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Home My WebLink About20003270 SERVICE PLAN FOR SILVER PEAKS METROPOLITAN DISTRICT NO. 1 Submittal Date: September 25, 2000 Revised October 19, 2000 ,• (. ' ,< '/; if .rte' ii•CY 2000-3270 TABLE OF CONTENTS I. Introduction 1 II. Purpose of the Proposed District 4 HI. Boundaries,Population&Valuation 4 IV. Description of Proposed Facilities 5 a. Type of Improvements 5 b. Construction Standards 6 c. Dedication of Improvements 6 d. Maintenance of Public Improvements 7 e. Services to be Provided by Other Governmental Entities 7 V. Financial Information 7 a. General 8 b. Debt Issuance 8 c. Identification of District Revenue 9 d. Security for Debt 9 e. Services of District 9 VI. Landowners Public Improvements 10 VII. Dissolution 10 VIII. Modification of Service Plan 10 IX. Resolution of Approval 11 X. Intergovernmental Agreements 11 XI. Conclusion 12 SILVER PEAKS METROPOLITAN DISTRICT NO. 1 SERVICE PLAN I. INTRODUCTION The District shall be named the Silver Peaks Metropolitan District No. 1 (the "District"). The District shall be formed in conjunction with four other metropolitan districts, Silver Peaks Metropolitan District No. 2, Silver Peaks Metropolitan District No. 3, Silver Peaks Metropolitan District No. 4, and Silver Peaks Metropolitan District No. 5 (collectively referred to herein as "Districts 2-5"). The land to be eventually encompassed within the District and Districts 2-5 shall be referred to as the "Silver Peaks Development." The District shall act as the coordinating district for regional street, water, sewer, storm drainage, and park and recreation facilities for the Silver Peaks Development. The purpose of the District is to coordinate the financing, construction and installation of regional public improvements, including streets, traffic safety, water, sanitary sewer, storm drainage, park and recreation, transportation and mosquito control improvements for the Silver Peaks Development. 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 the Bromley Park Metropolitan District No. 1 (for storm drainage facilities), or to other non-profit or governmental entities, for the use and benefit of the Silver Peaks Development 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 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, B 144 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: lbeardslev@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) 299-8364 Phone: (303) 779-4525 Fax: (303) 298-0940 Fax: (303)773-2050 E-mail: bjordan@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 financed. 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. 3 II. PURPOSE OF THE PROPOSED DISTRICT The District will finance the construction of regional public improvements within the Silver Peaks Development for the use and benefit of the Silver Peaks Development's residents and taxpayers and the owners of real property within the Silver Peaks Development 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 the Silver Peaks Development's inhabitants. III. BOUNDARIES,POPULATION &VALUATION The boundaries of the District are located entirely within the Town, as more particularly described in the legal description of the boundaries attached hereto and incorporated herein as Exhibit A and as shown on the boundaries map attached hereto and incorporated herein as Exhibit B. The District will be developed for the purpose of coordinating the financing, construction and installation of regional improvements for the Silver Peaks Development, but no development 4 is anticipated to occur within