HomeMy WebLinkAbout20030838.tiff 1NIT- D
POWER UNITED POWER, INC.
P.O. Box 929, Brighton, CO 80601 • Telephone: 303-659-0551 • 1-800-468-8809
Fax: 303-659-2172 • http://www.unitedpower.com
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ri. `2 2092
MEMORANDUM
October 1, 2002
To: WELD COUNTY UTILITY BOARD, c/o Donita May, Secretary
From: Al Trujillo, Senior Right Of Way Specialist
REFERRAL NOTICE(S)
Milli II I I I 1 I I I I I I I
PLANNER CASE NO. PROJECT
I I I I I I I I I I I I I I I I I J I 1 I I
MONICA DANIELS-MIKA PF-1021 BEEBE DRAW FARMS AND EQUESTRIAN CENTER FLG.2
I I I I I I I I 1 J_ - I NON-EXCLUSIVE
I I I UTILITY
I 1 I I I 1
RESPONSE/RECOMMENDATIONS: NON-EXCLUSIVE UTILITY EASEMENTS
I I I I I I I I I I I I 1 I I I I I I I I I I I I
1. 5 FT WIDE:
A. SIDE LOT EASEMENTS
2. 8 FT WIDE:
A. FRONT LOT EASEMENTS
B. REAR LOT EASEMENTS
C. AROUND PERIMETERS OF OUTLOTS & TRACTS
Please let me know if I can be of further assistance on this matter and thanks again you for your
help.
I can be reached at 303-637-1241.
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Your Touchstone Energy® Partner 4;
2003-0838
Orn-
CONSOLIDATED
SERVICE PLAN
FOR
BEEBE DRAW FARMS
METROPOLITAN
DISTRICT NO. 1
AND
BEEBE DRAW FARMS
METROPOLITAN
DISTRICT NO. 2
May 1999
EXHIBIT
CONSOLIDATED
SERVICE PLAN
FOR
BEEBE DRAW FARMS
METROPOLITAN
DISTRICT No. 1
AND
BEEBE DRAW FARMS
METROPOLITAN
DISTRICT No. 2
May 1999
BIIMI)W.rv-pin
Table of Contents
I. INTRODUCTION 1
A. Summary 1
1. Dual Districts Structure 6
2 . Benefits of Dual District Structure 7
3 . Configuration of Districts 9
4. Long-Term District Plan 11
5. Existing Services and Districts 11
B. General Information and Assumptions 12
C. Contents of Service Plan 15
D. Modification of Service Plan 16
II. NEED FOR NEW DISTRICT AND GENERAL POWERS 16
A. Need for New District 16
B. General Powers of Districts 17
1. Streets and Drainage 17
2 . Traffic and Safety Controls 18
3 . Parks and Recreation 18
4. Water 19
5 . Miscellaneous Authorities 19
6. Other Services 19
7 . Legal Powers 19
8. Other 20
III. DESCRIPTION OF FACILITIES AND IMPROVEMENTS 21
A. General 22
B. General Design Standards 23
1. Street System and Traffic Safety 23
2 . Storm Drainage 24
3 . Water System 25
4. Transit System 26
5. Park and Recreation 26
C. Estimated Costs of Facilities 27
IV. DEVELOPMENT PROJECTIONS 27
V. PROPOSED AND EXISTING AGREEMENTS 27
A. District Intergovernmental Agreement 27
/"-. B. Water Service Agreement 29
i
C. County Agreement 30
D. Developer Fee Agreement 30
E. FRICO Agreement 31
F. Other Agreements/Authority 31
VI. OPERATION AND ADMINISTRATION COSTS 32
VII. FINANCIAL PLAN 33
VIII. OTHER REQUIREMENTS 39
IX. CONCLUSIONS 40
EXHIBIT A
FIGURE 1 - MAP OF DISTRICT No. 1
FIGURE 2 - MAP OF DISTRICT No. 2
FIGURE 3 - LEGAL DESCRIPTION OF DISTRICT No. 1
FIGURE 4 - LEGAL DESCRIPTION OF DISTRICT NO. 2
FIGURE 5 - VICINITY MAP
EXHIBIT B
TABLE 1 - SUMMARY OF CAPITAL EXPENSES
TABLE 2 - PRELIMINARY ENGINEERING SURVEY
EXHIBIT C
TABLE 1 - BUILD-OUT SCHEDULE
TABLE 2 - ASSESSED VALUATION
EXHIBIT D
WATER SERVICE AGREEMENT
EXHIBIT E
DEVELOPER FEE AGREEMENT
EXHIBIT F
FINANCING PLAN
EXHIBIT G
DEBT AMORTIZATION SCHEDULE
EXHIBIT H
1997 FINANCIAL STATEMENTS
11
I. INTRODUCTION
A. Summary
The Beebe Draw Farms Metropolitan District
( "District" ) , a special district located in Weld County,
Colorado, was established by order of the District Court entered
on August 20, 1986 recorded in the County records at Reception
No . 02065838 on August 20 , 1986, following the County' s approval
of the District Service Plan on May 14, 1986 and the District
electors ' approval at an organizational election held on August
19 , 1986, pursuant to the provisions of Article 1 of Title 32 ,
C.R. S . ( "District Act" ) .
The District was organized to provide various services
and facilities, including water, streets, drainage, safety
protection, parks and recreation, television transmission and
relay, transportation, and mosquito control as set forth in the
District Service Plan, to the Beebe Draw Farms and Equestrian
Center ( "Development" ) , which is now planned for approximately
724 single-family residences with a projected population of 1, 860
permanent residents as more fully described in the P.U.D. Master
Plan ( "Master Plan" ) recorded in the County records at Reception
No . R-1992773 on December 21, 1984 . The Development is six miles
east of Platteville adjoining Milton Reservoir, a Farmers
Reservoir and Irrigation Company ( "FRICO" ) water facility
encompassing 800 surface acres .
Development activity has only recently been commenced
because of previously adverse market conditions and financial
difficulties experienced by the original developer. During the
intervening years, the District has been operational and has
taken actions in anticipation of development, including acquiring
real property and other interests in property necessary to
provide services and facilities, entering into agreements with
FRICO for the recreational use of Milton Reservoir, completing
environmental impact studies required by the federal government,
purchasing water and installing a water distribution system in
accordance with an intergovernmental agreement with the Central
Weld County Water District ( "Water District" ) , improving
equestrian and other recreational facilities on Milton Reservoir,
and performing planning and engineering for other District
infrastructure projects, including streets, drainage, and
gatehouse and administration building. The District has also
made arrangements with the County for offsite road improvements,
safety protection services , and coordination of other Development
activities . The District has partially implemented the financing
plan for the initial public facilities authorized under the
District Service Plan by issuing its General Obligation Bonds ,
Series 1998 ( "1998 Bonds" ) in the principal amount of $2 , 000 , 000 .
In general, the District has been administered to fully
implement the District Service Plan at such time as actual
development commences . Ownership of the Development has been
transferred to REI Limited Liability Company ( "Company" ) , a
Wyoming limited liability company doing business in Colorado as
Pelican Lake Ranch and Investors Limited Liability Company. The
Company began marketing lot sales in Filing No . 1 in November
1998 . Building activity started on the first homes in the
Development in February 1999, and the first residents should be
living within the District by August 1999 .
Following notice to the County, the District commenced
the construction phase of completing District facilities for the
Development in September 1998, when contracts were awarded for
2
road and drainage work and water improvements . The initial phase
of District construction activity will provide various central
facilities , including the entrance to the Development and
gatehouse, Beebe Draw Farms Parkway, water transmission and
distribution mains, and road, drainage and water improvements for
the first phase of development in Filing No. 1 . To accord with
current market conditions, the Company has changed its
development plan to reflect a more conservative schedule of
build-out within the Development . Rather than financing and
constructing all public facilities and improvements needed for
the Development immediately as anticipated in the District
Service Plan, the District now anticipates completing the
District facilities in phases paralleling actual building
activity, thus providing more efficient and economic services
with the District.
In order to effect the phased completion of District
facilities in an orderly and predictable manner and to revise the
financial plan under the District Service Plan to be consistent
with current capital needs and market realities, the
institutional structure of the District itself must be modified.
The powers of the District will not, however, be materially
changed. The District submits this Consolidated Service Plan
( "Service Plan" ) pursuant to the District Act to effectuate
material modifications to the District Service Plan, including
the organization of a new overlapping metropolitan district and
changes in the responsibilities of the District for the more
efficient administration of services and facilities needed to
serve the Development . A description of the public improvements
and services to be furnished by the Districts, a preliminary
engineering survey, a consolidated financial plan, a summary of
proposed intergovernmental agreements, and other information
3
required under the District Act are included in this Service
Plan.
The implementation of the financial concepts set forth
in this Service Plan will require significant commitments by the
Company and other developers of the Development . These
commitments have been partially satisfied by the execution of the
Developer Fee and Water Tap Fee Agreement dated as of December 8 ,
1998 ( "Developer Fee Agreement" ) to raise revenue for the funding
of public facilities and improvements needed within the
Development . The District is, or will be constructing various
central facilities and improvements funded by the 1998 Bonds to
serve all property within the District. Public facilities and
improvements to serve subsequent phases/filings in the
Development will be funded by fees paid by developers pursuant to
the Developer Fee Agreement and other available funds of the
Districts, including without limitation revenue notes or bonds .
This Service Plan demonstrates that the Districts will be capable
of providing economical and sufficient services to the property
within their boundaries .
This Service Plan is submitted in accordance with Part
2 of the District Act. As explained herein, the existing
District will function as the taxing district primarily
responsible for raising revenue to pay the operating, capital,
and debt service expenses of the Districts and will be renamed
"Beebe Draw Farms Metropolitan District No . 1" ( "District No .
1" ) . A new overlapping metropolitan district will also be
organized to function as the service district and will be named
"Beebe Draw Farms Metropolitan District No . 2" ( "District No .
2 " ) . District No . 2 will be responsible for administering and
operating both Districts , furnishing all District services,
acquiring and installing all public facilities and improvements
4
needed to serve the Development, and providing intermediate
financing for future District projects, as necessary. Any
reference herein to the "District" shall mean the existing
District, or District No . 1 or District No. 2 , if appropriate;
any reference to the "Districts" shall mean both District No. 1
and District No. 2 .
The Districts shall have all powers and authorities set
forth in the District Act and in this Service Plan. This Service
Plan defines the respective responsibilities and authorities of,
as well as the limitations and restrictions on, the Districts .
The Districts shall cooperate to implement this Service Plan and
to discharge their responsibilities to furnish services and
facilities needed for the Development. The failure by either
District to perform its responsibilities hereunder shall
constitute a material modification pursuant to Section 32-1-207 ,
C.R. S. , for which the prior approval of the County shall be
required. The use and implementation of a consolidated service
plan will simplify the dual structure of the Districts, provide
for greater coordination of the responsibilities and authorities
of the Districts, and avoid confusion regarding the separate but
coordinated purposes of the Districts , which might arise if
separate service plans were used.
Unless otherwise specified herein, general provisions
of this Service Plan apply to each District . Where appropriate,
specific responsibilities and limitations will be noted for each
District . All exhibits, maps and tables referred to herein are
included at the end of this Service Plan. Any reference to this
Service Plan shall also apply to any amendment, change or
modification of this Service Plan approved in compliance with the
District Act, if required, or by written agreement between the
Districts, or by the County.
5
1 . Dual Districts Structure .
District No. 1 will be responsible for levying
property taxes and raising other revenue needed to pay operating
and debt service expenses, to fund capital improvements, and
generally to support the Financing Plan. District No . 2 will be
responsible for administering and operating the Districts,
furnishing all services, acquiring or installing the public
facilities and improvements needed to serve the Development, and
providing intermediate financing for future District projects, if
necessary. The "Financing Plan" discussed throughout this
Service Plan refers to the consolidated financial plan for the
Districts , as more fully described in Section VII, which will be
implemented to provide the public facilities and services needed
for the Development.
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Because of the interrelationship between the
Districts, intergovernmental agreements will be executed by the
Districts clarifying the respective responsibilities and the
specific functions and services to be provided by each District .
The intergovernmental agreements will be designed to assure the
orderly provision of public services and facilities and the
economic administration of the Districts ' fiscal affairs,
resulting in a planned residential community which will be an
asset to the County. As a consequence of the integrated
structure of the Districts, the information provided within this
Service Plan often relates to both Districts .
The organization of District No . 2 as the service
district to finance, construct and operate the public facilities
throughout the Development (unless transferred to the County or
another governmental entity) , and the re-structuring of District
6
No . 1 as the taxing district to raise property taxes and other
revenue required to pay the costs of operations and debt service,
will create several benefits for the Development and for the
County. In general, these benefits are: (i) coordinated
administration of construction and operation of public
improvements and delivery of facilities and services needed for
the Development in a timely manner; (ii) maintenance of uniform
property tax levies and reasonable tax burdens on all property
within the Development through proper management of the financing
and operation of public improvements; and (iii) assurance that
all public improvements are constructed and paid for in a timely
and cost effective manner. Each of these concepts is addressed
in greater detail in the following paragraphs .
The public facilities and improvements to be
financed, acquired, installed and operated by District No . 2 , and
the provision of services needed within the Development, will not
duplicate or interfere with the improvements and facilities
already constructed or planned to be constructed within District
No . 1 (or by any other district or governmental agency) , if this
Service Plan is implemented in accordance with the terms
described herein. In compliance with the provisions of Section
32-1-107 (3 ) , C .R. S . , the Board of Directors of District No . 1
hereby acknowledges its consent to the organization of District
No . 2 within the boundaries of the District for the purposes and
in accordance with the terms of this Service Plan.
2 . Benefits of Dual District Structure.
a) Coordinated Services . As now planned, build-
out of the Development will proceed in several phases over the
next ten years, each of which will require the extension of
public facilities and services . The dual district structure will
7
assure that the construction and operation of each phase of
public facilities will be completed in a manner consistent with
the Company' s long-term development plan. The use of District
No . 2 for financing and constructing each new phase of public
improvements needed within the Development and for managing the
public improvements and operations not taken over by the County,
Water District, or another governmental entity will facilitate
the implementation of the Financing Plan, even if timelines
change, and will assist in assuring the coordinated provision of
services throughout the Development .
The dual district structure will also assure
that public facilities and services needed for future build-out
of the Development will be provided when needed and not sooner.
Absent an appropriate mechanism to assure timely completion of
future improvements, the District might cause improvements to be
financed and completed well before needed simply to assure that
the Financing Plan is effected, regardless of economic
consequences . Agreements between the Districts and the Company
or other developers will provide much of the financing for public
improvements which are not needed presently, thereby helping
taxpayers to avoid the long-term carrying costs associated with
financing such improvements too early. This, in turn, allows the
full costs of public improvements to be allocated fairly over the
entire Development and avoids disproportionate cost burdens being
imposed upon the initial phases of the Development.
b) Uniform Property Taxes . Allocation of the
responsibility for paying debt for public improvements will be
addressed in the consolidated Financing Plan and through
development of an integrated operating plan for long-term
operations and maintenance of public improvements within the
Development not transferred to the County, Water District, or
8
another governmental agency. The dual district structure will
help to assure that no area within the Development becomes
obligated for more than its share of the costs of public
improvements and operations . Intergovernmental agreements
between the Districts will assure that property tax levies remain
reasonable and uniform throughout the Development.
c) Bond Interest Rates . The use of the
Districts in tandem to issue future bonds, if necessary, and to
finance the costs of public improvements in the Development will
assure that all debt is issued at competitive interest rates .
The Financing Plan for the Districts anticipates that
intermediate financing of future public improvements will be
secured by the revenue generated from the Developer Fee Agreement
and other revenue available to the Districts . This assures that
the risk of development remains with the Company, until such time
as it has increased the valuation on property within the
Development at the level necessary to pay for the costs of public
facilities with reasonable tax levies . The use of a dual
district structure allows the Districts to coordinate the timing
and issuance of bonds in such a way as to assure that
improvements required by the County are constructed when needed.
The combination of appropriate management and control of the
timing of financing and the ability of the Districts to obtain
attractive interest rates will benefit all property owners within
the Districts . Consequently, the dual district structure is less
risky and may result in lower rates on District bonds than if a
single metropolitan district is used.
3 . Configuration of Districts . In order to implement
the dual district structure, the boundaries of the Districts must
be carefully configured. A map showing the current boundaries of
District No . 1 is provided in Figure 1 in Exhibit A. District
9
No. 1 contains approximately 4, 120 acres . The boundaries of
District No . 1 include all land within the Development. A map
showing the purposed overlapping boundaries of District No. 2 is
provided in Figure 2 in Exhibit A. District No. 2 will contain
approximately 3 , 408 acres of platted and unplatted property owned
by the Company and located completely within the boundaries of
District No . 1, excluding that property in the first phase of
development in Filing No . 1 which is now being marketed for sale.
The legal description of the property within the present
boundaries of District No. 1 is provided in Figure 3 in Exhibit
A, and the legal description of the proposed boundaries of
District No . 2 is provided in Figure 4 in Exhibit A. A map
showing the boundaries of the Districts in relation to the
greater vicinity of the County is provided in Figure 5 in Exhibit
A.
The "service area" (the geographic area which may
legally be served) of District No. 2 will consist of the entire
area of the Development, including all property within District
No. 1 ' s boundaries . District No. 2 will have the power to impose
property taxes only within its legal boundaries but will be
authorized to provide public services and facilities throughout
the Districts pursuant to this Service Plan and the
intergovernmental agreements between the Districts .
Additional property may be included in the
Districts in accordance with the provisions of the District Act .
Under the District Act, the fee owner or owners of one hundred
percent (100%) of any property proposed for inclusion may
petition the Board of Directors of either District for the
inclusion of property into the District. Further, less than all
of the owners of an area may petition the District for inclusion,
or the Board may adopt a resolution calling for an election on
10
inclusion of the property within such area. A substantially
similar process is applicable to the exclusion of property from a
special district. In accordance with the procedures set forth in
the District Act, property within each new phase of the
Development will be excluded from District No. 2 , when such
property has been platted, and lot sales have been commenced by
the Company or other developers . The Board of Directors of the
Districts will have complete discretion to approve inclusions or
exclusions without processing an amendment of this Service Plan.
4 . Long-Term District Plan. After all public
improvements have been constructed, and all bonds or other debt
of the Districts have been paid or payment has been provided for,
the electorate of the Districts will have the opportunity to vote
upon the consolidation of the Districts into a single
consolidated District . At some time, it may be appropriate to
consider the dissolution of District No. 2 . Ultimately, control
of these decisions will rest with the electorate in each
District. Neither District may be dissolved, however, without
prior notification to the County and compliance with all
provisions of the District Act .
5 . Existing Services and Districts . Other than the
Districts, there are currently no other governmental agencies
operating within the Development area which have the legal or
financial ability to undertake the design, financing and
construction of the public improvements needed to serve the
Development . The County and other special districts in the
Development area, including the LaSalle Fire District ( "Fire
District" ) , do not consider it financially feasible or
practicable to provide the public facilities and improvements
needed for the Development. Consequently, the organization of
the Districts is necessary for the provision of public
11
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improvements and services in the Development and for the
development of the property itself . The re-structuring of
District No . 1 and the organization of District No . 2 will have
no legal effect upon, or change the rights, liabilities, or
obligations of District No. 1 under the terms of existing
agreements , including the Agreement for Water Service, dated June
27 , 1995 ( "Water Service Agreement" ) with the Water District .
Water service will be provided to the Development in accordance
with the terms of the Water Service Agreement . The District may
enter into intergovernmental agreements with the Fire District .
In order to minimize the proliferation of
governmental activities, District No . 2 will operate and maintain
the public facilities and improvements within the Development in
accordance with intergovernmental agreements with District No . 1 .
Operations and maintenance of some public improvements, including
water, street and traffic safety, will be the responsibility of
the County or Water District after the completed improvements
have been transferred to such agencies . The timing and
conditions for transfer of such improvements will be established
by the County and Water District.
B. General Information and Assumptions
The projected resident population of the Districts at
build-out of the Development is 1, 860 persons . The projected
total valuation of all taxable property within District No . 1 at
build-out of the Development is approximately $181, 000 , 000 with
an assessed valuation of approximately $20, 000, 000 . The 1999
assessed valuation of all taxable property within the boundaries
of District No. 1 is $6, 755, 200 . No resident population is
anticipated within District No . 2 . The initial assessed
valuation of the taxable property within District No. 2 is
12
estimated to be approximately $16, 000 . As development occurs
within District No . 2 , improved property will be excluded from
the District, and the total assessed valuation of property within
the District will decrease.
The anticipated costs of public improvements needed to
serve the Development are substantial and are estimated in Table
1 in Exhibit B. Funding for capital costs will be provided from
developer fees, water connection fees, and other available
revenue of the Districts . The Districts may obtain financing for
the public improvements , if necessary, through the issuance of
general or limited tax obligation bonds or other debt instruments
of District No. 1, including the issuance of notes or tax pledges
to District No . 2 pursuant to the intergovernmental agreements
between the Districts , or from revenue bonds, anticipation notes,
or other instruments issued by the Districts and secured by
revenues generated under the Developer Fee Agreement. District
No . 2 may enter into funding agreements with the Company or other
developers to fund the costs of public improvements needed for
subsequent phases of the Development .
The revenue forecasts set forth in the Financing Plan
were based upon various development assumptions made by the
Company. For purposes of this Service Plan, a reasonable growth
scenario has been used to develop the Financing Plan. The
Financing Plan is predicated upon a cash funding scenario which
may be used by the Districts to finance the costs of public
improvements needed for subsequent phases of the Development. At
the time public improvements are actually needed, alternative
financing plans may be more beneficial and may be implemented by
the Districts, as appropriate. Use of an alternative financing
plan will not require an amendment of the Service Plan but shall
be subject to the other requirements set forth in Section VIII .
13
With the financial support provided by the Company and
other developers through the payment of developer fees, the
Financing Plan demonstrates that the costs of public improvements
needed for subsequent phases of the Development can be financed
economically with reasonable property tax levies not exceeding 40
mills . The projections and estimates set forth herein relating
to the costs of public facilities and operations will not
constitute limitations on the financial powers of the Districts;
provided, however, that the Districts shall not be permitted to
issue bonds which are not in compliance with State law and the
provisions of this Service Plan, including without limitation
Section VIII .
The Financing Plan demonstrates that the risks
associated with the construction of public improvements needed
within subsequent phases of the Development will be borne
initially by the Company and other developers through payment of
the developer fees . The responsibility for payment of a portion
of the costs of public facilities will be shifted incrementally
to all property within District No . 1 as development occurs, and
the total assessed valuation of property within the District
increases . The County will have no responsibility for any debt
of the Districts .
Additionally, the County can be assured that there are
legal and financial controls on District indebtedness, which
operate to limit the taxes that property owners within the
Development will be expected to pay. Under the District Act, a
district cannot incur general obligation indebtedness payable
from property tax revenues in excess of fifty percent (50%) of
its valuation for assessment, unless such indebtedness is rated
or insured, or unless the mill levy from which it is payable is
14
limited. The maximum tax levy of the Districts for operations
and debt service is projected to be 40 mills . In addition, State
securities laws do not allow exemption from registration for
district indebtedness not meeting minimum requirements . Finally,
the current public market for municipal securities is extremely
cautious with respect to district general obligation indebtedness
and demands relatively low debt-to-valuation ratios . It should
be noted that any general obligation indebtedness, including the
1998 Bonds, is secured by a tax levy without limit as to rate or
amount, which must be sufficient, together with other available
revenues, to pay debt service . The outstanding principal amount
of the 1998 Bonds is $2 , 000, 000 .
C. Contents of Service Plan
This Service Plan consists of a Financing Plan and
preliminary engineering survey showing how the public facilities
and services for the Development can be provided and financed by
the Districts working in tandem. The Financing Plan revises,
modifies and replaces the original financing plan set forth in
the District Service Plan. Other information is included in this
Service Plan in compliance with the requirements of Part 2 of the
District Act.
The assumptions contained within this Service Plan were
derived from a variety of sources . Information regarding the
present status of property within the Districts, as well as the
current schedule of development, was obtained from the Company.
Construction cost estimates for most public facilities were
developed by Milestone Engineering or J.L. Walter Consulting
Engineering for water improvements . Legal consultation,
including drafting of this Service Plan, has been provided by the
law firm of Collins and Cockrel, P.C. Financial recommendations
15
and advice relating to the issuance of the 1998 Bonds were
provided by Bigelow and Company and James Capital Advisors, Inc .
The District auditor is Van Schooneveld and Co . , Inc .
D. Modification of Service Plan
This Service Plan has been drafted with sufficient
flexibility to enable the Districts to provide the public
services and facilities currently anticipated for the Development
under evolving circumstances without the need for numerous
amendments in the future. While the assumptions upon which this
Service Plan are generally based are reflective of the Master
Plan for the Development, the cost estimates and Financing Plan
are sufficiently flexible to enable the Districts to provide
necessary services and facilities without the need to amend this
Service Plan as actual development occurs, whether or not the
Master Plan itself changes . Modification of the general types of
services and facilities, and changes in proposed configurations,
locations , quantities , dimensions, or costs of various facilities
and improvements, shall be permitted to accommodate actual
development needs consistent with the Master Plan, without
further amendment of this Service Plan.
II. NEED FOR NEW DISTRICT AND GENERAL POWERS
A. Need for New District
District No . 2 will be organized to assure that public
facilities and improvements needed to serve subsequent phases of
the Development will be financed and installed in a timely,
efficient, and economical manner as development occurs . District
No . 1 will continue to be responsible for financing the various
central facilities needed to serve the entire Development and for
16
funding operations and outstanding debt service. Installation,
operations and maintenance of water, drainage, streets, safety
protection, landscaping, transportation, cable television, and
park and recreation improvements will initially be provided by
the Districts , some of which will then be transferred to the
County or Water District in accordance with the intergovernmental
agreements referred to in Section V.
B. General Powers of Districts
The Districts will have all powers and authorities
granted under the District Act to provide the services and
facilities described in this Service Plan both within and outside
District boundaries . The powers and authorities of the Districts
will be allocated and further refined in intergovernmental
agreements between the Districts, a general summary of which is
set forth in Section V. For purposes of the District Act, the
making or amendment of the intergovernmental agreements shall not
constitute a material modification of this Service Plan. They
will, however, be binding and enforceable agreements between the
Districts regarding implementation of the authorities set forth
in this Service Plan.
The Districts shall have authority to provide the
following services and facilities, all of which shall be in
conformance with the standards and specifications of the County
or Water District, if applicable:
1 . Streets and Drainage. The design, acquisition,
installation, construction, operation, and maintenance of
arterial, collector and access streets and other roadway
improvements within and outside District boundaries, including
without limitation curbs and gutters (if needed) , culverts, storm
17
sewers and other drainage facilities, detention ponds, retaining
walls and appurtenances, as well as bridges, parking facilities,
paving, lighting, grading, landscaping, undergrounding of public
utilities, gatehouses , entrance buildings, and other street
improvements , together with all necessary, incidental, and
appurtenant facilities, land and easements, and all necessary
extensions of and improvements to such facilities .
