Interests of the Area to be Served/Multiple District Structure. The matters described in items 1 through 3 of this Section establish that the creation of the Districts is in the best interests of the area to be served, in that they establish a demand for public improvements that will otherwise be unmet by other governmental entities and offer the advantage of obtaining public financing to fund these improvements. In addition, the use of a multiple district structure is beneficial, as it permits: a) the phasing of improvements to occur according to logical development modules, resulting in a more specific association of cost with benefit and less incentive to initiate public improvements programs too far in advance of development; b) the ability to arrange for delivery of public infrastructure in a manner that will conform to the approved development plans that will be associated with the Project in the future, thus permitting development of the Project in accordance with Town expectations; and c) maintenance of a reasonably uniform mill levy and fee structure through coordinated planning and financing for construction of public improvements. B. General Powers of Districts Each District will continue to have power and authority to provide the services and facilities described in this Service Plan both within and outside their boundaries in accordance with Colorado law. The powers and authorities of each District will be allocated and further refined in a "Master" Intergovernmental Agreement ("IGA") between the Districts. For purposes of the Special District Act (§32-1-201, et seq., C.R.S.), the IGA shall not constitute an amendment of this Service Plan. It will constitute a binding agreement between the Districts regarding implementation of the powers contained in this Service Plan. 1. Sanitation and Storm Drainage. The design, acquisition, installation construction and operation and maintenance of storm or sanitary sewers, or both, sanitary sewer treatment and/or disposal facilities, flood and surface drainage improvements including but not limited to, culverts, dams, retaining walls, access ways inlets, detention ponds and paving, roadside swales and curb and gutter, wastewater lift stations, force mains and wetwell storage facilities, and all necessary or proper equipment and appurtenances incident thereto, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities or systems. 2. Water. The design, acquisition, installation and construction of a complete water and irrigation water system, including but not limited to, water rights, water supply, treatment, transmission and distribution systems for domestic and other public or private purposes, together with all necessary and proper water rights, equipment and appurtenances incident thereto which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, extensions of and improvements to said systems. 7 3. Non-Potable Water. The design, acquisition, installation and construction of an irrigation water system, including, but not limited to, water rights, water supply, storage, transmission and distribution systems for public or private purposes, together will all necessary and proper reservoirs, and facilities, wells, water rights, equipment and appurtenances incident thereto which may include but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, together with extensions of and improvements to said systems. 4. Streets. The design, acquisition, installation, construction, operation, and maintenance of arterial street and roadway improvements, including but not limited to curbs, gutters, culverts, storm sewers and other drainage facilities, detention ponds, retaining walls and appurtenances, as well as sidewalks, bridges, pedestrian underpasses and tunnels, parking facilities, paving, lighting, grading, landscaping, undergrounding of public utilities, snow removal equipment, or tunnels and other street improvements, together with all necessary, incidental, and appurtenant facilities, land and easements, extensions of and improvements to said facilities. 5. Traffic and Safety Controls. The design, acquisition, installation, construction, operation, and maintenance of traffic and safety protection facilities and services through traffic and safety controls and devices on arterial streets and highways, as well as other facilities and improvements including but not limited to, signalization at intersections, traffic signs, area identification signs, directional assistance, and driver information signs, together with all necessary, incidental, and appurtenant facilities, land easements, extensions of and improvements to said facilities. 6. Parks and Recreation. The design, acquisition, installation, construction and maintenance of public park and recreation facilities and/or provision of passive, non-athletic recreational programs including, but not limited to, grading, soil preparation, sprinkler systems, playgrounds, playfields, bike and hiking trails, pedestrian trails, pedestrian bridges, picnic areas, common area landscaping and weed control, outdoor lighting of all types, pedestrian underpasses and tunnels, urban plazas, and other facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities or systems. 7. Mosquito and Pest Control. The design, acquisition, installation, construction, operation, and maintenance of systems and methods for the elimination and control of mosquitoes, rodents and other pests. 8. Security Services. Subject to compliance with the provisions of §32-1- 1004(7), C.R.S., the financing design, acquisition, installation, construction, operation and maintenance of security services including, but not limited to, perimeter and interior scheduled security patrols, construction of safety barriers or similar protective measures, establishment of rules of conduct for residents and visitors, acquisition of security equipment, protection of the Districts' property from unlawful damage or destruction, together with any and all other security measures which may be necessary or appropriate to the orderly conduct of the affairs of the Districts and for the protection of the health, safety, and welfare of the Districts' residents, taxpayers, officers, and employees, inclusive of the general public in connection therewith. 8 9. Covenant Enforcement and Design Review. Subject to compliance with the provisions of §32-1-1004(8), C.R.S., the ability to prepare, implement and enforce design and development guidelines, rules and regulations, or similar protective controls regarding all construction activities within the Districts' boundaries, including but not limited to, architectural standards regarding the design, construction, erection, placement or installation of new structures or modification of existing structures within the Districts' boundaries. 10. Fire Protection and Emergency Services. The financing, design, acquisition, installation and construction of fire protection and emergency facilities including, but not limited to, fire stations, fire hydrants, as well as other necessary apparatuses, associated equipment, related facilities and improvements, together with all necessary, incidental, and appurtenant facilities, land easements, extensions of, and improvements to said facilities. 11. Legal Powers. The powers of the Districts will be exercised by their Boards of Directors to the extent necessary to provide the services contemplated in this Service Plan. The foregoing improvements and services, along with all other activities permitted by law, will be undertaken in accordance with, and pursuant to, the procedures and conditions contained in the Special District Act (§32-1-201, et seq., C.R.S.), other applicable statutes, and this Service Plan, as any or all of the same may be amended from time to time. 12. Other. In addition to the powers enumerated above, the Boards of Directors of the Districts shall also continue to have the following authority: a. To amend this Service Plan as needed, subject to the appropriate statutory procedures provided that any material modification of this Service Plan shall be made only with the approval of the Town's Board of Trustees in accordance with § 32-1-207, C.R.S., and after obtaining a resolution of approval from the Town's Board of Trustees, the Districts shall have the right to amend this Service Plan independent of participation of the other Districts; provided, that the Districts shall not be permitted to amend those portions of this Service Plan which affect, impair, or impinge upon the rights or powers of the other Districts without such other District's consent; and b. To forego, reschedule, or restructure the financing, including the security therefore, and/or the operation and maintenance of improvements and facilities in order to better accommodate the pace of growth, resource availability, and financial interests of property of the Districts; and c. To provide all such additional services and exercise all such powers as are granted expressly or by implication of Colorado law, and which the Districts are required to provide or exercise or, in their discretion, choose to provide or exercise, within the scope of the powers set forth above. Notwithstanding the foregoing, the Districts shall not exercise the power of eminent domain or dominant eminent domain with respect to property located outside of the Combined Area, unless prior consent from the Board of Trustees of the Town is first obtained; and 9 d. To exercise all necessary and implied powers under Title 32, C.R.S. in the reasonable discretion of the Boards of Directors of the Districts, except as limited hereby and pursuant to the Intergovernmental Agreement to be executed between the Districts and the Town, attached as Exhibit F. The Districts may only add additional powers beyond those described in Section II.B.1-10 above by obtaining the consent of the Town Trustees through an amendment to this Consolidated Service Plan. III. DESCRIPTION OF FACILITIES AND IMPROVEMENTS The Coordinating District and Financing Districts are permitted to exercise their statutory powers and their respective authority set forth herein to finance, construct, acquire, operate and maintain the public facilities and improvements described in Section II of this Service Plan, either directly or by contract. Where appropriate, the Districts may contract with various public and/or private entities to undertake such functions. The diagrams contained in the Exhibits to this Service Plan show the conceptual layouts of the public facilities and improvements described in this Section III. Additional information for each type of improvement needed for the Project is set forth in the following pages. It is important to note that the preliminary layouts contained in the exhibits are conceptual in nature only, and that modifications to the type, configuration, and location of improvements will be necessary as development proceeds. The following sections contain general descriptions of the contemplated facilities and improvements that will be financed by the Financing Districts. The general descriptions of improvements set forth in this Service Plan, as well as the cost estimates provided are preliminary and will be subject to modification and revision by the Districts without the need for an amendment to this Service Plan, as necessary or appropriate based on development plans or approvals, engineering, financial factors, Town requirements and construction scheduling. Improvements not specifically described herein shall be permitted as long as they are generally identified in this Service Plan and/or expressly or impliedly granted by Colorado law. The total estimated cost of the improvements that the Districts assume will be financed is approximately $61,376,610.00, inclusive of engineering and construction contingencies, but exclusive of other soft costs and all costs of issuance, including but not limited to bond issuance expenses, debt service reserves, capitalized interest, underwriter's discount, legal fees, as well as organizational costs. Notwithstanding the cost estimate allocations among particular categories of improvements, the Districts shall be permitted to reallocate costs among such categories of improvements as necessary to best serve the Project. A. General Construction of all planned facilities and improvements will be scheduled to allow for proper sizing and phasing to keep pace with the need for service. All descriptions of the specific facilities and improvements to be constructed, and their related costs, are estimates only and are subject to modification as engineering, development plans, economics, the Town's requirements, and construction scheduling may require. 10 B. General Design Standards/Dedication/Operations It is planned that all public improvements shall be dedicated to either the Town or other governmental entities for ownership, operations and maintenance. Those improvements which will be dedicated to the Town will be designed and constructed in accordance with standards adopted by the Town. Any improvements that are to be dedicated to other governmental entities will be designed and constructed in accordance with the standards of such entities, provided that any wastewater treatment facilities constructed by the Districts may only be dedicated to the Town for operations and maintenance. The Districts shall be authorized to operate and maintain public improvements until such time they are dedicated to the Town or other governmental entity. Any improvements not accepted by the Town or other appropriate governmental entity for ongoing ownership, operations and/or maintenance, shall be owned, operated and/or maintained by the Districts. The timing for conveyance of improvements to the Town will be developed by mutual agreement between the Coordinating District and the Town. C. Wastewater System. All major elements of the sanitary sewer improvements required for the Project are expected to be designed, and installed by the Coordinating District. D. Storm Drainage. 1. Generally. The Coordinating District is expected to install the necessary storm drainage system to serve the property within the Districts. The proposed elements of the storm drainage system will provide a network of culverts, roadside swales, pipes detention and water quality ponds, inlet and outlet structures, and curbs and gutters designed and installed in accordance with applicable Town standards and sound engineering judgment. 2. Culverts. Culverts will be installed as appropriate. Culverts will be designed and constructed to pass flows as required by Town standards, and may include headwalls, wing walls, inlet and outlet structures, and riprap protection to enhance their hydraulic capacity and reduce bank or channel erosion. E. Water System. 1. Overall Plan. The water system is planned to consist of potable and irrigation water distribution systems consisting of buried water mains, fire hydrants, and related appurtenances located predominately within the Districts' boundaries. The final configuration of the water systems is yet to be designed. When design and construction are finalized, the system will serve each development tract from adjacent streets and roads. All major elements of the water facilities are expected to be designed and installed by the Coordinating District. 2. Design Criteria. The proposed domestic potable water distribution system and the irrigation water system are expected to include pressurized water mains with multiple pressure zones. Water system components will be designed and installed in accordance with 11 Town standards and the applicable standards of the Coordinating District. The water system will also be designed based on applicable fire protection requirements. Certain water facilities may, pursuant to an agreement between the Districts and the Little Thompson Water District be dedicated to the Little Thompson Water District; those facilities so dedicated shall be designed and installed in accordance with the applicable standards of the Little Thompson Water District. 3. Non-Potable Water Demand. Demands placed on the water system will fluctuate with use. Demand will be that required to satisfy the needs of the Districts' customers for landscape irrigation, which will reduce the amount of potable water required. F. Street System and Traffic Safety. 1. General. Anticipated improvements include design, construction and/or acquisition of an entire public street system and associated street furnishings, landscaping and amenities within the Districts. Pedestrian-oriented streets such as those planned for portions of the Districts contain a high concentration of public amenities (lighting, furnishings, special paving and curb treatments, enhanced landscaping, public art, etc.). Street improvements will be constructed in dedicated public rights-of-way. Typical elements may include: a. Grading; b. Street, curb, sidewalk and storm inlet construction; c. Street trees, tree grates, tree lawns, hedges, other forms of landscaping and irrigation systems; d. Street and pedestrian lighting and electrical service to serve this lighting; and e. Street furnishings such as benches, bike racks, trash receptacles, poles, signage and newspaper vending machine corrals. G. Signals and Signage. Anticipated improvements include new traffic signals and controls associated with the new public streets within the Project. New traffic signals and associated electrical connections are anticipated along the major roadways within the Project. Traffic signage and controls (stop, yield, directional signage, etc.) will also be required along newly constructed public streets and at intersections throughout the site. H. Parks and Recreation/Landscaping. Landscaping may be installed along the roadway rights-of-way and trail easements. The Coordinating District expects to install and maintain landscaped highlights along the internal streets and entry features at major entrances. Additional features may be installed and maintained by the developers of the individual parcels. 12 I. Mosquito and Pest Control. The Districts shall be permitted to construct, acquire, install and otherwise provide various systems and equipment, as well as employ appropriate methods for the elimination and control of mosquitoes,rodents and other pests. J. Fire Protection. The Districts expect to finance, construct, acquire and install fire protection facilities and equipment, including temporary and/or permanent fire stations and related structures, engine trucks, ladder trucks, and any and all other necessary apparatuses, associated equipment, materials, and facilities necessary for such facilities and equipment. Fire protection facilities and equipment shall conform to the standards of the Berthoud Fire Protection District, to which such facilities and equipment are expected to be dedicated for ownership, operations and maintenance. K. Estimated Cost of Facilities. The estimated cost of the facilities to be constructed, installed and/or acquired by the Coordinating District are shown in Exhibit F attached hereto. IV. DEVELOPMENT PROJECTIONS Land use within the Project will be residential and commercial, and projection of the number and type of residential units, as well as projections of commercial development, are included within the Financing Plan. V. PROPOSED AGREEMENTS A. Master Intergovernmental Agreement As noted in this Service Plan, the relationship between the Coordinating District and the Financing Districts, including the means for approving, financing, constructing, and operating the public services and improvements needed to serve the Project will be established by means of a Master IGA to be executed by the Districts after organization. The Master IGA is expected to generally provide that the Financing Districts will pay to the Coordinating District over a period of years the costs of: (I) the construction, acquisition, and equipping of certain public facilities and services (including the cost of financing), and (2) the operation and maintenance of the facilities. The Master IGA is expected to state that the obligation to pay the amounts required thereunder is a contractual general obligation debt of the Financing Districts subject to certain limitations, and as such the question of whether the Financing Districts should enter into the Master IGA would require approval by the electorate of the Districts. Under the Master IGA, the Financing District is expected to covenant to levy the taxes necessary, together with other available funds, to meet the payment obligations set forth in the agreement. In return for the payment under the agreement, the Coordinating District would agree to: (1) acquire, construct and equip the facilities, (2) provide for their operation and 13 maintenance, and (3) provide service to the property within the Districts or convey facilities to other appropriate entities that will provide service. The total obligation of the Financing Districts represented by the Master IGA would be limited to the costs of construction and operations and maintenance as set forth in this Service Plan. B. Other Agreements/Authority To the extent practicable, the Districts may enter into additional intergovernmental and private agreements to better ensure long-term provision of the improvements and services and effective management. Agreements may also be executed with property owner associations and other service providers. All such agreements are authorized pursuant to Colorado Constitution, Article XIV, §18(2)(a) and §29-1-201, et seq., C.R.S. VI. OPERATION AND MAINTENANCE COSTS Estimated costs for operation and maintenance functions are presented in Exhibit C attached hereto. Additionally, the Coordinating District shall have the power impose a system of rates, fees, tolls, penalties and charges for facilities and services provided, in accordance with Colorado law. The estimated revenues from such fees and charges are reflected in the Financing Plan discussed in the following section. VII. FINANCING PLAN A. Financing of Proposed Facilities and Services Capital facilities and operations costs of the Districts will be funded by the Coordinating District and/or the Financing Districts from a combination of property taxes and non-tax revenues as described below. The Districts may authorize, issue, sell, and deliver such bonds, notes, contracts, reimbursement agreements, or other obligations evidencing or securing a borrowing (collectively, "Obligations") as are permitted by law. Obligations may be payable from any and all legally available revenues of the Districts in any form or combination of forms that may be permitted by applicable law. All or any portion of the proceeds of the Obligations issued may be used to fund such previously incurred expenses for public improvements via reimbursement to and/or acquisition from the entity advancing the costs for such improvements. Further, it is expected that the costs advanced for the organization and initial operations of the Districts will be similarly reimbursable to the entity advancing such costs. The Districts may also issue the Obligations directly to the organizers or other private party advancing funds or furnishing facilities on behalf of the Districts from time to time, to reimburse funds advanced and/or acquire facilities so constructed. Notwithstanding the foregoing, the Districts shall not issue bonds to fund or make any payment to the organizers of the Districts, their affiliates, or to any other private party or entity advancing funds or furnishing public facilities which are to be dedicated to or used by the Districts or the Town and their respective residents, to the extent the cost of any such public 14 facility is paid or reimbursed to such entity or person pursuant to that certain "Wilson Ranch Annexation and Development Agreement" dated February 24, 2004 among the Town of Berthoud, the Town of Berthoud Wastewater Enterprise, the Town of Berthoud Water Enterprise, the Wilson Homestead Limited Partnership and McWhinney Property Group, LLC. This limitation shall apply only to the expense being reimbursed pursuant to the Wilson Ranch Annexation and Development Agreement and shall not prevent the reimbursement to any person or entity, including, without limitation, the organizers of the Districts and their affiliates, for the purpose of reimbursing any other advance of funds or the furnishing of any public facilities Other than with respect to the mill levy cap and Debt Limits (defined below), the Districts shall be permitted to modify the nature, amount, timing, structure, security enhancements, or type of financing used from that shown in the Financing Plan to respond to current needs and circumstances, such modifications not being considered a material modification of this Service Plan, as it applies to any individual District, or collectively to all the Districts. The Financing Plan attached as Exhibit C and prepared by the Districts' organizers, sets forth certain assumptions, and estimated revenues, expenses, and debt service requirements with respect to each District. The Financing Plan contains one illustration of a financing structure by which the improvements would be financed, including the estimated costs of engineering services, legal services, administrative services, proposed bond issuances, estimated maximum proposed interest rates and discounts, land or facilities to be acquired, and other major expenses relating to the organization and operation of the Districts. The Financing Plan assumes no revenues from Conservation Trust Funds or Great Outdoor Colorado funds, and the Districts shall request such funds only if separately approved by the Town. The funds and assets of the Town shall not be pledged as security for the repayment of any Obligations issued by the Districts. 