HomeMy WebLinkAbout20003300.tiff '.,-;1 18 FI'1 I: 97
DCC D
SERVICE PLAN
FOR
SILVER PEAKS METROPOLITAN
DISTRICT NO. 5
Submittal Date: September 25, 2000
Revised October 19, 2000
2000-3300
TABLE OF CONTENTS
I. Introduction 1
II. Purpose of the Proposed District 4
III. Boundaries, Population&Valuation 4
IV. Description of Proposed Facilities 5
a. Type of Improvements 5
b. Construction Standards 7
c. Dedication of Improvements 7
d. Maintenance of Public Improvements 7
e. Services to be Provided by Other Governmental Entities 7
V. Financial Information 8
a. General 8
b. Debt Issuance 9
c. Identification of District Revenue 9
d. Security for Debt 11
e. Regional Improvements 11
f. Services of District 11
VI. Landowners Public Improvements 12
VII. Dissolution 12
VIII. Modification of Service Plan 13
IX. Resolution of Approval 13
X. Intergovernmental Agreements 13
XI. Conclusion 14
SILVER PEAKS METROPOLITAN DISTRICT NO. 5
SERVICE PLAN
I. INTRODUCTION
The District shall be named the Silver Peaks Metropolitan District No. 5 (the "District").
The District shall be formed in conjunction with four other metropolitan districts, Silver Peaks
Metropolitan District No. 1 ("District No. 1"), Silver Peaks Metropolitan District No. 2 ("District
No. 2"), Silver Peaks Metropolitan District No. 3 ("District No. 3") and Silver Peaks Metropolitan
District No. 4 ("District No. 4"). The District, District No. 1, District No. 2, District No. 3 and
District No. 4 shall be collectively referred to as the "Districts." The land eventually to be
encompassed within the District,District No. 2, District No. 3 and District No. 4 shall be referred to
as the "Silver Peaks Development." District No. 1 shall coordinate the financing, construction and
installation of regional street, water, sewer, storm drainage, and park and recreation facilities to
serve the Silver Pet Development.
The purpose of the District is to finance public improvements, including streets, traffic
safety controls, street lighting, landscaping, water, sanitary sewer, storm drainage, television relay
facilities, park and recreation, transportation and mosquito control improvements. Public
improvements and facilities constructed or acquired by the District may be owned and maintained
by the District, or may be dedicated for ownership and maintenance to the Town of Lochbuie,
Colorado ("Lochbuie" or the "Town"), to District No. 1, to Bromley Park Metropolitan District No.
1 (for storm drainage facilities), or to other non-profit or governmental entities, for the use and
benefit of District residents and taxpayers. The District shall have all of the powers of a
metropolitan district described in §§ 32-1-1001 and -1004, C.R.S., except that the District shall not
provide fire protection and emergency facilities or services, which fire protection and emergency
facilities and services are provided by other appropriate districts. Further, while the District shall
construct water and sewer facilities,water and sewer services shall be provided by other appropriate
districts. The initial boundaries of the District include property presently owned entirely by the
Organizers and located within Lochbuie.
This Service Plan (the "Service Plan") has been prepared by the Organizers and the
following participating consultants:
Organizers District Counsel
Robert A. Lembke Dianne D.Miller
Silver Peaks Holdings,LLC Icenogle,Norton& Seter,P.C.
9145 East Kenyon Avenue, Suite 100 5690 DTC Blvd., Suite 300
Denver,CO 80237 Greenwood Village, CO 80111
Phone: (303) 773-1005 Phone: (303)773-1666
Fax: (303)773-1176 Fax: (303) 773-1883
E-mail: rlembke100@aol.com E-mail: ddm@inspc.com
Financial Advisor Engineer
Larry Beardsley Steve Smith
Van Schooneveld&Co., Inc. High Country Engineering,Inc.
6000 Greenwood Plaza Blvd., Suite 110 14 Inverness Drive East,B144
Greenwood Village, CO 80237 Englewood,CO 80112
Phone: (303) 779-4000 Phone: (303) 925-0544
Fax: (303)770-9276 Fax: (303)925-0547
E-mail: leardsley@vscocpa.com E-mail: ssmith@hceng.com
District Manager Bond Counsel
Wayne Monson Blake Jordan
R.S. Wells,L.L.C. Sherman&Howard,LLC
6399 South Fiddler's Green Circle, 633 17th Street, Suite 3000
Suite 102 Denver, CO 80202
Greenwood Village, CO 80111 Phone: (303)297-2900
Phone: (303) 779-4525 Fax: (303)297-0940
Fax: (303) 773-2050 E-mail: biordan@sah.com
E-mail: waynemonson@cliftoncpa.com
2
Pursuant to the requirements of the Special District Control Act, § 32-1-201, et seq., C.R.S.,
this Service Plan consists of a financial analysis and an engineering plan showing how the proposed
facilities and services of the District will be provided and fmanced. The following items are
included in this Service Plan:
1. A description of the proposed services;
2. A financial plan showing how the proposed services are to be financed, including the
proposed operating revenue derived from property taxes for the first budget year of the District;
3. A preliminary engineering or architectural survey showing how the proposed services
are to be provided;
4. A map of the proposed District boundaries and an estimate of the population and
valuation for assessment of the proposed District;
5. A general description of the facilities to be constructed and the standards for
construction, including a statement of how the facility and service standards of the proposed District
are compatible with facility and service standards of the Town and of any municipalities and special
districts which are interested parties pursuant to § 32-1-204(1), C.R.S.;
6. A general description of the estimated cost of acquiring land, engineering services, legal
services, administrative services, initial proposed indebtedness and estimated proposed maximum
interest rates and discounts, and other major expenses related to the organization and initial
operation of the District; and
7. A description of any arrangement or proposed agreement with any political subdivision
for the performance of any services between the proposed District and such other political
subdivision, and,if applicable, a form of the agreement.
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II. PURPOSE OF THE PROPOSED DISTRICT
The District will finance the construction of public improvements within and without the
boundaries of the District for the use and benefit of all of its residents, taxpayers and the owners of
real property of the District through the issuance of indebtedness as set forth in Section V,
"Financial Information," and shall provide for maintenance of certain improvements as further
described herein.
The District will dissolve when there are no maintenance obligations, financial obligations,
outstanding bonds or other obligations outstanding, and upon a determination of the Town that all of
the purposes for which the District was created have been accomplished, and that all financial
obligations are defeased or secured by escrowed funds or securities meeting the investment
requirements in part 6 of article 75 of title 24, C.R.S. The District's dissolution prior to payment of
all debt will be subject to approval of a plan of dissolution in the District Court of Weld County
pursuant to § 32-1-704, C.R.S. The District will work closely and cooperate with the Town to serve
and promote the health, safety,prosperity, security and general welfare of its inhabitants.
III. BOUNDARIES,POPULATION & VALUATION
The initial boundaries of the District are located entirely within the Town, as more
particularly described in the legal description of the initial boundaries attached hereto and
incorporated herein as Exhibit A and as shown on the map attached hereto and incorporated herein
as Exhibit B. After organization, it is anticipated that the District may include additional property
into its boundaries. The District may include all or a portion of the parcel of land more particularly
described in Exhibit C, attached hereto and incorporated herein (the "Inclusion Property") and as
4
shown on the map which is Exhibit B. The portion of the Inclusion Property that is not included
into the District will be included into District No. 1, or District No. 2, or District No. 3, or District
No.4. The boundaries of the several Districts shall not overlap.
The District may be developed for residential and commercial purposes. The estimated
daytime population of the five Districts at full build-out is approximately 11,349, subject to
development approval by the Town. The combined estimated assessed value at full build-out is
Fifty Two Million Four Hundred Forty Thousand Four Hundred Six Dollars ($52,440,406) for
the five Districts. The property within the initial boundaries is currently zoned for planned unit
development ("PUD"), and the property within the Inclusion Property is also currently zoned
PUD. For purposes of this Service Plan and the Financing Plan herein, the current assessed
value of the property within the initial boundaries is deemed to be less than Ten Dollars ($10.00).
IV. DESCRIPTION OF PROPOSED FACILITIES
a. Type of Improvements
The District will provide for the construction, acquisition and installation of streets, traffic
safety controls, street lighting, landscaping, storm drainage, television relay, water, sanitary sewer,
transportation,mosquito control, and park and recreation improvements and facilities (as defined in
Section 32-1-1004(2), C.R.S.), and for the ongoing maintenance of authorized facilities, within and
without the boundaries of the District. Preliminary engineering estimates based on applicable
construction standards have been prepared and are attached hereto and incorporated herein as
Exhibit D. These estimates list the facilities that are planned for the Inclusion Property, subject to
development approval of the Town. These estimates also include the costs for the facilities in
current dollars of each, together with an explanation of the methods, basis and/or assumptions used.
5
Subject to the debt limitations set forth in Section V, the District will be authorized to fund any
combination of the improvements. The combined total estimated cost of the improvements is
Twenty Million Five Hundred twenty-one Thousand Two Hundred Fifteen Dollars ($20,521,215).
The District will seek voter approval for authorization to issue debt sufficient to finance the cost of
the improvements as set forth in the section entitled "Financial Information." The Town is not
responsible for assuming any of the costs of the improvements funded by the District.
Maps showing the preliminary location of the public improvements to be financed by the
District are attached hereto and incorporated herein as Exhibit E. The District shall be authorized
to construct the public improvements generally shown on Exhibit E, subject to the specific final
design and approval thereof by the Town. Phasing of construction shall be determined by the
District to meet the needs of residents and taxpayers within its boundaries and pursuant to any
applicable provisions of the Silver Peaks Annexation Agreement between and among the Town,
Michael Torrey and Silver Peaks Holdings, LLC. The engineering exhibits provided herein are
preliminary, and the District shall have the authority,without amending this Service Plan, to defer,
forego, reschedule or restructure the financing and construction of certain improvements and
facilities,to better accommodate the pace of growth,resource availability and potential inclusions of
property within the District. At this time, it is not known what portion of the Inclusion Property
will be included in the boundaries of the District. Accordingly, the Service Plan assumes
inclusion of the entire Inclusion Property. In any event, no property within the Silver Peaks
Development shall be included in more than one of the Districts, except for land contained
within the initial boundaries.