2 . Traffic and Safety Controls . The design,
acquisition, installation, construction, operation, and
maintenance of traffic and safety protection facilities and
services through traffic and safety controls and devices on
streets and roadways , as well as other facilities and
improvements, including without limitation signalization at
intersections, traffic signs, area identification signs,
directional assistance, driver information signs, and contractual
arrangements with the County Sheriff or Fire District for safety
protection and other incidental purposes, together with all
necessary, incidental, and appurtenant facilities, land and
easements, and all necessary extensions of and improvements to
such facilities .
3 . Parks and Recreation. The design, acquisition,
installation, construction, operation and maintenance of public
park and recreation facilities or programs, including without
limitation grading, soil preparation, sprinkler systems,
playgrounds, playfields, golf courses, tennis courts, swimming
pools, bike, hiking and nature trails, nature corridors,
pedestrian and equestrian trails , bridges, picnic areas, lakes ,
marinas, open space, landscaping and weed control, outdoor
lighting of all types , recreation and equestrian facilities ,
community buildings, and other recreational facilities, together
with all necessary, incidental and appurtenant facilities, land
18
and easements, and all necessary extensions of and improvements
to such facilities or systems.
4 . Water. The design, acquisition, installation,
construction, operation and maintenance of water lines, hydrants,
water treatment, storage and distribution facilities, storage
reservoirs, water rights, and all necessary or proper equipment
and appurtenances incident thereto, together with all necessary,
incidental and appurtenant facilities, land and easements, and
all necessary extensions of and improvements to such facilities
or system.
5 . Miscellaneous Authorities . The design,
acquisition, installation, construction, operation and
maintenance of : (i) transportation systems by bus, rail, or any
other means, including without limitation services and facilities
authorized under the District Act; (ii) services and facilities
for the elimination and control of mosquitoes; and (iii)
television relay and translator systems and other electronic or
cable facilities .
6 . Other Services. The Districts may provide other
services and facilities authorized under the District Act or by
law, without limitation, if needed to serve the Development and
not otherwise provided by the County or another governmental
agency within the area.
7 . Legal Powers . The powers of the Districts to
provide the services and facilities contemplated in this Service
Plan will be exercised by the Board of Directors of each District
as applicable. The authorized facilities and services, along
with all other activities permitted by law, will be undertaken in
accordance with, and pursuant to the procedures and conditions
19
contained in the District Act, other applicable statutes, and
this Service Plan.
8 . Other. In addition to the powers and authorities
enumerated herein, the Board of Directors of each District shall
also have the following powers :
a) To amend this Service Plan as necessary,
subject to compliance with all statutory procedures set forth in
the District Act, including by providing written notice to the
County pursuant to Section 32-1-207 , C.R. S . , of actions which
either District believes is permitted by this Service Plan but
which may be unclear. In the event that the County determines
not to enjoin any such activity, such determination shall
constitute agreement by the County that such activity is within
the scope of this Service Plan. Each District shall have the
right to amend this Service Plan independent of any participation
by the other District; provided, however, that neither District
shall be permitted to amend those portions of this Service Plan
which materially affect, impair, or impinge upon the rights or
powers of the other District without the other District' s
consent; and
b) Subject to all provisions of the
intergovernmental agreements between the Districts, to revise,
reschedule, or restructure the financing and construction of
various public improvements and facilities in order to
accommodate the rate of growth within the Development, costs of
public improvements, and inclusion of property into the
Districts , or the provision of any public improvement and
facility by another entity; and
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c) To provide all additional services and
facilities and exercise all powers as are expressly or impliedly
granted by the District Act or other State law, and which the
Districts are required to provide or exercise or, in their
discretion, choose to provide or exercise; and
d) To exercise all necessary and implied powers
under the District Act.
III. DESCRIPTION OF FACILITIES AND IMPROVEMENTS
District No . 1 has previously financed, acquired, and
installed, or is currently constructing the central facilities
and improvements needed to serve the initial phase of the
Development, including the Beebe Draw Parkway, other streets and
drainage facilities, entrance and gatehouse, traffic and safety
controls, signage, offsite water transmission main, water
distribution lines, water rights, community building, hiking and
equestrian trails, marina and related water and recreation
facilities . District No. 2 will exercise its statutory powers
and the authority set forth in this Service Plan to finance,
acquire, construct, install, operate and maintain the other
public facilities and improvements needed to serve subsequent
phases of the Development as described in this Service Plan,
either directly, by contract, or by acquisition from the Company
or other persons. District No. 2 will complete the public
facilities which are to be transferred to and operated by the
County and Water District . Where appropriate, the Districts will
contract with various public and/or private entities to undertake
such functions and activities, including without limitation the
Water Service Agreement; subdivision improvement, law enforcement
and other intergovernmental agreements with the County; and
21
acquisition and reimbursement agreements with the Company or
other developers, if necessary.
General information for each type of public improvement
needed for the Development is set forth in the following pages .
It is important to note that the engineering information
contained in this Service Plan is preliminary in nature, and that
modifications to the type, configuration, and location of public
improvements may be necessary as development progresses . All
public facilities and improvements within the Development will be
designed and installed in such manner as to assure that the
facility and service standards will be compatible with those of
all affected governmental agencies and utility providers,
particularly the County and Water District . For example, County
road design and construction standards have been followed in
designing all District street and drainage projects, and water
transmission and distribution mains have been designed and
constructed in accordance with the Water District' s regulations .
There follows a general description of the public facilities
and improvements which will be financed and constructed by the
Districts .
A. General
Construction of all public facilities and improvements
will be engineered and scheduled to allow for proper sizing and
phasing consistent with the need for service within each phase of
the Development . All descriptions of specific facilities and
improvements to be constructed and their related costs are
estimates only and are subject to modification as actual
engineering design, development plans, market conditions,
22
governmental requirements, and construction scheduling may
require.
B. General Design Standards
All public facilities and improvements within the
Development will be designed, installed, and operated by District
No. 2 in conformance with current codes, standards, and
regulations adopted by the County, Water District, Fire District,
or District itself . Design and contract documents prepared for
improvements will be approved by District No . 2 and will be
implemented in accordance with all codes, regulations , standards,
specifications, and procedures of each applicable governmental
agency. If design standards become more stringent, the developer
fee may be increased to pay for the additional capital costs of
District facilities .
1 . Street System and Traffic Safety.
a) General. The Districts will construct the
arterial and collector streets and roadway system needed to serve
the Development . The existing and proposed elements of the
street system will provide a network of arterial and collector
streets and roadways to accommodate anticipated traffic within
and surrounding the Development interconnecting with existing
County roads in the area. The improvement of offsite County
roads within the area, as may be required by the County to
provide adequate traffic circulation to the Development, will be
completed in accordance with intergovernmental agreements with
the County. All streets, regardless of classification, and
related facilities will be designed and installed in accordance
with current County standards and specifications .
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b) Streets . Public streets will be designed and
installed to conform to the standards and recommendations of the
American Association of State Highway and Transportation
Officials, the Colorado Department of Highways (if applicable) ,
County standards and specifications, and any rules and
regulations adopted by the Districts . The rights-of-way for and
the widths of streets within the Development shall be as set
forth in the Master Plan and in the subdivision plats for the
individual filings of the Development as approved by the County.
c) Landscaping. Landscaping may be installed by
the Districts along portions of the arterial and collector road
rights-of-way. The Districts may install and maintain landscaped
highlights within the Development, including entry features at
major entrances . Additional landscaping features may be
installed and maintained by District No. 2 .
d) Signals and Signage. Traffic controls and
signage will be provided along streets to enhance the flow of
traffic within the Development . Streetlights may be installed by
the Districts at the intersections of arterial and collector
streets or County roads . All improvements will be installed by
the Districts as required by County regulations .
2 . Storm Drainage.
Generally. The Districts will install the
necessary storm drainage systems to serve the Development in
accordance with County development regulations . The storm
drainage system includes ponds, culverts, and curb and gutter (if
necessary) designed and installed in accordance with County
standards and sound engineering judgment . The Districts will
^ design and install storm drainage improvements within the
24
Development, except for site improvements for individual
development parcels, which will be the responsibility of the
Company or other developers . All major storm drainage facilities
will be designed to conform to the standards and recommendations
for drainage improvements using County design criteria and if
applicable, regulations of FRICO.
a) Culverts . Culverts, including box culverts,
will be installed under all roadways that intersect storm
drainage channels in accordance with County regulations .
Culverts will be designed to pass flows as required and may
include headwalls, wing walls, inlet structures, and riprap
protection to enhance hydraulic capacity and reduce bank or
channel erosion.
b) Drainage Plan. A drainage plan will be
prepared that will identify all facilities necessary to convey
storm runoff from the Development. This plan will include all
infrastructure required to convey storm water flows generated
within the Development . This plan will maintain the flexibility
to modify drainage facilities as more detailed information is
generated during the design of the individual phases of the
Development . The drainage plan may include the utilization of
storm sewers, drainage channels, ponds, streets, and culverts .
3 . Water System. The water system within the
Development is interconnected to and part of the water
transmission and distribution system of the Water District and
will be operated and maintained by the Water District in
accordance with the Water Service Agreement . Water lines and
hydrants will be designed and installed to conform with the
current standards and specifications of the Water District and
then transferred to the Water District for future operation and
25
maintenance. The water system required for the Development will
be installed by District No. 2 .
4 . Transit System. There is no specific
transportation plan for the Development currently, but the
Districts are authorized to furnish transportation services and
facilities, if subsequently needed and financially feasible .
5 . Park and Recreation. The Districts will acquire,
construct, develop, maintain, and operate parks and recreational
facilities , including hiking and equestrian trails, open space,
nature corridors, various aquatic facilities including a marina
on Milton Lake and improvements to Lake Christina, clubhouse,
swimming pool, and tennis courts , during build-out of the
Development . Major equestrian facilities are not currently
planned but may be provided by the Districts , if subsequently
needed and financially feasible, or may be provided through a
contract service provider. If there is sufficient public demand
in the future and available land and if it is economically
feasible, the Districts may, perhaps in cooperation with other
governmental agencies, develop a public golf course and related
facilities, subject to compliance with County site approval
requirements . Great Outdoors Colorado and Conservation Trust
Fund revenues could be applied for such purposes .
All park and recreational facilities and/or
services will be constructed in accordance with plans and
specifications established by District No . 2 . All park and
recreational facilities will be constructed in accordance with
engineering and design requirements appropriate for the facility
and shall comply with County building codes, uniform fire codes,
and the standards of other governmental agencies, if applicable.
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C. Estimated Costs of Facilities
The estimated costs of the public facilities and
improvements to be constructed, installed and/or acquired by the
Districts within the Development are $20 , 596 , 084 as shown in
Table 1 in Exhibit B. The estimated costs of other public
infrastructure to be constructed, installed, and/or acquired by
the Districts to serve the Development are not known at this
time. The engineering analysis and estimates of public
infrastructure costs for the Development constitute the
preliminary engineering survey of the District facilities and
improvements and may be modified, changed and revised as
necessary to provide the public infrastructure needed for the
Development without any amendment of this Service Plan.
IV. DEVELOPMENT PROJECTIONS
The Company has projected the various phases and build-out
of the Development based upon present market conditions . The
build-out schedule is set forth in Exhibit C.
V. PROPOSED AND EXISTING AGREEMENTS
A. District Intergovernmental Agreements
As noted in this Service Plan, the relationship between
District No . 1 and District No. 2 , including the terms for
financing, constructing, and operating the public services and
improvements needed to serve the Development, will be established
in one or more intergovernmental agreements . A copy of each
intergovernmental agreement between the Districts shall be
provided to the County within thirty (30) days after execution.
The intergovernmental agreements will provide comprehensive
27
procedures and requirements for the payment of : (i) the capital
costs of the public improvements, including payments to the Water
District and other governmental agencies; (ii) administrative,
operational and maintenance expenses of the Districts ; (iii)
costs of issuance of District bonds, debt service, and related
financing expenses of the Districts, and (iv) for the
construction, acquisition, operation and maintenance of all
facilities and services needed for the Development and the
administration of District affairs by District No. 2 .
District No . 2 will be responsible under the
intergovernmental agreements for contracting for and supervising
the acquisition and construction of all public facilities and
improvements needed for all subsequent phases of the Development,
including the preparation of engineering plans and specifications
and public bidding and contracting with contractors . Upon
completion of the public improvements, District No . 2 shall be
responsible for their operation and maintenance, until such time
as any improvement is transferred to the County, Water District,
or another governmental agency. District No . 2 shall be
responsible for management, record-keeping, and financial
planning services for the Districts, as well as operating or
contracting for the operation and maintenance of the public
improvements .
In addition to payments for financing a portion of the
public improvements within the Development, District No. 1 shall
pay District No . 2 for operating and maintaining the improvements
and administering the affairs of the Districts and any major
repairs or replacements of the improvements ( "service costs" ) .
District No . 1 will pay the service costs in accordance with the
terms of the intergovernmental agreements .
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B. Water Service Agreement
The District entered into the current Water Service
Agreement with the Water District on June 27, 1995, terminating
the prior agreement dated October 30, 1985 . A copy of the Water
Service Agreement is included in Exhibit D. The Development has
now been fully included within the service area of the Water
District, Northern Colorado Water Conservancy District ( "Northern
District" ) , and Municipal Subdistrict . Consequently, the
District has acquired, and will continue to acquire interests in
Northern District water (including Colorado-Big Thompson Project
water) at market prices . After acquisition, the water interests
are transferred to the Water District to be used as the permanent
water supply for the Development . This arrangement secures a
reliable and economic long-term water supply for the District and
all property within the Development.
In accordance with the terms of the Water Service
Agreement, the District is required, at its expense, to install
the water transmission and distribution system and all
appurtenant facilities necessary to serve the Development . The
water system improvements must meet the Water District' s
technical standards . After completion, the water system
improvements are transferred to the Water District for operation
and maintenance. The Water District operates the water
distribution system within the District in accordance with its
general standards, providing services and charging customers
directly for such services . The Districts may also assess fees
and charges to users to recover capital costs incurred to furnish
water to the Development .
r
29
C . County Intergovernmental Agreement
The Districts may enter into intergovernmental
agreements with the County with respect to the installation,
operation and dedication of streets, drainage, offsite road
improvements, safety and other facilities, and service
arrangements for the Development, including the County Sheriff or
Beebe Draw Law Enforcement Authority ( "LEA" ) , if appropriate . In
accordance with the terms of the Law Enforcement Agreement dated
December 17 , 1998, the County and County Sheriff have contracted
to perform certain law enforcement protection services within the
LEA boundaries funded by a seven (7) mill tax levy. If
permissible, the Districts may in the future contract with the
LEA to fund additional levels of law enforcement services
necessary for the operation and protection of the facilities of
the Districts . The Districts will comply with all County codes,
regulations , standards, and specifications applicable to the
public facilities and improvements to be installed by the
Districts .
D. Developer Fee Agreement
The District entered into the Developer Fee Agreement
with the Company on December 8, 1998 . A copy of the Developer
Fee Agreement is included in Exhibit E. The Developer Fee
Agreement is the primary source of funding for capital facilities
and improvements needed to serve subsequent phases of the
Development . Under the Developer Fee Agreement, the Company and
other developers are obligated to pay a developer fee in the
amount of $15, 500 per lot on or before the date of transfer
and/or sale of each lot. There is a schedule for payment of
developer fees in the first phase of the First Filing of the
Development . The District may increase the amount of the
30
developer fee as necessary to fund the costs of the capital
improvements needed for subsequent phases of the Development,
including additional costs caused by more stringent County design
standards . Until the developer fee is paid, the developer fee
constitutes an unconditional obligation of, and lien upon each
lot within the Development .
E. FRICO Agreement
The District entered into the First Amendment to
Grazing and Recreation Lease ( "FRICO Agreement" ) with FRICO on
January 1, 1989 , amending the Grazing and Recreation Lease dated
March 4, 1987 with Beebe Draw Land Company, Ltd. The District
has effectively assumed all rights and liabilities under the
FRICO Agreement to manage recreational use on Milton Reservoir
for District residents and guests . There are certain limitations
upon the type of recreational uses (e.g. , motorized boating not
greater than ten horsepower and restrictions upon water skiing) ,
but most aquatic recreation is authorized. The District pays
FRICO an annual rental fee through the term of the lease
(December 31, 2016) . A hunting sublease has also been entered
into for the same term, which reduces the annual lease rental
expense to approximately $3 , 000 .
F. Other Agreements/Authority
To the extent practicable, the Districts may enter into
additional intergovernmental and private agreements to ensure the
long-term provision of the public improvements and services
needed for the Development and for effective management of
District affairs, including without limitation the Fire District .
Agreements may also be executed with the Company, other
31
developers, property owner associations, and other service
providers .
VI. OPERATION AND ADMINISTRATION COSTS
Initial costs of operations and general administration of
the Districts are set forth in Table No . 1 below; these costs
have been estimated based in part upon actual District
expenditures for prior fiscal years and are presented in the
Financing Plan set forth in Exhibit F. A copy of the most recent
audited financial statements of the District for the period
ending December 31, 1997 is included in Exhibit H for
informational purposes . Increased costs of operations and
administration, including supplemental snowplowing and employee
expenses, will be funded by user fees, other operational fees,
and general revenue sources available for such purposes, as
determined by the Board of Directors during the annual budgeting
process . The District will not be responsible for maintenance
costs associated with public roads or the water system. The
Financing Plan demonstrates that anticipated cash reserves will
be sufficient to fund costs of major repairs or replacement of
District facilities . Bonds could also be issued to fund such
capital costs .
TABLE NO. 1
INITIAL OPERATIONS AND ADMINISTRATION COSTS
Administration $ 4 , 500
Audit 4, 000
Director fees 800
Insurance 3 , 800
Lake lease (net) 3 , 000
32
Legal 8 , 000
Operations and maintenance 23 , 000
Utilities 1, 400
Emergency Reserves 1 , 500
Total $ 50, 000
VII. FINANCIAL PLAN
The consolidated Financing Plan is set forth in Exhibit F
and shows how the proposed public services and facilities may be
economically financed and operated by the Districts . The
Financing Plan includes projected revenues derived from ad
valorem property taxes collected within District No. 1 and the
Developer Fee Agreement, together with other revenue annually
through 2007 and then for the ten-year period through 2018 . The
intergovernmental agreements between the Districts will provide
that the obligation of District No. 1 to pay District No . 2 for
the costs of financing the public improvements needed for the
Development and for operating expenses incurred for the provision
of services within the Development will constitute voter-approved
financial obligations of District No. 1 . Accordingly, property
tax levies certified to make necessary payments to District No . 2
may be characterized as financial obligations exempt from
spending limits under Article X, Section 20 of the Colorado
Constitution ( "TABOR" ) . District No. 2 may issue revenue or bond
anticipation notes to fund the costs of the public improvements,
until such time as it is able to collect revenues from District
No. 1 or pursuant to the Developer Fee Agreement . Any funds
advanced by the Company or other developers will be reimbursed
from available revenue sources .
33
The Financing Plan includes debt repayment for the
outstanding 1998 Bonds (maturing in 2018 with a net effective
interest rate of 6 . 78%) and shows how the financial operations of
the Districts will be integrated. The Debt Amortization Schedule
is included in Exhibit G. District No. 2 may issue revenue
anticipation notes or bonds secured primarily by the revenues
generated under the Developer Fee Agreement and property taxes
collected by District No. 1 . District No . 1 may issue notes or
pledges to District No . 2 secured by property tax levies to fund
the acquisition and installation of other major facilities needed
to serve the Development. District No . 1 may pledge or assign
its right to receive the revenue generated under the Developer
Fee Agreement, in whole or part, to District No. 2 to secure its
revenue bonds . Revenue from such sources and other available
funds will be used to retire the District bonds and other debts .
Pursuant to electoral approvals given at public elections
held on November 4, 1993 and November 5, 1996, District No. 1 is
presently authorized to issue additional general obligation
indebtedness in the principal amount of $2 , 650 , 000 ( "Authorized
Debt" ) for the following purposes : (i) water ($925, 000) ; (ii)
streets and drainage ($975, 000) ; and (iii) park and recreation
($750, 000) . District No . 1 may issue the Authorized Debt for any
authorized purpose as may be necessary to complete the capital
facilities and improvements needed to serve the Development;
provided, however, that no Authorized Debt shall be issued after
twenty (20 ) years following the date of the public election. No
provision of this Service Plan shall be construed to restrict the
issuance by either District of limited tax obligation bonds with
a tax levy of 50 mills or less, revenue bonds or notes , or other
obligations which do not constitute a general obligation debt of
the Districts, except for the Authorized Debt. The Financing
r Plan illustrates that adequate revenue will be available from
34
various sources for the payment of debt issued to provide public
infrastructure for the Development, thus reducing the risk of
excessive property tax levies .
Other financing plans may be implemented, if subsequently
determined by the Board of Directors of the District to be in the
best interests of the Districts . The Districts shall, without
limiting other financing alternatives, be entitled to modify the
structure of the Financing Plan by causing District No. 2 to
obtain financing directly from the Company, other developers,
financial institutions, or accredited investors; provided,
however, that any such borrowing shall comply with the
requirements of State law. For example, District No. 2 shall be
entitled to obtain funding directly from the Company or other
developers and agree to repay and reimburse such entities from
revenues generated under the Developer Fee Agreement or from
other available funds of the Districts . The Districts shall also
be entitled to issue contingent repayment obligations in amounts
which exceed the Authorized Debt on condition that the provisions
of such contingent repayment obligations are in compliance with
State law and are subject to all legal limitations for issuance
of general obligation debt. The Districts shall have the
authority to utilize excess property valuation/debt capacity
which may be developed within the Districts , if the projections
incorporated into the Financing Plan are more conservative than
actually realized within the Development.
All projections in the Financing Plan are stated in 1999
dollars adjusted for inflation (3 . 5% per annum) , as applicable.
Upon approval of this Service Plan, the Districts will continue
to develop and refine the cost estimates for the public
improvements contained herein and prepare for financing such
improvements . All cost estimates will be inflated to current
35
dollars at the time of actual financing and construction. All
construction cost estimates assume construction in compliance
with local , state or federal requirements .
The total estimated costs of all public facilities and
improvements and related financing and organizational costs are
$25 , 460 , 704 (in 1999 dollars) , as more completely set forth in
Figure 1 in Exhibit C . The Districts shall have the authority to
issue (or incur) general or limited tax obligation indebtedness,
revenue debt, and other debt obligations in amounts sufficient to
finance and construct the public facilities and improvements
authorized under this Service Plan, if greater than such
estimated costs, without the need to seek approval of the County
for any modification of this Service Plan. The Districts shall
also be permitted to seek debt authorization from their
electorates in excess of this amount to account for contingencies
or other unforeseeable costs . Reasonable modifications of all
facilities and cost estimates shall likewise be permitted. Final
determination of the amount of debt for which approval will be
sought from the Districts ' electorates will be made, from time to
time, by the Board of Directors of each District based on then
current estimates of construction costs, issuance costs, and
contingencies . Authorization to issue bonds and enter into the
various agreements described herein will be sought from each
District ' s electorate pursuant to the terms of the
intergovernmental agreements between the Districts, District Act,
and Colorado Constitution.
In addition to ad valorem property taxes and developer fees,
which may be increased to fund the costs of capital improvements,
the Districts may also rely upon various other revenue sources
authorized by law in order to offset anticipated or increased
expenses of construction, operations and maintenance. These
36
include the power to assess fees, charges, rates, tolls, or
penalties as provided in the District Act. The Districts will
receive restricted revenue from Great Outdoors Colorado and the
Colorado State Lottery into the Conservation Trust Fund to
support recreational programs and facilities, including facility
repair and replacement reserves . Projections in the Financing
Plan are based upon average State distributions to districts
during the 1998 fiscal year. The Financing Plan has been
developed without reliance upon all possible sources of revenue
available to the Districts, but this does not preclude the
Districts from implementing any revenue source legally available
to the Districts .
The Financing Plan does not project any significant
accumulation of fund balances which might represent receipt of
revenues in excess of expenditures under TABOR. It is
anticipated that certain operations of the Districts may, under
some circumstances, qualify as "enterprises" under TABOR. If
District operations do not qualify as enterprises under TABOR,
revenues from all sources which exceed the permitted level of
expenditures in a given year will be refunded to taxpayers,
unless a vote approving the retention or "de-Brucing" of such
revenues is obtained. District No . 1 has already accomplished
such "de-Brucing" , and District No . 2 will do the same at its
organizational election, so that fluctuations in revenues from
year to year do not create a TABOR refund problem. To the extent
annual District revenues exceed expenditures without prior voter
authorization, the District will comply with the provisions of
TABOR and either refund the excess or obtain voter approval to
retain such amounts . In the discretion of the Districts, the
Districts may set up enterprises or other qualifying entities to
manage, fund, construct and operate facilities, services , and
programs . To the extent allowed by law, any entity created by
37
the Districts will remain under the control of its Board of
Directors .
The estimated costs of the public facilities and
improvements to be constructed and installed by the Districts,
including the costs of acquisition of land, engineering, legal,
administrative services, initial proposed indebtedness, and other
major expenses related to such facilities and improvements, are
set forth in the Financing Plan. For full build-out of the
Development, capital costs are not expected to exceed
$20 , 596 , 084 . The Financing Plan for District improvements is
based upon developer fee revenue generated by build-out of the
Development. If build-out does not occur as anticipated (the
absorption estimates in the Service Plan are considered to be
conservative) , then District improvements will be deferred or
phased to coincide with actual development, and unnecessary
capital expenditures will be avoided. This Financing Plan is
more practicable and financially feasible than the financial plan
in the District Service Plan, because construction phasing is
tied to build-out of the Development, and large principal amounts
of general obligation debt will not be incurred to finance the
District improvements , eliminating the risk of unlimited tax
levies . Organizational costs of District No . 2 are estimated to
be approximately $35, 000 .
The maximum principal amount of Authorized Debt will not
exceed $2 , 650, 000, and the maximum interest rate of Authorized
Debt will not exceed ten percent (10%) . The proposed maximum
underwriting discount will not exceed three percent (3%) . It is
estimated that the Authorized Debt, if issued, will mature not
more than twenty (20) years from date of issuance, with the first
maturity being not later than three (3 ) years from the date of
issuance pursuant to the District Act.
38
The assessed valuation of all improved property within the
Development is projected to increase to approximately $18, 000 , 000
at build-out. The assessed valuation of all taxable property
within the Development is projected to increase from the present
level of $6 , 755 , 200 (1999) to over $20 , 000 , 000 at build-out . The
projected assessed valuation of property within the Development
was based upon present property tax information provided by the
County Assessor and present State tax law. The maximum property
tax levy of District No . 1 is not expected to exceed 40 mills .