1. Debt. As used in this Consolidated Service Plan, the term " Debt" means the principal amount of any Obligation (other than those Obligations of the Financing Districts owed to the Coordinating District pursuant to the terms of the Master IGA described in paragraph 2 below) payable in whole or in part from ad valorem property taxes and/or rates and charges as described in paragraph 4 below to be imposed by any of the Districts. Debt may be issued in an amount approved by the Boards of Directors of the Districts for improvements or services eligible for funding in accordance with applicable law, subject to the limitations set forth herein. Debt does not include contracts or agreements of the Districts entered into in the ordinary course of business (e.g. consultant, engineering, and construction contracts for public improvements). In order to respond to future contingencies and increases in costs, each Financing District's Debt issuance limit will be $20,000,000.00, the Coordinating District's Debt issuance limit will be $75,000,000 (the "Individual Debt Limit"), and the total Debt issuance limit for all Districts combined shall be $75,000,000.00 (the "Combined Debt Limit") (the Individual Debt Limit and Combined Debt Limit are referred to herein collectively as the "Debt Limits"). The issuance of Debt by each District shall count both against that District's Individual Debt Limit, and also against the Combined Debt Limit, neither of which may be exceeded by the District 15 issuing the Debt without obtaining approval of an amendment to this Consolidated Service Plan. In this fashion, the Districts will have reasonable flexibility to adjust the actual amount of Debt to be issued, to respond to changing development dynamics, economic conditions within the Districts, the potential for District boundary adjustments as described previously, and changing capital costs. The Districts also shall be permitted to seek debt authorization from their electorates in excess of these amounts to account for contingencies, but may not issue debt beyond the Debt Limits prescribed without approval through an amendment to this Service Plan. The obligations of the Financing Districts to the Coordinating Districts as set forth in the Master IGA concerning the funding of the Districts' public improvements shall not count against the Debt Limits; provided, however, that any Obligations issued by the Coordinating District which are secured by such obligations of the Financing Districts shall count against the Debt limit. Any Obligations issued by the Financing Districts to satisfy all or any portion of their respective obligations under the Master IGA for the funding of public improvements. Debt that has been paid or refunded does not count against the Debt Limit, nor shall increases necessary to accomplish a refunding, reissuance or restructuring of Debt. The Districts may authorize, issue, sell, and deliver such Obligations as are permitted by law, provided that the following limitations shall apply to Debt payable in whole or in part from ad valorem property taxes, except where waived by the Town or as is otherwise provided herein: a. The maximum mill levy the District can promise to impose for the payment of Debt shall be 50 mills; provided however, that in the event the method of calculating assessed valuation is changed after the date of the approval of this Service Plan, 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 to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. b. The issuance of Debt to the organizers of the Districts or their affiliates may contain terms that permit compounding of interest during the first five (5) years following the date of issuance of the Debt, and thereafter may permit interest to accrue on the total unpaid amount (including any compounded interest), such interest to be paid according to such terms as may then be established, but without further compounding. An individual District shall not impose a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment of Debt)to the Organizers of the Districts or their affiliates, on any single property developed for residential uses which exceeds forty (40) years after the year of the initial imposition of such mill levy. Notwithstanding any other provision hereof, such Debt referred to in the preceding sentence shall be deemed to be discharged at such time as the mill levy is suspended at the end of the 40 year period 2. Master IGA Obligations. The Master IGA is expected to provide that the obligations of the Financing Districts to pay the Coordinating District for capital and general operating expenses of the Districts shall constitute "contractual debt" of the Financing Districts, • 16 but shall not count against the Debt Limits. Accordingly, mill levies certified to make necessary payments to the Coordinating District may be characterized as debt service or operation mill levies notwithstanding that they are imposed in part to pay contractual obligations for debt service and operations and maintenance services provided by the Coordinating District. Any such mill levy certified under the Master IGA shall be subject to the mill levy maximums established in Section VII.A.1.a, and Section VII.A.7. 3. Enterprises. The Districts may exercise any of its powers through enterprises established in accordance with Article X, §20 of the Colorado Constitution (TABOR). 4. Rates and Charges. The Districts shall have the power to derive revenue from and pledge any other legally-available revenue source, including but not limited to those derived from fees, rates, tolls, penalties or charges as provided by § 32-1-1001(1), C.R.S., or otherwise as may be permitted by law. The Financing Plan therefore assumes revenues from various sources in addition to property taxes, and may include in the future such other revenues as the Districts may legally generate. 5. Maximum Interest Rate and Underwriting Discount. The interest rate on any Obligations is expected to be the market rate at the time the Obligations are issued. The proposed maximum interest rate shall not exceed 12%. The proposed maximum underwriting discount shall not exceed 5%. 6. Obligations Issued to District Organizers/Affiliates. Prior to the issuance of any Obligations to the organizers of the District or their affiliates, the District issuing the Obligation shall obtain the certification of an External Financial Advisor (as defined below) substantially as follows: We are [I am] an External Financial Advisor within the meaning of the District's Service Plan. We [I] certify that (1) the net effective interest rate (calculated as defined in Section 32-1-103(12), C.R.S.) to be borne by [insert the designation of the Debt] does not exceed a reasonable current [tax- exempt] [taxable] interest rate, using criteria deemed appropriate by us [me] and based upon our [my] analysis of comparable high yield securities; and (2) the structure of [insert designation of the Debt], including maturities and early redemption provisions, is reasonable considering the financial circumstances of the District. The term "External Financial Advisor" means a consultant that: (i) advises Colorado governmental entities on matters relating to the issuance of securities by Colorado governmental entities, including matters such as the pricing, sales and marketing of such securities and the procuring of bond ratings, credit enhancement and insurance in respect of such securities; (ii) shall be an underwriter, investment banker, or individual listed as a public finance advisor in the Bond Buyer's Municipal Market Place; and (iii) is not an officer or employee of the District and 17 has not been otherwise engaged to provide services in connection with the transaction related to the applicable Obligation. 7. Operations Mill Levy Cap. The maximum mill levy that the Districts may impose for operations and maintenance shall not exceed fifteen (15) mills, subject to adjustment as provided for in paragraph l.a. of this Section VII. The Financing Plan demonstrates that the Districts will have the financial capability to discharge the proposed indebtedness with reasonable mill levies assuming reasonable increases in assessed valuation and assuming the rate of build-out estimated therein. VIII. OTHER REQUIREMENTS/MISCELLANEOUS A. Other Requirements. The Financing Districts and Coordinating District shall continue to be subject to the following additional requirements: 1. Submission of annual reports as described in §32-1-207(3), C.R.S., not later than March 1 of each year, containing the following information, at a minimum: a) Boundary changes made b) Intergovernmental Agreements executed c) Proposed capital construction projects for current year d) Proposed public improvement dedications for current year e) Projected Debt issuance for current fiscal year f) Material litigation to which a District is a party 2. The Districts shall furnish the Town with a copy of its annual audit at the same time as the audit is filed with the Division of Local Government. 3. The Districts shall furnish the Town with a copy of the Districts' mill levy certification at the time such certification is provided to the County. 4. Material modifications of this Service Plan shall be subject to approval by the Town in accordance with the provisions of§32-1-207, C.R.S. B. Miscellaneous. The Districts shall be empowered to undertake all activities authorized by this Service Plan, including all powers necessary or implied therefrom, in accordance with the Special District Act (§32-1-201, et seq., C.R.S.). The grant of authority contained in this Service Plan does not constitute the agreement or binding commitment of the Districts enforceable by third parties to undertake the activities described, or to undertake such activities exactly as described. 18 C. Intergovernmental Agreement. The form of Intergovernmental Agreement (the "IGA") to be entered into between the Districts and the Town following formation of the Districts is attached as Exhibit F. Modifications to the IGA subsequently agreed upon by the Town shall not require a Service Plan Amendment. IX. CONCLUSIONS It is submitted that this Consolidated Service Plan for SMPG Metropolitan District Nos. 1-6 as required by §32-1-204.5(1), C.R.S., has established that: A. There is sufficient existing and projected need for organized service in the area to be served by the Districts. B. The existing service in the area to be served by the Districts is inadequate for present and projected needs. C. The Districts are capable of providing economical and sufficient service to the area within their boundaries. D. The area included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis. Therefore, it is requested that the Board of Trustees of the Town of Berthoud, Colorado, which has jurisdiction to approve this Service Plan by virtue of §32-1-204.5, C.R.S., et seq., as amended, adopt a resolution, which approves this "Amended Consolidated Service Plan for SMPG Metropolitan District Nos. 1-6," as submitted. 19 EXHIBIT A Map of Initial District Boundaries EXHIBIT A SMPG METROPOLITAN DISTRICTS = N y MAP OF INITIAL DISTRICT BOUNDARIES WELD COUNTY, COLORADO 0 < SMPO METROPOLITAN Q DISTRICT NO&1-S 3 3 DISTRICTS WELD COUI�fY ROAD 11 ., .N - DISTRICT 1 y;� DISTRICT 4 I :11) /_ DISTRICT 2 DISTRICT 6 /I N / ,\ G>------___ _----O DISTRICT 3 DISTRICT e O CC P \ \ } _, ,. V, -..--��.. �� _� ��_/ VICINITY MAP Z ® - FUTURE 1uasma � 0 DISTRICT /' Imo. , ' WEED O ! O I 1® �\ O Q EXPANSION J q 'uJE T, /E ° lam ice- of d — — 'w ;f ----- --- •••• SCALE:1*=SOB • roZ• \77,---- \ .........%\\'‘'ll �� ]4B Whalers Woy, Bldg. D /\ \ •� Fort Collins. Colorado \ Phone 9]0.22fi.055] \� \ ��--� Fox: 9]0226.0209V,V7 \ \ Jobnst 25 20012 1 11 Filen rne: exhpbpt 20040-04 EXHIBIT A-1 Map of Expanded District Boundaries SMPG METROPOLITAN DISTRICTS EXHIBIT DI DISTRICT MAP OF EXPANDED DISTRICT BOUNDARIES WELD COUNTY, COLORADO SMPG METROPOLITAN an.a as - DISTRICT NOS}e 7I' DISTRICTS r / CC ' DISTRICT 1 ■ y'� DISTRICT 4 Z 7i O DISTRICT 2 DISTRICT 5 WELD COUNTY ROAD 11 /� DISTRICT 9 DISTRICT S < v '� i _ i: � . �� - I VICINITY MAP D ' ` ♦♦ I r i. P JE�T. o- r o ♦•v ( ( 3 .Y_ fc. � p N T 1�lII r T i � � OrMICTI I it j �s. .. Z n 1 SCALE f=1000' dd i i.a.. s ; ,4} 3 C" ♦.. . +y�y J' '"" 47"F;1 heT r.1 Tµ. x�bdivs. ` � E' +��ro s ':., .�. �4 `•' O ^se. . — - 749 Wnolers Way, Bla9. 0 e11G•Ml[n� INTERSTATE 25 Phone al 970.226.0557 TMa1•"^" WIDEMAN Fax: 9]0.226.0204 Man Job no 097 12 Filename: exhibit0 7-28-04 August 25. 2004 EXHIBIT B Legal Description of Districts 1-6 LEGAL DESCRIPTION-SMPG METROPOLITAN DISTRICT NO. 1 A TRACT OF LAND LOCATED IN SECTION 23, TOWNSHIP 4 NORTH, RANGE 68 WEST, OF THE SIXTH PRINCIPAL MERIDIAN; COUNTY OF WELD, STATE OF COLORADO; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 23, BEING A 2- 1/2"ALUMINUM CAP STAMPED LS 12374, IN A MONUMENT BOX AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 23 TO HAVE AN ASSUMED BEARING OF N89°1420"E WITH ALL OTHER BEARINGS RELATIVE THERETO; THENCE ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 23, N89°14'20"E, 2,359.95 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID NORTH LINE, N89°14'20"E,232.20 FEET; THENCE 529°46'29"W, 232.20 FEET; THENCE S89°14'20"W,232.20 FEET; THENCE N29°46'29"E, 232.20 FEET TO THE POINT OF BEGINNING. SAID PARCEL CONTAINS 1.07 ACRES (46,439 SQUARE FEET) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS-OF-WAY, EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD. LEGAL DESCRIPTION-SMPG METROPOLITAN DISTRICT NO. 2 A TRACT OF LAND LOCATED IN SECTION 23, TOWNSHIP 4 NORTH, RANGE 68 WEST, OF THE SIXTH PRINCIPAL MERIDIAN; COUNTY OF WELD, STATE OF COLORADO; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SAID SECTION 23, BEING A 2-1/2 " ALUMINUM CAP STAMPED LS 23501, IN A MONUMENT BOX AND CONSIDERING THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23 TO HAVE AN ASSUMED BEARING OF S00°01'33"E WITH ALL OTHER BEARINGS RELATIVE THERETO; THENCE ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23, S00°01'33"E, 1,974.49 FEET; THENCE DEPARTING SAID LINE, S34°28'43"W, 273.61 FEET; THENCE S89°58'27"W, 1,379.95 FEET; THENCE N00°01'33"W, 200.00 FEET; THENCE S89°58'27"W, 200.00 FEET; THENCE S00°01'33"E, 200.00 FEET; THENCE S89°58'27"W, 1,100.37 FEET; THENCE N31°26'39"W, 882.85 FEET; THENCE N29°46'29"E, 228.19 FEET; THENCE N31°26'39"W,456.38 FEET; THENCE N29°46'29"E, 714.21 FEET; THENCE N89°14'20"E, 232.20 FEET; THENCE N29°46'29"E, 232.20 FEET THENCE N89°14'20"E, 62.59 FEET TO THE NORTH QUARTER CORNER OF SAID SECTION 23, SAID POINT ALSO BEING A POINT ON THE BOUNDARY OF THAT PARCEL OF GROUND DESCRIBED IN THE DEED RECORDED AT RECEPTION NO. 2807245; THENCE ALONG SAID BOUNDARY THE FOLLOWING THREE (3) COURSES: 1. S00°05'20"E, 200.01 FEET; 2. N89°14'23"E, 100.01 FEET; 3. NOO°0520'W, 200.01 FEET TO A POINT ON THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23; THENCE ALONG SAID NORTH LINE, N89°14'23"E, 2,555.11 FEET TO THE POINT OF BEGINNING. SAID PARCEL CONTAINS 155.74 ACRES(6,783,955 SQUARE FEET) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS-OF-WAY, EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD. LEGAL DESCRIPTION-SMPG METROPOLITAN DISTRICT NO. 3 A TRACT OF LAND LOCATED IN SECTION 23, TOWNSHIP 4 NORTH, RANGE 68 WEST, OF THE SIXTH PRINCIPAL MERIDIAN; COUNTY OF WELD, STATE OF COLORADO; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 23, BEING A 2- 1/2"ALUMINUM CAP STAMPED LS 23501, IN A MONUMENT BOX AND CONSIDERING THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23 TO HAVE AN ASSUMED BEARING OF S00°01'33"E WITH ALL OTHER BEARINGS RELATIVE THERETO; THENCE ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23, S00°01'33"E, 1,974.49 FEET TO THE POINT OF BEGINNING, THENCE CONTINUING ALONG SAID EAST LINE, S00°01'33"E, 225.48 FEET; THENCE S89°58'27'W, 154.99 FEET; THENCE N34°28'43"E, 273.61 FEET TO THE POINT OF BEGINNING. SAID PARCEL CONTAINS 0.40 ACRES (17,473 SQUARE FEET) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS-OF-WAY, EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD. LEGAL DESCRIPTION-SMPG METROPOLITAN DISTRICT NO. 4 A TRACT OF LAND LOCATED IN SECTION 23, TOWNSHIP 4 NORTH, RANGE 68 WEST, OF THE SIXTH PRINCIPAL MERIDIAN; COUNTY OF WELD, STATE OF COLORADO; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 23, BEING A 2- 1/2"ALUMINUM CAP STAMPED LS 23501 IN MONUMENT BOX AND CONSIDERING THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23 TO HAVE AN ASSUMED BEARING OF S00°01'33"E WITH ALL OTHER BEARINGS RELATIVE THERETO; THENCE ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 23, S00°01'33"E, 2,199.97 FEET; THENCE DEPARTING SAID LINE, S89°58'27'W, 1,534.94 FEET TO THE POINT OF BEGINNING THENCE CONTINUING, S89°58'27'W, 200.00 FEET; THENCE N00°01'33"W, 200.00 FEET; THENCE N89°58'27"E, 200.00 FEET; THENCE S00°01'33"E, 200.00 FEET TO THE POINT OF BEGINNING. SAID PARCEL CONTAINS 0.92 ACRES (40,000 SQUARE FEET) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS-OF-WAY, EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD LEGAL DESCRIPTION-SMPG METROPOLITAN DISTRICT NO. 5 A TRACT OF LAND LOCATED N SECTION 23,TOWNSHIP 4 NORTH, RANGE 68 WEST, OF THE SIXTH PRINCIPAL MERIDIAN; COUNTY OF WELD, STATE OF COLORADO; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 23, BEING A 2- 1/2 "ALUMINUM CAP STAMPED LS 12374 IN MONUMENT BOX AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 23 TO HAVE AN ASSUMED BEARING OF N89°14'20"E WITH ALL OTHER BEARINGS RELATIVE THERETO; THENCE ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 23, N89°14'20"E, 2,359.95 FEET; THENCE DEPARTING SAID LINE, S29°46'29"W, 946.42 FEET; THENCE S31°26'39"E, 228.19 FEET TO THE POINT OF BEGINNING THENCE CONTINUING ALONG SAID LINE, S31°26'39"E, 228.19 FEET; THENCE S29°46'29"W, 228.19 FEET; THENCE N31°26'39"W, 228.19 FEET; THENCE N29°46'29"E, 228.19 FEET TO THE POINT OF BEGINNING. SAID PARCEL CONTAINS 1.05 ACRES (45,638 SQUARE FEET) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS-OF-WAY, EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD. LEGAL DESCRIPTION-SMPG METROPOLITAN DISTRICT NO. 6 A TRACT OF LAND LOCATED IN SECTION 23, TOWNSHIP 4 NORTH, RANGE 68 WEST, OF THE SIXTH PRINCIPAL MERIDIAN; COUNTY OF WELD, STATE OF COLORADO; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 23, BEING A 2- 1/2"ALUMINUM CAP STAMPED LS 12374 IN MONUMENT BOX AND CONSIDERING THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 23 TO HAVE AN ASSUMED BEARING OF N89°14'20"E WITH ALL OTHER BEARINGS RELATIVE THERETO; THENCE ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 23, N89°14'20"E, 2,359.95 FEET; THENCE DEPARTING SAID LINE, S29°46'29"W, 946.42 FEET TO THE POINT OF BEGINNING THENCE S31°26'39"E, 228.19 FEET; THENCE S29°46'29"W, 228.19 FEET; THENCE N31°26'39"W, 228.19 FEET; THENCE N29°4629"E, 228.19 FEET TO THE POINT OF BEGINNING. SAID PARCEL CONTAINS 1.05 ACRES (45,638 SQUARE FEET) MORE OR LESS AND IS SUBJECT TO ALL RIGHTS-OF-WAY, EASEMENTS AND RESTRICTIONS NOW IN USE OR OF RECORD. • REVREV. 51 O1Nepel[WEVISEO wllwn once me°o EI[I bpelc0oc II1Yt001 EXHIBIT C Financing Plan Stan Bernstein and Associates, Inc. Financial Planners and Consultants For Local Governments, Municipal Bond Underwriters, and Real Estate Developers 8400 East Prentice Ave., Penthouse Greenwood Village, Colorado 80111 Phone: 303-409-7611 Fax: 303-409-7612 Email: Stanplan@Earthlink.net MEMORANDUM TO: Mr. Roger White, Regional Mgr., Sage Community Group, Inc. Mr. Mark Schulz, CFO, Sage Community Group, Inc. Mr. Robert Smith, Sage Community Group, Inc. Mr. Steven M. Nelson, Senior Analyst, Sage Community Group, Inc. William P. Ankele, Jr., Esq. Mr. Don Taranto, PE Mr. Troy McWhinney, McWhinney Enterprises FROM: Stan Bernstein DATE: September 13, 2004 SUBJECT: Fifth Draft —Financial Model —SMPG Metropolitan Districts #1 - #6 INTRODUCTION AND SCOPE Stan Bernstein and Associates, Inc. has assembled Financial Models for SMPG Metropolitan Districts #1 - #6 based upon key assumptions provided by officials of the Districts and of the primary developer of land within the boundaries of the Districts. The Financial Models were assembled in order to provide a conceptual understanding of the amount of non-rated general obligation bonds that could ultimately be issued by the SMPG Metropolitan Districts #2 through #6 (Financing Districts) for the purpose of redeeming a series of notes issued by SMPG Metropolitan District #1 ("Service District") to the primary developer of land. It is important that officials of the District, the Developer, Don Taranto, PE, and William P. Ankele, Jr, Esq., understand and feel comfortable with the key assumptions that the Financial Models are based upon. It is also important that all parties understand that Stan Bernstein and Associates, Inc. has not independently reviewed or evaluated these key assumptions. It is important that prior to the issuance of any non-rated bonds, the Districts' investment bankers do their own diligence with respect to future rates of buildout and assessed valuation within the Districts' boundaries. Memorandum September 13, 2004 Page ii FUTURE RATES OF RESIDENTIAL AND COMMERCIAL BUILDOUT AND RELATED ASSESSED VALUATION—SCHEDULES 1 - 5, PAGES 26 -35 The financial planning concept is that as the construction of future residential and commercial real estate product occurs within the boundaries of SMPG Financing Metropolitan Districts #2 - #6 ("Financing Districts #1 - District #6"), incremental assessed valuation will generate property tax revenues for each of the Financing Districts. For financial planning purposes it is assumed that property tax revenues generated from approximately 10 mills of the total Financing Districts' #2,3,5, and 6 assumed 40 mill levy (3 mills of the total Financing District #4 assumed 12 mill levy) will be transferred to the Service District and used to pay operating and administrative costs. Property tax revenues generated from the remaining 30 mills (i.e., 9 mills for Financing District #4) are assumed to be available to pay the debt service associated with the following Financing Districts' assumed general obligation bond issues: Financing District #2 December 1, 2009 $8,500,000 Financing District #3 December 1, 2012 $9,000,000 Financing District #4 December 1, 2019 $8,000,000 Financing District #5 December 1, 2015 $8,500,000 Financing District#6 December 1, 2018 $6,250,000 The key assumptions with respect to future residential and commercial buildout within the boundaries of Financing Districts #2 - #6 are presented in detail on Schedules 1 — 5 on pages 26 and 35. These assumptions were provided by officials of the Districts and the primary land developer. It is generally assumed that any increases in residential assessed valuation as a result of inflation will be offset by decreases in the residential assessment rate caused by The Gallagher Amendment, although the assessed valuation estimates do assume a net average annual inflationary increase of approximately 1% (2% biennially) above decreases in assessed valuation caused by Gallagher. The Financial Models are based upon a total of 4,000 residential units being completed by the end of 2017, and 3,060,000 square feet of non-residential space being completed by the end of 2029. Schedule 1 (Financing District #2) is based upon a total of 1,088 residential units with an average value of approximately $240,632 being completed by the end of 2010. Schedule 2 (Financing District #3) is based upon a total of 1,143 residential units with an average value of$220,278 being completed by the end of 2011. Schedule 3 (Financing District #4) is based upon a total of 3,060,000 square feet of non- residential space being completed by the end of 2029. Schedule 4 (Financing District #5) is based upon a total of 998 residential units with an average value of $231,193 being completed by the end of 2014. Schedule 5 (Financing District#6) is based upon a total of 771 residential units with an average value of$221,555 being completed by the end of 2017. Memorandum September 13, 2004 Page iii Mr. Roger White and Mr. Mark Schulz (officers of Sage Community Group, Incorporated) have carefully reviewed Schedules 1 - 5 and believe the assumptions to be reasonable and appropriate to use for financial modeling purposes at this time. SMPG METROPOLITAN DISTRICT#1 -CASH FLOW-EXHIBIT I, PAGE 1 Exhibit I presents the estimated revenues and expenditures for SMPG Metropolitan District #1 ("Service District"). Key revenue sources include (i) an average one-time System Development Impact Fee assessed on each new residential unit and for each 4,000 square feet of non-residential space in the amount of$2,000; (ii) an average annual raw water user fee assessed on all completed residential units and on each 4,000 square feet of non-residential space in the amount of$150 per year, (iii) and Intergovernmental Transfers (pursuant to Intergovernmental Agreements between the Service District and