HomeMy WebLinkAbout20052940.tiff LEGACY PARK
METROPOLITAN DISTRICT NO. 1
SERVICE PLAN
CITY OF DACONO, COLORADO
FINAL
SEPTEMBER 12, 2005
- 03..V C'C '. CA CAS 2005-2940
Miller, Gruber& Rosenbluth, Licit
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0 700 17th Street, Suite 2200
Denver, Colorado 80202
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Weld County Clerk and Recorder
P.O. Box 459
Greeley, CO 80632
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TABLE OF CONTENTS
I. Introduction 1
II. Purpose of the Proposed District 4
III. Boundaries, Population&Valuation 5
IV. Description of Proposed Facilities 7
a. Type of Improvements 7
b. Description of Existing Conditions 10
c. Anticipated Development 10
d. Public Improvement Schedule 11
e. City Construction Standards 11
f. Limitation on Eminent Domain 11
g. Dedication of Improvements to the City 12
h. Ownership and Maintenance of Public Improvements by the District 13
i. Acquisition of Land for Public Improvements 14
j. Services to be Provided by other Governmental Entities 14
k. Integration 15
V. Financial Plan 15
a. General 16
b. Debt Issuance 17
c. Other Financial Restrictions, Limitations and Requirements 19
d. Limited Mill Levy 21
e. Investor Suitability 22
f. Refunding Bonds 22
g. Developer Bonds 23
h. Construction Financing Notes Issued to Developer 24
i. Identification of District Revenue 25
j. Security for Debt 26
k. Services of District 26
1. Quinquennial Review 27
m. Letters 27
VI. Landowners' Obligations as to Public Improvements 27
VII. Annual Report 28
' VIII. Dissolution 30
IX. Consolidation 31
X. Elections 31
XI. Indemnities 33
XII. Disclosure and Disclaimer;No Third-Party Rights 33
XIII. Intergovernmental Agreements 34
XIV. Conservation Trust Fund 35
XV. Modification of Service Plan 35
XVI. Failure to Comply with Service Plan 37
XVII. Resolution of Approval 38
XVIII. Severability 38
XIX. Certification 39
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TABLE OF EXHIBITS
Exhibit A Legal Description
Exhibit B Boundary Map
Exhibit C Vicinity Map
Exhibit D Property Owner's Consent
Exhibit E Engineer's Estimate of Costs and Certification
Exhibit F Location of Public Improvements
Exhibit G Financing Plan; Forecasted Cash Surplus Balances and Cash Receipts and
Disbursements; Market Projection Consultant's Analysis; Developer's Letter in
Support of Market Projections
�- Exhibit H Underwriter's Letters
Exhibit I Legal Counsel Letter
Exhibit J Part I - Developer Indemnity Letter
Part II- District Indemnity Letter
Exhibit K Form of District Disclosure Statement
Exhibit L Form of City Disclaimer Statement
�- Exhibit M Form of Intergovernmental Agreement between District and City
Exhibit N Resolution of City Council Approving Service Plan
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LEGACY PARK METROPOLITAN DISTRICT NO. 1
SERVICE PLAN
I. INTRODUCTION
The District shall be named the Legacy Park Metropolitan District No. 1 (the "District").
The purpose of the District is to finance certain streets, street lighting,traffic and safety controls,
water, landscaping, storm sewers and flood and surface drainage, and park and recreation
improvements for a proposed development to be known as Legacy Park. The developer of
Legacy Park and the petitioner for the formation of the District is Trinity Trust LLC, a Colorado
limited liability company (the"Developer"). The District is intended to provide for the financing
of public improvements for Legacy Park, but is not intended to be a District with perpetual
existence. The District will consist of approximately seventy-one and eighty-six one-hundredths
(71.86) acres and no changes in the District's boundaries are anticipated or authorized. The
District shall be dissolved when its financial obligations are paid or provided for or when the
City of Dacono, Colorado requests dissolution, provided then-applicable statutory requirements
are met, all as further described in this Service Plan (together with all Exhibits hereto, the
"Service Plan").
Except as expressly provided in this Service Plan, all public improvements and facilities
financed, constructed, installed, or acquired by the District shall be dedicated and conveyed to
the City or its designee, and will be operated and maintained by the City or its designee upon
City acceptance and completion of the District's warranty obligations. The City may require any
specific landscaping improvements dedicated and conveyed to the City be maintained by a
homeowners' association formed for Legacy Park, for the use and benefit of residents, taxpayers,
and property owners. The District shall not provide fire protection or emergency services, which
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fire protection and emergency services shall be provided by the Mountain View Fire Protection
District. The District may exercise those powers of a metropolitan district set forth in §§32-1-
1001 and -1004, C.R.S. only to implement the provisions of this Service Plan, and only to the
extent expressly authorized by and in a manner consistent with this Service Plan. All functions,
activities, improvements, services, and programs of the District are limited to those expressly
authorized in this Service Plan, notwithstanding any different, additional, or expanded powers or
authority that may be granted to the District by any present or future statutory or regulatory
provisions.
The District is generally located south of State Highway 52 and east of York Street(Weld
County Road 11). The proposed boundaries of the District are limited to those boundaries
described in Exhibit A, attached hereto.
This Service Plan has been prepared by the following Developer and participating
consultants (the"Organizers"):
Developer District Counsel
Trinity Trust LLC Miller, Gruber&Rosenbluth, LLC
a Colorado limited liability company Jennifer L. Umber, Esq.
Thomas M. Huth 700 17th Street, Suite 2200
2971 Spinnaker Place Denver, Colorado 80202
Longmont, Colorado 80503 (303)285-5320
(303) 678-5224 (303) 285-5330—facsimile
(303) 702-1785—facsimile igruber@mgrlawfirm.com
tmhuth@comcast.net
Investment Banker Engineer
Kirkpatrick, Pettis, Smith, Polian Inc. Carroll & Lange, Inc.
Andy Kane Russell L. Burrows, P.E.
1600 Broadway Street, Suite 1100 165 South Union Boulevards, Suite 156
Denver, Colorado 80202 Lakewood, Colorado 80228
(303) 764-5751 (303) 980-0200
(303) 764-5770—facsimile (303) 980-0917—facsimile
akanea,kpsp.corn rburrowsacarroll-lange.com
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Bond Counsel Accountant
Kutak Rock, LLP Clifton Gunderson, LLP
Saranne K. Maxwell, Esq. Dawn Jones
1801 California Street, Suite 3200 6399 South Fiddler's Green Circle, Suite 100
Denver, Colorado 80202 Greenwood Village, Colorado 80111
(303) 292-7704 (303) 779-5710
(303) 292-7799—facsimile (303) 779-0348—facsimile
saranne.maxwell@kutakrock.com dawn.jones@cliftoncpa.com
Market Projection Consultant
DRM Real Estate Advisors, L.L.C.
Derek R. Maunsell, MM
Post Office Box 270898
Fort Collins, Colorado 80527
(970)267-2900
(970)267-2900--facsimile
derekmaunsell@drmrealestate.com
Pursuant to the requirements of the Special District Control Act, §§ 32-1-201, et seq.,
C.R.S., this Service Plan consists of a financial analysis and an engineering plan showing how
the proposed facilities and services of the District will be provided and financed. As required by
§ 32-1-202(2), C.R.S.,the following items are included in this Service Plan:
a. A description of the proposed services;
_ b. A financial plan showing how the proposed services are to be financed, including
all elements required by § 32-1-202(2)(b), C.R.S.;
c. A preliminary engineering or architectural survey showing how the proposed
services are to be provided;
d. A map of the proposed District's boundaries and an estimate of the population
and valuation for assessment of the proposed District;
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e. A general description of the facilities to be constructed and the standards for
construction, including a statement of how the facility and service standards of the proposed
District are compatible with facility and service standards of the City and special districts that are
interested parties pursuant to § 32-1-204(1), C.R.S.;
f. A general description of the estimated cost of acquiring land, engineering
services, legal services, administrative services, initial proposed indebtedness, estimated
proposed maximum interest rates and discounts, and other major expenses related to the
organization and initial operation of the District; and
g. A description of any arrangement or proposed agreement with any political
subdivision for the performance of any services between the proposed District and such other
political subdivision and, if applicable, a form of the agreement.
H. PURPOSE OF THE PROPOSED DISTRICT
The District will finance the construction of public improvements for Legacy Park,which
improvements shall be dedicated and conveyed to the City or its designee as provided in this
Service Plan, or as otherwise required by the City. A certain number of limited improvements,
upon the direction and consent of the City, will be dedicated and conveyed to other servicing
districts, or, upon prior written approval of the City, retained by the District and operated and
maintained by the District or a successor non-profit homeowners' association, for the use and
benefit of residents, taxpayers, and property owners. The public improvements shall be financed
through the issuance of indebtedness as set forth in Article V, "Financial Plan". Except as
specified in or pursuant to this Service Plan, the District shall not construct or own any
improvements, shall not provide for any maintenance, repair or operation of any improvements,
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and shall not perform any services without the consent of the City as evidenced by a resolution
of approval of the City of Dacono City Council. In addition, the District will not contract with
any other governmental entity to receive any services that are or may become available from the
City, or to provide any services to or within any other governmental entity, without the prior
written consent of the City. The District shall not provide any services or facilities within any
area of the District that overlaps with the service area of another special district without first
obtaining the written consent of each and every special district whose service area is so
overlapped.
The District shall dissolve when its financial obligations are paid or provided for, or
otherwise upon request of the City, subject to then-applicable statutory requirements, all as
further provided in Article VIII.
III. BOUNDARIES,POPULATION& VALUATION
The District consists of approximately seventy-one and eighty-six one-hundredths(71.86)
acres located entirely within the boundaries of the City, as more particularly set forth in the legal
description attached hereto as Exhibit A, and as shown on the boundary map attached hereto as
Exhibit B and the vicinity map attached hereto as Exhibit C. The petitioner, Trinity Trust LLC,
a Colorado limited liability company, also the Developer of the District property, is the sole
owner of all property to be included in the proposed District. Trinity Trust LLC has consented to
the formation of the District, which consent is attached hereto as Exhibit D and incorporated
herein by this reference.
Legacy Park is being developed for the anticipated construction of two hundred thirty-
one (231) single-family homes and thirty-six (36) townhomes. The current population of the
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District is zero. The estimated population of the District at full build-out is seven hundred sixty-
_ five (765) people, subject to development approval by the City. It is acknowledged that City
development standards and requirements may affect the foregoing numbers of anticipated homes
and population. The estimated assessed value at full build-out is Six Million Six Hundred
Fifteen Thousand Six Hundred Thirty-Nine Dollars ($6,615,639.00). The property is currently
zoned for residential uses. The current assessed valuation of the District for purposes of this
Service Plan is Zero Dollars ($0.00). The total overlapping mill levy imposed upon the property
within the proposed District for tax collection year 2004 was one hundred two and six hundred
seventy-three one-thousandths (102.673)mills.
The District shall be required to obtain written approval from the City of a Service Plan
modification prior to any inclusion or exclusion of property to or from the District, or any other
change in its boundaries. Any such approval may be granted or denied by resolution of the City
Council, in its discretion. Any inclusion may be on the condition that all property originally in
the District remain in the District, and on such other conditions as the City may impose. Any
exclusion may be on the condition that there is no detriment to the remaining residents and
taxpayers within the District, or to the District's bondholders, and on such other conditions as the
City may impose. No changes in the boundaries of the District shall be made unless the prior
written approval of the City Council has been obtained as part of a Service Plan modification, as
provided herein.
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IV. DESCRIPTION OF PROPOSED FACILITIES
a. Type of Improvements.
The District will finance, construct, acquire and install public improvements consisting of
streets, street lighting, traffic and safety controls, water, landscaping, storm sewers and flood and
surface drainage, and park and recreation improvements and facilities (as the foregoing terms are
used in § 32-1-1004(2), C.R.S. and the sections referenced therein) within the boundaries of the
District, and shall operate and maintain specific public improvements as directed or approved by
the City, all as limited by this Service Plan.
The Central Weld County Water District (the "Water District"), by contract, provides
potable water to the City for delivery to City water users. The Water District owns and
maintains treatment, distribution, and storage facilities (including pump station(s), elevated
tank(s), and master meters and appurtenances) and delivers water to the City water system at
certain master meter locations. The property within the District will receive water service from
_ the City through the City's arrangements with the Water District. The District,together with the
Developer, may provide financing for Water District water system improvements and facilities
that may be necessary for service to areas within the District, which facilities and improvements
are to be designed, constructed, installed, or acquired by the Water District. The District will
also provide for the design, construction, acquisition, and installation of City water system
improvements and facilities located within the boundaries of the District. In addition, a separate
raw water irrigation system will be installed by the District if it is determined by the Developer
and the City to be feasible and if it is approved by the City. The District will provide fmancing
for the City water system improvements, together with the Developer, as more fully set forth
below. All Water District system improvements shall be owned by the Water District. All City
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water systems improvements shall be dedicated to, conveyed to, and owned by the City upon
acceptance and completion of the District's warranty obligations. A separate raw water
irrigation system, if authorized by the City, shall, at the City's option, either be dedicated and
conveyed to the City or its designee, or owned by the District and maintained by the District or a
homeowners' association. All water rights for water service to the property and for any raw
water irrigation system shall be owned by the City. The District will not purchase, own, manage,
adjudicate, or develop any water rights or water resources; provided, however, that, upon the
prior written consent of the City, which may be granted or denied in the City's sole discretion,
the District may manage, adjudicate, or develop those water rights proposed for use in any raw
water irrigation system. The Developer, at its expense, is responsible for achieving any required
fire flows.
The District shall not design, construct, acquire, or install water improvements or
facilities through contracts by the District, including off-site improvements, except upon
approval of the City and Water District with respect to the Water District system, and the City
with respect to the City water system. Any intergovernmental agreement between the District
and the Water District shall be submitted to the City for review and shall be approved by the City
prior to execution by the District.
The District shall not construct any facilities outside the boundaries of the District, except
as necessary to connect service for the District to the facilities of other entities involved in
providing services to the District as described in this Service Plan, or as approved or directed by
the City, or, with the City's consent, as approved or directed by other governmental entities
having jurisdiction. However, the District shall not construct any water facilities, except any
approved separate raw water irrigation system and those facilities approved by the City for the
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City water system, without the prior written consent of the Water District, which consent may be
withheld for any reason or for no reason.
The Organizers of the District have prepared a preliminary engineering report based on
the City's construction standards. The table attached hereto as Exhibit E lists all facilities that
the District, subject to development approval of the City, will be authorized to finance, acquire,
design, construct, and install, including the costs in current dollars of each, together with an
explanation of the methods, basis, and/or assumptions used. A letter concerning the
reasonableness of the cost estimates and of the methods, bases, and assumptions used is included
in Exhibit E. The combined estimated cost of the improvements is Six Million One Hundred
Ninety-One Thousand One Hundred One Dollars ($6,191,101.00), which exceeds the estimated
debt capacity of the District. Funding for improvements not funded by the District shall remain
the responsibility of the Developer of the property, which amount is presently estimated to be
Three Million Two Hundred Ninety-Eight Thousand Four Hundred Six Dollars ($3,298,406.00)
(the difference between the total estimated cost of the improvements and the total estimated net
proceeds projected to be received from the District's general obligation bonds). The City is not
responsible for assuming any of the costs of the improvements funded by the District or
necessary for service to Legacy Park.
A map showing the location of the public improvements to be financed by the District is
attached hereto as Exhibit F. The District shall be authorized to finance, acquire, design,
construct, and install those types of public improvements and facilities authorized under this
Article IV and generally shown on Exhibit F, subject to development approval by the City.
Phasing of construction shall be in accordance with a phasing plan approved by the City, which
plan shall comply with City development and construction standards and be designed to meet the
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needs of residents and taxpayers within the boundaries of the District. The engineering exhibits
_ provided herein are preliminary. Upon the prior written approval of the City, the District may,
without amending this Service Plan, relocate or redesign improvements or facilities to be
provided by the District as necessary to comply with City design requirements or to better
_ accommodate the pace of growth and resource availability within the District. All public
improvement locations, designs, plans, and specifications are subject to City approval. City
consideration of any proposed changes in locations, designs, plans, and specifications for public
improvements may be undertaken through the development review process for Legacy Park.
b. Description of Existing Conditions.
The area is predominantly undeveloped.
c. Anticipated Development.
The Developer anticipates total build-out to occur by 2011, with the completion of
twenty-seven (27) single-family homes in 2006, forty-eight (48) single-family homes in 2007,
forty-eight(48) single-family homes in 2008,forty-eight(48) single-family homes in 2009, thirty
(30) single-family homes and eighteen (18) townhomes in 2010 and thirty (30) single-family
homes and eighteen (18) townhomes in 2011, subject to final design and development approval
by the City. It is acknowledged by the Developer that City approvals are required that have not
yet been obtained for Legacy Park, and that City development standards and requirements may
affect the foregoing numbers of anticipated homes and the foregoing anticipated build-out
.. schedule.
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d. Public Improvement Schedule.
Construction of the public improvements will commence as soon as possible following
approval of the Service Plan. The public improvements will be phased to meet the development
schedule, and shall be installed in compliance with any phasing plan approved by the City for
Legacy Park.
e. City Construction Standards.
All proposed facilities and improvements shall be designed and constructed in
accordance with the standards and specifications established by the City and in effect from time
to time, and with applicable standards and specifications of the federal government and the State
of Colorado. All proposed facilities and improvements shall be compatible with those of the
_ City and other governmental entities having jurisdiction, including, but not limited to, the Water
District. The District and its engineer have designed and shall design the facilities and
improvements to meet such standards, specifications and compatibility requirements. The
District will obtain approval of civil engineering plans and permits for construction and
installation of facilities and improvements from the City prior to construction or installation.
The District shall be subject to all applicable provisions of the Dacono Municipal Code and to all
City rules, regulations, and policies with respect to the conduct of its work on the improvements,
as in effect from time to time.
1. Limitation on Eminent Domain.
The District shall not exercise any power of dominant eminent domain against the City
and shall not exercise any power of eminent domain without the prior written consent of the
City. No exercise of eminent domain by the District is contemplated or authorized in this
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Service Plan, and any proposed use thereof shall be considered a material modification of this
Service Plan subject to the City's prior written approval.
g. Dedication of Improvements to the City.
Except as specifically set forth in Article IV.h., below, the District shall dedicate and
convey to the City or its designee, or cause to be dedicated and conveyed to the City or its
designee, all public improvements and facilities, including, but not limited to, all streets, street
lighting, traffic and safety controls, water, landscaping, storm sewers and flood and surface
drainage, and park and recreation improvements and facilities, as well as all rights-of-way, fee
interests and easements necessary for access to and operation and maintenance of such
improvements and facilities, to the extent such property interests have not already been acquired
by the City through the land use approval process. The District shall not operate or maintain any
public improvements, except as necessary to comply with its warranty obligations hereunder and
except to the extent expressly permitted by Article IV.h., below. The District shall also dedicate
_ and convey to the City or its designee any other facilities and improvements contemplated in this
Service Plan, together with necessary rights-of-way, fee interests, and easements. All such
improvements, facilities, easements, and rights-of-way shall be conveyed to the City or its
designee immediately upon completion of construction, installation, and expiration of the two (2)
year warranty period that commences after the City has issued Initial Acceptance as set forth
below. All improvements, facilities, rights-of-way, fee interests, and easements shall be
conveyed and dedicated to the City or its designee by instruments acceptable to the City, free and
clear of all liens and encumbrances, except those acceptable to the City in its sole discretion.
Failure to comply with the requirements of this Article IV.g. shall be deemed an unauthorized
material modification of this Service Plan.
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Once a public improvement to be dedicated to the City is constructed and installed, the City
shall issue an "Initial Acceptance" letter stating the improvement has been constructed or installed
in conformance with the City's standards, or shall issue a letter specifying the corrections necessary
to bring the improvement into compliance with City standards for the issuance of such "Initial
Acceptance" letter. The District at its expense shall promptly undertake any necessary corrections.
Upon issuance of the "Initial Acceptance" letter, the public improvements shall be warranted for
two (2) calendar years from the date of such "Initial Acceptance", during which time the District
shall maintain the improvements and correct all deficiencies therein as directed by the City. At the
conclusion of such two (2)year period, the City shall issue a"Final Acceptance" letter if the public
improvements conform to the City's specifications and standards, or shall issue a letter specifying
the corrections necessary to bring the improvement into compliance with City standards for the
issuance of such a "Final Acceptance" letter. The District at its expense shall promptly undertake
any necessary corrections. A"Final Acceptance"meeting shall then be arranged, at which time the
_ City will issue "Final Acceptance"for all public improvements to be accepted by it, and the District
will execute and deliver to the City all necessary instruments to dedicate and convey to the City the
improvements and facilities,and all necessary rights-of-way, fee interests, and easements.
h. Ownership and Maintenance of Public Improvements by the District.
Except for facilities and improvements described in this Article IV.h., the District shall
not be authorized to own or operate any improvements or facilities to be provided pursuant to
this Service Plan, other than as necessary to permit the financing and construction thereof, except
through approval by the City of an amendment to this Service Plan. The District shall have
authority to operate and maintain the improvements described in this Article IV.h.
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Tract landscaping improvements will be retained by the District for operations and
maintenance, except that upon request of the City, any such improvements and facilities shall
promptly be dedicated and conveyed to, and thereafter owned, operated, and maintained by the
~ City or its designee. If retained by the District, the District may contract with a non-profit
homeowners' association for operation and maintenance of these improvements and facilities.
Any contract with a homeowners' association must be approved by the City in advance, and the
City may require assurances that a homeowners' association accepts the operation and
maintenance obligations and has the financial ability to undertake such obligations.
i. Acquisition of Land for Public Improvements.
The District shall acquire, at no cost to the City, all lands or interests in land required by
the City for construction of streets, street lighting, traffic and safety controls, water, landscaping,
storm sewers and flood and surface drainage, and park and recreation improvements being
constructed or installed by the District. Such land or interests in land may be acquired by the
District by instruments of conveyance and/or plat dedication, in form and substance acceptable to
the City. All land and interests in land shall be conveyed to the City or its designee at no cost to
the City at such times and by such instruments of conveyance as the City may reasonably
require, free and clear of all liens and encumbrances. Exceptions must be approved by the City
in advance and in writing. Failure to comply with this provision shall be deemed a material
modification of this Service Plan.
_ j. Services to be Provided by other Governmental Entities.
The District proposes to finance, construct, acquire, and install the public improvements
necessary to serve the District's residents and taxpayers, but is not authorized to and shall not
provide any ongoing water, sanitary sewer, park and recreation, or other services or functions
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within the District. The District shall obtain a letter from the Carbon Valley Park and Recreation
District consenting to the overlapping boundaries for financing purposes only. The District shall
not provide ongoing park and recreation services. The District shall obtain a resolution from the
Water District consenting to the overlapping boundaries for financing purposes only. The
District shall not provide ongoing water services to the District. The District shall receive
sanitary sewer service from the St. Vrain Sanitation District. The District shall not provide
sanitary sewer services to the District. The District is within and shall receive fire protection and
emergency services from the Mountain View Fire Protection District, or any successor entity
thereof Nothing herein shall limit or discharge the District's responsibilities for operation,
maintenance, and repair of public improvements prior to their acceptance by the City and
conveyance to the City or its designee, or limit or discharge the District's warranty obligations.
k. Integration.
All facilities and improvements shall be constructed so as to be integrated with existing
and planned facilities and improvements of the City and other entities providing service to
Legacy Park. The District shall obtain from such other serving entities approval of the proposed
r. plans for the facilities and improvements.
V. FINANCIAL PLAN
This Article V describes the nature,basis,method of funding, debt and mill levy limitations,
and other financial requirements and restrictions for the District's public improvements program
and operations. Together with the Financing Plan attached hereto as Exhibit G and further
described below, this Article V constitutes the financial plan for the District as required by § 32-1-
202(2)(b), C.R.S. A detailed Financing Plan, consisting of the Accountant's Forecasted Cash
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Surplus Balances and Cash Receipts and Disbursements (including a Summary of Significant
Forecast Assumptions),the Market Projection Consultant's Analysis, and the Developer's Letter in
Support of the Market Projections is contained in Exhibit G, attached hereto and incorporated
herein. The Financing Plan includes estimated operations and administration costs (including
estimated costs of warranty maintenance), proposed indebtedness and estimated interest rates and
discounts, and other major expenses related to the organization and operation of the District. The
Financing Plan projects the issuance of the debt and the anticipated repayment based on the
development assumptions (including the market projections and absorption forecasts set forth
therein)for property within the boundaries of the District. The Financing Plan demonstrates that, at
the projected level of development, and with the projected Developer support, the proposed District
has the ability to finance the facilities identified herein and will be capable of discharging the
proposed indebtedness on a reasonable basis.
a. General.
The provision of improvements and facilities by the proposed District will be primarily
financed through the issuance of general obligation (limited tax) bonds (the "bonds"), secured by
the ad valorem taxing authority of the District and other District revenues, as discussed below. For
all purposes of this Service Plan,the terms"bonds,""general obligation bonds,""general obligation
debt," "general obligation indebtedness," or any similar term shall mean limited tax general
obligation bonds as further provided in V.d.,below. The Financing Plan anticipates the issuance of
one (1) series of bonds in 2008. The combined total estimated cost of the improvements is Six
Million One Hundred Ninety-One Thousand One Hundred One Dollars ($6,191,101.00). The
District has the capacity to issue general obligation bonds in the aggregate principal amount of
approximately Three Million Four Hundred Thousand Dollars ($3,400,000.00), projected to yield
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net bond proceeds of approximately Two Million Eight Hundred Ninety-Two Thousand Six
Hundred Ninety-Five Dollars($2,892,695.00). Accordingly, it is currently anticipated that the bond
proceeds will be insufficient to allow for repayment of Three Million Two Hundred Ninety-Eight
Thousand Four Hundred Six Dollars ($3,298,406.00), which will be contributed by the Developer;
however, if the financing capability of the District changes and will permit repayment in the future
(due to higher than anticipated assessed values, lower interest rates, or other changed
circumstances), the District may agree to repay the Developer for unreimbursed public
infrastructure costs so long as the District has the capacity to make such payments without
exceeding the debt limit or Mill Levy Limit provided in this Service Plan, and subject to all other
requirements of Article V.h., below. Payments made to the Developer by the District are expected
to be made principally from bond proceeds and shall not exceed the amount advanced by the
Developer for capital costs of District public improvements.