District No. 2 is not expected to have a separate property tax
levy.
The Financing Plan clearly demonstrates that, at the various
projected levels of development, the Districts will have the
ability to finance and pay for the public improvements and
services needed for the Development and will be capable of
discharging all existing and proposed debt of the Districts on a
reasonable basis with reasonable property tax levies . No funds
or assets of the County shall be pledged as security for the
repayment of debt issued by the Districts .
VIII. OTHER REQUIREMENTS
The Districts shall be subject to the following additional
requirements :
1 . Unless subsequently requested by written
notice from the County, the Districts shall not be required to
file annual reports as described in Section 32-1-207 (3 ) , C .R. S .
2 . Material modifications of this Service Plan,
except as contemplated herein, shall be subject to approval by
39
the County in accordance with the provisions of Section 32-1-207 ,
C.R. S.
IX. CONCLUSIONS
It is submitted that this Service Plan establishes, as
required by the District Act, that:
a) There is sufficient existing and
projected need for organized service in the area to be served by
the Districts;
b) The existing service in the area to be
served by the Districts is inadequate for present and projected
needs;
c) The Districts are capable of providing
economical and sufficient service to the area within its
boundaries (and within the service area) ; and
d) The area included in the Districts (and
within its service area) does have, and will have, the financial
ability to discharge the proposed indebtedness on a reasonable
basis .
Therefore, it is requested that the Board of County
Commissioners of Weld County, Colorado, who have jurisdiction to
approve this Service Plan pursuant to Section 32-1-203 , C .R. S . ,
adopt a resolution that approves this consolidated Service Plan
for the Districts as submitted.
40
EXHIBIT A
[FIGURE 1 - MAP OF DISTRICT No. 1]
BEEBE DRAW FARMS and Equestrian Center
METROPOLITAN DISTRICT
WELD COUNTY ROAD NO. 38
T 4 b We le m.Own y)
1
Weld 50' BUFFER
My
100' SETBACK N 9
1 I AIMI1 A�62
MILTON
5 4 �� 50' BUFFER `?
I R66URVO
E 1R
L
I OUTLOT "A" Meg BEERE CI�W FARMS
FILING NO. 2I EOUESTRAIN CENTER
I I
100' SETBACK /� w.«°"'"1'"A"
1 \ p (6 Y6.9 to U.S. Ho.66 and Plan«nl.)
100' SETBACK C �� 200' BUFFER
�}' l _.\2, H
----------_�/-�'�^S`,,,N♦ /j/' _ ; \�► I LAKE VICINITY VICINITY MAP
N.T.S
♦♦` y„, 200' ::':
\FILING NO. 1 1 �FILING
� �♦ �___� // 9 200' BUFFER �-
m
o I 1
z
`
o Z♦ It., I\♦ 1001 SETBACK 100' BUFFER
<♦ FILING NO. 1 1 ♦ ♦ I
o •... 11 N 1
•
•
I� TCT ---11 - - - -
MILTON s
o
3 AREA = 4120.472 Acres RESERVOIR N
I I LAKE
I I
FILING NO. 2 I
f7
16 I 1000 a 1000
I I 14 d 1
SCALE M FEET
I I CONTOUR INTERVAL:NA
I I
I
WELD COUNTY ROAD NO. 32 - ._.-o
�, � IN MILESTONE
calm.m 60030
X II��JJ --- , I
ll engineering n•
MOT Yaw Min.sane ssa
.o.2 mAa9e.�g9ei;•et
EXHIBIT MAP SHT 2 of 3
PLOT DATE:3 MAIL 1999
EXHIBIT A
[FIGURE 2 - MAP OF DISTRICT NO. 2]
BEEBE DRAW FARMS and Equestrian Center
METROPOLITAN DISTRICT
WELD COUNTY ROAD NO. 38 I
4(f NN..ro Emir()
(////JJJ VISE ewlnr Rd 34
I " SO' BUFFER
, I R rl°'ms•
i
100' SETBACK i
Ic IPii _
Nimrod
5 4 80' BUFFER 3 $ REMLAKE"�
I `
OUTLOT "A" SS
'.... —S
FILING NO. 2 ` , rVIy2 •.� BEEBEO' IN FARMS
' 1 E OUEST SIN CENTER
DISTRICT 2 100' SETBACK Mad Candy Ild31
(- \ a (S woo N U.S. ND. SS and PlaN.MIN)
•
_.—.
AREA = 3,407.846 Acres 100' SETBACK �� Z00' BUFFE
_ _ _
�\J\._ _ /i'i '_ �`_ ,LAKE 1 . VICINITY MAP
N.T.S.
FILING NO. t ` /� yi/� 200' BUFFER O�iRISTII�A
i H
i \ \ I I
a..i
•
v FILINGN02 ,S I 200' BUFFER �I'j \
10
'' C. 100' SETBA�K
ei t1 EXTION A100' BUFFER
`� \ M1ms3Smruw cit meLE � I11
I `N FILING NO. 1 1 `� I
I
` 1 \ II
z o — _
U —'—'— — ii/i/i/i/i/i/i//i/i/i/i/i/i/i/ri/i/i/iii/iri//i/i/i/i/ilia/iriiiii.
/iri/i/i/ii/ri/i/i/ii/i/i//r/i/i/iiriri/i//i/i/i/i/loin/ii riiiri• MILTON
o rr/rr/r/r/r///,i/i/i/iri//i/irir/rrH/i/i//i/i/i/i/niuva//i/iri
J //H/rH//r4',,,/',$*HHHHHH/H/rH/zv/////n fldlti'.
La I /r/r/r, 4 /iH//,ri/rr///H/rr/rr ,/r/,H',,,,#,,,,,,n/.vr4i• RESERVOIR
3 „/,,,, ,,,,,,,,,/,///,,,/,/,,,,,,,,,,,,,,,,,,,,, ,,H/ N
I /N/iHiiiii /iiiriiHiiH,iiEXCEPIJON B iii ,.
// Nr //H/, /NiN r//H-. LAKE
/iii/iiH/i/HH,iHHiipH�/iH/iiHi EXCEPTION B
tt9iiiit't491. iiHi/ipii//ii/i/02 �i/i 1
4p/rH/pS4 //,/rHppp/,HrrHHS4/4rr,/yHt44
i,'ee'eieGe',',"�i�iGii�jf!iriG �r i%/�/O Gi�f•
FILING NO. 2 i/pi�iii�ii4Gii//dill%r///i/i/iiiGiiiiii�/�//iiir f�/fi
• *44uis4::iiii//*D iillow—�//9frj/H�/y3.i/4P
I
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ri �/ /i��i�iHHH��/N/i, 1000 0 1000
%iii�ji//i/ri/i/iiii/%4//7/44i/ijjH/r/H/////H/,•:t'l 1 I
//iff/HHH/��r/i��a/// HHiHHHHHHH�H/r/eaS SCALE IN RAT
/ir"ft./i~i'iii/ ,ih�i�irii//iH,i/i/i/i/iriH/iH/i/ii• CONTOUR INTERVAL:NA
//WO MORON B yiiri/ri�iriii�i/iiii//i$$$$)i%rN. I
fat/2//iii//e/iii////04v/iri/i////~ilitfth. • I
iii, ,,iiiii,,,,,iiiH/.'',',',flf#',r'',*eeiiiii/iiiiiiiiii
,/pillCVa/iir/�"�/• '.��'���i1�C//G/%i�!�/t/.iGw�liCr/w:S
WELD COUNTY ROAD NO. 32 0
.
" ' STRICT
'1 S T R I C T MILESTONE
�I�IIII e.,6...eerS..e,••
We Tao rin,%A?ll
wmminv ealor.:oulo
. ..-- T30J�i3� 5lu
EXHIBIT MAP SHT 3'I OF 3
PLOT DATE:3 MAIL 1999
EXHIBIT A
[FIGURE 3]
Legal Description of District No. 1
Legal Description of a parcel of land being located in Sections 3, 4, 5, 8, 9, 10, 15, 16 and 17, Township 3
North, Range 65 West of the 6th Principal Meridian, Weld County, Colorado being more particularly
described as follows:
Beginning at the Southeast Corner of said Section 16 and considering the South line of said
Section 16 as bearing South 89°27'00" West and with all bearings contained herein relative
thereto; thence along said South line South 89°27'00" West 5138.65 feet to the Southeast Corner
of said Section 17; thence along the South line of said Section 17 South 89°32'56" West 5327.95
feet to the Southwest Corner of said Section 17; thence along the West line of said Section 17
North 00°29'53" West 5259.39 feet to the Northwest Corner of said Section 17; thence along the
West line of said Section 8 North 00°09'44" West 5291.77 feet to the Northwest Corner of said
Section 8; thence along the West line of the Southwest Quarter of said Section 5 North 00°25'29"
West 2654.03 feet to the West Quarter Corner of said Section 5; thence along the West line of the
Northwest Quarter of said Section 5 North 00°24'36" West 1327.22 feet to the Southwest Corner
of the North half of the Northwest Quarter of said Section 5; thence along the South line of the
North half of the Northwest Quarter of said Section 5 North 89°44'12" East 2631.31 feet to the
Southeast Corner of the North half of the Northwest Quarter of said Section 5; thence along the
South line of the Northwest Quarter of the Northeast Quarter of said Section 5 North 89°44'12"
East 1331.58 feet to the Southeast Corner of the Northwest Quarter of the Northeast Quarter of
said Section 5; thence along the East line of the Northwest Quarter of the Northeast Quarter of
said Section 5 North 00°39'07" West 1325.38 feet to the Northeast Corner of the Northwest
Quarter of the Northeast Quarter of said Section 5; thence along the North line of the Northeast
Quarter of said Section 5 North 89°39'32" East 1333.17 feet to the Northeast Corner of said
Section 5; thence along the North line of the Northwest Quarter of said Section 4 North 89°45'34"
East 2638.09 feet to the North Quarter Corner of said Section 4; thence along the North line of the
Northeast Quarter of said Section 4 North 89°24'21" East 805.01 feet; thence departing said North
line South 40°04'03" East 9.61 feet to the centerline of the Platte Valley Canal as recorded in Book
1068 under Reception No. 02008616, records of said County; thence along said centerline the
following 25 courses and distances; South 10°09'07" West 45.49 feet; thence South 27°01'47"
West 281.98 feet; thence South 35°02'43" West 129.95 feet; thence South 46°24'26"West 113.95
feet; thence South 67°56'02" West 114.41 feet to the beginning of a tangent curve concave to the
A-1
21°05'52" East 136.12 feet to a point on said Westerly line; thence departing said Westerly line
South 05°34'43" East 216.02 feet to a point on said Westerly line; thence along said Westerly line
South 40°38'56" East 130.48 feet; thence departing said Westerly line South 06°37'15" West
112.76 feet to a point on said Westerly line; thence along said Westerly line the following 3
courses and distances; South 13°34'14" East 59.67 feet; thence South 35°26'24" East 136.24 feet;
thence South 49°59'37" East 73.11 feet; thence departing said Westerly line South 72°03'02" East
149.26 to a point on said Westerly line; thence departing said Westerly line South 28°24'46" East
133.76 feet; thence South 40°21'52" East 122.55 feet; thence South 31°08'20" East 168.24 feet to
a point on said Westerly line; thence along said Westerly line the following 2 courses and
distances; South 35°26'45"N East 144.84 feet; thence South 52°48'55" East 145.60 feet; thence
departing said Westerly line South 53°35'20" East 274.60 feet to a point on said Westerly line;
thence departing said Westerly line South 01°31'33" West 75.03 feet to a point on said Westerly
line; thence departing said Westerly line South 30°O3'16" West 263.26 feet; thence South
06°03'15" East 282.44 feet; thence South 25°15'47" East 337.55 feet to a point on said Westerly
line; thence departing said Westerly line South 23°51'09" East 264.59 feet; thence South
29°30'41" East 174.35 feet to a point on the Easterly line of that certain parcel of land described in
deed, recorded in Book 1068 under Reception No. 02008615, records of said County; thence
along said Easterly line the following 6 courses and distances; South 37°11'26" East 96.99 feet;
thence South 52°03'11" East 69.68 feet; thence South 55°31'12" East 148.65 feet; thence South
16°11'37" East 138.93 feet; thence South 42°52'31" East 177.69 feet; thence South 25°O9'42"
East 155.19 feet; thence departing said Easterly line South 24°47'31" East 180.62 feet; thence
South 36°43'59" East 146.03 feet; thence South 25°08'23" West 111.15 feet; thence South
02°01'55" East 227.19 feet; thence South 20°03'39" East 193.90 feet; thence South 12°33'0"1
East 346.85 feet; thence South 10°22'6" West 264.13 feet; thence South 05°07'42" West 157.19
feet; thence South 32°32'33 West 220.12 feet; thence South 19°19'41" West 268.66 feet; thence
South 38°04'00" West 284.92 feet; thence South 79°43'0" West 714.61 feet; thence South
24°52'12" West 224.67 feet; thence South 07°13'57" East 37.52 feet to a point on the Northerly
line of said Section 15; thence along said Northerly line North 89°28'21" East 75.13 feet; thence
departing said Northerly line South 00°41'51" East 5263.69 feet to a point on the Southerly line of
said Section 15; thence along said Southerly line South 89°48'56" West 358.01 feet to the
Southeast Corner of said Section 16; said point also being the TRUE POINT OF BEGINNING;
Including that portion thereof platted as Beebe Draw Farms and Equestrian Center First Filing
under Revised Plat and Dedication recorded April 12, 1988 in Book 1192 as Reception No.
2137453.
The above described parcel contains 4120.472 acres more or less and is subject to the following
easements, agreements and rights-of-way.
A-4
Deed recorded in Book 512, Page 551, (location of right-of-way cannot accurately be defined per
legal description), Deed recorded in Book 655, Page 293, Deed recorded in Book 655, Page 502,
Agreement recorded in Book 961, Page 223, Right-of-Way and Easement recorded in Book 1045
under Reception No. 01983413, (location of right-of-way and easement cannot accurately be
defined per legal description), Quit Claim Deed recorded in Book 1068 under Reception No.
02008614 (shown hereon), Quit Claim Deed recorded in Book 1068 under Reception No.
02008615 (shown hereon), Quit Claim Deed recorded in Book 1068 under Reception No.
02008616 (shown hereon), Canal Right-of-Way Agreement recorded in Book 1068 under
Reception No. 02008617, Quit Claim Deed recorded in Book 1068 under Reception No.
02008618, Quit Claim Deed recorded in Book 1068 under Reception No. 02008619 (shown
hereon), Quit Claim Deed recorded in Book 1068 under Reception No. 02008620 (shown hereon),
Agreement recorded in Book 1068 under Reception No. 02008621, Right-of-Way recorded in
Book 1068 under Reception No. 02008622 (shown hereon), Grazing and Recreational Lease
recorded in Book 1068 under Reception No. 02008623, Amendment to Grazing and Recreational
Lease recorded in Book 1068 under Reception No. 02008624, Quit Claim Deed recorded in Book
1068 under Reception No. 02008625 (20 foot access easement subject to grazing lease), Right-
of-Way easement and Licenses recorded in Book 1068 under Reception No. 02008626, Quit
Claim Deed recorded in Book 1068 under Reception No. 02008627 (reconfirms rights previously
granted in Book 1045 under Reception No. 10983413), Quit Claim Deed recorded in Book 1068
under Reception No. 02008628 (20 foot permanent access easement), Quit Claim Deed recorded
in Book 1076 under Reception No. 02017072 (affects parcels recorded in Book 1068 under
Reception No. 02008628, Reception No. 02008620, Reception No. 02008616 and Reception No.
02008627), Quit Claim Deed recorded in Book 1111 under Reception No. 02052204, Quit Claim
Deed recorded in Book 1112 under Reception No. 02053446, (Amends Legal in Quit Claim Deed
recorded in Book 1068 under Reception No. 02008619), Agreement recorded in Book 1117 under
Reception No. 02058723, Grazing and Recreational Lease recorded in Book 1148 under
Reception No. 02090926, Order Approving Settlement Agreement recorded in Book 1201 under
Reception No. 02147157, Supplemental Declaration recorded in Book 1224 under Reception No.
02170703, (Relocates easement granted in Book 1068 under Reception No. 02008628),
Amendment to Grant of Easement Recorded in Book 1268 under Reception No. 02218734,
(restates and amends right-of-way and easement recorded in Book 1045 under Reception No.
01983413 and Book 1068 under Reception No. 02008627), Oil and Gas Lease recorded in Book
1327 under Reception No. 02280130 and all other easements, agreements and rights-of-way of
record.
•
A-5
EXHIBIT A
[FIGURE 4 - LEGAL DESCRIPTION OF DISTRICT N0. 2]
District 2— Legal Description
Legal Description of a parcel of land being located in Sections 3, 4, 5, 8, 9, 10, 15, 16 and 17, Township 3
North, Range 65 West of the 6th Principal Meridian, Weld County, Colorado being more particularly
described as follows:
Beginning at the Southeast Corner of said Section 16 and considering the South line of said
Section 16 as bearing South 89°27'00" West and with all bearings contained herein relative
thereto; thence along said South line South 89°27'00" West 5138.65 feet to the Southeast Corner
of said Section 17; thence along the South line of said Section 17 South 89°32'56" West 5327.95
feet to the Southwest Corner of said Section 17; thence along the West line of said Section 17
North 00°29'53" West 5259.39 feet to the Northwest Corner of said Section 17; thence along the
West line of said Section 8 North 00°09'44" West 5291.77 feet to the Northwest Corner of said
Section 8; thence along the West line of the Southwest Quarter of said Section 5 North 00°25'29"
West 2654.03 feet to the West Quarter Corner of said Section 5; thence along the West line of the
Northwest Quarter of said Section 5 North 00°24'36" West 1327.22 feet to the Southwest Corner
of the North half of the Northwest Quarter of said Section 5; thence along the South line of the
North half of the Northwest Quarter of said Section 5 North 89°44'12" East 2631.31 feet to the
Southeast Corner of the North half of the Northwest Quarter of said Section 5; thence along the
South line of the Northwest Quarter of the Northeast Quarter of said Section 5 North 89°44'12"
East 1331.58 feet to the Southeast Corner of the Northwest Quarter of the Northeast Quarter of
said Section 5; thence along the East line of the Northwest Quarter of the Northeast Quarter of
said Section 5 North 00°39'07" West 1325.38 feet to the Northeast Corner of the Northwest
Quarter of the Northeast Quarter of said Section 5; thence along the North line of the Northeast
Quarter of said Section 5 North 89°39'32" East 1333.17 feet to the Northeast Corner of said
Section 5; thence along the North line of the Northwest Quarter of said Section 4 North 89°45'34"
East 2638.09 feet to the North Quarter Corner of said Section 4; thence along the North line of the
Northeast Quarter of said Section 4 North 89°24'21" East 805.01 feet; thence departing said North
line South 40°04'03" East 9.61 feet to the centerline of the Platte Valley Canal as recorded in Book
1068 under Reception No. 02008616, records of said County; thence along said centerline the
following 25 courses and distances; South 10°09'07" West 45.49 feet; thence South 27°01'47"
West 281.98 feet; thence South 35°02'43" West 129.95 feet; thence South 46°24'26" West 113.95
.— feet; thence South 67°56'02" West 114.41 feet to the beginning of a tangent curve concave to the
Southeast having a central angle of 43°14'52" and a radius of 210.00 feet;thence Southwesterly
4(4)-1
along the arc of said curve 158.51 feet to the end of said curve; thence tangent from said end of
curve South 24°41'10" West 39.72 feet to the beginning of a tangent curve concave to the East
having a central angle of 68°10'08" and a radius of 217.23 feet; thence Southeasterly along the
arc of said curve 258.45 feet to the end of said curve; thence tangent from said end of curve
South 43°28'58" East 159.97 feet to the beginning of a tangent curve concave to the Southwest
having a central angle of 48°38'11" and a radius of 81.88 feet; thence Southerly along the arc of
said curve 69.51 feet to the end of said curve; thence tangent from said end of curve South
05°09'12" West 19.20 feet to the beginning of a tangent curve concave to the Northwest having a
central angle of 25°54'10" and a radius of 260.90 feet; thence Southwesterly along the arc of said
curve 117.95 feet to the end of said curve; thence tangent from said end of curve South 31°03'22"
West 130.58 feet; thence South 09°40'40" West 95.26 feet; thence South 03°11'43" East 116.07
feet to the beginning of a tangent curve concave to the Northeast having a central angle of
36°30'36" and a radius of 180.24 feet; thence Southeasterly along the arc of said curve 114.85
feet to the end of said curve; thence tangent from said end of curve South 39°42'19" East 116.57
feet to the beginning of a tangent curve concave to the Northeast having a central angle of
45°22'3"and a radius of 4.82 feet; thence Southeasterly along the arc of said curve 90.93 feet to
the end of said curve; thence tangent from said end of curve South 85°04'50" East 170.71 feet to
the beginning of a tangent curve concave to the Southwest having a central angle of 68°29'30"
and a radius of 126.33 feet; thence Southeasterly along the arc of said curve 151.02 feet to the
end of said curve; thence tangent from said end of curve South 16°35'20" East 120.95 feet to the
beginning of a tangent curve concave to the West having a central angle of 25°35'07" and a radius
of 440.41 feet; thence Southerly along the arc of said curve 196.66 feet to the end of said curve;
thence tangent from said end of curve South 08°59'48" West 101.24 feet to the beginning of a
tangent curve concave to the Northeast having a central angle of 59°32'10" and a radius of 242.34
feet; thence Southeasterly along the arc of said curve 251.82 feet to the end of said curve; thence
tangent from said end of curve South 50°32'22" East 97.62 feet; thence departing said centerline
North 89°31'39" East 2111.73 feet; thence North 17°52'53" West 380.92 feet; thence North
89°31'39" East 337.87 feet; thence North 00°28'21" West 150.00 feet; thence North 89°31'39"
East 1867.95 feet; thence South 00°14'30" West 680.87 feet; thence South 88°49'23" East 78.63
feet; thence South 12°49'39" East 29.72 feet; thence South 77°10'18" West 30.00 feet; thence
South 12°49'43" East 30.00 feet; thence North 77°10'18" East 30.00 feet; thence South 12°49'56"
East 14.14 feet; thence South 19°27'45" East 607.82 feet; thence South 43°51'20" East 959.22
feet; thence South 11°54'57" East 159.45 feet; thence South 60°05'14" East 1098.46 feet; thence
South 22°08'46" East 2187.26 feet; thence South 17°45'43" West 814.40 feet to a point on the
Northerly line of that certain parcel of land described in deed as Parcel A, recorded in Book 1068
under Reception No. 02008614, records of said County; thence along said Northerly line the
following 5 courses and distances; South 38°04'26"West 66.71 feet; thence South 70°24'28" West
210.50 feet; thence North 65°42'40" West 1366.02 feet; thence North 44°50'58" West 1116.45
A(4)-2
feet; thence South 71°22'10" West 137.84 feet; thence departing said Northerly line South
71°22'10" West 539.96 feet; thence South 43°28'15" East 318.43 feet; thence South 16°14'00"
East 175.00 feet; thence South 00°40'00" East 380.00 feet; thence South 27°02'02" West 73.00
feet; thence North 65°16'00" West 155.00 feet; thence North 56°09'00" West 462.00 feet; thence
North 68°59'00" West 256.00 feet; thence South 31°13'00" West 248.00 feet; thence South
80°26'00" West 196.00 feet; thence North 65°07'00" West 214.52 feet to a point on the Easterly
line of that certain parcel of land described in deed as Exhibit A recorded in Book 1068 under
Reception No. 02008614, records of said County; thence along said Easterly line the following 13
courses and distances; North 29°11'51" West 43.34 feet; thence North 35°35'04" West 285.27
feet; thence North 69°49'46" West 52.20 feet; thence North 34°41'43" West 94.87 feet; thence
North 40°48'08" East 154.56 feet; thence North 72°48'51" East 101.53 feet; thence North
31°54'29" East 62.43 feet; thence North 17°31'32" East 59.77 feet; thence North 20°04'7" West
110.72 feet; thence North 07°06'02" West 291.23 feet; thence North 11°50'01" West 107.28 feet;
thence North 33°54'04" West 150.60 feet; thence North 07°02'17" West 163.23 feet to a point on
the Easterly line of that certain parcel of land described in deed as Exhibit B recorded in Book •
1068 under Reception No. 02008614, records of said County; thence along said Easterly line
North 36°47'35" East 143.90 feet; thence departing said Easterly line North 57°06'34"West 166.61
feet; thence North 75°57'04" West 582.06 feet; thence North 88°50'24" West 134.11 feet to a point
on said Easterly line; thence departing said Easterly line North 27°27'03" West 226.36 feet; thence
North 39°26'25" West 223.17 feet to a point on said Easterly line; thence departing said Easterly
line North 09°54'20" West 362.45 feet; thence North 17°02'45" West 167.22 feet to a point on said
Easterly line; thence departing said Easterly line North 28°46'38" West 241.99 feet; thence North
42°33'43" West 106.54 feet to a point on said Easterly line; thence along said Easterly and
Northerly lines of said Exhibit B the following 8 courses and distances; North 61°52'04" West
76.22 feet; thence North 89°17'02" East 139.17 feet; thence North 03°45'51" West 390.32 feet;
thence North 70°52'01" West 116.11 feet; thence North 72°17'16" West 122.30 feet; thence North
55°39'25" West 181.68 feet; thence North 31°18'35" West 1063.87 feet; thence South 58°31'52"
West 57.39 feet; thence departing said Northerly line South 31°28'08" East 522.19 feet; thence
South 10°25'09" East 99.33 feet; thence South 33°45'06" East 157.31 feet; thence South
51°32'58" West 95.52 feet to a point on the Westerly line of that certain parcel of land described in
deed as Exhibit A recorded in Book 1068 under Reception No. 02008614 records of said County;
thence along said Westerly line the following 3 courses and distances; South 00°23'32" East
177.92 feet; thence South 10°18'17" East 78.26 feet; thence South 30°46'13" East 152.46 feet;
thence departing said Westerly line South 47°56'08" East 265.05 feet; thence South 37°58'18"
West 164.42 feet; thence South 06°08'48" West 239.20 feet to a point on said Westerly line;
thence departing said Westerly line South 33°32'10" East 129.62 feet; thence South 74°20'47"
East 218.49 feet to a point on said Westerly line; thence departing said Westerly line South
21°05'52" East 136.12 feet to a point on said Westerly line; thence departing said Westerly line
A(4)-3
South 05°34'43" East 216.02 feet to a point on said Westerly line; thence along said Westerly line
South 40°38'56" East 130.48 feet; thence departing said Westerly line South 06°37'15" West
112.76 feet to a point on said Westerly line; thence along said Westerly line the following 3
courses and distances; South 13°34'14" East 59.67 feet; thence South 35°26'24" East 136.24 feet;
thence South 49°59'37" East 73.11 feet; thence departing said Westerly line South 72°03'02" East
149.26 to a point on said Westerly line; thence departing said Westerly line South 28°24'46" East
133.76 feet; thence South 40°21'52" East 122.55 feet; thence South 31°0820" East 168.24 feet to
a point on said Westerly line; thence along said Westerly line the following 2 courses and
distances; South 35°26'45"N East 144.84 feet; thence South 52°48'55" East 145.60 feet; thence
departing said Westerly line South 53°35'20" East 274.60 feet to a point on said Westerly line;
thence departing said Westerly line South 01°31'33" West 75.03 feet to a point on said Westerly
line; thence departing said Westerly line South 30°03'16" West 263.26 feet; thence South
06°03'15" East 282.44 feet; thence South 25°15'47" East 337.55 feet to a point on said Westerly
line; thence departing said Westerly line South 23°51'09" East 264.59 feet; thence South
29°30'41" East 174.35 feet to a point on the Easterly line of that certain parcel of land described in
deed, recorded in Book 1068 under Reception No. 02008615, records of said County; thence
along said Easterly line the following 6 courses and distances; South 37°11'26" East 96.99 feet;
thence South 52°03'11" East 69.68 feet; thence South 55°31'12" East 148.65 feet; thence South
16°11'37" East 138.93 feet; thence South 42°52'31" East 177.69 feet; thence South 25°09'42"
East 155.19 feet; thence departing said Easterly line South 24°47'31" East 180.62 feet; thence
South 36°43'59" East 146.03 feet; thence South 25°0823" West 111.15 feet; thence South
02°01'55" East 227.19 feet; thence South 20°03'39" East 193.90 feet; thence South 12°33'0"1
East 346.85 feet; thence South 10°22'6" West 264.13 feet; thence South 05°07'42" West 157.19
feet; thence South 32°32'33 West 220.12 feet; thence South 19°19'41" West 268.66 feet; thence
South 38°04'00" West 284.92 feet; thence South 79°43'0" West 714.61 feet; thence South
24°52'12" West 224.67 feet; thence South 07°13'57" East 37.52 feet to a point on the Northerly
line of said Section 15; thence along said Northerly line North 89°28'21" East 75.13 feet; thence
departing said Northerly line South 00°41'51" East 5263.69 feet to a point on the Southerly line of
said Section 15; thence along said Southerly line South 89°48'56" West 358.01 feet to the
Southeast Corner of said Section 16; said point also being the TRUE POINT OF BEGINNING;
Including that portion thereof platted as Beebe Draw Farms and Equestrian Center First Filing
under Revised Plat and Dedication recorded April 12, 1988 in Book 1192 as Reception No.