the District itself. The estimated daytime population of the District at full build-out is zero (0) people. For the purpose of this Service Plan and the Financing Plan herein, the estimated assessed value of the District at full build-out is deemed to be less than Ten Dollars ($10.00). The property within the initial boundaries is currently zoned for planned unit development (PUD). For the purpose of this Service Plan and the Financing Plan herein, the current assessed value of the property within the boundaries of the District 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 regional street, safety control, storm drainage, water, sanitary sewer, park and recreation, transportation and mosquito control improvements and facilities (as defined in § 32-1-1004(2), C.R.S.) within the Silver Peaks Development. The District may also maintain or contribute to the maintenance of improvements within the Silver Peaks Development. Preliminary engineering estimates based on applicable construction standards have been prepared and are attached hereto and incorporated herein as Exhibit C. These estimates list the facilities that the District, subject to development approval of the Town, will provide, including the costs in current dollars of each, together with an explanation of the methods, basis and/or assumptions used. 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 Six Million Nine Hundred Sixty-Three Thousand Four Hundred Seventy-Seven Dollars ($6,963,477). The District will seek voter approval for authorization to issue debt sufficient to finance the cost of the improvements as set forth in 5 Section V, 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 D. The District shall be authorized to construct the public improvements as generally shown on Exhibit D, 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 the Silver Peaks Development 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 Silver Peaks Development. 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 completion of their construction and installation. Water and sanitary sewer improvements may be dedicated to other appropriate districts upon completion of their construction 6 and installation, together with rights-of-way and easements for the facilities, to the extent the District has the necessary property interest to permit such dedication. The District may dedicate storm drainage facilities to the Bromley Park Metropolitan District No. 1, which is the regional storm drainage provider in the Beebe Draw Basin, upon the completion of their construction and installation,together with rights-of-way and easements 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 other appropriate governmental entities. e. Services to be Provided by other Governmental Entities The District shall receive fire protection, water and sanitary sewer services from other appropriate districts and storm drainage services from Bromley Park Metropolitan District No. 1. V. FINANCIAL INFORMATION This section describes the nature, basis, method of funding and debt limitations associated with the District's public improvements program and operations. A detailed Financing Plan and statement of assumptions is contained in Exhibit E 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 the property within the proposed boundaries of the Silver Peaks Development. The Financing Plan 7 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. a. General The provision of facilities by the proposed District will be primarily financed through the issuance of revenue bonds, secured by proposed development