6
b. Construction Standards
The District will ensure that the proposed improvements are designed and constructed in
accordance with the standards and specifications of the Town, or as approved by the Town for
the development, and in accordance with standards and specifications of other governmental
entities having jurisdiction. The District will obtain approval of civil engineering plans and a
permit for construction and installation of public improvements from the Town.
c. Dedication of Improvements
It is anticipated that the District may dedicate certain improvements to the Town or its
designee upon the completion of their construction and installation. Water and sanitary sewer
improvements may be dedicated to other appropriate districts upon the completion of their
construction and installation, together with rights-of-way and easements necessary for the facilities,
to the extent the District has the necessary property interest to permit such dedication. The District
may dedicate some or all of the storm sewer drainage facilities constructed, installed or acquired by
the District to the Bromley Park Metropolitan District No. 1 upon the completion of their
construction and installation, together with rights-of-way and easements necessary for the facilities,
to the extent the District has the necessary property interest to permit such dedication.
d. Maintenance of Public Improvements
The District shall be authorized to own and maintain all public facilities constructed,
installed or acquired by the District and not otherwise dedicated for ownership and maintenance
to the Town, or other appropriate governmental entity.
e. Services to be Provided by other Governmental Entities
The District shall receive fire protection, water and sanitary sewer services from other
appropriate districts.
7
V. FINANCIAL INFORMATION
This section describes the nature, basis, method of funding and debt and mill levy
limitations associated with the District's public improvements programs and operations. A
detailed Financing Plan and statement of assumptions is contained in Exhibit F attached hereto
and incorporated herein, and includes estimated operations, administration and maintenance
costs, proposed indebtedness and estimated proposed maximum interest rates and discounts, and
other major expenses related to the organization and operation of the District. It projects the
issuance of the debt and the anticipated repayment based on the development assumptions for
property within the proposed boundaries of the District. This Service Plan provides for a
financing model as if this District included all of the Inclusion Property and issued bonds
therefor. In the event some, but not all of the Inclusion Property is included in this District, the
amount of bonds issued by the District shall be limited to an amount which can reasonably be
supported from the anticipated sources of revenue, including assessed valuation, from the
property actually included in the District. The Financing Plan demonstrates that, at various
projected levels of development, the proposed District has the ability to finance the facilities
identified herein, and will be capable of discharging the proposed indebtedness on a reasonable
basis. All projections within the Financing Plan assume the inclusion of all of the Inclusion
Property within the boundaries of the District.
a. General
The provision of facilities by the proposed District will be primarily financed through the
issuance of general obligation bonds, secured by the ad valorem taxing authority of the proposed
District and other District revenues, limited as discussed below. The Financing Plan assumes a
8
single issuance of bonds for purposes of demonstrating the ability of the District to discharge
indebtedness;however, it is anticipated that bonds will be issued in one or more series.
b. Debt Issuance
The District intends to issue bonds in the amount of approximately Twenty Two Million
One Hundred Fifty Thousand Dollars ($22,150,000). The District may issue the bonds at such time
and in one or more series as the financing capability of the District permits, and subject to the total
debt limitation described herein, and in accordance with applicable law. It is proposed that this
Service Plan approve a total debt limitation of Twenty Seven Million Dollars ($27,000,000) of
bonds. The proposed maximum voted interest rate is estimated at eighteen percent (18%) and the
maximum underwriting discount at five percent (5%). The actual interest rates and discounts will
be determined at the time the bonds are sold by the District and will reflect market conditions at the
time of sale. The District may issue refunding bonds to defease original issue bonds in compliance
with applicable law. In addition to bonds, the District may also issue notes, certificates, debentures
or other evidences of indebtedness. The amount proposed exceeds the amount of bonds anticipated
to be sold, as shown in the Financial Plan, to allow for unforeseen contingencies, increases in
construction costs due to inflation, and all costs of issuance, including capitalized interest, reserve
funds,discounts,refunding, legal fees and other incidental costs of issuance.
c. Identification of District Revenue
The District will impose a mill levy on all taxable property in the District as a primary
source of revenue for repayment of debt service and for operations and maintenance. Although the
mill levy imposed may vary depending on the phasing of facilities anticipated to be funded, it is
estimated that a mill levy of fifty (50) mills would produce revenue sufficient to support debt
service and operations and maintenance expenses through the bond repayment period, if the District
9
were to issue all debt as a single issuance in 2001. Actual mill levies are anticipated to be thirty-five
(35) mills or less, assuming that debt is issued by the District in phases, or in an amount less than
the full debt authorization. The District intends to rely on property taxes as its primary source of
revenue, and will also impose a one-time facility fee on the sale of each lot. Fees to be collected by
the District, including the facility fees, are detailed in pages 7 through 10 of the Financial Plan.
Additionally,the District shall receive a small amount of revenue from specific ownership taxes.
Any and all contractual obligations to levy general ad valorem property taxes for the
payment of any bonds or other obligations payable from the District's property taxes (such bonds or
other obligations, referred to herein as "General Obligation Debt") shall be limited to an annual ad
valorem mill levy (a mill being equal to 1/10 of 1 cent) not to exceed forty-five (45) mills (the
"Limited Debt Mill Levy"), for so long as the total principal amount of all of the District's General
Obligation Debt, at the time of issuance, exceeds fifty percent(50%) of the valuation for assessment
of the taxable property in the District, as certified by the County assessor. The Limited Debt Mill
Levy may be adjusted to take into account legislative or constitutionally imposed adjustments in
assessed values or the method of their calculation, and 2000 shall be the base year for calculation of
any adjustments. The District may provide that at such time as the assessed value of the District is
such that all or any portion of Limited Debt Mill Levy General Obligation Debt could be issued as
unlimited mill levy General Obligation Debt pursuant to the above formula, the mill levy to pay all
or such portion of the Limited Debt Mill Levy General Obligation Debt may become unlimited at
that time. Except as otherwise limited by law, if the District does not require the entire Limited
Debt Mill Levy for the purposes of servicing any outstanding indebtedness, it may utilize that
portion of the Limited Debt Mill Levy not required for debt service for the purposes of operations
and maintenance expenses of the District.
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d. Security for Debt
The District will not pledge any Town funds or assets for security for the indebtedness set
forth in the Financing Plan of the District. Any bonds issued shall meet the requirements of§§ 32-
1-1101, et seq., C.R.S., and the Colorado Municipal Bond Supervision Act §§11-59-102, et seq.,
C.R.S.
e. Reuional Improvements
Regional improvements for the Silver Peaks Development will be provided by District No.
1. The purpose of District No. 1 is to coordinate the financing, construction and installation of
regional improvements including street, water, sewer, storm drainage, and park and recreation
improvements. The residents of the District will contribute to the cost of the regional improvements
through the Districts'imposition of development fees through a joint resolution.
1. Services of District
The District will require sufficient operating funds to plan and cause the public
improvements to be constructed and maintained. The costs are expected to include: maintenance
costs for improvements maintained by the District, organizational costs, legal, engineering,
accounting and debt issuance costs, compliance with state reporting and other administrative
requirements. The first year's operating budget is estimated to be Fifty Thousand Dollars ($50,000)
(in 2001). Operations and maintenance expenses for the District may be reduced or eliminated in
the event that an Owner's Association undertakes some or all of the operations and maintenance
obligations for landscaping,streets and/or park and recreation improvements.
Except as otherwise required by law, the District shall not impose an annual ad valorem
operational mill levy in excess of five (5) mills (the "Limited O&M Mill Levy"). The Limited
O&M Mill Levy may be adjusted to take into account legislative or constitutionally imposed
11
adjustments,and 2000 shall be the base year for the calculation of adjustments. Except as otherwise
limited by law, the District's Board of Directors, in its sole discretion, may utilize whatever portion
of the Limited O&M Mill Levy that is not required for operations and maintenance purposes for the
purposes of servicing debt.
VI. LANDOWNERS PUBLIC IMPROVEMENTS
The creation of the District shall not relieve the Organizers,their successors or assigns of the
obligation to construct public improvements required by any annexation or other subdivision
improvement agreement.
VII. DISSOLUTION
The District may file a petition in the District Court for dissolution when there are no
financial obligations or outstanding bonds, or when any such financial obligations or outstanding
bonds are adequately secured by escrow funds or securities meeting the investment requirements
in part 6 of article 75 of title 24, C.R.S., and upon an independent determination by the Board of
Trustees of the Town that the financing purposes for which the District was created have been
achieved and that ongoing maintenance obligations of the District will be taken over by an
appropriate and authorized entity. Dissolution of the District is subject to approval of a plan of
dissolution meeting the requirements of part 7 of article 1 of title 32, C.R.S., by the Weld County
District Court.
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VIII. MODIFICATION OF SERVICE PLAN
The District will obtain the approval of the Town before making any material modifications
to this Service Plan. Material modifications include modifications of a basic or essential nature
including additions to the types of services provided by the District, or changes in debt limit or
revenue sources that adversely affect the financial ability of the District to discharge its
indebtedness. This is not an exclusive list of all actions that may be identified as a material
modification. Town approval is not required for modifications to this Service Plan necessary for the
execution of financing or construction of public improvements already outlined in this Service Plan.
IX. RESOLUTION OF APPROVAL
The District incorporates the resolution of the Board of Trustees of the Town approving this
Service Plan, including any conditions of approval, into this Service Plan to be presented to the
District Court attached hereto and incorporated herein as Exhibit G.
X. INTERGOVERNMENTAL AGREEMENTS
The District anticipates entering into three major intergovernmental agreements. The
first shall be between and among the five Districts and Bromley Park Metropolitan District No. 1
for provision of regional storm drainage improvements. The second shall be between and among
the five Districts for the imposition of fees and charges as shown in the Financing Plan, and for
the coordination of maintenance operations for the Districts. The third shall be between and
among the five Districts and the Town to effectuate the terms of the Silver Peaks Annexation
Agreement, as such agreement affects the Districts.
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XI. CONCLUSION
This Service Plan demonstrates that:
a. There is sufficient existing and projected need for organized service in the area to be
serviced by the proposed District;
b. The existing service in the area to be served by the District is inadequate for present
and projected needs without the District;
c. The District is capable of providing economical and sufficient service to the area
within its proposed boundaries;
d. The area to be included in the District does have, and will have, the financial ability
to discharge the proposed indebtedness on a reasonable basis;
e. Adequate service is not, and will not be, available to the area through the Town or
other existing municipal or quasi-municipal corporations, including existing special districts,
within a reasonable time and on a comparable basis;
f. The facility and service standards of the District are compatible with the facility and
service standards of the Town;
g. The proposal is consistent with any duly adopted county, regional, or state long-
range water quality management plan for the area;
h. The creation of the proposed District will be in the best interest of the area proposed
to be served.
