HomeMy WebLinkAbout20033491.tiff �Y Seter KIM J. SETER
'v�x>�cde�Wag �i°. C BARBARA T. VANDER WALL
MWK..11 RUSSELL W. DYKSTRA
ATTORNEYS AT LAW JOAN M. FRITSCHE
December 17, 2003
Steve Moreno
Clerk and Recorder
Weld County, Colorado
P.O. Box 459
Greeley, Colorado 80632
Re: Saddler Ridge Metropolitan District
Organizational Filings—Pursuant to § 32-1-306, C.R.S.
Dear Mr. Moreno:
Enclosed is a copy of the approved service plan for the newly organized Saddler Ridge
Metropolitan District, which includes a copy of the signed resolution of the Board of Trustees of
the Town of Severance approving the service plan for the district. Pursuant to § 32-1-306,
C.R.S., the approved service plan is to be retained by the County Clerk and Recorder as a public
record, but not recorded. Please complete the attached Certificate of Filing acknowledging
receipt of the district's service plan. Once executed, please return the certificate to our office in
the self-addressed envelope provided.
On December 15, 2003 a certified copy of the Order and Decree Organizing District and
Issuance of Certificates of Election for Saddler Ridge Metropolitan District was recorded with
the Weld County Clerk and Recorder.
Thank you for your assistance and please call if you have questions.
Very truly yours,
SETER &VANDER WALL, P.C.
J V. Ebel
Legal Assistant
/jve
Enclosures
Cc: Sue Blair, w/o enc.
Joan M. Fritsche, Esq., w/o enc.
SADDLERRIDGE\ORGAN NE0957 0695.0002
7i?9 ` �`'� 2003-3491
/4C (7
7400 E. ORCHARD ROAD • SunE 3300 • GREENWOOD VILLAGE, CO 80111 • 303-770-2700 • FAx 303-770-2701 • svw@svwpc.com
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SADDLER RIDGE
METROPOLITAN DISTRICT
SEVERANCE, COLORADO
SERVICE PLAN
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Prepared by:
Seter& Vander Wall, P.C.
7400 E. Orchard Roam Suite 3300
^ Greenwood Village, CO 80111 Approved:
August 6, 2003
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TABLE OF CONTENTS
I. INTRODUCTION 1
II. PURPOSE, INTENT,NEED AND GENERAL POWERS OF THE DISTRICT 3
A. Purpose and Intent. 3
B. Need for District. 3
C. General Powers. 3
1. Powers Regarding Services and Facilities. 3
a. Water. 3
b. Sanitary Sewer. 4
c. Streets. 4
d. Parks and Recreation. 4
e. Traffic and Safety Controls. 5
f. Transportation 5
g. Telecommunication Systems and Services. 5
h. Mosquito and Pest Control. 6
2. Miscellaneous Powers. 6
a. Legal Powers. 6
b. Discretionary Powers. 6
M. BOUNDARIES, POPULATION &VALUATION 7
IV. EXISTING CONDITIONS, PROPOSED IMPROVEMENTS,AND
FACILITIES TO BE PROVIDED 8
A. Description of Existing Conditions. 8
B. Anticipated Development. 8
C. Public Improvement Schedule. 8
D. Specific Improvements to be Provided. 8
1. Water Utility System. 9
2. Sanitary Sewer. 9
3. Streets 10
4. Park and Recreation Facilities. 10
5. Traffic and Safety Controls 10
6. Telecommunication Facilities 11
7. Mosquito and Pest Control 11
_ E. Dedication of Improvements to Town of Severance/Other Entities 11
F. Services to be Provided by other Governmental Entities. 11
V. FINANCIAL PLAN 12
A. General. 12
B. Issuance of Bonds. 12
_ C. Identification of District Revenue. 13
D. Mill Levy. 14
E. Security for Debt. 14
F. Financial Plan. 15
G. Services of District. 15
VI. LANDOWNERS PUBLIC IMPROVEMENTS 15
VII. HOMEOWNERS ASSOCIATION 16
VIII. MODIFICATION OF SERVICE PLAN 16
IX. RESOLUTION OF APPROVAL 16
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X. ANNUAL REPORT, BUDGET AND AUDIT 17
XI. DISSOLUTION 17
XII. NOTICE OF ORGANIZATION 18
XIII. INTERGOVERNMENTAL AGREEMENT 18
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XIV. STATUTORY REVIEW 18
XV. CONCLUSION 19
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LIST OF EXHIBITS
- EXHIBIT A TOWN OF SEVERANCE RESOLUTION OF APPROVAL
- EXHIBIT B VICINITY MAP OF DISTRICT
- EXHIBIT C BOUNDARY MAP OF DISTRICT
EXHIBIT D DESCRIPTION OF FACILITIES AND COSTS
-" EXHIBIT E FINANCIAL PLAN
I. INTRODUCTION
This Service Plan ("Service Plan") is submitted in accordance with §§ 32-1-201, et seq.,
C.R.S., for the Saddler Ridge Metropolitan District (the "District"). The District will serve the
needs of a new community to be known as Saddler Arena Planned Unit Development (the
"Community"). The District will provide essential public improvements and services.
The Community is located wholly within the Town of Severance (the "Town"), in Weld
County. The District contains approximately 320 acres currently used for agricultural purposes,
approximately three miles northwest of the Town center. At final build-out, the District is expected
to contain approximately 152 residential and condominium units, 150,000 square feet of
commercial space, an equestrian arena and center, an RV park and approximately 84 acres of open
space.
This Service Plan also contemplates using a special district to provide public services and
facilities often provided by a homeowners association, the benefit of which is two-fold. First,
special districts are quasi-municipal corporations and political subdivisions of the state, subject to
state laws regarding district activities, including budgets, funding and public meetings and therefore
are more accountable to their constituents. In addition, district ad valorem property taxes are
collected through the mill levy process and are tax deductible to property owners, unlike HOA
assessments which are not tax deductible and can be difficult to collect.
The Organizer of the District and Developer of the Project is Saddler Arena, LLC, a
Colorado limited liability company. This Service Plan has been prepared by the Organizer and its
consultants, as listed below:
Organizer/Developer
Saddler Arena,LLC
Dwain M. Immel
1801 Broadway, Suite 1460
Denver, CO 80202
(303)298-0041
Fax: (303)298-1141
District Counsel
Seter&Vander Wall,P.C.
Joan M.Fritsche,Esq.
Barbara T. Vander Wall,Esq.
7400 East Orchard Road, Suite 3300
Greenwood Village, Colorado 80111
(303) 770-2700
Fax: (303)770-2701
Investment Banker
Kirkpatrick,Pettis, Smith,Polian,Inc.
Russ Caldwell
1600 Broadway, Suite 1100
Denver, Colorado 80202-4922
(303) 764-6000
Fax: (303)764-6002
Engineer
Messner Engineering, Inc.
Dennis R. Messner
150 East 29th Street, Suite 270
Loveland, Colorado 80538
(970) 663-2221
Fax: (970) 663-0368
District Manager
R. S. Wells, L.L.C.
Conner Shepherd
6399 South Fiddler's Green Circle, Suite 102
Greenwood Village, Colorado 80111
(303) 779-4525
— Bond Counsel
Kutak Rock, LLP
Thomas Peitz, Esq.
1801 California Street, Suite 3100
Denver, CO 80202-2658
(303) 297-2400
FAX: (303) 292-7799
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II. PURPOSE,INTENT,NEED AND GENERAL POWERS OF TIC DISTRICT
A. Purpose and Intent. The District will provide essential public purpose facilities and
services for public use and benefit. The District will cooperate with the Town to serve and promote
the health, safety and general welfare of its citizens. A resolution approving this Service Plan
obtained from the Town Board of Trustees is attached as Exhibit A, in accordance with § 32-1-
- 204.5(1), C.R.S.
B. Need for District. The Town does not consider it practical to finance the
construction, acquisition or installation of the public improvements described on Exhibit D.
There is no other public or private entity willing and able to design, finance, construct, acquire or
install the public improvements needed for the Community. The District is capable of financing
the construction, acquisition and installation of the public improvements in a cost effective
manner and will thereafter provide for the operation and maintenance of public improvements
not dedicated to the Town, Weld County, Boxelder Sanitation District or North Weld County
Water District("NWCWD").