fees imposed on property within the Silver Peaks Development, limited as discussed below. The Financing Plan anticipates that bonds will be issued in one or more series. b. Debt Issuance The District intends to issue an initial series of bonds in the amount of approximately Five Million Six Hundred Seventy Thousand Dollars ($5,670,000). The District may issue additional 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 Eight Million Dollars ($8,000,000) 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. Refunding bonds may be issued by the District 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 8 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 development fees on property within the Silver Peaks Development through a joint resolution between and among the District and Districts 2-5. These development fees will serve as the primary source of revenue for repayment of debt service and will contribute to operations and maintenance expenses. It is anticipated that these development fees will produce revenue sufficient to support debt service and a portion of the operations and maintenance expenses through the bond repayment period. The fees to be collected by the District are detailed on pp. 3-6 of the Financing Plan,but not all fees shown will be used for debt service on the District bonds, as further described in the Financing Plan. 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. e. Services of District The District will require sufficient operating funds to plan and cause the regional 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 the Silver Peak Development's improvements. Further, the District anticipates 9 entering into an intergovernmental agreement with Districts 2-5 to provide support for maintenance operations undertaken and administered by the District on behalf of Districts 2-5. 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 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. 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, changes in debt limit or revenue 10 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 Town 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 F. X. INTERGOVERNMENTAL AGREEMENTS The District anticipates entering into three major intergovernmental agreements. The first shall be between and among the District, Districts 2-5, and the Bromley Park Metropolitan District No. 1 for provision of regional storm drainage improvements. The second shall be between and among the District and Districts 2-5 for the imposition of fees and charges as shown in the Financing Plan, and for coordination of maintenance obligations. The third shall be between and among the District, Districts 2-5, and the Town to effectuate the terms of the Silver Peaks Annexation Agreement, as such agreement affects the District and Districts 2-5. 11 XI. CONCLUSION This Service Plan demonstrates that: 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. M:\Silver Peaks 1-5 DC W1510 1510 0566.0003 12 EXHIBIT A Legal Description of 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 • S89'43'01"E 20 2652.51' 2442.91' �o - N Silver Peaks Metropolitan District No. 1 Boundaries I-0 " < 3 o o N e n o h o n n o o N o in z No " 35 I 3 • oN o • �S89'44.56"E 1° 210.00' O N ~• O V) W NC CD 0rc b 1m N M O co -0 tri N - 01 in z OO N N N89'51'49"W N89'59'56"W • • • II 2643.43' WELD CO. RD. 2 2643.50' SI i I /*- \ HIGH COUNTRY ENGINEERING, INC. LOCHBUIE. COLORADO 1"_1000' �- 923 COOPER AVENUE SILVER PEWS C GLENWOOD SPRINGS, CO 81601 OES. ICK. FILE N0. SHEET 1 ip (970)945-8676 !tint)oSiRc75 ^^ EXHIBIT C Preliminary Engineering Cost Estimates Engineer's Estimate of Probable Costs Sept 21, 2000 Silver Peaks Metro Dist 1 (Regional Improvements) Item Description Quantity Unit Unit Cost Total Cost PHASE I I 16"Water Main from Town Water Plant 10,700 LF 35.00 374,500.00 7_ Fire Hydrant Assembly 21 Ea 2,000.00 42,000.00 3 Booster Pump Station at Town Water Plant 1 Ea 50,000.00 50,000.00 4 Water Tank 1 Ea 150,000.00 150,000.00 5 Booster Pump Station at Water Tank 1 Ea 50,000.00 50,000.00 (3 16"Water Main in spine street and WC Rd#2 9,290 LF 32.00 297,280.00 6A 16"Water Main tie-in to High Plains @ Bonanza Trail 3,760 LF 32.00 120,320.00 ' Fire Hydrant Assembly 18 Ea 2,000.00 36,000.00 8 21"Sanitary Sewer Outfall Main 3,200 LF 60.00 192,000.00 9 Manhole 8 Ea 3,200.00 25,600.00 10 15"Sanitary Sewer Main (Along WC#2 and spine street) 7,670 LF 50.00 383,500.00 11 Manhole 20 Ea 3,200.00 64,000.00 1/2 Street Improvements -Weld County Road #2 5,280 LF 12 Earthwork(a) .32,300 CY 2.50 80,750.00 13 2'Curb, Gutter and 8'Sidewalk 5,280 LF 22.20 117,216.00 14 1' Median Curb 4,980 LF 8.50 42,330.00 15 Asphalt Pavement(33'width-assumed 8"full depth)) 19,360 SY 16.00 309,760.00 16 Landscaping 105,600 SF 1.75 184,800.00 17 Speer Canal Bridge Widening (18'x65') 1 LS 144,550.00 144,550.00 18 50%of Traffic Signalization at WC#2 and Himalaya 1 LS 60,000.00 60,000.00 19 Storm Sewer(b) 1,500 LF 27.00 40,500.00 20 Detention/Park Drainage Facilities (c) Inc/ 1/4 mile Off-site Channel 1 Ea 200,000.00 200,000.00 21 Detention/Park Landscaping ( 13 acres ) 566,280 SF 1.00 566,280.00 PHASE II 22 Storm Sewer(b) 3,070 LF 27.00 82,890.00 23 Community Park Landscaping (10 acres) 435,600 SF 2.00 871,200.00 24 Park Play Equipment 1 LS 150,000.00 150,000.00 25 Town Center Landscaping (5 acres) 217,800 SF 0.25 54,450.00 26 School Site Seeding (10 acres) 435,600 SF 0.25 108,900.00 PHASE III Additional Lane -Weld County Rd 4 5,280 LF 27 Earthwork (a) 32,300 CY 2.50 80,750.00 28 Asphalt Pavement ( 12'width -assumed 8"full depth) 7,040 SY 16.00 112,640.00 1/2 Street Improvements-Weld Co Rd#2 to Rd GG( High Plains PUD) 1,200 LF 29 Earthwork(a) 7,350 CY 2.50 18,375.00 30 2" Curb, Gutter and 8'Sidewalk 1,200 LF 22.20 26,640.00 31 1' Median Curb 1,000 LF 8.50 8,500.00 32 Asphalt Pavement (33'width -assumed 8"full depth) 4,400 SY 16.00 70,400.00 33 Landscaping 24,000 SF 1.75 42,000.00 Subtotal - Silver Peaks Metro Dist 1(PHASE I, Il& III) 5,158,131.00 25% Contingency 1,289,532.75 10% Engineering Contingency 515,813.10 TOTAL - Silver Peaks Metro Dist 1 6,963,476.85 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 and assumes entire subdivision will be rural ditch section EXHIBIT D Map of Preliminary Location of the Public Improvements m • 27 26 26 5 a - �.-....._ . _. _ - - ` WELD CO RQ NO. 4 -... I cnn l o I C.IL I , a O BRIGHTON I N /l 3 n 34 i 35H 36 o�o N ( /-WEST BURLINGTON �.. I EXTENSION DITCH `� LOCHBUIE I 1 1ill, / ? HIGH PLAINS PUb 1111 I i Ni:( I o WELD CO. L _ ADAMS CO. W.....___ ______1.„„....;:,__ ... , CO RD NO.-2.-..`../ % il yl � � :SPEER CANAL r o�a�Q Z 9'OMLFY o�o I i <:m PARK oo w • 6°''') Gc� z 2 i 3 a 2 a oo �y434,�' o °C i w LO:co p cE 05 i N n ` HI �6,•P,+ �Ab i INECT NO. PROPOSED 4UTFAkL FOR - QV� deo SCALE 1"=10D0' PY000207.OI BRIGHTOtJJEAST;PARMS II QQ-� L • /• / l. + �.swe , • Or ' J 27 26 25 WELD CO. RD. NO. 4 IMPROVEMENTS WELD CO RQ`ND. 4 1 l \ i ,/ ' i. r m i C Z 1 i o I i O _ BRIGHTON /� 3 N = `I jI i 34 M 35 �% 36 s Ioo /-WEST BURLINGTON • j/ EXTENSION DITCH ; I `c LOCHBUIE l I � , I 1 HIGH PLAINS PUD , Igil .