M:\Silver Peaks 1-5\Service Plan
DCW1947
0567.0003
14
EXHIBIT A
Legal Description of the Initial District Boundaries
THE NORTH 208.00 FEET OF THE EAST 208.00 FEET OF THE FOLLOWING DESCRIBED PARCEL:
COMMENCING AT THE SOUTH QUARTER CORNER OF SAID SECTION 35 AS MONUMENTED BY A#6
REBAR IN A RANGE BOX WITH A 2-1/2"ALUMINUM CAP STAMPED "PLS 28656"IN THE CENTERLINE
OF WELD COUNTY ROAD#2;THENCE NORTH 00°09'16"EAST A DISTANCE OF 30.00 FEET TO A
POINT ON THE NORTH RIGHT-OF-WAY LINE OF SAID WELD COUNTY ROAD#2 AS MONUMENTED
BY A#5 REBAR WITH 1-1/2"ALUMINUM CAP STAMPED "PLS 28656"AND BEING THE POINT OF
BEGINNING;
CONSIDERING THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SECTION 35 AS BEARING
NORTH 89°59'56"WEST(ASSUMED)AS MONUMENTED ON THE EAST END BY A#6 REBAR IN A
RANGE BOX WITH A 2-1/2"ALUMINUM CAP STAMPED "PLS 28656"AND ON THE WEST END BY A#6
REBAR IN A RANGE BOX WITH A 2-1/2"ALUMINUM CAP STAMPED "PLS 28656",WITH ALL
BEARINGS CONTAINED HEREIN RELATIVE THERETO;
THENCE ALONG SAID RIGHT-OF-WAY LINE NORTH 89°51'49"WEST A DISTANCE OF 2643.43 FEET TO
A POINT ON THE WEST LINE OF SAID SECTION 35 AS MONUMENTED BY A#5 REBAR WITH A 1-1/2"
ALUMINUM CAP STAMPED"PLS 28656",FROM WHENCE THE SOUTHWEST CORNER OF SAID
SECTION 35 AS MONUMENTED BY A 2"ALUMINUM CAP STAMPED "M. SHEAR LS 18475"IN A
RANGE BOX IN THE CENTERLINE OF WELD COUNTY ROAD#2 BEARS SOUTH 00°03'12"WEST A
DISTANCE OF 30.00 FEET;THENCE ALONG THE WEST LINE OF SAID SECTION 35 NORTH 00°03'12"
EAST A DISTANCE OF 2617.98 FEET TO THE WEST QUARTER CORNER OF SAID SECTION 35 AS
MONUMENTED BY A 2"ALUMINUM CAP STAMPED "23027";THENCE CONTINUING ALONG SAID
WEST LINE NORTH 00°03'02"EAST A DISTANCE OF 2437.64 FEET TO A POINT ON THE SOUTHERLY
LINE OF THE PARCEL DESCRIBED IN BOOK 1543 PAGE 523,WELD COUNTY RECORDS AS
MONUMENTED BY A#5 REBAR WITH 1-1/2"ALUMINUM CAP STAMPED"PLS 28656" SET,FROM
WHENCE THE NORTHWEST CORNER OF SAID SECTION 35 BEARS NORTH 00°03'02"EAST A
DISTANCE OF 210.00 FEET TO A 2"ALUMINUM CAP STAMPED"23027"FOUND IN THE CENTERLINE
OF WELD COUNTY ROAD#4;THENCE ALONG THE SOUTH LINE OF SAID PARCEL RECORDED IN
BOOK 1543,PAGE 523 AND BEING 210.00 FEET FROM AND PARALLEL TO THE NORTH LINE OF SAID
SECTION 35 SOUTH 89°42'37"EAST A DISTANCE OF 2652.51 FEET TO A 1-1/2"BRASS WASHER WITH
A 3/4"CENTER RIVET IN A 4" SQUARE CONCRETE POST STAMPED"PUB.SER. CO.COLO.ENG.DEPT.
ROW",FROM WHENCE THE NORTH QUARTER CORNER BEARS NORTH 00°09'14"WEST A DISTANCE
OF 210.00 FEET AS MONUMENTED BY A#6 REBAR WITH A 2-1/2"ALUMINUM CAP STAMPED"PLS
28656"IN A RANGE BOX IN THE CENTERLINE OF SAID WELD COUNTY ROAD#4;THENCE
CONTINUING ALONG THE SOUTH LINE OF THE SAID PARCEL RECORDED IN BOOK 1543 PAGE 523
AND BEING 210.00 FEET FROM AND PARALLEL TO THE NORTH LINE OF SAID SECTION 35 SOUTH
89°43'01"EAST A DISTANCE OF 2442.91 FEET TO A POINT ON THE WEST LINE OF THE PARCEL
RECORDED IN BOOK 1543 PAGE 525 AS MONUMENTED BY A#5 REBAR WITH 1-1/2"ALUMINUM CAP
STAMPED"PLS 28656" ;THENCE ALONG THE WEST LINE OF SAID PARCEL RECORDED IN BOOK
1543,PAGE 525,WELD COUNTY RECORDS AND BEING 210.00 FEET FROM AND PARALLEL TO THE
EAST LINE OF SAID SECTION 35;THENCE SOUTH 00°15'04"WEST A DISTANCE OF 2430.23 FEET TO A
#5 REBAR WITH 1-1/2"ALUMINUM CAP STAMPED"PLS 28656"ON THE SOUTH LINE OF THE
NORTHEAST QUARTER OF SAID SECTION 35;THENCE CONTINUING ALONG THE WEST LINE OF
SAID PARCEL OF RECORD IN BOOK 1543 PAGE 525 AND BEING 210.00 FEET FROM AND PARALLEL
TO THE EAST LINE OF SAID SECTION 35 SOUTH 00°16'20"WEST A DISTANCE OF 210.00 FEET TO A#5
REBAR WITH 1-1/2"ALUMINUM CAP STAMPED"PLS 28656";THENCE ALONG THE SOUTH LINE OF
SAID PARCEL OF RECORD IN BOOK 1543 PAGE 525 SOUTH 89°44'56"EAST A DISTANCE OF 210.00
FEET TO A POINT ON THE EAST LINE OF SAID SECTION 35 AS MONUMENTED BY A#5 REBAR WITH
1-1/2"ALUMINUM CAP STAMPED "PLS 28656"FROM WHENCE THE EAST QUARTER CORNER BEARS
NORTH 00°16'20"EAST A DISTANCE OF 210.00 FEET;THENCE ALONG THE EAST LINE OF SAID
SECTION 35 SOUTH 00°16'20"WEST A DISTANCE 2395.39 FEET TO A POINT BEING ON THE NORTH
RIGHT-OF-WAY LINE OF SAID.WELD COUNTY ROAD NUMBER 2 AS MONUMENTED BY A#6x30"
REBAR WITH A 3 ''/a"ALUMINUM CAP STAMPED"M&S LS 7242";THENCE ALONG SAID RIGHT-OF-
WAY LINE NORTH 89°59'56"WEST A DISTANCE OF 2643.32 FEET TO THE POINT OF BEGINNING,
CONTAINING 600.885 ACRES,MORE OR LESS.
EXHIBIT B
Map of District Boundaries
•
•
WELD CO. RD. 4
• S89'42'37"E • 589'43'01"E 208'
2652.51' 2442.91' o
Silver Peaks Metropolitan
Districts Nos. 2-5
Initial Boundaries
;p 3
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on ino
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O N p v
2 O N
V)
35
Inclusion Property o -
N o • rSB9'44'56"E
`° o �---� 210.00'
O N
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p n cm
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2 N p
o N
N• N89'51'49"W • N89'59.56"W
•
2643.43' WELD CO. RD. 2 2643.50'
•
" HIGH COUNTRY ENGINEERING INC. LOCHBIIE, COLORADO 1.1=1000'
923 COOPER AVENUE ELVER PEAKS
GLENWOOD SPRINGS,CO 81801 Fio DCTF CTE DES. CK. FILE NO. . SHEET
• (970)945-8676
OR. DATE 9/20/00 2000207.01 cP
EXHIBIT C
Legal Description of the Inclusion Property
COMMENCING AT THE SOUTH QUARTER CORNER OF SAID SECTION 35 AS MONUMENTED BY A#6
REBAR IN A RANGE BOX WITH A 2-1/2"ALUMINUM CAP STAMPED"PLS 28656" IN THE CENTERLINE
OF WELD COUNTY ROAD#2;THENCE NORTH 00°09'16"EAST A DISTANCE OF 30.00 FEET TO A
POINT ON THE NORTH RIGHT-OF-WAY LINE OF SAID WELD COUNTY ROAD#2 AS MONUMENTED
BY A#5 REBAR WITH 1-1/2"ALUMINUM CAP STAMPED "PLS 28656"AND BEING THE POINT OF
BEGINNING;
CONSIDERING THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SECTION 35 AS BEARING
NORTH 89°59'56"WEST(ASSUMED)AS MONUMENTED ON THE EAST END BY A#6 REBAR IN A
RANGE BOX WITH A 2-1/2"ALUMINUM CAP STAMPED"PLS 28656"AND ON THE WEST END BY A#6
REBAR IN A RANGE BOX WITH A 2-1/2"ALUMINUM CAP STAMPED "PLS 28656",WITH ALL
BEARINGS CONTAINED HEREIN RELATIVE THERETO;
THENCE ALONG SAID RIGHT-OF-WAY LINE NORTH 89°51'49"WEST A DISTANCE OF 2643.43 FEET TO
A POINT ON THE WEST LINE OF SAID SECTION 35 AS MONUMENTED BY A#5 REBAR WITH A 1-1/2"
ALUMINUM CAP STAMPED"PLS 28656",FROM WHENCE THE SOUTHWEST CORNER OF SAID
SECTION 35 AS MONUMENTED BY A 2"ALUMINUM CAP STAMPED"M. SHEAR LS 18475"IN A
RANGE BOX IN THE CENTERLINE OF WELD COUNTY ROAD#2 BEARS SOUTH 00°03'12"WEST A
DISTANCE OF 30.00 FEET;THENCE ALONG THE WEST LINE OF SAID SECTION 35 NORTH 00°03'12"
EAST A DISTANCE OF 2617.98 FEET TO THE WEST QUARTER CORNER OF SAID SECTION 35 AS
MONUMENTED BY A 2"ALUMINUM CAP STAMPED "23027";THENCE CONTINUING ALONG SAID
WEST LINE NORTH 00°03'02"EAST A DISTANCE OF 2437.64 FEET TO A POINT ON THE SOUTHERLY
LINE OF THE PARCEL DESCRIBED IN BOOK 1543 PAGE 523,WELD COUNTY RECORDS AS
MONUMENTED BY A#5 REBAR WITH 1-1/2"ALUMINUM CAP STAMPED"PLS 28656" SET,FROM
WHENCE THE NORTHWEST CORNER OF SAID SECTION 35 BEARS NORTH 00°03'02"EAST A
DISTANCE OF 210.00 FEET TO A 2"ALUMINUM CAP STAMPED"23027"FOUND IN THE CENTERLINE
OF WELD COUNTY ROAD#4;THENCE ALONG THE SOUTH LINE OF SAID PARCEL RECORDED IN
BOOK 1543,PAGE 523 AND BEING 210.00 FEET FROM AND PARALLEL TO THE NORTH LINE OF SAID
SECTION 35 SOUTH 89°42'37"EAST A DISTANCE OF 2652.51 FEET TO A 1-1/2"BRASS WASHER WITH
A 3/4" CENTER RIVET IN A 4" SQUARE CONCRETE POST STAMPED "PUB. SER.CO. COLO.ENG.DEPT.