2137453, except whereas listed in the District 2 Exceptions.
The above described parcel contains 4120.472 acres more or less and is subject to the following
easements, agreements and rights-of-way.
A(4)-4
Deed recorded in Book 512, Page 551, (location of right-of-way cannot accurately be defined per
legal description), Deed recorded in Book 655, Page 293, Deed recorded in Book 655, Page 502,
Agreement recorded in Book 961, Page 223, Right-of-Way and Easement recorded in Book 1045
under Reception No. 01983413, (location of right-of-way and easement cannot accurately be
defined per legal description), Quit Claim Deed recorded in Book 1068 under Reception No.
02008614 (shown hereon), Quit Claim Deed recorded in Book 1068 under Reception No.
02008615 (shown hereon), Quit Claim Deed recorded in Book 1068 under Reception No.
02008616 (shown hereon), Canal Right-of-Way Agreement recorded in Book 1068 under
Reception No. 02008617, Quit Claim Deed recorded in Book 1068 under Reception No.
02008618, Quit Claim Deed recorded in Book 1068 under Reception No. 02008619 (shown
hereon), Quit Claim Deed recorded in Book 1068 under Reception No. 02008620 (shown hereon),
Agreement recorded in Book 1068 under Reception No. 02008621, Right-of-Way recorded in
Book 1068 under Reception No. 02008622 (shown hereon), Grazing and Recreational Lease
recorded in Book 1068 under Reception No. 02008623, Amendment to Grazing and Recreational
Lease recorded in Book 1068 under Reception No. 02008624, Quit Claim Deed recorded in Book
1068 under Reception No. 02008625 (20 foot access easement subject to grazing lease), Right-
of-Way easement and Licenses recorded in Book 1068 under Reception No. 02008626, Quit
Claim Deed recorded in Book 1068 under Reception No. 02008627 (reconfirms rights previously
granted in Book 1045 under Reception No. 10983413), Quit Claim Deed recorded in Book 1068
under Reception No. 02008628 (20 foot permanent access easement), Quit Claim Deed recorded
in Book 1076 under Reception No. 02017072 (affects parcels recorded in Book 1068 under
Reception No. 02008628, Reception No. 02008620, Reception No. 02008616 and Reception No.
02008627), Quit Claim Deed recorded in Book 1111 under Reception No. 02052204, Quit Claim
Deed recorded in Book 1112 under Reception No. 02053446, (Amends Legal in Quit Claim Deed
recorded in Book 1068 under Reception No. 02008619), Agreement recorded in Book 1117 under
Reception No, 02058723, Grazing and Recreational Lease recorded in Book 1148 under
Reception No. 02090926, Order Approving Settlement Agreement recorded in Book 1201 under
Reception No. 02147157, Supplemental Declaration recorded in Book 1224 under Reception No.
02170703, (Relocates easement granted in Book 1068 under Reception No. 02008628),
Amendment to Grant of Easement Recorded in Book 1268 under Reception No. 02218734,
(restates and amends right-of-way and easement recorded in Book 1045 under Reception No.
01983413 and Book 1068 under Reception No. 02008627), Oil and Gas Lease recorded in Book
1327 under Reception No. 02280130 and all other easements, agreements and rights-of-way of
record.
•
A(4)-5
District 2 Exceptions
Exception A:
Replat of First Filing, Beebe Draw Farms and Equestrian Center, Phase 1, which includes Lots
54-56 (inclusive), 63-67(inclusive), 85-90(inclusive), 92-94(inclusive), 114,115, 119-126
(inclusive), and 139-143 (inclusive). Cumulative area contains 91.759 acres, more or less.
Exception B:
All of Section 16, Township 3 North, Range 65 West of the 6th Principal Meridian, Weld County,
Colorado. Described Section contains 620.687 acres, more or less.
District 2 parcel as described and excepted contains 3,407.846 acres, more or less.
A(4)-6
EXHIBIT A
[FIGURE 5 - VICINITY MAP]
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VICINITY MAP
SCALE: 1'=3 miles
NORTH
EXHIBIT B
[TABLE 1
Summary of Capital Expenses
CBT Water 4,072,600
Water System - Off Site 370,148
Water System - On Site 3,570,981
Roadway Paving 5,500,619
Roadway Earthwork 2,963,446
Culverts 449,828
Landscaping 807,516
Signage 211,248
Entrance & Administration Buildings 373,970
Clubhouse, Swimming, Tennis 454,199
Marina, Beach, Lake Christina 568,756
Engineering/Supervision 577,591
Contingency 675,182
Total Capital Expenses 20,596,084
i'^ EXHIBIT B
[TABLE 2 - PRELIMINARY ENGINEERING SURVEY]
BEEBE DRAW FARMS
FILING NO. 1
PHASE I
32 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 16,337 LF $30.11 $491,907
Earthwork 86,661 CY $2.43 $210,587
Culverts 706 LF $36.00 $25,416
Water System (Per Lot) 32 EA $8,014 $256,435
Off-site Water System 1 LS $259,000 $259,000
Signage (Per Lot) 1 LS $16,400 $16,400
Landscaping (Per Lot) 1 LS $58,364 $58,364
SUBTOTAL $1,318,109
+10% CONTINGENCY $ 131,811
TOTAL $1,449,920
8-1
BEEBE DRAW FARMS
FILING NO. 1
PHASE 2
51 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 9,944 LF $30.11 $299,417
Earthwork 49,771 CY $2.43 $120,943
Culverts 588 LF $36.00 $21,161
Water System (Per Lot) 51 EA $3,936 $200,736
Signage 1 LS $11,504 $11,504
Landscaping 1 LS $14,000 $14,000
SUBTOTAL $ 667,761
+10% CONTINGENCY $ 66,776
TOTAL $ 734,537
B-2
BEEBE DRAW FARMS
FILING NO. 1
PHASE 3
28 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 6,646 LF $30.11 $200,111
Earthwork 31,961 CY $2.43 $77,010
Culverts 221 LF $36.00 $7,921
Water System (Per Lot) 28 EA $3,936 $110,208
Signage 1 LS $5,735 $5,735
Landscaping 1 LS $8,000 $8,000
SUBTOTAL $441,888
+10% CONTINGENCY $ 44,189
TOTAL $ 486,077
B-3
'' BEEBE DRAW FARMS
FILING NO. 1
PHASE 4
45 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 7,810 LF $30.11 $235,172
Earthwork 26,743 CY $2.43 $64,985
Culverts 382 LF $36.00 $13,744
Water System (Per Lot) 45 EA $3,936 $177,120
Signage 1 LS $7,012 $7,012 .
Landscaping 1 LS $12,000 $12,000
r
SUBTOTAL $ 510,033
+10% CONTINGENCY $ 51,003
TOTAL $ 561,036
B-4
BEEBE DRAW FARMS
FILING NO. 1
PHASE 5
32 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 6,963 LF $30.11 $209,652
Earthwork 24,120 CY $2.43 $58,612
Culverts 844 LF $36.00 $30,369
Water System (Per Lot) 32 EA $3,936 $125,952
Signage(Per Lot) 1 LS $6,332 $6,332
Landscaping (Per Lot) 1 LS $6,000 $6,000
SUBTOTAL $ 436,917
+10% CONTINGENCY $ 43,692
TOTAL $ 480,609
r
B-5
BEEBE DRAW FARMS
FILING NO. 2
PHASE I
81 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 17,622 LF $30.11 $530,642
Earthwork 122,208 CY $2.43 $297,332
Culverts 1,186 LF $36.00 $42,696
Water System (Per Lot) 81 EA $4,100 $332,100
Signage (Per Lot) 81 EA $250.00 $20,250
Landscaping (Per Lot) 81 EA $750.00 $60,750
SUBTOTAL $1,394,918
+10% CONTINGENCY $ 139,492
TOTAL $1,534,410
B-6
BEEBE DRAW FARMS
FILING NO. 2
PHASE 2
36 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 7,843 LF $30.11 $236,172
Earthwork 55,397 CY $2.43 $134,781
Culverts 652 LF $36.00 $23,472
Water System(Per Lot) 36 EA $4,100 $147,600
Signage (Per Lot) 36 EA $250.00 $9,000
Landscaping (Per Lot) 36 EA $750.00 $27,000
SUBTOTAL $ 578,295
+10% CONTINGENCY $ 57,830
TOTAL $ 636,125
B-7
BEEBE DRAW FARMS
FILING NO. 2
PHASE 3
73 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 15,997 LF $30.11 $481,709
Earthwork 109,169 CY $2.43 $265,608
Culverts 1,134 LF $36.00 $40,824
Water System (Per Lot) 81 EA $4,100 $299,300
Signage (Per Lot) 81 EA $250.00 $18,250
Landscaping (Per Lot) 81 EA $750.00 $54,750
SUBTOTAL
$1,160,441
+10% CONTINGENCY $ 116,044
TOTAL $1,276,485
B-8
BEEBE DRAW FARMS
FILING NO. 2
PHASE 4
105 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 21,533 LF $30.11 $648,412
Earthwork 149,349 CY $2.43 $363,366
Culverts 1,392 LF $36.00 $50,112
Water System (Per Lot) 105 EA $4,100 $430,500
Signage (Per Lot) 105 EA $250.00 $26,250
Landscaping (Per Lot) 105 EA $750.00 $78,750
SUBTOTAL $1,597,390
+10% CONTINGENCY $ 159,739
TOTAL $1,757,129
B-9
BEEBE DRAW FARMS
FILING NO. 2
PHASE 5
38 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 9,372 LF $30.11 $282,214
Earthwork 58,806 CY $2.43 $143,075
Culverts 806 LF $36.00 $29,016
Water System (Per Lot) 38 EA $4,100 $155,800
Signage (Per Lot) 38 EA $250.00 $9,500
Landscaping (Per Lot) 38 EA $750.00 $28,500
SUBTOTAL $ 648,087
+10% CONTINGENCY $ 64,809
TOTAL $ 712,896
B-10
BEEBE DRAW FARMS
FILING NO. 2
PHASE 6
77 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 14,080 LF $30.11 $423,983
Earthwork 82,750 CY $2.43 $201,331
Culverts 760 LF $36.00 $27,360
Water System (Per Lot) 77 EA $4,100 $315,700
Signage (Per Lot) 77 EA $250.00 $19,250
Landscaping (Per Lot) 77 EA $750.00 $57,750
SUBTOTAL $1,045,374
+10% CONTINGENCY $ 104,537
TOTAL $1,149,911
B-11
BEEBE DRAW FARMS
FILING NO. 2
PHASE 7
126 Lots
Description Quantity Units Unit Cost Cost
Roadway Paving 23,912 LF $30.11 $720,049
Earthwork 160,481 CY $2.43 $390,450
Culverts 1,518 LF $36.00 $54,648
Water System (Per Lot) 126 EA $4,100 $516,600
Signage (Per Lot) 126 EA $250.00 $31,500
Landscaping (Per Lot) 126 EA $750.00 $94,500
ta-
SUBTOTAL $1,807,747
+10% CONTINGENCY $ 180,775
TOTAL $1,988,522
B-12
EXHIBIT C
[TABLE 1]
Build-out Schedule
Year Number of
Units
1999 81
2000 28
2001 62
2002 90
2003 100
2004 100
2005 100
2006 100
2007 63
724
'^ EXHIBIT C
[TABLE 2]
ASSESSED VALUATION
Year Aggregate Units Assessed Valuation Mill Levy Total Taxes
1998 0 6,449,480 40 257,979
1999 0 6,755,200 40 270,208
2000 0 5,294,884 40 211,795
2001 54 6,131,672 40 245,267
2002 • 99 6,839,643 40 273,586 •
2003 164 8,056,316 40 322,253
2004 244 9,692,095 40 387,684
2005 344 11,833,796 40 473,352
2006 444 13,976,637 40 559,065
2007 544 16,159,455 40 646,378
2008 644 18,357,450 40 734,298
2009 724 20,044,125 40 801,765
2010 724 19,847,525 40 793,901
2011 724 19,649,425 40 785,977
2012 724 19,478,600 40 779,144
2013 724 19,274,650 40 770,986
2014 724 18,140,900 40 725,636
2015 724 17,629,400 40 705,176
2016 724 17,629,400 40 705,176
2017 724 17,629,400 40 705,176
2018 724 17,629,400 40 705,176
EXHIBIT D
[WATER SERVICE AGREEMENT)
r
AGREEMENT FOR WATER SERVICE
This Agreement for Water Service ( "Agreement" ) is made and
entered into as of this 27th day of June, 1995, by and between
CENTRAL WELD COUNTY WATER DISTRICT ( "Water District" ) , BEEBE DRAW
FARMS METROPOLITAN DISTRICT ( "Metro District" ) , each of such
Districts being Colorado special districts located in Weld County,
and REI LIMITED LIABILITY COMPANY ( "Company" ) , a Wyoming limited
liability company doing business in Colorado as Investors Limited
Liability Company.
WHEREAS, Water District is organized as a special district
pursuant to Section 32-1-101, et seq. , C.R.S . , to furnish treated
water within its jurisdictional boundaries; and
WHEREAS, Water District purchases water from the Carter Lake
Filter Plant, a Colorado municipal corporation, which acquires raw
water from the Northern Colorado Water Conservancy District
( "Northern District" ) and its Municipal Subdistrict ( "Northern
Subdistrict" ) in accordance with certain agreements between such
entities; and
WHEREAS, Metro District is organized as a special district
pursuant to Section 32-1-101, et seq. , C.R.S. , to furnish treated
water, recreation, roads, and related services within its
jurisdictional boundaries; and
WHEREAS, Company is the owner of certain real property, as is
more specifically described in Exhibit A attached hereto and
incorporated herein, zoned and platted as an 800-unit residential
development commonly referred to as Beebe Draw Farms and Equestrian
Center ( "Property" ) , and desires to receive treated water service
for the Property from the Water District or Metro District; and
WHEREAS, the Property comprises all of the territory within
the Metro District, is not currently within the jurisdictional
boundaries of the Water District, but was included into the
jurisdictional boundaries of the Northern Subdistrict on March 27,
1986 ; a petition for inclusion of the Property into the Northern
District itself is pending final approval by the Secretary of the
United States Department of Interior or his delegate; and
WHEREAS, Water District, Metro District and Company have
determined that the Property can be most efficiently and
effectively furnished treated water service by the Water District
exclusively utilizing raw water supplied by the Northern District
or Northern Subdistrict in accordance with the terms and conditions
of service set forth in this intergovernmental contract, which also
provides in part for the joint exercise of statutory powers by each
District pursuant to Section 29-1-203 , C.R. S . , with the full
consent and approval of the Company,
THEREFORE, in consideration of the mutual covenants,
agreements, and promises hereinafter set forth, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as
follows :
1 . The Water District shall exclusively furnish treated
water service to the Property in accordance with Water District
rules and regulations and line extension policies as now adopted or
as hereafter may be adopted by the Water District for all its
customers, except as otherwise specifically provided herein. All
such rules, regulations, and rates, fees, and charges of the Water
District relating to water service to the Property shall be applied
uniformly among similar users within the jurisdictional boundaries
of the Water District, including the Property, except as otherwise
specifically provided herein. The Water District may, however,
establish different rates and other criteria for service within
areas of the Water District as provided by statute . The Metro
District will not provide treated water service to the Property.
2 . The Metro District or Company shall pay for and provide
all water mains and related facilities either within or without the
boundaries of the Metro District in order to furnish water service
to the Property. The Water District must give its prior written
2
approval to all construction by the Metro District or Company, or
its contractors, upon terms approved by the Water District .
A. The Water District must approve such construction by the
Metro District or Company, or its contractors, by
subsequent written agreement providing for the terms of
such installation, including requirements that the
materials used shall meet all standards of the Water
District and that provides for inspection by the Water
District of the construction of such water mains and
facilities . The cost of all construction shall be paid
by the Metro District or Company to the Water District or
to the contractors, as the case may be .
B. If construction is performed by the Water District or its
contractors, a deposit in the amount hereafter specified
shall be paid by the Metro District or Company to the
Water District as an advance towards the construction
cost of such installation. After completion of such
construction and acceptance by the Water District, a
final adjustment of costs will be made, if necessary. In
the event that it is determined that the deposit is
insufficient to cover the estimated cost of construction,
then the Metro District or Company shall pay to Water
District, on demand, additional advances towards the cost
of construction.
C. The Metro District shall pay a nonrefundable contribution
in aid of construction for all offsite transmission and
water storage facilities used to furnish water service to
the Property in the amount of $300, 000 . No other capital
contributions shall be required, except for the actual
cost of water mains and appurtenant facilities specified
herein. Such contribution in aid of construction shall
be paid (i) at such time as the Water District or Metro
District has acquired and transferred the raw water
supply from the Northern District or Northern Subdistrict
3
to the Water District as hereinafter provided, or (ii) on
July 1, 1997, whichever event occurs first . In the event
such contribution in aid of construction is not paid for
any reason, then this Agreement shall terminate and be of
no further force or effect, unless the Water District
extends such payment date by written notice .
D. If the installation is constructed by the Metro District
or Company, or its contractors, the Metro District or
Company shall transfer all right, title, and interest in
and to such facilities installed as well as necessary
easements and appurtenances and related property rights
to the Water District by good and sufficient assignment
or bill of sale with warranties of title and by general
warranty deed. Such transfer shall be made free and
clear of all liens and encumbrances . The Metro District
or Company shall furnish sufficient evidence of title
with a "Form 100" endorsement to a standard ALTA title
policy, if required by the Water District . The Metro
District or Company shall furnish appropriate lien
releases or a good and sufficient bond in form acceptable
to the Water District in order to insure that all
construction costs have been paid in full . All labor and
materials shall be warranted for defects of any kind by
the Metro District or Company, or its contractors, for
two years from the date of written acceptance of such
facilities by the Water District . The Water District,
upon receipt of the documents of transfer and evidence of
title, shall consider whether to accept or reject the
installation: If the Metro District or Company has
complied with the applicable provisions of this Agreement
and all other conditions precedent to the acceptance of
such facilities, the Water District shall approve and
accept the transfer and shall thereafter assume all
operation, maintenance, repair and replacement of such
facilities . In no event shall the Water District assume
any ownership, operation, or maintenance of any
4
installation on the service side of a customer' s meter
installation.
E. The design and fire flow of the water facilities
installed to serve the Property shall be subject to
review and comment by the fire protection authority with
jurisdiction over the Property prior to installation of
such facilities .
3 . The Water District will sell water taps in accordance
with the terms of this Agreement and Water District rules and
regulations for improvements constructed on the Property within the
Metro District upon a customer' s application for service and
payment of all fees and charges set forth in Water District rules
and regulations, subject to the general availability of such water
taps and the reasonable responsibility of the Water District to
furnish treated water service to the Property recognizing that
temporary interruptions of water service may occur. If the Water
District cannot furnish an adequate raw water supply for the
development of the Property, the Metro District or Company shall
acquire adequate raw water supplies for each phase of development
of the Property from the Northern District or Northern Subdistrict
in accordance with their established policies or from other sources
acceptable to the Water District and transfer such water supplies
to the Water District for service to the Property in accordance
with Water District rules and regulations; provided that, the Metro
District may reuse all water acquired and transferred from the
Northern Subdistrict to the Water District for irrigation of Metro
District recreational facilities or other District purposes,
subject to all applicable reuse regulations of the Northern
Subdistrict . In order to provide raw water supplies for the
Property as herein provided, the Metro District or Company agree to
transfer the units of Northern District or Northern Subdistrict
water rights so acquired to the Water District for such purpose .
The total value of such units shall be applied as a credit against
the raw water fee of the Water District at the time of issuance of
each such tap; the customer shall pay only the capital improvement
5
fee component of the Water District tap fee and other standard
charges due at the time of the tap installation. The Water
District will be obligated to serve no more than 800 residential
equivalent units on the Property for which an adequate supply has
been furnished by the Metro District or Company in accordance with
all terms set forth herein. In addition to the rates, fees and
charges of the Water District, the Metro District may impose fees
and charges to customers within the Metro District for water and
facilities furnished by the Metro District, and such fees and
charges shall be collected by the Water District from such
customers at the time of issuance of water taps and remitted to the
Metro District .
4 . Customers within the Water District and Metro District
shall commence payment of the uniform rates of the Water District ,
including minimum fees, on the date of setting of the water meter
and the availability of water for use at the tap .
5 . The terms of this Agreement shall apply only to the
Property, and the water taps provided in accordance herewith may be
used only upon the Property which must be located within the
jurisdictional boundaries of the Metro District and Water District .
The parties hereto agree that this Agreement shall be an
intergovernmental service contract subjecting the Property to all
terms, provisions, and limitations set forth herein, which
Agreement may be recorded establishing covenants running against
the Property itself .
6 . The Company shall provide the Water District with an
accurate copy of the final plat of the Property to be served by the
Water District . If the plat must be approved by the County
Commissioners, then a copy of the final plat recorded with the
County Clerk must be provided to the Water District .
7 . The Company hereby grants to the Water District and Metro
District the right to enter upon the Property and all roads,
rights-of-way,
g y, and utility easements described on the final plat of
6
the Property to construct, operate and maintain the facilities
herein described, together with the right of ingress and egress and
the right to cut and trim trees and shrubbery to the extent
necessary. The Company shall convey to the Water District all
easements reasonably required by the Water District for facilities
which are not located in dedicated roads, rights-of-way, or utility
easements, on the District' s form of easement, and the Water
District shall not be responsible for any delay in providing
service to the Property in the event of failure to provide such
easements . This provision of the Agreement shall be specifically
enforceable by the Water District .
8 . The water facilities herein described are required by
dates to be subsequently specified by the Metro District and
Company. In the event the Water District installs any such
facility, the Water District shall use reasonable diligence in
completing such facility by the specified date . If such facilities
cannot be installed because of act of God, governmental authority,
action of the elements, accident, strikes, labor trouble, inability
to secure materials or equipment, or any cause beyond the
reasonable control of the Water District, the Water District shall
not be liable therefor or for damages caused thereby.
9 . In the event that the Water District installs such
facilities, the Water District shall install the facilities
described herein in accordance with good engineering and
construction practices after the Company has established platted
property lines and the Metro District has excavated streets,
rights-of-way, and easements to final grade and prior to the paving
of streets and construction of curbs and gutters, if applicable .
The Metro District or Company, as applicable, shall reimburse the
Water District for any expense due to subsequent changes made by
the Metro District or Company.
10 . Water service shall be provided to individual customers
on the Property located within the Metro District at the applicable
rates adopted from time to time by the Water District for all
7
customers within the jurisdictional boundaries of the Water
District in accordance with Water District rules and regulations as
now established or as may hereafter be established. On or before
the date that payment is made as required in Paragraph 2 . C. of this
Agreement, the Company agrees to petition to the Water District to
include the Property into the Water District and to pay all costs
associated with the inclusion process and to do all other necessary
acts to include the Property within the Water District . If the
Metro District and Water District determine that it is necessary
and desirable to acquire Colorado-Big Thompson water units ( "CET
Water" ) from the Northern District to serve the Property, the
Company also agrees to petition to the Northern District to include
the Property into the Northern District and to pay all costs
associated with the inclusion process and to do all other necessary
acts to include the Property into the Northern District . No water
service shall be provided except to the Property included within
the boundaries of the Metro District, Water District, Northern
Subdistrict , and if CBT water is to be utilized thereon, Northern
District . All parties agree that no other person or property shall
be permitted to receive such water service which is to be furnished
only to the Property in accordance with terms and provisions of
this Agreement .