each Financing District) of property taxes from Financing Districts #2 - #6 assumed to be approximately 10.00 mills for residential Financing Districts 2,3,5, and 6 and 3 mills for commercial Financing District 4. Operating and administrative expenditures (which Don Taranto, of TSTConsulting Engineers, believes to be reasonable and sufficient estimates) are presented on Exhibit I and include 5% annual increases above 2006 expenditure allowances. Raw water system operating expenditures are assumed to be 75% of raw water system revenues after 2008. It is also assumed that approximately 93% System Development Fee revenues ($8,886,000) are used to reimburse the primary land developer for infrastructure costs associated with the raw water system and/or for other infrastructure costs paid funded by the primary land developer pursuant to a Cost Recovery Agreement. Exhibit IA, page 4, presents a summary of TST Consulting Engineers' estimated infrastructure costs for Financing Districts #2 - #6. Exhibit IA indicates that in excess of 45% of the total estimated infrastructure costs in the amount of$61.37 million could be ultimately recouped from the issuance of general obligation bonds. In addition to the $27.45 million of recouped infrastructure costs, approximately $11.1 million of accrued interest (@ 7% compounded) from the date of construction of the infrastructure improvements for each Financing District to the date of the issuance of general obligation bonds for each Financing District could be paid to the primary land developer from general obligation bond proceeds. Exhibit I indicates that on December 1, 2009 the first developer infrastructure note (issued to the primary land developer for capital improvements funded relating to Financing District #2 on December 1, 2005 in amount of $6,225,000 and accreting in value [at 7% compounded interest] to approximately $8,160,000 by December 1, 2009) could be refunded by non-rated general obligation bonds issued by Financing District#2. Memorandum September 13, 2004 Page iv SMPG METROPOLITAN DISTRICT #1 - CASH FLOW - EXHIBIT I, PAGE I (CONTINUED) Exhibit I also indicates that on December 1, 2012 the second developer infrastructure note (issued to the primary land developer for capital improvements funded relating to Financing District #3 on December 1, 2008 in amount of $6,600,000 and accreting in value [at 7% compounded interest] to approximately $8,640,000 by December 1, 2012) could be refunded by non-rated general obligation bonds issued by Financing District #3. Exhibit I indicates that on December 1, 2015 the fourth developer infrastructure note (issued to the primary land developer for capital improvements funded relating to Financing District #5 on December 1, 2011 in amount of $6,225,000 and accreting in value [@ 7% compounded interest] to approximately $8,160,000 by December 1, 2015) could be refunded by non-rated general obligation bonds issued by Financing District #5. Exhibit I indicates that on December 1, 2018 the fifth developer infrastructure note (issued to the primary land developer for capital improvements funded relating to Financing District #6 on December 1, 2014 in amount of $4,500,000 and accreting in value [@ 7% compounded interest} to approximately $5,899,200 by December 1, 2018) could be refunded by non-rated general obligation bonds issued by Financing District #6. Exhibit I indicates that on December 1, 2019 the third developer infrastructure note (issued to the primary land developer for capital improvements funded relating to Financing District # 5 on December 1, 2009 in amount of$3,900,000 and accreting in value [@ 7% compounded interest) to approximately $7,680,000 by December 1, 2019) could be refunded by non-rated general obligation bonds issued by Financing District #4. All revenue and expenditure assumptions have been carefully reviewed for reasonableness by officials of the District and the primary land developer. Memorandum September 13, 2004 Page v SMPG FINANCING DISTRICT#2 - CASH FLOW-EXHIBIT II, PAGE 5 Exhibit II presents the estimated cash flow of SMPG Financing District #2 ("Financing District#2) based upon the assumed rate of buildout presented on Schedule 1. The primary revenue source is a 40.00 mill levy of which 30.00 mills are assumed to be retained by Financing District #2 for payment of general obligation debt service, and approximately 10.00 mills are assumed to be transferred pursuant to the IGA to the Service District. The Series December 1, 2009 general obligation bonds debt service schedule, and related debt to assessed value ratios, are also presented on this Exhibit. It is assumed that the Series 2009 general obligation bonds will be issued in the approximate amount of$8.5 million (costs of issuance in the amount of$340,000 have been assumed [4% of bonds]. Average interest rates of 6.5% and 25-year amortization have been assumed. SMPG FINANCING DISTRICT #3-CASH FLOW-EXHIBIT III,PAGE 9 Exhibit III presents the estimated cash flow of SMPG Financing District #3 ("Financing District #3)based upon the assumed rate of buildout presented on Schedule 2. The primary revenue source is a 40.00 mill levy of which approximately 30.00 mills are assumed to be retained by Financing District #3 for payment of general obligation debt service, and approximately 10.00 mills are assumed to be transferred pursuant to the IGA to the Service District. The Series December 1, 2012 general obligation bonds debt service schedule, and related debt to assessed value ratios, are also presented on this Exhibit. It is assumed that the Series 2012 general obligation bonds will be issued in the approximate amount of $9.0 million (costs of issuance in the amount of$360,000 [4% of bonds] have been assumed. Average interest rates of 6.5% and 25-year amortization have been assumed. Memorandum September 13,2004 Page vi SMPG FINANCING DISTRICT #4-CASH FLOW-EXHIBIT IV, PAGE 13 Exhibit IV presents the estimated cash flow of SMPG Financing District #4 ("Financing District#4)based upon the assumed rate of buildout presented on Schedule 3. The primary revenue source is a 12.00 mill levy of which approximately 9.00 mills are assumed to be retained by Financing District #4 for payment of general obligation debt service, and approximately 3.00 mills are assumed to be transferred pursuant to the IGA to the Service District. The Series December 1, 2019 general obligation bonds debt service schedule, and related debt to assessed value ratios, are also presented on this Exhibit. It is assumed that the Series 2019 general obligation bonds will be issued in the approximate amount of $8.0 million (costs of issuance in the amount of$320,000 [4% of bonds] have been assumed. Average interest rates of 6.5% and 25-year amortization have been assumed. SMPG FINANCING DISTRICT#5-CASH FLOW-EXHIBIT V, PAGE 18 Exhibit V presents the estimated cash flow of SMPG Financing District #5 ("Financing District #5) based upon the assumed rate of buildout presented on Schedule 4. The primary revenue source is a 40.00 mill levy of which approximately 30.00 mills are assumed to be retained by Financing District #5 for payment of general obligation debt service, and approximately 10.00 mills are assumed to be transferred pursuant to the IGA to the Service District. The Series December 1, 2015 general obligation bonds debt service schedule, and related debt to assessed value ratios, are also presented on this Exhibit. It is assumed that the Series 2015 general obligation bonds will be issued in the approximate amount of$8.5 million (costs of issuance in the amount of$340,000 [4% of bonds] have been assumed. Average interest rates of 6.5% and 25-year amortization have been assumed. SMPG FINANCING DISTRICT#6-CASH FLOW-EXHIBIT VI,PAGE 22 Exhibit VI presents the estimated cash flow of SMPG Financing District #6 ("Financing District #6) based upon the assumed rate of buildout presented on Schedule 5. The primary revenue source is a 40.00 mill levy of which approximately 30.00 mills are assumed to be retained by Financing District #6 for payment of general obligation debt service, and approximately 10.00 mills are assumed to be transferred pursuant to the IGA to the Service District. Memorandum September 13,2004 Page vii The Series December 1, 2018 general obligation bonds debt service schedule, and related debt to assessed value ratios, are also presented on this Exhibit. It is assumed that the Series 2018 general obligation bonds will be issued in the approximate amount of$6.25 million (costs of issuance in the amount of$245,800 [approximately 4% of bonds} and one-half year's capitalized interest in the amount of$105,000 have been assumed). Average interest rates of 6.5% and 25-year amortization have also been assumed. DISCLAIMER AND LIMITATIONS The Financial Models were assembled by Stan Bernstein and Associates, Inc. based upon key assumptions provided by officials of the Districts and the primary developer of land within the boundaries of the Districts. Stan Bernstein and Associates has not independently evaluated or reviewed these key assumptions and, consequently, does not vouch for the acheivability of the information presented on Exhibits I - VI or on Schedules 1 - 5. Furthermore, because of the inherent nature of future events, which are subject to change and variation as events and circumstances change, the actual results may vary materially from the results presented on Exhibits I-VI and on Schedules 1 - 5. Stan Bernstein and Associates, Inc. has no responsibility or obligation to update this information or these Financial Models for events occurring after the date of this memorandum. For example the actual amount of general obligation bonds that could be issued by the Financing Districts will depend the rate of buildout and the related increases in assessed valuation, interest rates, and the actual money needed to pay for administrative and operating expenses. CASH FLOW FORECASTS wooing,own,SEPTEMBER rx 2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2029 PRELMONw,SUBJECT TO CHARGE 20045•UNINFLATED KEY ASSUMPTIONS 2004 2005 2008 2007 2006 no 2010 2011 2012 2013 2014 icim 2016 3017 ASSESSED VALUATION 0 5000 5500 2.000 5500 5 000 5.000 5800 5 000 5,000 5.000 5000 5.000 5 000 MILL LEVY (ONLY 12 MILLS FOR COMMERCIAL DISTRICT#4) 0.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 SYSTEM DEVELOPMENT FEE PER RESIDENTIAL UNIT(AVERAGE) 2000 2000 2000 2000 2000 2000 2000 2.000 2000 2000 2.000 2.000 L000 2.000 RAW WATER FEES PER RESIDENTIAL UNIT(AVERAGE ANNUAL) 150 150 150 150 150 150 150 150 150 150 150 .IN 150 150 INCREMENTAL RESIDENTIAL UNITS ADDED 2 0 aq 363 336 536 386 387 325 332 341 249 258 264 CUMULATIVE RESIDENTIAL UNITS 0 0 223 586 922 1458 1844 2.231 2592 2,888 3229 3478 3136 4000 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 125000 125000 150000 150,000 175000 2_000 300.000 125 000 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 125,000 250,000 400000 558000 725.000 975,000 1.275.000 1 400`000 CASH FLOW REVENUES 2004 20 5 2006 2007 2008 2009 gm 2011 2012 2013 2214 2015 291€ 2017 PROPERTY TAXES 0 12 125 125 125 125 125 125 125 125 125 125 125 125 SPECIFIC OWNERSHIP TAXES 6 5%OF PROPERTY TAXES 0 6 6 6 6 6 6 6 6 6 6 6 6 IGATRANSFERS FROM SMPG MO#2-10 MILLS 0 1,000 2,500 11,600 67,135 118,754 173,389 211,016 216.819 216,819 221.155 221,155 225.578 225,578 IGA TRANSFERS FROM SMPG MD A3-10 MILLS 0 0 0 1,000 2,500 11.832 90,556 149,931 208,512 212,683 212.683 216,936 216.936 IGA TRANSFERS FROM SMPG MD#4- 3 MILLS(COMMERCIAL DIST) 0 0 0 0 300 750 3,550 11,993 20,366 31.275 41,777 55,326 73,572 IGA TRANSFERS FROM SMPG MD#5-10 MILLS 0 0 0 0 0 0 1,000 2,500 12,069 87,798 140,484 198,802 198,802 IGA TRANSFERS FROM SMPG MD#6-10 MILLS 0 0 0 0 0 0 0 0 0 1.000 2,500 12,556 72,353 TRANSFER OF NET G.O.BOND PROCEEDS FROM SMPG MD 2-6 0 0 0 0 8,160,000 0 0 8,640,000 0 0 8,160,000 0 0 SYSTEM DEVELOPMENT FEES€$2,000/RESIDENTIAL UNIT(AVE) 0 446,000 726,000 672,000 1,072,000 772000 774,000 650,000 664,000 882,000 498,000 516,000 528,000 SYSTEM DEVELOPMENT FEES-NON-RESID.SQ.FT.(1 per 4,000) 0 0 0 0 0 62,500 62,500 75,000 75,000 87,500 125,000 150,000 62,500 RAW WATER FEES-RESID.ft$150/YEAR(AVERAGE) 0 0 33,450 87,900 138,300 218,700 276,600 334,650 383,400 433,200 484,350 521,700 560,400 RAW WATER FEES-COMMERCIAL e 5150/YEAR PER 4,000 SQ.FT. 0 0 0 0 0 0 4,688 9,375 15.000 20,625 27,188 36,563 47,813 WATER METER SALES @$10,000 PER YEAR ALLOWANCE 0 10,000 10,000 10,000 10,000 10.000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 0 23 1144 1 817 2 283 790 648 1886 4,560 8.656 14.568 21 684 30.454 TOTAL REVENUES 0 1,13 458,654 782325 839983 9504769 1,250.093 1.434 688 10.102.286 1609 857 1.796.023 9.937.815 1.965.275 2.026.538 EXPENDITURES(5%INCREASES) CONSULTING&STUDIES 0 3,600 3.780 3,969 4,167 4.376 4,595 4,824 5,066 5,319 5,585 5,864 6,157 ACCOUNTING&AUDIT 0 3,000 3,150 3,308 3,473 3.647 3,829 4.020 4,221 4,432 4,654 4.887 5.131 UTILITIES FOR WATERILANDSCAPE 0 20,000 21,000 22.050 23,153 24,310 25,526 26,802 28.142 29,549 31.027 32.578 34.207 LANDSCAPING/OPEN SPACE MAINTENANCE ALLOWANCE 0 75,000 78.750 82,688 86.822 91.163 95,721 100,507 105,533 110,809 116,350 122.167 128,275 INSURANCE 0 6,000 6,300 6,615 6,946 7,293 7,658 8,041 8,443 8,865 9,308 9,773 10,262 LEGAL ENGINEERING&PROFESSIONAL 0 25,000 26,250 27.563 28,941 30,388 31,907 33,502 35,178 36936 38,783 40,722 42,758 MISC.OFFICE OVERHEAD&BILLING 0 20.000 21,000 22.050 23.153 24,310 25,526 26,802 28,142 29.549 31,027 32,578 34,207 WATER EXPENSE€75%Of REVENUES AFTER 2008 0 0 33,450 87.900 103.725 164,025 210,966 258,019 298,800 340,369 383.653 418,697 458,159 OPERATING AND ADMINISTRATIVE CONTING ALLOW(+10%/YR) 0 50,000 55,000 60,500 66,550 73.205 80,526 88,578 97,436 107,179 117,897 129,687 142.656 ANNUAL CAPITAL OUTLAY NOT FUNDED BY DEVELOPER 0 _ 0 0 0 0 0 50 000 52_00 55725 57 801 60775 63814 67005 TOTAL EXPENDITURES 0 _ 202.600 248.680 316 642 346 929 422 716 536 252 603 595 666 084 730 889 799 059 860 767 926 818 EXCESS OPERATING REVENUES&BONDS OVER EXPENDITURES 0 1 131 256054 533`645 523741 9 15� 7`340 827376 896436 9.498.690 943773 1,065,133 9,138.757 1 104 508 1 099 721 REDEMPTION OF DEVELOPER NOTES(BONDS)OUTSTANDING 0 0 0 0 0 88 150 0 0 8.640.000 0 0 8,100.000 0 0 REPAYMENTS TO DEVELOPER FOR RAW WATER IRRIGATION SYS. 0 0 206000 508000 500000 1.072.000 88500 836500 725000 739,000 769.500 623.000 666,000 590500 BEGINNING FUNDS AVAILABLE-JANUARY 1 0 0 1131 57185 90.830 114`171 39512 32388 94824 228,015 432787 728.421 1.084 178, 1522.685 ENDING FUNDS AVAILABLE-DECEMBER 31 0 1131 57185 90830 114171 39512 32388 94724 228015 432787 728.471 1,084 178 1522.685 2031 906 NOTE 1-SMPG MD#2 DEV.NOTES OUTSTANDING(+7%COMP INT) 0 6.225.000 6.680.750 7127,093 7.625.893 8.160.000 0 0 0 0 0 0 0 0 NOTE 2-SMPG MD#3DEV.NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 6600000 7 062 000 7 556 340 8 085 284 8640000 0 0 0 0 0 NOTE 3-SMPG MD#4 DEV.NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 0 3 900 000 4 173 000 4 465 110 4 777 668 5 112 104 5 469 952 5,852,848 6,262,548 6,700,926 NOTE 4-SMPG MD#5 DEV,NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 0 0 0 6,225.000 6.660.750 7.127 003 7,625.893 8.160.000 0 0 NOTE 5-SMPG MD 66 DEV.NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 0 0 0 0 0 0 4,500.000 4 81�5 000 5 152`050 5.512694 See Consultant's Report and Disclaimer r I CASH FLOW FORECASTS FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2029 20043•UNINFLATED KEY ASSUMPTIONS 2018 2019 2020 2021 2022 2023 2024 2025 2026 3027 2028 2529 TOTALS ASSESSED VALUATION 5000 5000 5000 5000 5000 5000 5,000 5.000 5000 1,WQ 5000 1QQ0 MILL LEVY (ONLY 12 MILLS FOR COMMERCIAL DISTRICT#4) 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 SYSTEM DEVELOPMENT FEE PER RESIDENTIAL UNIT(AVERAGE) 2,000 2000 1,1:!00 2 000 2.000 2 000 2 000 2.000 2.000 ZM 2.000 1,(01 RAW WATER FEES PER RESIDENTIAL UNIT(AVERAGE ANNUAL) 150 150 150 150 150 150 150 152 150 3N 150 150 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 2 0 0 0 0 4,000 CUMULATIVE RESIDENTIAL UNITS 4.000 4000 4000 4.000 4,000 4.000 4_0000 4292 4000 4,O9Q 4000 4,m 4000 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 125 000 125 000 175 000 175 000 175 000 175 000 175 000 100,000 100.000 100.@@ 100 000 135.000 1 060 000 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 1 525 000 1 650 000 1 825 000 2 000 000 2175000 2 350 000 2 525 000 2.625.009 2,725,000 2,825,000 2,925.000 3,060,000 3.060.000 CASH FLOW REVENUES 2018 2019 2020 all 2022 2023 2024 2025 2 2 3020 2029 TOTALS PROPERTY TAXES 125 125 125 125 125 125 125 125 125 125 125 125 3,125 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 6 6 6 6 6 6 6 6 6 6 6 6 156 IGA TRANSFERS FROM SMPG MD#2-10 MILLS 230.090 230.090 234,691 234,691 239,385 239,385 244,173 244,173 249,056 249,056 254,038 254,038 4,815,365 IGA TRANSFERS FROM SMPG MD#3-10 MILLS 221,275 221,275 225,700 225,700 230,214 230,214 234,819 234,819 239,750 239,750 244,545 244.545 4,116.175 IGA TRANSFERS FROM SMPG MD#4- 3 MILLS(COMMERCIAL DIST] 97,736 106,141 116,837 125,409 140,410 152,902 168,701 181,443 198,069 203,267 212.635 217,938 2,160.396 IGA TRANSFERS FROM SMPG MD#5-10 MILLS 202.778 202,778 206,833 206,833 210,970 210,970 215,189 215.189 219,493 219,493 223,883 228,361 3.204,203 IGA TRANSFERS FROM SMPG MD#6-10 MILLS 111,251 150,124 150,124 153,126 153,126 156,189 156,189 159,312 159.312 162,499 162,499 165,749 1,927,908 TRANSFER OF NET G.O.BOND PROCEEDS FROM SMPG MD 2-6 5,899.200 7,680,000 0 0 0 0 0 0 0 0 0 0 38,539.200 SYSTEM DEVELOPMENT FEES @ 32,000/RESIDENTIAL UNIT(AVE) 0 0 0 0 0 0 0 0 0 0 0 0 8,000,000 SYSTEM DEVELOPMENT FEES-NON-RESID.SQ.FT.(1 per 4,000) 62,500 62,500 87,500 87,500 87,500 87,500 87,500 50,000 50,000 50,000 50,000 67,500 1.530.000 RAW WATER FEES-RESID.@$150/YEAR(AVERAGE) 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600000 600,000 600,000 10,672,650 RAW WATER FEES.COMMERCIAL @ 5150/YEAR PER 4,000 SQ.FT. 52,500 57,188 61,875 68,438 75,000 81,563 88,125 94,688 98,438 102.188 105,938 109,688 1,156,875 WATER METER SALES @ 310,000 PER YEAR ALLOWANCE 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 156,000 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 40 638 52 012 63 924 75 867 87 553 99 257 110 660 121,967 132 833 143.454 153 292 162.542 1 332,512 TOTAL REVENUES 7 521 099 9 365 238 1 750 616 1 780 6% 1 827 290 1 861 110 1 908 487 1 904 727 1,950.082 1 972,838 2.009 960 2,053.490 77.614,565 EXPENDITURES(5%INCREASES) CONSULTING&STUDIES 6,465 6,788 7,128 7,484 7,858 8.251 8,664 9,097 9.552 10,029 10,531 11,057 160,207 ACCOUNTING&AUDIT 5,388 5,657 5,940 6,237 6.549 6,876 7,220 7,581 7,960 8,358 8,776 9,215 133,506 UTILITIES FOR WATER/LANDSCAPE 35.917 37,713 39,599 41,579 43.657 45,840 48,132 50,539 53,066 55,719 58,505 61,430 890040 LANDSCAPINGIOPEN SPACE MAINTENANCE ALLOWANCE 134,689 141,424 148,495 155,920 163,716 171,901 180,496 189,521 198,997 208,947 219,395 230.364 3,337,650 INSURANCE 10,775 11,314 11,880 12,474 13,097 13,752 14,440 15,162 15,920 16,716 17,552 18,429 267.012 LEGAL ENGINEERING&PROFESSIONAL 44,896 47,141 49,498 51,973 54,572 57,300 60,165 63,174 66,332 69,649 73,132 76,788 1,112,550 MISC.OFFICE OVERHEAD&BILLING 35,917 37,713 39.599 41.579 43,657 45,840 48,132 50,539 53,066 55,719 58.505 61,430 890,040 WATER EXPENSE @ 75%Of REVENUES AFTER 2008 489.375 492,891 496,406 501,328 506,250 511.172 516,094 521.016 523,828 526,641 529,453 532,266 8,902,481 OPERATING AND ADMINISTRATIVE CONTING ALLOW(+10%IYR) 156,921 172,614 189,875 208,862 229,749 252,724 277,996 305.795 336,375 370,012 407,014 447,715 4,424,866 ANNUAL CAPITAL OUTLAY NOT FUNDED BY DEVELOPER 70355 73873 77566 81 445 85517 89793 94282 98992 103 946 109,144 114601 120,331, 1,526,950 TOTAL EXPENDITURES 990.699 1.027.127 1.065 985 1.108.880 1.154 622 1,203,450 1.255622 1311 420 1.369.043 1,430,99.5 1.497.463 1.569,026 21.645.303 EXCESS OPERATING REVENUES&BONDS OVER EXPENDITURES 6.530.399 8.338.111 684 631 671 817 672 668 657 660 652 865 593,302 581 040 541 903 512098 484,464 55.969.262 REDEMPTION OF DEVELOPER NOTES(BONDS)OUTSTANDING 5 899.200 7,680.000 0 0 0 0 0 0 0 0 0 0 38.539.200 REPAYMENTS TO DEVELOPER FOR RAW WATER IRRIGATION SYS. 62 500 62 500 87 500 87 500 87 500 87 500 87 500 50 000 50 000 50,000 50 000 67.500 8.886.000 BEGINNING FUNDS AVAILABLE•JANUARY 1 2 031 906 2 600 605 3 196 216 3 793 347 4 377 663 4 962 831 5,532.991 6 098 356 6 641 658 7,172,691 7%1601 8.127.098 0 ENDING FUNDS AVAILABLE-DECEMBER 31 2 600 605 3 196 216 3 793 347 4 377 663 4 962 831 5 532 991 6 098 356 6,641,65@ 7.172.697 7.664 601 8.127,098 8,544,062 8,544.062 NOTE 1-SMPG MD#2 DEV.NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 0 0 2 0 0 0 0 0 NOTE 2-SMPG MD#3 DEV.NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 0 0 0 0 0 0 0 0 NOTE 3-SMPG MD#4 DEV.NOTES OUTSTANDING(+7%COMP INT) 7 169.991 7.680.000 0 0 0 0 0 0 0 0 0 0 NOTE 4-SMPG MD#5 DEV.NOTES OUTSTANDING(+7%COMP INT) 0 0 0 0 0 0 0 0 0 0 0 0 NOTE 5-SMPG MD#6 DEV.NOTES OUTSTANDING(+7%COMP INT) 5.899.200 0 0 0 0 0 0 0 0 0 0 0 See Consultant's Report and Dieclatmer 2 i CASH FLOW FORECASTS FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 20045-UNINFLATED SCHEDULE OF CAPITAL IMPROVEMENTS AND FUNDING SOURCES SMPG SMPG SMPG SMPG SMPG SUMMARY OF COSTS(SOURCE:TST,INC.CONSULTING ENGINEERS): DISTRICT#2 DISTRICT#3 DISTRICT#4 DISTRICT#5 DISTRICT#6 2005 2008 2029 2011 2A TOTALS OFFSIE IMPROVEMENTS 12,883,260 8,632,950 10,124,160 7,901,700 8,483,280 48.025,350 ONSITE IMPROVEMENTS 5 601 180 2 172 960 1 486 080 1 749 600 2 341 440 13.351.260 TOTAL IMPROVEMENTS 18 484.440 10.805.910 11.610.240 9.651.300 10,824.720 61 376,610 FUNDING SOURCES: DEVELOPER CONTRIBUTIONS 12,259,440 4,205.910 7.710,240 3,426,300 6,324,720 33,926,610 55.28% DEVELOPER NOTES PAYABLE(@ 7%COMPOUNDED) 6.225.000 6.600.000 3.900.000 §221,M 4 500,000 27 450.000 44.72% TOTAL FUNDING SOURCES 18 484,440 10.805.910 11 610 240 9.651.300 10.824.720 61,376.610 100,00% G.O.BOND PROCEEDS(ESTIMATED) 8.160.000 8.640.000 7,650.000 8,260,000 5 899,200 38,639 200 62.95% YEAR BONDS ESTIMTED TO BE ISSUED 2009 2012 2019 2015 2018 See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-044/15/20055:00 PM CASH FLOW FORECASTS- DEBT SERVICE FUND WORKING DRAFT SEPTEMBER 12.2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2034 PRELIMINARY,SUBJECT TO CHANGE KEY ASSUMPTIONS 2004 2005 2006 2007 2008 au gtois 2911 2012 2013 30?4 ASSESSED VALUATION(SCH.1) 0 100 000 250 000 1.160.000 6,713,495 11.875.414 17 338 916 21 101 641 21.661,861 21,681.861 22.115.498 MILL LEVY 0.9 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 4000 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 223 363 306 161 5 0 9 9 0 CUMULATIVE RESIDENTIAL UNITS 0 0 223 586 222 1 083 11.088 1 088 1 088 1.088 1 I INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 CASH F40 W REVENUES 2004 2005 2006 3I 2008 2009 2 �0 2011 � 2013 Z, 1�4 PROPERTY TAXES 0 4,000 10,000 46,400 268,540 475,017 693,557 844,066 867,274 867,274 884,620 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 0 200 500 2,320 13,427 23,751 34,678 42,203 43,364 43,364 44,231 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 8,500,000 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 0 0 62 197 895 5029 17,425 10484 9 639 8136 8638 TOTAL REVENUES 0 4,200 10562 48917 282.862 9,003,796 740659 895753 920 277 915775 937489 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 0 120 300 1,392 8,056 14,250 20,807 25,322 26,018 26,018 26,539 ACCOUNTING&AUDIT 0 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1 (SERVICE DISTRICT)@ 10 MILLS 0 1000 2800 11 600 67135 118 754 173389 13 1 018 216,819 12 6.819 221.155 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 0 1 120 3 600 13992 76191 134 005 195198 32 7 338 243837 243.637 248.694 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2009$8,500,000 @ 6.5% INTEREST @ 6.5% 0 0 0 0 0 0 552,500 546,650 536,575 525,850 514,475 PRINCIPAL REDUCTION 0 0 0 0 0 0 90900 155,000 165000 175000 190.000 TOTAL DEBT SERVICE 0 0 0 0 0 0 642 500 701 850 701,575 700.850 704475 G.O.BONDS OUTSTANDING @ 12131 0 0 0 0 0 8 500 000 8 410 000 8 255 000 8 090 000 7 915 000 7 725 000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 0 8.160.000 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 340000 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 0 1 120 3 800 13992 76191 8.634.005 837696 938988 945.412 944.687 953169 EXCESS REVENUES&BONDS OVER EXPENDITURES 0 3 080 6,762 34.925 206,671 368792 9I 7.0371 4( 2.2361 1211 (24,917,1 1( 5.679) BEGINNING FUNDS AVAILABLE-JANUARY 1 0 0 3 080 9 842 44766 251437 621.229 524.192 481.956 456,822 431910 ENDING FUNDS AVAILABLE-DECEMBER 31 0 3 080 9,842 44,766 Z,§1,432, 621229 524.192 481956 456 827 431410 416.230 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 UNRESTRICTED 0 3 080 9642 44766 251437 621 0 0 0 0 .229 52413 481956 458,822 1 431,910 416.230 TOTAL G.O.BONDS OUTSTANDING @ 12/31 0 0 0 0 0 8,500,000 8,410,000 8,255,000 8,090,000 7,915,000 7,725,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 0.00% 0.00% 0.00% 0.00% 0.00% 49.02% 39.85% 38.07% 37.31% 35.79% 34.93% See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-04 4/15/2005 5:06 PM MIPIra Immainur kill Inds Via I nue I X CASH FLOW FORECASTS- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2034 KEYASSUMPTION_S 2015 2016 2017 201 2019 2020 291 , 2022 2223 2 ASSESSED VALUATION(SCH.1) 