The Developer acknowledges and accepts the risk that, if all or a part of the general
obligation bonds proposed to be issued by the District are not issued, because of changes in
financial conditions or for any other reason, the Developer may not be paid or reimbursed for the
cost of public improvements or other advances to the District.
b. Debt Issuance.
This Service Plan authorizes only the issuance of general obligation bonds, except as
provided below with respect to notes issued to the Developer for construction financing. All
financial obligations of the District are subject to the provisions as to the Limited Mill Levy and
other limitations as set forth below. Other than ad valorem property taxes, specific ownership
taxes, facility fees, amounts capitalized from bond proceeds, and investment income on the
foregoing, no District revenues shall be pledged to any financial obligations of the District. The
District may be authorized to issue revenue bonds, certificates, debentures, or other evidences of
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indebtedness or to enter into lease-purchase transactions, only upon approval of an amendment to
this Service Plan, and such an amendment shall be considered a material modification of the
Service Plan.
The District intends to issue one (1) series of general obligation bonds in the aggregate
principal amount of approximately Three Million Four Hundred Thousand Dollars
($3,400,000.00). The aggregate principal amount of all general obligation bonds and all other
forms of borrowing by the District, throughout the District's existence and regardless of
subsequent payments and discharges, shall be limited to a total of Three Million Seven Hundred
Forty Thousand Dollars ($3,740,000.00) ("debt limit"); except to the extent otherwise provided
in Article V.1 with respect to refunding bonds and in Article V.h. with respect to construction
financing notes (i.e., notes or other financial obligations, if any, issued by the District to the
Developer to evidence the District's obligation to repay the Developer's advances for
construction costs).
The bonds will be issued in the approximate amount of Three Million Four Hundred
Thousand Dollars ($3,400,000.00) and are anticipated to be issued in 2008. All net proceeds of
the bonds issued by the District (after deduction of reasonable amounts for capitalized interest,
capitalized reserves, and issuance costs) will immediately be deposited into an escrow account
held by the bond trustee. Bond proceeds will be released from the escrow account into an
unrestricted account on a pro rata basis as building permits are issued by the City, as further
described below. The amount of bond proceeds released into the unrestricted account will be on
a per unit basis (single-family and townhomes, combined). For example, the net bond proceeds
from the bonds are anticipated to be Two Million Eight Hundred Ninety-Two Thousand Six
Hundred Ninety-Five Dollars ($2,892,695.00). Therefore, approximately Ten Thousand Eight
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Hundred Thirty-Four Dollars ($10,834.00) per unit will be transferred from the escrow account
to the unrestricted account upon the issuance of each building permit; provided, however, that
such transfers from the escrow account shall not be made unless all public improvements
required to serve the dwelling units for which such building permits have been issued have been
completed and initially accepted by the City in accordance with the City's subdivision
requirements and the subdivision agreement.
By depositing net bond proceeds into an escrow account and releasing portions of such
proceeds only upon the conditions described above, the City, its taxpayers, and its residents can
be assured that continued development will occur to pay the bonds and, to the extent
development does not occur, the escrow account will be used to defease the bonds within the
_ time required by any applicable federal requirements for tax-exempt bonds, but in no event later
than three (3) years from the date of issue and, as a result, there will not be an excessive debt
burden on the property tax base of the District. The District's Investment Banker has indicated
that issuance of building permits is a generally accepted lending criterion for special district debt
and that, accordingly, the escrow release requirements will evidence sufficient development
activity within the District to support repayment of the corresponding debt. The anticipated par
amount of the bonds is an estimate only. The actual amount of the bonds issued will be subject
to assessed valuations and market conditions as they exist at the time of issuance of the bonds,
and will be issued only in compliance with the above-stated debt limit and all other requirements
and restrictions of this Service Plan.
c. Other Financial Restrictions,Limitations and Requirements.
The District shall request voter authorization for a maximum of Three Million Seven
Hundred Forty Thousand Dollars ($3,740,000.00) of general obligation debt (together with
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construction financing notes) to account for unforeseen contingencies, increases in construction
costs due to inflation and all costs of issuance, including capitalized interest, reserve finds,
discounts, legal fees, and other incidental costs of issuance; however, the debt limit imposed by
this Service Plan shall control unless modified with the City's approval pursuant to Article XV
hereof Any increase in the amount of general obligation debt (together with construction
financing notes) actually issued in excess of the projected amounts shown in Exhibit G will be
consistent with the District's debt capacity at the time of such issuance (based on higher than
_ anticipated assessed values, lower interest rates, or other changes from projected circumstances).
The authorized maximum voted interest rate is eighteen percent (18%) per annum and the
maximum underwriting discount is four percent (4%) of bond principal. The actual interest rates
and discounts, within such maximum voted amounts, will be determined at the time the bonds
are sold by the District and will reflect market conditions at the time of sale. The term of any
bonds issued by the District shall not exceed thirty(30)years.
Estimated interest rates used in the Financing Plan are based on information furnished by
the underwriters, Kirkpatrick, Pettis, Smith, Polian Inc. In the event bonds are issued at an
interest rate higher than the estimated rates used in the Financing Plan, the principal amount of
bonds will be reduced so as to result in total debt service payments approximately equal to those
projected in the Financing Plan, and so that debt service on the bonds can be paid from the
revenue sources contemplated in this Service Plan. If actual increases in District assessed
valuation are less than the projected increases for those factors as shown in the Financing Plan
forecasts, it is expected that the District would compensate by increasing its mill levy (subject to
the Limited Mill Levy)or by reducing the principal amount of the bonds issued.
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No bonds issued by the District shall provide for acceleration as a remedy upon default,
unless the District has received the prior written administrative approval of the City, which
approval may be granted only by the City Administrator or the City Council.
All bonds of the District shall be structured utilizing a commercial bank with trust powers
as trustee to hold the bond proceeds and debt service funds and to pursue remedies on behalf of
the bondholders.
Any bonds issued by the District pursuant to this Service Plan shall be in compliance
with all applicable state and federal legal requirements, including, without limitation, § 32-1-
1101(6), C.R.S., and article 59 of title 11, C.R.S., and shall be approved by nationally recognized
bond counsel. An opinion shall also be obtained from bond counsel or counsel to the District
that the bonds comply with all requirements of this Service Plan.
d. Limited Mill Levy.
"Limited Mill Levy" shall mean an ad valorem mill levy (a mill being equal to 1/10 of
10) imposed upon all taxable property in the District each year in an amount sufficient to pay the
principal of, premium if any, and interest on the bonds as the same become due and payable, and
to make up any deficiencies in any debt service reserve for the bonds, but, together with all other
District mill levies (including, without limitation, all mill levies for administration, warranty
maintenance and other operating expenses), such mill levy shall not exceed fifty (50.000) mills;
provided, however, that if the ratio of actual valuation to assessed valuation for residential real
property (presently seven and ninety-six one-hundredths percent (7.96%), as shown in Exhibit
G) is changed pursuant to Article X, section 3(1)(b) of the Colorado Constitution and legislation
implementing such constitutional provision, the fifty (50.000) mill levy limitation provided
herein will be increased or decreased (as to all taxable property in the District) to reflect such
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changes so that, to the extent possible, the actual tax revenues generated by the mill levy, as
adjusted, are neither diminished nor enhanced as a result of such changes ("Gallagher
adjustment"). The Limited Mill Levy shall be an enforceable limit on all District mill levies.
e. Investor Suitability.
Except as provided below in this paragraph as to rated bonds and in Article V.g., below
with respect to Developer Bonds,the District's bonds shall be issued not in a public offering and
only to financial institutions or institutional investors within the meaning of § 32-1-
^ 1101(6)(a)(IV), § 32-1-103(6.5) and § 11-59-103(8), C.R.S. The District shall provide for and
shall utilize appropriate minimum denominations and mechanisms and procedures for transfers
and exchanges of bonds that are reasonably designed to insure continuing compliance with such
_ limitation of sales to institutional investors. If the District's bonds are rated in one of the four
highest investment grade rating categories by one or more nationally recognized organizations
that regularly rate such obligations, compliance with the institutional investor limitation set forth
above shall not be required.
f. Refunding bonds.
General obligation refunding bonds may be issued by the District to defease original
issue bonds in compliance with applicable law, but any such refunding shall not extend the
maturity of the bonds being refunded nor increase the total debt service thereon and shall meet
the requirements of§ 32-1-1101(6)(a), C.R.S. Refunding bonds shall not be subject to the debt
limit stated in Article V.b., above, provided that such refunding bonds demonstrate net present
value debt service savings; but if such refunding bonds do not demonstrate net present value debt
service savings, any increase in principal amount of the refunding bonds over the principal
amount of bonds being refunded shall be subject to such debt limit. Any issuance of refunding
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bonds must comply with Article V.e., above, "Investor Suitability". Except to the extent
expressly provided in this Article V.f., all limitations, restrictions and requirements of this
Service Plan with respect to general obligation bonds of the District shall be applicable to
refunding bonds, including, without limitation, Limited Mill Levy, debt limit, maximum interest
_ rate, maximum discount, maximum term, prohibition on acceleration, bank trustee requirement
and opinion requirements.
g. Developer Bonds.
In lieu of issuing bonds to third party investors,the Developer may choose to purchase all
of the bonds (the "Developer Bonds"). Except as provided below in this Article V.g., Developer
Bonds shall not be sold,transferred, assigned, participated or used as security for any borrowing.
Developer Bonds shall not be subject to the escrow requirements of Article V.b., above;
however, Developer Bonds may be resold (or otherwise transferred, assigned, participated, or
used as security) only to the extent that the requirements for release from escrow (issuance of
_ building permits and initial acceptance of public improvements) have been met with respect to
the principal amount of Developer Bonds to be sold, transferred, assigned, participated, or used
as security. If and when Developer Bonds are resold by the Developer, such resale must comply
with the institutional investor requirements of Article V.e., above, (unless the Developer Bonds
have received an investment grade rating as described in the last sentence of Article V.e., above).
The purchase of Developer Bonds by the Developer shall not be subject to any underwriting
discount, and interest rates on Developer Bonds shall not exceed the estimated interest rates used
in the Financing Plan. Except as otherwise specifically provided in this Article V.g., all
limitations, restrictions, and requirements of this Service Plan with respect to general obligation
bonds of the District shall be applicable to Developer Bonds, both when owned by the Developer
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and upon any permitted resale, including, without limitation, Limited Mill Levy, debt limit,
maximum interest rate, maximum term, prohibition on acceleration, bank trustee requirement,
and opinion requirements. For purposes of ownership of Developer Bonds, the Developer shall
include all affiliates or entities under the majority control of the Developer ("controlled
affiliates"), provided that the Developer and any such controlled affiliate must be an accredited
investor, as that term is defined under sections 3(b) and (4)(2) of the federal "Securities Act of
1933"by regulation adopted thereunder by the Securities and Exchange Commission, at the time
of acquisition of the Developer Bonds. To the extent that transfers or exchanges of Developer
Bonds are permitted under this Article V.g., the District shall provide for and shall utilize
appropriate minimum denominations and mechanisms and procedures for transfers and
exchanges of Developer Bonds that are reasonably designed to insure continuing compliance
with applicable requirements and restrictions as provided in or cross-referenced by this Article
V.g. The Developer (including all controlled affiliates) assumes all risk of nonpayment or other
default on Developer Bonds, and shall comply with the above-stated limitations, restrictions, and
requirements regarding Developer Bonds.
h. Construction Financing Notes Issued to Developer.
_ The District may issue construction financing notes to the Developer to evidence the
District's obligation to reimburse the Developer's advances for construction costs; any
Developer advances which are not so reimbursed shall be treated as Developer contributions as
described in Article V.a., above. Such notes shall be subject to the following restrictions set
forth above for general obligation bonds: Limited Mill Levy, debt limit, maximum term,
prohibition on acceleration, and opinion as to Service Plan compliance; but such notes shall not
be subject to the above-stated bank trustee requirement or bond counsel opinion requirements.
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The repayment of construction financing notes from proceeds of an equal or lesser principal
amount of the District's bonds shall not be treated as an increase in the principal amount of
District debt for purposes of the debt limit under this Service Plan. Such notes shall not be
general obligations of the District, shall bear no interest, shall be issued only to the Developer
(and, therefore, not subject to any underwriting discount), and shall not be sold, transferred,
assigned, participated, or used as security for any borrowing. The Developer hereby represents it
is an accredited investor, as that term is defined under §§ 3(b) and (4)(2) of the federal
_ "Securities Act of 1933" by regulation adopted thereunder by the Securities and Exchange
Commission, and the Developer agrees it will also be such an accredited investor if and when it
acquires such notes. Such notes shall be paid from proceeds of the District's general obligation
bonds when and if received by the District (subject, however,to the escrow requirements of V.b.,
above); otherwise the notes will be unsecured obligations of the District. To the extent that any
of such notes are outstanding when the District's general obligation bonds are also outstanding,
payments on the notes may be made only if such payments do not adversely affect the District's
ability to pay its general obligation bonds. The Developer solely assumes the risk of
nonpayment or other default on such notes, including, without limitation, delay, inability, or
failure of the District to sell or issue its general obligation bonds.
i. Identification of District Revenue.
The District will impose a mill levy on all taxable property in the District as the primary
source of revenue for repayment of debt service and for operations and administration. The mill
levy imposed by the District shall not exceed fifty (50.000) mills, except for Gallagher
adjustments permitted under Article V.d., above. Although the mill levy imposed may vary
depending on the phasing of facilities anticipated to be funded, it is estimated that a mill levy of
approximately forty (40.000) mills will produce revenue sufficient to support debt service,
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operations, and warranty maintenance expenses throughout the repayment period. The District
expects to impose facility fees upon property located within the District and may impose such
facility fees without the consent of or notification to the City, provided that such facility fees are
limited to a one-time imposition of One Thousand Five Hundred Dollars ($1,500.00) per single-
- family dwelling unit and One Thousand Dollars ($1,000.00) per townhome. The District shall
not impose any other fees or user charges, and the imposition of any other fee or charge shall be
considered an unauthorized material modification of this Service Plan.
j. Security for Debt.
The District will not pledge any City funds or assets for security for the indebtedness set
forth in the Financing Plan of the District.
k. Services of District.
The District will require sufficient operating funds to plan and cause the public
improvements to be constructed. The costs are expected to include: organizational costs; legal,
engineering, accounting, and debt issuance costs; compliance with warranty obligations; and
compliance with state reporting and other administrative requirements. The first year's operating
budget (for 2006) is estimated to be Twenty-Five Thousand Dollars ($25,000.00), increasing
annually at a rate of two percent (2%) to accommodate for inflation. The District currently
anticipates that, upon approval by the City, a non-profit homeowners' association will maintain
some or all of the improvements the District may retain pursuant to Article IV.h., above, which
may further reduce or eliminate the District's operations and maintenance obligations. Such
improvements will be retained by the District for operations and maintenance, unless the City
requests that such improvements be dedicated and conveyed to the City or its designee.
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1. Quinquennial Review.
Pursuant to § 32-1-1101.5, C.R.S.,the District shall submit application for a quinquennial
finding of reasonable diligence in every fifth (5th) calendar year after the calendar year in which
the District's ballot issue to incur general obligation indebtedness is approved by its electorate.
Upon such application, the City Council may accept such application or hold a public hearing
thereon and take such actions as are permitted by law. The District shall be responsible for
payment of the City's consultant and administrative costs associated with such review, and the
City may require a deposit of the estimated costs thereof. The City shall have all powers
concerning the quinquennial review as provided by statutes in effect from time to time.
m. Letters.
Attached hereto as Exhibit H is an underwriter's letter stating its intention to underwrite
the District's financial obligations as proposed in the Financing Plan. Attached hereto as
Exhibit I is a letter from legal counsel for the District stating that the petition for organization of
the District, this Service Plan, notice and hearing procedures in connection therewith, and
provisions thereof(including, without limitation, provisions as to the District's bonds, fees, and
revenue sources)meet the requirements of Titles 11 and 32, C.R.S., and other applicable law.
VI. LANDOWNERS' OBLIGATIONS AS TO PUBLIC IMPROVEMENTS
The creation of the District shall not relieve the Developer, the landowner or any
subdivider of property within the District, or any of their respective successors or assigns, of any
obligation to construct public improvements for Legacy Park, of the obligation to enter into a
subdivision improvements agreement regarding such improvements, of the obligation to provide
to the City letters of credit as required by the City to ensure the completion of such public
improvements, or of any other obligations to the City under City ordinances, rules, regulations,
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or policies, or under other agreements affecting the property within the District or Legacy Park,
or any other agreement between the City and the Developer (or any such landowner, subdivider
or successors or assigns).
VII. ANNUAL REPORT
The District shall be responsible for submitting an annual report to the City within one
hundred twenty (120) days from the conclusion of the District's fiscal year. Failure of the
District to submit such report shall not constitute a material modification hereof, unless the
District refuses to submit such report within thirty (30) days after a written request from the City
to do so. The District's fiscal year shall end on December 31S` of each year. The content of the
annual report shall include information as to the following matters that occurred during the year:
a. Boundary changes made or proposed;
b. Intergovernmental Agreements entered into or proposed;
c. Changes or proposed changes in the District's policies;
d. Changes or proposed changes in the District's operations;
e. Any changes in the financial status of the District, including any issuance of
_ financial obligations or any change in revenue projections or operating costs;
f. A summary of any litigation and notices of claim involving the District;
g. Proposed plans for the year immediately following the year summarized in the
annual report;
h. Status of construction of public improvements;
i. The current assessed valuation in the District; and
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j. A schedule of all fees, charges and assessments imposed in the report year and
proposed to be imposed in the following year and the revenues raised or proposed
to be raised therefrom.
The foregoing list shall not be construed to excuse the requirement for prior written City
approval of material modifications of this Service Plan or for any other required City approval.
The annual report shall be signed by the President and attested by the Secretary of the District.
Along with the annual report, and at any more frequent intervals as reasonably requested by the
City, the District shall provide to the City a currently dated and written certificate, signed by the
President and Secretary of the District, certifying the District is in full compliance with this
Service Plan. If the District is not in full compliance with this Service Plan, the certificate shall
include a detailed statement describing such noncompliance, and the District shall cooperate
fully with the City in providing further information as to, and promptly remedying, any such
noncompliance. The City reserves the right, pursuant to §§ 32-1-207(3)(c) and (d), C.R.S., to
request reports from the District beyond the mandatory statutory five (5) year reporting period.
The District shall provide the City with a copy of the District's financial statements annually. In
years where an independent audit is not conducted, the District shall provide the City with a copy
of the application for exemption and the response by the State Auditor. In addition to the
foregoing, the District shall cooperate with the City by providing prompt responses to all
reasonable requests by the City for information, and the District shall permit the City to inspect
all public improvements, facilities, books, and records of the District.
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VIII. DISSOLUTION
Promptly when all general obligation bonds to be issued by the District have been paid
(or when provision for payment thereof has been made through establishment of an escrow as
provided by § 32-1-702(3)(b), C.R.S.), the District will so notify the City and will cooperate
fully with the City in taking all steps necessary under then applicable law to dissolve the District
(including, without limitation: formulating a plan of dissolution; executing the District's consent
to dissolve pursuant to § 32-1-704(3)(b), C.R.S.; making any necessary agreements as to
continuation or transfer of warranty maintenance and other services, if any, which are then being
provided by the District; submitting a petition for dissolution to the District Court; and
conducting any required dissolution election).
In addition, at any time after the District has issued all of its general obligation bonds
(excluding refunding bonds) as contemplated by the financial plan, upon the City's request, the
District will cooperate fully with the City to dissolve the District pursuant to a plan for
dissolution stating there are outstanding financial obligations and providing that the District will
continue in existence (with the City Council serving as the District Board if the City so elects) to
the extent necessary to adequately provide for the payment of such financial obligations, as
provided in §§ 32-1-702(3)(c) and 32-1-707(2)(c), C.R.S. To the extent any District financial
obligations are owned by the Developer (or by the Developer's controlled affiliates as provided
in Article V.g.), the Developer shall cooperate fully, and shall cause any such controlled affiliate
to cooperate fully, with the City to dissolve the District. Also, on or after December 31, 2011, if
the District has not issued any of its general obligation bonds, the City shall have the right to
require the District to dissolve in accordance with applicable law, and the District will cooperate
fully with the City to dissolve the District.
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To the maximum extent permitted by law, the above-stated agreements to cooperate in
dissolution of the District shall be binding on the undersigned Developer (including the
Developer's controlled affiliates) and shall also be binding on the Developer's successors in title
to any and all land in the District (including the nominees for the initial Board of Directors set
forth in Article X hereof and succeeding directors who own land within the District); and such
agreements shall obligate all such persons to cooperate fully with the City as described above,
including, without limitation, the signing of petitions, execution of consents, and voting in favor
of dissolution in any required election.
IX. CONSOLIDATION
The District shall not file a request with the District Court to consolidate with another
special district without the prior written approval of the City Council.
X. ELECTIONS
Following approval of this Service Plan by the City, and after acceptance of the
organizational petition and issuance of orders from the District Court, elections on the questions
_ of organizing the District and approving bonded indebtedness and various agreements described
herein will be scheduled. All elections will be conducted as provided in the court orders, the
Uniform Election Code of 1992 (as may from time to time be amended), and Article X §20 of
the Colorado Constitution(the "TABOR Amendment"), and are currently planned for November
I, 2005, but may be held on any legally permitted date. The election questions are expected to
include whether to organize the District, election of initial directors, and TABOR Amendment
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ballot issues and questions. Thus, the initial ballot may deal with the following topics(in several
questions, but not necessarily using the exact divisions shown here):
a. Whether to organize the District,
b. Membership and terms of the initial board members,
c. Approval of new taxes,
d. Approval of maximum operational mill levies,
e. Approval of bond and other indebtedness limits,
f. Approval of an initial property tax revenue limit,
g. Approval of an initial total revenue limit,
h. Approval of an initial fiscal year spending limit, and
i. Approval of a four(4)year delay in voting on ballot issues.
Ballot issues may be consolidated as approved in court orders. The petitioners intend to
follow both the letter and the spirit of the Special District Act, the Uniform Election Code and
the TABOR Amendment during organization of the District. Future elections shall comply with
the TABOR Amendment, and may be held as determined by the elected Board of Directors of
the District.
The following persons, who are or will be owners of property within the District, are
anticipated to be nominated for the initial board of directors of the District:
Thomas M. Huth Paul B. Vernon
2971 Spinnaker Place 6781 South Gibraltar Court
Longmont, Colorado 80503 Centennial, Colorado 80016
Susan C. Huth Andrew Terranova
2971 Spinnaker Place 8523 Ute Highway
Longmont, Colorado 80503 Longmont, Colorado 80503
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Maria Terranova
8523 Ute Highway
Longmont, Colorado 80503
XL INDEMNITIES
The fully executed Trinity Trust LLC Indemnity Letter attached hereto as Part I of
Exhibit J is submitted by the Developer to the City as part of this Service Plan. The form of the
District Indemnity Letter attached hereto as Part II of Exhibit J shall be executed by the District
and delivered to the City immediately upon formation of the District. The District shall not incur
._ any financial obligations of any kind or otherwise perform any functions authorized under this
Service Plan until the District Indemnity Letter has been duly executed by the District and
delivered to the City. The execution of such Indemnity Letters are material considerations in the
City's approval of this Service Plan, and the City has relied thereon in approving this Service
Plan.
XII. DISCLOSURE AND DISCLAIMER; NO THIRD-PARTY RIGHTS
.. The District will also record a statement against the property within the District that
includes notice of the existence of the District, the anticipated mill levy, and the maximum
allowed mill levy. The form of the notice is attached hereto and incorporated herein as Exhibit
K, subject to any changes required by the City in the future. In addition, attached hereto as
Exhibit L is a form of the City's disclaimer statement. The District shall conspicuously include
this disclaimer statement, or any modified or substitute statement hereafter furnished by the City,
in all offering materials used in connection with any bonds or other fmancial obligations of the
District(or, if no offering materials are used,the District shall deliver the disclaimer statement to
any prospective purchaser of such bonds or financial obligations). No changes shall be made to
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the disclosure or the disclaimer set forth in Exhibits K and L,respectively, except as directed by
the City. Neither this Service Plan, the intergovernmental agreement to be entered into between
the City and the District as described in Article XIII below, nor any other related agreements
shall be construed to impose upon the City any duties to, or confer any rights against the City
upon, any bondholders, investor, lenders, or other third parties.
XIII. INTERGOVERNMENTAL AGREEMENTS
The District shall enter into an intergovernmental agreement with the City in substantially
the form set forth in Exhibit M. The District shall execute and deliver the intergovernmental
agreement to the City immediately upon formation of the District. The District shall not incur
any financial obligations of any kind or otherwise perform any functions authorized under this
Service Plan until the intergovernmental agreement has been duly executed and delivered to the
City. The execution of such agreement is a material consideration in the City's approval of this
Service Plan, and the City has relied thereon in approving this Service Plan.
The District anticipates entering into one or more intergovernmental agreements with
Legacy Park Metropolitan District No. 2 for the sharing of costs related to off-site public
improvements benefiting both districts. The total estimated costs of shared off-site
improvements are included in Exhibit E. The cost-sharing intergovernmental agreements are
expected to provide that, to the extent one district finances and constructs shared off-site
improvements, the other district shall reimburse the financing and constructing district for its
agreed-upon share of the costs of the shared off-site improvements, but only if such
reimbursement does not adversely affect the reimbursing district's ability to repay its bonds.
Any such cost-sharing intergovernmental agreement shall be subject to review and approval by
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the City Council prior to its execution by the District, and the City Council may grant or
withhold such approval in its sole and absolute discretion.
No other intergovernmental agreements are proposed at this time. Any
intergovernmental agreements proposed regarding the subject matter of this Service Plan
(including, without limitation, the above-referenced cost-sharing agreements with Legacy Park
Metropolitan District No. 2) shall be subject to review and approval by the City Council prior to
their execution by the District. Failure of the District to obtain such approval shall constitute an
unauthorized material modification of this Service Plan.
XIV. CONSERVATION TRUST FUND
_ The District shall not apply for or claim any entitlement to funds from the Conservation
Trust Fund, which is derived from lottery proceeds, or other funds available from or through
governmental or nonprofit entities for which the City is eligible to apply. The District shall remit
to the City any and all conservation trust funds it receives.