ROW",FROM WHENCE THE NORTH QUARTER CORNER BEARS NORTH 00°09'14"WEST A DISTANCE
OF 210.00 FEET AS MONUMENTED BY A#6 REBAR WITH A 2-1/2"ALUMINUM CAP STAMPED"PLS
28656"IN A RANGE BOX IN THE CENTERLINE OF SAID WELD COUNTY ROAD#4;THENCE
CONTINUING ALONG THE SOUTH LINE OF THE SAID PARCEL RECORDED IN BOOK 1543 PAGE 523
AND BEING 210.00 FEET FROM AND PARALLEL TO THE NORTH LINE OF SAID SECTION 35 SOUTH
89°43'01"EAST A DISTANCE OF 2442.91 FEET TO A POINT ON THE WEST LINE OF THE PARCEL
RECORDED IN BOOK 1543 PAGE 525 AS MONUMENTED BY A#5 REBAR WITH 1-1/2"ALUMINUM CAP
STAMPED "PLS 28656";THENCE ALONG THE WEST LINE OF SAID PARCEL RECORDED IN BOOK
1543,PAGE 525,WELD COUNTY RECORDS AND BEING 210.00 FEET FROM AND PARALLEL TO THE
EAST LINE OF SAID SECTION 35;THENCE SOUTH 00°15'04"WEST A DISTANCE OF 2430.23 FEET TO A
#5 REBAR WITH 1-1/2"ALUMINUM CAP STAMPED "PLS 28656"ON THE SOUTH LINE OF THE
NORTHEAST QUARTER OF SAID SECTION 35;THENCE CONTINUING ALONG THE WEST LINE OF
SAID PARCEL OF RECORD IN BOOK 1543 PAGE 525 AND BEING 210.00 FEET FROM AND PARALLEL
TO THE EAST LINE OF SAID SECTION 35 SOUTH 00°16'20"WEST A DISTANCE OF 210.00 FEET TO A#5
REBAR WITH 1-1/2"ALUMINUM CAP STAMPED "PLS 28656";THENCE ALONG THE SOUTH LINE OF
SAID PARCEL OF RECORD IN BOOK 1543 PAGE 525 SOUTH 89°44'56"EAST A DISTANCE OF 210.00
FEET TO A POINT ON THE EAST LINE OF SAID SECTION 35 AS MONUMENTED BY A#5 REBAR WITH
1-1/2"ALUMINUM CAP STAMPED"PLS 28656"FROM WHENCE THE EAST QUARTER CORNER BEARS
NORTH 00°16'20" EAST A DISTANCE OF 210.00 FEET;THENCE ALONG THE EAST LINE OF SAID
SECTION 35 SOUTH 00°16'20"WEST A DISTANCE 2395.39 FEET TO A POINT BEING ON THE NORTH
RIGHT-OF-WAY LINE OF SAID.WELD COUNTY ROAD NUMBER 2 AS MONUMENTED BY A#6x30"
REBAR WITH A 3 ''A"ALUMINUM CAP STAMPED"M&S LS 7242";THENCE ALONG SAID RIGHT-OF-
WAY LINE NORTH 89°59'56"WEST A DISTANCE OF 2643.32 FEET TO THE POINT OF BEGINNING,
CONTAINING 600.885 ACRES,MORE OR LESS.
AND EXCEPTING THEREFROM THE NORTH 208.00 FEET OF THE EAST 208.00 FEET OF THE ABOVE
DESCRIBED PARCEL.
EXHIBIT D
Preliminary Engineering Cost Estimates
Engineer's Estimate of Probable Costs ,
•
Sept.21, 2000
Silver Peaks'. Metro Districts 2 Through 5 " I °' • - f 7P i1.i , f
34 8"Water Main (e) 93,085 LF 24.00 2,234,040.00
35 Fire Hydrant Assembly 165 Ea 2,000.00 330,000.00
36 8"Sanitary Sewer(f) 87,600 LF 22.00 1,927,200.00
37 Manhole 220 Ea 1,800.00 396,000.00
Street Improvements Adjacent to Center Park 6,880 LF
38 Earthwork(a) 26,800 CY 2.50 67,000.00
39 1' Ribbon Curb, 2'Mediz n Curb and 4'Sidewalk 13,760 LF 20.60 283,456.00
40 Asphalt Pavement(33'width-assumed 6"full depth) 25,250 SY 12.00 303,000.00
41 Median Landscaping 68,800 LS 1.75 120,400.00
1/2 Street Improvemerts-Himalaya 4,100 LF
42 Earthwork(a) 13,700 CY 2.50 34,250.00
43 2'Curb, Gutter and 6'Sidewalk 4,100 LF 18.90 77,490.00
44 1'Median Curb 4,000 LF 8.50 34,000.00
45 Asphalt Pavement(24'width-assumed 8"full depth) 10,950 SY 16.00 175,200.00
Full Street Improvements-Himalaya 1,300 LF
46 , ,Earthwork(a) 15,900 CY 2.50 39,750.00
47 2'Curb, Gutter and 6'Sidewalk 2,600 LF 18.90 49,140.00
48 V Median Curb 1,225 LF 8.50 10,412.50
49 Asphalt Pavement(48' Width-assumed 8"full depth) 6,950 SY 16.00 111,200.00
Full Street Improveme its-Local Standard thru Center Park 720 LF
50 Earthwork(a) 2,800 CY 2.50 7,000.00
51 1' Ribbon Curb and 4'S dewalk 1,440 LF 11.60 16,704.00
52 Asphalt Pavement(30' width-assumed 6"full depth) 2,400 SY 12.00 28,800.00
Neighborhood Link Street Improvements (g) 11,800 LF
53 1'Ribbon Curb, 2'Median Curb and 5'Sidewalk 23,600 LF 22.25 525,100.00
54 Asphalt Pavement(42'width-assumed 6"full depth) 55,100 SY 12.00 661,200.00
55 Turn-a-bouts (Including Curbing and Landscaping) 11 Ea 10,000.00 110,000.00
56 Median Landscaping 118,000 SF 1.75 206,500.00
Local w/Greenbelt Street Improvements (g) 7,665 LF
57 1' Ribbon Curb and 4'Sidewalk •
515,330 LF 11.60 177,828.00
58 Asphalt Pavement(30'width-assumed 4.5"full depth) 25,550 SY 9.00 229,950.00
Local 2-Way Single Load Street Improvements(g) 21,550 LF
59 1'Ribbon Curb, 2'Median Curb and 4'Sidewalk 43,100 LF 20.60 887,860.00
60 Asphalt Pavement(26'width-assumed 4.5"full depth) 62,300 SY 9.00 560,700.00
Local Standard Street Improvements (g) 64,825 LF
61 1' Ribbon Curb and 4'Sidewalk 129,650 LF 11.60 1,503,940.00
62 Asphalt Pavement(30'width-assumed 4.5"full depth) 216,100 SY 9.00 1,944,900.00
63 Storm Sewer(b) 16,250 LF 27.00 438,750.00
64 Drainage Facilities (c) 2 Ea 35,000.00 70,000.00
65 Neighborhood Park Landscaping (25.2 Acres) 1,096,240 SF 1.00 1,096,240.00
Subtotal -Silver Peaks Metro Districts 2 Throug a 5 14,658,010.50
25% Contingency 3,664,502.63
15% Engineering Contingency 2,198,701.58
TOTAL Silver Peaks Metroibistricts 2 Through 5 y , • I ''., 20,521,214.70
BASIS OF ASSUMPTIONS:
(a) Earthwork quantities are based on an assumption of a 3'average cut
(b) Assumed 25%of street footage
(c) 100% Guestimate
(d) Assumed 850 CY per lot and assumed 2700 lots
(e) Assumed 85%of street frontage would require water main
(f) Assumed 80% of street frontage would require sewer main
(g) Does not include culverts at each single family residence aid assumes entire subdivision will be rural ditch section
EXHIBIT E
Map of Preliminary Location of the Public Improvements
III
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DR. DATE 8/21/00 2000207.01 OF 1
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•
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= IMPROVEMENTS OR. DATE 8/71/nn 91R1ro07FH nr
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DR. DATE 8/21/00 2000207.01 OF 1 1
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LOCHBUIE, COLORADO
"' HIGH COUNTRY ENGINEERING INC. SILVER PEAKS SCALE 1"=.1000'
.M+.uaw.ar INVERNESS DRIVE EAST,SUITE 8-144 µEmu DISTRICTS II—V
ENGLEWOOD,COLORADO 80112 DES. CK. FILE NO, SHEET t
is (303)925-0544 s��wER IMPROVEMENTSDR. DATE 8/21/00 2000207.01 OF 1
EXHIBIT F
Financing Plan
Van PrincipalsVJack isC. Schroeder
Larry R. Beardsley
chooneveld and Inc. Richard M.Carlson
Co., Mark D. Elmshauser
Certified Public Accountants Kevin F. Collins
The Petitioners for Formation of Silver Peaks
Metropolitan Districts No.2 - 5
Weld County, Colorado
Town Board of Trustees
Lochbuie, Colorado
We have compiled the accompanying forecasted cash balances and cash receipts and disbursements
of Silver Peaks Metropolitan Districts No. 2 -5 (the"Districts")on a combined basis as of the date
of formation and for the 32 subsequent calendar years ending on December 31, in accordance with
standards established by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of a forecast information that is the representation
of the Petitioners for Formation of the Districts and does not include evaluation of the support for
the assumptions underlying the forecast. We have not examined the forecast and, accordingly, do
not express an opinion or any other form of assurance on the accompanying statements or
assumptions. However, we did become aware of a departure from the guidelines for presentation
of a forecast established by the American Institute of Certified Public Accountants, which is
described in the following paragraph. Furthermore, there will usually be differences between the
forecasted and actual results,because events and circumstances frequently do not occur as expected,
and those differences may be material. We have no responsibility to update this report for events
and circumstances occurring after the date of this report.
As discussed in Note 4,the forecast is presented on the cash basis of accounting and on a combined
basis,whereas the historical financial statements for the forecast period are expected to be presented
in conformity with generally accepted accounting principles on the modified accrual basis and each
district will be presented separately. Guidelines for presentation of a forecast established by the
American Institute of Certified Public Accountants require disclosure of the differences resulting
from the use of a different basis of accounting in the forecast than that expected to be used in the
historical financial statements for the period. If the AICPA presentation guidelines were followed,
the forecast would indicate that the presentation reflects the cash received and disbursed rather than
the revenue and expenditures that would be recognized under generally accepted accounting
principles based on the modified accrual basis of accounting with each district displayed separately.
kti,t9-1"..2-t,PAbla44.49)-cam .