• lir I ` I g / N WELD CO. _... I __ ADAMS CO, 1/4 TRAFFIC-/ W6Lb CO RD NO:--2..,, j/ - - _._ ....-------- li#,/ g k i MAJOR ARTERIAL___/ / I / ¥ SIGNAL (65' R.O.W. ) j / —SPEER CANAL K Lu 8R °MLEY _,m PARK 4 I . \ ii 3 2 \ oa Q o i 1 m ;' I Q n 1 1 vt_i v 9 •f PROJECT NO. • j SCALE 1"=1000' 2000207.01 • SHEET I I° 1 OF 1 m 27 26 251 g WELD CO R NO. 4 W —. — — -�-w-ar.-W��w..e�-w�a-w-T'�w�m.m w E / \ / I WATER TANK- I \ i' co i SITE t z° i ) '-- / O o BRIGHTON I t i / \ PWATER LANT TREATMENT 32 $ 34 1 I I 35 36 gge5rcJ FWEST BURLINGTON j / / EXTENSION DITCH gill, hii p�p 4 / I1 HIGH PLAINS PUb I. I \ / g • W WELD CO. ` / ADAMS CO -..- -_- ./-- ,--..._._.... E ELI WLD CO RD NO:--2_._``.� ! u ;' -SPEER CANAL 7-POSSIBLE LOOP w 4.---- ,f-- ______...1„/ TO HIGH PLAINS WATER SYSTEM �Z'•' BR MLEY ` (TO BE INSTALLED > BY HIGH PLAINS) _ m PARK i o z \_..___ S o b S V i 1 ibi ' V 9 1 / PROJECT N0. j SCALE 1"=1000' 2000207.01II / f' s.EE, a L• �� i OP 11a 27 26 25 m /�' - -- ' WELD CO Rty'NO. 4 ---s ..... -.-...Wit.__. I { m I / z 1 ,e 0 BRIGHTON I / 3 • / ! .eW 34 1 35 // 36 I o o -� . j WEST BURLINGTON EXTENSION DITCH # I LOCHBUIE g,1 - i i Igli DRAINAGE EASEMENT- _ l / 11I1 E00 YEAR RAINAGE -. f /HIGH PLAINS PUb • ASEMENTI' I , � • BROMLEY PARK iii�� I I __ /� it ! 1 • WELD Ciit/\11, h O. METF�v� ,��, AD�nas co. - — - W 6 CO RD Nb:.-2...,�_.jr OFFSITE CHANNEL TO��ral TIE INTO BROMLEY PARK • / METRO DISTRICT `/'/, -SPEER CANAL i /J w DRAINAGE IMPROVEMENTS ("\___,-----,-/ ' 'z' I BR 1 MLEY i z•m P RK I E oi 3 2 _ \ 1 O1, iill il a i x 1 �iW • T � ,1 • *I ` 1b Y i \ i 'V S: : • PROJECT N0. � SCALE 1"=1000' 2W0207.2W0207.01I, SWEET 1 27 26 , 25 I I WELD CO R4`NO. 4 5 '; m 35 ' z° TOWN CENTER GRADED ! I 0 BRIGHTON &NATIVE SEED. TO BE ) 131 o 3 �� IRRIGATED BY TOWN y31 �; m i O`er._ WHEN TOWN CENTER I / / 34 IS coNTRucrED. /� 36 E;',5:85.-.: PARK SITE tI = Z'3 i WEST BURLINGTON • SCHOOL SITE % i /EXTENSION DITCH GRADED&NATIVE SEED. ;-% L,OCHBUIE6 j ` TO BE IRRIGATED BY - SCHOOL DISTRICTyVHEN I I ( igli ?",„00°,,,,,r , SCHOOL IS CONTRUCTED.! 1 ell I r 3 IGH PLAINS PUb il I ,----s_./ s D, i f JCOMBIN1PARK/ J WELD CO / ADAMS CO. wpm O RD NO:'-2-_ ./ - — Fiti ; u / SPEER CANAL I i� ..- BRC?MLEY 1^\ , / QIm I a) M PARK in 2 3 a � 2 T!W I i I 0a t r a b I 1 i f V 9 F I PROJECT NO. SCALE 1"=1000' 2000207.01 SHEET 1 / I J OF EXHIBIT E Financing Plan 4 w / an Principals 6V Jack C. Schroeder Larry R. Beardsley chooneveld and Co. Inc. Richard M. Carlson Mark D. Elmshauser Certified Public Accountants Kevin F.Collins The Petitioners for Formation of Silver Peaks Metropolitan District No. 1 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 District No. 1 (the"District") as of the date of formation and for the 35 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 District 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, 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. Guidelines for presentation ofa 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. ‘.‘k. A-tittenj.kelfitneet• g9\e‘e- 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 DISTRICT No.1 (IN THE FORIMTION STAGE OF DEVELOPMENT) FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS I Page 2I SUMMARY AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2034 I( CASH RECEIPTS I� f CASFDISBURSEMEN7S Estimated ... —__ __. OPeraaons —FaSHty ant_- —� Annual Cumulative Number of Facility Maintenance Developer IGA-Transfer Interest T Total and Maki Fees Interstate Fee Total Cash Cash Year SFEs Fees Fees Advance from SPMD 2-5 Income Receipts Maintenance to Other Assumed Spent Debt Disbursements Surplus Surplus Year I. 