11 . The Water District agrees to allow installation of 800
residential equivalent water taps (with no more than 100 tap
installations per year, unless specifically approved by the Water
District) within the Property which shall be located within the
Water District and Metro District, subject to all terms and
provisions of this Agreement . All water taps greater than five-
eighths inches shall be approved by the Water District . No water
taps will be served by the Water District until all applicable
terms and conditions of this Agreement have been complied with by
the Metro District and Company, including the transfer of the
above-described water rights . The Water District acknowledges and
agrees that the Property will be developed in various phases and
that all such water supplies , mains and related facilities
specified in this Agreement shall be acquired, provided, and
8
transferred to the Water District incrementally according to each
developmental phase as approved by the Water District, which
approval shall not be unreasonably withheld. The water taps
furnished hereunder may be used only on the Property which is
located within the Metro District, unless otherwise expressly
approved in writing by the parties hereto. Any transfer of water
taps to other property shall be made in accordance with the terms
of a supplemental written agreement and the requirements of the
Water District and its rules and regulations . Any right to receive
a water tap option or water rights credit under this Agreement,
whether upon the Property or at any other place, shall expire and
become null and void twenty years after the date of this Agreement ;
provided that, after such date the Metro District shall have a
perfected right to obtain a water tap from the Water District for
use within the Property if (i) raw water supplies therefor have
been acquired by the Metro District or Company and transferred to
the Water District, (ii) the monthly minimum charge (inactive
service status) for such water tap is paid to the Water District,
and (iii) the Metro District and Company comply with all other
Water District rules and regulations . The Metro District and
Company shall not encumber, mortgage, or collaterally assign such
water tap without the prior written consent of the Water District .
The Metro District and Company shall not encumber, mortgage, or
collaterally assign such water taps without the prior written
consent of the Water District . In all other respects, such water
taps or water rights credits shall be treated as the personal
property of the Metro District or Company, as applicable.
12 . The Metro District, Company, and future customers within
the Property agree to abide by all rates and rules and regulations
of the Water District as now established or as may hereafter be
established by the Water District; provided that all such rates,
rules and regulations shall be uniform throughout the Water
District and consistent with the express terms and provisions of
this Agreement; provided, however, that the Water District may
establish different rates and other criteria for service within
areas of the Water District as provided by statute. The Water
9
District shall not be liable for any injury or damage for failure
to deliver water for any reason, including but not limited to war,
riot, insurrection, Act of God, or breaks or failure of the water
system.
13 . This Agreement may be amended from time to time by a
written agreement between the parties hereto signed by the duly
authorized representatives of such parties. No agent or
representative of the Water District or Metro District has the
power to amend, modify, alter or waive any provision of this
Agreement . Any promise, agreement or representation made by an
agent or representative of the Water District or Metro District not
herein set forth shall be void and of no further force or effect .
14 . The Metro District and Company understand and agree that
all fees, rates, tolls, penalties or charges for services,
programs, or facilities furnished by the Water District in
accordance with the terms of this Agreement constitute a perpetual
lien on the portion of the Property served, and that such lien may
be foreclosed in the manner provided by State law, pursuant to
Section 32-1-1001 (1) (j ) , C.R.S. In the event that the Metro
District, Company or any individual customer, as applicable, fails
to abide by any of the terms or conditions of this Agreement, the
applicable party which is responsible therefor shall pay all costs
and expenses incurred by the Water District as a result of any such
breach, including direct and consequential damages, loss of
revenue, attorney fees, court costs, expert witness fees, and other
expenses .
15 . This Agreement shall be binding upon and inure to the
benefit of the heirs, personal representatives, successors, and
assigns of the parties hereto. Except as provided herein, this
Agreement shall not be assigned without the prior written consent
of the Water District .
10
16 . The Agreement dated October 30, 1985, between the Water
District and Beebe Draw Land Company, Ltd. , relating to the
Property has been terminated in accordance with its terms and is no
longer effective . The Metro District and Company acknowledge and
agree that such Agreement is terminated and of no further force or
effect .
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.
CENTRAL WELD COUNTY WATER DISTRICT
Byy /h.in aft
r sident "�
( S E A L ) Attest : �yyr,n.t. . V(/ /�J
Secretary J-
Date : ate 20 , 1995
STATE OF COLORADO )
ss .
COUNTY OF
The fore oing instrument was acknowledged before 71,1.: �9-44C
day of S,r , 1995, by zran .., f '7 ,
as President and i—a.-0-14.c..0 as Secretary of
the Central Weld County Water District .
Witness my hand and official seal .
My commission expires : l/g 3D /997
UU J
d . CeikeAdo ,
Notary b4 i��Zlic
r
11
BEEBE DRAW FARMS METROPOLITAN
DISTRICT
'co KET16 By
e- ..•-•4,-..,...6 a. ..ti `: Ja e W ell, si•ent
" :1 liZ .
Z � 'y ?. Atte . :
amt: -` •'•4J� ? Thomas A. Burk, Secretary
3 j a•'e `�'yb r
,'tip4e��0 y Date : June 27, 1995
'....Rjn...,p•
STATE OF COLORADO )
ss .
COUNTY OFJEFFERSON )
The foregoing instrument was acknowledged before me this 27th
day of June, 1995, by James W. Fell as President and Thomas A. Burk
as Secretary of the Beebe Draw Farms Metropolitan District .
Witness my hand and official seal .
`l- ,My ommission expires : 11/30/96Ar..." id;)" ..•'‘. • ----)11, . p 0�10 1��
o • L4?
` Notary Public
kw x '1
12
REI LIMITED LIABILITY COMPANY,
dba Investors Limited Liability
Company
n
By
Ianager
i./
Date : i 7 , 1995
STATE OF COLORADO )
ss .
COUNTY OF J FF-ER,S� 3 )
Fi
The oregoing instrument was acknowledged before me this a
day of JUV� , 1995, by Rollie. k. Ice (Icy
as Manager of the REI Limited Liability Company, a Wyoming limited
liability company doing business in Colorado as Investors Limited
Liability Company.
.-, .-p-w tli i1ess my hand and official seal .
i S.!' ` �.' ith scion expires : ll 30l9
a J
. _ .\
Nom" oCif ' Notary Public
4. • Q'
13
EXHIBITA
Legal Description of Company Property
The Property of Company referred to in the foregoing Agreement
for Water Service is situated in Weld County, Colorado, and is more
specifically described in that certain Sheriff's Deed dated June
17, 1994, recorded in the County records at Book 1447, Folio 0575,
Reception No. 02393929, a copy of which is attached hereto as
Exhibit A-1 and incorporated herein by reference.
EXHIBIT A
•
B 1447 REC 02393929 06/17/94 16:25 $70.00 1/014
'^ F 0575 MARY ANN YBUERSTEIN CLERK & RECORDER WELD CO,• CO
AR2393'129 DISTRICT COURT, WELD COUNTY, COLORADO
Case No. 93 CV 214, Courtroom I
SHERIFF'S DEED
HSI LIMITED LIABILITY COMPANY, a Wyoming limited liability
company, doing business in Colorado as INVESTORS LIMITED
LIABILITY COMPANY,
Plaintiff,
V.
•
BEEBE DRAW FARMS, LTD. , a Colorado limited partnership;
DRS. ELLIOTT, HALSETH & WALKER, P.C. , FROZEN PENSION PLAN,
formerly known as DRS. ELLIOTT, HALSETH & WALKER, P.C.,
DEFINED BENEFIT PENSION PLAN, also known as DRS. ELLIOTT,
HANSETH & WALKER DEFINED BENEFIT PENSION PLAN, a trust;
LANDE MANUFACTURING COMPANY RETIREMENT' PLAN AND TRUST, a
trust; DARREL BENSON; WILLIAM S. GRIPMAN; W. GERALD RAINER,
M.D.P.C. EMPLOYEES DEFINED BENEFIT PENSION PLAN, a trust;
COLORADO CONTAINER CORPORATION EMPLOYEES DEFERRED PROFIT
SHARING TRUST, a trust; RICHARD E. SLAUGHTER; RICHARD E.
DAMIANO; C. L. PHILLIPS & ASSOCIATES, INC. PROFIT SHARING
PLAN, a trust; COLORADO CONTAINER CORPORATION PENSION
TRUST, a trust; ROLLIE R. KELLEY; BEEBE DRAW CATTLE CO., ai
Colorado limited partnership; and JAMES K. KADLECEK, as the
Public Trustee in and for Weld county, Colorado;
Defendants.
THIS DEED is made June 17, 1994, between ED JORDAN as
the Sheriff of the County of Weld, State of Colorado, and
REI LIMITED LIABILITY COMPANY, a Wyoming limited liability
company, doing business in Colorado as INVESTORS LIMITED
LIABILITY COMPANY, grantee, the holder of the certificate
of purchase, whose legal address is 4221 Monaco Street,
Denver, Colorado 80216.
WHEREAS, REI LIMITED LIABILITY COMPANY, a Wyoming
limited liability company, doing business in Colorado as
INVESTORS LIMITED LIABILITY COMPANY, did, in the District
Court for the County of Weld, Colorado, obtain a judgment
and decree against BEEBE DRAW FARMS, LTD. , dated January
14, 1994, directed to the Sheriff of the County of Weld,
Colorado; and
WHEREAS, by virtue of said judgment and decree, the
Sheriff levied upon the property hereinafter described and,
after public notice had been given of the time and place of
0CT 21 '94 10:00 3035340514 PAGE.002
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P 0576 MARY ANN FEUERSTEIN CLERK & RECORDER WILD CO, CO
sale as required by law, said property was offered for sale
and sold according to said notice, and a certificate of
purchase was made and recorded in the office of the County
Clerk and Recorder; and
WHEREAS, all periods of redemption have expired;
NOW, THEREFORE, I, ED JORDAN, Sheriff of the County of
Weld, Colorado, in consideration of the premises, confirm
the sale and sell and convey to grantee the following
described property located in the, County of Weld, State of
Colorado, more particularly described in Exhibit A,
attached hereto, consisting of twelve (12) pages, incor-
porated herein by this reference as though fully set forth,
and including all land lying in the bed of any street,
road, avenue, alloy, stream or river, in front of or
adjoining the property; all buildings, structures and
improvements now on the property, and all fixtures,
equipment, appliances and furnishings attached thereto; all
proceeds of the conversion, voluntary or involuntary, of
any of the foregoing into cash or liquidated claims,
including, without limitation, proceeds of insurance and
condemnation awards; all the rights (including water rights
and shares of water stock) , permits, hereditaments and
appurtenances thereto belonging or in any way appertaining;
and all the rents, issues, uses, profits and income from
the property.
TO HAVE AND TO HOLD the same, with all appurtenances,
forever.
ED JORDAN, Sheriff of the
County of Weld, Colorado
STATE Da ,• r
STATE OF COLORADO
se.
COUNTY OF WELD )
The foregoing instrument was )ARcknowledg before me
as
this /IT- day of June, 1994, by // V .55
peputy Sheriff of the County of Weld, Colorado.
I y.. : �; .Witness my hand and official seal.
$7 commission expires: /Q-ea 4c ,
N• ' -ryPubl
2
•
0CT 21 '94 10:01 3035340514 PAGE.003
•
B 1447 REC 02393929 06/17/94 16:25 $70.00 3/014
P 0577 MARY ANN PEVERSTEIN CLERK & RECORDER WELD CO, CO
EXHIBIT A TO SHERIFF'S DEED
A tract of land located in Sectipns 3, 4, S, 1, 5, 10, 15, 16, and 17,
Township 3 North, Range 65 West of the Sixth Principal Meridian, Veld •
County. Colorado, being more particularly described as follows;
Beginning at the Southeast Corner of said Section 16 and considering the '
South line of said Section 16 to bear S 89. 27' 03• V with all bearings
herein being relative thereto;
•
Thence along the South line of said Section 16, S 89' 27' 03' V, 5139.13
feet to the Southeast Corner of said Section 17; •
Thence along the South line of said Section 17, S 89' 33' 00' V, 5325.46
feet to the Southwest Corner of said Section 17; •
Thence along the Vest line of said Section 17, M 00' 29' 57' V, 5259.91 feet
to the Northwest Corner of said Section 17;
•
Thence along the Vest line of said Section I, N 00' 09' 35' W, 5292.39 feet
to the Northwest Corner of said Section 5;
Thence along the West line of said Section 5, N 00' 24' 57' V, 3961.69 feet
• .to the Southwest Corner of the North Half of the worhwest•Querter of said •
Section 5;
Thence along the South line of said North Half of the Northwest *tartar of •
Section S N 89' 44' 30' E, 2631.54 feet to the Southeast Corner of the North
Half of the Northwest Quarter of said Section Si
Thence along the South line of the Northwest Quarter of the Northeast
Quarter of said Section 5 M 89' 44' 27' E, 1331.69 feet to the Southeast •
Corner of the Northwest Quarter of the Northeast Quarter of said Section 5;
•— • •—Thence along the last line of the Northwest Quarter of the Northeast Quarter.:
of said Section 5 N 00' 38' 12' V, 1325.38 feet to the Northeast Corner of
the Northwest Quarter of the Northeast Quarter of said Section 5;
Thence alone the North line of said Section 5, N 89. 40' 15' 5, 1333.11 feet
to the Northeast Corner of said Section 5;
Thence along the North line of said Section 4, N 89' 35' 05' C, 3438.49 feet
to the Point of Intersection of the North line of said Section 4 with the •
centerline of the Platte Palley Canal;
•
•
Page 1 of 12
0CT 21 '94 10:02 3035340514 PRGE.004
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F 0578 NARY ANN 118118R8TBIN CLBRK & RSCORDBR WELD CO, CO
Thence $ 40' 04' 03' E, 16.11 feet;
Thence along the centerline of the Platte Valley Canal as recorded in loot
• 1068, Reception No. 02008616 of the Veld County Records, by the following 25
courses:
1 • S 10' 09' 07' V, 45.49 feet;
•
2 • S 27' 01' 41' V, 281.98 feet;
3 • S 35' 02' 43' V, 129.95 feet;
•
' 4 • S 46' 24' 26' V, 113.95 feet;
.
$ - S 67' 56' 02' V, 114.41 feet;
6 - 158.51 feet along the arc of a curve to the left, having a central •
angle of 43' 14' 52' and a radius of 210.00 feet, and a long chord that
beers S 44' 18' 36' V, 154.78 feet;
•
7 - S 24' 41' 10' V, 39.72 feet;
8 • 252.45 feet along the arc of a curve to the left, having a central
angle of 68' 10' 08' and a radius of 217.23 feet, and a long chord
' that bears S 09' 23' 54' E. 243.48 feet; •
•
9 • S 43' 28' 58' E, 159.97 feet; •
10 • 69.50 feet along the arc of a curve to the light, having a central
Cr
angle of 38 11', and a radius of 81.88 feet, and a long chord that
bears S 19' 09' 53' E. 67.43 feet;
11 • SOS' 09' 12' V. 11.20 Test;* ' . ._.... —. .• •• • - - . ' -- - _ — . •
12 • 117.95 feet along the arc of a curve to the right, having a central
angle of 25' 54' 10', and a redly' of 206.90 feet, and a long chord
. that bears S 18' 06' 17' V, 116.15 feet; '
13 • S 31' 03' 22" V, 130.58 feet;
14 . S 09' 40' 40' V, 95.26 feet;
15 . S 03' 11' 43' E, 116.07 feet;
16 • 114.85 fest along the are of a curve to the left, having a central
angle of 36' 30' 36', and a radius of 180.24 feet, and a long chord
that been S 21' 27' 01' E, 112.92 feet;
ee-
Page 2 of 12
OCT 21 '94 10:03 3035340514 PAGE.005
• C�
B 1447 REC 02393929 06/17/94 16:25 $70.00 5/014
7 0579 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
17 . S 39' 42' 18' E, 116.57 feet;
18 - 90.93 feet along the arc of a curve to the left, having a central
angle of 45' 22' 31', and a radius of 114.12 feet, and a long chord
that bears S 62' 23' 34' E, 88.17 feet;
19 - $ 85' 04' 50' 1, 170.71 feet; .
20 • 151.01 feet along the arc of a curve to the right, having a central
angle of 68' 29' 30' and a radius of 126.33 feet, and a long chord
that bears S 50' 50' 04' E, 142.18 feet;
21 - S 16' 35' 19' E, 120.95 feet;
•
22 • 196.65 feet along the arc of a curve to the right, having a central
angle of 25' 35' 07' and a radius of 440.41 feet, and a long chord
that bears S 03' 47' 46" E, 195.04 feet;
23 - 3 08' 59' 48' V, 101.24 feet;
24 - 251.82 feet alone the arc of a curve to the left, having a central
anole of 59' 32' 10', a radius of 242.34 feet, and a long chord that
bears S 20' 46' 36' E, 240.64 feet;
25 • S 50',•32' 21' Is 97.59 feet; • .
Thence M 84' 31' 39" E, 2111.76 feet; '
Thence N 17' 52' 53' V, 340.92 feet;
Thence M •89' 31' 39' E, 337.81 feet;
Thence N O0' 28' 21' V, 150.00 feet; . .. _ . _.
Thence N 89' 31' 39' E, 1867.95 feet; •
Thence 5 00' 14! 30' V, 680.87 feet;
Thence 5 88' 41' 23' E. 78.63 feet;
Thence S 12' 49' 39' E, 21.72 feet; .
•
Thence $ 77' 10' 18' V. 30.00 feet;
,
Thence S 12' 49' 43' 1, 30.00 feet; •
Thence N 77' 10' 18' E. 30.00 feet:
Page 3 of 12
0CT 21 '94 10:03 3035340514 PAGE.006
•. yam(
\ t
B 1447 REC 02393929 06/17/94 16:25 $70.00 . 6/014
F 0580 MAY ANN YEUERSTEIN CLRRE & RECORDER WELD CO, CO
•
• : Thence 5 12' 49' 56' E, 14.11 feet;
Thence S 19' 28' 28' E. 608.59 feet;
Thence S 43' 52' 15' E, 959.19 feet;
Thence S 11' 49' 10' E, 159.59 feet;
•
Thence $ 60' 06' 36' E, 1097.85 feet;
Thence S 22' 11' 13' E. 2189.07 feet;
Thence S 17' 55' 41" w, 814.01 feet to a point on the north line of a tract
of land described as Parcel "A' in look 1066 under Reception No. 02008614 of
the Weld County Records; Thence along said north line by the following 5
courses:
1 - S 38' 04' 26' V, 66.71 feet;
2 - S 70' 24' 28' w, 210.50 feet;
3 - N 65' 42' 40' V, 1366.02 feet; • •
4 - N 44' 48' 50' w, 1115.90 feet;
5 - S 71' 20' CO' V. 138.08 feet;.
Thence S 71' 20' 00' V, 140.88 feet;
Thence S 43' 34' 00' E. 318.00 feet;
Thence S 16' 14' 00' E, 175.00 feet;
' Thence S 00' 40' 00' t, 360.00 feet;
Thence $ 27' 02' 02' U, 13.00 feet;
Thence N 65' 16' CO' U, 155.00 feet;
. Thence N 56' 09' 00' V, 462.00 feet;
Thence N 68' 59' 00" W, 256.00 feet;
Thence S 31' 13' 00' V, 248.00 feet; •
Thence S 8O' 26' CO' M, 194.00 feet; • •
Page 4 of 12
OCT 21 '94 10:04 3035340514 PRGE.007
• (Th
8 1447 RBC 02393929 06/17/94 16:25 $70.00 7/014
F 0581 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
Thence N 65' 07' 00' V. 214.52 feet to a point on the east boundary of a
tract of land described in Exhibit 'A', look 1068, Reception No. 02008614 of
the Weld County Records; Thence along said east boundary by the following
13 Courses:
1 - N 29' 11' 51' V, 43.31 feet; •
2 - N 35' 35' 04' V. 285.27 feet; •
3 • N R9' 49' 46' V, 52.20 feet;
" 4 • N 34' 41' 43' V, 94,87 feet;
5 - N 40' 48' 08' E, 154.56 feet; . •
6 - N 72' 48' 51" E, 101.53 feet; •
7 - N 31' 54' 29' E, 62.13 feet;
8 - N 17' 31' 32' E. 59.77 feet;
9 - N 20' 04' 17' V, 110.72 feet;
10 - N 07' 06' 02" V, 291.23 feet;
'11 - N 11' 60' 01' V, 107.26 feet; .
12 • N 33' 51' 0.• V. 150.60 feet;
13 - N 07. 02' 17' V, 163.23 fest to a point on the east boundary of a
tract of land described in Exhibit 'N', look 1068, Reception N0. 02008614 of
the Weld County Records; Thence along said east boundary, and alone the
northerly and a portion of the westerly boundary of said tract of land by
the'followine $6 courses: • • • • • - •.- - - •_... . • • • _
1 - N 36' 47' 35' E, 143.90 feet;
2 - N 57' 06' 34' V, 102.50 feet;
3 - N 65' 59' 14" i1, 50.60 feet; • '
4 - N 69' 22' 13' V, 50.23 feet;
5 - M 71' 52' 38' V, 50.07 feet; '
6 - N 74' 30' 37' V. 50.00 feet;
7 - N 77' 01' 49' V. 50.04 feet;
Pegs S of 12
0CT 21 '94 10:05 3035340514 PAGE.008
B 1447 PBC 02393929 06/17/94 16:25 P 0 0582 MARY ANN F8USR8?$IN CLRRX 8 Rac0RD8R6ei8LD co,
8 - N 79' 52' 69' W. 50.19 feat;
9 N 78' 58' 20' W. 50.13 feet;
10 - N 77' 22' 24' W,•50.05 feet;
11 - N 75' 18' 44' W, 50.00 feet;
12 - N 73' 56' 14' W. 50.01 feet;
13 - N 75' 59' 59' W. 50.01 feet;
14 - N 78' 03' 33' W. 50.08 feet;
15 N 77' 49' 51' W, 50.07 feet;
16 - k 78' 30' 57' W, 50.10 feet; •
17 - N 88' 50' 24" W, 75.38 feet;
18 - N 27' 27' 03" W, 144.80 feet to a point on the south line of said
Section 3;
19 - N 27' 27' 03'W, 64.51 feet;
•20 - N 38' 44' 16' W, 50.00 feet to a point an the east line of said
Se:tion 4;
21 - N 3R' 44' 16' W. 20.57 feet; ,'
22 - N 37' 14' 56' W, 50.03 feet;
23 - N 38' 51' 09' M. 50.00 Lett;, , , •.
24 - N 39' 46' 09' W. 50.00 felt;
25 - N 38' 18'17' W. 39.87 feet;
26 - * 11' 21' 47" W. 28.76 feet; •
27 - M 10' 11' 15' W, 100.03 feet;
28 - M 11' 06' 14" W. 60.00 feet;
29 - N 10' 11' 15' W. 50.01 feet; •
30 - N 09' 43' 45' W. 50.02 feet;
�-. Page 6 of 12
0CT 21 '94 10:05 3035340514 PRGE.009
f 1
8 1447 REC 02393929 06/17/94 16:25 $70.00 9/014
F 0583 MARY ANN DINERSTEIN CLERK & RECORDER WELD CO, CO
31 - N 09' 16' 18" W, 54.04 feet;
32.- N 11' 47' 29" N, 50.00 feet; .
33 - N 15' 27' 08' W, 50.12 feet;
34 - N 17' 02' 45' W, 100.46 feet;
•
35 - M 68' 04' 22",W, 8.11 feet:
36 - N 55' 06' 47' W, 68.88 feet;
" 37 - N 28' 02' 02' W, 24.62 feet;
•
38 - N 01' 59' 49' E, 64.86 feet;
39 - N 24' 17' 59" W, 51.56 feet;
40 - N 34' 33' 13" W. 50.12 feet;
41 - N 38' 26' 37' W, 50.00 feet;
42 - N 42' 33' 43" W, 50.13 feet;
43 - N 61' 52' 04" W, 76.22 feet;
.44 - N 89' 17' 02" E, 139.17 feet;
45.- N 03' 45' 51" W, 390.32 feet;
.
•
46 - N 7n' 52' 01' W, 116.11 feet;
47 - N 72' 17' 16' V, 122.30 feet;
431 - N 55' 39' 25' W, 181.66 feet';' - ' '
49 - N 31' 16' 35" W, 1063.87 feet;
50 - S 51' 31' 52' W, 57.39 feet;
S1 • S 31' 26' oe' E, 492.11 feet; •
52 - S 30' 42' 10' E, 31.11 felt;
. 53 • S 10' 25' 09' E. 63.38 feet; .
5a • 68.62 feet along the arc of a curve to the left having a Central
angle 0 23' 10' 67', a radius of 168.50 feet, and a long ehord that bears
south 22' 05' 08" E. 68.14 feet;
Page 7 of 17
OCT 21 '94 10:0G 3035340514 PAGE.010
C
8 1447 EEC 02393929 06/17/94 16:25 $70:00 10/014
F 0584 MARY ANN YEUERSTEIN CLERK & RECORDER WELD CO, CO
55 - S 33' 45' 06' C, 92.28 feet;
56 - S 38' 27' 03' E, 30.14 feet; •
Thence S 51' 32' 58' V, 98.00 feet to a point on the west boundary of a
tract of land described in Exhibit 'A', look 1068, Reception No. 02008614 of
the Weld County Records; Thence along said west boundary by the following 58
courses:
1 - S 00' 23' 32' E, 177.92 feet; .
2 - S 10' 18' 17' E, 78.26 feet;
3 - S 30' 46' 13' 1, 152.46 feet; •
•
4 '• S 47' 56' 08' E, 110.45 feet;
$ - S 64' 54' 59" E, 51.89 feet;
6 - S 33' 41' 24' E, 43.27 feet;
7 - S 65' 27' 44' E, 50.57 feet;
8 - S 19' 58' 39' E, 58.52 feet;
9 - N 72' 38' 46' W, 16.76 feet;
•
10 - N 30' 27' .50 W, 39.15 feet;
•
11 - S 66' 48' 05' W, 53.31 feet; . •
12 • S 37' SA' 18' W, 52.01 feet;
13 - S 01' 53' 36' N, 121.07 feet; . •
14 - S 19' 17' 24' V, 63.57 feet;
15 - S 06' 08' 48' W, 65.38 feet;
16 - S 33' 32' 10' E. 103.17 feet;
17 - $ 5S' OS' 51' E. 52.43 feet;
•
18 - $ 76' 52' 47' E, 136.57 feet=
19 - S 67' 47. 47' E. 82.92 feet;
Page 6 of 12
0CT 21 '94 10.06 3035340514 PfGE.011
9 1447 REC 02393929 06/17/94 16:25 $70.00 11/014
F 0585 MARY ANN FEUERSTBIN CLERIC & RECORDER WELD CO, CO
20 - S 31' 54' 29" E, 62.43 feet; •
•
21 - S 12' 12' 02' E, 75.71 feet;
22 - S 15' 36' 40' E, 70.60 feet; •
23 - S 00' 46' 46' 1, 147.01 feet; ' •
24 - S 40' 38' 56' E, 130.48 feet; •
25 - S 04' 53' 57' E. 70.26 feet;
26 - 5 24' 20' 28' U. 46.10 feet; . •
, 27 - S 13' 34' 14' E, 59.67 feet;
28 - S 35' 26' 24' E. 118.59 feet to a point on the south line of said
Section 4; •
20 - S 35' 24' 24' E, 17.65 feet;
30 - S 49' 59' 37' E, 7341 feet;
31 - S 83' 07' 06'•E, 58.42 feet;
•
• - 32 - 5 65' OS' 43' E, 92.61 feet;
33 - S 58' 24' 46' E, 69.35 feet;
34 - S 36' 36' 25' E, 43.60 feet;
. . . . ... 35 S 24'_34'.02'.E, 38.48 feet; ..