C. General Powers. The installation of improvements and the provision of services
by the District shall be undertaken in accordance with the Special District Act (§§ 32-1-101, et
seq., C.R.S.), other state statutes and this Service Plan.
1. Powers Regarding Services and Facilities. The District will have authority
to provide the following services and facilities within and without its boundaries as necessary to
serve the Community:
a. Water. The design, acquisition, installation, construction,
relocation, operations and maintenance of a complete water distribution system, including water
rights, water supply, wells, meters, storage facilities, transmission and distribution lines,
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pumping stations, irrigation facilities, reservoirs, retention ponds, lakes, treatment works,
hydrants, meters, facilities and equipment and related landscaping and irrigation improvements,
together with incidental and appurtenant facilities, equipment, land and easements acquired by
condemnation or otherwise, and extensions of and improvements to such facilities;
b. Sanitary Sewer. The design, acquisition, installation, construction,
relocation, and within the warranty period, any inspection, repair, maintenance and relocation of
sanitary sewer system improvements, including collection and transmission lines, pumping
stations, associated equipment, and related improvements, together with all necessary, incidental
and appurtenant facilities, equipment, land and easements acquired by condemnation or
otherwise, and extensions of and improvements to such facilities;
c. Streets. The design, acquisition, installation, construction,
relocation, operation and maintenance of roadway improvements, curbs, gutters, culverts, storm
sewers, drainage facilities, sidewalks, bridges, parking facilities, paving, lighting, grading,
landscaping, snow removal, utility relocation, monumentation, signage and related landscaping
and irrigation improvements, together with all necessary, incidental and appurtenant facilities,
equipment, land and easements acquired by condemnation or otherwise, and extensions of and
improvements to such facilities;
d. Parks and Recreation. The design, acquisition, installation,
construction, relocation, regulation, operation and maintenance of park and recreation facilities
or programs including open space, bike paths, hiking trails, pedestrian trails, pedestrian bridges,
public plazas and courtyards, ponds, water features, signage, public sculpture, art, botanic
gardens, equestrian trails and centers, swimming pools and spas, tennis courts, exercise facilities,
RV park, meeting and event space, picnic areas, playgrounds, park shelters, community events,
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common area landscaping and weed control, outdoor lighting, fencing and related landscaping
and irrigation improvements, incidental and appurtenant facilities, equipment, land and
easements acquired by condemnation or otherwise, and extensions of and improvements to such
facilities;
e. Traffic and Safety Controls. The design, acquisition, installation,
construction, relocation, operation and maintenance of traffic and safety protection facilities and
services through traffic and safety controls and devices on streets and highways and at railroad
crossings, including traffic signals and signage, environmental monitoring, traffic-related
computer systems, traffic signs, area identification signs, directional assistance, driver
information and community identification and direction signs with related landscaping and
irrigation improvements, together with all necessary, incidental and appurtenant facilities,
` equipment, land and easements acquired by condemnation or otherwise, and extensions of and
improvements to such facilities;
f. Transportation. The design, acquisition, installation, construction,
relocation, operation and maintenance of public transportation system improvements, including
transportation equipment, park and ride facilities and parking lots, shuttle facilities, parking
structures, signage, roofs, covers, bicycle racks, other transportation-related facilities, and related
landscaping and irrigation improvements, together with all necessary, incidental and appurtenant
facilities, land and easements, acquired by condemnation or otherwise, and extensions of and
improvements to such facilities or systems;
g. Telecommunication Systems and Services. The design,
acquisition, installation, construction, relocation, operation and maintenance of television relay
and translator facilities, including without limitation, digital, satellite and cable television,
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communication systems and other technologies, together with all incidental and appurtenant
facilities, land and easements acquired by condemnation or otherwise, and extensions of and
improvements to such facilities; and
h. Mosquito and Pest Control. The design, acquisition, installation,
construction, relocation, operation and maintenance of programs and methods for the elimination
and control of mosquitoes,rodents and other pests.
2. Miscellaneous Powers. With respect to the activities, facilities,
improvements and programs to be provided pursuant to this Service Plan, the District shall have
the following powers:
a. Legal Powers. The powers of the District will be exercised by its
Board of Directors to the extent necessary to provide the contemplated services. The facilities,
improvements, programs and services will be undertaken in accordance with, and pursuant to,
the procedures and conditions contained in the Colorado Constitution, the Special District Act,
other statutes, this Service Plan, and Colorado common law.
b. Discretionary Powers. In addition to the powers enumerated
above, the Board of Directors of the District shall, subject to the limitations and provision of this
Service Plan, have authority:
i. To seek amendment of this Service Plan for material
modifications as required by and subject to the provisions of§ 32-1-207(2), C.R.S.;
ii. To implement, forego, contract for, reschedule or
restructure the financing and construction of improvements and facilities, in order to best provide
for the health, safety, and welfare of the Community in the most cost effective and practical
manner as determined by the District's Board;
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iii. To provide additional services and exercise all powers
expressly or impliedly granted by Colorado law or which the District is authorized to provide in
its discretion in order to carry out the purposes and functions of the District as described in this
Service Plan; and,
iv. To exercise all necessary and implied powers under the
Special District Act as the Board of Directors deems appropriate, subject to and in accordance
with the provisions and limitations set forth within this Service Plan.
III. BOUNDARIES,POPULATION&VALUATION
The District's boundaries contain approximately 320 acres located entirely within the
Town of Severance in Weld County. The District is located north of State Highway 14, east of
and adjacent to WCR 17, and west of and adjacent to WCR 19. The legal description of the
District is the South half of Section 9, Township 7 North, Range 67 West of the 6th P.M., Weld
County, Colorado (the "Property"). A vicinity map of the District is attached as Exhibit B and a
boundary map of the District is attached as Exhibit C.
The Community is designed as mixed use development consisting of single-family
residential lots, condominium units, a horse arena and event center site, commercial area and
recreational facilities. Residential development is expected to include approximately 80
condominium units, 41 one-half acre lots and 31 estate lots of approximately three to five acres in
size. In addition to horse shows accommodating up to 1,500 horses, the arena is expected to board
up to 150 horses and serve as facilities for public events uses such as antique, recreational vehicle
and other animal shows. The commercial area is expected to include a motel, R.V. park,
restaurants,retail shops, veterinarian clinic and gas station.
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The residential population of the District at full build out, assuming 2.5 residents per unit is
projected to be 380 individuals. The current assessed value of all property within the District is One
Million Three Hundred Thousand Dollars ($1,300,000). The estimated assessed value of property
within the District in 2040 is projected to be Sixteen Million Eight Hundred Seven Thousand Seven
Hundred Sixty Dollars($16,807,760).
IV. EXISTING CONDITIONS,PROPOSED IMPROVEMENTS,AND FACILITIES TO
BE PROVIDED
A. Description of Existing Conditions. The Property is zoned PUD and consists of
approximately 320 acres of predominantly undeveloped agricultural use land.
B. Anticipated Development. The District Organizer anticipates total build out of the
Community to occur within ten years. The anticipated build out schedule is shown in the
Financial Plan attached as Exhibit E.
C. Public Improvement Schedule. The Organizer anticipates construction of the public
improvements to commence in the spring of 2004, with the construction of homes to begin in 2005.
Construction of public improvements will be phased to match the development schedule and market
demand to ensure that public infrastructure improvements are built only as needed.
D. Specific Improvements to be Provided. The District will exercise the powers and
authority described in Section II to finance the construction, acquisition, operations and
maintenance of the public facilities and improvements described in Exhibit D. Where
appropriate, the District will contract with other public and/or private entities to provide
construction or other services. A preliminary engineering and construction plan including the
cost in current dollars of each improvement, together with an explanation of the methods, basis
and/or assumptions used in determining cost is attached as part of Exhibit D. Exhibit D is a
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preliminary list only and is subject to modification and revision as engineering plans, Town
approvals, financing plans, construction scheduling and costs may require. Improvements not
specifically described therein shall be permitted as long as they are necessary or appurtenant to
those improvements contemplated in this Service Plan and within the power and authority
described in Section II.
1. Water Utility System. All domestic water lines, irrigation supply lines,
related fire protection improvements, common area irrigation and other related improvements
installed by the District will be conveyed to NWCWD for ownership, operation and maintenance
upon completion of construction and a two year warranty period. Homebuilders will be responsible
for construction of service lines, from the meter to the building,which will remain the responsibility
of the property owner. Water meters will be set by NWCWD, in accordance with its Rules and
Regulations and charged to the homeowner.