22 115 498 22.557,808 22 557,808 23.008.964 23008.964 23,469.143 23,469143 23 938,526 23.938.526 24.417.297 MILL LEVY 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 1 088 1 088 1 088 1.088 1088 1.088 1 088 1 088 1 088 1 088 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2015 2016 2017 2018 2019 2020 2021 $0l 22211 2024 PROPERTY TAXES 884,620 902,312 902,312 920.359 920,359 938,766 938,766 957.541 957,541 976,692 SPECIFIC OWNERSHIP TAXES @5%OF PROPERTY TAXES 44,231 45,116 45,116 46,018 46,018 46,938 46,938 47,877 47,877 48,835 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 8 325 8 052 8 106 8 134 8 433 8 751 9 389 9 991 10,872 11.773 TOTAL REVENUES 937176 955.480 955.534 974511 974810 994455 995093 1.015.409 1 016 290 1 037 299 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 26,539 27,069 27,069 27.611 27,611 28.163 28.163 28,726 28,726 29,301 ACCOUNTING E AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 221155 225578 225.578 23O 090 230,090 234 691 234691 239.385 32 9.385 2m,In TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 248,694 253,647 253647 25O700 258,700 2§1,15M 263854 269.111 269.111 774 474 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2009$8,500,000 @ 6.5% INTEREST@6.5% 502,125 489,125 475,475 460,850 445,250 428,675 411,125 392.275 372,125 350,675 PRINCIPAL REDUCTION 20O 000 210O00 225 000 24O000 255.000 72 0.000 29O000 31O 000 330.000 350 000 TOTAL DEBT SERVICE 702.125 699.125 700 475 700 850 700 250 698 675 701 125 002 275 702 125 700 675 G.O.BONDS OUTSTANDING @ 12131 7 525 000 7 315 000 7 090 000 6 850 000 6 595 000 6 325 000 6 035 000 5 725 000 5 395 000 5 045 000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTIO5 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 95O 819 952772 954.122 959 550 958 950 962 529 964 979 971 386 971 236 975 149 EXCESS REVENUES&BONDS OVER EXPENDITURES 13 643 2 707 1711 14 960 15859 31.925 30114 44023 45053 §_Z1 BEGINNING FUNDS AVAILABLE-JANUARY 1 416230 402587 405294 406,706 421666 437525 469 450 499.564 543587 588.640 ENDING FUNDS AVAILABLE-DECEMBER 31 402 587 405 294 406 706 421,666 437 525 469 450 499 564 543 587 588 640 650 791 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 402587 409294 406706 421.666 437525 469450 499564 543 587 588.640 85O791 TOTAL G.O.BONDS OUTSTANDING @ 12/31 7,525,000 7,315,000 7,090,000 6,850,000 6,595.000 6,325,000 6,035,000 5.725,000 5,395.000 5,045,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 33.36% 32.43% 30.81% 29.77% 28.10% 26.95% 25.21% 23.92% 22.09% 20.66% See Consultant's Report and Disclaimer 2 Exhibit C Financing Plan 9-14-04 4/15/2005 5:08 PM CASH FLOW FORECASTS- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2034 KEY ASSUMPTIONS 2025 BA 2027 2028 2029 2030 222 2032 2033 2014 ASSESSED VALUATION(SCH.1) 24 417.297 24 905 643 24 905 643 25.403.756 25.403.756 25.911.831 25,911.831 26 430 067 26.430.067 26 958.669 MILL LEVY 40.00 40.00 40.00 40.00 40.00 4000 40.00 40.00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 2 0 CUMULATIVE RESIDENTIAL UNITS 1 088 1 088 1 088 1 088 1 088 1.086 1 088 1 088 1 088 1 088 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2025 2026 2921 2026 2029 2030 221 2222 2222 2034 PROPERTY TAXES 976,692 996,226 996,226 1,016,150 1,016,150 1,036,473 1,036,473 1,057,203 1,057,203 1.078,347 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 48,835 49,811 49,811 50,808 50.808 51,824 51,824 52,860 52,860 53,917 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 1 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 13 016 14.239 15774 17661 19 338 21,340 23 619 26 013 28783 31662 TOTAL REVENUES 1.038.542 1.060.276 1.061.811 1.084.318 1,086,296 1 109 637 1 111 916 1 136 076 1 138 846 1 163 827 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 29,301 29,887 29,887 30,485 30.485 31,094 31,094 31,716 31,716 32,350 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1 (SERVICE DISTRICT)@ 10 MILLS 244 173 249 056 249 056 254 038 254 038 259 11@ 259,118 264301 264 301 269587 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 274 474 279943 279943 285.522 285 522 291.213 291,213 mar 297 017 302.937 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 1211/2009 58,500,000 @ 6.5% INTEREST @ 6.5% 327.925 303,550 277,550 249,925 220,675 189,475 156,000 120,575 82,875 42,575 PRINCIPAL REDUCTION 375 000 400,000 425.000 450 000 480 000 515 000 545000 580 000 620000 655 000 TOTAL DEBT SERVICE 702 925 703 550 702 550 699 925 700 675 704 475 701 000 700 575 702 875 897 575 G.O.BONDS OUTSTANDING @ 12/31 4 670 000 4 270 000 3 845 000 3 395 000 2 915 000 2 400 000 1 855 000 1.275,000 655000 0 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTIOr 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE 8 NOTE REDEMPTIONS 977 399 983 493 982 493 985 447 986 197 995 688 992,213 997 592 999.892 i 00. 0.512 EXCESS REVENUES&BONDS OVER EXPENDITURES 61144 76262 79318 98 871 100 099 113949 119703 138 484 138.954 183315 BEGINNING FUNDS AVAILABLE-JANUARY 1 650 791 711 934 788 717 868 035 966 906 1.067.005 1.180.955 1.300 658 1.439.142 1.578 096 ENDING FUNDS AVAILABLE-DECEMBER 31 711934 788717 868 035 966 906 1.067.005 1.180.955 1.300.658 1.439.142 1.578.096 1.741.411 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 711934 788717 866035 966 906 1.067.005 1 180.955 1.300.658 1 439.142 1,578.096 1.741.411 TOTAL G.O.BONDS OUTSTANDING @ 12131 4,670,000 4,270,000 3.845,000 3.395,000 2.915,000 2,400,000 1.855.000 1,275,000 855,000 0 G.O.BONDS OUTSTANDING/ASSESSED VALUE 18.75% 17.14% 15.14% 13.36% 11.25% 9.26% 7.02% 4.82% 2.43% 0.00% See Consultant's Repo[[ and Disclaimer 1 Stint C Financing Plan 9-11-Oa 4/15/2005 5:08 PM CASH FLOW FORECASTS'DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2034 KEY ASSUMPTIONS TOTALS ASSESSED VALUATION(SCH.1) MILL LEVY INCREMENTAL RESIDENTIAL UNITS ADDED 1 088 CUMULATIVE RESIDENTIAL UNITS 1 088 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 CASH FLOW REVENUES TOTALS PROPERTY TAXES 24,527.157 SPECIFIC OWNERSHIP TAXES§5%OF PROPERTY TAXES 1.226,358 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 8.500,001 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 359375 TOTAL REVENUES 34.612.890 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 735,815 ACCOUNTING 8 AUDIT 29,000 IGA PAYMENT TO SMPG MD#1 (SERVICE DISTRICT)§10 MILLS 6 131 789 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 6.896.604 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2009$8,500,000 @ 6.5% INTEREST @ 6.5% 8,974,875 PRINCIPAL REDUCTION 8.500.000 TOTAL DEBT SERVICE 17 474,875 G.O.BONDS OUTSTANDING @ 12131 0 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTIOb 8.160.000 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 340`000 TOTAL EXPEND INCLUDE DEBT SERVICE 8 NOTE REDEMPTIONS 32 871.479 EXCESS REVENUES 8 BONDS OVER EXPENDITURES 1 741.411 BEGINNING FUNDS AVAILABLE-JANUARY 1 0 ENDING FUNDS AVAILABLE-DECEMBER 31 1 741.411 RESTRICTED CAPITALIZED INTEREST 0 UNRESTRICTED 1.741.411 TOTAL G.O.BONDS OUTSTANDING @ 12/31 G.O.BONDS OUTSTANDING/ASSESSED VALUE See Consultant's Report and Disclaimer 4 Exhibit C Financing elan 9-14-04 4/15/2005 5:00 PM CASH FLOW FORECASTS- DEBT SERVICE FUND WORKING DRAFT.SEPTEMBER 1;2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2037 PREiue4ARY,SUBJECT TO CHANGE KEY ASSUMPTIONS 2004 2005 KIM 2007 MI 2909 712 Z91t 2012 Q3 ASSESSED VALUATION(SCH.2) 0 Q 0 0 100 000 25O000 1,183 200 9,055 558 14 993,099 20.851,231 21,268,256 MILL LEVY 0.00 0._10 0.00 a00 40_00 4 _00 40_00 40.00 40_00 4O 00 40_00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 375 381 387 0 Q 0 CUMULATIVE RESIDENTIAL UNITS 0 Q 0 0 0 375 756 1. 13 1 143 1 143 1 143 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 Q 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 Q 0 0 0 0 0 0 9 0 Q CASH FLOW REVENUES 2904 2905 299 2007 LQ9I 29O9 2m pm am 2013 nil PROPERTY TAXES 0 0 0 0 4.000 10,000 47,328 362,222 599,724 834,049 850,730 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 0 0 0 0 200 500 2,366 18,111 29.986 41,702 42,537 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 9,000.000 0 0 INTEREST EARNINGS @2%OF BEGINNING FUNDS 0 0 Q 0 0 42 176 889 6465 15810 14.250 TOTAL REVENUES 0 0 9 0 4 200 10542 49,871 381,222 9,636 175 891.562 907 517 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 0 0 0 0 120 300 1,420 10,867 17,992 25.021 25,522 ACCOUNTING&AUDIT 0 0 0 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 0 0 Q 0 199D 0 2,500 11,832 90 58 149 931 208512 zilgu. TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 0 0 2 0 2.120 3 890 14252 102 472 188.923 234534 239504 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2012$9,000,000 @ 6.5% INTEREST @ 6.5% 0 0 0 0 0 0 0 0 0 585,000 575,250 PRINCIPAL REDUCTION 0 0 9 0 0 0 0 0 0 1510a1 16O 000 TOTAL DEBT SERVICE 0 0 0 0 0 0 0 0 0 735000 735 250 G.O.BONDS OUTSTANDING @ 12/31 0 0 0 0 0 0 0 0 9,000.000 8.850.000 8.690 090 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 Q 0 0 0 0 8,640 000 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 Q O 0 0 0 36O 000 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 0 0 0 0 2120 3 800 14252 102.422 9.168.923 969,534 974454 EXCESS REVENUES&BONDS OVER EXPENDITURES 0 0 0 Q 2080 6 742 35.619 278 800 467.252 7I 7 9721 £66 937) BEGINNING FUNDS AVAILABLE-JANUARY 1 0 0 0 0 0 2999 Aga 44.441 323.241 79493 712.521 ENDING FUNDS AVAILABLE-DECEMBER 31 0 0 0 0 2.080 8.822 44.441 323.241 790 493 7j2,921 64 583 RESTRICTED CAPITALIZED INTEREST 0 0 0 Q 0 0 0 0 0 0 0 UNRESTRICTED 0 0 0 0 2080 gszz 44.441 323.241 790493 712.521 645.583 TOTAL G.O.BONDS OUTSTANDING @ 12/31 9,000,000 8,850.000 8,690.000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 43.16% 41.61% 40.86% See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-044/15/20055:11 PM CASH FLOW FORECASTS? DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2037 KEY ASSUMPTIONS 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ASSESSED VALUATION(SCH.2) 21.268.256 21.693.621 21 693 621 22.127.493 22.127.493 22.570,043 22.570.043 23.021 444 23.021.444 23,481.873 MILL LEVY 40.00 40.00 40 00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 1 143 1 143 1 143 1 143 1 143 1 143 1 143 1 143 1 143 1 143 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 PROPERTY TAXES 850,730 867,745 867,745 885,100 885,100 902.802 902,602 920,858 920,858 939,275 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 42,537 43,387 43,387 44,255 44,255 45,140 45,140 46,043 46,043 46,964 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 12 912 11 554 10 352 9 167 8 179 7 144 -6 354 5 560 5 059 4 599 TOTAL REVENUES 906178 922686 921485 938,577 937534 955086 954,296 972.460 971.960 990.838 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 25,522 26,032 26,032 26.553 26,553 27,084 27,084 27,626 27,626 28,178 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1 (SERVICE DISTRICT)@ 10 MILLS 212683 216 936 718 936 221 275 221 275 225.700 225700 230,214 2 (_31,3t4 234819 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 239 204 243969 243,969 248828 248.828 253784 253784 758 840 258.840 263.997 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 1211/2012$9,000,000 @ 6.5% INTEREST@6.5% 564,850 553,800 541,775 529,100 515,450 500,825 485,225 468,650 451,100 432,575 PRINCIPAL REDUCTION 170,000 185000 195000 210.000 225.000 40 000 52 5.000 270.000 285000 305000 TOTAL DEBT SERVICE 734 850 738 800 736 775 739 100 740 450 740 825 740 225 738 650 736 100 737 575 G.O.BONDS OUTSTANDING @ 12/31 8 520 000 8 335 000 8 140 000 7 930 000 7 705 000 7 465 000 7 210 000 6 940 000 6.655.000 6.350.000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION. 0 0 0 0 0 0 0 0 0 9 COSTS OF BOND ISSUANCE(ESTIMATED a 4%) 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 974 O54 982769 986744 987.928 989.278 994609 994 O09 997490 994.940 1 001,572 EXCESS REVENUES&BONDS OVER EXPENDITURES J67.8761 6J_0 O82) 5L 9 2591 Lamm ja,7S 139 523) garkil 25 Din (72 981) (10.734.J BEGINNING FUNDS AVAILABLE-JANUARY 1 645583 577.707 517 625 458 366 408 960 357 216 317 693 277,979 252949 229968 ENDING FUNDS AVAILABLE-DECEMBER 31 577707 517625 458366 408960 357.216 317 693 277979 352 949 228968 219 234 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 577 707 517 625 458 366 408 960 357 216 317 693 277.979 252.949 229968 219,234 TOTAL G.O.BONDS OUTSTANDING @ 12/31 8,520,000 8,335,000 8,140,000 7,930,000 7,705,000 7,465,000 7,210,000 6,940,000 8,655,000 6,350,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 39.27% 38.42% 36.79% 35.84% 34.14% 33.07% 31.32% 30.15% 28.34% 27.04% See Consultant's Report and Disclaimer 2 Exhibit C Financing Plan 9-14-044/15/20055:11 PM CASH FLOW FORECASTS- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2037 KEY ASSUMPTIONS 2025 2026 2037 2028 2029 2030 2031 2032 20fl 2034 ASSESSED VALUATION(SCH.2) 23 481 873 23 974 992 23,974,992 24,454.492 24.454,492 24.943.582 24 943 582 25 442,453 25,442.453 25.951.302 MILL LEVY 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.OQ 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 1 143 1 143 1 143 1 143 1 143 1 143 1.143 1 143 1 143 1 143 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 2 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES agli 2026 2027 2028 pig 2030 2031 2032 2033 3034 PROPERTY TAXES 939,275 959,000 959,000 978,180 978,180 997,743 997,743 1,017,698 1.017.698 1,038,052 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 46,964 47,950 47,950 48,909 48,909 49,887 49,887 50,885 50,885 51,903 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @2%OF BEGINNING FUNDS 4385 4 162 4.262 4311 4639 4986 5687 6381 7.414 8424 TOTAL REVENUES 990 623 1.011.112 1.011.211 1.031.400 1,031.727 1 052.616 1.053.318 1.074.964 1.075.997 1 098,378 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 28,178 28,770 28,770 29,345 29,345 29,932 29,932 30,531 30,531 31,142 ACCOUNTING 8.AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 234819 239.750 239 750 244 545 244,545 249 436 249436 254.425 2144A2§. 259.513 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 260997 269.520 269 520 274 890 274 890 280 368 280 368 285 955 285,955 92 1.655 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2012$9,000,000 @ 6.5% INTEREST@6.5% 412,750 391,625 369,200 345,150 319,475 292,175 263,250 232,375 199.550 164,450 PRINCIPAL REDUCTION 325000 345 000 370 000 395000 420,000 440000 475000 500000 540 000 570000 TOTAL DEBT SERVICE 737750 736 625 739 200 740 150 739 475 737 175 738 250 737 375 739,550 739450 G.O.BONDS OUTSTANDING @ 12/31 6.025 000 5 680 000 5 310 000 4 915 000 4 495 000 4 050 000 3 575 000 3 070 000 2 530 000 1 955 000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION• 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE S NOTE REDEMPTIONS 1 001 747 1 006 145 1 008 720 1 015 040 1 014 365 1 017 543 1 018 618 1 023 330 1 025 505 1 031 105 EXCESS REVENUES&BONDS OVER EXPENDITURES .(11 ±11 124 967 2 491 16360 17.362 35 073 34700 51034 50.492 67 274 BEGINNING FUNDS AVAILABLE-JANUARY 1 219234 208111 213,078 gam 231929 249 291 82 4.364 319063 370 697 421 189 ENDING FUNDS AVAILABLE-DECEMBER 31 208 111 210078 215.569 231929 449 291 264.364 319 063 370 697 421,189 489463 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 O 0 0 2 0 UNRESTRICTED 208111 13078 12 5.569 231929 249291 284364 319063 370,697 421.18Q 480463 TOTAL G.O.BONDS OUTSTANDING @12131 6,025,000 5,680,000 5,310,000 4,915,000 4,495,000 4,050,000 3,575,000 3,070,000 2,530,000 1,955,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 25.13% 23.69% 21.71% 20.10% 18.02% 16.24% 14.05% 12.07% 9.75% 7.53% See Consultant's Report and Disclaimer 3 Exhibit C Financing Plan 9-11-011/15/30055:11 PM CASH FLOW FORECASTS,- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2037 KEY ASSUMPTIONS 2035 2036 2037 TOTALS ASSESSED VALUATION(SCH.2) 25.951.302 26,470.328 26.470 328 MILL LEVY 4226 4000 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 1 143 CUMULATIVE RESIDENTIAL UNITS 1 143 1143 1 143 1.143 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 CASH FLOW REVENUES 2035 203¢ 2037 TOTALS PROPERTY TAXES 1,038,052 1,058,813 1,058,813 24.689,314 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 51,903 52,941 52,941 1,234,466 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 1 9,000,001 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 9169 11189 12050 207.072 TOTAL REVENUES 1,099,724 1.122.943 1 124,705 35130.852 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 31,142 31,764 31,764 740,679 ACCOUNTING 8 AUDIT 1.000 1,000 1,000 30,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 259513 264703 264703 6,172.328 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 291 655 297468 297,468 6.943.008 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2012$9,000,000 @ 6.5% INTEREST @ 6.5% 127,075 87,425 45,175 9,453,275 PRINCIPAL REDUCTION 610 000 650000 695 000 9.000,000 TOTAL DEBT SERVICE 737,075 737 435 740,175 18 453,275 G.O.BONDS OUTSTANDING @ 12131 1.345.000 695000 0 0 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION. 0 0 0 8.640.000 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 360 000 TOTAL EXPEND INCLUDE DEBT SERVICE 8 NOTE REDEMPTIONS 1,028,730 1.034.893 1,037,643 34 396 263 EXCESS REVENUES&BONDS OVER EXPENDITURES 70994 88 050 87 062 734570 BEGINNING FUNDS AVAILABLE-JANUARY 1 488463 559457 647507 0 ENDING FUNDS AVAILABLE-DECEMBER 31 559457 647 507 734570 734570 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 UNRESTRICTED 559457 647507 734570 734570 TOTAL G,O.BONDS OUTSTANDING @ 12/31 1,345,000 695,000 0 G,O.BONDS OUTSTANDING/ASSESSED VALUE 5.08% 2.63% See Consultant's Report and Disclaimer 4 Exhibit C Financing Plan 9-14-044/15/20055:31 PM CASH FLOW FORECASTS-DEBT SERVICE FUND WORKING Run.SEPTEMBER u,2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 PRELIMINARY,SUBJECT TO CHANGE KEY ASSUMPTIONS 2004 2005 20M 2007 20 2009 2010 2011 2012 2013 2014 2111 ASSESSED VALUATION(SCHEDULE 3) 0 0 0 0 0 100000 250000 1.183.200 3.997.737 6788,610 10 425 042 13,925,702 MILL LEVY 0.00 0.00 0.00 0.00 0.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 0 0 0 0 0 0 0 0 0 0 0 0 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 125.000 125,000 150.000 150 000 175000 250 000 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 125.000 250.000 400.000 550.000 725000 975.000 CASH FLOW REVENUES 2004 2005 COQ@ 2007 2008 2009 2010 x21.1 2012 2212 ?Otd 2111 PROPERTY TAXES 0 0 0 0 0 1,200 3,000 14,198 47,973 81,463 125,101 167,108 SPECIFIC OWNERSHIP TAXES @ 6%OF PROPERTY TAXES 0 0 0 0 0 60 150 710 2,399 4,073 6,255 8,355 GENERAL OBLIGATION BOND ISSUES 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 0 0 0 0 0 0 18 45 245 966 2.222 4173 TOTAL REVENUES 0 0 0 0 0 1,280 3168 14953 50 616 88.505 133578 179 637 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 0 0 0 0 0 36 90 426 1,439 2,444 3,753 5,013 ACCOUNTING&AUDIT 0 0 0 0 0 0 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1 (SERVICE DISTRICT)@ 3 MILLS 0 0 0 0 0 300 750 3 550 11993 20.366 31275 41.777 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 0 0 0 0 0 336 1 840 4 976 14.432 23.810 38.028 47790 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2010$5,250,000 @ 6.5% INTEREST@6.5% 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL REDUCTION 0 0 0 0 0 0 0 0 Q 9 o e TOTAL DEBT SERVICE 0 0 0 0 0 0 0 0 0 0 0 0 G.O.BONDS OUTSTANDING @ 12131 0 0 0 0 0 0 0 0 o 0 0 0 TRANSFER TO WILSON RANCH SERVICE MD FOR NOTE REDEMPTIONS 0 0 0 0 0 0 0 0 0 0 0 COST OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 0 0 0 0 0 336 1840 4 278 14.432 23 810 36 028 ' 47 790 EXCESS REVENUES&BONDS OVER EXPENDITURES 0 0 0 0 P 924 1 328 9.978 38.184 67.695 27.550 131847 BEGINNING FUNDS AVAILABLE-JANUARY 1 0 0 0 0 0 0 924 2,252 12.230 48,414 111.109 208659 ENDING FUNDS AVAILABLE-DECEMBER 31 0 0 0 0 0 924 2 252 12,230 48,414 111109 208 659 340 505 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 0 0 0 0 0 924 2 252 12230 48414 111109 03-e6 59 340.505 TOTAL G.O.BONDS OUTSTANDING @ 12/31 G.O.BONDS OUTSTANDING/ASSESSED VALUE See Consultant's Report and Disclaimer 1 Exhibit C Financing Elan 9-14-014/15/20055:13 PM CASH FLOW FORECASTS-DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 KEY ASSUMPTIONS 2016 2017 2018 gsiq 2020 atzi 2022 2023 2024 222 2026 ASSESSED VALUATION(SCHEDULE 3) 18.441.938 24,523.854 32,578,664 35 380 289 38,945,512 41 803 149 46.803.198 50.967.183 56.233,792 60.481.057 66 022.889 MILL LEVY 12_00 12.00 12_00 12.00 1100 12_00 n00 12.00 1200 12.00 12.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 0 0 0 0 0 0 0 0 0 0 0 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 300 000 125000 125000 125.000 175,000 175000 175000 175,000 175 000 100000 100000 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 1 275.000 1.400.000 1.525.000 1.650.000 1,825,000 2.000.000 2.175.000 L350,000 2 525 00Q 2,625.000 2.725.000 CASH FLOW REVENUES 16,18 2017 2018 2019 2020 20 2022 2023 2024 21n 2Q2! PROPERTY TAXES 221,303 294,286 390,944 424,563 467,346 501,638 561,638 611,606 674,806 725,773 792,275 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 11,085 14,714 19,547 21.228 23,367 25.082 28,082 30,580 33,740 36,289 39,814 GENERAL OBLIGATION BOND ISSUES 0 0 0 8,000,000 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 6 810 10334 15 053 21355 28300 22,943 17983 13 838 10377 7 836 8857 TOTAL REVENUES 239.179 319335 425.544 8.467.146 519013 549663 807,703 656 022 718.922 769897 837946 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 6,639 8,829 11,728 12,737 14,020 15,049 16,849 18,348 20,244 21,773 23,768 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 3 MILLS 55326 73572 97736 106 141 116.837 125 409 148410 152.902 168 701 181443 198.069 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 62 965 83 400 110 464 119 878 131 857 141 459 158 259 172.250 189 946 pLi216 222 837 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 1211/2010 55,250,000 @ 6.5% INTEREST@6.5% 0 0 0 0 520,000 511,225 501,800 491,725 481,000 469,625 457,600 PRINCIPAL REDUCTION 0 0 0 0 135 000 145 000 155 000 185 000 175 000 185 000 195 000 TOTAL DEBT SERVICE 0 0 0 0 655 000 656 225 656 800 656 725 656 000 854 625 652 600 G.O.BONDS OUTSTANDING @ 12/31 0 0 0 8.000.000 7.865.000 7,720.000 7.565.000 7,400,000 7.225,000 7.040 00Q 6.845.000 TRANSFER TO WILSON RANCH SERVICE MD FOR NOTE REDEMPTI. 0 0 0 7.680.000 0 0 0 0 0 0 0 COST OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 320.000 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 62865 83800 110464 8.119.878 788 857 797684 815059 828975 845 946 856841 875437 EXCESS REVENUES&BONDS OVER EXPENDITURES 176 214 235935 315080 347268 26( 7,8431 ail= 20( 7.356) 172 2 953) 127 023 88 944 3237 4911 BEGINNING FUNDS AVAILABLE-JANUARY 1 348505 518719 752654 1.067.734 1.415,002 1.147.159 899.138 691782 518829 391.806 302.862 ENDING FUNDS AVAILABLE-DECEMBER 31 516719 752654 1.067.734 1.415.002 1,147.159 899138 891 782518.629 391,806 302.862 62 5.371 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 516,719 751654 1067.734 1415,002 1.147.159 899138 691.782 518.829 397806 302662 265371 TOTAL G.O.BONDS OUTSTANDING @ 12131 8,000,000 7,865,000 7,720,000 7,565,000 7,400,000 7,225,000 7,040,000 6,845,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 20.54% 18.81% 16.49% 14.84% 13.16% 11.95% 10.66% 10.10% See Consultant's Report and Disclaimer 2 Exhibit C Financing Plan 9-14-044/15/20055:13 PM CASH FLOW FORECASTS-DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 KEY ASSUMPTIONS 2027 2024 2021 MQ 2031 2032 2033 2034 3006 2036 20 ASSESSED VALUATION(SCHEDULE 3) 67,755,773 70,878,431 72.645.972 75.901.785 75.901.785 77,419,820 77.419,820 78.968.217 78.968,217 80.547.581 80.547.581 MILL LEVY 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 0 0 0 0 0 0 0 0 0 0 0 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 100000 100 000 135000 0 0 0 0 0 0 0 2 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 2 875 000 2,925,000 3.060.000 3.060.000 3.060.000 3,060,000 3 060 000 3 060 000 3 060 000 3 060 000 3 060 000 CASH FLOW REVENUES 2027 2028 2229 2012 20y1 2938 2222 1Q34 2035 Mg 2037 PROPERTY TAXES 813,069 850,541 871,752 910,821 910,821 929,038 929,038 947,819 947,619 966,571 966,571 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 40,653 42,527 43,588 45,541 45,541 46,452 46,452 47,381 47,381 48,329 48,329 GENERAL OBLIGATION BOND ISSUES 0 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 5`07 4816 4865 5,235 6.225 7,267 8 561 9 858 11 470 13143 15196 TOTAL REVENUES 858030 897485 920205 961597 962 588 982.757 984.051 1,004.857 1 006 469 I028,Q42 1030,096 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 24,392 25,516 26,153 27,325 27,325 27,871 27,871 28,429 28,429 28,997 28,997 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD 91(SERVICE DISTRICT)@ 3 MILLS 203267 212635 217.938 227.705 227705 232,259 232259 236 905 236.905 241.643 241643 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 228 659 239152 245090 256,030 258 030 261131 261131 266333 766,333 271640 271.640 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2010$5,250,000 @ 6.5% INTEREST@6.5% 444,925 431,275 416,650 401,050 384,475 368,925 348,075 327,925 308,475 283,725 259,675 PRINCIPAL REDUCTION 210000 225000 240,000 Z2101,0 270 000 290 000 310 000 330 000 350 000 370 000 395 00Q TOTAL DEBT SERVICE 651925 656 275 656650 556,050 654475 656 925 658075 657.925 656 475 653725 654 675 G.O.BONDS OUTSTANDING @ 12131 6 635 000 6 410 000 6 170 000 5 915 000 5 645 000 5 355 000 5 045 000 4 715 000 4 365 000 3 995 000 3 600 000 TRANSFER TO WILSON RANCH SERVICE MD FOR NOTE REDEMPTI 0 0 0 0 0 0 0 0 0 0 0 COST OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 883,584 895 427 901740 912 080 910 505 918056 919.206 924,258 922.808 925365 926.315 EXCESS REVENUES&BONDS OVER EXPENDITURES 2( 4.5541 LA 99 18464 49517 52.083 64701 64 845 80599 83 861 102 678 103781 BEGINNING FUNDS AVAILABLE-JANUARY 1 265,371 246817 243,275 261 739 311 257 363 339 428 040 492 885 573 484 657.145 758 823 ENDING FUNDS AVAILABLE-DECEMBER 31 240.817 243 275 261 739 311 257 363 339 428 040 492 885 573 484 657 145 DIM 863 604 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 240 817 243 275 261739 311.257 363339 428 040 492.885 573.484 657145 759,823 863 604 TOTAL G.O.BONDS OUTSTANDING @ 12131 6,635,000 6,410,000 6,170,000 5,915,000 5,645,000 5,355,000 5,045,000 4,715,000 4,365,000 3,995,000 3,600,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 9.36% 8.82% 8.13% 7.79% 7.29% 6.92% 6.39% 0.00% 0.00% 0.00% 0.00% See Consultant's Report and ➢isclaimer 3 Exhibit C Financing Plan 9-14-944/15/20055:13 RI CASH FLOW FORECASTS,-DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 KEY ASSUMPTIONS 22 2y0O9 2040 21(41 2042 2043 2044 TOTALS ASSESSED VALUATION(SCHEDULE 3) 82,158,533 82.158.533 83.801,703 83,801.703 85.477.737 85 477 737 85,477.737 MILL LEVY 12.00 12.00 12.00 12.00 12.00 12.00 12.