36 - S 40' 21' 52' E, 105.00 feet;
37 - S 63' 26' 06' E, 36.45 feet to a point on the east lint of said
Section 9; . . -
38 - S 63' 26' 06' It 37.34 feet;
•
39 - S 10' 42' 47' E, 112.97 feet;
40 - S 35' 26' 45' E, 144.84 fat;
Page 9 of 3.2
0CT 21 '94 10:07 3035340514 PAGE.012
•
B 1447 NEC 02393929 06/17/94 16:25 370.00 12/014
F 0586 MARY ANN PEUERSTEIN CLERK a RECORDER WELD CO, CO
41 - 5 52' 48' $5' C, 145.60 feet; •
42 • 5 67' 46' 30' E, 100.46 feet;
43 - S 53' 14' 47' E, 98.60 feet;
44 - S 36' 35' 28' E, 82.20 feet; • • •
45 • S 28' 18' 03'.1, 59.06 feet;
46 - S 52' 31' 26' W, 37.80 feet;
47 - S 30' 03' 16' W. 183.70 feet;
48 - S 04' 58' 11' E. 46.17 feet;
•
49 - S 25' 58' 28' W. 86.76 feet; •
50 - S 06' 03' :;' E, 66.37 feet;
51 - 5 25' 51' 59' E. 110.02 feet;
62 - S 01' 28' 51'.W. 99.85 feet;
51 - 5 31' 16' 29' E, 157.95 feet;
54 - S 18' 26' 06' E, 139.14 feat;
SS - S 40' 20' 48" E, 122.02 feet;
56 - $ 24' 26' 38' E. 48.33 feet;
•• 57 - S 04'.21'.25' E, 105.30 feet;. . .
58 • S 29' 30' 41' E. 174.3$ feet to a point on the east boundary of e
tract of land described in loot 1068. Reception No. 02008615 of the Weld
County Records; ?hence along said east boundary by the following 6 courses:.
1 - $ 37' 11' 26' E. 96:99 feet;
2 • S 52' 03' 11' E, 69.68 feet;
3 - S S5' 31' 12' E. 148.65 feet;
4 - 5 1$' 11' 37' E. 13n.93 feet;
•
Page 10 of 12
OCT 21 '94 1000 3035-140514 PAGE 013
8 1447 REC 02393929 06/17/94 16:25 370.00 13/014
F 0587 MARY ANN FEURRETEIN CLERK & RECORDER WELD CO, CO
S - S 42' 52' 31' E, 177.69 feet;
6 - S 25' 09' 42' E, 411.21 feet;
Thence S 25' 09' 43' to 106.90 feet;
Thence S 24' 47' 31' C. 180.70 feet;
Thence S 36' 63' 59'•E, 1'6.03 feet;
Thence S 25' 08' 23' V, 111.15 feet;
' Thence S 02' 01' 55' E, 227.19 feet;
Thence S 27' 01' 04' E, 93.92 feet; '
Thence S 13' 36' 48' E, 101.31 feet;
Thence S 24' 32' 47' E. 116.37 feet;
Thence S 06' 37' 27' E, 234.27 feet;
Thence S .07' 03: 43' II, 151,41 feet;
Thence S 14' 47' 42' V, 113.31 feet;
Thence S 05' 07' 42' V, 151.19 feet;
Thence S 17' Sn, 26' V, 90.47 feet;
Thence S 42' 18' 14' V, 134,52 feet;
Thence S 19' 19' 41' V, 266.66 feet; •
_ . Thence S 30' 21' 06' V, 184.39 feet; . _. • •
Thence S.51' 40' 58' V, 105.15 feet;
Thence S 79' 43' 10' V1 714.61 feet;
Thence S 24' 52' 12' V, 224.67 feet;
Thence S 07' 13' 57' E, 10.72 feet to a point on the North Line of said
Section 15;
Thence along said North line of Section 15 N 89' 28' 21' E. 64.09 feet; :
Thence S 00' 41' 51' E. 5264.17 feet to a point on the South Line of said
Section 15;
Page 11 of 17
rrT 21 •Qd 1 R:RR 3R3Si411S1 d PAGE 014
8 1447 SEC 02393929 06/17/94 16:25
P 0588 NARY ANN gEUBRSTEIN CLERK & RECORDgg.kELD CO CO
thence along said South line of said Section 15
589"48`56"w, 351.01 feet to the TRUE POINT OF BEGINNING:
. includingthat portion thereof platted as REESE DRAW FARMS
AND EQUESTRIAN CENTER, ?IRS? FILING under Revised Plat and
Dedication recorded April 12, 1918 in look 1192 as
Reception No. 2137453,
together with the rights of Grantor as Purchase: under
Certificate of Purchase No. S-571 with The State of
Colorado dated May 21, 1984 and recorded July 26, 1984 •
4 in Book 1038 as Reception No. 01975458, as to Section 16,
Township 3 North, Range 65 West of the Sixth Principal
Meridian, Weld County, Colorado.
•
•
•
*as evidenced by assignment recorded August 16, 1988 in
Book 1205 as Reception No. 02151603 in the records of
Weld County, Colorado
•
•
•
•
Page 12 of 12
0CT 21 '94 10:09 ?R15340514 PHGE.015
.-. January 1994
PETITION FOR INCLUSION OF LANDS IN
NORTHERN COLORADO WATER CONSERVANCY DISTRICT
TO THE BOARD OF DIRECTORS OF NORTHERN COLORADO
WATER CONSERVANCY DISTRICT
1. All the owner(s) of lands situated in the County of Weld , State of Colorado,
hereby petition(s) and pray(s) that the lands hereinafter described be included in said
Northern Colorado Water Conservancy District ("District").
2. The description of the lands owned by the Petitioner(s) is as follows:
PETITIONER DESCRIPTION SEC.TWP.RGE. ACRES
IEI Limited Liability See Exhibit A Sections 3, 4, 5, 3,442
Company, dba Investors to Sheriff's 8, 9, 10, 15 and
Limited Liability Deed attached 17, Township 3
Cony hereto as Exhibit North, Range 65
I, except for West
that land
described therein
under Certificate
"0"'", of Purchase No.
S-571 in Section
16, Township 3
North, Range 65
West (owned by the
State of Colorado)
TOTAL ACRES INCLUDED 3,442
CURRENT ASSESSED VALUATION OF LANDS TO BE INCLUDED $ 18,340
AMOUNT OF INCLUSION FEE ENCLOSED $ 235
IWPSI VND a nunne413
FORMS 4400
C)
3. A plat of the above described property is attached hereto as Appendix "C."
4. All the owner(s) of the above described property hereby agree(s) to pay to the District an
amount which is equal to the ad valorem taxes which would have been paid to the District
by the owners of the above described lands if said lands had been included within the
boundaries of the District at the time of its creation. This amount will be calculated in
accordance with the policy of the District, a copy of which is attached as Appendix 'B."
5. All the owner(s) of the above described property and their heirs, successors, and assigns
hereby agree to be bound by the Water Conservancy Act, C.RS. § 3745-101 et. seq., as.
amended from time to time, and all rules, regulations, and policies of the District as
amended or changed from time to time.
6. All of the owner(s) of the above described property hereby agree(s) that inclusion of the
above described lands into the District is conditioned on present and future payment of
the same mill levies and special aosrssments as are levied or will be levied on other
similarly situated property in the District at the time of inclusion of the Petitioners) lands.
If such payments are not made on such equal basis, the inclusion of the lands can be
r terminated for non-compliance with this condition if payments are not otherwise made.
7. All the owner(s) of the above described property have executed Appendix"A" attached
hereto.
THIS PETITION INCLUDING APPENDIX"A" MUST BE SIGNED
BY ALL OF THE OWNERS OF'THE ABOVE DESCRIBED PROPERTY
TITLE
(if in relation to
a Partnership or a
S GNA Corporation) ADDRESS
Manager Investors Limited Liability
Company
4221 hbnaco Street
Denver, Colorado 80216
STATE OF COLORADO
) ss
County of5P4(C'S()a- )
The foregoing instrument was acknowledged before me this .� day of November
CO( 1/ ,'
A.D. 1924, by Cl u C. ►. t.(,� Qt. , Manager of
BET Limited Liability Company, a Wyoming limited liability company, doing business
in olorado as Investors Limited Liability Company.
Witness my hand and Seal. My commission expires: 1,-) h i°
14../x uEACITr ;
Notary Public
SVPslUMO Q ALLOTMENTS
FORMS*400 2
n C
STATE OF COLORADO )
) ss
County of )
The foregoing instrument was aclmowledged before me this day of
A.D. 19_, by
Witness my hand and Seal. My commission expires:
Notary Public
STATE OF COLORADO )
) ss
County of )
The foregoing instrument was acknowledged before me this day of
A.D. 19_, by
Witness my hand and Seal. My commission expires:
Notary Public
STATE OF COLORADO )
) ss
County of
The foregoing instrument was acknowledged before me this day of
A.D. 19_, by
Witness my hand and Seal. My commission expires:
Notary Public
WPM LAND&ALLOTMENTS
F014/43 4400 3
. •
( a
APPENDIX"A"
Purpose
The purpose of this covenant is to subject Petitioner's property, described in the petition for
inclusion and court order for inclusion, to the same mill levies and special assessments as
are levied or will be levied on other similarly situated property in the Northern Colorado Water
Conservancy District ("District") at the time of inclusion of Petitioner's lands.
Waiver
Petitioner hereby waives any right which may exist to require an election pursuant to article X,
§ 20 of the Colorado Constitution before the District can impose the mill levies and special
assessments specified below. Petitioner also waives any right which may exist to a refund
pursuant to article X, § 20 of the Colorado Constitution.
Mill Levies and Special Assessments
1
Upon inclusion into the District, and as an express condition thereof, Petitioner covenants to
pay the following mill levies and special assessments:
1. Any Class A mill levy or special assessment levied annually by the District and
imposed on other similarly situated property within the District.
2. If Petitioner's property is now or is in the future located within a municipality which
has an existing or future Class B Allotment of water by the District, and if said
municipality defaults on payment of its obligations under any existing or future
Class B allotment contract(s) with the District, Petitioner agrees to pay any special
assessment levied by the Board of Directors of the District for the purpose of
collecting amounts due under the allotment contract(s).
3. Any amount due under any existing or future Class D allotment contract on
Petitioner's property.
Covenant to Run with the Land
This covenant will run with and burden the property described in the petition for inclusion and
court order for inclusion and binds all future owners of the property.
ALL OWNERS OF THE ABOVE DESCRIBED PROPERTY MUST SIGN THIS APPENDIX"A."
DATE
GNATURREESit
ADDRESS
//MS elf Investors Limiter Liability
Company(� 4221 Monaco Street
Denver, Colorado 80216
WVSIL JD&ALLOTMENTS
FORMS'400
•
APPENDIX"B"
NORTHERN COLORADO WATER CONSERVANCY DISTRICT
RESOLUTION
D-941-O2-94
NORTHERN COLORADO WATER CONSERVANCY DISTRICT
COLORADO-BIG THOMPSON FACILITIES INCLUSION FEE
WHEREAS, the inclusion of lands into the Northern Colorado Water Conservancy District
(District) makes those lands eligible to receive water from the Colorado-Big Thompson (C-BT)
Project facilities; and
WHEREAS, those lands and allottees of water originally included within the District
commencing in 1938 have contributed to the cost of construction repayment, operation,
maintenance, replacement and administration of the C-BT Project and
WHEREAS, a fee is necessary to place newly included lands and their eligibility for water from
the C-BT Project facilities on the same basis as those lands originally included within the
District.
NOW, THEREFORE LET IT BE RESOLVED that:
A fee shall be charged in connection with the inclusion of lands into the District for the
purpose of placing such lands on an equal basis as lands originally included within the
District. Such fee shall be collected on behalf of and deposited to the Colorado-Big Thompson
Water Activity Enterprise Fund. This fee shall be calculated as follows:
The sum of the historical (1937 to current year) ad valorem tax revenues received
by the District from Larimer, Weld, and Boulder Counties divided by the current
assessed valuation of the District lying within those same Counties times the
current assessed valuation of the property to be included.
Example:
Revenues From 3 Counties To Date x Current Valuation of
Current Valuations of District Property To Be Included
Within 3 Counties
For Calendar Year 1993
$ 48,388,184 x Current Valuation of Property
$ 3,788,258,060
or 0.0128 x Current Valuation of Property
The ratio determined above will be recomputed annually by the District and will be made
available upon request. It will be the responsibility of the petitioner to furnish the current
assessed valuation of the property involved at the time the petition for inclusion is submitted
to the District.
Satisfactory arrangements for payment of fees must be made with the District before the
inclusion will be approved by the Board of Directors.
f+'PSOxm a ALLOTMENTS
FOPJ.*4400
•
EXHIBIT E
[DEVELOPER FEE AGREEMENT]
47C;
JFVELOPFR FIFE
WATER TAP FEE AGREEMENT
THIS DEVELOPER FEE AND IWA_TER TAP FEE AGREEMENT is made as of
this ?" day of Dece M ber, 1998, between BEEBE DRAW FARMS
METROPOLITAN DISTRICT, hereinafter referred to as "District" , a
quasi-municipal corporation and political subdivision of the
State of Colorado duly organized and acting pursuant to the
provisions of Article 1, Title 32 , C.R. S. , and REI LIMITED
LIABILITY COMPANY, a Wyoming limited liability company doing
business in Colorado as Pelican Lake Ranch and Investors Limited
Liability Company, hereinafter referred to as "Developer" .
EECITMT S
A. The District was organized to provide water, streets,
drainage and safety protection, and parks and recreational
services and facilities within its service area; and
B. The Developer is the fee owner of certain real
property, hereinafter referred to as "Development" , situate
within the District and which requires services and facilities
from the District prior to the development and sale thereof; and
C. In order to provide adequate services and facilities to
the Development and to other property within the District, it is
necessary to acquire a water supply and to construct a water
distribution system, streets, drainage and safety protection
facilities, and parks and recreational and related facilities,
hereinafter referred to as "Facilities" ; and
D. The Developer wishes to participate in funding the
costs of the Facilities, which will assist in making services and
facilities available to all property within the District ; and
E . Without such participation, the District would not
acquire or construct the Facilities, which will benefit all
property within the District; and
F . In order to complete the acquisition and installation
of the Facilities, the District will, from time to time, enter
BOFMO\OEV-FIWT AOR
I"III 11111 11111 Ell I"" VIII 'I'I"I III "III IIII El
2661476 12/18/1998 01:34P Weld County CO
1 of 17 R 86.00 D 0.00 JR Suitt Isukamoto
into agreements to construct and borrow funds in the amounts
needed to finance the costs of the Facilities, subject to all
terms and conditions hereinafter set forth, and the Developer
agrees to pay developer fees and water tap fees for its property
within the Development, which will generate revenue to the
District to fund the costs of the Facilities, including costs of
financing; and
G. The completion of the Facilities will enhance the value
of the Development and other property within the District and
will serve a public use, and the mutual obligations and benefits
created hereunder will promote the health, safety, prosperity,
security and general welfare of the inhabitants and property
owners within the District .
AGREEMENT
In consideration of the mutual covenants, agreements,
conditions and undertakings hereinafter specified, the District
and Developer agree as follows :
ARTICLE I
Section 1 . Definitions . For all purposes hereunder, unless
the context indicates otherwise, the terms defined in this
Section 1 shall have the meanings set forth below:
a . "Agreement" means this Developer Fee and Water Tap
Fee Agreement and any exhibit or amendment hereto.
b. "Board" means the duly constituted Board of
Directors of the District .
c . "Bonds" • means any bond, note, or other obligation
of the District .
d. "Developer" means the REI Limited Liability
Company, a Wyoming limited liability company doing business
in Colorado as Pelican Lake Ranch and Investors Limited
Liability Company, or its successor, transferee, or assign.
1111111 Hai IIII MIME 111
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e . "Developer Fee" means the fee to be paid to the
District in accordance with the provisions of Article II,
Section 2 of the Agreement .
f . "Development" means the Beebe Draw Farms and
Equestrian Center according to the PUD Master Plan recorded
on December 21, 1984 in Book 1053 as Reception No. R-1992773
(File 3821; Envelope 2306) of the Weld County, Colorado,
Clerk and Recorder, including all filings and subdivisions
thereof and any amendment or replatting thereto, as more
specifically described in Exhibit A attached hereto and
incorporated herein by reference .
g. "District" means the Beebe Draw Farms Metropolitan
District, or its successor, transferee, or assign.
h. "Facilities" means the water supply and water
distribution system, streets, drainage, and safety
protection facilities, parks and recreational facilities,
and other facilities and improvements acquired, installed or
financed by the District .
i . "Fees" means the Developer Fee and Water Tap Fee .
j . "Lien" means the lien established and referred to
in Article II , Section 6 of the Agreement .
k. "Lot" means any platted lot in the Development .
1 . "Resolution" means any resolution designated by
the Board of the District authorizing the sale and
establishing the terms and conditions of the Bonds .
m. "Water Provider" means the Central Weld County
Water District, a Colorado special district situate in Weld
County, Colorado, which supplies treated water to, and
operates the public water distribution system within the
District in accordance with an intergovernmental agreement .
n. "Water Tap Fee" means the fee to be paid to the
Water Provider for the District in accordance with the
provisions of Article II , Section 3 of the Agreement .
111111111111111111 IIII 1111111111111111111111111 ���! ����
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Section 2 . Constructiorl. For all purposes hereunder,
unless the context indicates otherwise, the Agreement shall be
construed as follows :
a. All definitions, terms and words shall include
both the singular and the plural .
b. Pronouns shall include both the singular and the
plural and shall cover both genders .
c. Whenever "shall" is used herein, it shall be
construed as mandatory; "may" denotes that it is permissible
but not mandatory.
ARTICLE TT
Section 1 . Warranties, Covenants and Representations . The
Developer makes the following representations, covenants and
warranties to the District :
a. The Developer is the fee owner of all property
within the Development and has good, marketable and
indefeasible title to all property within the Development,
subject to exceptions of record.
b. The Developer has the full right, power and
authority to enter into, perform and observe the Agreement,
including the specific authority to encumber all property
within the Development .
c . Neither the execution of the Agreement, the
consummation of the transactions contemplated hereunder, nor
the fulfillment of or the compliance with the terms and
conditions of the Agreement by Developer will conflict with
or result in a breach of any terms, conditions or provisions
of, or constitute a default under, or result in the
imposition of any prohibited lien, charge or encumbrance of
any nature under any agreement, instrument, indenture,
judgment, order or decree of any court to which the
Developer is a party or by which the Developer or the
property within the Development are bound.
11111111111111111111111111111111111
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d. The Developer agrees that all Developer Fees and
Water Tap Fees will be paid in accordance with the
provisions of this Agreement and that it shall keep and
perform all of the covenants and agreements contained
herein.
e . The Developer may be held liable for any loss
suffered by the District as a consequence of any
misrepresentation under subsections a. , b. and c. of this
Section 1 .
Section 2 . Developer Fee . A Developer Fee shall be paid to
the District by the Developer on or before the date of transfer
and/or sale of each Lot . The Developer Fee shall be payable in
the amount of $15, 500 per Lot during the 1998 and 1999 fiscal
years . For subsequent fiscal years, the Board may, from time to
time, increase the amount of the Developer Fee as necessary to
fund the actual costs of the Facilities, including costs of
financing. The Developer agrees to pay Developer Fees for
thirty-two (32) Lots in the 1st Phase of the First Filing of the
Development on or before the following dates : (i) for ten (10)
Lots by December 31, 1999; (ii) for another eleven (11) Lots by
December 31 , 2000; and (iii) for another eleven (11) Lots by
December 31 , 2001 . If necessary to secure financing for the
costs of Facilities needed to serve other phases of the
Development, the District and Developer shall agree to a specific
schedule of payments of Developer Fees for such phase of
development prior to the commencement of construction activities
by the District .
Section 3 . Water Tap Fee . A Water Tap Fee shall be paid by
the owner of the Lot to the Water Provider for the District on or
before the date of application for water service to each Lot , or
as otherwise provided in the rules and regulations of the Water
Provider. The Water Tap Fee shall be payable in the amount of
$4 , 400 per Lot during the 1998 and 1999 fiscal years . For
subsequent fiscal years, the Board may, from time to time,
increase the amount of the Water Tap Fee as necessary to fund the
actual costs of acquiring a water supply for the Development .
The Water Tap Fee shall be paid in addition to all other rates,
fees and charges of the Water Provider. Nothing set forth in the
Agreement shall be construed to discharge the Developer or owner
of any Lot from paying any rate, fee or charge imposed by the
Water Provider for water service.
11111111111111111111111111 34IIII11111P Weld 11III IIIII IIII IIII
5 of 17 R 86.00 D 0.00 JR Suitt Taukamofo
Section 4 . Method of Payment and Use of Fees . Fees shall
be payable in cash or certified funds . Fees paid or remitted to
the District may, in the Board' s discretion, be applied to pay
the costs of the Facilities or any outstanding debt of the
District .
Section 5 . Unconditional Obligation. Upon execution of the
Agreement by Developer, the obligation of Developer to pay, or
cause to be paid, the Fees shall be absolute and unconditional,
shall be binding and enforceable in all circumstances, and shall
not be subject to setoff or counterclaim. Without in any way
limiting the generality of the foregoing, such obligation shall
not be affected by the exercise of any remedy hereunder by the
District, termination of the Agreement, diminution of any of
Developer' s rights hereunder by judicial decree, legislative
enactment or otherwise, failure of consideration, condemnation,
or inability or failure of the District or Developer to perform
any obligation hereunder.
Section 6 . Lien . Fees payable with respect to each Lot,
together with any interest thereon and costs to collect Fees,
including reasonable attorneys' fees, shall , until paid,
constitute a statutory lien against such Lot . In the event of
non-payment of any Fees for any Lot, the Lien against such Lot
may, in the Board' s discretion, (i) be certified to the County
Treasurer for collection as a delinquent fee for water services
in accordance with the provisions of Section 32-1-1101 (1) (e) ,
C.R. S . , or (ii) be foreclosed in the manner specified in Section
32-1-1001 (1) (j ) , C.R. S. , which the Developer hereby acknowledges
and ratifies as being applicable. The District shall record the
Agreement, and the Agreement shall constitute a statement of lien
against each Lot within the Development, until paid and released
in accordance with the terms of the Agreement .
Section 7 . Release of Lien. The District shall release the
Lien against any Lot upon payment in full of the Fees payable on
such Lot , together with any interest and costs secured by such
Lien. Payment in full may occur either (i) with the making of
the applicable payment to the District by the Developer or owner
of such Lot or by the holder of a lien affecting such Lot , or
(ii) upon designation of a sufficient amount of unallocated Fees
to a specific Lot pursuant to Section 8 below.
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•
Section 8 . Designation of Payment of Fees . When Fees are
paid to the District , the payer (whether the Developer or another
person) shall designate to the District in writing whether the
amounts paid are to be allocated to one or more specific Lots .
Amounts which are allocated to specific Lots shall be entitled to
a release of Lien as set forth in Section 7 above. Amounts which
are not allocated to specific Lots shall be credited on the
District' s records as unallocated Fees. The Developer or such
other payer may by written notice to the District subsequently
designate specific Lots for which all or any portion of the
unallocated Fees are to be applied; upon such notification, a
release of Lien shall be issued pursuant to Section 7 above.
Section 9 . Default . The occurrence of any of the following
events shall constitute an event of default under this Agreement :
a. Any material misrepresentation under subparagraph
a . , b. or c . of Section 1, Article II of this Agreement;
b. Any breach by Developer of the covenant contained
in subparagraph d. of Section 1, Article II of this
Agreement , unless cured within thirty (30) days of notice to
Developer; or
c . With respect to any individual Lot, any breach of
the provisions of Sections 2 or 3 , Article II of this
Agreement , unless cured within thirty (30) days of notice to
Developer and, if the name and address of the owner of such
Lot has been provided to the District, to the owner of such
Lot .
An event of default which occurs under subsection (c) of this
Section 9 shall constitute a default only for the Fees owing with
respect to the affected Lot; any other event of default shall
constitute a default with respect to all unpaid Fees . Notice of
any default shall be provided to any lender specified in Section
8, Article III of this Agreement, and such lender may cure any
default hereunder by payment in full of all amounts then due and
payable within fifteen (15) days after written notice of such
default has been given by District to such lender.
111111111111111111 IIII 11111111111111111 III 1111111111111
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Section 10 . Remedies Upon Default . Upon the occurrence of
any event of default hereunder with respect to any Fees, interest
on such defaulted Fees shall accrue at the rate of twelve percent
(12%) per annum, and the District shall have the following rights
and remedies : (a) to declare by written notice any or all of such
defaulted Fees immediately due and payable in full ; (b) to
collect or foreclose the Lien against the Lot for which the Fees
are in default; or (c) to exercise any other right or remedy
available to the District under this Agreement or permitted by
law. The District shall be entitled to recover its costs and
expenses, including reasonable attorneys' fees, in connection
with any enforcement action, and such costs and expenses shall be
secured by the Lien against the Lot to which such costs and
expenses are allocable.
ARTICLE III
Section 1 . Nature of Covenants . The covenants, obligations,
terms, conditions and provisions set forth in the Agreement shall
be construed as and, during the term of the Agreement, remain
covenants running with and burdening all Lots and other property
within the Development .
Section 2 . Bond Resolution. The Agreement shall be subject
to the Resolution. Any provision of the Agreement in conflict
with the Resolution shall be deemed to be superseded by the
provisions of the Resolution.
Section 3 . Effective Date. The Agreement shall be in full
force and effect and be legally binding upon each party at the
time of execution by all parties hereto. Prior to approval of the
Agreement by the District, the Developer shall not rescind his
approval of the Agreement without the written consent of the
District . Each party agrees to approve, adopt and execute any and
all instruments, documents and resolutions necessary to
effectuate the covenants, terms, conditions and provisions
contained herein.
Section 4 . Term. The Agreement shall remain in effect
until all Fees have been paid in full .
Section 5 . Successors and Assigns . The Agreement , including
any right to release of Liens hereunder, shall be assignable in
1111111 11111 IRE 11111 11111 11111 HI NE Mill
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whole or in part . In the event thereof, all covenants,
obligations, terms, conditions and provisions contained herein
and all amendments of the Agreement shall inure to and be binding
upon the heirs, personal representatives, transferees, successors
and assigns of the parties hereto.
Section 6 . Remedies.. The remedies provided to the District
hereunder are cumulative and are not intended to be exclusive of
any other remedy to which the District may be lawfully entitled.
None of the remedies provided to either party under the Agreement
shall be required to be exhausted or exercised as a prerequisite
to resort to any further relief to which it may then be entitled.