In addition, the Developer is anticipated to convey two parcels to NWCWD for use with
water facilities and services. One parcel shall be used to house NWCWD pumping facilities and the
second parcel shall be used for an elevated storage tank.
The District anticipates entering into an intergovernmental agreement with NWCWD
concerning water service, ownership responsibilities of the parties, cost sharing for over-sizing any
improvements and potential cost recovery by the District from future users of certain improvements
designed, constructed and installed by the District.
2. Sanitary Sewer. The District's collection system, including mains,
approximately 16,000 feet of offsite interceptor, lift station and related facilities will be
conveyed to the Boxelder Sanitation District for ownership, operation and maintenance upon
completion of construction and any applicable warranty period. Homebuilders will be responsible
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for construction of sanitary sewer service lines (laterals), which will remain the responsibility of the
property owner. The District anticipates entering into an intergovernmental agreement with
Boxelder Sanitation District concerning cost recovery to the District by future users of the off-
site interceptor and/or lift station for a proportionate share of the installation costs of such
facilities. Easements acquired for the accommodation of the off-site interceptor, and any
improvements to such easements, shall also be conveyed to Boxelder Sanitation District.
3. Streets. Roadway and storm drainage infrastructure will be constructed,
owned and maintained by the District for the benefit of the public. Road rights-of-way will be
conveyed by fee simple ownership, easement, or plat dedication from the Developer to the District.
The District may fund or install and dedicate offsite road improvements to WCR 17 and/or WCR 19
to Weld County. The District may dedicate certain roadway improvements, storm drainage
improvements and/or road rights-of-way to the Town for ownership, operation, maintenance, repair
and replacement.
' 4. Park and Recreation Facilities. The District anticipates maintaining
equestrian trails, pedestrian trails, an RV park, and other recreational activities and programs.
Approximately 83 acres in the District is expected to be open space subject to a conservation
easement dedicated to the Town or the District. The open space parcels are anticipated to be
conveyed in fee simple to the District for ownership and maintenance from the Developer. The
open space is expected to contain five ponds used for irrigation and open space purposes. Other
park and recreation facilities and services within the Community are expected to include an
equestrian and event center, and tennis, swimming and fitness facilities.
5. Traffic and Safety Controls. Traffic and safety protection devices will
include traffic signals and signs,identification and directional signage and landscaping.
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6. Telecommunication Facilities. Television, fiber optic, communication, data
acquisition and other facilities and services will be provided to the extent necessary. The District
intends such systems to be self-supporting with both capital and service costs being borne by the
ultimate users.
7. Mosquito and Pest Control. All mosquito, rodent and pest control facilities
and/or services,if any,will be provided in accordance with the applicable standards of the Colorado
Department of Public Health and Environment, Colorado Department of Natural Resources,
Colorado Department of Agriculture, U.S. Environmental Protection Agency, and other federal,
state and local rules and regulations.
E. Dedication of Improvements to Town of Severance/Other Entities. The District will
dedicate certain water improvements to NWCWD, sanitary sewer improvements to Boxelder
Sanitation District and certain road improvements to Weld County, as set forth in this Service Plan.
The District may convey certain road and drainage improvements to the Town. All improvements
dedicated to the NWCWD, Boxelder Sanitation District, the County or the Town shall be
transferred and conveyed with necessary easements and rights-of-way upon completion of
construction,installation and applicable warranty periods.
F. Services to be Provided by other Governmental Entities. The District will receive
fire protection services from the Windsor-Severance Fire Protection District, emergency medical
services from the Western Weld County Ambulance District, domestic and irrigation water service
from NWCWD and sanitary sewer service from Boxelder Sanitation District. The District intends
to provide ongoing services for park and recreation, irrigation, storm drainage, street, traffic and
safety,telecommunications and mosquito and pest control facilities and services.
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V. FINANCIAL PLAN
A. General. The Financial Plan attached as Exhibit E demonstrates that the District
will have the financial capacity to finance,maintain and operate the facilities. The Plan assumes the
issuance of bonds and repayment based on projected development within the District over a thirty
year period.
B. Issuance of Bonds. Facilities will be financed primarily by the issuance of
general obligation bonds secured by the ad valorem property taxing authority of the District.
The District may obtain financing for the capital improvements needed for the project through
the issuance of general obligation and/or revenue bonds by the District, payable from revenues
derived from ad valorem property taxes and from other sources. The Financing Plan assumes
the issuance of Seven Million One Hundred Thousand Dollars ($7,100,000) in general obligation
bonds in late 2003 with a maturity of thirty years. The District may increase or decrease the
amount of bonds to be issued as may be necessary to accommodate the needs of the District, at
the discretion of the Board of Directors and subject to the provisions of this Service Plan. The
exact interest rate and discount will be determined at the time the bonds are sold by the District,
taking into account market conditions at the time of sale. Refunding bonds may be issued by the
District to defease original issue bonds in compliance with applicable law. The District may also
issue notes, certificates, debentures or other evidences of indebtedness, as permitted by law. The
figures contained herein depicting costs of infrastructure shall not constitute legal limits on the
financial powers of the District; provided, however, that the District shall not be permitted to
issue bonds which are not in compliance with the bond registration and issuance requirements of
Colorado law.
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Construction of necessary improvements may be undertaken by the Developer and may
be acquired by the District upon completion at reasonable cost. The Developer may also
advance construction costs to the District and obtain reimbursement at a later date.
Any facility acquisition agreements entered into between the District and the Developer
shall provide that the District shall pay for completed public improvements, at Developer's
reasonable actual cost, and may include a component for interest calculated based upon a
maximum interest rate of 350 basis points above the twenty-year AAA-rated Municipal Market
Data(MMD) index.
Subject to the restrictions set forth in this Section V, the District will be authorized to fund
any combination of the improvements. The combined total estimated cost of the improvements is
expected to be approximately Seven Million Six Hundred Thirty-One Thousand Eight Hundred
— Twelve Dollars and Fifty Cents ($7,631,812.50). The Town is not responsible for assuming any of
the costs of the improvements funded by the District. The amount of authorized debt to be voted is
expected to exceed the amount of bonds anticipated to be sold as shown in the Financial Plan to
allow for the utilization of alternative financing mechanisms, unforeseen contingencies, increases in
construction costs due to changed market conditions or inflation, expansions of the District's
boundaries, and to cover all issuance costs.
C. Identification of District Revenue. In addition to ad valorem property taxes, and in
order to offset expenses, the District may rely on other revenue sources authorized by law.
These include fees, rates, tolls, penalties and charges as provided in § 32-1-1001(1), C.R.S. The
Financial Plan assumes only ad valorem property taxes and specific ownership taxes together
with interest earnings on retained amounts. Collected fees, rates, tolls, penalties and charges,
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permitted under § 32-1-1001, C.R.S., may be used to supplement the District's debt service
funds. The District does not anticipate the imposition of development fees at this time.
D. Mill Levy. The District will have a mill levy assessed on all taxable property within
its boundaries as the primary source of revenue for debt service and for operations and maintenance.
The mill levy may vary depending upon the District Board's decision to proceed with certain
improvements and services contemplated in this Service Plan. The levy needed to support the debt
is estimated to be forty-nine (49) mills, decreasing to forty-three (43) mills during the bond
repayment period. Operations and maintenance expenses and administrative costs of the District
will be supported by an additional levy of up to ten (10) mills. In the event the method of
calculating assessed valuation is changed after the date of the approval of this Service Plan, or in
the event of any legislation or constitutionally mandated tax credit, cut or abatement, the mill
levy limitation applicable to such debt may be increased or decreased to reflect such changes,
such increases or decreases to be determined by the Board in good faith (such determination to
be binding and final) so that to the extent possible, the actual tax revenues generated by the mill
levy, as adjusted, are neither diminished nor enhanced as a result of such changes. For purposes
of the foregoing, a change in the ratio of actual valuation shall be deemed to be a change in the
method of calculating assessed valuation.
E. Security for Debt. District bonds are anticipated to be unlimited tax general
obligation bonds sold to financial institutions or institutional investors. The District shall not pledge
any assets dedicated pursuant to Section IV.E (Dedication of Improvements to Town of
Severance/Other Entities) of this Service Plan, or any Town funds or assets as security for the
indebtedness set forth in the Financial Plan.