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 P 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 0 0 0 0 0 0 0 0 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 3.060.000 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 3 060 000 3 060 000 3 060 000 3 060 000 3 060 000 3 060 000 3.060.000 3 060 000 CASH FLOW REVENUES 2038 2539 2040 2041 2042 2043 2044 TOTALS PROPERTY TAXES 985,902 985,902 1,005,620 1,005.620 1,025,733 1,025,733 1,025,733 23,209.928 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 49,295 49,295 50,281 50,281 51,287 51,287 51,287 1,160,496 GENERAL OBLIGATION BOND ISSUES 0 0 0 0 0 0 0 8,000,000 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 17272 19700 22723 24.883 27723 30991 34227 437419 TOTAL REVENUES 1 052 470 1 054 898 1 078 025 1 080 785 1 104 742 1,108,011 1.111.247 32 607,841 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 29.577 29,577 30,169 30,169 30,772 30,772 30,772 696,298 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 35,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 3 MILLS 246476 246,476 251405 251405 258 433 250.433 256433 5.802.481 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 27053 277,053 282574 mint 288 205 288.205 288 205 6.533.779 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/112010$6,250,000 @ 6.5% INTEREST @ 6.5% 234,000 206,700 177,450 146,250 113,100 78,000 40,300 8,399,950 PRINCIPAL REDUCTION 420.000 458000 48O 000 510.000 548000 580 000 620 000 8,000.000 TOTAL DEBT SERVICE 654 000 656 700 657 450 656 250 653 100 656,000 66O 300 16,399.950 G.O.BONDS OUTSTANDING @ 12/31 3 180 000 2 730 000 2 250 000 1 740 000 1 200 000 62O000 2 0 TRANSFER TO WILSON RANCH SERVICE MD FOR NOTE REDEMPTI 0 0 0 0 0 0 0 7.680.000 COST OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 320 000 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 93O053 938753 940.024 938824 94_305 946 205 948 505 30 933.729 EXCESS REVENUES a BONDS OVER EXPENDITURES 121 417 121 145 138 001 141 961 163 437 161 808 162 742 1,874,112 • BEGINNING FUNDS AVAILABLE-JANUARY 1 88604 988021 1 106 166 1 244 187 1 386 128 1 549 565 1 711 370 0 ENDING FUNDS AVAILABLE-DECEMBER 31 985.021 1.106.166 1.244.167 1.386.128 1 549,565 1.711.370 1,874.112 1,674.112 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 UNRESTRICTED 985,021 1 106,166 1.244.187 1.386.128 1 549,505 1,711 370 1,874.112 1 87. 4.112 TOTAL G.O.BONDS OUTSTANDING @ 12/31 3,180,000 2,730,000 2,250,000 1,740,000 1,200,000 620,000 0 G.O.BONDS OUTSTANDING/ASSESSED VALUE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% See Consultant's Report and Disclaimer 4 Exhibit C Financing Plan 9-1♦-0♦♦/15/20055,11 PH , CASH FLOW FORECASTS- DEBT SERVICE FUND MIMING DRAFT.SEPTEMBER 12,2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2040 PRELIMINARY,SUBJECT TO CHANGE KEY ASSUMPTIONS 2004 2005 2006 2007 2205 29 2010 2011 2212 2013 @14 2015 ASSESSED VALUATION(SCH.3) 0 0 0 0 0 0 0 100000 250000 1,206.864 8.779.795 14.046 368 MILL LEVY 0.00 0.00 0.00 0.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 325 3Z 0 CUMULATIVE RESIDENTIAL UNITS 0 0 0 0 0 0 0 0 035 657 998 998 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2004 2208 2006 2007 2008 2009 2214 2011 2212 2013 22]4 2915 PROPERTY TAXES 0 0 0 0 0 0 0 4.000 10,000 48,275 351,192 561,855 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 0 0 0 0 0 0 0 200 500 2,414 17,560 28,093 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 8,500,000 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 0 0 0 0 0 0 0 0 21 217 945 §_,M2 TOTAL REVENUES 0 0 0 0 0 0 0 4200 10.582 50905 369,690 9,096.299 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 0 0 0 0 0 0 • 0 120 300 1,448 10,538 16,856 ACCOUNTING&AUDIT 0 0 0 0 1.000 1,000 1.000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 0 0 0 0 0 0 0 1 000 2000 12 069 87998 140 464 • TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 0 0 0 0 0 0 0 1.120 2.800 14,517 99.334 158 319 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2015$8,500,000 @ 6.5% INTEREST @ 6.5% 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL REDUCTION 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL DEBT SERVICE 0 0 0 0 0 0 0 0 0 0 0 0 G.O.BONDS OUTSTANDING @ 12/31 0 0 0 0 0 0 0 0 0 0 0 8.500.000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 0 0 0 0 0 0 0 8 160,000 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 0 340000 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 0 0 0 0 0 0 0 1 120 2.800 14.517 99,334 8.658.319 EXCESS REVENUES&BONDS OVER EXPENDITURES 0 0 0 0 0 0 0 3 080 7 762 36_88 270 362 437980 BEGINNING FUNDS AVAILABLE-JANUARY 1 0 0 0 0 0 0 0 0 3 OBO 10,042 47.230 317.592 ENDING FUNDS AVAILABLE-DECEMBER 31 0 0 0 0 0 0 0 3.080 10.842 47.230 317.592 755.572 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 0 0 0 0 0 0 0 3.080 116 .42 47 230 317.592 755.572 TOTAL G.O.BONDS OUTSTANDING @ 12131 8,500,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 4276% See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-044/15/20055,14 PM CASH FLOW FORECASTS- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2040 KEY ASSUMPTIONS 2016 2017 2018 2019 gftg2 2021 2022 2l.21 al.21 2024 292@ ASSESSED VALUATION(SCH.3) 19.880.160 19,880,160 20277.764 20.277.764 20683.319 20.683.319 21096,985 21,096.985 21,518,925 21,518.925 MILL LEVY 40 00 40.00 40.00 40.00 40.00 40.00 40.00 40,00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 Q 0 0 2 CUMULATIVE RESIDENTIAL UNITS 998 998 099 998 209 998 998 9@9 996 998 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON.RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2016 2917 2018 2019 202-9 2021 2g1 102.2 2024 2025 PROPERTY TAXES 795,206 795,206 811.111 811,111 827.333 827,333 843,879 843,879 860.757 860,757 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 39,760 39,760 40,556 40,556 41,367 41,367 42.194 42,194 43,038 43,038 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 15_011 13590 12.033 10598 9 257 8 077 6 828 5 781 4 706 3 881 TOTAL REVENUES 850 078 848 557 863 699 862 364 877 956 876 777 892 901 891 854 908 501 907 676 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 23,856 23,856 24,333 24,333 24,820 24,820 25,316 25,316 25,823 25,823 ACCOUNTING&AUDIT 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 196802 198 802 202,778 202.778 206 833 02 6.833 710 970 210970 215.189 215.189 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 223658 223658 226111 228111 232.653 232653 232286 232286 4242 012 242.012 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2015$8,500,000 @ 6.5% INTEREST@6.5% 552,500 542.750 532,350 521.300 509,275 496,600 482,950 468,325 452,725 436,150 PRINCIPAL REDUCTION 150000 160000 170000 185,000 195000 210000 225.000 740,000 255000 270 000 TOTAL DEBT SERVICE 702500 702 750 702,350 706300 704275 706 600 707950 708.325 707.725 706.150 G.O.BONDS OUTSTANDING @ 12/31 8,350.000 8.190.000 8.020.000 7.835.000 7.640.000 7.430.000 7 205.000 6,965.000 6 710.000 6.440.000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 926 158 926 408 930 461 934 411 936 928 939 253 945 236 945 611 949 737 948.162 EXCESS REVENUES&BONDS OVER EXPENDITURES (76,080) (77,851) 6( 6.7621 7( 2.0471 5( 8.972) (62,477) MM.) 5( 3.7571 4( 1.236) 4{ 0.486) BEGINNING FUNDS AVAILABLE-JANUARY 1 755 572 679 492 601 641 534 879 462 832 403 860 341.383 289,048 235.291 194 055 ENDING FUNDS AVAILABLE-DECEMBER 31 679.492 601641 534879 462 832 403860 341.383 289048 235 291 194055 153569 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 679 492 601 641 534 879 462 832 403 860 341 383 289 048 235.291 194055 153.568 TOTAL G.O.BONDS OUTSTANDING @ 12/31 8.350,000 8,190.000 8,020,000 7,835.000 7,640,000 7,430,000 7,205,000 6,965,000 6,710,000 6,440,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 42.00% 40.39% 39.55% 37.88% 36.94% 35.22% 34.15% 32.37% 31.18% 29.34% See Consultant's Repo[[ and Disclaimer 2 Exhibit C Financing Plan 9-14-044/15/30055:14 PR J,Y,fv,4,G,nvr vlI,nn Lab",Mv,Ira CASH FLOW FORECASTS- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2040 KEY ASSUMPTIONS 2026 2027 2028 2029 2030 2031 2032 203 2024 202T1 ASSESSED VALUATION(SCH.3) 21 949,303 21,949,303 22,386290 22.836.055 23 292 776 23 292 776 23.758.632 23.758.632 24,233,805 24.233.605 MILL LEVY 4Q00 40.00 40.00 49_00 40_00 40_00 40.00 40.00 10.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 998 998 991 998 998 011 998 998 998 998 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NONRESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 20.76 2027 2028 2428 2030 2031 2032 20a 2034 2021 PROPERTY TAXES 877.972 877,972 895,532 913,442 931,711 931,711 950,345 950,345 969,352 969,352 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 43,899 43,899 44,777 45,672 46,586 46,586 47,517 47,517 48,468 48.468 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 3 071 2.562 2,012 1 719 1 717 1 946 2160 2 679 3.255 4.113 TOTAL REVENUES 924,942 924432 942320 960833 980014 980,243 1.000.023 1.000.542 1.021.075 1.021.933 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 26,339 26,339 26,866 27,403 27,951 27,951 26,510 28,510 29,081 29,081 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 219,493 219.493 223.883 228361 232.928 237 928 237.586 237586 242338 242338 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 246.832 246.832 251749 256,764 261879 261879 267097 267097 272 419 272419 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/112015$8,500,000 @ 6.5% INTEREST @ 6.5% 418,600 400,075 380,250 359,125 336,700 312,650 286,975 259,675 230,750 199,875 PRINCIPAL REDUCTION 285000 305,000 325000 345000 370 000 395000 420.000 445.000 475 000 505000 TOTAL DEBT SERVICE 703 600 705 075 705 250 704 125 706 700 707 650 706 975 704 675 705 750 704 875 G.O.BONDS OUTSTANDING @ 12/31 6,155.000 5.850.000 5,525.000 5.180.000 4.810,000 4 415 000 3 995 000 3 550 000 3 075 000 2 570 000 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 950 432 951 907 956 999 960 889 968 579 969 529 974 072 971 772 978 169 977.294 EXCESS REVENUES&BONDS OVER EXPENDITURES j25 4901 2( 7,4751 1( 4.679) fm 11435 10714 25951 28770 42.906 44839 BEGINNING FUNDS AVAILABLE•JANUARY 1 153569 128.079 100 604 85.925 85869 97304 108.018 133969 162739 205.645 ENDING FUNDS AVAILABLE-DECEMBER 31 128079 100 604 85 925 85869 97304 108 018 133969 162739 205 645 150 284 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 128 079 100 604 85.925 85 869 97304 108018 133969 162.739 205 645 250284 TOTAL G.O.BONDS OUTSTANDING @ 12131 6,155,000 5,850,000 5,525,000 5,160,000 4,810,000 4,415,000 3,995,000 3,550,000 3,075,000 2,570,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 28.04% 26.13% 24.19% 22.24% 20.65% 18.58% 16.61% 14.65% 12.69% 10.40% See Consultant's Report and Disclaimer 3 Exhibit C Financing Plan 9-14-044/15/20055:14 PM CASH FLOW FORECASTS,- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2040 KEY ASSUMPTIONS 2036 2037 201¢ 203$ &is TOTALS ASSESSED VALUATION(SCH.3) 24 718.481 24.718.481 25 212 850 25.212.850 25.717.107 MILL LEVY 40.00 40.00 40.00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 998 CUMULATIVE RESIDENTIAL UNITS 998 998 99$ 998 998 998 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 CASH FLOW REVENUES 292$ 2037 MI 2039 2040 TOTALS PROPERTYTAXES 988,739 988,739 1,008,514 1,008,514 1,028,684 23,542,819 SPECIFIC OWNERSHIP TAXES @I 5%OF PROPERTY TAXES 49,437 49,437 50,426 50,426 51,434 1,177,141 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 8,500,000 INTEREST EARNINGS @ 2%OF BEGINNING FUNDS 5 006 6 171 7 382 8 929 10520 160,760 TOTAL REVENUES 1.043.182 1.044.348 1,066,302 1.067.889 1.090.639 33,380,720 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 29.662 29,862 30,255 30,255 30,881 706,285 ACCOUNTING B AUDIT 1,000 1,000 1,000 1,000 1,000 28,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 247185 247,185 257129 252,129 257,171 5.885.705 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 277847 277847 288384 283384 289,032 6,619.989 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2015$8,500,000 @ 6.5% INTEREST @ 6.5% 167,050 131,950 94,575 54,925 12,675 8,640,775 PRINCIPAL REDUCTION 540 000 575 000 610 000 650 000 195 000 8.500.000 TOTAL DEBT SERVICE 707050 706 950 704575 704 925 207,675 17.140.775 G.O.BONDS OUTSTANDING @ 12131 2.030.000 1.455.000 845000 195000 0 0 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 0 8.160.000 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 340 000 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 984 897 984 797 987 959 988 309 496 707 32.260.764 EXCESS REVENUES&BONDS OVER EXPENDITURES 58285 59 551 78343 79560 593.932 1.119.955 BEGINNING FUNDS AVAILABLE-JANUARY 1 250.284 308569 368120 446463 526.023 0 ENDING FUNDS AVAILABLE-DECEMBER31 308569 368120 446463 526023 1.119.955 1.119.955 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 UNRESTRICTED 308 569 368120 445463 526,023 1.119.955 1.119.955 TOTAL G.O.BONDS OUTSTANDING @ 12/31 2,030,000 1,455,000 845,000 195,000 0 G.O.BONDS OUTSTANDING/ASSESSED VALUE 8.21% 5.77% 3.35% 0.76% See Consultant'. Report and Disclaimer 4 Exhibit C Financing Plan 9-14-044/15/20055:14 PH CASH FLOW FORECASTS- DEBT SERVICE FUND WORKING Gasnn,SEPTEMBER 13,2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 PREIMIWARY,SUBJECT TO MANGE KEY ASSUMPTIONS 3224 2005 2008 2007 2008 2009 2010 30� 2012 2013 2014 2015 2016 ASSESSED VALUATION(SCH.5) 0 0 0 0 0 0 0 0 0 0 100.000 250.000 21. 55.621 MILL LEVY 0.00 0.00 0.00 0.00 40.00 40.00 40.00 40.00 4000 4000 40.00 40,00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 0 249 @8 CUMULATIVE RESIDENTIAL UNITS 0 0 0 0 0 0 0 0 0 0 0 249 507 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 Q 0 0 0 0 0 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2004 2005 2006 2007 2008 2009 2010 2011 zing 3013 2014 2015 2018 PROPERTY TAXES 0 0 0 0 0 0 0 0 0 0 4,000 10,000 50,225 SPECIFIC OWNERSHIP TAXES @ 5%OF PROPERTY TAXES 0 0 0 0 0 0 0 0 0 0 200 500 2,511 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS€2%OF BEGINNING FUNDS 0 0 0 0 0 0 0 0 0 Q 0 03 197 TOTAL REVENUES 0 0 0 0 0 0 0 0 0 0 4,200 10.582 52.933 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 0 0 0 0 0 0 0 0 0 0 120 300 1,507 ACCOUNTING&AUDIT 0 0 0 0 0 0 1,000 1,000 IGA PAYMENT TO SMPG MD#1(SERVICE DISTRICT)@ 10 MILLS 0 0 0 0 0 0 0 0 0 0 1,000 2.500 12.556 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 0 0 0 0 0 0 0 0 0 0 1120 3000 153 GENERAL OBLIGATION BONGS DEBT SERVICE: SERIES 12/1/2018$8,250,000 @ 6.5% INTEREST@6.5% 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL REDUCTION 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL DEBT SERVICE 0 0 0 0 0 0 0 0 0 0 0 0 0 G.O.BONDS OUTSTANDING @ 12131 0 0 0 0 0 0 0 0 0 0 0 0 0 TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 0 0 0 0 0 Q 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 0 0 0 0 0 0 0 0 0 0 1120 3000 15063 EXCESS REVENUES&BONDS OVER EXPENDITURES 0 0 0 0 0 0 0 0 0 0 3 080 6.762 37,870 BEGINNING FUNDS AVAILABLE-JANUARY 1 0 0 0 0 0 0 0 0 0 0 0 3080 9042 ENDING FUNDS AVAILABLE-DECEMBER 31 0 0 0 0 0 0 0 0 0 0 3.080 9,842 47.713 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 Q 0 0 0 UNRESTRICTED 0 0 0 0 0 0 0 0 0 0 3080 9.842 47.712 TOTAL G.O.BONDS OUTSTANDING @ 12131 0 0 G.O.BONDS OUTSTANDING/ASSESSED VALUE 0.00% 0.00% See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-014/15/20055:15 PN CASH FLOW FORECASTS- DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 KEY ASSUMPTIONS 2017 2018 2019 20x20 agai ag 2023 2024 2025 2m2027 2028 ASSESSED VALUATION(SCH.5) 7,235,338 11 125 104 15 012 366 15 012 366 15 312 614 15 312 614 15 618 866 15 618 866 15 931 243 15 931 243 16 249 868 16.249.868 MILL LEVY 4000 40_00 40_00 40_00 40.00 4000 40.00 40.00 40,00 40_00 40_00 41100 INCREMENTAL RESIDENTIAL UNITS ADDED 264 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 771 771 771 771 771 771 771 771 771 771 77{ 771 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 9 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2017 2018 290 9 2020 2021 2022 2023 2024 20n 2028 2027 2028 PROPERTY TAXES 289,414 445,004 600,495 600,495 612.505 612,505 624,755 624,755 637,250 637,250 649,995 649,995 SPECIFIC OWNERSHIP TAXES Q 5%OF PROPERTY TAXES 14,471 22,250 30,025 30,025 30,625 30,625 31,238 31,238 31,862 31,862 32,500 32,500 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 6,250,000 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS(9 2%OF BEGINNING FUNDS 954 5410 14852 13743 13157 12694 12.277 12 010 11 813 11793 11.774 11 965 TOTAL REVENUES 304,838 6.722.665 648971 644293 656287 655824 668270 668.992 680.925 291,9_05 694268 694460 EXPENDITURES , COUNTY TREASURER 3.0%COLLECTION FEE 8,682 13,350 18,015 18,015 18,375 18,375 18.743 18,743 19,117 19,117 19,500 19,500 ACCOUNTING 8,AUDIT 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1.000 1,000 1,000 1,000 1.000 IGA PAYMENT TO SMPG MD 01(SERVICE DISTRICT)09 10 MILLS 727853 111251 150 124 150124 153.122 153.126 156.189 156 189 159.312 159.312 162499 'AIM TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 82 036 125 601 169 139 169.139 172 501 172 501 175 931 175 931 179 430 179 430 182.999 182 999 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 1211/2018$6,250,000 a 6.5% INTEREST @6.5% 0 0 406,250 399,425 391,950 384,150 375,700 366,925 357,500 347,425 336,700 325,325 PRINCIPAL REDUCTION 0 0 105000 115000 120000 130.000 135.000 145099 155.000 165000 175.000 185000 TOTAL DEBT SERVICE 0 0 511 250 504 425 506 950 504 150 505 700 501925 502 500 502 425 501 700 599.325 G.O.BONDS OUTSTANDING(9 12131 0 6 250 000 6 145 000 6 030 000 5,910,000 5 780 000 5 645 000 5 500 000 5 345 000 5 180 000 5 005 000 4,820.000 TRANSFER TO SMPG MD Al FOR DEVELOPER NOTE REDEMPTION 0 5.899.200 0 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED Q 4%) 0 245 800 0 0 0 0 0 0 0 0 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 82036 6.270.601 680389 673 564 679 451 676 651 681 631 677 856 681,930 681855 684699 683324 EXCESS REVENUES 8.BONDS OVER EXPENDITURES 222803 452063 3( 5.418) (29,301) 2( 3.1641 2( 0.8281 1( 3.362) (9.854) 11.005) (9501 9 570 11196 BEGINNING FUNDS AVAILABLE-JANUARY 1 47712 270.514 722578 687.160 657 859 634 695 613 867 600506 590 652 589 647 588 697 598.287 ENDING FUNDS AVAILABLE-DECEMBER 31 2B21:1/2 722.578 687 160 657 859 634 695 613 867 600 506 590 652 589 647 558.697 598 267 609 404 RESTRICTED CAPITALIZED INTEREST 0 105000 0 0 0 0 0 0 0 0 0 0 UNRESTRICTED 270 514 617 578 687 160 657 859 634 695 613 867 600 506 590,652 589.647 588697 598 267 68404 TOTAL G.O.BONDS OUTSTANDING Q 12131 0 6,250,000 6,145,000 6,030,000 5,910,000 5,780,000 5,645,000 5,500.000 5,345,000 5,180,000 5.005,000 4,820,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 0.00% 41.63% 40.93% 39.38% 38.60% 37.01% 36.14% 34.52% 33.55% 31.88% 30.80% 29.08% See Consultant's Report and Disclaimer 2 Exhibit C Financing Plan 9-14-041/15/25055:15 PM CASH FLOW FORECASTS• DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 KEY ASSUMPTIONS 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 ASSESSED VALUATION(SCH.5) 16.574.865 16.574.865 16,906,363 16.906 363 17,244,490 17 244 490 17.589.380 17 589 380 17.941.167 17.941.167 18.299.991 18.299.991 MILL LEVY 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 0 0 0 0 0 0 0 0 CUMULATIVE RESIDENTIAL UNITS 771 771 771 771 771 771 771 771 771 in 771 771 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 9 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 0 0 0 0 0 0 0 CASH FLOW REVENUES 2029 2030 29.31 2032 2033 2034 2035 2036 2037 2038 Mt 2040 PROPERTY TAXES 662,995 662,995 676.255 676.255 689,760 689,780 703,575 703,575 717,647 717,647 732,000 732,000 SPECIFIC OWNERSHIP TAXES ft 5%OF PROPERTY TAXES 33.150 33,150 33,813 33,813 34,489 34,489 35.179 35,179 35,882 35.882 36,600 36,600 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST EARNINGS It 2%OF BEGINNING FUNDS 12188 12656 13093 13816 14547 15.512 16527 17733 19.M1 20,594 22307 24.128 TOTAL REVENUES 708 332 708 800 723 160 723 884 738 815 739 780 755 281 756 487 772 570 774 123 790 807 792.728 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 19.890 19,890 20,288 20,288 20,693 20,693 21,107 21.107 21,529 21,529 21.960 21,960 ACCOUNTING&AUDIT 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 IGA PAYMENT TO SMPG MD 81(SERVICE DISTRICT)Q 10 MILLS 165 749 165 749 169 064 169 064 172 445 172 445 175 894 175 894 179 412 179.412 183 000 el 3.000 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 186 638 186 638 190 351 190 351 194 138 194 138 198,001 198 001 201 941 Mail! ;05,960 ;05,960 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/1/2018 56,250,000(t 6.5% INTEREST 8 6.5% 313,300 300,300 286,650 272,025 256,425 239,850 221.975 203.125 182,975 161,525 138,775 114,400 PRINCIPAL REDUCTION 200,000 210,000 225000 240000 255,000 275000 290000 310.000 330000 350009 376000 400_000 TOTAL DEBT SERVICE 498300 500 300 496`650 497025 496.425 494.850 496,975 493.125 497975 491 525 488775 489400 G.O.BONDS OUTSTANDING it 12/31 4 620 000 4 410 000 4 185 000 3 945 000 3 690 000 3 415 000 3 125 000 2 815 000 2 485 000 2 135 000 1 760 000 1360000 TRANSFER TO SMPG MD 81 FOR DEVELOPER NOTE REDEMPTION 0 0 9 0 0 0 0 0 0 0 0 0 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 P 0 0 0 0 Q 0 0 TOTAL EXPEND INCLUDE DEBT SERVICE&NOTE REDEMPTIONS 684.938 686 938 687001 687 376 690 563 688 988 694 976 691126 6416 693,466 694.735 695,360 EXCESS REVENUES S BONDS OVER EXPENDITURES 23394 21.862 36159 3667 48.252 50 792 60305 65361 77 654 80.657 96 072 97368 BEGINNING FUNDS AVAILABLE-JANUARY 1 609,404 632,798 654`659 690.819 727.326 775,578 826,370 886,875 952.036 1.029 690 1,110.347 1.206.418 ENDING FUNDS AVAILABLE-DECEMBER31 632.798 654,659 690819 727 326 775578 826370 886675 952 036 1.029.690 1.110.347 126418 1.303.786 RESTRICTED CAPITALIZED INTEREST 0 0 0 0 0 0 0 0 0 0 P 0 UNRESTRICTED 632 798 654 659 690819 727 326 775 578 826370 886 675 952 036 1029,690 1.110,347 1.206.418 1,303.786 TOTAL G.O.BONDS OUTSTANDING It 12131 4,620,000 4,410,000 4.185,000 3,945,000 3,690,000 3,415,000 3,125,000 2,815,000 2,485.000 2,135,000 1,760,000 1,360,000 G.O.BONDS OUTSTANDING/ASSESSED VALUE 27.87% 26.08% 24.75% 22.88% 21.40% 19.42% 17.77% 15.69% 13.85% 11.67% 9.62% 7.29% i See Consultant's Report and Disclaimer 3 Exhibit C Financing Plan 9-1a-044/15/10055:15 Pm CASH FLOW FORECASTS• DEBT SERVICE FUND FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2044 KEY ASSUMPTIONS 2041 2042 2043 2044 TOTALS ASSESSED VALUATION(SCH.5) 18.665 991 18 665 991 19.039.310 19 0 9 310 MILL LEVY 4009 40_00 40.00 4000 INCREMENTAL RESIDENTIAL UNITS ADDED 0 0 0 0 771 CUMULATIVE RESIDENTIAL UNITS 771 771 771 771 771 INCREMENTAL SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 CUMULATIVE SQUARE FEET OF NON-RESIDENTIAL SPACE 0 0 0 0 0 CASH FLOW REVENUES I041 2042 2043 2044 TOTALS PROPERTY TAXES 745,640 746,640 761,572 761.572 18,429,564 SPECIFIC OWNERSHIP TAXES Q 5%OF PROPERTY TAXES 37,332 37,332 38,079 38.079 921,478 GENERAL OBLIGATION BOND ISSUES(NON-RATED) 0 0 0 0 6,250,000 INTEREST EARNINGS a 2%OF BEGINNING FUNDS j2,21128.307 30336 33327 452,69Q TOTAL REVENUES 810.047 812,279 830.287 532 978 2605373 EXPENDITURES COUNTY TREASURER 3.0%COLLECTION FEE 22,399 22,399 22,847 22.847 552.887 ACCOUNTING d AUDIT - 1,000 1,000 1,000 1,000 30,000 IGA PAYMENT TO SMPG MD%1(SERVICE DISTRICT)(4 10 MILLS 186.661 186,660 190`393 190.393 4,607.391 TOTAL EXPENDITURES EXCLUDING DEBT SERVICE 210.059 210059 214240 214.240 519. 0.278 GENERAL OBLIGATION BONDS DEBT SERVICE: SERIES 12/112018 56,250,000 @ 6.5% INTEREST @ 6.5% 88,400 60,775 31,525 0 6,563,375 PRINCIPAL REDUCTION 425.000 450000 X000 0 6250,000 TOTAL DEBT SERVICE 488400 485775 4,2_1,M 0 12 8. 