October 17, 2000
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
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE Of DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
r Page 2 I
SUMMARY
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
e CASH RECEIPTS _._ _ _1 _ CASH DISBURSEMENTS II
Net Specific FxY0.yd Operations FacY8y3 mu
...Assessed MN Property O1vnenMp Mainz Fees& Capitalized Developer Interest Total and IGA Transfer Mafia.Fees Total Cash Cash
Year Value Levy Taxes Taxes Use Tax Interest Advance Incl ome Receipts Maintenance to SPMD aI to Other Debt Dlsbunaments Surplus Surplus Year
98.00% 1000% 400% 200% beg 2008 Entitles Service —
Page a Pages 9 d 70 Page 11 5.00 Mills —Pages 8 d 10 Page 11
2000 0.000 0 0 55,000 0 55,000 50,000 0 50,000 5,000 5,000 2000
2001 0.000 0 3,851,000 4,400.000 (55,000) 200 8,196,200 50,000 3,651.000 888,000 4,587,000 3,809,200 3,814,200 2001
2002 0 50.000 0 9.573.480 144,588 9,718,048 75,000 9.077,480 1,772.000 10,924,480 (1,206,432) 2,407,768 2002
2003 3,142,579 50.000 153,986 15,39 9,830,520 96,311 9,896,216 100,000 9,134,520 1,772,000 11,006,520 (1,110,304) 1,297,484 2003
2004 10,634.791 50.000 521,105 52,11 9,687,580 51,899 10,312,874 125,000 9,191,560 1,777,000 11,093,560 (780,886) 518,578 2004
2005 18,278,847 50.000 895,565 89.55 9,744.800 20,863 10,750,385 150.000 9,248,600 1,776,600 11,175,200 (424,815) 91,763 2005
2008 26,437,281 50.000 1,295,427 129,54 7,878,140 3,671 9,304,780 65,000 . 7,480,140 1,778,200 9,321,340 (18,560) 75,203 2006
2007 34,388,078 50.000 1,685,016 188,50 1,702,315 3,008 3,558,840 86,300 1,629,315 1,830,800 3,526,415 32,425 107,828 2007
2008 41,450,818 50.000 2,031,090 203,109 305,095 4,305 2,543,599 67,828 135,483 305,095 1,958,000 2,484,204 79,395 187,023 2008
2009 48,840,414 42.000 1,927,951 192.795 305,095 7,481 2,433,323 68,979 160,540 305.095 1,950,800 2,485,413 (52,091) 134,933 2009
2010 47.777,222 42.000 1,968,510 196,651 459,135 5.397 2.827,694 70,358 163,750 451,135 1,944,800 2,630,043 (2,350) 132,583 2010
2011 47,777,222 42.000 1,968,510 198,651 306,015 5,303 2,474,480 71,785 162,343 308,015 1,933,000 2,473,123 1,358 133,940 2011
2012 51.412.162 42.000 2,118,125 211,612 306,015 5,358 2,639,110 73,201 178,719 306,015 2,080,800 2,838,735 375 134,315 2012
2013 51,412,182 42.000 2,116,125 211,612 306,015 5,373 2,639,125 74,885 177,255 . 308,015 2,080,400 2,838,335 790 135,105 2013
2014 52,440,406 42.000 2,158,447 215,845 308,015 5,404 2,685.711 78,158 180,800 306,015 2,122,600 2,665,573 138 135,243 2014
2015 52,440,406 42.000 2,158,447 215.845 308,015 5,410 2.685,717 77.681 179.277 306,015 2,123,800 2.886,773 (1,058) 134,188 2015
2016 53,489,214 42.000 2,201,618 220,162 306,015 5,387 2,733,160 79,235 182,883 306,015 2,168,800 2,734,912 (1,752) 132,434 2016
2017 53,480,214 42.000 2,201,616 220,182 306,015 5,297 2,733,090 80.819 181,278 306,015 2,183.000 2,731,112 1,978 134,412 2017
2018 54,558,998 42.000 2,245,648 224,585 306.015 5.376 2,781,605 82,438 184,903 308,015 2,210,600 2,783,954 (2,349) 132,063 2018
2019 54,558,998 40.000 2,138,713 213,871 306,015 5,283 2,683,881 84,084 183,255 306,015 2,090,200 2,683,554 327 132,390 2019
2020 55,850,178 40.000 2.181.487 218,149 308,015 5,296 2,710,946 85,788 188,920 306,015 2,134,600 2,713,301 (2,355) 130,035 2020
2021 55,650,178 40.000 2,181,487 218.149 306,015 5,201 2,710,852 87,481 185,204 306,015 2,131,000 2,709,701 1,151 131,187 2021
2022 58,763,181 40.000 2,225,117 222,512 308,015 5.247 2,758,891 89,231 188,909 306,015 2,172,600 2,756,755 2,136 133,323 2022
2023 56,763.181 40.000 2,225,117 222,512 306,015 5,333 2,758,976 91.016 187,124 306,015 2,175,400 2,759,555 (578) 132,745 2023
2024 57,898,445 40.000 2,289,619 228,982 306,015 5,310 2,807,908 92,836 190,886 308,015 2,218,800 2,806,517 1,388 134,133 2024
2025 57,898,445 40.000 2,269,619 228,982 306,015 5,385 2,807,961 94,693 189,010 306,015 2,218,200 2,807,917 44 134,177 2025
2026 59,058,414 40.000 2,315,011 231,501 306,015 5,367 2,857,895 98,587 192,790 308,015 2,282,000 2,857,391 503 134,680 2026
2027 50.058,414 40.000 2.315,011 231,501 306,015 5,387 2.857,915 98,518 190,858 306,015 2,264200 2,859,591 (1,677) 133,003 2027
2028 60,237,542 40.000 2,361,312 236,131 308,015 5,320 2,908,778 100,489 194,675 306,015 2,307,200 2,908,379 399 133,402 2028
2029 60,237,542 40.000 2,361,312 236,131 306,015 5,338 2,908,794 102,498 192,666 308,015 2,307,000 2,908,179 815 134,017 2029
2030 61,442,293 40.000 2,408,538 240,854 306,015 5,381 2,980,787 104,548 196,519 308,015 2,358,000 2,983,082 (2,315) 131,702 2030
2031 81,442,293 40.000 2,408,538 240,854 306,015 5,268 2,960,875 108,639 194,428 308,015 2,354,400 2,981,482 (807) 130,895 2031
57 302 065 5,730 207 59 561155 4,400,000 0 449 485 127,442.992 2,738,609 4,380,434 58,900,255 63,312,800 127,312,097 130,895
Page 9 50,931,540 Page 9 48,270,540
Page 10 8,829,715 Page 10 8,629,715 ,
Note: Not Properly Taxes assumes a 1.5%County Treasurers Collection Fee and a.5%Allowance for Uncollectlble Accounts.
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
•
F v.orusr2ASOSZIeatd.r.,mormoa.s r22 10/1812000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Page 3
SCHEDULE OF ESTIMATED ASSESSED VALUATION (Page 1 of 4)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
ntNumber of Annual Number of Annual Number of Annual
Single Family Market Value of Single Family Market Value of Single Family Market Value of
onstruction Collection Residences Value Residences Residences Value Residences Residences Value Residences
Year Year 50 x 105 per Unit 50 x 105 55 x 105 per Unit 55 x 105 Large lot per Unit Large Lot
31_50,000 ----_- __---£170000_.._-- $190,000
Value of new construction inflated annually 2.00% 2.00% 2.00%
2000 2002 150,000 0 170,000 0 190,000 0
2001 2003 80 153,000 12,240,000 80 173,400 13,872,000 40 193,800 7,752,000
2002 2004 160 156,060 24,969,600 160 176,868 28,298,880 80 197,676 15,814,080
2003 2005 160 159,181 25,468,992 160 180,405 28,864,858 80 201,630 16,130,362
2004 2006 160 162,365 25,978,372 160 184,013 29,442,15 80 205,662 16,452,969
2005 2007 160 165,612 26,497,939 160 187,694 30,030,99 80 209,775 16,782,028
2006 2008 120 168,924 20.270,924 120 191,448 22,973,71 60 213,971 12,838,252
2007 2009 0 172,303 0 0 195,277 0 218,250 0
2008 2010 175,749 0 199,182 222,615 0
2009 2011 179,264 0 203,166 227,068 0
2010 2012 182,849 0 207,229 231,609 0
2011 2013 186,506 0 211,374 236,241 0
2012 2014 190,236 0 240,966 0
2013 2015 194,041 - 0
2014 2016
2015 2017
2016 2018
2017 2019
2018 2020
2019 2021
2020 2022
2021 2023
2022 2024
2023 2025
2024 2026
2025 2027
2026 2028
2027 2029
2028 2030
2029 2031
.._840 __135,425,827__________840 _ 153482,604 420 85,769,690
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
F:ILOTUS12J15O.S\5tl021Fwera50101700-2-5.123 10M6f2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Page 4
SCHEDULE OF ESTIMATED ASSESSED VALUATION (Page 2 of 4)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
r Total Annual Biennial Cumulative Estimated
Number of Market Annual Total Value of Revaluation Valuation Residential Residential
onstruction Collection Multi-family Value Value of Number New per State of New Assessment Assessed