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F. Financial Plan. Exhibit E contains the District Financial Plan. The Plan provides:
1. Absorption rates and assumed residential and commercial values;
2. The debt anticipated by the District;
3. The anticipated sources of revenue and projected District expenses, as well as
the assumptions upon which they are based for at least a ten year period from the date of
organization of the District;
4. The dollar amount of anticipated financing, including capitalized interest, costs
of issuance, estimated rates and discounts, and estimated expenses related to the organization and
initial operation of the District;
5. A detailed repayment plan covering the life of financing,including the frequency
and amounts expected to be collected from all sources; and
6. The reserve fund and the expected level of annual debt service reserve to be
maintained.
G. Services of District. The District will require operating funds to plan and cause the
public improvements to be constructed and maintained. The costs are expected to include:
organizational costs, legal, engineering, accounting and debt issuance costs, compliance with state
reporting and other administrative matters. The operating budget for 2004 (the District's first year
of operation)is estimated to be less than Fifty Thousand Dollars($50,000.00).
VI. LANDOWNERS PUBLIC IMPROVEMENTS
The creation of the District shall not relieve the Organizer, its successors or assigns of the
obligation to construct public improvements required by any annexation, development or
subdivision improvement agreement.
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VII. HOMEOWNERS ASSOCIATION
A homeowners association is expected to be formed to provide certain services to the
Community, including architectural control, community events and activities, community
marketing, animal control and other programs that may be beyond the scope and authority of the
District.
VIII. MODIFICATION OF SERVICE PLAN
The District will obtain the approval of the Town before making any material
modifications to this Service Plan. Material modifications include modifications of a basic or
essential nature including, but not limited to, additions to the types of services provided by
District, elimination of services or facilities provided by District, change in revenue sources,
inclusion of territory, exclusion of territory, exercise of the power of condemnation, or any of the
events or conditions enumerated in § 32-1-207(2), C.R.S. of the Special District Act. Town
approval is not required for modifications to this Service Plan necessary for the execution of
financing or construction of public improvements already outlined in this Service Plan.
IX. RESOLUTION OF APPROVAL
The District will incorporate the Board of Trustee's Resolution into this Service Plan as
Exhibit A before presentation to the District Court for orders concerning the formation of the
District.
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X. ANNUAL REPORT,BUDGET AND AUDIT
The District will submit an annual report and copy of the District's adopted budget to the
Town no later than March l" of each year. In addition, the District shall submit a copy of its
audit report or exemption from audit to the Town at the time of filing with the State Auditor.
The annual report shall include information as to any of the following events that occurred
during the preceding calendar year:
1. Boundary changes made or proposed.
2. Intergovernmental Agreements with other governmental entities entered
into or proposed.
3. Changes or proposed changes in the District's policies.
4. Changes or proposed changes in the District's operations.
5. Any changes in the financial status of the District including revenue
— projections or operating costs.
6. A summary of any litigation which involves the District.
7. Proposed plans for the year immediately following the year summarized in
the annual report.
8. Status of District's public improvement construction schedule.
9. A list of all facilities and improvements constructed by the District that
have been dedicated to and accepted by other governmental entities.
XI. DISSOLUTION
Following completion of construction of the improvements provided for in this Service
Plan, the dedication of applicable improvements to other governmental entities and the
repayment of the District's outstanding general obligation debt, the Town may file an application
with the District Board to dissolve the District pursuant to § 32-1-701(3), C.R.S. The District
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Board, promptly and in good faith, shall take the necessary steps to dissolve the District in
accordance with state statutes.
XII. NOTICE OF ORGANIZATION
The District will record the Order of the District Court organizing the District in the real
property records of the Clerk and Recorder of Weld County, Colorado, so that all future property
owners will have notice regarding the existence of the District.
XIII. INTERGOVERNMENTAL AGREEMENT
Prior to the issuance of general obligation indebtedness, the District shall enter into an
intergovernmental agreement with the Town of Severance, which shall specify in greater detail
'- the relationship of the Town and the District concerning District activities and any limitations
placed thereon by this Service Plan.
XIV. STATUTORY REVIEW
This Service Plan for the Saddler Ridge Metropolitan District meets the applicable
requirements of the Special District Control Act(§§ 32-1-201, et seq., C.R.S.) and the requirements
of the Colorado Constitution. It is further submitted,in accordance with§ 32-1-203(2),C.R.S.:
A. There is sufficient existing and projected need for organized service in the area to
be serviced by the District;
B. The existing service in the area to be served by the District is inadequate for present
and projected needs;
18
C. The District is capable of providing economical and sufficient service to the
proposed development within its boundaries; and
D. The area to be included within the District does have and will have the financial ability
to discharge the proposed indebtedness on a reasonable basis.
XV. CONCLUSION
Therefore, the Organizer requests that the Town of Severance Board of Trustees, which has
jurisdiction to approve this Service Plan by virtue of § 32-1-204.5(1), C.R.S., adopt a resolution
approving this Service Plan for the Saddler Ridge Metropolitan District.
Respectfully submitted,
SETER&VANDER WALL,P.C.
BY: ytQ�t
J an M.Fritsche
Counsel to Organizer
\SADDLER RIDGE\SP
1MF1320
0668.0003
19
TOWN OF SEVERANCE
RESOLUTION NO. 2003-06R
THE BOARD OF TRUSTEES
OF THE TOWN OF SEVERANCE, STATE OF COLORADO
A RESOLUTION APPROVING THE SERVICE PLAN AND
ORGANIZATION OF THE SADDLER RIDGE METROPOLITAN DISTRICT
WHEREAS, § 32-1-204.5(1) of the Colorado Revised Statutes, provides that no special
district shall be organized if located wholly within the boundaries of a municipality, except upon
adoption of a resolution approving the Service Plan of the proposed special district; and
WHEREAS, a Service Plan has been submitted to the Town of Severance for the
proposed Saddler Ridge Metropolitan District (the "District") pursuant to part 2, article 1, title
32, C.R.S.; and
WHEREAS, the territory of the proposed District is located wholly within the
boundaries of the Town of Severance; and
WHEREAS, the Board of Trustees of the Town of Severance has conducted a public
meeting on the Service Plan for the proposed Saddler Ridge Metropolitan District;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE TOWN OF SEVERANCE, COLORADO:
Section 1. The Board of Trustees makes the following findings:
a. Adequate service is not, and will not, be available to the area to be served
by the District through the Town or other existing special districts within
a reasonable time and on a comparable basis;
b. The facility and service standards of the proposed District are compatible
with the facility and service standards of the Town;
c. There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed District;
d. The existing service in the area to be served by the proposed District is
inadequate for present and projected needs;
e. The proposed District is capable of providing economical and sufficient
service to the area within its proposed boundaries;
f. The area included within the proposed District has or will have the
financial ability to discharge the proposed indebtedness on a reasonable
basis;
g. The proposal is in substantial compliance with any duly adopted master
plans;
h. The proposal is in compliance with any duly adopted county, regional, or
state long-range water quality management plan for the area; and
i. The creation of the proposed District will be in the best interest of the
area proposed to be served.
Section 2. The Service Plan for the Saddler Ridge Metropolitan District is hereby
approved.
RESOLVED this 6th day of August, 2003
BOARD OF TRUSTEES
TOWN OF SEVERANCE, COLORADO
2
0 00 ® o
z ISEAL Pierre De Milt, Mayor
�.7 E ^ T nL z p i
p ""l••elm- a
— TE
By: i La0.�
Patricia , Town Clerk
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-
Engineering, Inc.
July 1, 2003
Project No. GRD -464 -03
Joan M. Fritsche
Seter&Vander Wall, P. C.
7400 E. Orchard Road
Suite 3300
Greenwood Village, Colorado 80111
Re: Saddler Ridge Metro District,Town of Severance,Weld County, Colorado
Dear Ms. Fritsche:
The attached preliminary"Opinion of Cost"represents the improvements associated with both
the onsite and offsite infrastructure to be installed as a part of the Saddler Ridge Metro District.
Please note that in providing this"Opinion of Probable Construction Costs," it is to be
understood that Messner Engineering, Inc. has no control over costs or the price of labor,
equipment or materials, or over the Contractor's method of pricing, and that the opinion of
probable construction costs provided herein are made on the basis of Messner Engineering, Inc.
personnel's qualifications and experience. Messner Engineering,Inc. makes no warranty,
expressed or implied, as to the accuracy of such.