XV. MODIFICATION OF SERVICE PLAN
The District shall obtain the prior written approval of the City before making any material
modifications to this Service Plan. Material modifications require a Service Plan amendment
and include modifications of a basic or essential nature, including, but not limited to, the
following:
a. My change in the stated purposes of the District or additions to the types of
facilities, improvements,programs, activities, or functions provided by the District;
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b. Any issuance by the District of financial obligations not expressly authorized by
this Service Plan, or under circumstances inconsistent with the District's financial ability to
discharge such obligations as shown in the build out, assessed valuation and other forecasts
contained in the Financing Plan, or any change in debt limit, change in revenue type, or change
in maximum mill levy (except for any necessary Gallagher adjustment as provided in Article
V.d., above);
c. Any change in the types of improvements or estimated costs of improvements
from that set forth in Exhibit E of this Service Plan;
d. Failure by the District to enter into the intergovernmental agreement (the form of
which is attached hereto as Exhibit M) immediately upon the District's formation as provided in
Article XIII of this Service Plan, or failure by the District to execute and deliver the District
indemnity letter (the form of which is attached hereto as Exhibit J-II) immediately upon the
District's formation as provided in Article XI of this Service Plan;
e. Failure to comply with the requirements of this Service Plan concerning the
dedication of improvements or the acquisition and conveyance of lands or interests in land;
f. The failure of the District to develop any capital facility proposed in its Service
Plan when necessary to service approved development within the District;
g. Any proposed use of the powers set forth in §§ 32-1-1101(1)(f) and —1101(1.5),
C.R.S., respecting division of the District;
h. The occurrence of any event or condition defined under the Service Plan or
intergovernmental agreement as necessitating a service plan amendment;
i. The default by the District under any intergovernmental agreement;
36
j. Any of the events or conditions enumerated in § 32-1-207(2), C.R.S., of the
Special District Act; or
k. Any action or proposed action by the District that would interfere with or delay
the planned dissolution of the District as provided in Article VIII hereof
(The examples above are only examples and are not an exclusive list of all actions that may be
identified as a material modification.)
The District will pay all reasonable expenses of the City, its attorneys and consultants, as
_ well as the City's reasonable processing fees, in connection with any request by the District for
modification of this Service Plan or administrative approval by the City of any request
hereunder. The City may require a deposit of such estimated costs.
XVI. FAILURE TO COMPLY WITH SERVICE PLAN
In the event it is determined the District has undertaken any act or omission that violates this
Service Plan or constitutes a material departure from the Service Plan(including,without limitation,
any material modification of this Service Plan as described in Article XV that is not duly authorized
by the City),the City may utilize the remedies set forth in the Colorado statutes to enjoin the actions
of the District; may withhold issuance of any permit, authorization, acceptance, or other
administrative approval for Legacy Park; or pursue any other remedy available at law or in equity,
including affirmative injunctive relief,to require the District to act in accordance with the provisions
of this Service Plan. The District shall pay any and all costs, including attorneys' fees, incurred by
the City in enforcing any provision of the Service Plan. To the extent permitted by law,the District
hereby waives the provisions of § 32-1-207(3)(b), C.R.S., and agrees it will not rely on such
provisions as a bar to the enforcement by the City of any provisions of this Service Plan.
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XVII. RESOLUTION OF APPROVAL
The Developer and other proponents of the proposed District agree to and shall
incorporate the City Council's Resolution of Approval, including any conditions on such
approval, into the Service Plan presented to the Weld County District Court. Such resolution
shall be attached as Exhibit N.
XVIII.SEVERABILITY
If any portion of this Service Plan is held invalid or unenforceable for any reason by a
court of competent jurisdiction, such portion shall be deemed severable and its invalidity or its
unenforceability shall not cause the entire Service Plan to be terminated. Further,with respect to
any portion held invalid or unenforceable, the District and City agree to pursue a Service Plan
amendment or take such other actions as may be necessary to achieve to the greatest degree
possible the intent of the affected portion.
- 38 -
XIX. CERIIflCATION
This Service Plan is submitted to the City by the undersigned Developer, which is the
District petitioner, and with the consent of all property owners of all property within the boundaries
of the proposed District. The undersigned will cause written notice of the City's hearing on the
proposed Service Plan to be duly given to all"interested parties"within the meaning of§ 32-1-204,
C.R.S., and will or has caused all other required filings to be made and all other applicable
procedural requirements to be met. The information contained in this Service Plan is true and
correct as of this date.
TRINITY TRUST LLC, a Colorado limited
liability company
Thomas . uth,Manager‘141274M. ‘41-1C-1—
September 12, 2005
-
EXHIBIT A
Legal Description
LEGAL DESCRIPTION
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 1 OF 3
LEGAL DESCRIPTION
A PARCEL OF LAND LOCATED IN THE WEST HALF OF SECTION 1, TOWNSHIP 1 NORTH, RANGE 68 WEST OF THE
6TH PRINCIPAL MERIDIAN, CITY OF DACONO, COUNTY OF WELD, STATE OF COLORADO, SAID PARCEL BEING
MORE PARTICULARLY DESCRIBE AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 1 AND
CONSIDERING THE WEST UNE OF THE NORTHWEST QUARTER OF SAID SECTION 1 TO BEAR SOUTH 00'31'38"
EAST WITH ALL BEARINGS CONTAINED HERON RELATIVE THERETO;
THENCE ALONG SAID WEST LINE SOUTH 00'31'38" EAST A DISTANCE OF 1304.15 FEET;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 30.00 FEET TO THE EASTERLY RIGHT-OF-WAY UNE OF WELD
COUNTY ROAD NUMBER 11 AS DESCRIBED IN BOOK 86 AT PAGE 273 OF THE RECORDS OF THE WELD COUNTY
CLERK AND RECORDER, SAID POINT ALSO BEING THE POINT OF BEGINNING;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 30.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF SOUTH 45'31'38" EAST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 330.54 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 17'23'39", A RADIUS OF 220.00 FEET,
AND AN ARC LENGTH OF 66.79 FEET;
THENCE SOUTH 17'55'17" EAST A DISTANCE OF 60.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 24'59'05", A RADIUS OF
280.00 FEET, A CHORD BEARING OF NORTH 59'35'10" EAST, AND AN ARC LENGTH OF 122.10 FEET;
THENCE NORTH 47'05'38" EAST A DISTANCE OF 426,28 FEET;
THENCE SOUTH 71'21'31" EAST A DISTANCE OF 433.03 FEET TO THE EAST UNE OF THE WEST HALF OF THE
NORTHWEST QUARTER OF SAID SECTION 1;
THENCE SOUTH 00'24'09" EAST ALONG SAID EAST UNE, A DISTANCE OF 1500.09 FEET TO THE WEST HALF OF
THE NORTHWEST QUARTER OF SAID SECTION 1;
THENCE SOUTH 00'31'38" EAST A DISTANCE OF 270.91 FEET;
THENCE SOUTH 05'53'30" EAST A DISTANCE OF 39.93 FEET;
THENCE SOUTH 37'30'00" EAST A DISTANCE OF 344.79 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 80.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20.00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
20.00 FEET, A CHORD BEARING OF NORTH 82'30'00" WEST, AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 160.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20.00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
20.00 FEET, A CHORD BEARING OF NORTH 82'30'00" WEST, AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 94.40 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 36'51'14", A RADIUS OF 225.00 FEET,
AND AN ARC LENGTH OF 144.72 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 54.90 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20.00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 00'38'46" EAST A DISTANCE OF 10.00 FEET;
f Carroll & Lange
Professional Engineers 8 Land Surveyors
— \/ 165 South Union d18.,Suite 156
Lakewood,Sth Cnio Blvd.,
80228Suite
(303)980-0200
P:\3111\Ef011BIT5\METRO—D15T\3111—M—DIST-1.dy, SHEET 1 CF 3, PREPMW 7/11/05 AN: 3111
_ LEGAL DESCRIPTION
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 2 OF 3
LEGAL DESCRIPTION
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
- 25.00 FEET, A CHORD BEARING OF NORTH 45'38'46" WEST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 150.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 25.00 FEET,
AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF NORTH 45'38'46" WEST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 503.33 FEET TO A POINT OF CURVATURE;
-' THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 25.00 FEET,
AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 30.00 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF SAID
WELD COUNTY ROAD NUMBER 11;
THENCE ALONG SAID EASTERLY RIGHT-OF-WAY LINE THE FOLLOWING TWO (2) COURSES:
1. THENCE NORTH 00'38'46" WEST A DISTANCE OF 984.52 FEET;
-- 2. THENCE NORTH 00'31'38" WEST A DISTANCE OF 1355.01 FEET TO THE POINT OF BEGINNING;
SAID PARCEL CONTAINS 71.86 ACRES, MORE OR LESS.
I, THOMAS D. OA. R LICENSED IN THE STATE OF COLORADO,
DO HEREBY. Y' OVE LEGAL DESCRIPTION WAS PREPARED
a-. BY ME OR DIR • VISION AND CHECKING.
= 7-/4.05
• 25965
THOMAS D. P.L.S.
FOR AND ON �• & LANGE, INC.
L.7721_05-
DATE
Carroll & Lange
Professional Engineers E.Land Surveyors
^ \, 165 South Union Blvd.Suite 156
Lakewood5 Colorado 80228
(303)980-0200
PAM'\EXHIBITS\ME1R0-OIST\3111—M—DIST-1.dwg, SHEET 2 CF 3, PREMED 7/11/05 JN: 3111
EXHIBIT
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 3 OF 3
_ i _
i/Q N. LINE, W 1/2, QQ\\
POINT OF 7C -NW 1/4, SEC 0. \ ST HWY 52-
N8956'15'E iJJ0.76' \ 150' EX. ROW
COMMENCEMENT
BK 1552, PG 437
NW COR., NW 1/4, NE COR., W 1/2,
SEC. i, T. 1 N., NW 1/4, SEC. 01,
R68 W., 6TH P.M.
T.REC. NO. 01 N., R 68 W,
FOUND 2-1/2"
ALUMINUM 1456239 \\\ 67H P.M. SET 2-1/2"
-
PLS 13482, 1999 PLS 2828 CAP 3
S00'31'38"E G-17'23'39" PLS 28286, 2004
R=220.00'
1304.15' L-66.79' KATELYN STREET
589'28'22"W CHB"N80'4633-E S77 Z7. REC. NO. 2968872
— 30.00' 43 031 f
POINT OF
BEGINNING
��NNa4705'38"E o
N89'28'22"E LF2459'd5y W Ubr26.28' °�LATTrE®
® 30.00' R-280.00' y C.
010 ti-90'00.0" L-122.10'• N
I- R-25.00' 3
— L-39.27' 1 3
d CHB=545'31'37"E 6?.05'17"E W
N00'31'38"W chi P �v
1355.01' I 'Za= 58928'22"W �,3
N m 330.54' =o SE COR., W f/2,
SW COR., NW 1/4,— kit, I 71.86 Z o NW 1/4, SEC 01,
SEC 1, T. 1 N., ?" d ACRES.* - T. 01 N., R 68 W.,
R 68 W, 6TH P.M. .'�y ,(\ • 6TH P.M. FOUND
FOUND J-1/4" X;%1� 50024'0 E 2-1/2"ALUMINUM CAP
BRASS CAP o m \ _ 1 00.09' PLS 28258, 2000
... US CADAS7RAL h
SURVEY, BLM, 1952 ,.\
S. LINE, if' 1/2, 500'31'38"E
I I I NW 1/4, SEC. 01 270.91' /0
`
— WCR 11-90' EX. ROW N8939 J7"E
I 11324.88' S05'53'30"E
BK 86, PG 273 ---((( 52'30'00"W 39.93' I I I
80.00'
— 52'30'00"W 537'30'00"
IL50.00' 44.79YIII
A=90'00 00•
N00'38'46"W R=20.00' .90'00'00"
984.52' d=90.00'00" L-31.42'
R=25.00' CHB=N82'30'o0"W R-3142' ixTT L-39.27' 552'30'00" lY
6-90'00'00" 589.21'14"W94.40' 552'30'00"W —
R=25.00' 160.po',
L-39.27' 50.00'
G=90'00'00"
1
589'21'14"W 589'21'14"W R=20.00
30.00' 503.33' L=31.42'
8p:90'00'00" u &36'51'14 552'30'00
R=25.00' 8921'14" R=225.00' 50.00',.,N —0—
L-39.27' 150.00' b 90'00'
CHB-N45L=39."W L 144.72
/p 9020'00" 58921'14"W R=20.00'1
R=25.00' 54.90' -L-31.42 f Ill \
L=39.27' 6=90'00.0 •CHB-N82'30'00" ,111
CHB=N45'38'46"W R=20.0(3'
\8921'14"W L=31.42 SCALE:
- 50.00' S00'38'46"L -
10.00'1 I I I I T�� = 600'
NOTE: ,\ Carroll & Lange
• Denotes Change of Direction Only. This exhibit Professional Engineers a land surveyors
does not represent a monumented survey. It 165 South Union erod..Suite 156
Lakewood.Colorado 80228
is intended only to depict the attached legal d (303)980-0200
description. P:\3111\E%HIRITS\ME1R0-015T\3111-M-GIST-LE.q, SHEET 3 OF 3. PREPARED 7/11/05 ti: 3111
EXHIBIT B
Boundary Map
EXHIBIT
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 3 OF 3
- i •___
N. LINE—, W1/2,
PQiNT or// NW I/4, SEC. 01 JQl\ t ST HWY 52-
N8936'15'E 1330.76' \ 150' EX. ROW
-" COMMENCEMENT
NW COR., NW 1/4, BK 1552, PG 437
SEC i, T. 1 N., NW 1 NE COR., W 1/2,
SEC. 0
R 68 W., 61H P.M. REC. NO. 7. 01 NA, R681l,
FOUND 2-1/2" 7-1456239 6771 2/ "P.M. SET 2-1-' ALUMINUM CAP b
PLS 13482, 1999 ALUMINUM CAP
38"E &17'23'39" PLS 28286, 2004
500'31' R=220.00'
1304.15'38"E
L=66.79' KATELYN STREET
..'" 589'28'22"W CHB=N80'46'33"E S>1 Z�31 REC. NO. 2968872
30.00' 433
POINT OF
BEGINNING
��4aN4705'38"E 8
�,
N89'28'22'E ✓aA24'59'dsT W' W&&LATTE® 1
30.00' to
R=280.00' m
I-WI 6=9000'00" / L=122.10'. \N
I- R=25.00') ��cL= 3
Q L=39.27' a 517'51 5'17IE 3
a CHB=S45'3137"E , co lc ‘...--
CO W
° N00'31'38"W 60.00' ry a
M1355.01' I ue L589'28'22"W �o
,-. .}N W 330.54' $N SE COR., W 1/2,
SW COP., NW 1/4, r W . —` I 71.88 h NW 1/4, SEC 01,
SEC. 1, T 1 N., R, �law, ACRES* -1 T. 01 N., R 68 W.,
R 68 W., 6TH P.M. h 01 ,e\ - 6TH P.M. FOUND
FOUND 3-1/4" IY1 \ 500'24'0•"E 2-7/Y ALUMINUM CAP
BRASS CAP 203 Tom' , PLS 28258, 2000
US CADAS7RAL Ln
SURVEY, BLM, 1952
I a LINE, w 1/2, S r SOO'31'38"E
NW 1 4, SEC 01 270.91'
WCR 11-90' EX. ROW ^, N895937 E 111324.98' SO5'53'30"E� /0
_
BK 86, PG 273 952'30'00"W L•�, 39.93'
80.00'
52'30'00"W S37'30100":I'.,
,�,,, I� 44.79
9000 00"
' N00'38'46"W R=20.00' �♦
984.52' I A=R=25.00' 3000"W L-31.42' ��`♦O�`R=20 00' •,,
CHB=N82' ' I� L=31.42
-
L=39.27' '
h90'00'00" 589'21'14"W S52'30'00" • ��552'30'00"W K
, 94.40'
R=25.00' 50.00' �� �.� 160.00',
L=39.27' � �'�♦X90O0'00"
III
v- 589'21'14"W V I S89'21'14'W �:1' ♦ R=20.00 ••
30.00'---111 503.33' j�� 11 1 L=31.42'
4S-90'00.00" &36'51'14 \ S5210)00
R=25.00' 89'21'14" •I��1 p�1
,�► tt�l R=225.00' so.00'A —C
6-90-0010m
- CHB=N453846'W x90O0'00"� ,1 S89'2114'W
R=20.00
R=25.00' /► 1I 54.90' L-31.42 \
L=39.27' � , / 9000'0� 1- "CHB=N82'30'00"
CHB=N45'38'46'W .� R=20.0 ' 1
\6s'21'1a"w •$$ L=31.42 SCALE:
-
50.00' SO0'38'46"
' 10.00' l i 1" = 600'
NOTE. ,\ Carroll sL Lange
• Denotes Change of Direction Only. This exhibit Professional Engineers&Land Surveyors
— does not represent a monumented survey. It , 165 South Union Blvd..Suite 156
is intended only Lakewood.Colorado 80228
to depict the attached legal 9 (303)980-0200
description. P:\3111\EXHIBITS\METR0—DIST\3111—N—DIST-1.dwg. SHEET 3 OF 3. PREPARED 7/11/05 ii, Jilt
EXHIBIT C
Vicinity Map
LEGACY PARK-
METROPOLITAN DISTRICT NO. 1
- /
COLORADO STATE HW. 52
v 0
— FUTURE
LEGACY
PARK
_. ✓ SCHARPE
RIDGELAMD9
DISTRICT 1
PINNACLE 2 a
FARMS
RIDG(ELAIdDS
� III
_ h
K j
FUTURE LEGACY
SARK
T O
e
I WELD COUNTY RD. 12
VICI \ ITY V AP
\ . T. S.
EXHIBIT D
Property Owner's Consent
September 12,2005
City of Dacono
Post Office Box 186
Dacono, Colorado 80514
RE: Proposed Legacy Park Metropolitan District No. 1 (the"District")
To Whom It May Concern:
Trinity Trust LLC, a Colorado limited liability company, is the owner of the property
attached hereto as Exhibit A, which property is proposed to constitute the boundaries of
the District. The purpose of this letter is to advise that I, Thomas M. Huth, as Manager of
Trinity Trust LLC, a Colorado limited liability company, consent to the organization of
the District.
TRINITY TRUST LLC,
a Colorado limited liability company
nip
gym h,
omas M. Huth,Manager
STATE OF COLORADO )
ss.
COUNTY OF I-50.A s r )
Subscribed and sworn to before me on this 12th day of September 2005, by
Thomas M. Huth, as Manager of Trinity T LLC, a Colorado limited liability
company.
[SEAL]
Notary Public
My Commission Expires:05/11/2008
My commission expires 1707 N.Main St
Lonynhont,CO 00401
Legacy Park\No.1Service Plan
5LO1531
0833.0003
EXHIBIT A
LEGAL DESCRIPTION
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 1 OF 3
LEGAL DESCRIPTION
A PARCEL OF LAND LOCATED IN THE WEST HALF OF SECTION 1, TOWNSHIP 1 NORTH, RANGE 68 WEST OF THE
6TH PRINCIPAL MERIDIAN, CITY OF DACONO, COUNTY OF WELD, STATE OF COLORADO, SAID PARCEL BEING
MORE PARTICULARLY DESCRIBE AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 1 AND
CONSIDERING THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 1 TO BEAR SOUTH 00'31'38"
EAST WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO;
THENCE ALONG SAID WEST LINE SOUTH 00'31'38" EAST A DISTANCE OF 1304.15 FEET;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 30.00 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF WELD
COUNTY ROAD NUMBER 11 AS DESCRIBED IN BOOK 86 AT PAGE 273 OF THE RECORDS OF THE WELD COUNTY
CLERK AND RECORDER, SAID POINT ALSO BEING THE POINT OF BEGINNING;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 30.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF SOUTH 45'31'38" EAST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 330.54 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 1723'39", A RADIUS OF 220.00 FEET,
AND AN ARC LENGTH OF 66.79 FEET;
THENCE SOUTH 17'55'17" EAST A DISTANCE OF 60.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 24'59'05", A RADIUS OF
280.00 FEET, A CHORD BEARING OF NORTH 59'35'10" EAST, AND AN ARC LENGTH OF 122,10 FEET;
THENCE NORTH 47'05'38" EAST A DISTANCE OF 426.28 FEET;
THENCE SOUTH 71'21'31" EAST A DISTANCE OF 433,03 FEET TO THE EAST LINE OF THE WEST HALF OF THE
NORTHWEST QUARTER OF SAID SECTION 1;
THENCE SOUTH 00'24'09" EAST ALONG SAID EAST UNE, A DISTANCE OF 1500.09 FEET TO THE WEST HALF OF
THE NORTHWEST QUARTER OF SAID SECTION 1;
THENCE SOUTH 00'31'38" EAST A DISTANCE OF 270.91 FEET;
THENCE SOUTH 05'53'30" EAST A DISTANCE OF 39,93 FEET;
THENCE SOUTH 37'30'00" EAST A DISTANCE OF 344.79 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 80.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20..00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
20.00 FEET, A CHORD BEARING OF NORTH 82'30'00" WEST, AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 160.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20.00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
20.00 FEET, A CHORD BEARING OF NORTH 82'30'00" WEST, AND AN ARC LENGTH OF 31..42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 94.40 FEET TO A POINT OF CURVATURE;
HENCE ALONG A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 36'51'14", A RADIUS OF 225.00 FEET,
AND AN ARC LENGTH OF 144.72 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 54.90 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20.00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 00'38'46" EAST A DISTANCE OF 10.00 FEET;
,Th Carroll sz, Lange?
Professional Engineers&Lana Surveyors
\/ 165 Swood.Colon ao 80 Suite 156
Lakewood.Colorado t 60226
(303)880-0200
"" - P.\3111\ElQ1IDT3\NE1P0-01ST\3111—M—OIST-1.6Pa,SMEET 1 OF 3,PREPARED 7/11/13S it 3111
•
LEGAL DESCRIPTION
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 2 OF 3
LEGAL DESCRIPTION
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF NORTH 45'38'46" WEST, AND AN ARC LENGTH OF 39,27 FEET;
THENCE SOUTH 8921'14" WEST A DISTANCE OF 150.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 25.00 FEET,
AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF NORTH 45'38'46" WEST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 503.33 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 25.00 FEET,
AND AN ARC LENGTH OF 39..27 FEET;
•
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 30.00 FEET TO THE EASTERLY RIGHT-OF-WAY UNE OF SAID
WELD COUNTY ROAD NUMBER 11;
THENCE ALONG SAID EASTERLY RIGHT-OF-WAY UNE THE FOLLOWING TWO (2) COURSES:
1, THENCE NORTH 00'38'46" WEST A DISTANCE OF 984.52 FEET;
2. THENCE NORTH 00'31'38" WEST A DISTANCE OF 1355,01 FEET TO THE POINT OF BEGINNING;
SAID PARCEL CONTAINS 71.86 ACRES, MORE OR LESS.
I, THOMAS D. OA_ • LICENSED IN THE STATE OF COLORADO,
DO HEREBY. Y' OVE LEGAL DESCRIPTION WAS PREPARED
BY ME OR , DIR VISION AND CHECKING,
25965
THOM S D. P.L.S.
FOR AND ON & LANGE, INC.
DATE
fNsCarroll & Lange
Prolasslonal Engineers&land Sunward
165 South Union Blvd..Su T38
1 So Co
lorado 80225
(303)960-0200
Pt\3111\EXH@ITSVETRO—DIST\3111-1I—DIST-1.deg,SHEET 2 CF 3,PREPARED J/11/05 .11: 3111
EXHIBIT
LEGACY PARK METROPOLITAN DISTRICT NO. 1
- SHEET 3 OF 3
}•_
/ N. UN& W 1/2,
PQWT OF NW 1/4, SEC 01 ST HWY 52-
N8956Y5"E 1370.76' - 150' EX. ROW
CCMAIET/GEME7fIT
BK 7552, PG 437
NW COR., NW 1/4,
SEC 1, T. 1 N., NE COR., W 1/2,
R 68 W., 67N P.M. NW 1/4, SEC 01,
,� FOUND 2_l/2• REC. NO. T 01 N., R 68 W.,
1456239 6TH P.M. SET 2-1/2"
...
ALUMINUM CAP �
PLS 13482, 1999 1 ALUMINUM CAP
S00"31'38"E_/ R=2 0.00' P1.5 28286, 2004
1304.15' 1-220.00'
L-66.79' KAIELYN STREET
589'28'22"W c
" ' " 571x1, REC. NO. 2968872
3O.OO' 433p3?fPOINT OF
47'O5'38"EN89"28'22"E9'05+ UPLATTED30.00' .00'90'00'00' 10' *_ R=25.00'd CHB=5453Y37 E NO0'31'38"W 135501' m _j_589282W -o
- \°+m_J33054' o SE COR., W 1/$
SW COR, NW 1/4, yt - } 71.86 o NW 1/q SEC. Cl,
SEC. 1, T. 1 N., 3. 5.``V�� ACRES* �' T. Of N, R 68 W.,
R 68 W., 6M P.M. 2 h to X'\ 6TH P.M. FOUND
FOUND 3-1/4" hip;01 \ 50024'0 E 2-1/2'ALUMINUM CAP
BRASS CAP 'O - .09' PLS 28258, 2000
US CADASIDAL 3 N
SURVEY, BUJ, 1952
S U£ W 1/2 50031'38"E
NW 1/4, SEC 0f 270.91' _ 7
WCR 11-90' EX. ROW N8959317 E j 1324.98' 50553'30"E 0
BK 86. PG 273 552'3000" 39.93'
80.00' •
5230'00"W 537'30'00"
' 150.00' 79
A=90.00.00-
'- N00'38'46"W R-20.00'
98452' I 8=90'00'00" L=31.42' 8.90'00'00" •
R-25.00' CHB=N8230'00'W R=20 00'
L=39.27' L=31.42'
x90'00'00' S52430'00' 552'30'00"W x
- R=25,00' 58921'14'W 440'
50.00' 180,00'
L-39.27'
090'00'00' �
S 503 3 ' R-20 2'0�
58921'14'W -
30.00' 503.33' L-31.42'
- A-90'00'00' 14 557'30'00 -
R=25.00' 8921'74" R=225,00' 5000',�\,C/y_�,�_ _ —0-
1=39.27' 150.00' 1=144.72' 8"90 0000.= —
CHB=N45'38'46"W A=90'O0'00' 58921'14' R=20.00' I I I —
R=25.00' 5490' 1-31..42( \ \"_ L-39.27' b.90'�00�'0 CHBB=NN823O''000]'
CHB=N45'38'50 R=20. --"-' lI 4J
\589"21.14"W L=31.42 SCALE:
50.0 ' 500".38'46"' 1„ = 600'
NOTE: ' Carroll & Lange L'
• Denotes Change of Direction Only This exhibit /\ Professional Engineers B Lend Surveyors
does not represent a monumented survey. It \� 155 South Union Blvd Suite 158
is intended only to depict the attached legal Lakewood.Colorado 80228
p' g (303)980-0200
description. P:\nn\E)HRITSVAElR0-DIS1\311t—u—GIST-1.drry,SHEET 3 of 3,PREPMEA 7/11/05 a1: 3111
EXHIBIT E
Engineer's Estimate of Costs and Certification
Opinion of Probable Costs
Legacy Park Metro District No. 1
Improvements
7/12/2005(Rev. 9-12-05)
Item Description Total Cost
Grading
1 Total Grading $235,208
Water
1 Total Water $557,226
Storm Sewer
1 Total Storm Sewer $1,887,326
Roadway Construction
1 Total Roadway $299,000
Recreational Amenity
1 Total Recreational Amenity $178,000
Landscape& Irrigation
1 Total Landscape& Irrigation $952,477
Subtotal Construction $4,109,237
Contingencies-25% $1,027,309
Subtotal $5,136,546
Engineering/Survey/Testing -20% $1,027,309
Construction Management-5% $256,827
Permits& Fees-5% $256,827
Total Construction $6,677,510
Carroll Lange, Inc.