13.375 G.O.BONDS OUTSTANDING 0 12131 935000 485000 0 0 Q TRANSFER TO SMPG MD#1 FOR DEVELOPER NOTE REDEMPTION 0 0 0 0 5 899.200 COSTS OF BOND ISSUANCE(ESTIMATED @ 4%) 0 0 0 0 245,800 TOTAL EXPEND INCLUDE DEBT SERVICE d NOTE REDEMPTIONS 698 459 695834 695 765 214.240 24.148,653 EXCESS REVENUES&BONDS OVER EXPENDITURES 111588 116`445 134.522 618.738 2.285 079 BEGINNING FUNDS AVAILABLE-JANUARY I 1.303.786 1.415.375 1 531 820 1.666.342 Q ENDING FUNDS AVAILABLE-DECEMBER 31 1.415375 1.531.820 1.666.342 2 285 079 2,285.079 RESTRICTED CAPITALIZED INTEREST 0 UNRESTRICTED 1.415.375 1.531.820 1666.342 2,285.079 2.285 079 TOTAL G.O.BONDS OUTSTANDING 0 12131 935,000 485,000 0 0 G.O.BONDS OUTSTANDING/ASSESSED VALUE 5.01% 2.55% 0.00% See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-014/15/20055:15 PM PROJECTED ASSESSED VALUATION-BUILDOUT WORKING DRAFT.aamvee9 112004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 'museum...swears aurae BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Unit Gross Unit Description of Uni' of Units Price Volume 20 4 20 5 2008 2007 20 8 2009 201 201,1 2012 201 Residential Units PA 1 Multi Family 100 147.333 14,733,300 8 92 0 PA 2 Single Family 41 232.105 9,516,305 24 17 0 PA 2 Single Family 62 192,265 11,920,430 36 26 0 PA 3 Single Family 48 215,147 10,327.056 28 20 0 PA 3 Single Family 59 255.041 15,047.419 34 25 0 PA4 Single Family 113 232.105 26,227,865 3 49 2 0 PA5 Single Family 46 299,207 13.763.522 2 19 0 PA 6 Single Family 14 338,575 4,740,050 6 0 PA 7 Single Family 34 338,575 11,511,550 2 14 0 PA 7 Single Family 12 382,020 4,584,240 9 0 PA 8 Single Family 41 299,207 12,267,487 24 1 0 PA 9 Single Family 21 192,285 4.037,565 12 0 PA 9 Single Family 11 215,147 2.388,817 6 0 PA 10 Single Family 12 215.147 2,581,764 7 0 PA 10 Single Family 72 299,207 21,542,904 0 4 30 PA 11 Single Family 44 215.147 9,486.468 0 2 19 PA 11 Single Family 41 255,041 10,458,661 4 3 0 PA 12 Town Home 42 164,144 6,894,048 24 1 0 PA 13 Town Home 88 164,144 14,444,672 0 7 15 PA 13 Single Family 15 192,265 2,883,975 g 0 PA 13 Single Family 58 232,105 13,482,090 0 34 24 PA 13 Single Family 17 299,207 5,066,519 0 10 7 PA 14 Single Family 15 299,207 4.488,105 0 9 6 PA 14 Single Family 43 338,575 14,558,725 0 7 36 PA 14 Single Family 39 382,020 14.898.780 _ _ 0 0 10 24 Total Residential-Increm. 1,088 240,632 261,808,137 _ 222 363 229 161 — Total Residential-Cumulat. 1,088 0 0 223 586 922 7 063 1,088 1,088 1 088 1086 Non Residential Sq.Ft.: 0 100 0 0 0 0 0 0 0 0 0 0 0 (Cumulative) 0 0 0 0 0 0 0 0 0 0 0 Total Value-Entire Project 261.808,137 Actual Values: Residential Living Units 0 0 55,194,658 79,421,098 78,938,727 46,343,554 1,910,100 0 0 0 Commercial Property 0 0 0 0 0 0 0 0 0 0 Vacant Land 0 4,000 000 4.000 000 f4.000 000j 0.000 0001 0 0 0 0 0 Total Actual Values 04 000000 59.194.658 75,421,098 74.938.727 46.343.554 1 910100 0 0 0 Total Actual Values-Cumulative 0 400�000 63.194.658 138,615,756 213 554 483 259.898 037 281.808,137 261.808.137 261.808.137 261.808,137 Assessed Values: Residential Living Units j 7.96%of Actual Value 0 0 4,393,495 8.321,919 6,283,523 3,888.947 152,044 0 0 0 Commercial Property®29%of Actual Value 0 0 0 0 0 0 0 0 0 0 Vacant Land @29%of Actual Value 0 1.160 000 1,160.000 31.960,0001 (1,160,000) 0 0 0 0 0 Total Assesed Values 0 1 160`000 5 55`495 5 16`919 5 12� 3`523 3 68�✓ 947 152.044 0 0 0 Total Assessed Values-Cumulative 0 116O000 6713495 11.875.414 18.998.937 20 687 884 20,839.928 20.839.928 20.839 928 20.839.928 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 0 11000 6713495 11 875 414 17.338 916 21.101.641 21.681,861 21 681.861 22115,498 22.115.498 Year Assessed Valuation Certified To SMPG MD R2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Year Taxes Received By SMPG MDl2 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 See Consultant's Report and eleclelmec I Exhibit C Financing Plan 9-54-04 4/15/3005 5:43 FSI PROJECTED ASSESSED VALUATION-BUILDOUT FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 SU1L000T-Source:Sage Development(group: Planned Average Total Number Per Unit Gross Unit Description of Ifni' of Units Price Volume 201 TOTAL Residential Units PA 1 Multi Family 100 147,333 14,733,300 100 PA 2 Single Family 41 232.105 9,516,305 41 PA 2 Single Family 62 192,265 11,920,430 62 PA 3 Single Family 48 215,147 10,327,056 48 PA 3 Single Family 59 255,041 15,047,419 59 PA 4 Single Family 113 232,105 26,227,865 113 PA 5 Single Family 46 299,207 13,763,522 46 PA 6 Single Family 14 338,575 4,740,050 14 PA 7 Single Family 34 338,575 11.511,550 34 PA 7 Single Family 12 382,020 4,584,240 12 PA 8 Single Family 41 299,207 12,267,487 41 PA 9 Single Family 21 192,265 4,037,565 21 PA 9 Single Family 11 215,147 2,366,617 11 PA 10 Single Family 12 215,147 2,581,764 12 PA 10 Single Family 72 299,207 21,542,904 72 PA 11 Single Family 44 215,147 9,486.468 44 PA 11 Single Family 41 255,041 10,456,681 41 PA 12 Town Home 42 164,144 8,894,048 42 PA 13 Town Home 88 164,144 14,444,872 88 PA 13 Single Family 15 192,265 2,883,975 15 PA 13 Single Family 58 232,105 13,462,090 58 PA 13 Single Family 17 299,207 5,086,519 17 PA 14 Single Family 15 299.207 4,488,105 15 PA 14 Single Family 43 338,575 14,558,725 43 PA 14 Single Family 39 102.,C0 14.898.780 _ 39 Total Residential-Increm. 1,088 240,832 261,808,137 _ 1y8 Total Residential-Cumulat. 1,088 1,088 1,088 Non Residential Sq.Ft.: 0 100 0 0 0 (Cumulative) 0 0 0 Total Value-Entire Project 261,808,137 Actual Values: Residential Living Units 0 261,808,137 Commercial Property 0 0 Vacant Land 0 0 Total Actual Values 0 261.808.137 Total Actual Values-Cumulative 261 808 137 261 808,137 Assessed Values: Residential Living Units ya 7.96%of Actual Value 0 20,839,928 Commercial Property®29%of Actual Value 0 0 Vacant Land @ 29%of Actual Value 0 0 Total Assesed Values 0 20.839.928 Total Assessed Values-Cumulative 20839.928 20.839,928 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 22 557 808 22.557.808 Year Assessed Valuation Certified To SMPG MD%2 2015 Year Taxes Received By SMPG MD#2 2016 See Consultant's Report. and Disclaimer 2 Exhibit C Financing Plan 9-14-04 9/]5/3005 5:42 PM PROJECTED ASSESSED VALUATION-BUILDOUT WORKING DRAFT.SEPTEMBER 13,2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 PRELMMNxar.SUBJECT roCHANGE 'SUILUUU I -Source:Sage Development Uroup: Planned Average Total Number Per Unit Gross Unit Description of Unit of Units IS Volume 2004 2005 MI 2007 2008 2009 2010 2011 20]2 2ii Residential Units PA 1 Multi Family 136 147,333 20,037,288 0 45 45 46 PA 1 Town Home 110 164,144 18,055,840 0 36 37 37 PA 2 Single Family 44 255,041 11221 804 0 14 15 15 PA 2 Single Family 88 299,207 26,330,216 0 29 29 30 PA 3 Town Home 52 164,144 8,535,488 0 17 17 18 PA 3 Single Family 45 192,265 8,651,925 0 15 15 15 PA 3 Single Family 46 215,147 9,896,762 0 15 15 16 PA 4 Single Family 28 215,147 6,024,116 0 9 9 10 PA 4 Single Family 47 232,105 10,908,935 0 16 16 15 PA 4 Single Family 147 255,041 37,491,027 0 49 49 49 PA 5 Town Home 184 164,144 30,202,496 0 61 61 62 PA 5 Single Family 38 299,207 11,369,866 0 12 13 13 PA 5 Single Family 5 338,575 1,692,875 0 1 2 2 PA 6 Single Family 43 255,041 10,966,783 0 14 14 15 PA 6 Single Family 92 299,207 27,527,044 0 30 31 31 PA 6 Single Family 38 338.575 12,865,850 _ 0 _ _ _ 12 13 13 _ Total Residential-Increm. 71143 220,278 251,778,295 _ 0 _ _ _ 375 381 387 — — Total Residential-Cumulat. 1,143 0 0 0 0 0 375 756 1,143 1143 1,143 Non Residential Sq.Ft.: 0 100 0 0 0 0 0 0 0 0 0 0 0 (Cumulative) 0 0 0 0 0 0 0 0 0 0 0 Total Value-Entire Project 251,778,295 Actual Values: Residential Living Units 0 0 0 0 0 62,386,913 84,081,662 85,309,720 0 0 Commercial Property 0 0 0 0 0 0 0 0 0 0 Vacant Land 0 0 0 0 4.000.000 4 000,000 14.000 0001 14,000.0001 2 2 Total Actual Values 0 0 0 0 4.000.000 86.386.913 80.081.662 81.309.720 0 0 Total Actual Values-Cumulative 0 0 0 0 4.000.000 90,386.913 170.468.575 251 778.295 ,251,778.295 251,778.295 Assessed Values: Residential Living Units @ 7.96%of Actual Value 0 0 0 0 0 6,557,998 6,692,900 6,790,654 0 0 Commercial Property a 29%of Actual Value 0 0 0 0 0 0 0 0 0 0 Vacant Land @ 29%of Actual Value 0 0 0 0 1 160 000 1.160.000 I7,180,0001 11 160.0001 0 0 Total Assesed Values 0 0 0 0 1.160.000 7 717.998 6,132,2912 65. 30.654 0 0 Total Assessed Values-Cumulative 0 0 0 0 1.160.000 8 877,998 14.410.899 20.041 552 20 041.552 20 041.552 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 0 0 0 0 1.183.200 9.055,558 14.993.099 20.851231 21.268,256 21.268.258 Year Assessed Valuation Certified To SMPG MD#3 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Year Taxes Received By SMPG MD 713 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-011(15(20055:10 PM PROJECTED ASSESSED VALUATION-BUILDOUT FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 BUILUUU i-Source:Sage Uevelopment taroup: Planned Average Total Number Per Unit Gross Unit Description of Unit fo Units Price Volume X014 TOTAL Residential Units PA 1 Multi Family 136 147,333 20,037,288 0 136 PA 1 Town Home 110 164,144 18,055,840 0 110 PA 2 Single Family 44 255,041 11,221,804 0 44 PA 2 Single Family 88 299,207 26,330,216 0 88 PA 3 Town Home 52 164,144 8,535,488 0 52 PA 3 Single Family 45 192,265 8,651,925 0 45 PA 3 Single Family 46 215,147 9,896,762 0 46 PA4 Single Family 28 215,147 6,024,116 0 28 PA 4 Single Family 47 232,105 10,908,935 0 47 PA 4 Single Family 147 255,041 37,491,027 0 147 PA 5 Town Home 184 164,144 30,202,496 0 184 PA 5 Single Family 38 299,207 11,369,866 0 38 PA 5 Single Family 5 338,575 1,692,875 0 5 PA 6 Single Family 43 255,041 10,968,763 0 43 PA 6 Single Family 92 299,207 27,527,044 0 92 PA 6 Single Family 38 33 8.575 12 865,850 0 38 Total Residential-Increm. 11143 220,278 251,778,295 0 1.143 Total Residential-Cumulat. 1,143 1,143 1,143 Non Residential Sq.FL. 0 100 0 0 0 (Cumulative) 0 0 0 Total Value-Entire Project 251,778 295 Actual Values: Residential Living Units 0 251,778,295 Commercial Property 0 0 Vacant Land 0 0 Total Actual Values 0 251 778,295 Total Actual Values•Cumulative 251.778 295 251 776,295 Assessed Values: Residential Living Units @ 7.96%of Actual Value 0 20,041,552 Commercial Property @ 29%of Actual Value 0 0 Vacant Land 83 29%of Actual Value 0 0 Total Assesed Values 0 20,041.552 Total Assessed Values•Cumulative 20.041.552 20 041.552 Total Assessed Values•Cum.2%Biennial Net Increases after 2009 21,693 621 21.693.621 Year Assessed Valuation Certified To SMPG MD#3 2015 Year Taxes Received By SMPG MD#3 2016 See Consultant's Report and Disclaimer 2 Exhibit 0 Financing Plan 9-1e-091/15/20055:30 Pry PROJECTED ASSESSED VALUATION-BUILDOUT MARKING DRAFT.SEPTEMBER 73,2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2029 PRELIMINARY.SUBJECT TO CHANGE BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Sq Ft Gross Description of Unit of Sq Ft Actual Value Actual Value 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Residential Unita Total Residential-Increm. 0 0 0 0 0 0 0 0 0 0 0 0 Total Residential-Cumulat. 0 0 0 0 0 0 0 0 0 0 0 Non-Residential Space PA 1 RETAIL 500,000 85.00 42,500,000 0 0 0 0 0 0 37,500 37,500 58,250 56,250 PA 4/6 RETAIL 150,000 85.00 12,750,000 0 0 0 0 0 0 12,500 12,500 18,750 18.750 PA5+4/6 OFFICE 300,000 100.00 30,000,000 0 0 0 0 0 0 10,000 10,000 10,000 10,000 PA 1s OFFICE 450,000 100.00 45,000,000 0 0 0 0 0 0 15,000 15,000 15,000 15.000 PA 1s INDUSTRIAL 1,340,000 50.00 67,000,000 0 0 0 0 0 0 40,000 40,000 40,000 40,000 PA 2s INDUSTRIAL 320,000 50.00 16,000,000 0 0 0 0 0 0 10,000 10,000 10,000 10,000 Non Residential Sq.FL: 3,060,000 70 213,250,000 0 0 0 0 0 0 125 000 125,000 15O000 150000 (Cumulative) 0 0 0 0 0 0 125,000 250,000 400,000 550,000 Total Value•Entire Protect 213,250,000 Actual Values: Residential Living Units 0 0 0 0 0 0 0 0 0 0 Commercial Property-Retail 0 0 0 0 0 0 4,250,000 4,250,000 6,375,000 6,375,000 Commercial Property-Office 0 0 0 0 0 0 2,500,000 2,500,000 2,500,000 2,500,000 Commercial Property-Industrial 0 0 0 0 0 0 2,500,000 2,500,000 2,500,000 2,500,000 Vacant Land 0 0 0 0 0 4.000.000 0 0 0 0 Total Actual Values 0 0 0 0 0 4.000.000 9.250.000 9,250.000 11.375.000 11 375.000 Total Actual Values-Cumulative 0 0 0 0 0 4.000.000 13.250.000 22.500.000 33,875.000 45.250.000 Assessed Values: Residential Living Units @ 7.96%of Actual Value 0 0 0 0 0 0 0 0 0 0 Commercial Property -Retail @ 29%of Actual Value 0 0 0 0 0 0 1,232,500 1,232,500 1,848,750 1,848,750 Commercial Property -Office®29%of Actual Value 0 0 0 0 0 0 725,000 725,000 725,000 725,000 Commercial Property -Industrial @ 29%of Actual Value 0 0 0 0 0 0 725,000 725,000 725,000 725,000 Vacant Land O 29%of Actual Value 0 0 0 0 0 1.160.000 0 0 0 0 Total Assesed Values 0 0 0 0 0 1.160.000 7 682 500 2.682.500 3 298 750 3 298 750 Total Assessed Values-Cumulative 0 0 0 0 0 1.160.000 3842,500 6.525.000 9.823.750 13.122 500 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 0 0 0 0 0 1.183.200 3 99. 7.737 8.788.610 10 425 047 13 925 702 Year A Valuation Certified To SMPG MD#4 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Year Taxes Received By SMPG MD#4 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-14-044/15/20055:36 PM PROJECTED ASSESSED VALUATION-BUILDOUT FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2029 BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Sq Ft Gross Description of Unit of Sa Ft Actual Value Actual Value 2014 2015 2 2017 2018 2019 2020 2021 IM Residential Units Total Residential-Increm. 0 0 0 0 0 0 0 0 g 0 0 Total Residential-Cumulat. 0 0 0 0 0 0 0 0 0 0 Non-Residential Space PA 1 RETAIL 500,000 85.00 42,500,000 75,000 106,250 131,250 0 0 0 0 0 0 PA 4/6 RETAIL 150.000 85.00 12,750,000 25,000 18,750 43,750 0 0 0 0 0 0 PAS+4/6 OFFICE 300,000 100.00 30,000,000 10,000 20,000 20,000 20,000 20,000 20,000 30,000 30,000 30,000 PA 15 OFFICE 450,000 100.00 45,000,000 15,000 30,000 30,000 30,000 30,000 30,000 45,000 45,000 45,000 PA 1s INDUSTRIAL 1,340,000 50.00 67,000,000 40,000 60,000 60,000 60,000 60,000 60,000 80,000 80,000 80,000 PA 2s INDUSTRIAL 320,000 50.00 16,000,000 10,000 15,000 15,000 15,000 15,000 15,000 20,000 20,000 20,000 Non Residential Sq.FL: 3,060,000 70 213,250,000 175000 255000 300,000 125,000 125,000 125000 175000 175,000 175,000 (Cumulative) 725,000 975,000 1,275,000 1,400,000 1,525,000 1,650,000 1,825,000 2,000,000 2,175,000 Total Value-Entire Project 213,250,000 Actual Values: Residential Living Units 0 0 0 0 0 0 0 0 0 Commercial Property-Retail 8,500,000 10,625,000 14,875,000 0 0 0 0 0 0 Commercial Property-Office 2,500,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 7,500,000 7,500,000 7,500,000 Commercial Property-Industrial 2,500,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 5,000,000 5,000,000 5,000,000 Vacant Land 0 Q 0 0 0 0 0 0 0 Total Actual Values 13.500 000 19,375 000 23.625.000 8.750.000 8.750.000 8.750.000 12.500.000 12.500.000 12.500.000 Total Actual Values-Cumulative 58,750,000 78,125.000 101.750 000 110.500000 119,250,000 128,000.000 140.500.000 153.000.000 165.500,000 Assessed Values: Residential Living Units a)7.96%of Actual Value 0 Commercial Property -Retail @29%of Actual Value 2,465,000 3,081,250 4,313,750 0 0 0 0 0 0 Commercial Property -Office @ 29%of Actual Value 725,000 1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 2,175,000 2,175,000 2,175,000 Commercial Property -Industrial @ 29%of Actual Value 725,000 1,087,500 1,087,500 1,087,500 1,087,500 1,087,500 1,450,000 1,450,000 1,450,000 Vacant Land @ 29%of Actual Value 0 0 0 0 0 0 0 0 0 Total Assesed Values 3 915 000 5 618 750 6 851 250 2 537 500 2 537 500 52. 37.500 3.625.000 3.625.000 3.625.000 Total Assessed Values-Cumulative 17,037,500 22,656.250 29.507 500 32 045 000 34 582 500 37 120,000 40,745.000 44.370 000 47.995.000 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 18,441,938 24.523.854 32.578.664 35.380.269 38,945,512 41,803,149 46.803.198 50.967.183 56.233792 Year A d Valuation Certified To SMPG MD s4 2015 2016 2017 2018 2019 2020 2021 2022 2023 Year Taxes Received By SMPG MD 114 2018 2017 2018 2019 2020 2021 2022 2023 2024 See Consultant's Report and UiaClaimei 2 Exhibit C Financing Plan 9-14044/15/20055:36 PM airy mc,nVruwnn LIMO nit.. PROJECTED ASSESSED VALUATION-BUILDOUT FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2029 BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Sq Ft Gross Description of Unit of So Ft Actual Value Actual Value 2023 2024 2025 2026 2027 22l 2029 TOTAL Residential Units Total Residential-Increm. 0 0 0 0 0 0 0 0 0 4 Total Residential-Cumulat. 0 0 0 0 0 0 0 0 0 Non-Residential Space PA 1 RETAIL 500,000 85.00 42,500,000 0 0 0 0 0 0 0 500,000 PA 4/6 RETAIL 150,000 85.00 12.750,000 0 0 0 0 0 0 0 150,000 PA5+4/6 OFFICE 300.000 100.00 30,000,000 30,000 30,000 0 0 0 0 0 300,000 PA 1s OFFICE 450,000 100.00 45,000,000 45,000 45,000 0 0 0 0 0 450.000 PA 1s INDUSTRIAL 1,340,000 50.00 67,000.000 80.000 80,000 80,000 80,000 80,000 80,000 120,000 1,340,000 PA2s INDUSTRIAL 320,000 50.00 16,000,000 20,000 20,000 20,000 20,000 20.000 20,000 15,000 320,000 Non Residential Sq.Ft.: 3,060,000 70 213,250,000 175000 175,000 100,000 100,000 100,000 100,000 135,000 3,060,000 (Cumulative) 2,350,000 2,525,000 2,625,000 2,725,000 2,825,000 2,925,000 3,060,000 3,060,000 Total Value-Entire Project 213,250,000 Actual Values: Residential Living Units 0 0 0 0 0 0 0 0 Commercial Property-Retail 0 0 0 0 0 0 0 55,250,000 Commercial Property-Office 7.500.000 7,500,000 0 0 0 0 0 75,000,000 Commercial Property-Industrial 5.000,000 5.000,000 5.000,000 5,000,000 5,000.000 5,000,000 6,750,000 83,000,000 Vacant Land 0 0 0 0 0 0 0.000.0001 0 Total Actual Values 12.500.000 12 500 000 5,000,000 5.000.000 5.000.000 5 000 000 2.750.000 213.250.000 Total Actual Values-Cumulative 178 000.000 190.500.000 195,500,000 700 500.000 205.500.000 210,500,000 213.250,000 213 250,000 Assessed Values: Residential Living Units @ 7.96%of Actual Value 0 Commercial Property -Retail @ 29%of Actual Value 0 0 0 0 0 0 0 16,022,500 Commercial Property -Office @ 29%of Actual Value 2,175,000 2,175.000 0 0 0 . 0 0 21.750,000 Commercial Property -Industrial Oa 29%of Actual Value 1,450,000 1.450.000 1.450.000 1,450,000 1,450,000 1,450,000 1,957,500 24,070,000 Vacant Land @ 29%of Actual Value 0 0 0 0 0 0 11 160 0001 0 Total Assesed Values 3.625.000 3.625.000 41. 50.000 1.450.000 1.450.000 1.450.000 797500 61.842.500 Total Assessed Values-Cumulative 51,620,000 55.245.000 56 695 000 58.145.000 59.595.000 61,045,000 61 842.500 61.842 500 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 60 481.057 66.022.889 67,755.773 70,878 431 72.645.972 75.901.785 75,901 785 75,901.785 Year Assessed Valuation Certified To SMPG MD#4 2024 2025 2026 2027 2028 2029 2030 Year Taxes Received By SMPG MD#4 2025 2026 2027 2028 2029 2030 2031 See Consultant's Report and Disclaimer 3 exhibit C Financing Plan 9-16-016/15/10055:36 PM SMYU Mt I RV YUU IAN Ulb I RIG I RD PROJECTED ASSESSED VALUATION-BUILDOUT WORMING DRAFT,SEPTEMBER IS.row FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 PRE MIN4ar,SUBJECT TO CHANGE BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Unit Gross Unit Description of Unit of Units Price Volume 2004 2005 2006 2007 228 2009 2010 2011 10fl 2 2914 Residential Units PA 1Single Family 32 382,020 12,224,640 0 10 11 11 PA 2 Single Family 55 232,105 12,755.775 0 18 18 19 PA 2 Single Family 34 255.041 8,671,394 0 11 11 12 PA 2 Single Family 35 299,207 10.472,245 0 11 12 12 PA 3 Single Family 17 255,041 4.335.697 0 5 6 6 PA 3 Single Family 46 299,207 13.763,522 0 15 15 16 PA 3 Single Family 29 338,575 9,818.675 0 9 10 10 PA 4 Single Family 58 232,105 13,462.090 0 19 19 20 PA 4 Single Family 19 255,041 4.845,779 0 6 6 7 PA 4 Single Family 26 299,207 7,779.382 0 8 9 9 PA 5 Single Family 37 255,041 9,436,517 0 12 12 13 PA 5 Single Family 68 299,207 20,346,076 0 22 23 23 PA 5 Single Family 15 338,575 5,078,625 0 5 5 5 PA 6 Single Family 70 192,265 13,458,550 0 23 23 24 PA 6 Single Family 60 215,147 12,908,820 0 - 20 20 20 PA 6 Single Family 55 232,105 12,765,775 0 18 18 19 PA 6 Single Family 50 255,041 12,752,050 0 16 17 17 PA 7 Multi Family 124 147,333 18,269,292 0 41 41 42 PA 7 Town Home 168 164144 27 576 192 _ 0 _ _ _ _ _ _ 56 56 56 Total Residential-Increm. 998 237193 230,731,096 0 0 _ _ _ 0 _ _ 325 al Total Residential-Cumulat. 998 0 0 0 0 0 0 0 0 325 657 993 Non Residential Sq.Ft.: 0 100 0 0 0 0 0 0 0 0 0 0 0 0 (Cumulative) 0 0 0 0 0 0 0 0 0 0 0 0 Total Value-Entire Project 230,731,096 Actual Values: Residential Living Units 0 0 0 0 0 0 0 0 74,791,419 76,919,717 79,019,960 Commercial Property 0 0 0 0 0 0 0 0 0 0 0 Vacant Land 0 0 0 0 0 0 0 4.000 000 4.000.000 74.000.000) M.000 0001 Total Actual Values 0 0 0 0 0 0 0 4.000.000 78 791 419 72,919.717 75.019.960 Total Actual Values-Cumulative 0 0 0 0 0 0 0 4.000.000 82.791 419 155.711.136 230.731.096 Assessed Values: Residential Uving Units CS 7.96%of Actual Value 0 0 0 0 0 0 0 0 5,953,397 6,122.809 6,289,989 Commerdal Properly©29%of Actual Value 0 0 0 0 0 0 0 0 0 0 0 Vacant Land @ 29%of Actual Value 0 0 0 0 0 0 0 1160,000 1.180.000 11.160.000) J1 160.000( Total Values 0 0 0 0 0 0 0 1.160.000 7.113.397 4.952.809 5.129.989 Total Assessed Values-Cumulative 0 0 0 0 0 0 0 1.160.000 8.273.397 13.236.206 18.366.195 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 0 0 0 0 0 0 0 1.206.864 8.779.795 14 046 368 19.880.160 Year Assessed Valuation Certified To SMPG MD p5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Year Taxes Received By SMPG MD 8.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 See Consultant's Report and Disclaimer 1 Exhibit C Financing Plan 9-1e-044/15/200S5:39 P14 IamrumeinuruuIanulaInI. as ' PROJECTED ASSESSED VALUATION-BUILDOUT FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2014 BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Unit Gross Unit Description of Unit of Units IS Volume TOTAL Residential Units PA 1Single Family 32 382.020 12,224,640 32 PA 2 Single Family 55 232,105 12,765,775 55 PA 2 Single Family 34 255,041 8,671,394 34 PA 2 Single Family 35 299.207 10,472,245 35 PA 3 Single Family 17 255,041 4,335,697 17 PA 3 Single Family 46 299.207 13,763,522 46 PA 3 Single Family 29 338,575 9,818,675 29 PA 4 Single Family 58 232,105 13,462,090 58 PA 4 Single Family 19 255,041 4,845,779 19 PA 4 Single Family 26 299,207 7,779,382 26 PA 5 Single Family 37 255,041 9,436,517 37 PA 5 Single Family 68 299,207 20,346,076 68 PA 5 Single Family 15 338,575 5,078,625 15 PA 6 Single Family 70 192,265 13,458,550 70 PA 6 Single Family 60 215.147 12,908,820 60 PA 6 Single Family 55 232,105 12,765,775 55 PA 6 Single Family 50 255.041 12,752,050 50 PA 7 Multi Family 124 147,333 18,269,292 124 PA 7 Town Home 168 164 144 27.576.192 168 Total Residential-Increm. 998 231,193 230,731,096 998 Total Residential-Cumulat. 998 998 Non Residential Sq.Ft.: 0 100 0 0 (Cumulative) 0 0 Total Value-Entire Project 230,731,096 Actual Values: Residential Living Units 230,731,096 Commercial Property 0 Vacant Land 0 Total Actual Values 230.731.096 Total Actual Values-Cumulative 230 731 096 Assessed Values: Residential Living Units @ 7.96%of Actual Value 18,366,195 Commercial Property O 29%of Actual Value 0 Vacant Land @ 29%of Actual Value 0 Total Assesed Values 18.366.195 Total Assessed Values-Cumulative 18 366 195 Total Assessed Values-Cum.2%Biennial Net Increases after 2009 19.880.160 Year Assessed Valuation Certified To SMPG MD#5 Year Taxes Received By SMPG MD#5 See Consultant's Report and Disclaimer 2 Exhibit C Financing Plan 9-14-044/15/10055:39 PM PROJECTED ASSESSED VALUATION-BUILDOUT noncan DRAFT,SEPTEMBER Is,2004 FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2017 PRELIMINARY,SUBJECT rocnaaoE BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Unit Gross Unit Description of Unit of Units Price Volume 2224 2222 922 9g 2002 2009 2010 2011 2012 rzu nig Residential Units PA 2Single Family 35 232,105 8,123,675 0 0 PA 2 Single Family 34 255,041 8,871,394 0 0 PA 2 Single Family 25 299,207 7,480,175 0 0 PA 3 Single Family 17 255,041 4,335,697 0 0 PA 3 Single Family 26 299,207 7,779,382 0 0 PA 3 Single Family 29 338,575 9,818,875 0 0 PA 4 Single Family 38 232,105 8,819,990 0 0 PA 4 Single Family 19 255,041 4,845,779 0 0 PA 4 Single Family 26 299,207 7,779,382 0 0 PA 5 Single Family 37 255,041 9,436,517 0 0 PA 5 Single Family 23 299,207 6,881,761 0 0 PA 5 Single Family 25 338,575 8,464,375 0 0 PA 6 Single Family 60 192,265 11,535,900 0 0 PA 6 Single Family 55 215,147 11,833,085 0 0 PA 6 Single Family 27 232,105 6,266,835 0 0 PA 6 Single Family 35 255,041 8,926,435 0 0 PA 7 Multi Family 170 147,333 25,046,610 0 0 PA 7 Town Home 90 184.144 14 772,980 0 _ _ 0 Total Residential-Increm. 771 221,555 170,818,627 0 _ _ 0 Total Residential-Cumulal. 