I sincerely hope that this information will assist you. If you should have any questions or desire
additional information,please feel free to contact this office.
Re :-ctfull submitted,
SSN Engineering, Inc.
n
oo...na,REc
Dennis R. Me 2President w 4\ P • O1 '
Jam:
Enclosure •••�y►
/ tSIONM.c,00
Quitukto-
cc: Saddler Arena,LLC 1T' f' O3
Civil Engineering Consultants
150 E. 29th Street, Suite 270 Loveland, Colorado 80538 (970) 663-2221
— Opinion of Cost
Project: SADDLER RIDGE METRO DISTRICT . . Project No. GRD-464-03
Client: SADDLER ARENA, LLC Date: JULY 1, 2003
Location: SEVERANCE, COLORADO By: D. R. M.
STREET GRADING (On Site)
Item No. Description Quantity Unit Unit Price Amount
1 Strip Topsoil to 6" Depth in Streets 40,000 Cu.Yd. $0.75 $30,000.00
�- 2 Grading in Streets 120,000 Cu.Yd. $1.25 $150,000.00
TOTAL STREET GRADING $180,000.00
SANITARY SEWER (On Site)
Item No. Description Quantity Unit Unit Price Amount
1 8" P.V.C. Sewer 16,750 L. F. $28.50 $477,375.00
2 4' Diameter Manhole 70 Each $2,350.00 $164,500.00
3 4" Sewer Service 81 Each $650.00 $52,650.00
4 6" P.V.C. Underdrain 16,750 L. F. $7.50 $125,625.00
5 6" P.V.C. Forcemain 8,000 L. F. $20.00 $160,000.00
6 Lift Station Lump Sun- $150,000.00 $150,000.00
TOTAL SANITARY SEWER $1,130,150.00
WATER LINE (On Site)
Item No. Description Quantity Unit Unit Price Amount
1 8" P.V.C. C-900 Water Line 19,650 L. F. $18.50 $363,525.00
2 Fittings, valves, tees, etc. Lump Sum $35,000.00 $35,000.00
3 Larimer County Canal Crossing 2 Each $60,000.00 $120,000.00
4 Water Services 81 Each $650.00 $52,650.00
TOTAL WATER SYSTEM $571,175.00
Page 1 of 4
— Opinion of Cost
Project: SADDLER RIDGE METRO DISTRICT Project No. GRD-464-03
Client: SADDLER ARENA, LLC Date: JULY 1,2003
Location: SEVERANCE, COLORADO By: D. R. M.
- STORM DRAINAGE& EROSION CONTROL (On Site)
Item No. Description Quantity , Unit Unit Price Amount
1 Grade and Shape Detention Areas 124,500 Cu. Yd. $1.25 $155,625.00
2 Outlet Structures B Each $5,000.00 $40,000.00
-
3 18" R. C. P. Storm Drain Pipe 2,450 L. F. $30.00 $73,500.00
- 4 24"R. C. P. Storm Drain Pipe 2,150 L. F. $40.00 $86,000.00
5 18"R. C. P. Flared End Section 20 Each $850.00 $17,000.00
—
6 24" R. C. P. Flared End Section 8 Each $1,100.00 $8,800.00
7 2'Concrete Trickle Pan 2,000 L. F. $5.50 $11,000.00
8 5' Dia. Manhole 5 Each $2,750.00 $13,750.00
9 Temporary Erosion Control Measures Lump Sum $60,000.00 $60,000.00
TOTAL STORM DRAINAGE $451,925.00
-
STREET IMPROVEMENTS (On Site)
Item No. Description Quantity Unit Unit Price Amount
1 Subgrade Preparation 76,250 Sq. Yd. $1.00 $76,250.00
2 Standard Vertical Curb & Gutter 14,250 L. F. $9.75 $138,937.50
3 5'Concrete Sidewalk 14,250 L. F. $12.75 $181,687.50
— 4 Concrete Cross Pan 1750 Sq. Ft. $3.75 $6,562.50
5 25' Curb Radius w/Ramp 10 Each $1,450.00 $14,500.00
6 50' Curb Radius w/Ramp 4 Each $3,000.00 $12,000.00
7 , 4" H.B.P. Grading C w/ 8"A.B.C. 26,500 Sq. Yd. $16.50 $437,250.00
8 6"H.B.P. Grading C w/ 8"A.B.C. 11,750 Sq. Yd. $21.00 $246,750.00
— 9 Traffic Control _ump Sum $6,000.00 $6,000.00
10 Street Name Signs and Traffic Signs 40 Each $125.00 $5,000.00
-
TOTAL STREET IMPROVEMENTS $1,124,937.50
Page 2 of 4
Opinion of Cost
.Project: SADDLER RIDGE METRO DISTRICT Project No. GRD-464 -03
Client: SADDLER ARENA, LLC Date: JULY 1, 2003
Location: SEVERANCE, COLORADO By: D. R. M.
COUNTY ROAD 17& COUNTY ROAD 19 STREET IMPROVEMENTS
Item No. Description Quantity Unit Unit Price Amount
1 Subgrade Preparation 20,250 Sq. Yd. $1.00 $20,250.00
2 4" H.B.P. Grading C wl 8"A.B.C. 14000 Sq. Yd. $16.50 $231,000.00
3 Traffic Control _ump Sum $6,000.00
4 Traffic Signal _ump Sun- $250,000.00
TOTAL COUNTY ROAD 17&COUNTY ROAD 19 STREET IMPROVEMENTS $507,250.00
STATE HIGHWAY 14 STREET IMPROVEMENTS
Item No. Description Quantity Unit Unit Price Amount
1 Subqrade Preparation 10,000 Sq. Yd. $4.50 $45,000.00
2 6" H.B.P. Grading C wl 8"A.B.C. 8500 Sq. Yd. $21.00 $178,500.00
3 Traffic Control Lump Sum $12,000.00
TOTAL STATE HIGHWAY 14 STREET IMPROVEMENTS $235,500.00
RAW WATER IRRIGATION AND FIRE PROTECTION SYSTEM
Item No. Description Quantity Unit Unit Price Amount
1 8" P.V.C. C-900 Water Line 19,750 L. F. $18.50 $365,375.00
2 Fittings, valves, tees, etc. Lump Sum, $35,000.00 $35,000.00
3 Standard Fire Hydrant Assembly 35 Each $3,250.00 $113,750.00
4 Irrigation Services 85 Each $750.00 $63,750.00
5 Irrigation Pond Lining _ump Sum $750,000.00 $750,000.00
6 Pump Station Lump Sum $150,000.00 $150,000.00
7 Larimer County Canal Crossing 1 Each $60,000.00 $60,000.00
TOTAL RAW WATER IRRIGATION AND FIRE PROTECTION SYSTEM $1,537,875.00
Page 3 of 4
Opinion of Cost
_ Project: SADDLER RIDGE METRO DISTRICT Project No. GRD-464 -03 .
Client: SADDLER ARENA, LLC Date: JULY 1, 2003
Location: SEVERANCE, COLORADO By: D. R. M.
SANITARY SEWER OFFSITE FROM INTERSECTION OF HIGHWAY 14&HIGHWAY 257 TO BOXELDER
SANITATION DISTRICT TRUNK LINE TO BE LOCATED IN SECTION 24-T 7 N -R 68 W, LARIMER COU
COLORADO
Item No. Description Quantity Unit Unit Price Amount
1 8" P.V.C. Sewer 15,800 L. F. $28.75 $454,250.00
2 4' Diameter Manhole 45 Each $2,350.00 $105,750.00
3 6"P.V.C. Underdrain 10,000 L. F. $7.50 $75,000.00
4 State Hwy. 14 Crossing (24"dia. Casing 100 L. F. $600.00 $60,000.00
5 Larimer Co. Rd. 3 Crossing (24"dia. Ca 60 L. F. $600.00 $36,000.00
6 Larimer Co. Canal Crossing (24"dia. Cr 100 L. F. $600.00 $60,000.00
7 Larimer Canal#2 Crossing (24"dia. Ca 100 L. F. $600.00 $60,000.00
8 Natural Drainage Course Crossing Lump Sum $10,000.00 $10,000.00
TOTAL OFFSITE SANITARY SEWER CONSTRUCTION COST $861,000.00
MISCELLANEOUS IMPROVEMENTS
Item No. Description Quantity Unit Unit Price Amount
1 Irrigation Ditch Relocation _ump Sum $115,000.00 $115,000.00
2 Revegitate Rights-of-way 20 Acres $2,100.00 $42,000.00
TOTAL MISCELLANIOUS IMPROVEMENTS $157,000.00
TOTAL IMPROVEMENTS $6,756,812.50
SURVEYING $125,000.00
ENGINEERING $600,000.00
TESTING $50,000.00
LICENSES, PERMITS&FEES $75,000.00
RIGHT-OF-WAY ACQUISITION $25,000.00
TOTAL $7,631,812.50
Page 4 of 4
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Page 1 of 2
SADDLER RIDGE METROPOLITAN DISTRICT
Development Projection @ required mill levy for d.s.