JN 3111 9/20/2005
Opinion of Probable Costs
LEGACY PARK METRO DISTRICT NO. 1
- FILING NO. 1 IMPROVEMENTS
7/27/2005(Rev. 9-12-05)
—
Estimated
Item Estimated Unit
Number Item Description Quantity Unit _ Cost Subtotal
POTABLE WATER IMPROVEMENTS
1 12"PVC Water Main 685 L.F. $33.00 $22,605
2 8"PVC Water Main 2,459 L.F. $21.75 $53,483
—
3 6"PVC Water Main 170 L.F. 21.75 $3,698
4 12"Gate Valve&Box 4 Each $988.00 $3,952
5 8"Gate Valve&Box 9 Each $915.00 $8,235
_ 6 12"Plug with Blow-off 1 Each $1,155.00 $1,155
7 8"Plug with Blow-off 3 Each $1,155.00 $3,465
8 6" Plug with Blow-off 1 Each $1,155.00 $1,155
•
9 12"X 8"Tee with Kick Block 1 Each $724.00 $724
- 10 12"X 8"Cross 1 Each $900.00 $900
11 12" PVC-45 Degree Bend with Kick Block 8 Each $559.00 $4,472
12 12" PVC 11 1/4 Degree Bend with Kick Block 3 Each $200.00 $600
13 12"X 6"MJ Tee W/Gate Valve and Kick Block 2 Each $1,200.00 $2,400
—
14 8"Cross with Kick Block 1 Each $800.00 $800
15 8"Tee with Kick Block 2 Each $310.00 $620
16 8"X 6"Tee with Kick Block 1 Each $300.00 $300
— 17 8"X 6"MJ Tee with Gate Valve and Kick Block 4 Each $1,150.00 $4,600
18 8"90 Degree Bend with Kick Block 1 Each $174.00 $174
19 8"45 Degree Bend with Kick Block 4 Each $174.00 $696
20 8"22 1/2 Degree Bend with Kick Block 2 Each $200.00 $400
21 8" 11 1/4 Degree Bend with Kick Block 4 Each $285.00 $1,140
22 6"90 Degree Bend with Kick Block 1 Each $170.00 $170
23 Water Service 59 Each $795.00 $46,905
24 Standard Fire Hydrant Assembly 6 Each $2,700.00 $16,200
25 Connection to Existing Water Line 1 Each $1,000.00 $1,000
-
SUBTOTAL $179,849
STORM SEWER SYSTEM IMPROVEMENTS
1 5' I.D. Storm Manhole 11 Each $2,500.00 $27,500
- 2 10'Type R Inlet 2 Each $4,000.00 $8,000
3 19"X 30"ERCP 65 L.F. $50.00 $3,250
4 30" RCP 144 L.F. $50.00 $7,200
5 24" RCP 41 L.F. $33.00 $1,353
-
6 19"X 30" FES 1 Each $600.00 $600
7 3'V-Pan 68 L.F. $10.00 $680
8 Toe Wall Concrete 1 C.Y. $400.00 $400
— 9 Type'L' Riprap Low Tailwater Basin 6 C.Y. $65.00 $390
SUBTOTAL $49,373
- 2
STREET IMPROVEMENTS
1 Subgrade Preparation 13,264 S.Y. $1.10 $14,590
2 Asphalt Pavement(6"AC/12" Base) 13,264 S.Y. $13.00 $172,432
—
3 Mountable Curbwalk Type M5 3,123 L.F. $15.00 $46,845
4 Mountable Curb Type M5 964 L.F. $11.20 $10,797
5 Type 2 Roadway Curb&Gutter 2,021 , L.F. $11.20 $22,635
— 6 Curb Return with Handicap Ramp-30'Radius 8 Each $1,560.00 $12,480
7 Curb Return w/Handicap Ramp-20'Radius 5 Each $1,560.00 $7,800
8 35'Driveway Cut 1 Each $700.00 $700
9 20' Driveway Cut 17 Each $700.00 $11,900
—
10 8'Detached Concrete Sidewalk _ 13,136 S.F. $3.50 $45,976
11 5' Detached Concrete Sidewalk 10,105 S.F. $3.50 $35,368
12 Mid Block Ramp 7 Each $1,000.00 $7,000
— 13 Stop Signs 6 Each $250.00 $1,500
14 Street Name Signs 6 Each $200.00 $1,200
15 Speed Limit Signs 10 Each $250.00 $2,500
16 Stop Bar 2 Each $50.00 $100
17 8'Cross Pan 1 Each $4,500.00 $4,500
18 Street Lights 14 Each $2,500.00 $35,000
— SUBTOTAL $433,323
GRADING IMPROVEMENTS
1 Earthwork 10,541 C.Y. $1.50 $15,812
—
2 Erosion Control 20.9 Acre $2,500.00 $52,325
SUBTOTAL $68,137
—
RECREATIONAL AMENITY
1 Recreational Amenity 1 Each $100,000.00 $100,000
—
SUBTOTAL $100,000
LANDSCAPE&IRRIGATION IMPROVEMENTS
— 1 Landscape&Irrigation 1 Each $178,000.00 $178,000
SUBTOTAL $178,000
^ PHASE 1 OFFSITE IMPROVEMENTS
STREET IMPROVEMENTS(Weld County Rd. 11)
1 Subgrade Preparation 13,022 S.Y. $1.10 $14,324
—
2 Asphalt Pavement(8"AC/12" Base) 13,022 S.Y. $19.00 $247,418
3 8' Detached Walk 21,309 S.F. $3.50 $74,582
4 Curb Return w/Handicap Ramp-35'Radius 2 Each $1,560.00 $3,120
SUBTOTAL $339,444
3
STORM SEWER SYSTEM IMPROVEMENTS
1 Twin 10'x 5' RCBC 130 L.F. $1,020.00 $132,600
2 Type'M' Rip-rap 95 C.Y. $60.00 $5,700
-
3 5'I.D. Storm Manhole 5 Each $2,500.00 $12,500
4 Type C Inlet 1 Each $2,000.00 $2,000
5 Type D Inlet 1 Each $5,000.00 $5,000
-- 6 36"RCP 774 L.F. $65.00 $50,310
7 30"RCP 1,072 L.F. $50.00 $53,600
8 24"RCP 57 L.F. $33.00 $1,881
9 18" RCP 7 - L.F. $27.00 $189
10 42"FES Each $1,225.00 $0
11 36"FES 2 Each $800.00 $1,600
12 30"FES 1 Each $550.00 $550
— 13 Type'M'Soil Rip-rap 22 C.Y. $60.00 $1,332
14 Type'U Soil Rip-Rap 23 C.Y. $65.00 $1,495
15 4'Wide Trickle Channel 241 L.F. _ $15.00 $3,615
16 10'Wide Grass Pave2Turf Reinforcement Model 190 L.F. $20.00 $3,800
17 Concrete For Headwall and Overflow Wier 10 C.Y. $400.00 $4,000
18 Water Quality and Orifice Plates 2 L.S. $2,000.00 $4,000
- SUBTOTAL $284,172
Filing 1 Total $1,632,297
- 4
Opinion of Probable Costs
LEGACY PARK METRO DISTRICT NO. 1
- FILING NO. 2 IMPROVEMENTS
7/27/2005(9-12-05)
Estimated
Item Estimated Unit
Number Item Description Quantity Unit Cost Subtotal
—
POTABLE WATER IMPROVEMENTS
1 12"PVC Water Main 703 L.F. $33.00 $23,199
2 8"PVC Water Main 2,318 L.F. $21.75 $50,417
—
3 6"PVC Water Main 77 L.F. $21.75 $1,675
4 12"Gate Valve&Box 3 Each $988.00 $2,964
5 8"Gate Valve&Box 6 Each $915.00 $5,490
6 12"Plug with Blow-off 1 Each $1,155.00 $1,155
— 7 8"Plug with Blow-off 2 Each $1,155.00 $2,310
8 Low Point Blow-off 2 Each $1,155.00 $2,310
9 12"X 8"Tee with Kick Block 2 Each $724.00 $1,448
10 12"X 8"Cross 1 Each $900.00 $900
— 11 12"PVC 11 1/4 Degree Bend with Kick Block 3 Each $200.00 $600
12 12"X 6"MJ Tee W/Gate Valve and Kick Block 4 Each $1,200.00 $4,800
13 8"Tee with Kick Block 1 Each $310.00 $310
14 8"X 6"MJ Tee with Gate Valve and Kick Block 5 Each $1,150.00 $5,750
—
15 12"PVC 45 Degree Bend with Kick Block 4 Each $559.00 $2,236
16 8"22 1/2 Degree Bend with Kick Block 3 Each $200.00 $600
17 8" 11 1/4 Degree Bend with Kick Block 14 Each $285.00 $3,990
_, 18 Standard Fire Hydrant Assembly 6 Each $2,700.00 $16,200
19 Water Service 58 Each $795.00 $46,110
SUBTOTAL $172,463
STORM SEWER SYSTEM IMPROVEMENTS
1 5' I.D. Storm Manhole 4 Each $2,500.00 $10,000
2 15'Type R Inlet 1 Each $4,500.00 $4,500
- 3 10'Type R Inlet 2 Each $4,000.00 $8,000
4 42"RCP 161 L.F. $70.00 $11,270
5 36"RCP 17 L.F. $65.00 $1,105
6 30"RCP 760 L.F. $50.00 $38,000
-
7 24"RCP 85 L.F. $33.00 $2,805
8 18" RCP 261 L.F. $27.00 $7,047
— SUBTOTAL $82,727
—
Carroll Lange, Inc.
JN 3111 9/20/2005
-
STREET IMPROVEMENTS
1 Subgrade Preparation 10,065 S.Y. $1.10 $11,072
2 Asphalt Pavement(6"AC/12"Base) 10,065 S.Y. $13.00 $130,845
—
3 Mountable Curbwalk Type M5 3,930 L.F. $15.00 $58,950
4 Type 2 Roadway Curb&Gutter 875 L.F. $11.20 $9,800
5 Curb Return with Handicap Ramp-30'Radius 6 Each $1,560.00 $9,360
_ 6 Curb Return w/Handicap Ramp-20'Radius 4 Each $1,580.00 $6,240
7 20'Driveway Cut 4 Each $700.00 $2,800
8 5'Detached Concrete Sidewalk 4,015 S.F. $3.50 $14,053
9 Mid Block Ramp 3 Each $1,000.00 $3,000
— 10 Stop Signs 5 Each $250.00 $1,250
11 Street Name Signs 5 Each $200.00 $1,000
12 Speed Limit Signs 5 Each $250.00 $1,250
13 Street Light(Local) 6 Each $800.00 $4,800
14 8'Cross Pan 1 Each $4,500.00 $4,500
15 Street Lights 16 Each $2,500.00 $40,000
—
SUBTOTAL $298,919
GRADING IMPROVEMENTS
1 Earthwork 7,919 C.Y. $1.50 $11,879
., 2 Erosion Control 15.9 Acre $2,500.00 $39,625
SUBTOTAL $51,504
— LANDSCAPE&IRRIGATION IMPROVEMENTS
1 I Landscape&Irrigation I 1I Each I $35,000.001 $35,000
—
SUBTOTAL $35,000
Filing 2 Total $640,613
Carroll Lange, Inc.
JN 3111 9/20/2005
— G.
Opinion of Probable Costs
LEGACY PARK METRO DISTRICT NO. 1
FILING NO. 3 IMPROVEMENTS
7/27/2005 (Rev.9-12-05)
—
Estimated
Item Estimated Unit ,
Number Item Description Quantity Unit Cost Subtotal
POTABLE WATER IMPROVEMENTS
1 12"PVC Water Main 65 L.F. $33.00 $2,145
2 8"PVC Water Main 3,230 L.F. $21.75 $70,253
— 3 6"PVC Water Main 50 L.F. $21.75 $1,088
4 12"Gate Valve&Box 1 Each $988.00 $988
5 8"Gate Valve&Box 10 Each $915.00 $9,150
6 12"Plug with Blow-off 1 Each $1,155.00 $1,155
7 8" Plug with Blow-off 2 Each $1,155.00 $2,310
8 12"X 8"Tee with Kick Block 1 Each $724.00 $724
9 8"Cross with Kick Block 1 Each $800.00 $800
10 8"Tee with Kick Block 2 Each $310.00 $620
11 8"X 6"MJ Tee with Gate Valve and Kick Block 7 Each $1,150.00 $8,050
12 8"90 Degree Bend with Kick Block 1 Each $174.00 $174
_ 13 8"45 Degree Bend with Kick Block 2 Each $174.00 $348
14 8" 11 1/4 Degree Bend with Kick Block 3 Each $285.00 $855
15 Water Service 38 Each $795.00 $30,210
16 Standard Fire Hydrant Assembly 4 Each $2,700.00 $10,800
17 Low Point Blow-off 1 Each $1,155.00 $1,155
SUBTOTAL $140,824
—
STORM SEWER SYSTEM IMPROVEMENTS
1 5' I.D. Storm Manhole 3 Each $2,500.00 $7,500
2 10'Type R Inlet 5 Each $4,000.00 $20,000
3 14"X 23"ERCP 88 L.F. $45.00 $3,960
4 30" RCP 41 L.F. $50.00 $2,050
5 24" RCP 91 L.F. $33.00 $3,003
6 18"RCP 529 L.F. $27.00 $14,283
7 30"FES 1 Each $550.00 $550
8 14"X 23"FES 1 Each $550.00 $550
— SUBTOTAL $51,896
1
STREET IMPROVEMENTS
1 Subgrade Preparation 12,630 S.Y. $1.10 $13,893
—
2 Asphalt Pavement(6"AC/12"Base) 12,630 S.Y. $13.00 $164,190
3 Mountable Curbwalk Type M5 - 3,278 L.F. $15.00 $49,170
4 Mountable Curb Type M5 1,121 L.F. $11.20 $12,555
5 Type 2 Roadway Curb&Gutter 1,450 L.F. $11.20 $16,240
— 6 Curb Return -30'Radius 2 Each $1,000.00 $2,000
7 Curb Return with Handicap Ramp-30' Radius 4 Each $1,560.00 $6,240
8 Curb Return w/Handicap Ramp-20' Radius 6 Each $1,355.00 $8,130
9 35'Driveway Cut 1 Each $700.00 $700
—
10 5' Detached Concrete Sidewalk 7,420 S.F. $3.50 $25,970
11 Mid Block Ramp 5 Each $1,000.00 $5,000
12 Stop Signs 6 Each $250.00 $1,500
— 13 Street Name Signs 6 Each $200.00 $1,200
14 Speed Limit Signs 6 Each $250.00 $1,500
15 Street Light(Collector) 4 Each $1,200.00 $4,800
16 Street Light(Local) 1 Each $800.00 $800
—
17 Stop Bar 1 Each $50.00 $50
18 Street Lights 20 Each $2,500.00 $50,000
SUBTOTAL $363,938
GRADING IMPROVEMENTS
1 Earthwork 10,055 C.Y. $1.50 $15,083
—
2 Erosion Control 18.3 Acre $2,500.00 $45,800
SUBTOTAL $60,883
r..
LANDSCAPE&IRRIGATION IMPROVEMENTS
1 'Landscape& Irrigation I 11 Each I $131,000.001 $131,0001
—
SUBTOTAL $131,000
FILING 3 OFFSITE IMPROVEMENTS
-
STREET IMPROVEMENTS (Weld County Rd. 11)
1 Subgrade Preparation 4,791 S.Y. $1.10 $5,270
2 Asphalt Pavement Full Depth 8" 4,791 S.Y. $19.00 $91,029
— 3 8' Detached Walk 7,839 S.F. $3.50 $27,437
4 Street Lights 4 Each $2,500.00 $10,000
5 Signage and Striping 1 L.S. $2,100.00 $2,100
r
SUBTOTAL $135,836
- 8
STORM SEWER SYSTEM IMPROVEMENTS
1 5'I.D. Storm Manhole 2 Each _ $2,500.00 $5,000
2 Type C Inlet 2 Each $2,000.00 $4,000
3 Type ID Inlet 1 Each $5,000.00 $5,000
4 36" RCP 47 L.F. $65.00 $3,055
5 30" RCP 323 L.F. $50.00 $16,150
6 36"FES 1 Each _ $800.00 $800
7 18"RCP 8 L.F. $27.00 $216
8 29"x 45"ERCP 318 L.F. $75.00 $23,850
9 Type'M'Soil Rip-rap 22 C.Y. $60.00 $1,332
10 4'Wde Trickle Channel 227 L.F. $15.00 $3,405
11 10'Wde Grass Pave2Turf Reinforcement Model 515 L.F. $20.00 $10,300
12 Concrete For Headwall and Overflow Wier 6 C.Y. $400.00 $2,400
13 Water Quality and Orifice Plates _ 1 L.S. $2,000.00 $2,000
SUBTOTAL $77,508
Filing 3 Total $961,884
- 9
Opinion of Probable Costs
LEGACY PARK METRO DISTRICT NO. 1
FILING NO. 4 IMPROVEMENTS
7/27/2005(Rev. 9-12-05)
—
Estimated
Item Estimated Unit
Number Item Description Quantity _ Unit Cost Subtotal
POTABLE WATER IMPROVEMENTS
1 12"PVC Water Main 55 L.F. $33.00 $1,815
2 8" PVC Water Main 3,066 L.F. $21.75 $66,686
3 6" PVC Water Main 71 L.F. $21.75 $1,544
4 12"Gate Valve&Box 1 Each $988.00 $988
5 8"Gate Valve&Box 8 Each $915.00 $7,320
— 6 12" Plug with Blow-off 1 Each $1,155.00 $1,155
7 8"Plug with Blow-off 2 Each $1,155.00 $2,310
8 8"X 12"Reducer with Kick Block 1 Each $500.00 $500
9 8"Cross with Kick Block 2 Each $800.00 $1,600
— 10 8"X 6" MJ Tee with Gate Valve and Kick Block 5 Each $1,150.00 $5,750
11 8"22 1/2 Degree Bend with Kick Block 2 Each $200.00 $400
12 8" 11 1/4 Degree Bend with Kick Block 5 Each $285.00 $1,425
13 Water Service 76 Each $795.00 $60,420
—
14 Standard Fire Hydrant Assembly 3 Each $2,700.00 $8,100
SUBTOTAL $160,013
STORM SEWER SYSTEM IMPROVEMENTS
1 5' I.D. Storm Manhole 1 Each $2,500.00 $2,500
2 36" RCP 110 L.F. $65.00 $7,150
-
3 30" RCP 30 L.F. $50.00 $1,500
4 30"RCP Plug 2 Each $200.00 $400
SUBTOTAL $11,550
STREET IMPROVEMENTS
1 Subgrade Preparation 11,128 S.Y. $1.10 $12,241
—
2 Asphalt Pavement(6"AC/12" Base) 11,128 S.Y. $13.00 $144,664
3 Mountable Curbwalk Type M5 5,754 L.F. $15.00 $86,310
4 Curb Return w/Handicap Ramp-20'Radius 8 Each $1,560.00, $12,480
5 8' Detached Concrete Sidewalk 10,792 S.F. $3.50 $37,772
6 Mid Block Ramp 3 Each $1,000.00 $3,000
7 Stop Signs 2 Each $250.00 $500
8 Street Name Signs 2 Each $200.00 $400
"— 9 Speed Limit Signs 4 Each $250.00 $1,000
10 Street Light(Collector) 6 Each $2,500.00 $15,000
11 Street Light(Local) 1 Each $2,500.00 $2,500
SUBTOTAL $315,867
10
GRADING IMPROVEMENTS
1 Earthwork 8,540 C.Y. $1.50 $12,810
2 Erosion Control 16.8 Acre $2,500.00 $41,875
SUBTOTAL $54,885
LANDSCAPE&IRRIGATION IMPROVEMENTS
1 Landscape&Irrigation 1 Each $33,000.00 $33,000
SUBTOTAL $33,000
Filing 4 Total $575,115
-- It
Carroll & Lange= /�
Professional Engineers&Land Surveyors
Lakewood • Winter Park
September 12, 2005
JN: 3111
City of Dacono
512 Cherry Avenue
Dacono, CO 80514
Re: Proposed Legacy Park Metropolitan District
To whom it may concern:
The opinion of probable costs for the public improvements associated with the
proposed Legacy Park Metropolitan District was prepared under my supervision.
The estimate is based on the following information and assumptions:
1) The quantities for District No. 1 are based on the Legacy Park Overall Plat
A construction plans, which were approved on March 9, 2005.
2) The quantities for District No. 2 are based on conceptual design by Carroll
& Lange, Inc.
3) Unit costs are based on recent bid prices from similar projects within the
Denver Metropolitan area.
Based on these assumptions, it is my belief that the opinion of probable costs
contained within the Service Plan for Legacy Park Metropolitan District is a
reasonable estimate of costs associated with the public improvements portion of
this project.
I have reviewed both the opinion of probable costs and exhibits illustrating the
location of public improvements, within the proposed Service Plan area. These
improvements include water, drainage, roadways, sidewalks, open space, parks,
and trail improvements.
For and on behalf of,
CARROLL & LANGE, INC. Q �'g �T
t°1"� 4662 P
Russell L. Burrows, P.E. ;moo•••;] 'lc�•
Engineering Manager 619/ONA.1.moutimmi.. cc: E/R
P.O.Box 3345
63 Cooper Creek Way, Suite 328
165 South Union Blvd., Suite 156 Winter Park,CO 80482-3345
Lakewood,CO 80228 (970)726-8100 Fax 726-9100
(303)980-0200 Fax 980-0917 Denver-Winter Park Dir. 980-9600
EXHIBIT F
Location of Public Improvements
I 1 1 1 1 1 I I 1 I 1 I 1 1 1 I I I 1
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LEGACY PARK-
METROPOLITAN DISTRICT 1 0 300 610
SCALE: 1 STREET IMPROVEMENTS PLAN _ 600 -®
ORIGINAL GRAPHIC SCALE 6
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EXHIBIT G
Financing Plan
Forecasted Cash Surplus Balances and Cash Receipts and Disbursements
Market Projection Consultant's Analysis
Developer's Letter in Support of Market Projections
LEGACY PARK
METROPOLITAN
DISTRICT NO . 1
FORECASTED SURPLUS CASH
BALANCES
AND
CASH RECEIPTS AND DISBURSEMENTS
- SEPTEMBER 12, 2005
TABLE OF CONTENTS
�— PAGE
Accountant's Report 1
Forecast
Summary 2
Schedule of Estimated Assessed Valuation 4
Schedule of Estimated Facility Fees Revenue 6
Schedule of Estimated Bond Debt Service Requirements 7
Summary of Significant Forecast Assumptions and Accounting Policies 9
aClifton
Gunderson LLP
Certified Public Accountants&Consultants
Accountant's Report
The Petitioners for Formation of
Legacy Park Metropolitan District No. 1
Weld County, Colorado
We have compiled the accompanying forecasted surplus cash balances and cash receipts and
disbursements of Legacy Park Metropolitan District No. 1 (the "District") (in the Formation Stage of
Development) as of the date of formation and for the calendar years ending through 2038 in accordance
with attestation standards established by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of a forecast, information that is the representation of the Petitioners for
Formation of the District (collectively, "Management") and does not include evaluation of the support for the assumptions
.— underlying the forecast. We have not examined the forecast and,accordingly,do not express an opinion or any other form of
assurance on the accompanying schedules or assumptions. However, we did become aware of a departure from the
guidelines for presentation of a forecast established by the American Institute of Certified Public Accountants, which is
described in the following paragraph. Furthermore, there will usually be differences between the forecasted and actual
results, because events and circumstances frequently do not occur as expected, and those differences may be material. We
have no responsibility to update this report for events and circumstances occurring after the date of this report.
As discussed in Note 4, the forecast is presented on the cash basis of accounting, whereas the historical
financial statements for the forecast period are expected to be presented in conformity with generally
accepted accounting principles on the accrual basis for government wide statements and the modified
accrual basis for individual fund financial statements for all funds of the District by fund type.