771 0 0 0 0 0 0 0 0 0 0 0 Non Residential Sq.Ft.: 0 100 0 0 0 0 0 0 0 0 0 0 0 0 (Cumulative) 0 0 0 0 0 0 0 0 0 0 0 0 Total Value-Entire Project 170,818,627 Actual Values: Residential Living Units 0 0 0 0 0 0 0 0 0 0 0 Commerdal Property 0 0 0 0 0 0 0 0 0 0 0 Vacant land 0 0 0 0 0 0 0 0 0 0 a 000 000 Total Actual Values 0 0 0 0 0 _ _ _ _ 4 0 0 0 0 4.000.000 Total Actual Values-Cumulative 0 0 0 0 0 0 0 0 0 0 4.000.000 Assessed Values: Residential Living Units©7.98%of Actual Value 0 0 0 0 0 0 0 0 0 0 0 Commerdal Property al 29%of Actual Value 0 0 0 0 0 0 0 0 0 0 0 Vacant Land(0 29%of Actual Value 0 0 0 0 0 0 0 0 0 0 1.160.000 Total Assesed Values 0 0 0 0 0 0 2 2 0 0 1.160.000 Total Assessed Values-Cumulative 0 0 0 0 0 2 0 0 0 0 1.160.000 Total As d Values-Cum.2%Biennial Net Increases after 2009 0 0 0 0 0 0 0 0 0 0 1.255.621 Year Assessed Valuation Certified To 5MPG MD#6 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Year Taxes Received By 5MPG MD#6 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 See COnsultant'e Report and Disclaimer ] Exhibit C Pinancing Plan 9-14-041/15/]0055:11 PM PROJECTED ASSESSED VALUATION•BUILDOUT FOR THE YEARS ENDING DECEMBER 31,2004 THROUGH 2017 BUILDOUT-Source:Sage Development Group: Planned Average Total Number Per Unit Gross Unit Description of Unit of Units Price Volume 2015 2016 2017 TOTAL Residential Units PA 2Sing1e Family 35 232,105 8,123,675 11 12 12 35 PA 2 Single Family 34 255,041 8,671,394 11 11 12 34 PA 2 Single Family 25 299,207 7,480,175 8 8 9 25 PA 3 Single Family 17 255,041 4,335,697 5 6 6 17 PA 3 Single Family 26 299,207 7,779,382 8 9 9 26 PA 3 Single Family 29 338,575 9,818,675 9 10 10 29 PA 4 Single Family 38 232,105 8,819,990 12 13 13 38 PA 4 Single Family 19 255,041 4,845,779 6 8 7 19 PA 4 Single Family 28 299,207 7,779,382 8 9 9 26 PA 5 Single Family 37 255,041 9,436,517 12 12 13 37 PA 5 Single Family 23 299,207 6,881,761 7 8 8 23 PA 5 Single Family 25 338,575 8,464,375 8 8 9 25 PA 6 Single Family 60 192,265 11,535,900 20 20 20 60 PA 6 Single Family 55 215,147 11,833,085 18 18 19 55 PA 6 Single Family 27 232,105 6,266,835 9 9 9 27 PA 6 Single Family 35 255,041 8,926,435 11 12 12 35 PA 7 Multi Family 170 147,333 25,046,610 56 57 57 170 PA 7 Town Home 90 16144 14 772.960 30 30 30 90 Total Residential-Increm, 771 221,555 170,818,627 249 258 264 771 Total Residential-Cumulat. 771 249 507 771 771 Non Residential Sq.Ft.: 0 100 0 0 0 0 0 (Cumulative) 0 0 0 0 0 Total Value-Entire Project 170,818,627 Actual Values: Residential Living Units 54,828,311 57,186,132 58,804,184 170,818,827 Commercial Properly 0 0 0 0 Vacant Land 4.000.000 (4,000,0001 (4 000 0001 0 Total Actual Values 58.828.311 53.186.132 54,804,184 170 818,627 Total Actual Values-Cumulative 62.828,311 116.014,443 170 818 627 170.818.627 Assessed Values: Residential Living Units @ 7.96%of Actual Value 4,364,334 4,552,016 4,680,813 13,597,163 Commercial Property@29%of Actual Value 0 0 0 0 Vacant Land @ 29%of Actual Value 1_160 000 11 160 0001 11.160.0001 0 Total Assesed Values 5,524.334 3 392.016 3 520.813 13,597.163 Total Assessed Values-Cumulative 8.884.334 10,076,350 13,597 103 13.597.163 Total A Values-Cum.2%Biennial Net Increases after 2009 7.235.338 11.125.104 15,012,366 15 017 366 Year As Valuation Certified To SMPG MD06 2018 2017 2018 Year Taxes Received By SMPG MD 06 2017 2018 2019 See Consultant's Report and Disclaimer 2 Exhibit C Financing Plan 9-0e-044/15/20055:41 PR EXHIBIT D Public Improvements and Costs SMPG METROPOLITAN DISTRICTS EXHIBIT D-1 OFFSITE IMPROVEMENTS PLAN WELD COUNTY, COLORADO SNP°METROPOLITAN DISTRICT NOS.1-S oil 0,en44 /Th LEGEND 1l WCR 11 El INWCR 44 0ll IMPROVEMENTS IMPROVEMENTS yun DISTRICT Zm BOUNDARY DID / LINE Vim 1,10 o✓ w xleuw wx MIIPVDEWO ti q WELD COUNTY ROAD 11 I II f 1cc/ / ` 0----. � INVENTORY 7— U Ql l l l WW1 a 0 jllI , 13 LAND-1 Q IO / WASTEWATER TREATMENT PLANT-1 LS } 1 / WASTEWATER TREATMENT PLANT EXPANSION-SUS S/F UNITS j uCCC___YYYYYY 2T SANITARY SEWER TRUNK IJNE-1(!D LF. ?T SANITARY SEWER CROSSING UNDER WCR 44-1 EA INCH1.1 • CH 44 ACCELMECEL-1 LS ® WCR 11 St 44 MEDIAL-1 LE r:! H �/A h1 74 GM taw -SEMI TRUNK D SCALE T=1000'•-...__, \ • • _._.__ . _ 748 Whalers . CoraBldg. D do 11111E RROWIAW 2111--"..— INTERSTATE 25 Phone: 902502042 4 UNDERPASS Job o.0..922..020 I,,,,R no. 09072-0011 2 Filename: exhibit 2-2R-04 August 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-2 GRADING PLAN WELD COUNTY, COLORADO II SMPG METROPOLITAN IIIL ^ -.1 , DISTRICT NO 1-6 �. ILEGEND LE i I / I STREETS . VI PA VI BUILDABLE Et RCELS 1 1 FUTURE t Z I STREETS U DISTRICT O ... BOUNDARY 3 / ,4% ri LINE WELD COUNTY ROAD 11 IIII ; �" • �' r /// a-,. - - / `'-, I INVENTORY -77 J D /� / 1 EC �y ' / FILL-3.O OSO CV. CUT-WAP90 C.Y. FlLL-3.9949D9 GY. FlLL-123Y.000 C.Y. Z '..._�: / , AREA-980 ACRES AREA-3!8 ACRES 7 •.-i-�i <,../22)%..... ♦, (® I DWAIGT 8 DISTRICT Q U' ♦�� / 1 _QR-194800 ES FILL-3.014000 CY. �j4-° `�'� ARG 948 AC E8 AREA-T1Y A�CRFA. W / ( DI6IRM:T 4 \'''..\ Wf-129404 4V. 1 FILL-1396200 CY. PARCEL 1/ -/--. ) \ , AREA-280 ACREB olo ♦ Z > ttS scALE r=loos A V.../ •>--.."',..,••% --i___?...e . •��-_ ____________.___._________N---_.___ 748 Whalers Way, Bldg. D — -- Port Collins. Colorado -4,_T INTERSTATE Fax INTERSTATE 25 Pe: 970.226.0557 970.2260204 F RPM Jab no. 0972-0012 Filename: exhibit 7-28-04 August 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-3 POTABLE WATER PLAN WELD COUNTY,I COLORADO IU MPG METROPOLITAN DISTRICT NOS 1-6 n vim iTT9 LEGEND amt ¢m1 : 1E WATER U29 Vuc Ia POTABLE - \ / WATER(8y w'� 4) q / / DISTRICT I BOUNDARY V WELD COUNTY ROAD_T11 - - _V = _ 1 _ _ - _ _ = ?..y ) LINE Q,• n �� % u CL� INVENTORY \v c, r 0131NcT Z DISTRICT Q .I 1C wC-A1oO LE 1Y PVC-6p60LF. 2 .o rwc-taco LF. rPvc-wo Lt. M" ,�i tr ARV VAULT-1 tY PR./VAULT 1 O , PI c® 9•PRY VAULT-t O O y.�\ Dlsrmcr 6 p . O DISISwT fl // tr we-7,666 LP. n �, ( i 1T PIWPVC-TA6O-ISM. \ o \ / ��fTT DI TPI vI -0.6 • , I 1�R DWTUCT t woo=p / _n--� _ HMS. i010:4706111 I \ tr PVC-MOO LP.. �\ \ 'I Cwt-RmL- 1 T PRV VAULT-?a • t C � Cn I� I I1 I SCALEf=1000• It rcr \ I -— _ _ _ - - 748 Whalers Way, 8149. 0 --- - __. — Fort Collins, Colorado Win pecti .w.e INTERSTATE 25 Phone:970.226.0204 7 UNDEPIPblw!6 Job no. 097220012 Filename: exhibit 7-28-04 August 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-4 RAW WATER IRRIGATION PLAN WELD COUNTY, COLORADO SMPG METROPOLITAN DISTRICT NOS.1-6 CM yll I ) IFOEND _v.ohn b b J +j BUILDABLE (no Ill ' +1 PARCELS }11 RAW j1„i /li•I FUTURE STREETS II ■ IRRIGATIONR(17) o n --0.-. RAW WATER WELL 8.PUMP I IRRIGATION(18) . STATION DISTRICT II 1 i� BOUNDARY M WELD COUNTY ROAD 14 _ ii ,a1 ) / LINE p"4 ii u \n N �� IIY--i ; o.� INVENTORY rid 7-2(\_:, (5 (7-1 V /v// \ • ((]Y�(1 / DISTRICT 2 DISTRICT f Z 1.1 /p 10.HOPE-660 LF. lr HOPE-6700 LF. P U1 tt HOPE-8.000 LF. ttPRV VAULT-45 .-----b I ® W PHV VAULT O. WELL f PUMP STATION-2 DISTRICT 5 O •` . .�• ' 100 A4Ff STORAGE.2 1r HOPE-ND L.F. p Q $ q DISTRICTS 1r HOPE W„ -- • ,� / WELL\PUMP STATION.1 X`" \ C / If HOPE-VICO LF. 10O AC-FT STORAGE-1 '� - ------' ( IT HOPE VAULT-LF. OWT T 2 / q 1 Ir PRY VAU P STAT DISTRICT 6 WELL-PUMP RTATION-z IIR RCF4 `< . �� 100 AC-FT STORAGE-2 18-HOPE-1700 IS. FNIFL • �. , _ 1r HOPE-T85O LF. \ WELL.PUMP STATION-1 1O0 AC-FT STORAGE-1 1 ) T I Z 1 SCALE r=100a • \.\ I _S___._ - _ 748Collins, rum. Whalers o Colorad ay, Bldg. ❑ ` u . "mom MJ INTERSTATE 25 Phone: 970.226.0557 `DnV•aI MOFRAM Fax: 970.226.0204 81•!1 Job no. 0972-0012 Filename: exhibit 7-28-04 August 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-5 SANITARY SEWER PLAN WELD COUNTY, COLORADO P SMPG METROPOLITAN DISTRICT NOS.1-6 14+ CR YO LEGEND BUILDABLE ¢. STREETS Ill 'w� PARCELS . Z•• FUTURE 6 SANITARY 0 we STREETS 12 SEWER(241 O SANITARY rn ■ SANITARY __. SEWER(181 I 4 SEWER(18') W. p 3 \ SANITARY ■ SANITARY ' SEWER(12') SEWER(83 II WELD COUNTY ROAD 11 a II A i ,�' y p\ DISTRICT n / � G� - - - �� BOUNDARY 0 e / LINE O O" i / CCu �-o O \ rr �CD' (/� INVENTORY [• x \ Z ` , ,, • • • • • • � DISTRICT 2 DJ4Iffi4L4 0.i • \ • • ® 24'PVC-1100 LF. 24'PVC-400 LF. �/� w PVC-1600 LF. w PVC-2.460 LF. • ' 0 • 1 � �/ w PVC-43D2 LF. W PVC-2$60 LF. Yt PVC-'2000 LF. 3n • -N DISTRICT 24'PVC-1600 LF. 16-PVC-6,300 LF. •• '‘N: ) 1 wPVC-OW LF. VI PVC-1100 LF. •••P1•.ce ?PVC- A • l+ r r a PVC-4200200 IS DISTRICT 1 -Li / P • .. • • __ 16'PVC-400 LF. • • ------NwWC-4100 LF. • • • . • • •• 'II. \\,,,-----.......\_\___________ C-__..._..7-', �� ` awe-3.466 LF. Cr,. 1 Z t SCALE r=loaa \l/ __ 148 Whalers Way, Bldg. D Fort Collins, Colorado —g\, .o• • 4 ��- INTERSTATE 25 — — Phone: 9722602041 AIM Job no. 0972-0012 Filename: exhibit 1-2828-04 August 25 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-6 STORM SEWER PLAN WELD COUNTY, COLORADO P SMPG METROPOUTAN DISTRICT NOS 1-6 Ell v'01 .71—EnLEGEND ,im1 Gun '- BUILDABLE mud STREETS ill ZI^' FUTURE ,p5 STORM SEWER nuu STREETS ■ (SU BOX CULVERT, U6n •STORM SEWER ■ STORM SEWER WIII (25 BOX CULVERT) (20 BOX CULVERT, _ _ ut / STORM SEWER STORM SEWER II II MY BOX CULVERT) ■ ■ (4'RCP) P WELD COUNTY ROAD 11 I II -p1 STORM SEWER DISTRICT C•u _ _ _ �' _� - _ _- _ �/ (3'RCPT ■ BOUNDARY O'f (T� / LINE ¢ 4 \ INVENTORY 2 //� ea 2 BOXT Z DISTRICT 4 D^ / ('c!p I. za BOz allvFxr-we0 LF. NY BOX CULVERT-250 LP. O„ Ow ® !:rLI pp 2tl BOX CULVERT-400 LE 6,ECTORI � 1 I BOX CULVERT_260 LF. PMCfL 1�\f J / \ O \ l I-� I V RCP-1x10 LF. J\ tr- r y \� $RCP-260 LF. ...• DISTRICT 6 O 1 tB BOX CULVERT-460 LE I 4'RCP-700 LE �� O Ill i `\____/ — \--Th _ II� \ I SCALE:f=1000' u • . ® lT— 1 _ I _ _—._ —_ _____ _ _ _ _ _. _._. _ _ ._._ _ _ _ — 740 Whalers Way, Bldg. 0 Colora=� u1T! WITMAn fi INTERSTATE 25 Fort Phone:Collins,970.226.0557 57 VI�P6PP 970.226.0204 ReQ Fax: Job no. 0972-0012 Filename: exhibit 7-28-04 August 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-7 STREET PLAN WELD COUNTY, COLORADO SMPG METROPOLITAN DISTRICT NOS 1-6 1 va ^\ '/T—C I LEGEND 1 0 ./ I FUTURE BUILDABLE ' e �, 1 STREETS ® j PARCELS Z 1 2-LANE 4-LANE 70 p 3 ( ARTERIAL IN ARTERIAL O:. • 1 j DISTRICT G - 0——0 BOUNDARY i e � LINE _ _ q WELD COUNTY ROAD 11 _ / y ) I ♦ ' 15 :; I J/ / �\ 1 INVENTORY 1 s C v �_ j f' 1 DISTRICT Damara d per/ 4-LANE ARTERIAL T Tra'J / a �� ? I s-LANE �. 4-LANE unEnu�-2asn LF. •f. \ q \ a Am xs / A, 1 YLMIE ROUNDABOUT-1 two LF. RIANHfEABEC�ARTERIAL WiLEOI�i. O d \— �- V . �� 1 UNN,_ ® I DISTRICTS DISTRICT CI Y//\ 1 ..—.. /- \ `♦ 1 2-LANE ARTERIAL-9250 LF. 1-IANE ARTERIAL-2350 LF. p-(\��( / -• I . - / `1 Py 1 2-LINE AmEnw.-aooS lF. /\ I 1 DIemQ4 // 4-LANE ARTERIAL-).100 LF. gnwcr f \/ ' �� I c� 1 2-LANE ARTERIAL-INTERSECTION SIGNAL 1LF. s P*RC€Ls `/ �J PMICFL h i \—a. _ II elw 1 �* �\ Z -�� 1 SCALE r=1000 �a..4 �_- �__ s R - ___ 748 Whalers Way, Bldg. D -- '---- —. Fort Collins. Colorado .` urn. mlE WTZ2 INTERSTATE 25 - Phone: 970.226.0557 Txous.oll WMPAS2 Fax: 970.226.0204 NM Job no. 0972-0012 Filename: exhibit 7-28-04 August 25, 2004 SMPG METROPOLITAN DISTRICTS EXHIBIT D-8 LANDSCAPING PLAN WELD COUNTY, COLORADO SMPG METROPOLITAN DISTRICT NOS.1-S 1 !-Tr ; LEGEND a FUTURE BUILDABLE CC ¢ 9�� I STREETS ■ FS PARCELS ~., 9 - -; ` I 2-LANE 4-LANE U / ' 1 ARTERIAL ■ ARTERIAL O. U - ICT 'p , BOUNDARY UI Imo♦ • by rl LINE WELD COUNTY ROAD ll L I. _. - , I 1 S # . n�jr1 cm. -- •I / �. 6 J' � ��—{\/y / 1 1 1 / 1 I INVENTORY ff (( �.Y 0 I ( '� g- 1i1 nwmwTs Z ,..., p//•��',.,`'e� J — .tip a*.„----, �� / g ' 4-L NE ARTERIAL-MOO 8f. 4-LANE ARTERIAL-&3,230 5 ,�'— �\!Y 'F. _� ` ® At" 2-LANEROUNDARTERIALABOUT -134130 8F. 2-LANE ARTERIAL-4,260 8 p G `G^ T e �, 1 PLANE NouN0Aeo1R-34000 SF. DISTRICT 3 -• I DISTRICT 8 /iANEf1IERLLL- 3D J • t. 1 t / , 2-LANE ARTERIAL-170780 IF. R-LAN ANTEA PoAL-B3,Op033.B 8 Ill 1 ,D I I Dlsrfllcr 4 puma I 1 4-LANE ARTERIALAL-4M60 aF. E' � \ ) , 1 TLANE ARTERIAL-43,430 3.F. I • 1 +. .7 % \ ft.II Z--"' aiiWZ ^-------> ./ \ \ SCALE r=1000' essEsss — ire«--s 748 Whalers Way, Bldg. 0 ---- Ju�� Imle W OTAle1ERe INTERSTATE 25 Fan calm., 26.0557 UNDERPASS Phone:970.226.0204 02204) NEa Fax:no. 971 2 Job : hib t 7-28 Filename: t 25ll 48-04 August 25, 2004 TST. INC.CONSULTING ENGINEERS CONCEPTUAL OPINION OF COST PROJECT:SMPO METROPOLITAN DISTRICTS JOB NUMBER:0972.0012 PREPARED BY:MRJ DATE:9-13-04 No. Public Improvement Unit Units Unit Cost Estimated Item Cost Metro District 2 Metro District 3 Metro District 4 Metro District 6 Metro District 0 Quantity Onsite Improvements Grading lEjsw+Bon(CiNFiI) I CY I 1.25 I 8827500 IS 11,034,375.00 $ 2,812,500.00 $ 2,371,875.00 S 1,581,250.00 1 1,911,250.00 $ 2567.500.00 POYba Water 17 PVC IS 50.03 38000 $ 1,940,000.00 $ 455,00000 $ 372,500.03 $ 442,50000 $ 902,500.00 $ 387,500.00 8'PVC is 95.00 3400 $ 119,000.00 $ 42.00.0 $ 73,500.00 $ 3,50000 17'PRV Vault EA 80,0000.00 5 $ 300,00000 $ 00,000.00 $ 30,000.00 $ 150,900.00 $ 60,0000.03 C PRV Vault EA 50.00000 1 s 50,00000 s 50,990.90 Raw water Iwlaauon 18'HDPE IS 7500 4200 S 315,0110.0 5 41,250.00 $ 135,00.00 $ 11,25000 $ 127,500.00 12'HDPE LF 50.00 34350 $ 1,717,50.0 $ 420,000.00 $ 372,500.0 I 335,90.0 $ 222,50.0 $ 307,500.0 12'PRV Vault EA 8000.0 2 $ 120,00.00 $ 0,00.0 $ 30,030.0 $ 30000.0 Water Rights Acquisition SF Unix 1,000 4886 S 4,688,000.00 $ 1,100010 $ 1,08,000.0 $ 6800000 $ 810000.03 5 1,064,00.0 Well&Pump Station EA 100.000 8 S 6000 0.0 S 20,000.m S 200,000.00 $ 10,00.0 5 10,000.0 100 sea Stomas EA 20,00.0 6 $ 1,200,00.0 $ 40,0 .00 $ 40,00.0 $ 200,0000 $ 200,000.00 Sandy Sewer 24'PVC LF 75.00 3050 S 228,750.03 1 602500 $ 30,000.00 $ 112,500.00 1r PVC LF 600 1600 $ 108,000.00 $ 104000.0 iS PVC LF 35.00 15600 S 858,0000 $ 456,500.00 $ 33,00000 $ 348,500.0 $ 22.000.00 12"PVC LF 45.0 14400 S 618,00.00 S 103,50.03 $ 128,000.00 S 110,250.00 $ 78,50.0 $ 231,75.0 8'PVC IS 35.03 14700 $ 514,500.0 S 28,00.00 S 287,000.00 S 78,750.00 $ 120,750.00 Steam Sawa 30 Box Culvert LF 3,000.00 250 $ 750,000.00 $ 75,00.00 25'Box Culvert is 2.50000 6m s ' 1,50000.0 S 1,50„00.0 20 Box Culvert LF 2,900 1450 S 2,900,000.00 $ 210000.03 $ 800.00.0 10 Box Culvert LF 500.00 1150 $ 575,00000 5 100000.00 $ 125,000.00 $ 12500300 $ 22500100 4'RCP IS 10.0 8500 $ 650,000.00 $ 15,000.00 $ 135,000.00 $ 170,000.00 $ 110,00.03 $ 700000 3'RCP LF 750 00 5 00000.0 $ 11,25.0 $ 11,250.03 $ 10,7500 $ 18,750.03 Mut 4-Lan Adorn is 12000 12700 5 1,524,0300 $ 12000.00 5 863,0000 S 270,000.03 $ 282,00.0 2-Lane Arterial LF 90.03 2790 5 2,511,000.00 $ 798,50.00 S 832,50.03 $ 220,50000 $ 202,5000 $ 450,00.0 1-Lane Roundabout EA 25000.00 1 $ 250,0000 5 25000.00 Intersection Signal EA 150,000.0 2 $ 300000.00 $ 150,00.0 $ 15000.03 Landscaping 4-Lan Arterial SF 200 469030 5 939,800.00 $ 74,00.00 S 525,40.00 $ 166,5000 S 173,900.0 2-Lane Arterial SF 2.00 530100 S 1,000,2000 5 33530.0 $ 351,50.03 5 16,900 $ 86,500.03 $ 190,00.0 1-Lana Roundabout SF 20 9030 $ 5,000.0 $ 60000.0 MIecNMmoua (Fire Olablct Improvement I LS I I 1$ 2,50,0000 5 500,99000 $ 50„00.00 5 50,000.00 S 500.000.0 $ 500,000.00 [Engineering abminlaetion-10% I LS 1540021,125.031 10% I$ 4,002,1125 $ 1,073,606.00 $ 719,412.50 $ 843650.00 $ 0,47500 $ 706410.00 IOn.lt Contingency-10% I LS 1140921,125.031 10% I$ 4,0022,112.50 $ 1,073,56.00 4 719,4125 $ 843,160,00 8 0,47500 $ 706,140.00 Total Onslte Improvements $ 48,026,350.00 $ 12,883,260.00 $ 8,632,950.00 $ 10,124,180.00 $ 7,901,700.00 $ 8,483,280.00 Summary of Costs omee bnprovenenla $ 13,351,26000 5 551,180.00 4 2,172,55.00 S 1,416,65.00 $ 1,743,600.00 8 2,341040.00 Omae ImprowmarN $ 440253500 $ 12,613,260.0 $ 4162.560.0 5 10,124.15.00 4 7,501,700.00 $ 545525.0 Total Cost for Public Improvement $ 61,376,610.00 $ 18,484,440.00 $ 10,805,910.00 $ 11,810,240.00 $ 9,651,300.00 $ 10,624,720.00 Exhibit D-Cost Estimates(913.04) 4M5/2005 2 oft TST.ING.CONSULTING ENGINEERS CONCEPTUAL OPINION OF COST PROJECT:SMPG METROPOLITAN DISTRICTS JOB NUMBER:0912.0012 PREPARED BY:MRJ DATE:943-04 No. Public improvement Unit Units Unit Cost Estlmstsd item Cost Metro District 2 Metro District 3 Metro District 4 Metro District 6 Metro District 6 Quantity Offslte Improvements Lend LS $ 875.000.00 1 $ 575.000.00 $ 575.00.00 Waelowenr Treatment Plats S $ 2000.000.00 1 $ 2000.030.00 S 2000.000.00 WatswebrTabnnit Plant Enemies SIPUnb $ 1.500.00 3588 $ 0,458,400.00 $ 1.810.800.00 S 1.231400.00 S 1.451000.00 $ 1.951.100.00 27"Sabry Sawerilunk Line IF $ s 44 IsteeV Neel LS 5 top 1470 $ 110.130.00 $ 110.25000 00 $ 00000.00 W SRenbryWCR 11 a Crossing Under WCR 44 S $ 21554,000.00 1 $ 100 1 � A0 I$ 150.0000.0 150.000.00 . WCR 11&14 StorW Wat�k4 44 knOre,neat Improvements LO LS $ 4110.08100 1 sS 204.00010 S 2644.000.00 Relocate Oil Llos LS S 12000.00 1 S 121000.00 $ 121000.80 NW Pmsure Cia S S 20(400.00 1 S 201100.00 S 2084002 Pressure Reducer Gas LS 1 3S. L00 1 I 35.000.00 $ 35000.00 !Engineering l Mnkdsltlon-19% I Is 1511.121050.001 10% I S 1.112.105.00 $ 481755.00 $ 151.00200 $ 128.0/100 $ 141000.00 $ 100.119.00 WSW.Contingence-10% I LS I$11.121050.001 10% I$ 1.112.10100 5 44 .765.00 $ 101.010.00 $ iatelo.00 S 141500.00 S 15113000 Total White Improvements $ 13,361,260.00 $ 6,801,160.00 $ 2,172,960.00 $ 1,446,060.00 $ 1,746,600.00 $ 2,341,440:00 Exhibit 0.Cat Eamtee(}13-04) 40.512005 1 at EXHIBIT E Statutory Contents of this Service Plan I. A description of the proposed services; II. A financial plan showing how the proposed services are to be financed; III. A preliminary engineering or architectural survey showing how the proposed services are to be provided; IV. A map of the Districts' boundaries and an estimate of the population and valuation for assessment of the Districts; V. 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 Districts are compatible with facility and service standards of The Town and of municipalities and special districts which are interested parties pursuant to §32-1-204(1), C.R.S.; VI. 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 Districts; VII. A description of any arrangement or proposed agreement with any political subdivision for the performance of any services between the Districts and such other political subdivisions; and VIII. Information satisfactory to establish that each of the following criteria as set forth in §32-1-203, C.R.S., has been met: (a) That there is sufficient existing and projected need for organized service in the area to be served by the Districts; (b) That the existing service in the area to be served by the Districts is inadequate for the present and projected needs; (c) That the Districts are capable of providing economical and sufficient service to the area within their boundaries; (d) That the area to be included in the Districts has, or will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; EXHIBIT F Intergovernmental Agreements INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF BERTHOUD, COLORADO AND SMPG METROPOLITAN DISTRICT NOS. 1 - 6 THIS AGREEMENT is made and entered into as of this_day of 2005, by and between the Town of Berthoud, a municipal corporation of the State of Colorado (the "Town"), and SMPG Metropolitan District Nos. 1 - 6, each a quasi-municipal corporation and political subdivision of the State of Colorado (collectively, the "Districts"). RECITALS WHEREAS, the Districts were organized to provide those services and to exercise powers as are more specifically set forth in the "Consolidated Service Plan for SMPG Metropolitan District Nos. 1 - 6," dated and approved by the Town on September 14, 2004 (the "Service Plan"); and WHEREAS, the Service Plan makes reference to and contemplates an intergovernmental agreement between the Town and the Districts; and WHEREAS, the Town and the Districts have determined it to be in their best interests to enter into this Intergovernmental Agreement; NOW, THEREFORE, in consideration of the covenants and mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Town and the Districts agree as follows: COVENANTS AND AGREEMENTS 1. Application of Local Laws. The Districts hereby acknowledge and agree that the property within their respective boundaries shall be subject to the ordinances, rules and regulations of the Town and the Wilson Ranch Annexation and Development Agreement as approved by the Town on February 24, 2004, and the approval of the Service Plan shall not be construed as representing approval of any alteration or amendment by the Town of any such ordinances, rules, regulations or agreement. The Districts hereby further acknowledge that all the property within their respective boundaries are subject to all of the Town's current ad valorem property and sales taxes and to any future amendments thereof. 2. Nature of District. The parties acknowledge that the Districts were organized for the purpose of providing public improvements and services for the benefit of the area within its boundaries, as the same are generally contemplated in the Service Plan. 3. Change in Boundaries. As contemplated in the Service Plan, the Districts shall have full authority to expand their initial boundaries via the inclusion/exclusion process in order to incorporate the Combined Area (as that term is defined in the Service Plan) as the organizers acquire it. The Districts shall be permitted to make boundary adjustments with respect to the property located within their boundaries as contemplated in the Service Plan (together with any permitted inclusions), without prior Town approval. The Districts shall also be permitted to include additional property outside of the Combined Area, with the prior approval of the Board of Trustees of the Town. Exclusions may be effected in accordance with applicable law. Notice of all such inclusions or exclusions shall be provided to the Town pursuant to the annual reporting requirements set forth in the Service Plan. 4. Bond Issues. Prior to issuing general obligation bonds, the Districts shall give the Town opportunity to review and comment on bond issuance documents, as well as substantially final forms of any indenture, authorizing resolution and offering document the Districts intend to adopt. The Town shall have twenty days from receipt of such documents to provide the Districts with any and all objections and comments. The Districts shall not issue bonds to fund or otherwise make payment to the organizers or other private party advancing funds or furnishing facilities to the extent such entities are paid or reimbursed the costs thereof under that certain "Wilson Ranch Annexation and Development Agreement" dated February 24, 2004 among the Town of Berthoud, the Town of Berthoud Wastewater Enterprise, the Town of Berthoud Water Enterprise, the Wilson Homestead Limited Partnership and McWhinney Property Group, LLC. 5. Material Modifications. Material modifications to the Service Plan shall require prior approval by the Town as provided in Section 32-1-207, C.R.S. The term "material modification" shall mean: a. Any matter specified in Section 32-1-207(2), C.R.S.; b. Issuance of Debt without incorporating the Mill Levy Cap as defined in the Service Plan; c. Issuance of Debt in excess of the Individual Debt Limit or Combined Debt Limit as defined in the Service Plan; d. Inclusion or attempted inclusion of property beyond the Districts' boundaries as described in Exhibit A-1 of the Service Plan; and e. The filing of a condemnation action with respect to property located outside of the boundaries of the Districts and otherwise within the boundaries of the Town. Nothing shall prohibit the Districts from complying with the provisions of Section 32-1- 207(3)(b), C.R.S., relating to the publication of notices of action potentially constituting a material modification, requiring mailed notice to the Town on or prior to the publication, and providing for the opportunity of the Town to respond to same. In the event the Districts comply with the provisions of said statutory section, and in the absence of any action by the Town as required under said section to enjoin the proposed District(s) action, the District(s) shall be authorized to undertake same and such action shall not be considered a material modification of the Service Plan. 2 6. Ownership of Improvements/Dedications. It is planned that all public improvements shall be dedicated either to the Town or to other governmental entities for ownership, operations and maintenance. Those improvements which will be dedicated to the Town will be designed and constructed in accordance with standards adopted by the Town. Any improvements that are to be dedicated to other governmental entities will be designed and constructed in accordance with the standards of such entities, provided that any wastewater treatment facilities constructed by the Districts may only be dedicated to the Town for operations and maintenance. The Districts shall be authorized to operate and maintain public improvements until such time they are dedicated to the Town or other governmental entity. Any improvements not accepted by the Town or other appropriate governmental entity for ongoing ownership, operations and/or maintenance, may be owned, operated and/or maintained by the Districts. The timing for conveyance of improvements to the Town will be developed by mutual agreement between the Coordinating District and the Town. Any dedication of public improvements to the Town shall be made in accordance with and subject to the then-applicable ordinances, polices and regulations of the Town pertaining thereto. 7. Consolidation. The Districts shall be permitted to consolidate with one another without prior Town approval, subject to the requirements of applicable law. The Districts may not consolidate with any other special district except upon adoption of a Resolution by the Board of Trustees of the Town approving the same. 8. Dissolution. Upon an independent determination by the Town Trustees that the purposes for which the Districts were created have been accomplished, the Districts shall file petitions in the appropriate District Court for dissolution in accordance with the applicable State statutes. In no event shall a dissolution occur until the Districts have provided for the payment or discharge of all of their outstanding indebtedness or other financial obligations as required pursuant to State statutes. 