400% 5.00 Entities in year collected Service Page. Page Mills of AV M25 Pages 588 Pages Pape? beg.M 2004 2000 0 0 0 55,000 0 55,000 50,000 0 50,000 5,000 5,000 2000 2001 200 3,628,000 23,000 (55,000) 200 3,596,200 50,000 2,977,600 40,000 226,800 3,294,400 301,800 306,800 2001 2002 496 8,997,440 80,040 12,272 9,089,752 50,000 7,394,050 99,200 753,600 8,296,850 792,902 1,099,702 2002 2003 496 8,997,440 137,080 43,988 9,178,508 50,000 7,417,880 99,200 929.600 8,496,680 681,848 1,781,550 2003 2004 496 8,997,440 194,120 71,282 9,262,822 52,110 7,441.680 99,200 952,800 8,545,770 717,052 2.498,602 2004 2005 498 8,997,440 251,180 99,944 9,348,544 89,557 7,189,470 99,200 976,000 8,354,227 994,318 3,492,919 2005 2006 396 7,183.440 296,700 0 139,717 7,619,857 129,543 5,408,480 79,200 986,000 6,801,223 1,018,634 4,511,553 2006 2007 7 1,324,220 305,095 0 180,462 1.809.777 188,502 1,101,160 14,600 942,000 2,226,282 (418,484) 4.095,089 2007 2008 0 305.095 135,483 163,803 604,381 203,109 127,340 898,000 1,228,449 (624,068) 3,471,001 2008 2009 0 305,095 160,540 138,840 604,475 229,518 127,340 854,000 1,210,858 (606,383) 2,884,617 2009 2010 145,120 306,015 183,750 114,585 729,470 234,108 234,450 1,800 810,000 1,280,156 (550,688) 2.313,929 2010 2011 308,015 162,343 92,557 560,915 234,108 127,730 466,000 827,838 (286,923) 2,047,006 2011 2012 308,015 178,719 81,880 588,614 251,920 127,730 448,000 825,650 (259,035) 1,787,970 2012 2013 308,015 177,255 71,519 554,189 251,920 127,730 296,000 675,650 (120,881) 1,867,109 2013 2014 306,015 180,800 66,684 553,500 256,956 127,730 266,400 651,088 (97,588) 1.569.521 2014 2015 306,015 179,277 62,781 548,073 256,958 127,730 258,400 843,088 (95,015) 1,474,506 2015 2016 306,015 182,883 58,980 547,858 262,097 127,730 250,400 640,227 (92,389) 1,382,138 2018 2017 306,015 181,278 55,285 542,578 262,097 127,730 242,400 632,227 (89,649) 1,292,487 2017 2018 306,015 184,903 51,699 542,618 267,339 127,730 234,400 629,469 (88,851) 1,205,638 2018 2019 306,015 183,255 48,225 537,495 267,3.39 127,730 226,400 621,469 (83,974) 1,121,862 2019 2020 306,015 186,920 44,866 537,801 272,586 127,730 218,400 618,816 (81,015) 1,040,648 -2020 2021 306,015 185,204 41,628 532,845 272,688 127,730 210,400 610,818 (77,971) 962,677 2021 2022 306,015 188,909 38,507 533,431 278,140 127,730 202,400 608,270 (74,839) 887,838 2022 2023 306,015 187.124 35,514 528.652 278.140 127,730 194,400 800,270 (71,617) 816,221 2023 2024 308,015 190,866 32,849 529,530 283.702 127,730 186,400 597,832 (68,302) 747,919 2024 2025 306,015 189,010 29,917 524,941 283,702 127,730 178,400 589,832 (84,891) 853,028 2025 2028 306,015 192,790 27,321 526,126 289376 127,730 170,400 587,508 (61,380) 821,647 2026 2027 306,015 190,858 24,886 521,739 289,376 127,730 182,400 579,506 (57,767) 563,880 2027 2028 306,015 194,675 22,555 523,245 295,164 127,730 154,400 577,294 (54,048) 509,831 2028 2029 306,015 192,886 20,393 519,074 295,164 127,730 146,400 569,294 (50,220) 459,611 2029 2030 306,015 196,519 18,384 520,918 301,067 127.730 138,400 567,197 (46,279) 413,332 2030 2031 306,015 194,428 16,533 516,976 301,067 127,730 130,400 559,197 (42,221) 371,111 2031 2032 306,015 192,295 14,844 513,155' 301,067 127,7?) 97,400 526,197 (13,043) 358,068 2032 2033 306,015 190,120 14,323 510,457 301,067 127,730 116,400 545,197 (34,740) 323,329 2033 2034 306,015 187,901 12,933 506,849 301,067 127,730 113,4001 542,197 (35,348) 287,980 2034 2,661 48,270,540 9,§4_7169 _ 0 4,930 749 1 949,917 64 898 985 7 960,855 42 482,930 532250 13,435 200 84,410,985 287980 --- Pape 8 38 497.Y4o Page 6 3,985,190. Nate: Net Property Taxes assumes a 1.5%County Treasurers Collection Fee and a.5%Allowance for Uncdledible Accounts. 