Guidelines for presentation of a forecast established by the American Institute of Certified Public
Accountants require disclosure of the differences resulting from the use of a different basis of
accounting in the forecast than that expected to be used in the historical financial statements for the
period. Accordingly, if the AICPA presentation guidelines were followed, the forecast would indicate
that the presentation reflects — surplus cash balances and the cash received and disbursed rather than
fund balances and the revenue and expenditures that would be recognized under generally accepted
accounting principles based on the accrual basis and the modified accrual basis of accounting.
lei ,Ade`.a „ L L A
Greenwood Village, Colorado
September 12, 2005
Offices in 14 states and Washington,DC HLB International
I I I I I I I I I I I I I I I I I I I
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONLY •
SUMMARY-GENERAL FUND
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 203
Debt Cash Receipts Cash Disbursements Cash Balances
General Service Net Specific Annual Administrative Annual Cumulative
-
Total Fund Fund TOTAL Properly Ownership Developer Interest Total Costs Total Surplus Surplus
Collection Assessed Mill MID Mill Taxes Taxes Contributions Income Cash $25,000 Cash Cash Cash Collection
Year Value Levy Levy Levy for at Receipts Inflated by Disbursements (Deficit) Balances Year
(See Page5) (See Page3) 9800% 1000% Administrative 2 00% 200%
2005 0 0.000 0.000 0000 0 0 25,000 0 25,000 25,000 25,000 0 0 2005
2006 0 0.000 0.000 0000 0 0 25,500 0 25500 25,500 25,500 0 0 2006
2007 234,900 5.000 0.000 5.000 1,151 115 25,000 0 26,266 26,010 26,010 256 256 2007
2008 1,062,360 5.000 35.000 40.000 5,206 521 21,000 5 26,732 26.530 26,530 202 458 2008
2009 2,231,525 5.000 35000 40.000 10,934 1,093 15,000 9 27,036 27,061 27,061 (25) 433 2009
2010 3,460,351 5.000 35.000 40.000 16,956 1,696 9,000 9 27,661 27,602 27,602 59 492 2010
2011 4,637,600 5.000 35.000 40.000 22724 2,272 3,500 ID 28,506 28,154 28,154 352 844 2011
2012 5,847,192 5.030 35.000 40000 28,651 2,865 0 17 31,533 28,717 28,717 2,816 3,660 2012
2013 6,615,639 5.000 35000 40.000 32,417 3,242 73 35,732 29,291 29,291 6,441 10,100 2013
2014 6,747,952 5000 35000 40.000 33,065 3,307 202 36,579 29,877 29,877 6,697 16,797 2014
2015 6,747,952 5000 35.000 40.000 33,065 3,307 336 36,708 30,475 30,475 6,233 23,030 2015
2016 6,882,911 5.000 35.000 40.000 33,726 3,373 461 37,560 31,084 31,084 6,476 29,506 2016
2017 6,882,911 5.000 35.000 40000 33,726 3,373 590 37,689 31706 31.706 5,983 35,489 2017
2018 7,020,569 5.000 35.000 40000 34,401 3,440 710 38,551 32,340 32,340 6,211 41700 2018
2019 7,020,569 5.000 35.000 40.000 34,401 3,440 834 38,675 32,987 32,987 5,688 47,388 2019
2020 7,160,981 5000 35.090 40.000 35,089 3,509 948 39,546 33,647 33,647 5,899 53,287 2020
2021 7,160,981 5.000 35.000 40000 35,089 3,509 1066 39,664 34,320 34,320 5,344 58,631 2021
2022 7,304,200 5000 35.000 40.000 35,791 3,579 1,173 40.543 35,006 35,006 5,537 64,168 2022
2023 7304,200 5.000 35000 40.00D 35,791 3579 1,283 40,653 35,706 35,706 4,947 69,115 2023
2024 7,450,284 5.000 35.000 40.000 36,506 3,651 1,382 41539 36,420 36,420 5,119 74,234 2024
2025 7,450,284 5.000 35000 40000 36,506 3,651 1,485 41,642 37,149 37,149 4,493 78,727 2025
2026 7,599,290 5.000 35.000 40000 37,237 3,724 1575 42536 37,892_ 37,892 4,644 83,371 2026
2027 7,599,290 5000 35.000 40.000 37,237 3,724 1,667 42,628 38,649 38,649 3,979 87,350 2027
2028 7,751,276 5.000 35000 40.000 37,981 3,798 1,747 43,526 39,422 39,422 4,104 91,453 2028
2029 7,751,276 5.000 35000 40.000 37,981 3,798 1,829 43,608 40,211 40,211 3,397 94,851 2029
2030 7,906,301 5.000 35.000 40.000 38,741 3,874 1,897 44512 41,015 41,015 3A97 98347 2030 .
2031 7,906,301 5.000 35000 40.000 38,741 3,874 1967 44,582 41,835 41,835 2,747 101,094 2031
2032 8,064,427 5.000 35.000 40.000 39,516 3,952 2,022 45,490 42,672_ 42,672 2,818 103,91_2 2032
2033 8,064,427 5.000 35.000 40 000 39,516 3,952 2,078 45,546 - 43,526 43,526 2,020 105,932 2033
2034 8,225,716 5000 35.000 40.000 40,306 4,031 2,119 46,456 44,396 44,396 2,060 107,992 2034
2035 8,225,716 5.000 35000 40.000 40,306 4,031 2.160 46,497 45,284 45,284 1,213 109,205 2035
2036 8,390230 5.000 35.000 40.000 41,112 4,111 2184 47,407 46,190 46,190 1,217 110,422 -2036
2037 8,390,230 5.000 35.000 40.000 41,112 4,111 2,208 47,431 47,114 47,114 317 110,740 2037
2038 8,558,035 5.000 35.000 40.000 41934 4,193 2,215 48,342 48,056 48,056 286 111.026 2038
1,046,915 104,695 124,000 36,261 1,311,871 1,200,845 1,200,845 111,026
This financial information should be read only in connection with the accompanying Summary of Significant Forecast Assumptions and Accounting Policies and Accountant's Report.
Page 2
II I I I I I 1 I 1 1 I I I I I I I I I
LEGACY PARK METROPOLITAN DISTRICT N0.1
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONLY
SUMMARY-DEBT SERVICE FUND
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 203
Cash Receipts Cash Balances
Debt Net Specific Facility Interest Total Cumulative Net Cumulative Bond Surplus Fund Annual Cumulative
Total Service Property Ownership Fees Income Annual Cash Debt Service Cash Transfer To Maximum Senior Total Surplus Surplus
Collection Assessed Fund Taxes Taxes Revenue at Cash Available on Available (Release Cumulative Balance Debt to Cash Cash Cash Collection
Year Value Mill Receipts for 2008 Bonds for Surplus From) Surplus of Assessed Disbursements (Deficit) Balances Year
(See Paige 5) Levy 96007. 10.00% (See Page 6) 2.00% Debt Service (See Page 7) Fund Surplus Fund Balance 8340,000 Ratio
2005 0 0000 40,500 40,500 40,500 40,500 0 40,500 40,500 2005
2006 0 0.000 0 0 72,000 810 72,810 113,310 113,310 0 72,810 113,310 2006
2007 234,900 0000 0 0 72,000 2,266 74,266 187,576 187,576 0 74,266 187,576 2007
2008 1,062,360 35.000 36,439 3,644 72,000 3,752 115,835 303,411 0 303,411 303,411 303,411 340,000 3207. 303,411 (187,576) 0 2008
2009 2,231,525 35.000 76,541 7,654 63,000 6,068 153,263 153,263 0 153,263 36,589 340,000 340,000 1529 36,589 116,674 116,674 2009
2010 3,460,351 35.000 118,690 11,869 63,000 9,133 202,692 319,366 127,500 191,866 0 340,000 340,000 98% 127,500 75,192 191,866 2010
2011 4,637,600 35.000 159,070 15,907 0 10,637 185,614 377,480 260,000 117,480 0 340,000 340,000 73% 260,000 (74,386) 117,480 2011
2012 5,847,192 35.000 200,559 20,056 0 9,150 229,765 347,245 264,625 82,620 0 340,000 340,000 58% 264625 (34,860) 82,620 2012
2013 6,615,639 35000 226,916 22,692 0 8,452 258,060 340,680 293,875 46,805 0 340,000 340,000 51% 293,875 (35,815) 46,805 2013
2014 6,747,952 35.000 231,455 23,146 0 7,736 262,337 309,142 295,875 13,267 (340,000) 0 0 49% (44,125) 306,462 353,267 2014
2015 6,747,952 35.000 231,455 23,146 0 7,065 261666 614,933 292,500 48% 292,500 (30,834) 322,433 2015
2016 6,882,911 35.000 236,084 23,608 0 6,449 266,141 588,574 294,125 47% 294,125 (27,984) 294,449 2016
2017 6,882,911 35.000 236,084 23,608 0 5,889 2_65,581 560,030 295,375 46% 295,375 (29,794) 264,655 2017
2018 7,020,569 35.000 240,806 24,081 D 5,293 270,180 534,835 296,250 44% 296,250 (26,070) 238,585 2018
2019 7,020,569 35.000 240,806 24,081 0 4,772 269,659 508,244 296,750 43% 296,750 (27,091) 211,494 2019
2020 7,160,981 35.000 245,622 24,562 0 4,230 274,414 485,908 296,875 41% 296,875 (22,461) 189,033 2020
2021 7,160,981 35.000 245,622 24,562 3,782 273,965 462,998 296,625 40% 296,625 (22,660) 166,373 2021
2022 7,304200 35.000 250,534 25,053 3,327 278,914 445,287 296,000 38% 296,000 (17,086) 149,287 2022
2023 7,304,200 35.000 250,534 25,053 2,986 278,573 427,860 295,000 37% 295,000 (16,427) 132,860 2023
2024 7,450,284 35.000 255,545 25,555 2,657 283,757 416,617 298,625 35% 298,625 (14,868) 117,992 2024
2025 7,450,284 35.000 255,545 25,555 2,360 283,460 901,452 296,500 34% 296,500 (13,040) 104,952 2025
2026 7,599,290 35.000 260,656 26,066 2,099 288,821 393,773 299,000 32% 299,000 (10,179) 94,773 2026
2027 7,599,290 35.000 260,656 26,066 1895 288,617 383,390 300,750 30% 300,750 (12,133) 82,640 2027
2028 7,751,276 35.000 265,869 26,587 1,653 294,109 376,749 306,750 28% 306,750 (12,641) 69,999 2028
2029 7,751 276 35.000 265,869 26,587 1,400 293,856 363,855 306,6225 26% 306,625 (12,769) 57,230 2029
2030 7,906,301 35.000 271,186 27,119 1,145 299,450 356,680 310,750 23% 310,750 (11,300) 45,930 2030
2031 7,906,301 35.000 271,186 27,119 919 299,224 345,154 308,750 21% 308,750 (9,526) 36,404 2031
2032 8,064,427 35.000 276,610 27,661 728 304,999 341,403 316,000 18% 316,000 (11,001) 25,403 2032
2033 8,064,427 35.000 276,610 27,661 508 304,779 330,182 311,750 16% 311,750 (6,971) 18,432 2033
2034 8,225,716 35.000 282,142 28,214 369 310,725 329,157 316,750 13% 316,750 (6,025) 12,407 2030
2035 8,225,716 35.000 282,142 28,214 248 310,604 323,011 315,250 107. 315,250 (4,646) 7,761 2035
2036 8,390,230 35.000 287,785 28,779 155 316,719 32_0,480 322,625 7% 322625 (5,9136) 1,855 2036.
2037 8,390,230 35.000 287,785 28,779 37 316,601 318,456 318,125 4% 318,125 (1,524) 331 2037
203B 8,558,035 35.000 293,541 29,354 7 322,902 323,233 322,500 07. 322,500 402 733 2038
7,320,344 732,038 382,500 117,976 8,552,858 8,552,125 0 8,552,125 733
This financial information should be read only in connection with the accompanying Srwmary of Significant Forecast Assumptions and Accounting Policies and Accountants Report.
Page 3
i
f I I I I I I I I I I I I I I I I
LEGACY PARK METROPOLITAN DISTRICT NO. I
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONLY
SCHEDULE OF ESTIMATED ASSESSED VALUATION
(Page I of 2 - Continued on Page 5)
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 2031
TOTAL RESIDENTIAL UNITS TOTAL
Single-Family Residential Units Townhomes Residential Units RESIDENTIAL UNITS Est Biennial Cumulative Estimated
Est.Market Annual Est Market Annual Annual Annual Revaluation Market Residential RESIDENTIAL
Construction Collection Number of Value per Value Number of Value per Value Number of New Value of New per State Value Assessment ASSESSED
Year Year Dwelling Unit of New Dwelling Unit of New Residential Residential Statute at of New Ratio VALUATION
Units $300,000 Units Units $225,000 Units Units Umts 2.00% Units (To Page s)
Inflation compounded annually on base price at 2.00% 2.00%
2005 2007 0 0 0 0
2006 2008 27 300,000 8,100,000 0 225,00D 0 27 8,100,000 0 8,100,000 7.96% 644,760
2007 2009 48 306,000 14,688,000 0 229,500 0 48 14,688,000 22,788,000 7.96% 1,813,925
2008 2010 48 312,120 14,981,760 0 234,090 0 48 14,981,760 455,760 38,225,520 7.96% 3,042,751
2009 2011 48 318,362 15,281,395 0 238,772 0 48 15,281 395 53,506,915 7.96% 4,259,150
2010 2012 30 324,730 9,741 889 IS 243,547 4,383,850 48 14,125,739 1,070,138 68,702,792 7.96%, 5,468,742
2011 2013 30 331.224 9,936,727 18 248,418 4.471,527 48 14,408,254 83,111,046 7.96% 6,615.639
2012 2014 0 337,849 0 0 253,387 0 0 0 1,662,221 84,773,267 7.96% 6,747,952
2013 2015 344,606 0 258,454 0 0 0 84,773,267 7.96%. 6,747,952
2014 2016 351,498 0 263,623 0 0 0 1,695,465 86,468,732 7.96% 6,882,911
2015 2017 358,528 0 268,896 0 0 0 86,468,732 7.96% 6,882,911
2016 2018 0 0 1,729,375 88,198,107 7.96% 7,020,569
2017 2019 0 0 88,198,107 7.96% 7,020,569
2018 2020 0 0 1,763,962 89,962.069 7.96% 7,160,981
2019 2021 0 0 89,962,069 7.96% 7,160,981
2020 2022 0 0 1,799.241 91,761,310 7.96% 7,304,200
2021 2023 0 0 91,761,310 7.96% 7,304,200
2022 2024 0 0 1.835,226 93,596.536 7.96% 7,450,284
2023 2025 0 0 93,596,536 7.96% 7.450,284
2024 2026 0 0 1,871,931 95,468,467 7.96% 7,599,290
2025 2027 0 0 95,468,467 7.96% 7,599,290
2026 2028 0 0 1909,369 97,377,836 7.96% 7,751,276
2027 2029 0 0 97,377,836 7.96% 7,751,276
2028 2030 0 0 1,947,557 99,325,393 7.96% 7,906,301
2029 2031 0 0 99,325,393 7.96% 7,906301
2030 2032 0 0 1,986,508 101,311,901 7.96% 8,064,427
2031 2033 0 0 101,311901 7.96% 8,064,427
2032 2034 0 0 2,026,238 103,338.139 796% 8,225,716
2033 2035 0 0 103,338,139 7.96% 8,225,716
2034 2036 0 0 2,066,763 105,404,902 7.96% 8,390,230
2035 2037 0 0 105,404,902 7.96% 8,390,230
2036 2038 0 0 2,108,098 107,513,000 7.96% 8,558,035
231 I I 72,729,771 36j I 8,855,377 267 81,585,148_ 25,927,852
This financial information should be read only in connection with the accompanying Summary of Significant Forecast Assumptions and Accounting Policies and Accountant's Report.
Page 4
f- I I I I I I ) l I . 1 I I I I I I 1
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONL5
SCHEDULE O1?ESTIMATED ASSESSED VALUATION
(Page 2 of 2 -Continued from Page 4)
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 2031
UNDEVELOPED LAND
Single-Family Residential Units Townhomes Residential Units Atmnal Cumulative Estimated
Platted& Lest Annual Planed& Less' Annual Market Market Land LAND RESIDENTIAL TOTAL
Construction Collection Improved Lots Lots Actual Improved Lots Lots Actual Value of Value of Assessment ASSESSED ASSESSED ASSESSED Collection
Year Year 4300,000 Developed Value 4225,000 Developed Value Undeveloped Undeveloped Ratio VALUATION VALUATION VALUATION Year
1000% 1000% Land Land (See Page 4)
2005 2007 810,000 0 810,000 0 0 . 0 810,000 110,000 29.00% 234.900 0 234,900 2007
2006 2008 1,940,100 (810,000) 630,000 0 0 0 630,000 1,440,000 29.00%. 417,600 644,760 1,062,360 2008
2007 2009 1.440,000 (1.440.000) 0 0 0 0 0 1,440,000 29.00% 417,600 1,813,925 2,231.525 2009
2008 2010 1,440.000 (1,440,000) 0 0 0 D 0 1.440,000 29.00% 417,600 3,042,751 3,460 351 2010
2009 2011 900,000 (1,440,000) (540,000) 405,000 0 405,000 (135,000) 1,305000 29.00% 378,450 4,259.150 4.637,600 2011
2010 2012 900,000 (900,000) 0 405,000 (405,000) 0 0 1305,000 29.00% 378,450 5,468,742 5,847,192 2012
2011 2013 0 (900,00D) (900,000) 0 (405,000) (405,000) (1,305,000) 0 29.00% 0 6,615,639 6,615.639 2013
2012 2019 0 0 0 0 0 0 0 0 29.00% 0 6,747,952 6,747,952 2014
2013 2015 0 0 0 0 0 0 0 0 29.00% 0 6,747,952 6,747,952 2015
2014 2016 0 0 0 0 0 0 0 0 29.00% 0 6,882,911 6,882,911 2016
2015 2017 0 0 0 0 0 0 0 0 29.00% 0 6,882,911 6,882,911 2017
2016 2018 0 29.00% 0 7,020,569 7,020,569 2018
2017 2019 0 29.00% 0 7,020,569 7,020 569 2019
2018 2020 0 29.00% 0 7,160.981 7,160.981 2020
2019 2021 0 29.00% 0 7.160,981 7,160.981 2021
2020 2022 0 29.00% 0 7.304,200 7,304,200 2022
2021 2023 0 ' 29.00% 0 7304,200 7,304,200 2023
2022 2024 0 29.00% 0 7,450,284 7,450.284 2029
2023 2025 0 29.00% 0 7,450,284 7,450,284 2025
2024 2026 0 29.00% 0 7,599,290 7,599,290 2026
2025 2027 0 29.00% 0 7,599,290 7,599,290 2027
2026 2028 0 29.00% 0 7.751,276 7.751,276 2028
2027 2029 0 29.00% 0 7,751,276 7,751,276 2029
2028 2030 0 29.00% 0 7,906,301 7,906,301 2030
2029 2031 0 29.00%. 0 7,906301 7.906,301 2031
2030 2032 0 29.00% 0 8,064,427 8,064,427 2032
2031 2033 0 29.00% 0 8,064,427 8,064,427 2033
2032 2034 0 29.00% 0 8225,716 8225.716 2034
2033 2035 0 29.00% 0 8,225,716 8,225,716 2035
2034 2036 0 29.00% 0 8.390,230 8,390,230 2036
2035 2037 0 29.00% 0 8.390,230 8,390,230 2037
2036 2038 0 29.00% 0 8,558,035 8,558.035 2038
6,930,000 (6,930,000) 0 810,000 (810,000) 0 0
This financial information should be read only in connection with the accompanying Summary of Significant Forecast Assumptions and Accounting Policies and Accountant's Report.
Page 5
► I I I I I I I I t I I I II I I I I I
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONLY
SCHEDULE of ESTIMATED FACILITY FEES REVENUE
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 2038
Single-Family Facility Fees Townhomes Facility Fees TOTAL
Estimated Facility Estimated Estimated Facility Estimated ESTIMATED
Number of Fee Collected Single-Family Number of Fee Collected Townhomes FACILITY FEES
Single-Family per Facility Fees Townhomes per Facility Fees REVENUE
Year Units SF Unit Collected Units MF Unit Collected COLLECTED Year
Constr.Permits $1,500 Annually Constr.Permits $1,000 Annually ANNUALLY
2005 27 1,500 40,500 0 1,000 0 40,500 2005
2006 48 1,500 72,000 0 1,000 0 72,000 2006
2007 48 1,500 72,000 0 1,000 0 72,000 2007
2008 48 1,500 72,000 0 1,000 0 72,000 2008
2009 30 1,500 45,000 18 1,000 18,000 63,000 2009
2010 30 1,500 45,000 18 1,000 18,000 63,000 2010
2011 0 1,500 0 0 1,000 0 0 2011
2012 0 0 0 2012
2013 0 0 0 2013
2014 0 0 0 2014
2015 0 0 0 2015
2016 0 0 0 2016
2017 0 0 0 2017
2018 0 0 0 2018
2019 0 0 0 2019
2020 0 0 0 2020
231 346,500 36 36,000 382,500
Note: Facility Fees are anticipated to be collected the year before each housing unit is completed.
This financial information should be read only in connection with the accompanying Summary of Significant Forecast Assumptions
and Accounting Policies and Accountant's Report.
Page 6
I I I I I I I I I I I I ► ► t ► I I
LEGACY PARK METROPOLITAN DISTRICT NO. I
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONLY
SCHEDULE of ESTIMATED BOND DEBT SERVICE REQUIREMENTS
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 2031
Series 2008 Bond Issue
Dated: December 1,2008 53,400,000 Principal payments due on Dec.1.
Issued: December 1,2008
.Interest Rate: 7.500%
Reduce Debt Net 2008
Outstanding Total 2008 Service By Bonds
Bond Principal Bonds Capitalized Debt Service
Year Principal Coupon Interest Balance Debt Service Interest Payments Year
(See Page 8)
2008 0 7.500°6 0 3,400,000 0 0 0 2008
2009 0 7.500% 255,000 3,400,000 255,000 (255,000) 0 2009
2010 0 7.500% 255,000 3,400,000 255,000 (12_7,500) 127,500 2010
2011 5,000 7.500% 255,000 J 395,000 260,000 0 260,000 2011
2012 10,000 7.500% 254,625 3,385,000 264,625 264,625 2012
2013 40,000 7.500/. 253,875 3,345,000 293,875 293,875 2013
2014 45,000 7.500% 250,875 3,300,000 295,875 295,875 2014
2015 45,000 7.500% 247,500 3,255,000 292.500 292,500 2015
2016 50,000 7.500% 244,125 3.205,000 294.125 294,125 2016
2017 55,000 ]500% 240,375 3,150,000 295,375 295,375 2017
2018 60,000 7.500/. 236,250 3,090,000 296,250 296,250 2018
2019 65,000 7.500% 231,750 3,025,000 296,750 296,750 2019
2O20 70,000 7.500% 226,875 2,955,000 296,875 296,875 2020
2021 75,000 7.500% 221,625 2,880,000 296,625 296,625 2021
2022 80,000 7.500% 216,000 2800,000 296.000 296,000 2022
2023 85,000 7.500Y. 210,000 2,715,000 295,000 295,000 2023
2024 95,000 7 500% 203,625 2,620,000 298,625 298,625 2024
2025 100,000 7.500% 196,500 2,520,000 296,500 296,500 2025
2O26 110,000 7.500/. 189,000 2,410,000 299,000 299,000 2026
2027 120,000 7.500% 180,750 2,290000 300,750 300,750 2027
2028 135,000 7.500% 171,750 2,155,000 306350 306,750 2028
2029 145,000 7.500% 161,625 2,010,000 306,625 306,625 2029
2030 160,000 7.500% 150,750 1,850,000 310,750 310,750 2030
2031 170,000 7.500°/. 138,750 1,680,000 308.750 308,750 2031
2032 190,000 7.500% 126,000 1,490,000 316,000 316,000 2032
2033 200,000 7.500% 111,750 1,290,000 311,750 311,750 2033
2034 220,000 7.500/. 96,750 1,070.000 316,750 316,750 2034
2035 235O00 7500% 80,250 835,000 315,250 315250 2035
2036 260,000 7.500% 62,625 575,000 322,625 322,625 2036
2037 275,000 7.500% 43,125 300,000 318,125 318,125 2037
2038 300,000 7.500% 22,500 0 322,500 322,500 2038
3,400,000 I I 5,534,625 8,934,625 (382,500) 8,552,125
USE OF PROCEEDS.
Developer Reimbursement 2,892.695
Capitalized Interest 371,305 Interest at 3.000%
Issuance Costs 136,000
TOTAL 2008 BONDS 3,400,000
Note: The net proceeds of the bonds will be deposited into an escrow account. Such proceeds will be released on a pro rata basis as building permits are issued.
This financial information should be read only in connection with the accompanying Summary of Significant Forecast Assumptions
and Accounting Policies and Accountant's Report.
Page 7
I I I I I I I I 1 I 1 I I 1 I 0 ) I I
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED SURPLUS CASH BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
GENERAL AND DEBT SERVICE FUNDS ONLY
SCHEDULE OF CAPITALIZED BOND INTEREST
AS OF THE DATE OF FORMATION AND FOR THE CALENDAR YEARS ENDING THROUGH 2038
CALCULATION of CAPITALIZED INTEREST on
SERIES 2008 BOND ISSUANCE
Beginning Capitalized Interest at Disbursements Ending
Date Balance Interest j 3.000% i To Debt Service Balance
(See Page 7) (See Page 7)
12/01/2008 0 371,305 371,305
6/01/2009 371,305 5,570 (127,500) 249,375
12/01/2009 249,375 3,741 (127,500) 125,616
6/01/2010 125,616 1,884 (127,500) 0
12/01/2010 0 0 0
6/01/2011 0 0 0
12/01/2011 0 0 0
371,305 11,195 (382,500)
This financial information should be read only in connection with the accompanying Summary of
Significant Forecast Assumptions and Accounting Policies and Accountant's Report.
Page 8
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 1) NATURE AND LIMITATION OF FORECAST
This forecast of financial information is for the purpose of a financial analysis of the proposed
financial plan of Legacy Park Metropolitan District No. 1 (the "District") (in the Formation
Stage of Development), located in the City of Dacono (the "City") in Weld County, Colorado. It
is to display how the proposed facilities and services are currently anticipated to be provided and
financed.
This financial forecast presents, to the best knowledge and belief of the Petitioners for the
Formation of the District (the "Petitioners"), the District's expected cash position and results of
cash receipts and disbursements for the forecasted periods. Accordingly, the forecast reflects
Management's judgment, as of the date of this forecast, of the expected conditions within the
District and the District's expected course of action.
The assumptions disclosed herein are those that Management believes are significant to the
forecast, however, they are not all-inclusive. There will usually be differences between
forecasted and actual results, because events and circumstances frequently do not occur as
expected, and those differences may be material.