9. Annual Report. The District shall be responsible for submitting an annual report, as described in §32-1-207(3), C.R.S., in the form prescribed by the Town, pursuant to and including the information set forth in the Service Plan. 10. Conservation Trust Fund; Great Outdoors Colorado and Eminent Domain. The Districts shall not request or apply for revenues from Conservation Trust Funds or from Great Outdoors Colorado, unless the same are separately approved by the Town. Further, the District agrees to not undertake any eminent domain actions with respect to property located outside of the Combined Area without the prior approval of the Board of Trustees of the Town. 11. Exclusion from Park and Recreation District. No individual District shall be entitled to exercise the Park and Recreation powers enumerated in, or contemplated by, the Consolidated Service Plan until the property within that District has either been excluded from the boundaries of the Thompson Rivers Park and Recreation District or the Town Trustees have otherwise approved of the Park and Recreation powers to be so exercised. 12. Meetings. The Districts shall provide the Town with a copy of the written notice specifying the date, time and place of the Districts regular meetings, and shall provide updated 3 notice in the event such regular meetings change. The Districts shall also provide the Town with a copy of all Special Meeting Notices at the time such meetings are posted. Such notices may be delivered by email, fax,hand delivery or mail. 13. Entire Agreement of the Parties. This written Agreement constitutes the entire agreement between the Town and the Districts with respect to the subject matter contained herein and hereby supersedes any and all prior agreements, negotiations, representations and/or understandings pertaining to the same, whether written or oral. 14. Amendment. This agreement may only be amended, modified, changed, or terminated, in whole or in part, by way of a writing that has been properly authorized and executed by the Town and the Districts. 15. Enforcement. The parties agree that this agreement may be enforced in law or in equity as may be available according to the laws of the State of Colorado. The foregoing shall include, but not be limited to, grants of specific performance, injunctive relief, damages, or other appropriate relief. In the event the Town seeks enforcement of this Agreement by an action filed in the District Court, and is the prevailing party in such enforcement action based upon the entry of a final, non-appealable court order, the Districts (or the District to which the enforcement action pertains) shall be responsible for reasonable attorneys fees and court costs in regard to such action. 16. Venue. Venue for the trial of any action arising out of any dispute hereunder shall be in the appropriate District Court of the State of Colorado pursuant to the appropriate rules of civil procedure. 17. Beneficiaries. Except as otherwise stated herein, this agreement is intended to describe the rights and responsibilities of and between the Town and the Districts and is specifically not intended to, nor shall it be deemed to confer, any rights upon any third persons or entities not a party hereto. 18. Effect of Invalidity. If any clause or provision of this Agreement is adjudged invalid and/or unenforceable by a court of competent jurisdiction or by operation of any law, such clause or provision shall not affect the validity of this Agreement as a whole, but shall be severed herefrom, leaving the remaining Agreement intact and enforceable. 19. Assignability. Neither the Town nor the District shall assign their rights or delegate their duties hereunder without the prior written consent of the other party. 20. Successors and Assigns. This agreement and the rights and obligations created hereby shall be binding upon and inure to the benefit of the parties hereto, their respective successors and assigns. 4 [The balance of this page left intentionally blank.] IN WITNESS WHEREOF, the Town and the Districts have executed this Agreement on the date and year first above written: SMPG METROPOLITAN DISTRICT NOS. 1 —6 [Final form will be modified for each District's signature] By: President Al lhST: By: Secretary TOWN OF BERTHOUD, COLORADO By: Its: Al 1hST: By: 5 Its: SMPGUGRPDLW 161509D904 0]n.0300 6 INTERGOVERNMENTAL AGREEMENT BETWEEN SMPG METROPOLITAN DISTRICT NOS. 1-6 AND LITTLE THOMPSON WATER DISTRICT 1. PARTIES. The Parties to this Intergovernmental Agreement (the "Agreement") are the SMPG METROPOLITAN DISTRICT NOS. 1-6 ("SMPG") and the LITTLE THOMPSON WATER DISTRICT(the "District"). 2. RECITALS. The Recitals are a part of the Agreement. 2.1 SMPG was organized under Title 32 of the Colorado Revised Statutes in order to finance and construct certain public improvements to serve the territory known as "Wilson Ranch," in the Town of Berthoud, Colorado (the "Project"), as contemplated in its Service Plan. As a Title 32 special district, the District provides water service to customers in certain portions of Larimer, Boulder and Weld Counties in the State of Colorado. This Agreement shall be attached to and shall become a part of the Service Plan of SMPG; and the Service Plan shall be deemed amended by any provision of this Agreement that is different than the provisions of this Agreement. This Agreement shall be incorporated into a stipulation between the District and SMPG and filed with the District Court in Case Number 2004CV1666 filed in Weld County District Court for the organization of SMPG. 2.2 The boundaries of SMPG are located entirely within the existing boundaries of the District, thus making SMPG an "overlapping district" pursuant to § 32-1-107, C.R.S. The District is entitled under its rules and regulations to serve water within and without its boundaries within the District's Service Area as shown on its Service Area map. SMPG's Service Plan contemplates the financing and construction of certain water and irrigation water facilities and infrastructure including, but not limited to,water rights, water supply, treatment, transmission and distribution systems for domestic and other public or private purposes as the same may be deemed necessary for the demands of the Project, which are subject to dedication to the District or to the Town of Berthoud, Colorado(the "Town"). 2.3 SMPG is authorized only to finance and construct those water and irrigation water facilities and infrastructure contemplated in its Service Plan, provided that the facilities and infrastructure to be financed and constructed do not duplicate or interfere with any other improvements or facilities already constructed, or planned for construction, within or without the overlap area and provided that the facilities and infrastructure are promptly and properly dedicated to the District or to the Town as provided in the SMPG Service Plan and this Agreement. 2.4 The District and the Town have entered into an Intergovernmental Agreement dated September 15, 1999 (the "Town-District IGA"), a copy of which is attached to this Agreement. The parties to the Agreement understand that the arrangement described in the Town-District IGA may be altered by those parties and that this Agreement shall be enforceable whether or not the Town or the District supplies the treated water or the irrigation water to the Page 1 of 5 property within the SMPG boundaries. If the Town and the District modify, extend or otherwise change the Town-District IGA, then the parties to the Agreement shall modify the Agreement so that it is consistent with the then current Town-District IGA. If the Town-District IGA is cancelled, then this Agreement shall stay in force. Nothing in this Agreement shall amend or otherwise change the Town-District IGA; and this Agreement shall be construed consistently to the Town-District IGA, as amended. This Agreement shall be referenced in any agreement between the Town and SMPG regarding water matters. 2.5 There is no current or planned duplication or interference and the District gave overlap consent conditioned upon the Parties entering into this Agreement upon SMPG's formal organization. Accordingly, in consideration of the mutual promises set forth in this Agreement, the Parties covenant and agree as follows: 3. TERMS 3.1 Exercise of Service Plan Authority. SMPG has the ability and authority to finance and construct the water and irrigation water improvements contemplated by the Service Plan, which are to be located substantially within its Combined Area boundaries [some facilities are outside the Combined Area boundaries as shown in the SMPG Service Plan], as needed in order to service the development within SMPG. SMPG's authority described in this Paragraph 3.4 is restricted to financing and constructing such water and irrigation water improvements that will not duplicate or interfere with any other improvements or facilities already constructed or planned for construction within the District. SMPG shall not have the authority to finance or construct any duplicative or interfering facilities or improvements without obtaining the prior, written consent from the District's Board of Directors, which consent may be withheld in the District's sole discretion. SMPG shall not operate any water system or irrigation water system. 3.2 Design Standards. The water and irrigation water improvements contemplated herein and in the SMPG Service Plan that are to be dedicated to the District shall be designed, constructed, and installed in accordance with all applicable standards of the District, and, if required, by the applicable standards of the Town. 3.3 Dedication, Acceptance, Operation, and Maintenance. Dedication of water and irrigation water facilities by SMPG to the Town or the District shall subject to the terms of the Town-District IGA as it may be amended from time to time. SMPG shall dedicate and convey the completed water and irrigation water improvements contemplated herein and in the Service Plan to the Town or to the District within sixty days of completion. SMPG shall warrant, directly or indirectly, the construction of the water and irrigation water improvements dedicated to the District for a period of no less than two years. 3.4 Change of SMPG Service Plan and Boundaries. The Amended Consolidated Service Plan of SMPG dated April 15, 2005, shall not be modified with respect to SMPG's water powers and services without the prior written consent of the District, which consent may be withheld for any reason. The Combined Area boundaries of the SMPG District shall not be expanded without the prior written consent of the District, which consent may be withheld for Page 2 of 5 any reason [if SMPG irrevocably waives all rights to water powers within such expanded area, then such expansion will be permitted by the District]. 3.5 Agreement For Water Main Extensions. SMPG agrees, as the "Customer," to the terms of the District's standard form Agreement for Water Main Extensions, a copy of which is appended to the Agreement, with respect to all water facilities designed, constructed and installed by SMPG that are intended to be dedicated to the District. To the extent SMPG receives water service through District facilities, SMPG agrees to abide by the rules and regulations of the District as now in existence or as hereafter may be modified by the District from time to time. 3.6 Consent of the District. While SMPG is in compliance with in this Agreement, the District consents to formation of the overlapping SMPG, as limited by SMPG's Service Plan and further subject to the terms and conditions of this Agreement. 4. DEFAULT AND REMEDIES. In the event either Party alleges that the other is in default of this Agreement, the non-defaulting party shall first notify the defaulting party in writing of such default and specify the exact nature of the default in such notice. The defaulting party shall have twenty days from such notice within which to cure such default before the non- defaulting party may exercise any of its remedies provided hereunder; provided that: 4.1 Such default is capable of being cured; 4.2 The defaulting party has commenced such cure within said twenty day period; and 4.3 The defaulting party diligently prosecutes such cure to completion. If such default is not of a nature than can be cured in such twenty day period, corrective action must be commenced within such period by the defaulting party and thereafter diligently pursued. Upon default, the non-defaulting party shall have the right to take whatever action at law or in equity appears necessary or desirable to enforce the performance and observation of any obligation, agreement, or covenant of the defaulting party under this Agreement. 5. NO WAIVER. The waiver or delay of enforcement of one or more terms of this Agreement shall not constitute a waiver of the remaining terms. The waiver or delay in enforcement regarding any breach of this Agreement shall not constitute a waiver of any terms of the Agreement. 6. NOTICE. All notices, certificates, or other communications hereunder shall be sufficiently given and shall be deemed given when personally delivered in writing or by facsimile, or mailed by registered or certified mail, postage prepaid, addressed as follows: To SMPG: SMPG Metropolitan District c/o White, Bear& Ankele Professional Corporation 1805 Shea Center Drive Suite 100 Highlands Ranch, Colorado 80129 Facsimile: (303) 858-1801 Page 3 of 5 Attn: William P. Ankele, Esq. To the District: LITTLE THOMPSON WATER DISTRICT 835 East Highway 56 Berthoud, Colorado 80513 Attn: District Manager And Starr and Westbrook, P.C. 150 East 29th Street, Suite 285 P.O. Box 642 Loveland, CO 80539-0642 7. IMMUNITY. Nothing contained in this Agreement constitutes a waiver of either Party's sovereign immunity under any applicable state law. 8. MODIFICATION OF AGREEMENT. Any modification of this Agreement shall be binding only if evidenced in writing signed by each party. 9. ASSIGNMENT. No transfer or assignment of this Agreement or of any rights hereunder shall be made by SMPG without the prior written consent of the District, which consent shall not be unreasonably withheld. The District may assign all or any part of this Agreement without the prior consent of SMPG. This Agreement is binding on the successors and permitted assigns of the parties as provided in this section. 10. SEVERABILITY. In the event any court of competent jurisdiction shall hold any provision of this Agreement invalid or unenforceable, such holding shall not invalidate or render unenforceable any other provision hereof. 11. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties concerning the subject matter and supersedes all prior conversations, proposals, negotiations, understandings, and agreements, whether written or oral. 12. ATTORNEYS' FEES. If SMPG breaches this Agreement, SMPG shall pay all of the' District's reasonable attorneys' fees and costs in enforcing this Agreement whether or not legal proceedings are instituted. 13. GOVERNING LAW. This Agreement shall be governed by the laws of the State of Colorado. 14. ALTERNATE DISPUTE RESOLUTION. In the event of any dispute or claim arising under or related to this Agreement, the Parties shall use their best efforts to settle such dispute or claim through good faith negotiations with each other. If such dispute or claim is not settled through negotiations within thirty days after the earliest date on which one party notifies the other party in writing of its desire to attempt to resolve such dispute or claim through negotiations, then the parties agree to attempt in good faith to settle such dispute or claim by Page 4 of 5 mediation under the auspices of a recognized establish mediation service within the State of Colorado. Such mediation shall be conducted within sixty days following either party's written request therefor. If such dispute or claim is not settled through mediation, then either party may initiate a civil action in the District Court for Weld County. 15. DATED. , 2005. ATTEST: SMPG METROPOLITAN DISTRICT NOS. 1-6 By: By: Secretary Chairman All_EST: LITTLE THOMPSON WATER DISTRICT By: By: Secretary President STATE OF COLORADO ) ) ss. COUNTY OF LARIMER ) The foregoing instrument was acknowledged before me by as Chairman and by as Secretary of SMPG METROPOLITAN DISTRICT NOS. 1-6, a Colorado special district, on , 2005. My Commission expires: SEAL Notary Public STATE OF COLORADO ) ) ss. COUNTY OF LARIMER ) The foregoing instrument was acknowledged before me by Robert Boggio as President and by Richard H. H. Whittet as Secretary of LITTLE THOMPSON WATER DISTRICT, a Colorado special district, on , 2005. My Commission expires: SEAL Notary Public Page 5 of 5 INTERGOVERNMENTAL AGREEMENT BETWEEN SMPG METROPOLITAN DISTRICT NOS. 1-6 AND BERTHOUD FIRE PROTECTION DISTRICT 1. PARTIES. The Parties to this Agreement are the SMPG METROPOLITAN DISTRICT NOS. 1-6 ("SMPG") and the BERTHOUD FIRE PROTECTION DISTRICT ("District"). 2. RECITALS. SMPG was organized in order to provide public improvements to serve the territory known as "Wilson Ranch," in the Town of Berthoud, Colorado (the "Project"), as contemplated in its Service Plan. As a Title 32 special district, the District provides fire protection services and facilities. The boundaries of SMPG are, or will be, wholly within the existing boundaries of the District and is, or will be, deemed an "overlapping district" pursuant to § 32-1-107, C.R.S. SMPG's Service Plan contemplates the financing, design, acquisition, installation and construction of certain fire protection facilities including, but not limited to, temporary and/or permanent fire stations and related structures, engine trucks, ladder trucks, and any and all other necessary apparatuses, associated equipment,materials, and facilities necessary for such facilities and equipment, and as may be deemed necessary for the demands of the Project, which are subject to dedication to the District. The overlapping SMPG is authorized to fmance, design, acquire, install and construct those fire protection improvements contemplated in its Service Plan, provided that those improvements do not duplicate or interfere with any other improvements or facilities already constructed or planned for construction by the District within or without the overlap area. The Board of Directors of.the existing District consents to the overlapping SMPG district financing, designing, acquiring, installing and constructing said fire protection improvements, as limited by SMPG's Service Plan and further subject to the terms and conditions of this Agreement. There is no current or planned duplication or interference and the District gave overlap consent conditioned upon the Parties entering into this Agreement upon the formation of SMPG. Accordingly, in consideration of the mutual promises set forth in this Agreement,the Parties covenant and agree as follows: 3. TERMS. 3.1 Exercise of Service Plan Authority. SMPG has the ability and authority to fmance, design, acquire, install and construct the fire protection improvements contemplated by the Service Plan as necessary to serve the development within SMPG by the District. SMPG's authority described in this Paragraph 3.1 is restricted to financing, designing, acquiring, installing and constructing such fire protection improvements that will not duplicate or interfere with any other improvements or facilities already constructed or planned for construction within the District. SMPG shall not finance, design, acquire, install or construct any duplicative or interfering facilities or improvements without obtaining prior, written consent from the District's Board of Directors,which consent may be withheld in the District's sole discretion. 3.2 Design Standards. The fire protection improvements contemplated herein and in the Service Plan shall be designed, acquired, constructed, and installed in accordance with all applicable standards of the District, and, if required, by the applicable standards of the Town of Berthoud, Colorado. 3.3 Dedication,Acceptance, Operation, and Maintenance. SMPG shall work with the District to establish a construction timetable for completion of the fire protection improvements based upon the build-out of the development. SMPG shall dedicate and convey the completed fire protection improvements contemplated herein and in the Service Plan to the District within sixty (60) days of completion. Upon acceptance of the fire protection improvements, the District shall own, operate, maintain, repair, and/or replace the same as may be necessary to preserve the functionality of all dedicated facilities in a manner consistent with the standards of the District, and, if required, by the applicable standards Town of Berthoud, Colorado and to provide fire protection services to the residents and properties within the boundaries of SMPG. SMPG shall transfer to the District all warranties, bonds, or other guarantees with respect to the construction of such improvements. SMPG shall warrant, directly or indirectly, the construction of the fire protection improvements for a period of no less than one (1)year. 4. DEFAULT AND REMEDIES. In the event either Party alleges that the other is in default of this Agreement, the non-defaulting party shall first notify the defaulting party in writing of such default and specify the exact nature of the default in such notice. The defaulting party shall have twenty (20) working days from receipt of such notice within which to cure such default before the non-defaulting party may exercise any of its remedies provided hereunder; provided that: 4.1 Such default is capable of being cured; 4.2 The defaulting party has commenced such cure within said twenty (20) day period; and 4.3 The defaulting party diligently prosecutes such cure to completion. If such default is not of a nature than can be cured in such twenty (20) day period, corrective action must be commenced within such period by the defaulting party and thereafter diligently pursued. Upon default, the non-defaulting party shall have the right to take whatever action at law or in equity appears necessary or desirable to enforce the performance and observation of any obligation, agreement, or covenant of the defaulting party under this Agreement. 5. NO WAIVER. The waiver or delay of enforcement of one or more terms of this Agreement shall not constitute a waiver of the remaining terms. The waiver or delay in enforcement regarding any breach of this Agreement shall not constitute a waiver of any terms of the Agreement. 6. NOTICE. All notices, certificates, or other communications hereunder shall be sufficiently given and shall be deemed given when personally delivered in writing or by facsimile, or mailed by registered or certified mail,postage prepaid, addressed as follows: SMPG Metropolitan District c/o White,Bear&Ankele Professional Corporation 1805 Shea Center Drive Suite 100 Highlands Ranch, Colorado 80129 Facsimile: (303) 858-1801 Attn: William P.Ankele,Esq. BERTHOUD FIRE PROTECTION DISTRICT 275 Mountain Avenue Post Office Box 570 Berthoud, Colorado 80513 Attn: Stephen Charles, Fire Chief 7. IMMUNITY. Nothing contained in this Agreement constitutes a waiver of either Party's sovereign immunity under any applicable state law. 8. MODIFICATION OF AGREEMENT. Any modification of this Agreement shall be binding only if evidenced in writing signed by each party. 9. ASSIGNMENT. No transfer or assignment of this Agreement or of any rights hereunder shall be made by either Party without the prior written consent of the other, which consent shall not be unreasonably withheld. 10. SEVERABILITY. In the event any court of competent jurisdiction shall hold any provision of this Agreement invalid or unenforceable, such holding shall not invalidate or render unenforceable any other provision hereof. 11. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties concerning the subject matter and supercedes all prior conversations, proposals, negotiations, understandings, and agreements, whether written or oral. The Recitals shall be deemed a part of the terms of this Agreement. 12. ATTORNEYS' FEES. If any party breaches this Agreement, the breaching party shall pay all of the non-breaching party's reasonable attorneys' fees and costs in enforcing this Agreement whether or not legal proceedings are instituted. 13. GOVERNING LAW. This Agreement shall be governed by the laws of the State of Colorado. 14. ALTERNATE DISPUTE RESOLUTION. In the event of any dispute or claim arising under or related to this Agreement, the Parties shall use their best efforts to settle such dispute or claim through good faith negotiations with each other. If such dispute or claim is not settled through negotiations within thirty(30) days after the earliest date on which one party notifies the other party in writing of its desire to attempt to resolve such dispute or claim through negotiations, then the parties agree to attempt in good faith to settle such dispute or claim by mediation under the auspices of a recognized establish mediation service within the State of Colorado. Such mediation shall be conducted within sixty (60) days following either party's written request therefor. If such dispute or claim is not settled through mediation, then either party may initiate a civil action in the District Court for Weld County. 15. DATED. 200_. ATTEST: SMPG METROPOLITAN DISTRICT NOS. 1-6 By: By: Secretary Chairman A11'EST: r�� BERTHOUD FIRE PROTECTION DISTRICT By: �'tGZ� �h ') - t1 By: 6) -n.."-‘41.' ecretary /airman /d; ,07C405 Hello