Year Year Residences per Unit Multi-family of Units Residences Statute Residences Rate Valuation
-- --- ---- ----- ------- 570,000__.__._._. .. _ 2.00% _
2.00%
2000 2002 70,000 0 0 0 0 0 9.28% 0
2001 2003 71,400 0 200 33,864,000 33,864,000 9.28% 3,142,579
2002 2004 160 72,828 11,652,480 560 80,735,040 114,599,040 9.28% 10,634,791
2003 2005 160 74,285 11,885,530 560 82,349,741 196,948,781 9.28% 18,276,847
2004 2006 160 75,770 12,123,240 560 83,996,73 3,938,976 284,884,492 9.28% 26,437,281
2005 2007 160 77,286 12,365,705 560 85,676,67 370,561,162 9.28% 34,388,076
2006 2008 160 78,831 12,613,019 46 68,695,90 7,411.223 446,668,293 9.28% 41,450,818
2007 2009 100 80,408 8,040,800 10 8,040,800 454,709,093 9.28% 42,197,004
2008 2010 82,016 0 9,094,182 463,803,275 9.28% 43,040,944
2009 2011 83,656 0 463,803,275 9.28% 43,040,944
2010 2012 85,330 0 9,276,065 473,079,340 9.28% 43,901,763
2011 2013 87,036 0 473,079,340 9.28% 43,901,763
2012 2014 88,777 0 9,461,587 482,540,927 9.28% 44,779,798
2013 2015 482,540,927 9.28% 44,779,798
2014 2016 9,650,819 492,191,746 9.28% 45,675,394
2015 2017 492,191,746 9.28% 45,675,394
2016 2018 9,843,835 502,035,580 9.28% 46,588,902
2017 2019 502,035,580 9.28% 46,588,902
2018 2020 10,040,712 512,076,292 9.28% 47,520,680
2019 2021 512.076.292 9.28% 47,520,680
2020 2022 10,241,526 522,317,818 9.28% 48,471,094
2021 2023 522.317,818 9.28% 48,471,094
2022 2024 10,446,356 532,764,174 9.28% 49,440,515
2023 2025 532,764,174 9.28% 49,440,515
2024 2026 10,655,283 543,419,458 9.28% 50,429,326
2025 2027 543,419,458 9.28% 50,429,326
2026 2028 10,868,389 554,287,847 9.28% 51,437,912
2027 2029 554,287,847 9.28% 51,437,912
2028 2030 11,085,757 565,373,604 9.28% 52,466,670
2029 2031 565,373,604 9.28% 52,466,670
900 _ 68,68O 774 3.000 443 358,894 122,014,710
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
F1L0TUS123\5Ds151132'Foreo.nlolloo.2.5123 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Page 5
SCHEDULE OF ESTIMATED ASSESSED VALUATION (Page 3 of 4)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
Commercial Development
Number Office Market Est Annual Number Retail Market Est.Annual Total Biennial Cumulative
Construction Collection of Acres Square Value per Market of Acres Square Value per Market ESL Annual Revaluation per Actual
Year Year Developed Footage Square Foot Value Developed Footage Square Foot Value Market State Statute Value
__ Office FAR= 5100 Retail FAR= 5100 Value 2.00%
0.20 2.00% 0.20 2.00%
2000 2002 100 0 0 100
2001 2003 102 0 0 102
2002 2004 104 0 0 104 0
2003 2005 106 0 0 106
2004 2006 108 0 0 108 0
2005 2007 110 0 0 110
2006 2008 113 0 0 113 0
2007 2009 4.00 34,84 115 4,002,940 12.00 104,544 115 12,008,81 16,011,75 16,011,75
2008 2010 117 0 0 117 320,235 16,331,994
2009 2011 120 0 0 120 16,331,994
2010 2012 122 0 8.70 75,794 122 9,239,29 9,239,29 326,640 25,897,929
2011 2013 124 0 124 25,897,929
2012 2014 127 0 127 517.959 26,415,888
2013 2015 129 0 129 26,415,888
2014 2016 132 0 132 528,318 26,944,206
2015 2017 0 26,944,206
2016 2018 0 538,884 27,483,090
2017 2019 0 27,483,090
2018 2020 0 549,662 28,032,752
2019 , 2021 0 28,032,752
2020 2022 0 560,655 28,593,407
2021 2023 0 28,593,407
2022 2024 0 571,868 29,165,275
2023 2025 0 29,165,275
2024 2026 0 583,305 29,748,580
2025 2027 0 29,748,580
2026 2028 0 594,972 30,343,552
2027 2029 0 30,343,552
2028 2030 0 606,871 30,950,423
2029 2031 0 30,950,423
_4.00_ __34,848 4,002,940___ 20.70 180,338 21,248,115 25,251,054 5,699,369
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
F QOTUS123,SDsl5ue2Wo,ecaenl0nub2a5.123 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
[ Page 6
SCHEDULE OF ESTIMATED ASSESSED VALUATION (Page 4 of 4)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
Total Residential
Commercial Commercial and Commercial
Construction Collection Cumulative Assessed Assessed
Year Year Actual Valuation Valuation
Valuation 29%
2000 2002 0 0 0
2001 2003 0 0 3,142,579
2002 2004 0 0 10,634,791
2003 2005 0 0 18,276,847 2004 2006 0 0 26,437,281
2005 2007 0 0 34,388,076
2006 2008 0 0 41,450,818
2007 2009 16,011,759 4,643,410 46,840,414
2008 2010 16,331,994 4,736,278 47,777,222
2009 2011 16,331,994 4,736,278 47,777,222
2010 2012 25,897,929 7,510,400 51,412,162
2011 2013 25,897,929 7,510,400 51,412,162
2012 2014 26,415,888 7,660,608 52,440,406
2013 2015 26,415,888 7,660,608 52,440,406
2014 2016 26,944,206 7,813,820 53,489,214
2015 2017 26,944,206 7,813,820 53,489,214
2016 2018 27,483,090 7,970,096 54,558,998
2017 2019 27,483,090 7,970,096 54,558,998
2018 2020 28,032,752 8,129,498 55,650,178
2019 2021 28,032,752 8,129,498 55,650,178
2020 2022 28,593,407 8,292,088 56,763,181
2021 2023 28,593,407 8,292,088 56,763,181
2022 2024 29,165,275 8,457,930 57,898,445
2023 2025 29,165,275 8,457,930 57,898,445
2024 2026 29,748,580 8,627,088 59,056,414
2025 2027 29,748,580 8,627,088 59,056,414
2026 2028 30,343,552 8,799,630 60,237,542
2027 2029 30,343,552 8,799,630 60,237,542
2028 2030 30,950,423 8,975,623 61,442,293
2029 2031 30,950,423 8,975,623 61,442,293
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND
ACCOUNTANTS'REPORT
F^LOTUS123 SDSlS492Toroes5101700-2-5.123 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Page 7
FACILITY FEES (Page 1 of 3)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
__ f tTmi7 f—
Number oT—Assume 10;0D0 s(=1-SFE Estimat Sewer Fees Water Tap Fee
of Single High Density Office Retail Total Tap Fee Line Fee Total FRICO or Antonoff/ Total
Year - Family MuIU-family SFEs SFEs — SFEs to Lochbule to BPMD#1 Sewer Fees Others SPMD#1 Lochbule Water Fees
_SFEs SFEs el
r $2,850 $1140 $3,990 $4,000 $1,500 $3,150 $8,650
6094—
Note: It is assumed that multi-family fees are 60%of sin le family fees.
2000 0 0 0 0 0 0 0 0 0
2001 200 0 0 200 570,000 228,000 798,00 800,000 300,000 630,000 1,730,000
2002 400 96 0 496 1,413,600 565,44 1,979,04 1,984,000 744,000 1,562,400 4,290,400
2003 400 96 0 496 1,413,600 565,44 1,979,04 1,984,000 744,000 1,562,400 4,290,400
2004 400 96 0 496 1,413,600 565,44 1,979,04 1,984,000 744,000 1,562,400 4,290,400
2005 400 96 0 496 1,413,600 565,44 1,979,04 1,984,000 744,000 1,562,400 4,290,400
2006 300 96 0 396 1,128,600 451,44 1,580,04 1,584,000 594,000 1,247,400 3,425,400
2007 6 10 7 208,050 83,220 291,27 292,000 109,500 229,950 631,450
2008 0 0 0
2009 0 0 0
2010 8 22,800 9,12 31,92 32,00 12,000 25,20 69,200
2011 0 0
2012 0 0
2013 0 0
2014 0 0
2015 0 0
2016 0 0
2017 0 0
2018 0 0
2019 0 0
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
2029 0 0
2030 0 0
2031 0 0
2,100 _ 540 3_ 18, _ 2,66.1_ _ 7,503,650_ 3,033,540 10617,390 10644000 3,991,500 8,382,150 23,017,650
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
F:'LOTUS I23'SOsl5N82W,,.casMO,70LL24.123 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Pa e8
FACILITY FEES (Page 2 of 3)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
Reildentfa) Infrastructure Fee per lot Streets Use Tax —
Storm Drainage Fee Impact Fee BPMD#1 Impact Fee Assumed rate
Year BPMD#1 Beebe Draw Total SPMD#2-5 Lochbuie Interstate Total SPMD#1 per sfe
__. $1,500 $450 $1,950 _ _$1,000 $250 $200 $450 $2,600 $500
Note: It is assumed that multi-family fees are 60%of single family fees and lots follow SFEs.