Ser.2003 Non-Rated Bonds,30-yr maturity
««««Residential»»»» « Platted/Developed Lots» « Commercial Development»
Aa ed Value @ As'ed Value @ Ai ed Value @ Total
r • Biannual 7.96% 29.00% Biannual 29.00% Collected Total
Total Cumulative 'ml of Market Cumulative of Market Cumulative 'ml of Market Assessed Value Total Prop'y Tax
YEAR Reel Unite Market Value @ 2.0% (2-yr lag) Market Value (2-yr lag) Market Value @ 2.0% (2-yr lag) @ 98% Mill Levy Collections
2003 0 $0 $1,300,000 $0
2004 28 $11,220,000 $0 $0 1,300,000 $0 17,040,000 $0 $0 $0 49.000 $0
2005 28 22,664,400 0 1,400,000 377,000 19,120,800 0 $369,460 49.000 $18,104
2006 28 34,337,688 0 893,112 1,500,000 377,000 22,304,424 0 4,941,600 6,087,478 49.000 298,286
2007 28 46,244,442 1,804,086 400,000 406,000 26,634,153 5,545,032 7,600,016 49.000 372,401
2008 10 48,452,603 36,082 2,769,362 400,000 435,000 28,842,314 110,901 6,579,184 9,587,874 49.000 469,806
2009 10 50,704,928 3,717,139 200,000 116,000 31,094,639 7,834,805 11,434,585 46.177 528,014
2010 10 53,002,300 74,343 3,967,252 200,000 116,000 31,094,639 156,696 8,631,868 12,460,817 43.251 538,939
2011 10 55,345,618 4,146,537 0 58,000 31,094,639 9,285,042 13,219,787 43.268 571,989
2012 0 55,345,618 82,931 4,412,338 0 58,000 31,094,639 185,701 9,470,743 13,662,260 43.238 590,726
2013 0 55,345,618 4,598,866 0 0 31,094,639 9,470,743 13,788,217 43.406 598,489'
2014 0 55,345,618 91,977 4,690,844 0 0 31,094,639 189,415 9,660,158 14,063,982 43.077 605,836
2015 55,345,618 4,690,844 0 31,094,639 9,660,158 14,063,982 43.162 607,026
2016 55,345,618 93,817 4,784,661 0 31,094,639 193,203 9,853,361 14,345,261 43.419 622,858
2017 55,345,618 4,784,661 0 31,094,639 9,853,361 14,345,261 43.268 620,690
2018 55,345,618 95,693 4,880,354 0 31,094,639 197,067 10,050,428 14,632,166 43.329 633,992
2019• 55,345,618 4,880,354 0 31,094,639 10,050,428 14,632,166 43.004 629,236
2020 55,345,618 97,607 4,977,961 • 0 31,094,639 201,009 10,251,437 14,924,810 43.214 644,954
2021 55,345,618 4,977,961 0 31,094,639 10,251,437 14,924,810 43.342 646,868
2022 55,345,618 99,559 5,077,520 0 31,094,639 205,029 10,456,465 15,223,306 43.234 658,169
2023 55,345,618 5,077,520 0 31,094,639 10,456,465 15,223,306 43.121 656,443
2024 55,345,618 101,550 5,179,071 0 31,094,639 209,129 10,665,595 15,527,772 43.087 669,049
2025 55,345,618 5,179,071 0 31,094,639 10,665,595 15,527,772 43.012 667,887
2026 55,345,618 103,581 5,282,652 0 31,094,639 213,312 10,878,907 15,838,327 43.295 685,713
2027 55,345,618 5,282,652 0 31,094,639 10,878,907 15,838,327 43.165 683,655
2028 55,345,618 105,653 5,388,305 0 31,094,639 217,578 11,096,485 16,155,094 43.368 700,619
2029 55,345,618 5,388,305 0 31,094,639 11,096,485 16,155,094 43.163 697,302
2030 55,345,618 107,766 5,496,071 0 31,094,639 221,930 11,318,414 16,478,196 43.247 712,639
2031 55,345,618 5,496,071 0 31,094,639 11,318,414 16,478,196 43.228 712,325
2032 55,345,618 109,921 5,605,993 0 31,094,639 226,368 11,544,783 16,807,760 43.108 724,552
2033 55,345,618 5,605,993 0 31,094,639 11,544,783 16,807,760 43.204 726,161
152 I 1,200,481 2,527,337 17,292,727
5/13/2003 8 SRMD Fin Plan 03 NR Fin Plan Prepared by Kirkpatrick Pettis
► ► ► i ► i I I I I I I ► ► ► ► ► ► I
Page 2 of 2
SADDLER RIDGE METROPOLITAN DISTRICT
Development Projection @ required mill levy for d.s.
Ser.2003 Non-Rated Bonds,30-yr maturity
•
Less Ser.2003
Int.Income $1,100,000 Par
S.O.Taxes on Cum. (Net$5.00 MMI
Collected Surplus Net Available Net Debt Annual Cumulative
YEAR @ 7% @ 3% for Debt Svc Service Surplus Surplus
2003 $0 $0 $0 $0 0 $0 .
2004 $0 0 0 $0 0 0
2005 $1,267 0 19,371 $0 19,371 19,371
2006 20,880 581 319,748 0 319,748 339,118
2007 26,068 10,174 408,642 560,900 (152,258) 186,861
2008 32,886 5,606 508,298 560,900 (52,602) 134,259
2009 36,961 4,028 569,002 560,900 8,102 142,361
2010 37,726 4,271 580,936 575,900 5,036 147,397
2011 40,039 4,422 616,450 609,715 6,735 154,132
2012 41,351 4,624 636,701 630,765 5,936 160,068
2013 41,894 4,802 645,185 639,840 5,345 165,413
2014 42,409 4,962 653,207 647,730 5,477 170,890
2015 42,492 5,127 654,645 649,435 5,210 176,100
2016 43,600 5,283 671,741 665,350 6,391 182,491
2017 43,448 5,475 669,613 664,290 5,323 187,814
2018 44,379 5,634 684,006 677,440 6,566 194,380
2019 44,046 5,831 679,113 673,615 5,498 199,878
2020 45,147 5,996 696,097 , 689,000 7,097 206,975 •
2021 45,281 6,209 698,358 692,015 6,343 213,318
2022 46,072 6,400 710,641 703,450 7,191 220,509
2023 45,951 6,615 709,009 702,515 6,494 227,003
2024 46,833 6,810 722,692 715,000 7,692 234,695
2025 46,752 7,041 721,679 714,720 6,959 241,655
2026 48,000 7,250 740,962 732,465 8,497 250,152
2027 47,856 7,505 739,016 731,655 7,361 257,513
2028 49,043 7,725 757,388 748,475 8,913 266,426
2029 48,811 7,993 754,106 746,345 7,761 274,186
2030 49,885 8,226 770,749 761,450 9,299 283,486
2031 49,863 8,505 770,693 762,210 8,483 291,968
2032 50,719 8,759 784,030 774,415 9,615 301,583
2033 50,831 9,047 786,040 776,880 9,160 310,743
1,210,491 174,900 18,678,118 18,367,375 310,743
(BMeyl3030351B)
5/13/2003 B SRMD Fin Plan 03 NR Fin Plan Prepared by Kirkpatrick Pettis
I 1 I I I I I I I I I 1 I I I I I 1 I
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SADDLER RIDGER METROPOLITAN DISTRICT
Bulidout Projection(updated 5/12103)
Residential Residential
Single Family-Type A Condos Summary
Incr/(Decr)in Incr/(Decr)in
Finished Lot Price Finished Lot Price Total Total
N Lots Value @ N Units Inflated @ Market N Lots Value @ N Units Inflated @ Market Residential Single Fam
YEAR Devefd 10% Completed 2% Value Dinged 10% Completed 2% Value Market Value Res"Units
2003 18 900,000 $500,000 $0 10 200,000 $200,000 $0 $0 0