Every obligation assumed by or imposed upon either party hereto
shall be enforceable by any appropriate action, petition or
proceeding at law or in equity. In addition to any other remedy
provided by law, this Agreement shall be specifically
enforceable . The Agreement shall be construed in accordance with
the laws of the State of Colorado, and in particular Article 1,
Title 32 , C.R.S . All times stated herein are of the essence .
Section 7 . Waiver. No waiver by either party of any
covenant, term, condition or agreement contained herein shall be
deemed or construed as a waiver of any other covenant , term,
condition or agreement, nor shall a waiver of any breach hereof
be deemed to constitute a waiver of any subsequent breach,
whether of the same or of a different provision of the Agreement .
Section 8 . Notices . All notices provided under the
Agreement shall be in writing and shall be hand delivered or sent
by certified mail, return receipt requested, to the following
addresses :
District : Beebe Draw Farms Metropolitan District
11409 West 17th Place
Lakewood, Colorado 80215
Developer: Investors Limited Liability Company
4221 Monaco Street
Denver, Colorado 80216
In addition to the notice provided to Developer, the
District shall also provide a copy of such notice to any lender
of Developer previously certified to District . Either party by
111111111111111111IVi 1111111111111111111111111 ���� ����
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written notice so provided may change the address to which future
notices shall be sent . All notices shall be considered effective
when mailed.
Section 9 . Severability. If any covenant, term, condition
or provision under the Agreement shall, for any reason, be held
to be invalid or unenforceable, the invalidity or unenforce-
ability of such covenant, term, condition or provision shall not
affect any other provision contained herein.
Section 10 . Counterparts . The Agreement may be executed in
multiple counterparts, each of which shall constitute an
original , but all of which shall constitute one and the same
document .
Section 11 . Amendment . The Agreement may be amended from
time to time by agreement between the parties hereto. No
amendment, modification or alteration of the Agreement shall (i)
be binding upon the District or the Developer unless the same is
in writing and duly executed by the parties hereto; (ii) be made
in conflict with the Resolution; or (iii) adversely affect the
owner of a Lot or the holder of a lien against a Lot without the
written consent of such person.
IN WITNESS WHEREOF, the District and Developer have executed
this Agreement on the date and year hereinabove stated.
BEEBE DRAW FARMS METROPOLITAN
DISTRICT
By: •(1�_l
P - eside
ATTEST:
SMETgWe"
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r •F, ft .;z : 1
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IIIIIIIIIII "Ill IIIIIIIIIInIIIIIIIBEI III IIII
III
2661476 12/18/1998 01:34P Wald County CO
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STATE OF COLORADO }
}ss .
COUNTY OF Seems" }
The foregoing Agreement was acknowledged before me this VII=
day of -)Q 19c175, by James&Fell as President and
uyptvu.r.5 Q 5u.•ccc. as Secretary of Beebe Draw Farms Metropolitan
District .
Witness my hand and official s
Notar
My commission expires : (¢ 260Z
....,,,...
J5tPSk ,,,, REI LIMITED LIABILITY COMPANY,
- :? • " ""G9y d/b/a Pelican Lake Ranch and
(, 7NQTA p),\ ' Investors Limited Liability
••- ' Company
frjU la !
By:
Manager
STATE OF COLORADO }
}ss .
COUNTY OF 4eFcevs }
The foregoing Agreement wa acknowledged before me this l/
day ofNec e,. La , 1921 , by Ko (L;e 1 , K e t t y , Manager
of REI LIMITED LIABILITY COMPANY, d/b/a in Colorado as Pelican
Lake Ranch and Investors Limited Liability Company.
Witness my hand and official seal .
tiezt
Notary Public
My Connissice ECM 91102001 `,,,,,,,w,,,a;;;,;,.:
My commission expires : 550S.Wadswodh Blvd
uftwaoa,co 80226 :\
11111111111 11011 pis
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111111 11011111 DID 1111111 III 111111 III IIII
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Legal Description of a parcel of land being located in Sections 3, 4, 5, 8,9, 10, 15, 16 and 17,
Township 3 North, Range 65 West of the 6th Principal Meridian, Weld County, Colorado
being more particularly described as follows:
Beginning at the Southeast Corner of said Section 16 and considering the South line of said
Section 16 as bearing South 89°2T00" West and with all bearings contained herein relative
thereto; thence along said South line South 89°2T00" West 5138.65 feet to the Southeast
Corner of said Section 17; thence along the South line of said Section 17 South 89°32'56"
West 5327.95 feet to the Southwest Corner of said Section 17; thence along the West line of
said Section 17 North 00°29'53" West 5259.39 feet to the Northwest Corner of said Section
17; thence along the West line of said Section 8 North 00°09'44" West 5291.77 feet to the
Northwest Corner of said Section 8; thence along the West line of the Southwest Quarter of
said Section 5 North 00°25'29" West 2654.03 feet to the West Quarter Corner of said Section
5; thence along the West line of the Northwest Quarter of said Section 5 North 00°24'36"
West 1327.22 feet to the Southwest Corner of the North half of the Northwest Quarter of said
Section 5; thence along the South line of the North half of the Northwest Quarter of said
Section 5 North 89°44'12" East 2631.31 feet to the Southeast Corner of the North half of the
Northwest Quarter of said Section 5; thence along the South line of the Northwest Quarter
of the Northeast Quarter of said Section 5 North 89°44'12"East 1331.58 feet to the Southeast
Corner of the Northwest Quarter of the Northeast Quarter of said Section 5;thence along the
East line of the Northwest Quarter of the Northeast Quarter of said Section 5 North
00°39'07" West 1325.38 feet to the Northeast Corner of the Northwest Quarter of. the
Northeast Quarter of said Section 5; thence along the North line of the Northeast Quarter
of said Section 5 North 89°39'32" East 1333.17 feet to the Northeast Corner of said Section
5; thence along the North line of the Northwest Quarter of said Section 4 North 89°45'34"
East 2638.09 feet to the North Quarter Corner of said Section 4; thence along the North line
of the Northeast Quarter of said Section 4 North 89°24'21'"East 805.01 feet;thence departing
said North line South 40°04'03"East 9.61 feet to the centerline of the Platte Valley Canal as
recorded in Book 1068 under Reception No. 02008616, records of said County; thence along
said centerline the following 25 courses and distances; South 10°09'07" West 45.49 feet;
thence South 27°01'47" West 281.98 feet; thence South 35°02'43" West 129.95 feet; thence
South 46°24'26" West 113.95 feet; thence South 67°56'02" West 114.41 feet to the beginning
of a tangent curve concave to the Southeast having a central angle of 43°14'52"and a radius
of 210.00 feet; thence Southwesterly along the arc of said curve 158.51 feet to the end of said
curve;thence tangent from said end of curve South 24°41'10"West 39.72 feet to the beginning
of a tangent curve concave to the East having a central angle of 68°10'08" and a radius of
217.23 feet; thence Southeasterly along the arc of said curve 258.45 feet to the end of said
curve; thence tangent from said end of curve South 43°28'58" East 159.97 feet to the
beginning of a tangent curve concave to the Southwest having a central angle of 48°38'11"
•
1111111 III 111111IIII11111111111111111 ��� 111111 ��� ����
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Legal Description of a parcel of land being located in Sections 3,4, 5, 8, 9, 10, 15, 16 and 17,
Township 3 North, Range 65 West of the 6th Principal Meridian, Weld County, Colorado
being more particularly described as follows:
Beginning at the Southeast Corner of said Section 16 and considering the South line of said
Section 16 as bearing South 89°27'00" West and with all bearings contained herein relative
thereto; thence along said South line South 89°27'00" West 5138.65 feet to the Southeast
Corner of said Section 17; thence along the South line of said Section 17 South 89°32'56"
West 5327.95 feet to the Southwest Corner of said Section 17; thence along the West line of
said Section 17 North 00°29'53" West 5259.39 feet to the Northwest Corner of said Section
17; thence along the West line of said Section 8 North 00°09'44" West 5291.77 feet to the
Northwest Corner of said Section 8; thence along the West line of the Southwest Quarter of
said Section 5 North 00°25'29" West 2654.03 feet to the West Quarter Corner of said Section
5; thence along the West line of the Northwest Quarter of said Section 5 North 00°24'36"
West 1327.22 feet to the Southwest Corner of the North half of the Northwest Quarter of said
Section 5; thence along the South line of the North half of the Northwest Quarter of said
Section 5 North 89°44'12" East 2631.31 feet to the Southeast Corner of the North half of the
Northwest Quarter of said Section 5; thence along the South line of the Northwest Quarter
of the Northeast Quarter of said Section 5 North 89°44'12"East 1331.58 feet to the Southeast
Corner of the Northwest Quarter of the Northeast Quarter of said Section 5;thence along the
East line of the Northwest Quarter of the Northeast Quarter of said Section 5 North
00°39'07" West 1325.38 feet to the Northeast Corner of the Northwest Quarter of the
Northeast Quarter of said Section 5; thence along the North line of the Northeast Quarter
of said Section 5 North 89°39'32" East 1333.17 feet to the Northeast Corner of said Section
5; thence along the North line of the Northwest Quarter of said Section 4 North 89°45'34"
East 2638.09 feet to the North Quarter Corner of said Section 4;thence along the North line
of the Northeast Quarter of said Section 4 North 89°24'21"East 805.01 feet;thence departing
said North line South 40°04'03"East 9.61 feet to the centerline of the Platte Valley Canal as
recorded in Book 1068 under Reception No. 02008616, records of said County; thence along
said centerline the following 25 courses and distances; South 10°09'07" West 45.49 feet;
thence South 27°01'47" West 281.98 feet; thence South 35°02'43" West 129.95 feet; thence
South 46°24'26"West 113.95 feet; thence South 67°56'02" West 114.41 feet to the beginning
of a tangent curve concave to the Southeast having a central angle of 43°14'52"and a radius
of 210.00 feet; thence Southwesterly along the arc of said curve 158.51 feet to the end of said
curve;thence tangent from said end of curve South 24°41'10"West 39.72 feet to the beginning
of a tangent curve concave to the East having a central angle of 68°10'08" and a radius of
217.23 feet; thence Southeasterly along the arc of said curve 258.45 feet to the end of said
curve; thence tangent from said end of curve South 43°28'58" East 159.97 feet to the
beginning of a tangent curve concave to the Southwest having a central angle of 48°38'11"
1111111 IIIII 11111 1111111 11111 1111111 III 111111 III IIII
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and a radius of 81.88 feet;thence Southerly along the arc of said curve 69.51 feet to the end
of said curve; thence tangent from said end of curve South 05°09'12" West 19.20 feet to the
beginning of a tangent curve concave to the Northwest having a central angle of 25°54'10"
and a radius of 260.90 feet; thence Southwesterly along the arc of said curve 117.95 feet to
the end of said curve; thence tangent from said end of curve South 31°03'22" West 130.58
feet; thence South 09°40'40"West 95.26 feet;thence South 03°11'43" East 116.07 feet to the
beginning of a tangent curve concave to the Northeast having a central angle of 36°30'36"and
a radius of 180.24 feet;thence Southeasterly along the arc of said curve 114.85 feet to the end
of said curve; thence tangent from said end of curve South 39°42'19" East 116.57 feet to the
beginning of a tangent curve concave in the Northeast having a central angle of 45°22'31"and
a radius of 114.82 feet; thence Southeasterly along the arc of said curve 90.93 feet to the end
of said curve; thence tangent from said end of curve South 85°04'50" East 170.71 feet to the
beginning of a tangent curve concave to the Southwest having a central angle of 68°29'30"
and a radius of 126.33 feet; thence Southeasterly along the arc of said curve 151.02 feet to
the end of said curve;thence tangent from said end of curve South 16°35'20"East 120.95 feet
to the beginning of a tangent curve concave to the West having a central angle of 25°35'07"
and a radius of 440.41 feet; thence Southerly along the arc of said curve 196.66 feet to the
end of said curve; thence tangent froth said end of curve South 08°59'48"West 101.24 feet to
the beginning of a tangent curve concave to the Northeast having a central angle of 59°32'10"
and a radius of 242.34 feet; thence Southeasterly along the arc of said curve 251.82 feet to
the end of said curve; thence tangent from said end of curve South 50°32'22" East 97.62 feet;
thence departing said centerline North 89°31'39" East 2111.73 feet; thence North 17°52'53"
West 380.92 feet; thence North 89°31'39" East 337.87 feet; thence North 00°28'21" West
150.00 feet; thence North 89°31'39" East 1867.95 feet; thence South 00°14'30" West 680.87
feet; thence South 88°49'23" East 78.63 feet; thence South 12°49'39" East 29.72 feet; thence
South 77°10'18" West 30.00 feet; thence South 12°49'43" East 30.00 feet; thence North
77°10'18" East 30.00 feet; thence South 12°49'56" East 14.14 feet; thence South 19°27'45"
East 607.82 feet;thence South 43°51'20"East 959.22 feet;thence South 11°54'57"East 159.45
feet; thence South 60°05'14" East 1098.46 feet; thence South 22°08'46" East 2187.26 feet;
thence South 17°45'43"West 814.40 feet to a point on the Northerly line of that certain parcel
of land described in deed gas Parcel A, recorded in Book 1068 under Reception No. 02008614,
records of said County; thence along said Northerly line the following 5 courses and
distances; South 38°04'26" West 66.71 feet;thence South 70°24'28" West 210.50 feet; thence
North 65°42'40" West 1366.02 feet;thence North 44°50'58" West 1116.45 feet; thence South
71°22'10"West 137.84 feet;thence departing said Northerly line South 71°22'10"West 539.96
feet;thence South 43°28'15"East 318.43 feet;thence South 16°14'00"East 175.00 feet;thence
South 00°40'00" East 380.00 feet; thence South 27°02'02" West 73.00 feet; thence North
65°16'00"West 155.00 feet;thence North 56°09'00"West 462.00 feet; thence North 68°59'00"
West 256.00 feet; thence South 31°13'00" West 248.00 feet; thence South 80°26'00" West
196.00 feet; thence North 65°07'00" West 214.52 feet to a point on the Easterly line of that
certain parcel of land described in deed as Exhibit A recorded in Book 1068 under Reception
No.02008614,records of said County;thence along said Easterly line the following 13 courses
and distances; North 29°11'51" West 43.34 feet; thence North 35°35'04" West 285.27 feet;
thence North 69°49'46"West 52.20 feet;thence North 34°41'43"West 94.87 feet;thence North
40°48'08"East 154.56 feet; thence North 72°48'51" East 101.53 feet; thence North 31°54'29"
East 62.43 feet; thence North 17°31'32" East 59.77 feet; thence North 20°04'17" West 110.72
feet; thence North 07°06'02" West 291.23 feet; thence North 11°50'01" West 107.28 feet;
thence North 33°54'04"West 150.60 feet; thence North 07°02'17"West 163.23 feet to a point
on the Easterly line of that certain parcel of land described in deed as Exhibit B recorded in
Book 1068 under Reception No. 02008614,records of said County;thence along said Easterly
line North 36°47'35" East 143.90 feet; thence departing said Easterly line North 57°06'34"
West 166.61 feet; thence North 75°57'04" West 582.06 feet; thence North 88°50'24" West
134.11 feet to a point on said Easterly line; thence departing said Easterly line North
27°27'03" West 226.36 feet; thence North 39°26'25" West 223.17 feet to a point on said
Easterly line; thence departing said Easterly line North 09°54'20" West 362.45 feet; thence
North 17°02'45" West 167.22 feet to a point on said Easterly line; thence departing said
Easterly line North 28°46'38" West 241.99 feet; thence North 42°33'43" West 106.54 feet to
a point on said Easterly line; thence along said Easterly and Northerly lines of said Exhibit
B the following 8 courses and distances; North 61°52'04" West 76.22 feet; thence North
89°17'02"East 139.17 feet; thence North 03°45'51"West 390.32 feet; thence North 70°52'01"
West 116.11 feet; thence North 72°17'16" West 122.30 feet; thence North 55°39'25" West
181.68 feet; thence North 31°18'35" West 1063.87 feet; thence South 58°31'52" West 67.39
feet; thence departing said Northerly line South 31°28'08" East 522.19 feet; thence South
10°25'09" East 99.33 feet; thence South 33°45'06" East 157.31 feet; thence South 51°32'58"
West 95.52 feet to a point on the Westerly line of that certain parcel of land described in deed
as Exhibit A recorded in Book 1068 under Reception No. 02008614 records of said County;
thence along said Westerly line the following 3 courses and distances;South 00°23'32" East
177.92 feet; thence South 10°18'17"East 78.26 feet; thence South 30°46'13"East 152.46 feet;
thence departing said Westerly line South 47°56'08"East 265.05 feet;thence South 37°58'18"
West 164.42 feet; thence South 06°08'48" West 239.20 feet to a point on said Westerly line;
thence departing said Westerly line South 33°32'10"East 129.62 feet;thence South 74°20'47"
East 218.49 feet to a point on said Westerly line; thence departing said Westerly line South
21°05'52" East 136.12 feet to a point on said Westerly line; thence departing said Westerly
line South 05°34'43" East 216.02 feet to a point on said Westerly line; thence along said
Westerly line South 40°38'56" East 130.48 feet; thence departing said Westerly line South
06°37'15" West 112.76 feet to a point on said Westerly line; thence along said Westerly line
the following 3 courses and distances;South 13°34'14"East 59.67 feet;thence South 35°26'24"
East 136.24 feet;thence South 49°59'37" East 73.11 feet;thence departing said Westerly line
111111111111111111IIII 11111111111111111 III 111111 III IIII
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r
South 72°03'02" East 149.26 feet to a point on said Westerly line; thence departing said
Westerly line South 28°24'46" East 133.73 feet; thence South 40°21'52" East 122.55 feet;
thence South 31°08'20" East 168.24 feet to a point on said Westerly line; thence along said
Westerly line the following 2 courses and distances;South 35°26'45"East 144.84 feet;thence
South 52°48'55" East 145.60 feet; thence departing said Westerly line South 53°35'20" East
274.60 feet to a point on said Westerly line; thence departing said Westerly line South
O1°31'33" West 75.03 feet to a point on said Westerly line; thence departing said Westerly
line South 30°03'16"West 263.26 feet;thence South 06°03'15"East 282.44 feet;thence South
25°15'47" East 337.55 feet to a point on said Westerly line; thence departing said Westerly
line South 23°51'09" East 264.59 feet; thence South 29°30'41" East 174.35 feet to a point on
the Easterly line of that certain parcel of land described in deed,recorded in Book 1068 under
Reception No.02008615,records of said County;thence along said Easterly line the following
6 courses and distances; South 37°11'26" East 96.99 feet; thence South 52°03'11" East 69.68
feet;thence South 55°31'12"East 148.65 feet;thence South 16°11'37"East 138.93 feet;thence
South 42°52'31" East 177.69 feet; thence South 25°09'42" East 155.19 feet; thence departing
said Easterly line South 24°47'31"East 180.62 feet;thence South 36°43'59"East 146.03 feet;
thence South 25°08'23" West 111.15 feet; thence South 02°01'55" East 227.19 feet; thence
South 20°03'39" East 193.90 feet; thence South 12°33'01" East 346.85 feet; thence South
10°22'16"West 264.13 feet; thence South 05°07'42"West 157.19 feet; thence South 32°32'33"
West 220.12 feet; thence South 19°19'41" West 268.66 feet; thence South 38°04'00" West
284.92 feet; thence South 79°43'10" West 714.61 feet; thence South 24°52'12" West 224.67
feet; thence South 07°13'57" East 37.52 feet to a point on the Northerly line of said Section
15; thence along said Northerly line North 89°28'21" East 75.13 feet; thence departing said
Northerly line South 00°41'51" East 5263.69 feet to a point on the Southerly line of said
Section 15; thence along said Southerly line South 89°48'56" West 358.01 feet to the
Southeast Corner of said Section 16; said point also being the TRUE POINT OF
BEGINNING; Including that portion thereof platted as Beebe Draw Farms and Equestrian
Center First Filing under Revised Plat and Dedication recorded April 12, 1988 in Book 1192
as Reception No. 2137453.
The above described parcel contains 4120.472 acres more or less and is subject to the
following easements, agreements and rights-of-way.
Deed recorded in Book 512, Page 551, (location of right-of-way cannot accurately be defined
per legal description),Deed recorded in Book 655,Page 293,Deed recorded in Book 655,Page
502, Agreement recorded in Book 961, Page 223, Right-of-way and Easement recorded in
Book 1045 under Reception No. 01983413, (location of right-of-way and easement cannot
accurately be defined per legal description), Quit Claim Deed recorded in Book 1068 under
Reception No. 02008614 (shown hereon), Quit Claim Deed recorded in Book 1068 under
•
Reception No. 02008615 (shown hereon), Quit Claim Deed recorded in Book 1068 under
^ Reception No. 02008616 (shown hereon), Canal Right-of-way Agreement recorded in Book
1068 under Reception No.02008617,Quit Claim Deed recorded in Book 1068 under Reception
No.02008618,Quit Claim Deed recorded in Book 1068 under Reception No.02008619(shown
hereon), Quit Claim Deed recorded in Boob 1068 under Reception No. 02008620 (shown
hereon), Agreement recorded in Book 1068 under Reception No. 02008621, Right-of-way
recorded in Book 1068 under Reception No. 02008622 (shown hereon), Grazing and
Recreational Lease recorded in Book 1068 under Reception No. 02008623, Amendment to
Grazing and Recreational Lease recorded in Book 1068 under Reception No. 02008624, Quit
Claim Deed recorded in Book 1068 under Reception No. 02008625 (20 foot access easement
subject to grazing lease), Right-of-way easement and Licenses recorded in Book 1068 under
Reception No. 02008626, Quit Claim Deed recorded in Book 1068 under Reception No.
02008627(reconfirms rights previously granted in Book 1045 under Reception No. 10983413),
Quit Claim Deed recorded in Book 1068 under Reception No. 02008628 (20 foot permanent
access easement), Quit Claim Deed recorded in Book 1076 under Reception No. 02017072
(affects parcels recorded in Book 1068 under Reception No. 02008628, Reception No.
02008620,Reception No. 02008616 and Reception No. 02008627),Quit Claim Deed recorded
in Book 1111 under Reception No. 02052204, Quit Claim Deed recorded in Book 1112 under
Reception No. 02053446, (Amends Legal in Quit Claim Deed recorded in Book 1068 under
^ Reception No. 02008619),Agreement recorded in Book 1117 under Reception No. 02058723,
Grazing and Recreational Lease recorded in Book 1148 under Reception No.02090926,Order
Approving Settlement Agreement recorded in Book 1201 under Reception No. 02147157,
Supplemental Declaration recorded in Book 1224 under Reception No. 02170703, (Relocates
easement granted in Book 1068 under Reception No. 02008628), Amendment to Grant of
Easement recorded in Book 1268 under Reception No. 02218734,(restates and amends right-
of-way and easement recorded in Book 1045 under Reception No. 01983413 and Book 1068
under Reception No. 02008627), Oil and Gas Lease recorded in Book 1327 under Reception
No. 02280130 and all other easements, agreements and rights-of-way of record.
I ê( 4! !iiliè
'IIIIII"II I"" IIIII 'I'II'I III I'I'II 'll If'I 0.00 JR Sukl Mukamoto
r
) ) )
EXHIBIT F
FINANCING PLAN
03/24/99 4:05 PM
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008-2018 Total
Revenue
Beginning Cash Balance 350,000 0 0 0 0 0 0 0 0 0 0 350,000
Bond Proceeds Net of Issuance Costs 1,900,000 0 0 0 0 0 0 0 0 0 0 1,900,000
Tap Fees-Central Weld(Note#1) 0 243,000 225,000 357,500 480,000 650,000 700,000- 750,000 800,000 680,000 0 4,885,500
Water Service Charges$5/mo 0 540 3,380 6,290 10,325 15,070 20,950 26,980 33,035 39,035 434,040 589,645
Developer Fees(Note#2) 0 837,000 721,913 1,079,259 1,374,810 1,778,661 1,840,914 1,905,346 1,972,033 1,632,843 0 13,142,778
Interest Income(Note#3) 30,000 83,591 1,158 12,438 2,942 726 5,751 13,891 25,955 42.418 0 218,868
Property Taxes-Oil&Gas(Note#4) 257,979 270,208 211,794 192,671 177,160 162,517 150,028 138,296 126,609 116,522 533,395 2,337,179
Property Taxes-Residential(Note#5) 0 0 0 42,077 77,141 127,789 190,125 268,045 345,965 423,885 5,579,072 7,054,098
Specific Ownership Taxes(Note#6) 25,798 21,617 16,944 18,780 20,344 23,224 27,212 32,507 37,806 43,233 488,997 756,462
Facilities Operation(Note#7) 3,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 0 99,000
Conservation Trust Fund(Note#8) 0 161 296 490 729 1,028 1,327 1,626 1,925 2,139 21,390 31,111
Total Revenue 2,563,777 1,458,956 1,192,188 1,721,014 2,154,722 2,769,987 2,946,980 3,147,065 3,353,402 2,989,935 7,035,504 31,333,530
Expense
Operation&Administration(Note#9) 20,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 500,000 970,000
CBT Water(Note#10) 47,600 52,500 180,000 292,500 400,000 550,000 600,000 650,000 700,000 600,000 0 4,072,600
Roadway Paving(Note#11) 0 766,172 207,115 389,693 624,512 711,464 736,366 762,138 788,813 514,346 0 5,500,619
Roadway Earthwork(Note#11) 229,742 300,124 75,358 141,790 318,210 384,420 397,875 411,801 426,214- 277,913 0 2,963,446
Culverts(Note#11) 0 81,919 9,307 26,489 48,796 57,376 59,384 61,463 63,614 41,479 0 449,828
Entrance&Administration Bldgs(Note 28,970 345,000 0- 0 0 0 0 0 0 0 0 373,970
#12)
Mosquito Control 0 23,480 23,480 23,480 0 0 0 0 O 0 0 70,440
Clubhouse,Swimming,Tennis(Note 0 0 0 454,199 0 0 0 0 0 0 0 454,199
#13)
Marina,Beach,Lake Christina(Note 16,504 552,253 0 0 0 0 0 0 0 0 0 568,756
#14) - _
Equestrian Center(Note#15) 0 0
Water System-Off Site 175,148 195,000 0 0 0 0 0 0 0 0 0 370,148
Water System-On Site(Note#16) 236,966 209,563 119,081 272,908 409,268 470,484 486,9511 503,995 521,634 340,132 0 3,570,981
F-1
Engineering/Supervision 113,691 103,900 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 0 577,591
Landscaping(Note#17) 0 197,200 88,751 27,371 69,219 86,064 89,076 92,194 95,421 62,219 0 807,516
Signage(Note#11) 0 22,007 13,193 9,454 24,935 28,688 29,692 30,731 31,807 20,740 0 211,248
Contingency(Note#18) 23,335 78,849 25,640 43,385 74,747 86,925 89,967 93,116 96,375 62,841 0 675,182
Bond Interest(Note#19) 129,660 129,660 129,660 129,360 129,060 124,860 120,360 115,260 109,860 706,440 1,824,180
Bond Principal(Note#19) 0 0 0 5.000 5.000 70,000 75,000 85,000 90,000 95,000 1,575,000 2,000,000
Total Expense 891,956 3,107,626 966,585 1,910,928 2,199,048 2,669,482 2,784,172 2,905,798 3,024,138 2,219,530 2,781,440 25,460,704
Cash Available Cumulative 1,671,821, 23,150 248,753 58,839 14,513 115,017 277,825 519,092 848,356 1,618,761 5,872,825
ssessed Valuation
Oil&Gas Sales 6,449,480 6,755,200 5,294,884 4,816,772 4,428,993 4,062,916 3,750,695 3,457,396 3,165,237 2,913,055 2,414,725
Residential Improvements 0 1,314,900 2,410,650 3,993,400 5,941,400 8,376,400 10,811,400 13,246,400 17,629,400
Total Valuation 6,449,480 6,755,200 5,294,884 6.131,672 6,839,643 8,056,316 9,692,095 11,833,796 13,976,637 16,159,455 20,044,125
Lot Sales 0 54 45 65 80 100 100 100 100 80 724
Population(Note#20) 0 140 257 426 634 894 1,154 1,414 1,674 1,860 1,860
Assumptions to Projections:
Income:
1. Tap Fees passing to District from Central Weld starting at$4,500 per lot in 1999 with the amount increasing at$500 per lot each year thereafter.