The forecast is expressed in terms of 2005 dollars, with the only adjustments for inflation as
follows. The market values of residential properties are forecasted to increase 2% per year,
starting in 2007 through build-out. The market values of residential properties are forecasted to
increase 2% biennially pursuant to the reassessment of property required by State statute. The
residential assessment ratio is assumed to remain constant for collection year 2008 and beyond,
based upon information as explained in Note 5. The assessment ratio for raw ground and
improved lots is assumed to remain at a constant 29%for the entire forecast period in accordance
with historical trends. Administrative costs in the General Fund are assumed to increase by 2%
per year beginning in 2006.
NOTE 2) ORGANIZATION
The Petitioners are in the process of organizing the District as a quasi-municipal corporation and
political subdivision of the State of Colorado. The District will be governed pursuant to
provisions of the Colorado Special District Act (Title 32). The District will operate under a
service plan approved by the City. The District contains approximately 71.86 acres of real
property located entirely in Weld County, Colorado, within the City. The District is being
established primarily to provide financing for streets, street lighting, traffic and safety controls,
water, landscaping, storm sewers and flood and surface drainage, and park and recreation
improvements needed for the area.
Page 9
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 2) ORGANIZATION (continued)
The operation and maintenance of these services and facilities, except as expressly provided by
the Service Plan, is anticipated to be provided by the City or other entities, and not by the
District. However, tract landscaping improvements will be retained by the District for operation
and maintenance, unless otherwise directed by the City. If retained by the District, the District
may contract with a non-profit homeowners' association for operation and maintenance of these
improvements and facilities.
As set forth in this forecast, the District is forecasted to issue $3,400,000 of debt. However, the
Service Plan may have a higher debt amount to allow for an under estimate of valuations in this
forecast.
Formation of the District is intended to be timed to allow for the proper legislative,judicial and
election process to be completed in order for the District's electors to be able to vote for the
authorization of debt and TABOR questions in November 2005, and to certify tax levies for tax
collections in 2007. The Petitioners expect the favorable approval at the election since they
constitute the majority of the current eligible electors within the proposed District's boundaries.
NOTE 3) PETITIONERS FOR FORMATION
The Petitioners are landowners, principals or employees of the major property owner of the land
included within the boundaries of the District. The major landowner, as well as, the developer of
the District is Trinity Trust,LLC, a Colorado limited liability company (the "Developer").
The Developer has provided the information regarding the number of units estimated to be built
each year and the initial sales values for the residential properties to be developed in the District,
based upon their knowledge and experience in developing other properties. The Developer
anticipates that sales values will be increased by 2% for each year beyond 2006. Platted and
improved lot values were estimated to be approximately 10% of residential market value (see
Schedule of Estimated Assessed Valuation).
NOTE 4) BASIS OF ACCOUNTING
The basis of accounting for this forecast is the cash basis, which is a basis of accounting that is
different from that allowed by the generally accepted accounting principles under which the
District will prepare its financial statements.
Page 10
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 5) PROPERTY TAXES
The primary source of revenue or cash receipts will be ad valorem property taxes. Property taxes
are to be determined annually by the District's Board of Directors and set by County
Commissioners as to rate or levy based upon the assessed valuation of the property within the
District. The Weld County Assessor determines the assessed valuation. The levy is expressed in
teens of mills. A mill is 1/10 of one cent per dollar of assessed valuation. The forecast assumes
that the District will be able to set its mill levy at 5 mills for administration purposes for
collection beginning in 2007, and 35 mills for debt service purposes, for collection beginning in
2008. The mill levies for the General Fund and the Debt Service Fund are expected to remain
constant throughout the period of the forecast.
The Gallagher Amendment to the Colorado Constitution states that residential assessed values
Statewide must be approximately 45% of total assessed values. When the market values of
— residential property increase faster than the values of nonresidential property, the residential
assessment ratio must decline to keep the 45 percent/55 percent ratio.
Pursuant to House Bill 05-1289,the residential assessment ratio will remain at 7.96% in 2005 for
collection in 2006. According to information as set forth in the Colorado Legislative Council
Staff Forecasts entitled "Assessed Value and Property Tax Projections" issued on December 20,
2004, the residential assessment ratio is projected to decline to 7.62% in 2007, and 7.39% in
2009. The projections of the Legislative Council Staff are estimates only, do not have the force
of law, and may or may not occur as projected.
This forecast has included the current residential assessment ratio of 7.96% effective for
collections in 2008 and throughout the term of the forecast period, since it is assumed that the
District's Board will increase the mill levy, to maintain a mill levy that produces tax revenue in
relation to current assessed valuation equivalent to revenue generated by the levy of 40 mills as
forecasted for collection year 2008 ("Gallagher adjustment"). Per the District's Service Plan,the
Mill Levy cap for the combined purposes of debt service and administration is 50 mills, as
adjusted by the Gallagher adjustment.
The assessed valuation for the District is dependent upon the build-out schedule of the residential
properties within the District. Management of the District has based the estimate of build-out on
their forecasted build-out schedule. The forecasted development build-out schedule and
conversion to assessed valuation is presented as a Schedule of Estimated Assessed Valuation.
The assessed valuation rate for raw ground and improved lots is 29%until a home is constructed.
All residential property has been assumed to be assessed at the residential property rates as
explained above.
Page 11
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 5) PROPERTY TAXES (continued)
Increases to valuation for the development of infrastructure within the District for platted and
improved lots held for build-out are included in the forecasted assessed valuation. No assessed
valuation has been assumed for State Assessed property that may be owned by public utilities
within the District.
The beginning assessed value of the land totaling 71.86 acres, which constitutes the District, has
been deemed to be immaterial for purposes of the forecast.
The property taxes resultant from the above mill levy and assessed valuation have been reduced
for the Weld County Treasurer's 1.5% fee for collection of the taxes, and further reduced by
0.5%to allow for uncollectible taxes.
NOTE 6) SPECIFIC OWNERSHIP TAXES
Specific ownership taxes are set by the State and collected by the County Treasurer,primarily on
vehicle licensing within the County as a whole. The specific ownership taxes are allocated by
the County Treasurer to all taxing entities within the County. The forecast assumes that the
District's share will be equal to approximately 10% of the total property taxes collected by the
General and Debt Service Funds.
NOTE 7) FACILITY FEE
The forecast anticipates that the Board of Directors will set a facility fee, projected to be
collected at the time of a request for a building permit from the builder, based upon $1,500 for
each single-family residential unit, and $1,000 for each townhome unit.
NOTE 8) DEVELOPER ADVANCES
'— The forecast assumes that the Developer will advance funds needed for organizational and
construction costs to the District (see Note 12). To the extent that bond proceeds are available
for organizational and construction payments in any year, the Developer advance would be
reduced accordingly. In addition, to the extent that there are surplus cash balances that can be
applied towards reducing this Developer advance without creating future cash deficits, the
Developer advances will be reduced accordingly.
Page 12
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 8) DEVELOPER ADVANCES (continued)
The forecast does not display cash receipts for Developer advances for construction costs and
bond proceeds available for construction costs nor cash disbursements for construction costs.
Accordingly, the forecast assumes that any Developer advances for construction will be repaid
from bond proceeds and that construction costs will be funded by Developer advances and / or
bond proceeds. Any Developer advances, which cannot be reimbursed, will be treated as
Developer contributions. Under the terms of the Service Plan, the District may issue
construction financing notes to the Developer and such notes may not bear interest.
NOTE 9) DEVELOPER CONTRIBUTIONS
The forecast assumes that the Developer will contribute funds to the District for administrative
costs as shown on the summary page for the General Fund of the forecast.
NOTE 10) INTEREST INCOME
The forecast includes interest income earned on monies that are forecasted to be on deposit or
invested by the District at the prior year-end at an interest rate of 2%. Additional interest earned
on deposits from bond proceeds, for payment of bond interest expense during an initial period
(capitalized interest), has been included in the debt service schedule at 3%. The calculation of
this interest is also shown as a separate Schedule of Capitalized Bond Interest.
NOTE 11) ADMINISTRATIVE DISBURSEMENTS
Administrative expenditures include the services necessary to maintain the District's
administrative viability such as legal, accounting and audit, general engineering, insurance,
banking, meeting expense, and other administrative expenses. Administrative costs have been
included in the forecast at $25,000 in 2005. Beginning in 2006, these disbursements have been
increased for inflation by 2%per year throughout the term of the forecast. Should administrative
costs exceed the forecasted amount, the Developer will contribute funds to the District for the
shortfall. These administrative services are necessary as long as bonds are outstanding
throughout the life of the District.
Page 13
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 12) INFRASTRUCTURE IMPROVEMENTS
The estimated cost of the capital infrastructure improvements to be funded under the Service
Plan is $6,191,101, as expressed in 2005 dollars. The forecast assumes that the Developer will
advance funds for all infrastructure costs and be reimbursed from bond proceeds to the extent
bonds can be issued,which may be less than the total eligible costs (see Note 8).
The capital infrastructure costs per the engineering estimate exceed the amount that can be
reimbursed to the Developer under this Plan. Management expects that the District will allow
the Developer to: either advance funds to the District; or to actually construct the improvements
under the District's supervision, for reimbursement by the District upon completion of the
improvements to the extent bondable; or to contribute funds to the District, should costs exceed
the District's capacity for repayment of such costs. The reimbursement of any additional costs is
subject to the District's authorized indebtedness and other revenue available to the District. The
amount of infrastructure costs not bondable within the limits of the proposed Service Plan would
remain a responsibility of the Developer. There may be additional construction costs in the
future.
NOTE 13) DEBT SERVICE
The District anticipates issuing general obligation bonds on December 1, 2008 in the amount of
$3,400,000. The proceeds of such debt will be used for issuance costs, capitalized interest, and
to fund the cost of capital infrastructure improvements or to reimburse the Developer for the
advancement of those funds, to the extent possible (see Note 8). The bonds are assumed to bear
interest at an estimated rate of 7.50%. The bond interest is payable semi-annually on June 1 and
December 1, with annual principal payments on December 1 of each year. The bonds anticipate
starting interest repayments on June 1, 2009, and per the scheduled maturities are payable over a
30-year period,with the final payment on December 1, 2038.
Prior to the date the Debt to Assessed Ratio is equal to 50% or less, pledged revenue (including
certain amounts projected to be accumulated prior to the issuance of the bonds) that is not needed
to pay debt service on the Series 2008 Bonds in any year will be deposited to and held in the
` Bond Surplus Fund, up to a maximum amount of$340,000. The forecast assumes that the Debt
to Assessed Ratio will be less than 50% in 2014, at which time the Bond Surplus Fund will be
terminated and any moneys therein applied to any legal purpose of the District. The forecast
assumes that moneys released from the Bond Surplus Fund upon its termination will be applied
to the payment of debt service on the bonds.
Page 14
LEGACY PARK METROPOLITAN DISTRICT NO. 1
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECAST ASSUMPTIONS
AND ACCOUNTING POLICIES
September 12,2005
NOTE 13) DEBT SERVICE (continued)
Assumptions related to debt principal amounts, bond interest rates, issuance costs, capitalized
interest amounts and related interest earned at 3%, and other related debt service costs for the
proposed Series 2008 Bonds have been provided to Management by Kirkpatrick Pettis, the
proposed underwriter of the proposed bond issuances of the District.
This information should be read in connection with the accompanying Accountant's Report
and forecast of financial information.
Page 15
■ DRM REAL ESTATE ADVISORS,LLC
Consulting,Research &\'aluui ion
September 12,2005
Ms. Jennifer L. Gruber,Esq.
Miller, Gruber&Rosenbluth,LLC
700 17`"Street
Denver, Colorado 80202 and,
City of Dacono
Town Planner/Planning Department
512 Cherry Avenue
Dacono,Colorado 80514
Re: The Proposed Legacy Park Metropolitan District No. 1
(Proposed residential subdivision development 231 single-family lots
and 36 townhome units)
South of Highway 52,Between WCR#11 and WCR#I3
Dacono, Colorado
Dear Ms. Gruber and the City of Dacono Planning Department:
I was engaged by Trinity Trust LLC to prepare a residential market analysis for the above
referenced property for development planning. In preparing the analysis, I reviewed relavent
portions of the Service Plan, dated September 7, 2005. Included in the study, I have made an
estimate of the projected absorption for the development based on historical and projected trends
for the area.
Legacy Park Metropolitan District No. 1
Based on the analysis presented within this market study, I have projected a rate of absorption for
the subject's proposed 231 single-family lots and 36 townhomes to be in the area of 70 to 80 lots
annually for the single-family, and 100 to 110 units annually for the townhomes.
The rate of absorption is based on historical and projected trends for the area as well as the
location of the property and the projected size of the lots to be marketed at the property.
It should be noted that the projections relating to absorption may differ from that of the financing
plan due to the fact that our estimate of absorption is based on current supply and demand levels,
which are projected to increase in the future. In our research, we make projections based solely
on current data, and rely only nominally on trended market projections.
Please feel welcome to call anytime at the numbers as they appear below if you have any
questions.
Res ctfully submitted,
D AL ESTATE ADVISORS,LLC
Dere R. Iaunsell,MAI
(970)214-8291 -Direct
Certified General Appraiser-State of Colorado CG40002154(12/31/07)
_ 4025 Automation Way, Unit F4 • Fort Collins, Colorado 80525
Phone(970) 267.2900 • Fax (970) 530-0799
Trinity Trust LLC
September 12,2005
Karen Cumbo, City Administrator
City of Dacono
516 Cherry Street
Dacono, Colorado 80514
Re: Legacy Park forecast model
Dear Karen:
Thank you for taking the time to talk with me on Friday regarding the property values in the Legacy
Park Metropolitan District Nos. 1 and 2 financial models. As we discussed, it is impossible to know
what the average value of the future homes will be. The financial models are expected to utilize
values which are possible and reasonable. I think you will find that the following information
adequately supports the values used in the models.
1) Homes in several other comparable developments in the Tri Town/Erie areas are selling for well
over$300,000.
When I spoke with the managers of the two Richmond projects in Dacono, (Sharpe Farms & Sweet
Grass), I found the following;
Sharpe Farms — Richmond offers two home series in Sharpe Farms, the "Seasons" & the more
expensive "American" series. Prices after options, for the Seasons Collection range from
approximately $200,000 up to $245,000. Prices for the American Collection range from
approximately$250,000 to $280,000 after options.
As you know, Woodcrest homes has also been active in the Sharpe Farms subdivision and, as I
understand it,the Woodcrest homes offered range in price up to approximately$290,000.
Sweet Grass — In this development, Richmond offers the "Seasons", "American", "Infinity" and
"Heritage" series. The Community Manager indicated that the home prices in the Sweet Grass
= development, including options, range from $248,000 to $365,000. The minimum lot sizes in the
subdivision were reported to be 5,000 S.F. with the typical lot being somewhere between 6,000 and
6,500 S.F. As you know, these lot sizes are comparable to the Legacy Park lots.
Additionally, we found new homes in other comparable developments in the area around Dacono,
(Frederick, Firestone&Erie),selling for up to $450,000.
2)Energy prices have increased significantly during the past several months.
a) These increases drive up the cost of virtually everything. Land development and new home
construction are particularly sensitive to these increases because they require diesel fuel for
construction equipment,plastic pipe for utilities, etc.
2971 Spinnaker Place, Longmont, Co. 80503 -303 678 5224 Fax 303 702 1785
Trinity Trust LLC
b) The increased energy costs will undoubtedly make consumers more energy conscious. This will
likely translate into demand for more energy efficient homes. The cost of using more energy
efficient appliances,windows,insulation, etc.,will add to the initial cost of new homes.
3) More recently, hurricane Katrina will undoubtedly have a far reaching impact on housing costs.
Most economists are projecting that a combination of supply disruption and rebuilding efforts will
cause shortages of various construction materials. These shortages are expected to lead to additional
inflationary pressure on new home prices.
With regard to the townhome units projected to be built on the multi-family parcels in Legacy Park,
there are at least two other developments in the area which are presently selling multi family units at
prices over $200,000. The closest of these is the Cimarron Pointe condominium project in Firestone
which lists units in the $210,000 range. The other is the Vista Ridge condominium project in Erie,
which has units listed for sale at prices as high as $244,900. While the Legacy Park forecasts refer to
the multi family units as townhomes, and the multi family comparables cited above are
condominiums, we do not believe this distinction requires any adjustment, either up or down, to the
unit values in the forecast. However, since the Legacy Park multi family units are projected to be
built and sold toward the end of the build out of the respective phases, the previously mentioned
inflationary pressures identified in paragraphs 2 and 3 above are likely to have an even greater effect
over time,on the pricing of the Legacy Park townhome units.
In light of this most recent information, we believe that the property values used in the most recent
service plan models are both possible and reasonable.
In support of the information contained herein, we have reviewed the study conducted by DRM Real
Estate Advisors, LLC and support its findings. The Analysis of Absorption Potentials also
satisfactorily confirms our projections and we request that it be admitted as a part of the Legacy Park
Metropolitan District No. 1 and Legacy Park Metropolitan District No. 2 formation application.
"— Sincerely,
Tom Huth,Manager
fc: Jennifer Gruber, Esq.
2971 Spinnaker Place, Longmont, Co. 80503 - 303 678 5224 Fax 303 702 1785
EXHIBIT H
Underwriter's Letters
Kirkpatrick Pettis
A Division of D.A.Davidson&Co.
Fixed Income Capital Markets
September 12, 2005
Jennifer Umber
Miller, Umber&Rosenbluth, LLC
700 17th Street, Suite 2200
Denver CO 80202
RE: Proposed Legacy Park Metropolitan District No. I
To Whom It May Concern:
As part of the service plan approval process, you have asked about the relationship between the
investment bankers and the proposed Legacy Park Metropolitan District No. 1. We are engaged
with the petitioners of the proposed District as described by the attached Letter of Intent. We
have the intention of serving as underwriters for the District's voter authorized debt once
sufficient credit support can be identified based on assessed value or guarantees provided by the
landowners. The structure represented in the financing plan involves non-rated bonds issued to a
third party, which we believe will be marketable based on the growth assumptions also included
in this plan. In this example, the debt would be sold to institutional investors and secured by an
escrow of bond proceeds, which would be released by lot as reimbursement to developers upon
receipt of a building permit.
You also requested an explanation of the level of credit risk associated with the types of
financing we are considering for this District. As with most start-up special districts, this District
expects to market bonds to third parties to raise capital for infrastructure before the entire project
is complete. The level of risk taken by a bondholder and the interest rate required for the
financing, decrease as development occurs. Our recent special district underwritings vary from
bonds sold at 8%with land in the District sold to builders and no homes constructed to refunding
bonds issued with most of the homes built at interest rates of 5% with "AAA" rated insurance.
-- In the case of "AAA" rated, insured bonds, the underlying Districts generally have debt/AV
ratios of 50% or less. The interest rate assumptions contained in the Service Plan are reasonable
based on current market conditions.
Because the financing in these districts is intended to pay for public infrastructure, we issue
bonds as close to the time the infrastructure is needed as possible. During the period of time
when homes are being constructed but not yet on the tax rolls, the District is projected to meet its
debt service obligation with capitalized interest. While this does increase the bondholders' risk,
the bondholders understand that risk and are compensated in the interest rate on the bonds. With
regard to the City's risk, we know of no example where a City was implicated in a special
district default and see no legal argument for such implication.
Kirkpatrick Pettis
"- A Division of D.A.Davidson&Co.Fixed Income Capital Markets
1600 Broadway,Suite 1100•Denver,Colorado 80202-4922•(303)764-6000•(800)942-7557•Fax(303)764-5770
www.dadavidson.com•www.kpsp.com
D.A. Davidson & Co.
Member SIPC
In the process of underwriting bonds for a non-rated residential metropolitan district, one key
criterion is the level of homebuilder activity. Methods of evaluating such activity include
contracts for sale of land in the District to builders, closing of land in the District to builders,
model home construction and home sales activity, building permits and certificates of
occupancy. This Service Plan includes an escrow mechanism with release of bond proceeds
based on building permits in the District. We hope this letter helps to clarify the financing model
represented in the financing plan and the current market for special district bonds. Please call if
you have any questions or require further clarification.
Sincerely,
• •
Samuel R. Sharp •
Vice President
Kirkpatrick Pettis
DR ision of D.A.Davidson S Co.
Fixed Income Capita I Markets
Kirkpatrick Pettis
A Division of DA.Davidson&Co.
Fixed Income Ca pits I.Markets
L
August 9,2005 G
Petitioners for Legacy Park Metropolitan District No. 1
c/o Thomas M.Huth
Manager
Trinity Trust LLC
2971 Spinnaker place
Longmont,Colorado 80503
RE: Letter of'Intent—Proposed Legacy Park Metropolitan District No. I
Dear Petitioners:
The petitioners are in the process of organizing the proposed Legacy Park Metropolitan
District No. 1 (the "District"). Once the District is organized it is anticipated that the
District will authorize and issue bonds(the`Bonds"). The Petitioners desire to engage the
services of Kirkpatrick Pettis, a Division of D.A. Davidson & Co. Fixed Income Capital
Markets, its successors or assigns ("Kirkpatrick Pettis") regarding the creation of the
District and the process leading to the sale of those bonds.
Section 1. Arrangements Before Sale. There are several arrangements, which must be
made before any sale of bonds can occur. These arrangements include,but are not limited
to:
Developing a Plan of Finance. In concert with bond counsel and District
management,Kirkpatrick Pettis will prepare a plan of expected development,future
capital improvements, revenues, expenses, and debt repayment Once such a plan
is prepared and approved by the Proposed Board, various debt structures can be
analyzed within the plan to determine what will work best for the District
Structnrint Once a financing structure has been selected by the Proposed Board,
the terms of the debt (such as the sources of payment, the nature of the security,
maturity schedule, the rights of redemption prior to maturity, etc.) must be
determined, taking into account both the inhac sts of the District and the
expectations of investors.
Legal Counsel. Legal counsel will be selected and engaged by the District to
prepare the legal proceedings necessary to authorize the debt, to assist in the
preparation of disclosure documents necessary to sell the securities, and to render
Kirkpatrick Pettis
A Division of D.A.Davidson&Co.Fixed Income Capital Markets
1600 Broadway,Suite 1100 • Denver.Colorado 80202-4922 • (303) 764-600O• (8001 942.7557 • Fax (303) 764-6002
www.dadavidson.com • www.kpsp.eom
D.A.Davidson & Co. •
member SIPC
certain approving opinions when the securities are delivered. All fees and expenses
of legal counsel selected hereunder shall be paid only from the proceeds derived
upon sale of the Bonds.
Ratings. The ratings which may be obtained for the bonds are likely to have a
significant effect on the rates of interest at which the bonds can be sold. If it is
determined to be in the District's best interest to obtain these ratings, Kirkpatrick
Pettis will assist the District in preparing and submitting applications to the rating
agencies along with detailed information about the District, the debt and any credit
enhancement.
Credit Enhancement. By providing investors with a guarantee of timely
payments on the debt, for even a limited time period, the purchase of credit
enhancement can produce a net reduction in financing costs. Kirkpatrick Pettis will
assist the District in investigating the availability of bond insurance,letters of credit
or other forms of credit enhancement and assist the District in determining the cost
effectiveness of these products.
_ Disclosure to Investors. In connection with the issuance of bonds by the District
and the sale and delivery of securities to ultimate investors, material information
about the District and the transaction must be compiled in a disclosure document
for distribution to prospective purchasers. As set forth above under Legal Counsel,
the District will engage the services of counsel to assist in the preparation of such
disclosure documents and advise the District and Underwriter about sales practices,
regulatory requirements, and security matters. If disclosure counsel is engaged as
the District's counsel, Kirkpatrick Pettis, will expect to receive the benefit of their
10(b)-5 opinion as well.
In contemplation of submitting an offer to underwrite the bonds, we will assist the
District in making these arrangements. By accepting this letter and accepting our
assistance in making these arrangements, the District will not incur any obligation
except to pay from the Bond proceeds the expenses as provided in Sections 4 and 6
of this letter. Our active participation in making these arrangements should not and
cannot be construed by the District as a promise to underwrite the bonds or as an
assurance that the bonds can be sold.
Section 2. Underwriting. At such time as the arrangements for the sale of the securities
have been successfully completed, it is our intention to submit for consideration by the
Petitioners our offer to underwrite the bonds. Our offer will be submitted in the form of a
bond purchase agreement and will set forth terms of the purchase such as the rates of
interest, the amount of any original issue premium or discount, our underwriting
compensation(2 percent of the principal amount of the bonds), and the date and conditions
for delivery of the bonds. Until the District accepts our offer, there will be no obligation
for this fin to purchase the bonds from the District. In consideration for our work
performed pursuant to Section 1, above, the District agrees that it will not consider other
_ Kirkpatrick Pettis
A Division of D.A.Davidson&Co.
Fixed Income Capital Markets
_ underwriting proposals unless Kirkpatrick Pettis has first declined to underwrite the
transaction on terms and conditions acceptable to the District.
_ Section 3. Remarketing. In the event that the District issues bonds that are remarketed
within their term,the District will have to engage a remarketing agent qualified to remarket
the bonds on each remarketing date. If an underwriting agreement is reached between
Kirkpatrick Pettis and the District, Kirkpatrick Pettis will submit an offer to serve as
remarketing agent to the District for compensation of.25 percent of the amount of bonds
annually remarketed. In further consideration for our work performed pursuant to Section
1, above,the District agrees that as long as Kirkpatrick Pettis is the lead underwriter,it will
provide Kirkpatrick Pettis with the option to submit a proposal to act as remarketing agent
and that it will not consider other proposals to act as remarketing agent unless and until the
_ Kirkpatrick Pettis proposal for remarketing has been rejected.
Section 4. Payment of Expenses. Expenses will be incurred to make the arrangements
for the sale of the bonds before their delivery and the receipt of proceeds by the District but
such expenses will not be obligations of the District unless advance authorization has been
obtained from the District. All of the expenses incurred in connection with the
authorization, sale, and delivery of the bonds, including rating application,letter of credit
fees and related expenses,insurance premiums,bond,disclosure and underwriter's counsel
and our out-of-pocket expenses for any travel outside of Colorado shall be paid only from
the proceeds derived upon sale of the Bonds.
Section 5. Not an Offer to Buy. This letter of intent is not an offer to purchase or a
guarantee that we will make an offer to purchase the District's bonds in the future. Our
offer to purchase, if made, will only be made by a bond purchase agreement prepared by
our counsel and reviewed by the District and its counsel after the successful conclusion of
the pre-sale arrangements described in Section 1 and the completion of other preliminary
matters. This letter serves to summarize the steps we hope will lead to an underwriting of
bonds at a future date at which time both Kirkpatrick Pettis and the District will incur and
assume additional obligations as set forth in the bond purchase agreement.