2004 18 0 18 510,000 9,180,000 10 0 10 204,000 2,040,000 $11,220,000 28
2005 18 0 18 520,200 9,363,600 10 0 10 208,080 2,080,800 11,444,400 28
2006 18 0 18 530,604 9,550,872 10 0 10 212,242 2,122,416 11,673,288 28
2007 0 (900,000) 18 541,216 9,741,889 10 0 10 216,486 2,164,864 11,906,754 28
2008 0 0 552,040 0 10 0 10 220,816 2,208,162 2,208,162 10
2009 0 0 563,081 0 10 0 10 225,232 2,252,325 2,252,325 10
2010 0 0 574,343 0 10 0 10 229,737 2,297,371 2,297,371 10
2011 0 585,830 0 0 (200,000) 10 234,332 2,343,319 2343,319 10
2012 0 597,546 0 0 0 239,019 0 0 0
2013 0 609,497 0 0 0 243,799 0 0 0
2014 0 621,687 0 0 248,675 0 0 0
72 0 72 37,836,361 80 0 80 17,509,257 55,345,618 152
5/13/2003 B SRMD Fin Plan 03 Absorption Prepared by Kirkpatrick Pettis
I I I I I I I I I I I I I I I I I I I
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SADDLER RIDGER METROPOLITAN DISTRICT
Buildout Projection(updated 5/12103)
Commercial
Commercial Eauestrlan Center Commercial Buildout Annual Market
incr/(Decal in Incrl(Decr)in Est'd GRAND Value+I-of
Finished Lot Finished Lot per Sq Ft, TOTAL Total Residential
SF Value @ Square Ft Market SF Value O Square Ft inflated @ Market Commercial Commercial Platted&
YEAR Devel'd 0% Completed Value Devel'd 10% Completed 2% Value Market Value Sq Ft Developed Lots
2003 20,000 200,000 $100.00 $0 $0 0 $1,300,000
2004 $15,000,000 20,000 0 20,000 102.00 2,040,000 17,040,000 20,000 0
2005 0 30,000 100,000 20,000 104.04 2,080,800 2,080,800 20,000 100,000
2006 0 40,000 100,000 30,000 106.12 3,183,624 3,183,624 30,000 100,000
2007 0 20,000 (200,000) 40,000 108.24 4,329,729 4,329,729 40,000 (1,100,000)
2008 0 20,000 0 20,000 110.41 2,208,162 2,208,162 20,000 0
2009 0 0 (200,000) 20,000 112.62 2,252,325 2,252,325 20,000 (200,000)
2010 0 0 114.87 0 0 0 0
2011 0 0 117.17 0 0 0 (200,000)
2012 0 0 119.51 0 0 0 0
2013 0 0 121.90 0 0 0 0
2014 0 0 124.34 0 0 0 0
0 0 0 15,000,000 150,000 0 150,000 16,094,639 31,094,639 150,000 0
5/13/2003 B SRMD Fin Plan 03 Absorption Prepared by Kirkpatrick Pettis
SOURCES AND USES OF FUNDS
SADDLER RIDGE METROPOLITAN DISTRICT(Larimer County,CO)
SERIES 2003 G.O.BONDS
Dated Date 11/15/2003
Delivery Date 11/15/2003
Sources:
Bond Proceeds:
.� Par Amount 7,100,000.00
Original Issue Discount -80,798.00
7,019,202.00
Uses:
Project Fund Deposits:
Project Funds 5,000,000.00
Other Fund Deposits:
Capitalized Interest 1,663,036.25
Delivery Date Expenses:
Underwriter's Discount 266,250.00
Bond&Disclosure Counsel 60,000.00
District Counsel 7,500.00
Printing,Regulatory,Trustee,Misc. 20,000.00
353,750.00
Other Uses of Funds:
Contingency 2,415.75
7,019,202.00
Note: Non-rated bonds,proportional debt svc,20-yr maturity
is
May 13,2003 9:12 am Prepared by Kirkpatrick Pettis Quantitative Group/MK (Saddler Ridge MD 03:BMAy1303-03NRB) Page 1
BOND DEBT SERVICE
SADDLER RIDGE METROPOLITAN DISTRICT(Larimer County,CO)
— SERIES 2003 G.O.BONDS
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
—
11/15/2003 - - - - -
06/01/2004 - - 305,378.89 305,378.89 -
12/01/2004 - - 280,450.00 280,450.00 585,828.89
06/01/2005 - - 280,450.00 280,450.00 -
- 12/01/2005 - - 280,450.00 280,450.00 560,900.00
06/01/2006 - - 280,450.00 280,450.00 -
12/01/2006 - - 280,450.00 280,450.00 560,900.00
06/01/2007 - - 280,450.00 280,450.00 -
12/01/2007 - - 280,450.00 280,450.00 560,900.00
— 06/01/2008 - - 280,450.00 280,450.00 -
12/01/2008 - - 280,450.00 280,450.00 560,900.00
06/01/2009 - - 280,450.00 280,450.00 -
12/01/2009 - - 280,450.00 280,450.00 560,900.00
06/01/2010 - - 280,450.00 280,450.00—
-
12/01/2010 15,000 7.900% 280,450.00 295,450.00 575,900.00
06/01/2011 - - 279,857.50 279,857.50 -
12/01/2011 50,000 7.900% 279,857.50 329,857.50 609,715.00
06/01/2012 - - 277,882.50 277,882.50 -
- 12/01/2012 75,000 7.900% 277,882.50 352,882.50 630,765.00
06/01/2013 - - 274,920.00 274,920.00 -
12/01/2013 90,000 7.900% 274,920.00 364,920.00 639,840.00
06/01/2014 - - 271,365.00 271,365.00 -
12/01/2014 105,000 7.900% 271,365.00 376,365.00 647,730.00
06/01/2015 - - 267,217.50 267,217.50 -
12/01/2015 115,000 7.900% 267,217.50 382,217.50 649,435.00
06/01/2016 - - 262,675.00 262,675.00 -
12/01/2016 140,000 7.900% 262,675.00 402,675.00 665,350.00
06/01/2017 - - 257,145.00 257,145.00 -
12/01/2017 150,000 7.900% 257,145.00 407,145.00 664,290.00
06/01/2018 - - 251,220.00 251,220.00 -
12/01/2018 175,000 7.900% 251,220.00 426,220.00 677,440.00
06/01/2019 - - 244,307.50 244,307.50 -
- 12/01/2019 185,000 7.900% 244,307.50 429,307.50 673,615.00
06/01/2020 - - 237,000.00 237,000.00 -
12/01/2020 215,000 7.900% 237,000.00 452,000.00 689,000.00
06/01/2021 - - 228,507.50 228,507.50 -
12/01/2021 235,000 7.900% 228,507.50 463,507.50 692,015.00
-
06/01/2022 - - 219,225.00 219,225.00 -
12/01/2022 265,000 7.900% 219,225.00 484,225.00 703,450.00
06/01/2023 - - 208,757.50 208,757.50 -
12/012023 285,000 7.900% 208,757.50 493,757.50 702,515.00
06/01/2024 - - 197,500.00 197,500.00-
-
12/01/2024 320,000 7.900% 197,500.00 517,500.00 715,000.00
06/01/2025 - - 184,860.00 184,860.00 -
12/01/2025 345,000 7.900% 184,860.00 529,860.00 714,720.00
06/01/2026 - - 171,232.50 171,232.50 -
12/01/2026 390,000 7.900% 171,232.50 561,232.50 732,465.00
06/01/2027 - - 155,827.50 155,827.56 -
12/01/2027 420,000 7.900% 155,827.50 575,827.50 731,655.00
06/01/2028 - - 139,237.50 139,237.50 -
12/01/2028 470,000 7.900% 139,237.50 609,237.50 748,475.00
-
06/01/2029 - - 120,672.50 120,672.50 -
12/01/2029 505,000 7.900% 120,672.50 625,672.50 746,345.00
06/01/2030 - - 100,725.00 100,725.00 -
12/01/2030 560,000 7.900% 100,725.00 660,725.00 761,450.00
- 06/01/2031 - - 78,605.00 78,605.00 -
12/01/2031 605,000 7.900% 78,605.00 683,605.00 762,210.00