2. Developer Fees to District starting at$15,500 per lot in 1999. Fees inflated at 3.5%per annum thereafter.
3. Interest income is not projected after 2007. It is assumed that cash accumulations will be expended or revenue will be decreased.
4. Property Taxes from Oil&Gas Production based on McCartney Engineering,LLC.Report dated as of January 1, 1998. 1999 amount adjusted to Assessed Valuation from Weld
County.
5. Property Taxes from Residential assumes home valuation of$250,000 and two year lag from lot sale to tax collection.
6. Specific Ownership Tax projected at 7%of Property Tax.
7. Facilities Operation income from renting to Developer a sales office in portion of District Administration Building for$1,000 per month.
8. Based upon average of$1.15 per capita annually per actual Lottery distributions in 1998.
F-2
Expenses:
9. Maintenance expense includes annual projected costs for mowing the greenbelt areas.
10. The District acquired CBT Water Capacity during 1997 and 1998 to serve the first 39 lots. CBT Water Capacity purchases in the future are projected at$3,500 per lot in 1999
with the cost increasing 500 per lot each year thereafter.
11. Road Paving,Earthwork,Culverts and Signage are based on First Phase Contract with Mountain Constructors,Inc.with the balance of the First Filing estimated by Milestone
Engineering. Second Filing
Costs are projected based on per lot costs from Milestone Engineering Second Filing estimates. Costs are inflated at 3.5%starting in 2000. Includes$129,105 change order
added to projection on 1/28/99.
12. Entrance and Administrative Buildings are assumed to be built in 1999 based on bids awarded by the District in January 1999.
13. Clubhouse projected to be completed in 2001. District has estimated the cost in 1999 dollars to be$424,000. Projected costs are inflated at 3.5%per annum.
14. Water amenities are based on Engineer's estimates and to be completed in 1999.
15. Equestrian Center improvements are not included in this projection. No work is anticipated at the Equestrian Center until such time as is economically feasible.
16. On Site Water System costs are based on First Phase Contract with Northern Colorado Constructors with the balance of the First Filing estimated by Milestone Engineering.
Second Filing Costs are projected based on per lot costs from Milestone Engineering Second Filing estimates. Costs are inflated at 3.5%starting in 2000.
17. Landscaping costs based on estimate from Silver Lace Landscaping. Second Filing cost estimates from Milestone Engineering. Costs are inflated at 3.5%starting in 2000.
18. Contingency of 5%has been projected for Road,Water and Landscaping Costs. Projected costs are inflated at 3.5%per annum starting in 2000. Preliminary engineering
survey includes a supplemental contingency factor of 10%on most capital improvements.
19. Bond Interest and Principal based on Official Statement dated October 21, 1998. •
20. Based upon 2.6 persons per lot with 1,860 total population.
F-3
EXHIBIT G
Debt Amortization Schedule
Year Interest Principal Total Annual Balance
Payments
2,000,000
1999 129,660 0 129,660 2,000,000
2000 129,660 0 129,660 2,000,000
2001 129,660 5,000 134,660 1,995,000
2002 129,360 5,000 134,360 1,990,000
2003 129,060 70,000 199,060 1,920,000
2004 124,860 75,000 199,860 1,845,000
2005 120,360 85,000 205,360 1 ,760,000
2006 115,260 90,000 205,260 1,670,000
2007 109,860 95,000 204,860 1,575,000
2008 104,160 100,000 204,160 1,475,000
2009 98,160 110,000 208,160 1,365,000
-- 2010 91,560 115,000 206,560 1,250,000
2011 84,200 125,000 209,200 1,125,000
2012 76,200 135,000 211,200 990,000
2013 67,560 140,000 207,560 850,000
2014 58,600 150,000 208,600 700,000
2015 49,000 160,000 209,000 540,000
2016 37,800 170,000 207,800 370,000
2017 25,900 180,000 205,900 190,000
2018 13,300 190,000 203,300 0
EXHIBIT H
[1997 FINANCIAL STATEMENTS]
BEEBE DRAW FARMS
METROPOLITAN DISTRICT
FINANCIAL STATEMENTS
and
SUPPLEMENTAL INFORMATION
DECEMBER 31 , 1997
` fan
V chooneveld and Co., Inc.
Certified Public Accountants
BEEBE DRAW FARMS METROPOLITAN DISTRICT
TABLE OF CONTENTS
DECEMBER 31, 1997
Page
Independent Auditor's Report 1
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and Account Group 2-3
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Governmental Fund Types 4-5
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Actual and Budget - All Governmental Fund Types 6-7
Notes to Financial Statements 8-14
Supplemental Information
Summary of Assessed Valuation, Mill Levy and Property Taxes
Collected 15
V/ an Principals
C
Jack Schroeder
Larry R. Beardsley
chooneveld and Co. Inc. Richard M. Carlson
7 Mark D. Elmshauser
Certified Public Accountants - Kevin E Collins
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Beebe Draw Farms Metropolitan District
Weld County, Colorado
We have audited the accompanying general purpose financial statements of Beebe Draw Farms
Metropolitan District as of and for the year ended December 31, 1997, as listed in the foregoing
Table of Contents. These financial statements are the responsibility of the District's management.
Our responsibility is to express an opinion on these financial statements based on our audit. •
We conducted our audit in accordance with generally accepted auditing standards. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of Beebe Draw Farms Metropolitan District at December
31, 1997 and the results of its operations for the year then ended, in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The supplemental information as listed in the Table of Contents is
presented for purposes of additional analysis and is not a required part of the general purpose
financial statements of Beebe Draw Farms Metropolitan District. Such information has been
subjected to the auditing procedures applied in the audit of the general purpose financial statements
and, in our opinion, is fairly stated in all material respects in relation to the general purpose
financial statements taken as a whole.
V s
June 15, 1998
6000 Greenwood Plaza Blvd., #110 • Greenwood Village, CO 80111-4817
303-779-4000 • FAX 303-770-9276 •E-mail: vscocpas@vscocpa.com
Members:American Institute of Certified Public Accountants-S.E.C.and Private Practice Sections•Colorado Society of Certified Public Accountants
SUPPLEMENTAL INFORMATION
GENERAL PURPOSE FINANCIAL STATEMENTS
r
BEEBE DRAW FARMS METROPOLITAN DISTRICT
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUP
DECEMBER 31, 1997
Governmental Fund Types
Debt Capital
General Service Projects
ASSETS Fund Fund Fund
Cash deposits $ 235,202 $ 225,244 $ 61,359
Cash held by County Treasurer
Property tax receivable 73,800 184,000
Property
Total assets $ 309,002 $ 225,244 $ 245,359
LIABILITIES AND EOUITY
LIABILITIES
Accounts payable $ 13,457 $ $
Deferred property tax revenue 73.800 184,000
Total liabilities 87,257 184.000
EQUITY
Investment in general fixed assets
Fund balances
Reserved 8,700 225,244 61.359
Unreserved and undesignated 213,045
Total equity 221,745 225,244 61,359
Total liabilities and equity $ 309,002 $ 225.244 $ 245,359
Account
Grout)
General Totals
Fixed (Memorandum Only)
Assets 1997 1996
$ $ 521,805 $ 698,549
2,761
257,800 240,000
847,871 847,871 309,609
$ 847,871 $ 1,627,476 $ 1,250,919
$ $ 13,457 $ 6,250
257,800 240,000
271,257 246,250
847,871 847,871 309,609
295,303 514,520
213,045 180,540
847,871 1,356.219 1,004,669
$ 847,871 $ 1,627,476 $ 1.250,919
The accompanying notes are an integral part of the financial statements.
-3-
BEEBE DRAW FARMS METROPOLITAN DISTRICT
COMBINED STATEMENT OF REVENUE. EXPENDITURES AND CHANGES IN
FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1997
Debt Capital
General Service Projects
Fund Fund Fund
REVENUE
Property taxes $ 42,217 $ $ 171,846
Specific ownership taxes 25,962
Lease revenue 25,695
Interest 4,313 22.616
Intergovernmental 28
Total revenue 98,215 194,462 •
EXPENDITURES
Current
Legal 11,855
Insurance 3.667
Audit and accounting 4,000
Directors' fees 500
County Treasurer's fees 690 1.718
Lake lease 28.550
Interest - Abated taxes 5,920
Miscellaneous 2,628
Rent 3,600
Debt service
G.O. note - Principal
G.O. note - Interest
Capital outlay 416.261
Total expenditures 61,410 417,979
EXCESS REVENUE OVER
(UNDER) EXPENDITURES 36,805 (223.517)
FUND BALANCE - BEGINNING OF
YEAR 184.940 225,244 284,876
FUND BALANCE - END OF YEAR $ 221.745 $ 225.244 $ 61.359
-4-
Totals
(Memorandum Only)
1997 1996
$ 214,063 $ 339,284
25,962 36,082
25,695 24,755
26,929 43,494
28 36
292.677 443.651
11.855 13,684
3,667 3,92?
4.000 4,000
500 950
2.408 3,397
28.550 27,516
5,920
2,628 84
3,600 3,600
350,000
31,500
416.261 51.753
479.389 490.406
(186,712) (46,755)
695.060 741.815
$ 508.348 $ 695.060
The accompanying notes are an integral part of the financial statements.
-5-
BEEBE DRAW FARMS METROPOLITAN DISTRICT
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - ACTUAL AND BUDGET
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1997
General Fund
Variance-
Favorable
Actual Budget (Unfavorable)
REVENUE
Property taxes $ 42,217 $ 69,003 $ (26,786)
Specific ownership taxes 25,962 30,000 (4,038)
Lease revenue 25,695 26,000 (305)
Interest 4,313 750 3,563
Intergovernmental 28 30 (2)
Total revenue 98.215 125.783 (27,568)
EXPENDITURES
Current
Legal 11,855 20,000 8,145
Insurance 3,667 4,000 333
Audit and accounting 4,000 4.500 500
Directors' fees 500 1,500 1.000
County Treasurer's fees 690 2,410 1,720
Lake lease 28,550 29,000 450
Interest - Abated taxes 5,920 (5,920)
Miscellaneous 2,628 500 (2,128)
Rent 3,600 3,600
Debt service
G.O. Note - Interest and issue costs
Capital outlay
Total expenditures 61,410 65.510 4.100
EXCESS OF REVENUE OVER
(UNDER) EXPENDITURES 36.805 60.273 (23.468)
OTHER FINANCING SOURCES
Proceeds from general obligation bonds
Total other financing sources
EXCESS OF REVENUE AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES 36,805 60,273 (23,468)
FUND BALANCE - BEGINNING OF YEAR 184.940 185.660 (720)
FUND BALANCE - END OF YEAR $ 221.745 $ 245,933 $ (24.188)
-6-
Debt Service Fund Capital Projects Fund
Variance- Variance-
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$ $ $ $ 171,846 $ 171,908 $ (62)
22,616 7,500 15,116
194,462 179.408 15.054
r
1,718 (1,718)
45.000 45,000 25,000 25,000
416,261 1,423,103 1.006.842
45.000 45.000 417,979 1.448.103 1,030.124
(45.000) 45.000 (223,517) (1,268,695) 1,045,178
1.000.000 (1.000.000)
1,000,000 (1.000.000)
(45,000) 45.000 (223,517) (268,695) 45,178
225,244 225.158 86 284,876 270,660 14.216
$ 225.244 $ 180.158 $ 45.086 $ 61.359 $ 1,965 $ 59.394
The accompanying notes are an integral part of the financial statements.
7
BEEBE DRAW FARMS METROPOLITAN DISTRICT
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
NOTE 1) DEFINITION OF REPORTING ENTITY
The District, a quasi-municipal corporation, is governed pursuant to provisions of
the Colorado Special District Act. The District's service area is located in Weld
County, Colorado. The District was established to provide water, parks and
recreational facilities, street and drainage improvements, safety protection and
related services.
The District has no employees and all operations and administrative functions are
contracted.
The District follows the Governmental Accounting Standards Board (GASB)
accounting pronouncements which provide guidance for determining which
governmental activities, organizations and functions should be included within the
financial reporting entity. GASB pronouncements set forth the financial
accountability of a governmental organization's elected governing body as the basic
criterion for including a possible component governmental organization in a
primary government's legal entity. Financial accountability includes, but is not
limited to, appointment of a voting majority of the organization's governing body,
ability to impose its will on the organization, a potential for the organization to
provide specific financial benefits or burdens and fiscal dependency.
The District is not financially accountable for any other organization, nor is the
District a component unit of any other primary governmental entity.
NOTE 2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The more significant accounting policies of the District are described as follows:
a) Fund Accounting
The accounts of the District are organized on the basis of funds or account
groups, each of which is considered a separate accounting entity. Fund
types and account groups used by the District are described below.
Governmental Fund Types
General Fund - The General Fund is the general operating fund of the
District. It is used to account for all financial resources except those
required to be accounted for in other funds.
Debt Service Fund - The Debt Service Fund is used to account for the
accumulation of resources for, and the payment of general long-term
obligation principal, interest and related costs.
8
Capital Projects Fund - The Capital Projects Fund is used to account for
financial resources to be used for the acquisition or construction of major
capital facilities.
Account Group
General Fixed Assets Account Group - This group of accounts is
established to account for recorded fixed assets of the District.
b) Basis of Accounting
The modified accrual basis of accounting is followed in the governmental
fund types. Revenue is recorded when susceptible to accrual, i.e., both
measurable and available. Available means collectible within the current
period or soon enough thereafter to be used to pay liabilities of the current
period. The major sources of revenue which are susceptible to accrual are
property taxes. Expenditures, other than interest on long-term obligations
are recorded when the liability is incurred or the long-term obligation paid.
c) Budgets
In accordance with the State Budget Law, the District's Board of Directors
holds public hearings in the fall each year to approve the budget and
appropriate the funds for the ensuing year. The appropriation is at the total
fund expenditures level and lapses at year end. The District's Board of
Directors can modify the budget by line item within the total appropriation
without notification. The appropriation can only be modified upon
completion of notification and publication requirements.
Encumbrance accounting (open purchase orders, contracts in process and
other commitments for the expenditures of funds in future periods) is not
used by the District for budget or financial reporting purposes.
d) Pooled Cash
The District follows the practice of pooling cash and investments of all
funds to maximize interest earnings. Except when required by trust or
other agreements, all cash is deposited to and disbursed from a single bank
account. Cash in excess of immediate operating requirements is pooled for
deposit and investment flexibility. Interest is allocated to the General and
Capital Projects Funds as determined by the Board of Directors in the
budget process.
e) General Fixed Asset Account Group
Property is stated at cost. No depreciation is provided on general fixed
assets.
-9-
f) Property Taxes
Property taxes are levied by the District Board of Directors. The levy is
based on assessed valuations determined by the County Assessor generally
as of January 1 of each year. The levy is normally set by December 15 by
certification to the County Commissioners to put the tax lien on the
individual properties as of January 1 of the following year. The County
Treasurer collects the determined taxes during the ensuing calendar year.
The taxes are payable by April or if in equal installments, at the taxpayers
election, in February and June. Delinquent taxpayers are notified in
August and generally sales of the tax liens on delinquent properties are held
in November or December. The County Treasurer remits the taxes
collected monthly to the District.
Property taxes, net of estimated uncollectible taxes, are recorded initially
as deferred revenue in the year they are levied and measurable. The
deferred property tax revenue are recorded as revenue in the year they are
available or collected.
g) Fund Equity
Fund Balance
The fund balances have been reserved for that portion of the fund balance
that is legally segregated or is not subject to future appropriation.
Designations of unreserved fund balances indicate management's intention
for future utilization of such funds and are subject to change by
management.
The District considers all unreserved fund balances to be "reserves" for
future operations or capital replacement as defined within Article X,
Section 20 of the Constitution of the State of Colorado (see Note 9).
Reserved Fund Balance
Article X, Section 20 of the Constitution of the State of Colorado requires
the District to establish Emergency Reserves (see Note 9). $8,700 of the
fund balance has been reserved in compliance with this requirement.
The fund balance in the Debt Service Fund is reserved for future general
obligation debt.
The fund balance in the Capital Projects Fund is reserved for street and
drainage improvements and to provide water facilities.
h) Totals (Memorandum Only)
^ Total columns on the combined statements are captioned "(Memorandum
Only)" because they do not represent consolidated financial information and
are presented only to facilitate financial analysis. Data in these columns do
not present financial position or results of operations, in conformity with
generally accepted accounting principles. Neither is such data comparable
-10-
to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
NOTE 3) CASH AND INVESTMENTS
Cash Deposits
The Colorado Public Deposit Protection Act (PDPA) requires that all units of local
government deposit cash in eligible public depositories. Eligibility is determined
by state regulators. Amounts on deposit in excess of federal insurance levels must
be collateralized. The eligible collateral is determined by the PDPA. PDPA
allows the institution to create a single collateral pool for all public funds. The
pool for all the uninsured public deposits as a group is to be maintained by another
institution or held in trust. The market value of the collateral must be at least equal
to the aggregate uninsured deposits.
The State Regulatory Commissions for banks and financial services are required
by Statute to monitor the naming of eligible depositories and reporting of the
uninsured deposits and assets maintained in the collateral pools.
At December 31, 1997, the District's cash deposits had a bank balance and a
carrying balance as follows:
Carrying Bank
Balance Balance
Insured deposits $ 226,448 $ 226,448
Deposits required to be collateralized
in single institution pools 295,357 295,357
$ 521,805 $ 521.805
Investments
Colorado statutes specify investment instruments meeting defined rating and risk
criteria in which local governments may invest which include:
Obligations of the United States and certain U.S. government agency
securities
Certain international agency securities
General obligation and revenue bonds of U.S. local government entities
Bankers' acceptances of certain banks
Commercial paper
Written repurchase agreements collateralized by certain authorized securities
Certain money market funds
Guaranteed investment contracts
Local government investment pools
During the year ended December 31, 1997, the District had no investments.
-11-
NOTE 4) PROPERTY
An analysis of the changes in property for the year ended December 31, 1997
follows:
Balance at Balance at
January December
By Classification 1, 1997 Additions Retirements 31, 1997
Land $ $ 128,375 $ $ 128,375
Roads 79,699 26,785 106,484
Water distribution facilities 162,621 3,200 165,821
Offsite water facilities 300,000 300,000
Water capacity 67,500 67,500
Recreation facilities 67.289 12.402 79,691
$ 309.609 $ 538,262 $ -0- $ 847.871
By Source
Contributed $ $ 122,000 $ $ 122,000
Long-term debt obligations 309.609 416.262 725,871
$ 309.609 $ 538.262 $ -0- $ 847.871
During the year ended December 31, 1997,the primary developer in the District(see
Note 6) contributed land valued at$122.000 to the District.
NOTE 5) LONG-TERM OBLIGATIONS
On November 2, 1993, the voters of the District passed two questions to increase
debt by a total of $2,000,000, at an interest rate not to exceed 9%, along with
property taxes in the maximum amount of$280,000 per year to pay off that debt. On
November 5, 1996, the voters of the District passed three questions to increase debt
by a total of$3,000,000, at an interest rate not to exceed 10%, along with property
taxes in the maximum amount of$450,000 per year to pay off that debt in not more
than 20 years. At December 31, 1997, the District had authorized but unissued
indebtedness in the following amounts allocated for the following purposes:
Parks and recreational facilities $ 1,000,000
Water facilities 1,675,000
Street improvements 1,975,000
$ 4.650,000
NOTE 6) RELATED PARTIES
The primary developer of real property in the District is R.E.I. Limited Liability
Company (Developer). successor in interest to Beebe Draw Farms, Ltd. Certain
members of the Board of Directors are associated with the Developer.
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NOTE 7) COMMITMENTS
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Operating JPase and Sublease
On March 4, 1987, the Developer (see Note 6) entered into a grazing and
recreation lease for Milton Lake and surrounding land in Weld County.
Subsequent to that date, the Developer assigned the lease to the District. The lease
continues through 2016 and requires annual payments of$20,000, adjusted by the
Consumer Price Index, which amounted to$28,550 for 1997. The annual payment
due over the last 12 years of the lease is subject to renegotiation by both parties.
If the fair market rental value of the property increases for any two consecutive
years at a rate in excess of the Consumer Price Index adjustment, the rate must
increase in accordance with such increased fair market rental value.
The District has also been assigned a sublease of the above described property.
The lease income to the District for the year ended December 31, 1997 was
$25,695. The term of the sublease continues through 2004.
NOTE 8) RISK MANAGEMENT
The District is exposed to various risks of loss related to torts, thefts of assets;
errors or omissions, or acts of God. The District maintains commercial insurance
for all risks of loss. Settled claims have not exceeded this commercial coverage
in any of the past three fiscal years.
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NOTE 9) TAX, SPENDING AND DEBT LIMITATIONS
Article X, Section 20 of the Colorado Constitution, commonly known as the
Taxpayer's Bill of Rights (TABOR) contains tax, spending, revenue and debt
limitations which apply to the State of Colorado and all local governments.
Spending and revenue limits are determined based on the prior year's Fiscal Year
Spending adjusted for allowable increases based upon inflation and local .growth.
Fiscal Year Spending is generally defined as expenditures plus reserve increases
with certain exceptions. Revenue in excess of the Fiscal Year Spending limit must
be refunded unless the voters approve retention of such revenue.
TABOR requires local governments to establish Emergency Reserves. These
reserves must be at least 3% of Fiscal Year Spending (excluding bonded debt
service). Local governments are not allowed to use the emergency reserves to
compensate for economic conditions, revenue shortfalls, or salary or benefit
increases.
The District's management believes, after consultation with legal counsel, that it
is in compliance with the provisions of TABOR. However, TABOR is complex
and subject to interpretation. Many of the provisions, including the interpretation
of how to calculate Fiscal Year Spending limits will require judicial interpretation.
On November 5, 1996, the voters of the District approved the retention of all
future revenue without limitation under TABOR or other laws.
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NOTE 10) NTERGOVERNMENTAL AGREEMENT
On June 27, 1995, the District entered into a contract with the Central Weld
County Water District (Water District) and the REI Limited Liability Company
(Company) (see Note 6). The Company is planning an eight hundred unit
residential development within District boundaries. The District or the Company
agree to construct or reimburse the Water District for construction costs of water
facilities directly related to the development. The Water District will assume all
operation, maintenance, repair and replacement of all water facilities upon
acceptance and completion.
In June 1997, the District paid the Water District a nonrefundable contribution for
the construction of offsite transmission and water storage facilities in the amount
of $300.000. As the District obtains water rights, they are given to the Water
District in return for the right to agreed upon levels of water capacity. During
1997, water rights adequate for 25 single family homes were purchased for
$67,500 and transferred to the Water District.
•
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BEEBE DRAW FARMS METROPOLITAN DISTRICT
SUMMARY OF ASSESSED VALUATION, MILL LEVY
AND PROPERTY TAXES COLLECTED
DECEMBER 31, 1997
Prior Year
Assessed
Valuation
for Current Mills Levied Percent
Year Ended Year Property Debt Capital Total Property Taxes Collected
December 31 Tax Levy General Service Projects Total Levied Collected to Levied
1993 $ 3,698,210 11.877 28.123 40.000 $ 147,928 $ 148,208 100.2%
1994 $ 4,550,890 10.248 29.752 40.000 $ 182,032 $ 182,035 100.0%
1995 $ 7,120,160 9.941 30.059 40.000 $ 284,806 $ 285,450 100.2%
1996 $ 8.449.710 9.413 30.587 40.000 $ 337,988 $ 339.284 100.4%
1997 $ 6,022,820 11.457 28.543 40.000 $ 240,913 $ 214,063 88.9%
Estimated for
the year ending
December 31,
1998 $ 6,449,480 11.457 28.543 40.000 $ 257.980
NOTE:
Property taxes collected in any one year include collection of delinquent property taxes or abatements of property
taxes levied in prior years. Information received from the County Treasurer does not permit identification of
specific year of assessment.
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COLLINS AND COCKREL, P.C.
PAUL R.COCKREL TELEPHONE
ATTORNEYS AT LAW
JAMES P.COLLINS 303-986-1551
i-.- 390 UNION BOULEVARD.SUITE 400
ROBERT G.COLE
DENVER.COLORADO 80228-1556
PAUL C.RUFIEN WATS
TIMOTHY J.FLYNN 800-354-5941
DEREK G.PASSARELLI May 24, 1999 TELEFAX
303-986-1755
E-MAIL
CandC PC@aol.com
Richard W. Toussaint
Toussaint & Nemer, P.C .
3103 Evergreen Parkway, Suite 210
Evergreen, Colorado 80439-7971
RE: Evergreen Central Metropolitan District and
Upper Bear Creek Water and Sanitation
District / Wastewater Treatment and Service
Agreement
Dear Richard:
�^ Enclosed are four copies of the final Wastewater
Treatment and Service Agreement for both Evergreen Central
Metropolitan District and Upper Bear Creek Water and Sanitation
District . The final version includes the final capacity
allocations . Also enclosed are redlined illustrating the
specific changes in each Agreement for your quick reference.
Please arrange for execution of two copies of the Service
Agreement by the Board of Directors of each District and return
to me for final approval by Evergreen. I will return one fully
executed copy of each Agreement when available.
If you have any question, please advise .
Sincerely,
Paul R. Cockrel
/ab
Enc.
cc: EMD
EMDLLTR\TOUS-AGR.DOC
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