Section 6. Private Placement of Debt. If the District determines that a private placement
of debt to developer or other parties would be in its best interest, the District agrees it will
utilize the services of Kirkpatrick Pettis as an advisor for a fee of 1% of the debt
distributed.
Section 7. Term of Letter Agreement. This letter agreement shall remain in full force
and effect until such time as the Petitioners notify Kirkpatrick Pettis in writing of their
intent to terminate this letter agreement or the District becomes an organized legal entity.
Any action to terminate by notice shall provide no less than 30 days notice prior to
termination. An action to terminate by notice will include a breakup fee of$20,000 owed
to Kirkpatrick Pettis for services rendered.
Kirkpatrick Pettis •
A Division of D.A.Davidson&Co.
Fixed Income Capital Markets
After the organization of the District, Trinity Trust LLC shall use its best efforts to have
the District enter into a letter of intent with Kirkpatrick Pettis. This letter of intent shall
include a break up fee of$35,000. Once Kirkpatrick Pettis has served as underwriter for a
bond issue by the Legacy Park Metropolitan District#1, Legacy Park Metropolitan District
#2 or Legacy Park Commercial District, or a breakup fee is paid under the respective letter
of intent for any of the foregoing Metropolitan Districts, the breakup fee shall no longer
apply. Kirkpatrick Pettis may resign as investment banker to the District by providing
written notification with no less than 30 days notice to the District.
y Section 8. Acceptance. The petitioners or other authorized officers of the developer may
indicate their desire to proceed with the delivery of these investment banking services upon
the basis set forth in this letter by executing one copy of this letter and returning it to us.
Respectfully submitted,
Kirkpatrick Pettis, a Division of D.A. Davidson& Co. Fixed Income Capital Markets
S nel R. ew B. Kane
Vice President enior Vice President
ACCEPTED this // day of 4u,u St. 2005.
Trinity Trust LLC
h
frec
Authorized Officer
Kirkpatrick Pettis
A Division of D.A.Davidson&Co.
Fixed Income Capital Markets
EXHIBIT I
Legal Counsel Letter
LIM
Miller, Gruber& Rosenbluth, LLC
ATTORNEYS AT LAW
Dianne D.Miller* www.mgrlawfirm.com
_ Jennifer L.Gruber*
Telephone: (303)285-5320
Monica A.Rosenbluth 700 17th Street,Suite 2200
Denver,Colorado 80202 Facsimile: (303)285-5330
*Admitted in Colorado and New Mexico
September 12,2005
•
City of Dacono
Post Office Box 186
Dacono, Colorado 80514
RE: Organization of Legacy Park Metropolitan District No. 1
This firm has acted as counsel to the Petitioners in connection with the organization of
the Legacy Park Metropolitan District No. 1 (the "District"). Pursuant to the requirements of
V.m. of the Service Plan for the District, this letter confirms that the petition for organization of
the District filed with the City on July 29, 2005, the Service Plan for the District, as approved on
September 12, 2005, and the notice, hearing and other procedures in connection with the
_ approval of the Service Plan, have met the requirements of the Special District Act, §§ 32-1-101,
et seq., C.R.S., and that the provisions of the Service Plan, including, without limitation,
provisions as to the structure and terms of the District's bonds, fees and revenue sources, are
consistent with applicable provisions of titles 11 and 32, C.R.S., and other applicable law.
Please be advised, however, that this firm has not been engaged as bond counsel to the
District, nor will this firm serve as bond counsel at any time for the District. This letter does not
purport to offer any opinion of the type customarily required to be given by bond counsel with
regard to any bond transaction of the District.
This letter is limited to the use of the addressee as set forth above, and may not be relied
upon by other parties or in connection with any future sale, resale or transfer of bonds and may
be relied upon only as stated herein. This letter may not be used, quoted or referred to, in whole
or in part, for any other purpose without the prior, written consent of the firm
Very truly yours,
MILLER, GRUBER&ROSENBLUTH, LLC
ctrl(.LP.t �, 4912.t..G-t.- s 72oat A&LJJ, LLC
Legacy Park No.1/Service Plan
JLG1555
�.. 0833.0003
EXHIBIT J
Part I -Developer Indemnity Letter
Part II -District Indemnity Letter
September 12, 2005
City of Dacono
Post Office Box 186
Dacono, Colorado 80514
RE: Legacy Park Metropolitan District No. 1
Ladies and Gentlemen:
This Indemnity Letter (the "Indemnity Letter") is delivered by the undersigned Trinity
Trust LLC, a Colorado limited liability company ("Trinity Trust") in order to induce the City of
Dacono (the "City") to approve the Service Plan, including all amendments heretofore or
hereafter made thereto (the "Service Plan") for the Legacy Park Metropolitan District No. 1 (the
"District"). In consideration of the City's approval of the Service Plan, Trinity Trust, for and on
behalf of itself and its transferees, successors and assigns, represents, warrants, covenants and
agrees to and for the benefit of the City as follows:
1. Trinity Trust hereby waives and releases any present or future claims it might
have against the City or the City's elected or appointed officers, employees, agents or contractors
in any manner related to or connected with the Service Plan or any action or omission with
respect thereto. Trinity Trust further hereby agrees to indemnify and hold harmless the City and
the City's elected and appointed officers, employees, agents and contractors, from and against
any and all liabilities resulting from any and all claims, demands, suits, actions or other
proceedings of whatsoever kind or nature made or brought by any third party, including
attorneys' fees and expenses and court costs,which directly or indirectly or purportedly arise out
of or are in any manner related to or connected with any of the following: (a)the Service Plan or
any document or instrument contained or referred to therein; or (b) the formation of the District
or any actions or omissions of Trinity Trust,the District, the City or any other person or entity in
connection with the District, including, without limitation, any bonds or other financial
obligations of the District or any offering documents or other disclosures made in connection
therewith. Trinity Trust further agrees to investigate, handle, respond to and to provide defense
for and defend against, or at the City's option to pay the attorneys' fees and expenses for counsel
of the City's choice for any such liabilities, claims, demands, suits, actions or other proceedings.
It is understood and agreed that the City does not waive or intend to waive the monetary limits
(presently$150,000 per person and$600,000 per occurrence) or any other rights,immunities and
protections provided by the Colorado Governmental Immunity Act, §§ 24-10-101, et seq.,
C.R.S., as from time to time amended, or otherwise available to the City, its officers or its
employees.
— 2. Trinity Trust hereby consents to the City Disclaimer Statement contained in Exhibit L
of the Service Plan, acknowledges the City's right to modify the City Disclaimer Statement, and
waives and releases the City from any claims Trinity Trust might have based on or relating to the
use of or any statements made or to be made in such City Disclaimer Statement (including any
modifications thereto).
3. Trinity Trust hereby represents and warrants to the City that it will be an
accredited investor if and when it acquires any construction financing notes, and that Trinity
Trust and its controlled affiliates will be accredited investors if and when they acquire any
Developer Bonds(all as defined and as further provided in the Service Plan).
4. Trinity Trust believes and represents that the assumptions, projections and
forecasts contained in the Districts financial plan (Article V and Exhibit G of the Service Plan)
are reasonable.
5. It is understood and agreed, and Trinity Trust hereby expressly acknowledges,
that the City, in acting to approve the Service Plan, has relied upon the provisions of this
Indemnity Letter.
6. This Indemnity Letter has been duly authorized and executed on behalf of Trinity
Trust.
Very truly yours,
TRINITY TRUST LLC,
a Colorado limited liability company
Thomas M. Huth,Manager
A
, 2005
(Date of Organizational Meeting)
City of Dacono
Post Office Box 186
Dacono, Colorado 80514
RE: Legacy Park Metropolitan District No. 1
Ladies and Gentlemen:
This Indemnity Letter (the "Indemnity Letter") is delivered by the Legacy Park
Metropolitan District No. 1 (the "District") in order to comply with the Service Plan, including
all amendments heretofore or hereafter made thereto (the "Service Plan") for the District. In
consideration of the City's approval of the Service Plan, the District, for and on behalf of itself
and its transferees, successors and assigns, represents, warrants, covenants and agrees to and for
the benefit of the City as follows:
1. The District hereby waives and releases any present or future claims it might have
against the City or the City's elected or appointed officers, employees, agents or contractors in
any manner related to or connected with the Service Plan or any action or omission with respect
_ thereto. To the fullest extent permitted by law, the District hereby agrees to indemnify and hold
harmless the City and the City's elected and appointed officers, employees, agents and
contractors, from and against any and all liabilities resulting from any and all claims, demands,
suits, actions or other proceedings of whatsoever kind or nature made or brought by any third
party, including attorneys' fees and expenses and court costs, which directly or indirectly or
purportedly arise out of or are in any manner related to or connected with any of the following:
(a) the Service Plan or any document or instrument contained or referred to therein; or (b) the
formation of the District or any actions or omissions of the District, the City, Trinity Trust LLC,
a Colorado limited liability company ("Trinity Trust"), or any other person or entity in
connection with the District, including, without limitation, any bonds or other financial
obligations of the District or any offering documents or other disclosures made in connection
therewith. The District further agrees to investigate, handle, respond to and to provide defense
for and defend against, or at the City's option to pay the attorneys' fees and expenses for counsel
of the City's choice for, any such liabilities, claims, demands, suits, actions or other proceedings.
It is understood and agreed that neither the District nor the City waives or intends to waive the
monetary limits (presently $150,000 per person and $600,000 per occurrence) or any other
rights, immunities and protections provided by the Colorado Governmental Immunity Act, §§
24-10-101, et seq., C.R.S., as from time to time amended, or otherwise available to the City, the
District, its officers, or its employees.
2. The District hereby consents to the City Disclaimer Statement contained in
Exhibit L to the Service Plan; agrees that the District will include such City Disclaimer
Statement or any modified or substitute City Disclaimer Statement hereafter furnished by the
City to the District in all offering materials used in connection with any bonds or other financial
obligations of the District (or, if no offering materials are used, the City Disclaimer Statement
will be given by the District to any prospective purchaser of any bonds or other financial
obligations of the District); and waives and releases the City from any claims the District might
have based on or relating to the use of or any statements made or to be made in such City
Disclaimer Statement(including any modifications thereto).
3. It is understood and agreed, and the District hereby expressly acknowledges, that
the City, in acting to approve the Service Plan, has relied upon the provisions of this Indemnity
Letter.
4. This Indemnity Letter has been duly authorized and executed on behalf of the
�- District.
Very truly yours,
LEGACY PARK METROPOLITAN DISTRICT
NO. 1
President
EXHIBIT K
Form of District Disclosure Statement
LEGACY PARK METROPOLITAN DISTRICT NO. 1
WELD COUNTY,COLORADO
DISCLOSURE STATEMENT
Pursuant to Article XII of the Service Plan
of Legacy Park Metropolitan District No. 1
DISTRICT ORGANIZATION:
The Legacy Park Metropolitan District No. 1 (the "District"), Weld County, Colorado is a
quasi-municipal corporation and political subdivision of the State of Colorado duly organized and
existing as a metropolitan district pursuant to Title 32, Colorado Revised Statutes. The District was
declared organized and an existing metropolitan district on , 2005, pursuant to an
Order and Decree Organizing District and Issuance of Certificates of Election for the Legacy Park
Metropolitan District No. 1, issued in the District Court of Weld County, Colorado. The Order and
Decree was recorded in the records of the Weld County Clerk and Recorder on
200_at Reception#
The District is located entirely within the corporate limits of the City of Dacono,
Colorado, in Weld County. The legal description of the property forming the boundaries of the
District is described in Exhibit A.
DISTRICT PURPOSE:
The District was organized as a"financing only"district for the purpose of financing streets,
street lighting, traffic and safety controls, water, landscaping, storm sewers and flood and surface
drainage and park and recreation improvements, all in accordance with its Service Plan approved by
the City Council of Dacono. When completed, improvements shall be dedicated to the City of
Dacono or other governmental entities, all for the use and benefit of residents and taxpayers, or
operated and maintained by contract with a homeowners' association formed for the Legacy Park
development. The District's Service Plan is on file and available for review at the office of the
District's general counsel, Miller, Gruber & Rosenbluth, LLC, 700 17th Street, Suite 2200, Denver,
Colorado 80202, and at the office of the City Clerk, City of Dacono, 512 Cherry Street, Dacono,
Colorado 80514.
TAX LEVY INFORMATION:
The primary source of revenue for the District is ad valorem property taxes. Property
taxes are determined annually by the District's Board of Directors and set by the Board of
County Commissioners for Weld County as to rate or levy based upon the assessed valuation of
the property within the District. The levy is expressed in terms of mills. A mill is 1/1,000 of the
assessed valuation, and a levy of one mill equals $1 of tax for each $1,000 of assessed value.
The financial forecast for the District (as set forth in its Service Plan) assumes that the District
will be able to set its tax levy at approximately forty (40.000) mills (or less) for 2007 through
2038 for debt service and administration purposes. Except for certain adjustments permitted by
the Service Plan to compensate for legally required changes to residential valuation ratios, the
District shall not impose a mill levy in excess of fifty (50.000) mills. District taxes are collected
as part of the property tax bill from Weld County.
LEGACY PARK METROPOLITAN
DISTRICT NO. 1
President
STATE OF COLORADO )
) ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of
200_, by as President of the Legacy Park Metropolitan
District No. 1.
WITNESS my hand and official seal.
My commission expires:
Notary Public
EXHIBIT A
(Legal Description of District)
Legacy Park\Service Plan
7LO1210
0811.0003
LEGAL DESCRIPTION
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET 1 OF 3
LEGAL DESCRIPTION
A PARCEL OF LAND LOCATED IN THE WEST HALF OF SECTION 1, TOWNSHIP 1 NORTH, RANGE 68 WEST OF THE
-- 6TH PRINCIPAL MERIDIAN, CITY OF DACONO, COUNTY OF WELD, STATE OF COLORADO, SAID PARCEL BEING
MORE PARTICULARLY DESCRIBE AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 1 AND
CONSIDERING THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 1 TO BEAR SOUTH 00'31'38"
EAST WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO;
THENCE ALONG SAID WEST LINE SOUTH 00'31'38" EAST A DISTANCE OF 1304.15 FEET;
THENCE NORTH 89'28'22" EAST A DISTANCE OF 30..00 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF WELD
COUNTY ROAD NUMBER 11 AS DESCRIBED IN BOOK 86 AT PAGE 273 OF THE RECORDS OF THE WELD COUNTY
CLERK AND RECORDER, SAID POINT ALSO BEING THE POINT OF BEGINNING;
THENCE NORTH 6928'22" EAST A DISTANCE OF 30.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF SOUTH 45'31'38" EAST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE NORTH 6928'22' EAST A DISTANCE OF 330.54 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 1723'39", A RADIUS OF 220.00 FEET,
AND AN ARC LENGTH OF 66.79 FEET;
THENCE SOUTH 17'55'17" EAST A DISTANCE OF 60.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 24'59'05", A RADIUS OF
280.00 FEET, A CHORD BEARING OF NORTH 59'35'10" EAST, AND AN ARC LENGTH OF 122..10 FEET;
THENCE NORTH 47'05'38" EAST A DISTANCE OF 426.28 FEET;
THENCE SOUTH 71'21'31" EAST A DISTANCE OF 43303 FEET TO THE EAST LINE OF THE WEST HALF OF THE
NORTHWEST QUARTER OF SAID SECTION 1;
THENCE SOUTH 00'24'09" EAST ALONG SAID EAST LINE, A DISTANCE OF 1500.09 FEET TO THE WEST HALF OF
THE NORTHWEST QUARTER OF SAID SECTION 1;
THENCE SOUTH 00'31'38" EAST A DISTANCE OF 270.91 FEET;
THENCE SOUTH 05'53'30" EAST A DISTANCE OF 39,93 FEET;
THENCE SOUTH 37'30'00" EAST A DISTANCE OF 344.79 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 80.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20..00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00' WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
20.00 FEET, A CHORD BEARING OF NORTH 82'30'00" WEST, AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 160.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20,00 FEET,
AND AN ARC LENGTH OF 31.42 FEET;THENCE SOUTH 52'30'00" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
20.00 FEET, A CHORD BEARING OF NORTH 82'30'00" WEST, AND AN ARC LENGTH OF 31.42 FEET;
THENCE SOUTH 52'30'00" WEST A DISTANCE OF 94.40 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 36'51'14", A RADIUS OF 225.00 FEET,
AND AN ARC LENGTH OF 144.72 FEET;
THENCE SOUTH 89'21'14' WEST A DISTANCE OF 54.90 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 20.00 FEET,
AND AN ARC LENGTH OF 31.,42 FEET;
THENCE SOUTH 00'38'46" EAST A DISTANCE OF 10.00 FEET;
Carroll sr. Lange
Pralesslaaal Engineers 8 Land Soneyars
\, 165 ak South Color Blvd.,o 156
outh Union
8 6022828
(303)880-0200
P.\Sfll\E#BBIT3\METRO—OIST\3111—M-01ST—I.d"q, SHEET I OF 3, PREPARED 7/11/05 3k 3111
LEGAL DESCRIPTION
LEGACY PARK METROPOLITAN DISTRICT NO. 1
SHEET20F3
LEGAL DESCRIPTION
_ THENCE SOUTH 8921'14" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF NORTH 45'38'46" WEST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 8921'14" WEST A DISTANCE OF 150.00 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 25.00 FEET,
AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 89'21'14" WEST A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE;
THENCE ALONG A NON-TANGENT CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF
25.00 FEET, A CHORD BEARING OF NORTH 45'38'46" WEST, AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 8921'14" WEST A DISTANCE OF 503.33 FEET TO A POINT OF CURVATURE;
THENCE ALONG A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 90'00'00", A RADIUS OF 25..00 FEET,
AND AN ARC LENGTH OF 39.27 FEET;
THENCE SOUTH 8921'14" WEST A DISTANCE OF 30.00 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF SAID
WELD COUNTY ROAD NUMBER 11;
THENCE ALONG SAID EASTERLY RIGHT-OF-WAY UNE THE FOLLOWING TWO (2) COURSES:
'- 1. THENCE NORTH 00'38'46" WEST A DISTANCE OF 984.52 FEET;
2. THENCE NORTH 00'31'38" WEST A DISTANCE OF 1355.01 FEET TO THE POINT OF BEGINNING;
SAID PARCEL CONTAINS 71.86 ACRES, MORE OR LESS.
TlffN1 ,
I, THOMAS D. aER LICENSED IN THE STATE OF COLORADO,
,
DO HEREBY. re OVE LEGAL DESCRIPTION WAS PREPARED
BY ME OR 1�, DIR VISION AND CHECKING.
•
7 /405
25965
TI-IOM D. P.L.S.
FOR AND ON & LANGE, INC.
DATE
•
Carroll & Lange g
ProhxWonal Engineers 61108 Sorwryors
185wood Color 50 28 158
(303)000 00 80228
(303)986-0200
P:\3111\E.11a1S\METRO-0151\3111-M-OIST-I.E3q, SHEET 2 OF 3,PREPARED 7/11/05 14: 3111
EXHIBIT
LEGACY PARK METROPOLITAN DISTRICT NO. 1
- SHEET 3 OF 3
—
/ N. LINE, W 1/2,
POINT A� NW 1/4, SEC. 01 -- ST HWY 52—
N8936'15wE 1330.76' — 150' EX ROW
CQIIMENCEMENT
BK 1552, PG 437
NW COR., NW 1/4,
SEG 1, T. 1 N., NW 1 NE COR„ W 1/2,
SEC 01,
R 68 W., 67N P.M. REC. N0. T. 01/N., R 68 W.,
— FOUND 2-1/1" 1456239
ALUMINUM CAP b 6TN P.M. SET 2—i/2'
PLS 1500 1999 YYY PLUMIN28 CAP
500'31'38"E R fro 17 0.009" PLS 28286, 2004
1304.15' R=220.00'
—
L-66.79' KATELYN STREET
589'28'22"W CHB-N80"46'33"E 3717 REC. NO, 2968872
1 30.00' 4,1t "£
POINT OF
BEGINNING
— N47'05'38"E -
N8928'22'E „..-426.28'® 30,00' fs:245A'(!5y e UG�Q►L1"/�TIED R280.00' ci
aMI_- In R=25.00to
' / L=22.10 ,�� n
el L-39.27' ��I r� • N
d CHB=S45'31'37"E 8 t \\ S17'SS 17"E •-2
I . NOO'31'38"W ��??•as�E t1 6 ..00' . -W
1355.01' 0f �� 589'28'22"W ^o
N(6 0 54' "o SE CDR., W 1/2,
S CCOR1, TW 11 N4, 3 y)� 71.88 R NW 1/4, SEC 01,
ACRES± T 01 N., R 68 W.,
R 68 W, 6TH P.M. Z:)y .� A � - 67FI P.M. FOUND
— FOUND 3-1/4" 2 nn e \ 500'24'0• E 2-1/2"ALUMINUM CAP
BRASS CAP
US CADASTRAL 3 7n m \ 1 Q'�' . PLS 28258, 2000
SURVEY, BLM, 1952 S LI E W �■ 50031'38`E
.....
I NW 1 4, SEC 01 - 270.91' /
WCR 11-90' Ex. ROW , N893937 E 11324..98'- � 505'53'30"9- �
BK 86, PG 273 I52'30'00-W ter , 39.9 '
80.00'
2'30'00"W 537'30'00-
,.._, 537'30'00-:�.,
IA 90'00.00' tr
479 ' .,,,
•
N00"984 2 I 6=90'00'00" R-20.00' X90'00'00" �,,,
R=25 00' CHB=N5230'00 W ♦ R=20 00'-
080,00,00" L-39.27 ' " •+ , L=31.42'
R-25.00' 58921'14"W` 94.40' �� ., 552'30'00"W -
N
50.00' �I 160,00',
L-39.27' � ���.6=90'00'00-
58921'14"W�� �� fr ♦ R=2000
58921'14"W •
I- 30 00' 503.33' I�� j1\7 L-31.42'
6"90'00'00" IR/ 11\1 X36.51'14 �`
u 552'30'00 .
R=25.00' -89'21'14" N 111
L=39.27' 150.00'J�► 11\ 1-144.R=225.00' 50.00'," -�-
CHB=N45'38'46"W 6=90'00'00" 1�► 8924'4' R 0. 00�
R=20.00'
1� ll�5492''14" L=31..42' 1
- R=25.00' �► {►5490'
1-39.27' 1 � 16,90'00'0 _ CHB=N82"30'00"
CHB=N4538'46"W •' R=20. 1
921'14"W L=31.42
50.01' SCALE:
500'38'48"
1 10.0 ' E 1" = 600'
Nero Carroll & Lange
0 Denotes Change of Direction Only This exhibit t
c.ale rro g ,:I,giners 8 Land$does not represent a monumented survey. It 165 South Union Blvd,Suite 156
is intended only to depict the attached legal.—
Lakewood,0200 Colorado B0228
g (303)880-0200
description. P:\3111\EXHIBITS\MEIRO—DIST\3111—M-01sT-1.dwg,SHEET 3 OF 3. PREPARED 7/11/05 JD 3111
EXHIBIT L
Form of City Disclaimer Statement
CITY OF DACONO, COLORADO-DISCLAIMER STATEMENT
As a requirement imposed in its formation process,the Legacy Park Metropolitan District
No. 1 (the "District") is obligated to the City of Dacono (the "City") to include this disclaimer
statement in all offering materials used in connection with any bonds or other financial
obligations of the District (or, if no offering materials are used, to give this disclaimer statement
to any prospective purchaser, investor or lender in connection with any such bonds or other
financial obligations of the District). The date of this disclaimer statement is
. [Insert date of offering materials or date disclaimer statement is
otherwise delivered, unless City directs a different date].
The City has not reviewed or participated in the preparation of any offering materials or
any other disclosure documentation relating to any bonds or financial obligations of the District
or any other materials to which this Disclaimer Statement is appended. Other than this
Disclaimer Statement, no other statement of any kind is authorized to be made by or on behalf of
the City in any offering materials or any other disclosure documentation relating to any bonds or
other financial obligations of the District.
The City and the District are separate legal entities. The City is not a party to and is not
obligated with respect to any borrowings, financings, bonds or other financial obligations of the
District. As a statutory requirement for the formation of the District,the City approved a Service
Plan containing financial and other information furnished by the District's organizers. The
City's approval of the Service Plan was based upon such information furnished by the District's
organizers, without independent investigation by the City. The District's Service Plan was
prepared in 2005 and not in connection with the offering of any bonds or other financial
obligations. The City's approval of the District's Service Plan should not be relied upon by
prospective purchasers, bondholders, investors or lenders in evaluating the investment quality of
the District's bonds or other financial obligations. The Service Plan and related agreements do
not impose upon the City any duties to, nor confer any rights against the City upon, any
purchasers, investors, lenders, bondholders or other third parties. By purchasing or otherwise
accepting any bond or other financial obligation of the District, the owner or holder thereof waives
and releases any then existing or future claim against the City or the City's elected or appointed
officers, employees, agents or contractors in any manner related to or connected with the District or
its Service Plan or any action or omission with respect thereto.
EXHIBIT M
Form of Intergovernmental Agreement between District and City
INTERGOVERNMENTAL AGREEMENT
BETWEEN
THE CITY OF DACONO, COLORADO
AND
LEGACY PARK METROPOLITAN DISTRICT NO. 1
THIS AGREEMENT (the "Agreement") is made and entered into as of this _ day of
200_, by and between the CITY OF DACONO, a home-rule municipal corporation
of the State of Colorado (the "City"), and the LEGACY PARK METROPOLITAN DISTRICT
NO. 1, a quasi-municipal corporation and political subdivision of the State of Colorado (the
"District").
RECITALS
WHEREAS, the District was organized to provide those public improvements and to
exercise powers as are more specifically set forth in the District's Service Plan dated
September 22, 2005, and approved by the City on September 12, 2005, by Resolution No. 05-
71 ("Service Plan"); and
WHEREAS, the Service Plan makes reference to and requires the execution of an
intergovernmental agreement between the City and the District; and
WHEREAS, the City and the District have determined it to be in the best interests of
their respective taxpayers, residents and property owners to enter into this Agreement.
NOW, THEREFORE, for and in consideration of the covenants and mutual agreements
herein contained, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged,the parties hereto agree as follows:
COVENANTS AND AGREEMENTS
1. APPLICATION OF LOCAL LAWS. The District hereby acknowledges that
the property within its boundaries shall be subject to all ordinances, rules and regulations of
the City, including without limitation, ordinances, rules and regulations relating to zoning,
subdividing, building and land use, and to all related City land use policies, master plans,
related plans and intergovernmental agreements.