06/01/2032 - - 54,707.50 54,707.50 -
12/01/2032 665,000 7.900% 54,707.50 719,707.50 774,415.00
06/01/2033 - - 28,440.00 28,440.00 -
- 12/01/2033 720,000 7.900% 28,440.00 748,440.00 776,880.00
7,100,000 12,975,003.89 20,075,003.89 20,075,003.89
May 13,2003 9:12 am Prepared by Kirkpatrick Pettis Quantitative Group/MK (Saddler Ridge MD 03:BMAY1303-03NRB) Page 2
NET DEBT SERVICE
SADDLER RIDGE METROPOLITAN DISTRICT(Larimer County,CO)
— SERIES 2003 G.O.BONDS
Total Capitalized Net Annual
Date Principal interest Debt Service Interest Debt Service Net D/S
06/01/2004 - 305,378.89 305,378.89 305,378.89 - -
12/01/2004 - 280.450.00 280,450.00 280,450.00 - -
06/01/2005 - 280,450.00 280,450.00 280,450.00 - -
12/01/2005 - 280,450.00 280,450.00 280,450.00 - -
06/01/2006 - 280,450.00 280,450.00 280,450.00 - -
12/01/2006 - 280,450.00 280,450.00 280,450.00 - -
06/01/2007 - 280,450.00 280,450.00 - 280,450.00 -
12/01/2007 - 280,450.00 280,450.00 - 280,450.00 560,900
06/01/2008 - 280,450.00 280,450.00 - 280,450.00 -
.- 12/01/2008 - 280,450.00 280,450.00 - 280,450.00 560,900
06/01/2009 - 280,450.00 280,450.00 - 280,450.00 -
12/01/2009 - 280,450.00 280,450.00 - 280,450.00 560,900
06/01/2010 - 280,450.00 280,450.00 - 280,450.00
12/01/2010 15,000 280,450.00 295,450.00 - 295,450.00 575,900
06/01/2011 - 279,857.50 279,857.50 - 279,857.50 -
12/01/2011 50,000 279,857.50 329,857.50 - 329,857.50 609,715
06/01/2012 - 277,882.50 277,882.50 - 277,882.50 -
12/01/2012 75,000 277,882.50 352,882.50 - 352,882.50 630,765
.- 06/01/2013 - 274,920.00 274,920.00 - 274,920.00 -
12/01/2013 90,000 274,920.00 364,920.00 - 364,920.00 639,840
06/01/2014 - 271,365.00 271,365.00 - 271,365.00 -
12/01/2014 105,000 271,365.00 376,365.00 - 376,365.00 647,730
06/01/2015 - 267,217.50 267,217.50 - 267,217.50 -
- 12/01/2015 115,000 267,217.50 382,217.50 - 382,217.50 649,435
06/01/2016 - 262,675.00 262,675.00 - 262,675.00 -
12/01/2016 140,000 262,675.00 402,675.00 - 402,675.00 665,350
06/01/2017 - 257,145.00 257,145.00 - 257,145.00 -
12/01/2017 150,000 257,145.00 407,145.00 - 407,145.00 664,290
06/01/2018 - 251,220.00 251,220.00 - 251,220.00 -
12/01/2018 175,000 251,220.00 426,220.00 - 426,220.00 677,440
06/01/2019 - 244,307.50 244,307.50 - 244,307.50 -
12/01/2019 185,000 244,307.50 429,307.50 - 429,307.50 673,615
.- 06/01/2020 - 237,000.00 237,000.00 - 237,000.00 -
12/01/2020 215,000 237,000.00 452,000.00 - 452,000.00 689,000
06/01/2021 - 228,507.50 228,507.50 - 228,507.50 -
12/01/2021 235,000 228,507.50 463,507.50 - 463,507.50 692,015
06/01/2022 - 219,225.00 219,225.00 - 219,225.00
12/01/2022 265,000 219,225.00 484,225.00 - 484,225.00 703,450
06/01/2023 - 208,757.50 208,757.50 - 208,757.50 -
12/01/2023 285,000 208,757.50 493,757.50 - 493,757.50 702,515
06/01/2024 - 197,500.00 197,500.00 - 197,500.00 -
12/01/2024 320,000 197,500.00 517,500.00 - 517,500.00 715,000
06/01/2025 - 184,860.00 184,860.00 - 184,860.00 -
12/01/2025 345,000 184,860.00 529,860.00 - 529,860.00 714,720
06/01/2026 - 171,232.50 171,232.50 - 171,232.50 -
12/01/2026 390,000 171,232.50 561,232.50 - 561,232.50 732,465
06/01/2027 - 155,827.50 155,827.50 - 155,827.50 -
12/01/2027 420,000 155,827.50 575,827.50 - 575,827.50 731,655
06/01/2028 - 139,237.50 139,237.50 - 139,237.50 -
12/01/2028 470,000 139,237.50 609,237.50 - 609,237.50 748,475
06/01/2029 - 120,672.50 120,672.50 - 120,672.50 -
12/01/2029 505,000 120,672.50 625,672.50 - 625,672.50 746,345
06/01/2030 - 100,725.00 100,725.00 - 100,725.00 -
12/01/2030 560,000 100,725.00 660,725.00 - 660,725.00 761,450
06/01/2031 - 78,605.00 78,605.00 - 78,605.00 -
12/01/2031 605,000 78,605.00 683,605.00 - 683,605.00 762,210
06/01/2032 - 54,707.50 54,707.50 - 54,707.50 -
12/01/2032 665,000 54,707.50 719,707.50 - 719,707.50 774,415
06/01/2033 - 28,440.00 28,440.00 - 28,440.00 -
12/01/2033 720,000 28,440.00 748,440.00 - 748,440.00 776,880
7,100,000 12,975,003.89 20,075,003.89 1,707,628.89 18,367,375.00 18,367,375
May 13.2003 9:12 am Prepared by Kirkpatrick Penis Quantitative Group/MK (Saddler Ridge MD 03:BMAY1303-03NRB) Page 3
BOND PRICING
SADDLER RIDGE METROPOLITAN DISTRICT(Latimer County,CO)
SERIES 2003 G.O. BONDS
Maturity
Bond Component Date Amount Rate Yield Price
Non-rated:
12/01/2010 15,000 7.900% 8.000% 98.862
12/01/2011 50,000 7.900% 8.000% 98.862
12/01/2012 75,000 7.900% 8.000% 98.862
12/01/2013 90,000 7.900% 8.000% 98.862
12/01/2014 105,000 7.900% 8.000% 98.862
12/01/2015 115,000 7.900% 8.000% 98.862
12/01/2016 140,000 7.900% 8.000% 98.862
12/01/2017 150,000 7.900% 8.000% 98.862
- 12/01/2018 175,000 7.900% 8.000% 98.862
12/01/2019 185,000 7.900% 8.000% 98.862
12/01/2020 215,000 7.900% 8.000% 98.862
12/01/2021 235,000 7.900% 8.000% 98.862
12/01/2022 265,000 7.900% 8.000% 98.862
12/01/2023 285,000 7.900% 8.000% 98.862
12/01/2024 320,000 7.900% 8.000% 98.862
12/01/2025 345,000 7.900% 8.000% 98.862
12/012026 390,000 7.900% 8.000% 98.862
12/01/2027 420,000 7.900% 8.000% 98.862
12/01/2028 470,000 7.900% 8.000% 98.862
12/01/2029 505,000 7.900% 8.000% 98.862
12/01/2030 560,000 7.900% 8.000% 98.862
12/01/2031 605,000 7.900% 8.000% 98.862
12/01/2032 665,000 7.900% 8.000% 98.862
12/01/2033 720,000 7.900% 8.000% 98.862
7,100,000
Dated Date 11/15/2003
Delivery Date 11/15/2003
First Coupon 06/01/2004
Par Amount 7,100,000.00
Original Issue Discount -80,798.00
Production 7,019,202.00 98.862000%
Underwriter's Discount -266,250.00 -3.750000%
Purchase Price 6,752,952.00 95.112000%
Accrued Interest Net Proceeds 6,752,952.00
May 13.2003 9:12 am Prepared by Kirkpatrick Pettis Quantitative Group/MK (Saddler Ridge MD 03:BMAY1303-03NRB) Page 4
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