2000 0
2001 300,000 90,000 390,000 200,000 50,000 40,000 90,000 520,000 100,000
2002 744,000 223,200 967,200 496,00 124,000 99,200 223,200 1,289,600 248,000
2003 744,000 223,200 967,200 496,00 ' 124.000 99,200 223,200 1,289,600 248,000
2004 744,000 223,200 967,200 496,00 124,000 99,200 223,200 1,289,600 248,000
2005 744,000 223,200 967,200 496,00 124,000 99,200 223,200 1,289,600 248,00
2006 594,000 178,200 772,200 396,00 99,000 79,200 178,200 1,029,600 198,00
2007 109,500 32,850 142,350 73,00 18,250 14,600 32,850 189,800 36,500
2008 0 0 0 0 0 0
2009 0 0 0 0 0 0
2010 12,000 3,600 15,600 8,00 2,000 1,600 3,600 20,80 4,00
2011 0 0 0 0 0
2012 0 0 0 0 0
2013 0 0 0 0 0
2014 0 0 0 0 0
2015 0 0 0 0 0
2016 0 0 0 0 0
2017 0 0 0 0 0
2018 0 0 0 0 0
2019 0 0 0 0 0
2020 0 0 0 0 0
2021 0 0 0 0 0
2022 0 0 0 0 0
2023 0 0 0 0 0
2024 0 0 0 0 0
2025 0 0 0 0 0
2026 0 0 0 0 0
2027 0 0 0 0 0
2028 0 0 0 0 0
2029 0 0 0 0 0
2030 0 0 0 0 0
2031 0 0 0 0 0
3,991,500. 1,197,450_.. 5,188,950 2,66.1,000 _ __665,250_ 532,200 1197,450 6_918600 1,330,500
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
F:tOTUS1231SOS S1182Wruecan1onOM12.5.123 - 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
E_?age 9 l
FACILITY FEES(Page 3 of 3)
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
Allocation&Fees
_ Grand Total rotaTotal -Total T s Total Total Toto-!� rn and
Total of Fees Retained by Fees to Fees to Fees to Fees to Fees to Fees to Total of Fees
Year All Fees SPMD#2-5 SPMD#1 Lochbule BPMD Si 1 FRICO or Others Beebe Draw Antonoff Allocated
J 51 000 83100 - - -$6,25.0 _ _52,840 $4y000 $450 $1 500_
+Antonoff>$3M up to$3M
2000 0 0 0 0 0 0 0
2001 3,828,000 200,000 620,000 1,250,000 568,00 800,000 90,000 300,000 3,828,000
2002 9,493,440 496,000 1,537,600 3,100,000 1,408,64 1,984,000 223,200 744,000 9,493,44
2003 9,493,440 496,000 1,537,600 3,100,000 1,408,64 1,984,000 223,200 744,000 9,493,44
2004 9,493,440 496,000 1,537,600 3,100,000 1,408,64 1,984,000 223,200 744,000 9,493,44
2005 9,493,440 496,000 1,813,600 3,100,000 1,408,64 1,984,000 223,200 468,000 9,493,44
2006 7,579,440 396,000 1,821,600 2,475,000 1,124,64 1,584,000 178,200 7,579,44
2007 1,397,220 73,000 335,800 456,250 207,32 292,000 32,850 1,397,22
2008 0 0 0 0 0
2009 0 0 0 0 0
2010 153,120 8,000 36,800 50,000 22,72 32,000 3,600 153,12
2011 0 0 0 0
2012 0 0 0 0
2013 0 0 0 0
2014 0 0 0 0
2015 0 0 0 0
2016 0 0 0 0
2017 0 0 0 0
2018 0 0 0 0
2019 0 0 0 0
2020 , 0 0 0 0
2021 0 0 0 0
2022 0 0 0 0
2023 0 0 0 0
2024 0 0 0 0
2025 0 0 0 0
2026 0 0 0 0
2027 0 0 0 0
2028 0 0 0 0
2029 0 0 0 0
2030 0 0 0 0
2031 0 0 0 0
50,931,540 2,661,000 9,240,600 16,631,250 .,, 7,557,240__ _.__10,644,000__ _ 1,1974450 346000000_ 50 931,540
Totalss w Entities outsioe SPMD t-Yl-5-X8;270,540
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT
FtOTu5123%505)5082*oremMo170-2-5.123 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Page 10
PARKS AND STORM DRAINAGE MAINTENANCE FEES
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2031
Parks and
umber Number of I gullet 10,000 sf=1 SFr at Storm Drainage
of Single High Density Office Retail Total Cumulative Maintenance Fee
Year Family Multi-family SFEs SFEs SFEs SFEs Annually per SFE
SFEs SFEs @_ 5115
60
2000 0 0 0 0 0 0
2001 200 0 0 200 200 23,000
2002 400 96 0 496 696 80,040
2003 400 96 0 496 1,192 137,080
2004 400 96 0 496 1,688 194,120
2005 40 96 0 496 2,184 251,160
2006 30 96 0 396 2,580 296,700
2007 60 3 1 7 2,653 305,095
2008 0 0 2,653 305,095
2009 0 0 2,653 305,095
2010 0 0 2,661 306,015
2011 0 0 2,661 306,015
2012 0 0 2,661 306,015
2013 0 0 2,661 306,015
2014 0 0 2,661 306,015
2015 0 0 2,661 306,015
2016 0 0 2,661 306,015
2017 0 0 2,661 306,015
2018 0 0 2,661 306,015
2019 0 0 2,661 306,015
2020 0 0 2,661 306,015
2021 0 0 2,661 306,015
2022 0 0 2,661 306,015
2023 0 0 2,661 306,015
2024 0 0 2,661 306,015
2025 0 0 2,661 306,015
2026 0 0 2,661 306,015
2027 0 0 2,661 306,015
2028 0 0 2,661 306,015
2029 0 0 2,661 306,015
2030 0 0 2,661 306,015
2031 0 0 2,661 306,015
2 100 540 3 18 2,661 8,629,715
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND
ACCOUNTANTS'REPORT
Ft0Tusl2]15Ds1smoioruasmoIiob24.l23 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(IN THE FORMATION STAGE OF DEVELOPMENT)
FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS
Page 11
DEBT SERVICE
AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31.2031
Series 2001 Bond Issue
Issued June 1,2001 522,150,000
Interest Rate; 8.00%
[ Pdndpal_.1. Cau_oori _I Interest I Total
2001 8.00% 888,000 888,000
2002 8.00% 1,772,000 1,772,000
2003 8.00% 1,772,000 1,772,000 •
2004 5,000 8.00% 1,772,000 1,777,000
2005 5,000 8.00% 1,771,800 1,778,600
2008 5,000 8.00% 1,771,200 1,778,200
2007 60,000 8.00% 1,770,800 1,830,800
2008 190,000 8.00% 1,788,000 1,958,000
2009 200,000 8.00% 1,750,800 1,950.800
2010 210,000 8.00% 1,734,800 1,944,800
2011 215,000 8.00% 1,718,000 1,933,000
2012 380,000 8.00% 1,700,800 2,080,800
2013 410,000 8.00% 1,870,400 2,080,400
2014 485,000 8.00% 1,837,800 2,122,800
2015 525.000 8.00% 1,598.800 2,123800
2018 810,000 8.00% 1,558,800 2.188,800
2017 855,000 8.00% 1,508,000 2,183,000
2018 755,000 8.00% 1,455,800 2,210,600
2019 895,000 8.00% 1,395,200 2,090,200
2020 795,000 8,00% 1,339,800 2,134,600
2021 855,000 8.00% 1,278,000 2,131,000
2022 985,000 8.00% 1,207,800 2,172,800
2023 1,045,000 8.00% 1,130,400 2,175,400
2024 1,170,000 8.00% 1,045,800 2,218,800
2025 1,285,000 8.00% 953,200 2,218,200
2028 1,410,000 8.00% 852,000 2282,000
2027 1,525,000 8.00% 739,200 2,284,200
2028 1,890,000 8.00% 817,200 2.307,200
2029 1,825,000 8.00% 482,000 2,307,000
2030 2,020,000 8.00% 338,000 2,358,000
2031 2,180,000 8.00% 174,400 2,354,400
22150,000 41,182800 83,312800
USE OF PROCEEDS
ConsWolbn 16,900,000
Developer Reimbursement
Capitalized Interest 4,400,000
Issue Costs @ 4.00% 850.000
_22,150,000
SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'
REPORT
F LONs1223osars2'Fnrw110120024.123 10/18/2000
SILVER PEAKS METROPOLITAN DISTRICTS No. 2-5
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS
AND ACCOUNTING POLICIES
October 17,2000
NOTE 1) NATURE AND LIMITATION OF FORECAST
This forecast of financial information is for the purpose of a financial analysis of the
proposed Plan of Silver Peaks Metropolitan Districts No. 2 - 5 (the"Districts") on
a combined basis. It is to display how the proposed facilities and services are to be
provided and financed.
This financial forecast presents,to the best knowledge and belief of Management of
the Districts, the Districts' expected cash position and results of cash receipts and
disbursements for the forecasted periods. Accordingly, the forecast reflects
Management's judgement, as of October 17, 2000, the date of this forecast, of the
expected conditions and the Districts' expected course of action.
The assumptions disclosed herein are those that Management believes are significant
to the forecast and are not all-inclusive. There still usually may be differences
between forecasted and actual results,because events and circumstances frequently
do not occur as expected, and those differences may be material.
NOTE 2) ORGANIZATION
The Petitioners for the formation of the Districts, quasi-municipal corporations, are
in the process of organization.The Districts will be governed pursuant to provisions
of the Colorado Special District Act (Title 32). The Districts will operate under
consolidated service plan approved by the Town of Lochbuie(Town). The Districts'
service area is located entirely in Weld County on land annexed into the Town. The
Districts are being established to provide financing for the construction and
installation of streets and safety controls,street lighting,landscaping,water,sanitary
sewer,storm drainage,television relay facilities,park and recreation,transportation
and mosquito control improvements. The mill levy shown in the forecast is in
compliance with the draft Service Plan which imposes a maximum mill levy of 50
mills for debt service and operations and maintenance.
Formation of the Districts is intended to be timed to allow for the proper legislative,
judicial and election process to be completed in order for the Districts electors to be
able to vote for the authorization of debt and tax levies and TABOR questions for
2000. The Petitioners expect the favorable approval at the election since they
constitute the majority of the current eligible electors within the proposed Districts
boundaries.
in
SILVER PEAKS METROPOLITAN DISTRICTS No. 2 -5
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS
AND ACCOUNTING POLICIES
October 17, 2000
The Districts intend to enter into an intergovernmental agreement with Silver Peaks
Metropolitan District No.1 (SPMD No. 1) whereby SPMD No. 1 will be the
coordinating district for regional street,water, sewer, storm drainage and park and
recreation facilities for the joint benefit of Silver Peaks Metropolitan Districts No.
1-5. In return,certain revenues generated by the Districts will be shared with SPMD
No.l.
NOTE 3) PETITIONERS FOR FORMATION
The Petitioners for Formation of the Districts are landowners or principals of the
major developer of the land included within the boundaries of the Districts. The
major landowner and current developer of the majority of the property within the
Districts is S. P. Lochbuie, LLC (the"Developer"). Other petitioners are identified
as current landowners.
NOTE 4) BASIS OF ACCOUNTING
The basis of accounting for this forecast is the cash basis which is a basis of
accounting that is different from the generally accepted accounting principles under
which the Districts will prepare their financial statements. In addition each of the
districts will present its financial statements as a separate legal entity.
NOTE 5) PROPERTY TAXES
The primary source of revenue or cash receipts will be ad valorem property taxes.
Property taxes are determined annually by the Districts' Boards of Directors and set
by County Commissioners as to rate or levy based upon the assessed valuation of the
property within the Districts. The Douglas County Assessor determines the assessed
valuation. The levy is expressed in terms of mills. A mill is 1/1,000 of the assessed
valuation. The forecast assumes that the Districts will be able to set their mill levy
at 50.000 mills from 2002 through 2008,at 42.000 mills from 2009 through 2018 and
at 40.000 mills from 2019 through the term of the forecast for debt service and
administration purposes until the debt is repaid.
The assessed valuation for the Districts is dependent upon the buildout schedule of
the homes within the Districts. Management of the Districts has based the estimate
of buildout on their projected buildout schedule. The forecasted development
buildout schedule and conversion to the assessed valuation is presented as a
Schedule. The assessed valuation rate for raw ground and developed lots is 29%of
market value until a home is constructed. All residential property has been assumed
to be at the residential property rate of 9.28% as explained below. The assessed
valuation rate for commercial property is 29%.
_11_
SILVER PEAKS METROPOLITAN DISTRICTS No. 2 -5
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS
AND ACCOUNTING POLICIES
October 17, 2000
All of the property is required to be reassessed biennially and the residential property
is subject to provisions of the State's Gallagher Constitutional Amendment. Under
the Gallagher Amendment,the ratio of residential assessed value to market value is
adjusted to balance the statewide assessed value of commercial to residential.Since
residential values have increased greater than commercial since 1986,the ratio has
decreased in most reassessment years except for 1999 which indicated no change.
For this forecast, the residential ratio has been assumed to change for 2001 as
projected in the Colorado Legislative Council's memorandum,"Assessed Value and
Property Tax Projections"issued December 17, 1999. This Memorandum states that
the residential assessment rate is projected to decline from its current 9.74%for 2000
to 9.28% in 2001 (for collection in 2002), 8.78%in 2003 and 8.40% in 2005. The
estimates of the Memorandum are projections only,do not have force of law and may
or may not occur as projected. This forecast also assumes that the ratio will remain
at 9.28%through the forecast period since any changes to the ratio would be offset
by a change in the mill levy.