2. NATURE OF DISTRICT. The District agrees that it is organized for the
purpose of financing certain public improvements for the area within its boundaries only,
which area is designated as the proposed Legacy Park development, and that the District's
purposes, powers, facilities and activities are to be limited and governed by the Service Plan.
The District shall fully comply with all provisions, requirements, restrictions and limitations of
the Service Plan. The District is not intended to and shall not provide facilities or service
outside its boundaries (except to the extent specifically permitted in the Service Plan). Further,
the District is not intended to and shall not exist perpetually, but instead shall be dissolved in
accordance with the Service Plan and this Agreement. The property within the District will
receive water service from the City through the City's arrangements with the Central Weld
County Water District. The District shall not provide any services or facilities within any area
of the District overlapping with the service area of another district without first obtaining the
written consent of each and every district whose service area is so overlapped.
3. CHANGE IN BOUNDARIES. The District agrees that, as set forth in the
Service Plan, inclusion of properties within, or any exclusion of properties from, its boundaries
shall constitute a material modification of the Service Plan; any purported inclusion or
exclusion that has not been approved by the City pursuant to the procedures applicable to a
material modification of the Service Plan shall be void and of no effect.
4. CITY APPROVAL REQUIREMENTS; REVIEW OF DISTRICT
SUBMITTALS. The District agrees that any City approval requirements contained in the
Service Plan (including, without limitation, any Service Plan provisions requiring that any
change, request, action, event or occurrence be treated as a Service Plan amendment proposal
or be deemed a "material modification" of the Service Plan) shall remain in full force and
effect, and such City approval shall continue to be required, notwithstanding any future change
in law modifying or repealing any statutory provision concerning service plans, amendments
thereof or modifications thereto. The District agrees to reimburse the City for all reasonable
administrative and consultant costs incurred by the City for any City review of reports, plans,
submittals or other materials or requests provided to the City by the District pursuant to the
Service Plan, this Agreement, state law or the Dacono Municipal Code. The City may require
a deposit of such estimated costs.
5. OWNERSHIP OF IMPROVEMENTS: LIMITED FUNCTIONS. The parties
agree that the District shall serve as a "financing only" district and shall not be permitted to
undertake ownership, operation, or maintenance of public facilities and services, except as
specifically set forth in the Service Plan. All functions, activities, improvements, services, and
programs of the District are limited to those expressly authorized in the Service Plan,
notwithstanding any different, additional, or expanded powers or authority that may be granted
to the District by any present or future statutory or regulatory provisions.
6. CONSOLIDATION. The District shall not file a request with the district court
to consolidate with another district without the prior written approval of the City.
7. DISSOLUTION. The District agrees that it shall take all action necessary to
dissolve the District upon payment or defeasance of the District's bonds or otherwise upon the
request of the City, all as provided in the Service Plan.
8. NOTICE OF MEETINGS. The District agrees that it shall submit a copy of the
written notice of every regular or special meeting and work session of the District's Board of
Directors to the Office of the Dacono City Administrator, by mail, facsimile or hand delivery,
to be received at least three (3) days prior to such meeting. The District agrees that it shall also
submit a complete copy of meeting packet materials for any such meeting to the Office of the
Dacono City Administrator, by mail, facsimile or hand delivery, to be received at least one (1)
day prior to such meeting.
9. ANNUAL REPORT; OTHER INFORMATION. The District shall be
responsible for submitting to the City an annual report and other information pursuant to and as
set forth in Section VII of the Service Plan.
10. ENTIRE AGREEMENT OF THE PARTIES. This written Agreement, together
with the Service Plan, constitutes the entire agreement between the parties and supersedes all
prior written or oral agreements, negotiations or representations and understandings of the
parties with respect to the subject matter contained herein.
w
11. AMENDMENT. This Agreement may be amended, modified, changed or
teminated in whole or in part only by a written agreement duly authorized and executed by
the parties hereto and without amendment to the Service Plan.
12. ENFORCEMENT. The parties agree that this Agreement may be enforced in law
or in equity for specific performance, injunctive or other appropriate relief, including damages,
as may be available according to the laws and statutes of the State of Colorado.
13. VENUE. Venue for the trial of any action arising out of any dispute hereunder
shall be in the Weld County District Court.
14. BENEFICIARIES. Except as otherwise stated herein,this Agreement is intended
to describe the rights and responsibilities of and between the named parties and is not intended
to, and shall not be deemed to, confer any rights upon any persons or entities not named as
parties.
— 15. EFFECT OF INVALIDITY. If any portion of this Agreement is held invalid or
unenforceable for any reason by a court of competent jurisdiction as to either party or as to
both parties, such portion shall be deemed severable and its invalidity or its unenforceability
shall not cause the entire Agreement to be terminated. Further, with respect to any portion so
held invalid or unenforceable, the District and City agree to take such actions as may be
necessary to achieve to the greatest degree possible the intent of the affected portion.
16. ASSIGNABILITY. Other than as specifically provided for in this Agreement,
neither the City nor the District shall assign their rights or delegate their duties hereunder
without the prior written consent of the other parties.
17. SUCCESSORS AND ASSIGNS. Subject to Section 16 hereof, this Agreement
and the rights and obligations created hereby shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.
[Remainder of page intentionally left blank].
-
LEGACY PARK METROPOLITAN DISTRICT NO. 1
President
ATTEST:
Secretary
—
CITY OF DACONO
- By:
Its:
ATTEST:
—
By:
—
Its:
a
EXHIBIT N
Resolution of City Council Approving Service Plan
r CITY OF DACONO, COUNTY OF WELD, STATE OF COLORADO
IN RE THE ORGANIZATION OF LEGACY PARK METROPOLITAN DISTRICT NO. 1
AND LEGACY PARK METROPOLITAN DISTRICT NO. 2 IN THE CITY OF DACONO,
COUNTY OF WELD, STATE OF COLORADO
RESOLUTION NO. 05-71
RESOLUTION OF APPROVAL
WHEREAS, pursuant to the provisions of Title 32, Article I, Part 2, C.R.S. as amended,
the City Council of the City of Dacono, County of Weld, State of Colorado, following due notice,
held a public hearing on the Service Plans of the proposed Legacy Park Metropolitan District No.
1 and Legacy Park Metropolitan District No. 2 (hereinafter collectively referred to as "Legacy
Park Metropolitan Districts 1 and 2"or the "Districts") on the 12th day of September 2005; and
WHEREAS, the City Council has considered the Service Plans and all other testimony
and evidence presented at the hearing; and
WHEREAS, based upon the testimony and evidence presented at the hearing, it appears
that the Service Plans should be approved by the City Council, subject to certain conditions set
forth below, in accordance with C.R.S. § 32-1-204.5(1)(c).
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DACONO, COLORADO:
Section 1. The City Council, as the governing body of the City of Dacono, Colorado,
does hereby determine, based on representations by and on behalf of Trinity Trust, LLC, a
Colorado limited liability company (the "Developer"), that all of the requirements of Title 32,
Article 1, Part 2, C.R.S., as amended, relating to the filing of Service Plans for the proposed
Legacy Park Metropolitan Districts 1 and 2 have been fulfilled and that notice of the hearing was
given in the time and manner required by law.
Section 2. Based on representations-by and on behalf of the Developer, the City Council
of the City of Dacono, Colorado, has jurisdiction over the subject matter of the proposed special
districts pursuant to Title 32, Article 1, part 2, C.R.S., as amended.
Section 3. Pursuant to C.R.S. §§ 32-1-204.5, 32-1-202(2) and 32-1-203(2), the City
Council of the City of Dacono, Colorado, does hereby find and determine, based on the Service
Plans and other evidence presented by and on behalf of the Developer, that:
(a) There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed Districts;
1
(b) The existing service in the area to be served by the proposed Districts is
inadequate for present and projected needs;
(c) The proposed Districts are capable of providing economical and sufficient
service to the area within their proposed boundaries;
(d) The area to be included in each proposed District has, or will have, the
financial ability to discharge the proposed indebtedness for such District
on a reasonable basis; and
r (e) The creation of the proposed Districts will be in the best interests of the
area proposed to be served.
Section 4. Pursuant to C.R.S. § 32-1-204.5(1)(c), the City Council hereby imposes the
following conditions upon its approval of the Service Plans:
(a) The Developer agrees that the City Attorney will be given reasonable
notice of all proceedings in the District Court of Weld County relating to
the organization of the Districts (including notice as described in C.R.S. §
32-1-304).
(b) The Developer agrees that, prior to the hearing date set by the District
Court of Weld County pursuant to C.R.S. § 32-1-304, all fees and
expenses which have been submitted to the Developer for payment by or
on behalf of the City or its attorneys or financial or other advisors shall
have been paid in full.
•
(c) Prior to the hearing date set by the District Court of Weld County pursuant
to C.R.S. § 32-1-304, the Districts shall fully comply with the provisions
of C.R.S. § 32-1-107(3) with respect to the overlapping of service areas.
The Districts' authorization to provide services or facilities within any
overlapping area is expressly conditioned upon the Districts first obtaining
the written consent of each and every district whose service area is so
overlapped.
(d) Prior to the Mayor's execution of this Resolution, for each District, the
fully and properly executed and updated originals of the engineer's
statement of reasonableness of capital costs; accountant's letter and
forecasts; letters in support of market projections and absorption rates;
underwriter's letter; legal counsel letter; Developers' indemnity letter; and
property owners' consents that are required under the Service Plans and set
forth in Exhibits D, E, G, H, I and Part 1 of Exhibit J thereto (with such
revisions thereto as may be required pursuant to Exhibit B to this
Resolution), shall be provided to the City.
•
(e) At their organizational meetings, the Districts shall each execute the
District indemnity letter and intergovernmental agreement with the City
that are required under the Service Plans and set forth in Part 2 of Exhibit J
and Exhibit M thereto, and shall provide the fully executed originals of
such documents to the City.
If any of the above-stated conditions (a) through (d) are not met, the City may file a
motion with the District Court of Weld County requesting that the hearing on the organization of
the Districts be delayed until such conditions are met, and Developer has represented that it will
not oppose such motion. Further, if any of the above-stated conditions (a) through (e) are not
met, the City may pursue all legal and equitable remedies available to it for failure of compliance
with such conditions of approval.
Section 5. The Service Plans of the proposed Legacy Park Metropolitan Districts 1 and 2,
as set forth in Exhibit A to this Resolution and dated September 7, 2005, are hereby approved
subject to the conditions stated in Section 4, above, in accordance with C.R.S. § 32-1-204.5(1)(c)
and subject to the revisions set forth in Exhibit B.
Section 6. A certified copy of this Resolution shall be filed in the records of the City of
Dacono and submitted to the Developer for the purpose of filing in the District Court of Weld
County for further proceedings concerning the District.
RESOLVED, ADOPTED AND APPROVED this MI6 day of 2005.
�F r�4q�ki
vIp
`�/GP?0rUir�+tp pt CITY COUNCIL,
%V/.,_ `..9\ yt CITY OF DACONO, COLORADO
!{7I,
<2 ri irtS7�L) 0 �/ryy� �/- 1 etteWade Carlson
Mayor
15
Vale ' Iliott-Lucero
City Clerk
09/12/2005 3.20 PM[kkh]F:1Company'hconoWcoo Dludcu\gacy ParktApproni.re.doc
3
CERTIFICATE
I, Valerie Elliott-Lucero, do hereby certify that the above and foregoing is a true,
correct and complete copy of a resolution adopted by the City ouncil of the City of Dacono,
Colorado, at a public meeting held on the /amday of yelz, , 2005.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the City of
t Dacono, Colorado, this i d c ay of 1 A, 2005.
OFD COA.
(S ,9pOR,j;*,,O
ti
Oft o City erk
SELF i 4
OLORP
4
EXHIBIT A
(insert Service Plan dated September 7,2005)
5
EXHIBIT B
Revisions to the Legacy Park Metropolitan Districts 1 and 2 Service Plans
(Bacono City Council Meeting, September 12,2005)
Legacy Park Metropolitan District 1
1. Service Plan, page I, line 16 under "I. INTRODUCTION": insert comma after the first
'designee."
2. Service Plan, page 2, line 4: revise "extent authorized" to read "extent expressly
authorized."
3. Service Plan, page 2, line 4: after the period, insert the following sentence: "All functions,
activities, improvements, services, and programs of the District are limited to those
expressly authorized in this Service Plan, notwithstanding any different, additional, or
expanded powers or authority that may be granted to the District by any present or future
statutory or regulatory provisions."
4. Service Plan, page 8, line 16: delete comma following "Water District."
5. Service Plan, page 12, line 19 under"g. Dedication of Improvements to the City": remove
extra space between"deemed"and"an."
6. Service Plan, page 13, line 12: insert"a" between"such" and "`Final Acceptance' letter."
7. Service Plan, page 13, line 14: delete"a"between "issue"and "`Final Acceptance'."
8. Service Plan, page 14, line 9 under "i. Acquisition of Land for Public Improvements":
remove extra space between"deemed" and"a."
9. Service Plan, page 14, line 3 under "j. Services to be Provided by other Governmental
Entities": revise"or other services within"to read"or other services or functions within."
10. Service Plan, page 15, fast line under "V. FINANCIAL PLAN": insert comma after
"limitations."
11. Service Plan,page 18, line 17: insert comma after"capitalized reserves."
12. Service Plan, page 18, line 21: add "(single-family and townhomes, combined)" after "per
unit basis."
13. Service Plan,page 19, line 12: remove extra space between"than" and "three."
6
14. Service Plan, page 19, line 13: revise "existing lots within the District" to read "property
tax base of the District."
15. Service Plan, page 19, line 13: revise "The District's Financial Advisor" to read "The
District's Investment Banker."
` 16. Service Plan, page 19, line 14: delete comma after"special district debt."
17. Service Plan,page 19, line 17: revise "each series of bonds" to read"the bonds."
18. Service Plan, page 19, line 19.: revise"each series of bonds" to read "the bonds."
19. Service Plan, page 20, line 8: insert comma after"lower interest rates."
20. Service Plan, page 21, line 8 under"d. Limited Mill Levy": replace em dash with a hyphen
in "one—hundredths"to read"one-hundredths."
21. Service Plan,page 21, line 8 under"d. Limited Mill Levy": insert comma after "(7.96%)."
22. Service Plan, page 23, line 2 under "g. Developer Bonds": revise "bonds of a series" to
read"of the bonds."
'— 23. Service Plan, page 27, first line under"m. Letters": delete tab to adjust spacing.
24. Service Plan, page 29, line 14: revise "reporting report." to read "reporting period. The
District shall provide the City with a copy of the District's financial statements annually. In
years where an independent audit is not conducted, the District shall provide the City with a
copy of the application for exemption and the response by the State Auditor."
25. Service Plan, page 34, lines 7-17 under "XIII. INTERGOVERNMENTAL
AGREEMENTS": begin new paragraph starting with "The District anticipates" and revise
the text of this paragraph to read as follows:
The District anticipates entering into one or more intergovernmental
agreements with Legacy Park Metropolitan District No. 2 for the sharing of
costs related to off-site public improvements benefiting both districts. The
_ total estimated costs of shared off-site improvements are included in Exhibit
E. The cost-sharing intergovernmental agreements are expected to provide
that, to the extent one district finances and constructs shared off-site
improvements, the other district shall reimburse the financing and
constructing district for its agreed-upon share of the costs of the shared off-
site improvements, but only if such reimbursement does not adversely affect
the reimbursing district's ability to repay its bonds. Any such cost-sharing
7
intergovernmental agreement shall be subject to review and approval by the
City Council prior to its execution by the District, and the City Council may
grant or withhold such approval in its sole and absolute discretion.
26. Service Plan, page 34, line 17 under"XIII. INTERGOVERNMENTAL AGREEMENTS":
begin new paragraph starting with"No other intergovernmental agreements are proposed at
this time."
27. Service Plan, page 34, lines 19 and 20 under "XIII. INTERGOVERNMENTAL
AGREEMENTS": delete"Legacy Park Commercial Metropolitan District and the."
28. Service Plan, page 35, second line of paragraph XV.a.: revise "or programs provided by
— the District"to read"programs, activities, or functions provided by the District."
29. Exhibit E, Engineer's Estimate of Costs and Certification: replace entire exhibit with
revised Engineer's Estimate of Costs and Certification dated September 12, 2005, which
shall be subject to revisions that may be required by the City Administrator based upon
final review by the City Engineer. The Service Plan text and other exhibits shall be revised
in accordance with any revisions to this Exhibit E required by the City Administrator.
30. Exhibit G, Financing Plan: Throughout the exhibit, change "multi-family" to read
"townhomes."
31. Exhibit G, Financing Plan: Page 10 of Clifton Gunderson spreadsheets, first paragraph
under Note 2 (continued), line 4: between "maintenance" and period, insert ", unless
otherwise directed by the City."
32. Exhibit G, Financing Plan: Page 11 of Clifton Gunderson spreadsheets, first paragraph
under Note 5, line 5: between "one cent" and period, insert "per dollar of assessed
valuation."
33. Exhibit G, Financing Plan: Page 14 of Clifton Gunderson spreadsheets, second paragraph
under Note 13, line 1: after"pledged revenue" insert "(including certain amounts projected
to be accumulated prior to the issuance of the bonds)."
34. Exhibit G, Financing Plan: Page 14 of Clifton Gunderson spreadsheets, second paragraph
under Note 13: at end of paragraph, insert sentence to read as follows: "The forecast
assumes that moneys released from the Bond Surplus Fund upon its termination will be
applied to the payment of debt service on the bonds."
35. Exhibit G, Financing Plan, letter from DRM Real Estate Advisors, LLC: in first line of
first paragraph, delete "and commercial." Add language indicating that DRM has reviewed
relevant portions of the Service Plan dated September 7, 2005. In the first line of the fourth
paragraph, insert "may" between "absorption" and "differ." Provide executed revised and
— re-dated letter.
8
36. Exhibit G, Financing Plan, letter from Developer: provide executed revised and re-dated
letter with added explanation as to forecast of housing unit prices for both single-family
and townhomes (including how such prices relate to projected and actual housing prices for
comparable developments).
37. Exhibit .I, Part I, Developer Indemnity Letter: third line of paragraph 2, change "waive" to
"waives"; provide executed revised and re-dated letter.
38. Exhibit M, Form of Intergovernmental Agreement between District and City: revise
Section 5 to read as follows:
5. OWNERSHIP OF IMPROVEMENTS: LIMITED FUNCTIONS. The
parties agree that the District shall serve as a "financing only" district and
shall not be permitted to undertake ownership, operation, or maintenance of
public facilities and services, except as specifically set forth in the Service
Plan. All functions, activities, improvements, services, and programs of the
District are limited to those expressly authorized in this Service Plan,
notwithstanding any different, additional, or expanded powers or authority
that may be granted to the District by any present or future statutory or
regulatory provisions.
39. Exhibit M, Form of Intergovernmental Agreement between District and City: revise
Section 9 to read as follows:
9. ANNUAL REPORT; OTHER INFORMATION. The District shall be
responsible for submitting to the City an annual report and other information
pursuant to and as set forth in Section VII of the Service Plan.
Legacy Park Metropolitan District 2
1. Service Plan, page 1, line 16 under "I. INTRODUCTION": insert comma after the first
"designee."
2. Service Plan, page 2, line 4: revise "extent authorized" to read "extent expressly
authorized."
3. Service Plan, page 2, line 4: after the period, insert the following sentence: "All functions,
activities, improvements, services, and programs of the District are limited to those
expressly authorized in this Service Plan, notwithstanding any different, additional, or
expanded powers or authority that may be granted to the District by any present or future
statutory or regulatory provisions."
4. Service Plan,page 8, line 16: delete comma following"Water District."
9
_ 5. Service Plan,page 12, line 19 under "g. Dedication of Improvements to the City": remove
extra space between"deemed" and"an."
_ 6. Service Plan, page 13, line 12: insert"a"between"such" and "`Final Acceptance' letter."
7. Service Plan, page 13, line 14: delete"a"between "issue"and"`Final Acceptance'."
8. Service Plan, page 14, line 9 under "i. Acquisition of Land for Public Improvements":
remove extra space between"deemed"and "a."
9. Service Plan, page 14, line 3 under "j. Services to be Provided by other Governmental
Entities": revise "or other services within" to read"or other services or functions within."
10. Service Plan, page 15, first line under "V. FINANCIAL PLAN": insert comma after
"limitations."
11. Service Plan, page 18, line 17: insert comma after"capitalized reserves."
12. Service Plan, page 18, line 21: add "(single-family and townhomes, combined)" after "per
unit basis."
13. Service Plan,page 19,line 11: remove extra space between"than" and "three."
14. Service Plan, page 19, line 12: revise "existing lots within the District" to read "property
tax base of the District."
15. Service Plan, page 19, line 12: revise "The District's Financial Advisor" to read "The
District's Investment Banker."
16. Service Plan,page 19, line 13: delete comma after"special district debt."
17. Service Plan,page 19, line 16: revise "each series of bonds"to read "the bonds."
18. Service Plan,page 19, line 18: revise"each series of bonds"to read "the bonds."
19. Service Plan,page 20, line 7: insert comma after"lower interest rates."
20. Service Plan,page 21, line 8 under"d. Limited Mill Levy": replace em dash with a hyphen
in"one—hundredths"to read"one-hundredths."
21. Service Plan,page 21, line 8 under"d. Limited Mill Levy": insert comma after"(7.96%)."
10
22. Service Plan, page 23, line 2 under "g. Developer Bonds": revise "bonds of a series" to
read "of the bonds."
23. Service Plan,page 27, first line under"m. Letters": delete tab to adjust spacing.
24. Service Plan, page 29, line 14: revise "reporting report." to read "reporting period. The
District shall provide the City with a copy of the District's financial statements annually. In
years where an independent audit is not conducted, the District shall provide the City with a
copy of the application for exemption and the response by the State Auditor."
25. Service Plan, page 34, lines 7-17 under "XIII. INTERGOVERNMENTAL
AGREEMENTS": begin new paragraph starting with "The District anticipates" and revise
the text of this paragraph to read as follows:
The District anticipates entering into one or more intergovernmental
agreements with Legacy Park Metropolitan District No. 1 for the sharing of
costs related to off-site public improvements benefiting both districts. The
total estimated costs of shared off-site improvements are included in Exhibit
E. The cost-sharing intergovernmental agreements are expected to provide
that, to the extent one district finances and constructs shared off-site
improvements, the other district shall reimburse the financing and
constructing district for its agreed-upon share of the costs of the shared off-
site improvements, but only if such reimbursement does not adversely affect
the reimbursing district's ability to repay its bonds. Any such cost-sharing
intergovernmental agreement shall be subject to review and approval by the
City Council prior to its execution by the District, and the City Council may
grant or withhold such approval in its sole and absolute discretion.
26. Service Plan, page 34, line 17 under"XIII. INTERGOVERNMENTAL AGREEMENTS":
begin new paragraph starting with "No other intergovernmental agreements are proposed at
this time."
27. Service Plan, page 34, lines 19 and 20 under "XIII. INTERGOVERNMENTAL
AGREEMENTS": delete"Legacy Park Commercial Metropolitan District and the."
28. Service Plan, page 35, second line of paragraph XV.a.: revise "or programs provided by
the District"to read "programs, activities, or functions provided by the District."
29. Exhibit E, Engineer's Estimate of Costs and Certification: replace entire exhibit with
revised Engineer's Estimate of Costs and Certification dated September 12, 2005, which
shall be subject to revisions that may be required by the City Administrator based upon
final review by the City Engineer. The Service Plan text and other exhibits shall be revised
in accordance with any revisions to this Exhibit E required by the City Administrator.
11
30. Exhibit G, Financing Plan: Throughout the exhibit, change "multi-family" to read
"townhomes."
31. Exhibit G, Financing Plan: Page 10 of Clifton Gunderson spreadsheets, first paragraph
under Note 2 (continued), line 4: between "maintenance" and period, insert ", unless
otherwise directed by the City."
32. Exhibit G, Financing Plan: Page 11 of Clifton Gunderson spreadsheets, first paragraph
under Note 5, line 5: between "one cent" and period, insert "per dollar of assessed
valuation."
33. Exhibit G, Financing Plan: Page 14 of Clifton Gunderson spreadsheets, second paragraph
under Note 13, line 1: after"pledged revenue" insert "(including certain amounts projected
to be accumulated prior to the issuance of the bonds)."
34. Exhibit G, Financing Plan: Page 14 of Clifton Gunderson spreadsheets, second paragraph
under Note 13: at end of paragraph, insert sentence to read as follows: "The forecast
assumes that moneys released from the Bond Surplus Fund upon its termination will be
applied to the payment of debt service on the bonds."
35. Exhibit G, Financing Plan, letter from DRM Real Estate Advisors, LLC: in first line of
first paragraph, delete "and commercial." Add language indicating that DRM has reviewed
relevant portions of the Service Plan dated September 7, 2005. In the first line of the fourth
paragraph, insert "may" between "absorption" and "differ." Provide executed revised and
re-dated letter.
36. Exhibit G, Financing Plan, letter from Developer: provide executed revised and re-dated
letter with added explanation as to forecast of housing unit prices for both single-family and
townhomes (including how such prices relate to projected and actual housing prices for
comparable developments).
37. Exhibit J, Part I, Developer Indemnity Letter: third line of paragraph 2, change "waive"to
"waives";provide executed revised and re-dated letter.
38. Exhibit M, Form of Intergovernmental Agreement between District and City: revise
Section 5 to read as follows:
5. OWNERSHIP OF IMPROVEMENTS: LIMITED FUNCTIONS. The
parties agree that the District shall serve as a "financing only" district and
shall not be permitted to undertake ownership, operation, or maintenance of
public facilities and services, except as specifically set forth in the Service
Plan. All functions, activities, improvements, services, and programs of the
District are limited to those expressly authorized in this Service Plan,
notwithstanding any different, additional, or expanded powers or authority
that may be granted to the District by any present or future statutory or
regulatory provisions.
12
39. Exhibit M, Form of Intergovernmental Agreement between District and City: revise
Section 9 to read as follows:
9. ANNUAL REPORT; OTHER INFORMATION. The District shall be
responsible for submitting to the City an annual report and other information
pursuant to and as set forth in Section VII of the Service Plan.
13
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