The assessed values of residential and commercial properties are assumed to increase
by 2% every other year due to the State's biennial revaluation of property.
The property taxes resultant from the above mill levy and assessed valuation has
been reduced for the Weld County Treasurer's fee for collection of the taxes at 1.5%
and further reduced for uncollectible taxes at .5%.
NOTE 6) SPECIFIC OWNERSHIP TAXES
Specific ownership taxes are set by the State and collected by the County Treasurer
primarily on vehicle licensing within the County as a whole. The specific ownership
taxes are allocated by the County Treasurer to all taxing entities within the County.
The forecast assumes that the Districts' share will be equal to approximately 10%of
the property taxes collected.
SILVER PEAKS METROPOLITAN DISTRICTS No.2-5
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS
AND ACCOUNTING POLICIES
October 17, 2000
NOTE '7) FACILITY FEES
The Districts anticipate imposing the following fees which may be remitted to other
entities as indicated. All charges are imposed upon the basis of a single family
equivalent(sfe)unit. It is assumed that each single family residence is one sfe,each
multi-family residence is 60%of one sfe and that 10,000 square feet of commercial
development equals one sfe. The only fee anticipated to be retained by SPMD No.
2 -5 is the residential impact fee of$1,000 per sfe.
The following fees are forecasted to be remitted to SPMD No. 1 with some of the
fees anticipated to be forwarded from SPMD No. 1 to other entities as indicated
below.
A sewer tap fee of$2,850 per sfe will be forwarded to the Town
A sewer line fee of$1,140 per sfe will be remitted to
Bromley Park Metropolitan District No. 1
A water tap fee of$8,650 per sfe, of which$4,000 will be remitted
to the Farmers Reservoir and Irrigation Company or others;
a water fee of$1,500 per sfe up to $3,000,000 will be remitted
to others with amounts in excess of $3,000,000 remaining
with SPMD No. 1; and $3,150 per sfe will be forwarded to
the Town
A storm drainage fee of$1,950 per sfe with $1,500 remitted to
Bromley Park Metropolitan District No. 1; and $450
forwarded to Beebe Draw Drainage Company or others
An infrastructure fee of$450 per lot(with the assumption that lots
directly correlate to sfes)with$250 remitted to the Town;
and$200 forwarded to SPMD No. 1 to be applied to Town-directed
interstate improvements
A streets impact fee of$2,600 (which includes a surcharge of$350)
remitted to SPMD No. 1
A building use tax of one percent of the estimated value of the
construction costs of the developed properties which is
estimated to be $500 per sfe/unit will be forwarded to
SPMD No. 1
These fees and taxes are anticipated to provide for the appropriate general and capital
expenditures of the Districts.
'C
SILVER PEAKS METROPOLITAN DISTRICTS No.2 - 5
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS
AND ACCOUNTING POLICIES
October 17, 2000
NOTE 8) STORM DRAINAGE MAINTENANCE FEES
The Districts anticipate imposing a storm drainage maintenance fee of$115 annually
per sfe to provide for operational costs. These fees are anticipated to be forwarded
to SPMD No. 1 with $48 of each annual fee in turn forwarded to Bromley Park
Metropolitan District No. 1.
NOTE 9) DEVELOPER ADVANCE
It is anticipated that the Developer will advance funds to the District and be
reimbursed as shown on the Summary page.
NOTE 10) INTEREST INCOME
The forecast has included interest on monies that are forecasted to be on deposit or
invested by the Districts at the prior year's end at an interest rate of 4%.
NOTE 11) OPERATIONS AND MAINTENANCE DISBURSEMENTS
The Districts will perform park maintenance for the first five years of operations.
Beyond this period,the only costs forecasted to be incurred will be for administration
of the Districts. Administrative, operational and maintenance disbursements have
been included in the forecast at $50,000 in 2000 and 2001, $75,000 in 2002,
$100,000 in 2003, $125,000 in 2004, $150,000 in 2005. Administrative
disbursements only are included beginning in 2006 in the amount of$65,000 which
is inflated by 2%per year through the term of the forecast.
NOTE 12) INTERGOVERNMENTAL TRANSFER TO SPMD No. 1
It is assumed that an intergovernmental agreement will be entered into with SPMD
No. 1 which will provide for a transfer of property tax receipts in excess of those
required for administration of the Districts from SPMD No. 2 - 5 to SPMD No. 1.
Beginning in 2008, a mill levy of 5 mills is anticipated to be imposed upon the
assessed valuation in SPMD No.2-5 for administration of the Districts,with a lesser
amount forecasted to be needed for such purposes.
SILVER PEAKS METROPOLITAN DISTRICTS No. 2 -5
(In the Formation Stage of Development)
SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS
AND ACCOUNTING POLICIES
October 17,2000
NOTE 13) INFRASTRUCTURE IMPROVEMENTS
The estimated cost of the capital infrastructure improvements to be funded under the
Plan is$16,900,000. The Engineering cost estimate is$20,521,000 as detailed in the
Service Plan. The difference will be funded by the Developer. Management expects
that the Districts will allow the Developer or other related parties to either advance
funds to the Districts or to actually construct the improvements under the Districts'
supervision for reimbursement by the Districts upon completion to the extent
bondable.
NOTE 14) DEBT SERVICE
The Districts anticipate issuing general obligation bonds on June 1, 2001 in the
amount of $22,150,000. The proceeds of such debt will be used for capital
infrastructure,capitalized interest,issuance costs and to reimburse the Developer for
capital infrastructure improvements and organizational costs. The bonds are assumed
to bear interest at 8.0%and will be paid over a 30 year period with the final payment
December 1, 2031.
-17-
EXHIBIT G
Resolution of Approval
RESOLUTION OF THE BOARD OF TRUSTEES,
TOWN OF LOCHBUIE, COLORADO,
APPROVING THE ORGANIZATION OF
SILVER PEAKS METROPOLITAN DISTRICT NO. 5
WHEREAS, Section 32-1-204.5(1) of the Colorado Revised Statutes, provides that no
special district shall be organized if located wholly within the boundaries of a municipality,
except upon adoption of a resolution approving the Service Plan of the proposed special district;
WHEREAS, a Service Plan has been submitted to the Board of Trustees for the proposed
Silver Peaks Metropolitan District No. 5 (the "District") pursuant to part 2, article 1, title 32,
C.R.S.;
WHEREAS, the territory of the proposed District is located wholly within the
boundaries of the Town of Lochbuie; and
WHEREAS, the Board of Trustees of the Town of Lochbuie has conducted a public
hearing on the Service Plan for the proposed District;
NOW THEREFORE, BE IT RESOLVED BY THE TOWN TRUSTEES OF THE
TOWN OF LOCHBUIE, COLORADO:
Section 1. The Town of Lochbuie, by and through its Board of Trustees, makes the
following findings:
a. Adequate service is not, and will not, be available to the area to be served
by the District through the Town of Lochbuie or other existing special
districts within a reasonable time and on a comparable basis;
b. The facility and service standards of the proposed District are compatible
with the facility and service standards of the Town of Lochbuie;
c. There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed District;
d. The existing service in the area to be served by the proposed District is
inadequate for present and projected needs;
e. The proposed District is capable of providing economical and sufficient
service to the area within its proposed boundaries;
f. The area included within the proposed District has or will have the
financial ability to discharge the proposed indebtedness on a reasonable
basis;
g. The proposal is in substantial compliance with any duly adopted master
plans;
h. The proposal is in compliance with any duly adopted county,regional, or
state long-range water quality management plan for the area; and
i. The creation of the proposed District will be in the best interest of the area
proposed to be served.
Section 2. The Service Plan for the Silver Peaks Metropolitan District No. 5 is hereby
approved.
Section 3. Effective Date.
This Resolution shall become effective immediately upon recordation of the Town's
Ordinance No. 328, Ordinance No. 329, and Ordinance No. 330, all or some of which
concern the annexation of the property which is the subject of the Service Plan for the Silver
Peaks Metropolitan District No. 5.
RESOLVED this day of , 2000.
BOARD OF TRUSTEES OF THE TOWN
OF LOCHBUIE, COLORADO
By:
Mayor
Al LEST:
By:
Clerk
RESOLUTION OF THE BOARD OF TRUSTEES,
TOWN OF LOCHBUIE, COLORADO,
APPROVING THE ORGANIZATION OF
SILVER PEAKS METROPOLITAN DISTRICT NO. 5
WHEREAS, Section 32-1-204.50) of the Colorado Revised Statutes, provides that no
special district shall be organized if located wholly within the boundaries of a municipality,
except upon adoption of a resolution approving the Service Plan of the proposed special district;
WHEREAS, a Service Plan has been submitted to the Board of Trustees for the proposed
Silver Peaks Metropolitan District No. 5 (the "District") pursuant to part 2, article 1, title 32,
C.R.S.;
'WHEREAS, the territory of the proposed District is located wholly within the
boundaries of the Town of Lochbuie; and
WHEREAS, the Board of Trustees of the Town of Lochbuie has conducted a public
hearing on the Service Plan for the proposed District;
NOW THEREFORE, BE IT RESOLVED BY THE TOWN TRUSTEES OF THE
TOWN OF LOCHBUIE, COLORADO:
Section 1. The Town of Lochbuie, by and through its Board of Trustees, makes the
following findings:
a. Adequate service is not, and will not, be available to the area to be served
by the District through the Town of Lochbuie or other existing special
districts within a reasonable time and on a comparable basis;
b. The facility and service standards of the proposed District are compatible
with the facility and service standards of the Town of Lochbuie;
c. There is sufficient existing and projected need for organized service in the
area to be serviced by the proposed District;
d. The existing service in the area to be served by the proposed District is
inadequate for present and projected needs;
e. The proposed District is capable of providing economical and sufficient
service to the area within its proposed boundaries;
f. The area included within the proposed District has or will have the
financial ability to discharge the proposed indebtedness on a reasonable
basis;
g. The proposal is in substantial compliance with any duly adopted master
plans;
h. The proposal is in compliance with any duly adopted county, regional, or
state long-range water quality management plan for the area; and
i. The creation of the proposed District will be in the best interest of the area
proposed to be served.
Section 2. The Service Plan for the Silver Peaks Metropolitan District No. 5 is hereby
approved.
Section 3. Effective Date.
This Resolution shall become effective immediately upon recordation of the Town's
Ordinance No. 328, Ordinance No. 329, and Ordinance No. 330, all or some of which
concern the annexation of the property which is the subject of the Service Plan for the Silver
Peaks Metropolitan District No. 5.
RESOLVED this - day ofOd &se\ , 2000.
BOARD OF TRUSTEES OF THE TOWN
OF LOCHBUIE, COLORADO
By: �YZ'Gu
Mayor
ATTEST: p
By: jaCCt4� / �/�'l.c. p€ti,
Clerk
Hello