42,482,930 SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT F`LOTUslflaOS5 Wa.ca 1017a'I12.3 10/18/2000 SILVER PEAKS METROPOLITAN DISTRICT No.1 (IN THE FORMATION STAGE OF DEVELOPMENT) FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS L Page 3 - FACILITY FEES COLLECTED BY SPMD 2-5 (Page 1 of 3) AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2034 . r Number Numherol Lssume1O000sf=1 SFE Estimated Sewer Fees Water ap ee ( of Single High Density Office Retail Total Tap Fee Line Fee Total FRICO Antonoff/ Total l Year Family Multi-family SFEs SFEs SFEs to Lochbuie to BPMD OM Sewer Fee or others SPMD 1$1 LodHwie Water Fee __ SFEs_ ___SFEs _ — $2,850 $1,140 $3,990 54000 $1500 $3150 $8650 60% Note: It is assumed that multi-family fees are 60%of single family fees. 2000 0 0 0 0 0 0 0 0 0 0 2001 200 0 200 570,000 228,000 798,000 800,000 300,000 630,000 1,730,000 2002 400 96 496 1,413,600 565,440 1,979,040 1,984,000 744,000 1,562,400 4,290,400 2003 400 96 496 1,413,600 565,440 1,979,040 1,984,000 744,000 1,562,400 4,290,400 2004 400 96 496 1,413,600 565,440 1,979,040 1,984,000 744,000 1,562,400 4,290,400 2005 400 96 496 1,413,600 565,440 1,979,040 1,984,000 744,000 1,582,400 4,290,400 2006 300 96 396 1,128,600 451,440 1,580,040 1,584,000 594,000 1,247,400 3,425,400 2007 60 1 73 208,050 83,220 291,27 292,000 109,500 229,950 631,450 2008 0 0 0 2009 0 0 0 2010 8 22,800 9,120 31,92 32,000 12,000 25,200 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 2032 0 0 2033 0 0 2034 0 0 2,100 540__ 3 18 2661 7,583,850 3,03354010,611390. _10644,000 3,991,500 8,382,150 23,017,650 SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT F:tOius1aSosvtwzraeanniolroui.123 10/18/2000 SILVER PEAKS METROPOLITAN DISTRICT No.1 (IN THE FORMATION STAGE OF DEVELOPMENT) FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS I P.oe 4 I - FACILITY FEES COLLECTED BY SPMD 2-5 (Page 20(3) AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2034 Infrastructure Fee per lot I Streets Use Tax Stone Drainage Fee _ J SPMD#1- _ I Impact Fee Assumed rate Year BPMD#1 Beebe Draw f Total Lochbuie Interstate Total SPMD#1 per ste $1,500 ____ S450_.._1S7950. 5250S200 I 5450_ $2,600 $500 Note: It Is assumed that multi-family fees are of single family fees and lots follow SFEs. 2000 0 2001 300,000 90,000 390,000 50,000 40,000 90,000 520,000 100,000 2002 744,000 223,200 967,200 124,000 99,200 223,200 1,289,600 248,000 2003 744,000 223,200 967,200 124,000 99,200 223,200 1,289,600 248,000 2004 744,000 223,200 967,200 124,000 99,200 223,200 1,289,600 248,000 2005 744,000 223,200 967,200 124,000 99,200 223,200 1,289,600 248,000 2006 594,000 178,200 772,200 99,000 79,200 178,200 1,029,600 198,000 2007 109,500 32,850 142,350 18,250 14,600 32,850 189,800 36,500 2008 0 0 0 2009 0 0 0 2010 12,000 3,600 15,600 2,000 1,600 3,600 20,800 4,000 2011 0 0 • 0 2012 0 0 0 2013 0 0 0 2014 0 0 0 2015 0 0 0 2016 0 0 0 2017 0 0 0 2018 0 0 0 2019 0 0 0 2020 0 0 0 2021 0 0 0 2022 0 0 0 2023 0 0 0 2024 0 0 0 2025 0 0 0 2026 0 0 0 2027 0 0 0 2028 0 0 0 2029 0 0 0 2030 0 0 0 2031 0 0 0 2032 0 0 0 2033 0 0 0 2034 0 0 0 __ 3,991,500 1,197450 5,188950 65250 53222001,197450 6,918,600 1,330500 SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT rtO1u51ZrlsosW s2wo,eosa,o1100.1.123 10/182000 SILVER PEAKS METROPOLITAN DISTRICT No.1 (IN THE FORMATION STAGE OF DEVELOPMENT) FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS Pape 5 FACILITY FEES COLLECTED BY SPMD 2-5 (Pape 3 of 3) AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2034 _ Grant Total on— TuUr Retained Total Total Tots r Grand Total of Fees to SPMD#1 Fees to Fees to Fees to Fees to Fees to Total of Fees Ye ar All Fees Bldg.Use Tax+ Loc hbuie BPMD#1 FRICO/Others Beebe Draw Antonoff Mocated 53 100 $6,250 $2,640 $4000 $450 $1 500 +Antonoff>$3M up to$314 2000 0 0 0 0 0 0 0 0 2001 3,628,000 620,000 1,250,000 528,000 800,000 90,000 300,000 3,588,000 2002 8,997,440 1.537,600 3,100,000 1,309,440 1,984,000 223,200 744,000 8,898,240 2003 8,997,440 1,537,600 3,100,000 1,309,440 1,984,000 223,200 744,000 8,898,240 2004 8,997,440 1,537,600 3,100,000 1,309,440 1,984,000 223,200 744,000 8,898,240 2005 8,997,440 1,813,600 3,100,000 1,309,440 1,984,000 223,200 468,000 8,898,240 2006 7,183,440 1,821,600 2,475,000 1,045,440 1,584,000 178,200 7,104,240 2007 1,324,220 335,800 456,250 192,720 292,000 32,850 1,309,820 2008 0 0 0 0 0 2009 0 0 0 0 0 2010 145,120 36,800 50,000 21,120 32,000 3,600 143,520 2011 0 0 0 0 2012 0 0 0 0 2013 0 0 0 0 2014 0 0 0 0 2015 0 0 0 0 2016 0 0 0 0 2017 0 0 0 0 2018 0 0 0 0 2019 0 0 0 0 2020 0 0 0 0 2021 0 0 0 0 2022 0 0 0 0 2023 0 0 0 0 2024 0 0 0 0 2025 0 0 0 0 2026 0 0 0 0 2027 0 0 0 0 2028 0 0 0 0 2029 0 0 0 0 2030 0 0 0 0 2031 0 0 0 0 2032 0 0 0 0 2033 0 0 0 0 2034 0 0 0 0 48,270540 ____ 9,240,600 16,631,250 7,025,040 10,644,000____ 1s197,450 3000000 47 738 340 Totals to Entitles outsT_$PMD#1 124:•-i 7,740_ SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT r:YofU5h2e'SOS'S ro,.ost'l 1720-1123 - 10/18/2000 SILVER PEAKS METROPOLITAN DISTRICT No.1 (IN THE FORMATION STAGE OF DEVELOPMENT) FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS Page 6 PARKS AND STORM DRAINAGE MAINTENANCE FEES AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2034 Parks and , m um ume 1 , = SFE lima 1 Storm Drainage Maintenance Maintenance of Single High Density Office Retail Total Cumulative Maintenance Fee Fee forwarded Fee retained Year Family Multi-family SFEs SFEs SFEs I SFEs Annually per SFE to BPMD No.1 by SPMD No. 1 _ SFEs__ SFEs a _ _J__ __,__ $115 $48 $67 66% 2000 0 0 0 0 0 0 0 2001 200 0 200 200 23,000 9,600 13,400 2002 400 96 496 696 80,040 33.410 46,630 2003 400 96 496 1,192 137,080 57.220 79,860 2004 400 96 496 1.688 194,120 81,020 113,100 2005 400 96 496 2.184 251,160 104,830 146,330 2006 300 96 396 2,580 296,700 123.840 172,860 2007 6 1 7 2,653 305,095 127.340 177,750 2008 2,653 305,095 127,340 177,750 2009 2,653 - 305,095 127,340 177.750 2010 2,661 306,015 127,730 178,290 2011 2,661 306,015 127.730 178,290 2012 2,661 306,015 127,730 178,290 2013 2,661 306,015 127,730 178,290 2014 2,661 306,015 127,730 178,290 2015 2,661 306,015 127,730 178,290 2016 2,661 306,015 127,730 178.290 2017 2,661 306,015 127,730 178,290 2018 2,661 306,015 127,730 178,290 2019 2,661 306,015 127,730 178,290 2020 2,661 306,015 127,730 178,290 2021 2,661 306,015 127,730 178,290 2022 2,661 306,015 127,730 178,290 2023 2,661 306,015 127,730 178,290 2024 2,661 306,015 127,730 178,290 2025 2,661 306,015 127,730 178,290 2026 2,661 206,015 127,730 178,290 2027 2,661 306,015 127,730 178.290 2028 2,661 306,015 127,730 178,290 2029 2,661 306,015 127.730 178,290 2030 2,661 306,015 127,730 178,290 2031 2,661 306,015 127,730 178,290 2032 2,661 306,015 127,730 178,290 2033 2,661 306,015 127,730 178,290 2034 2,661 306,015 127,730 178,290 2,100_ 540 3 18 2,661 y547,760 _ 3,985,190 5.562,680 SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT F:LLO1USIZTSOS\SJB]faxb1110170or.123 10/18/2000 • SILVER PEAKS METROPOUTAN DISTRICT No.1 (IN THE FORMATION STAGE OF DEVELOPMENT) FORECASTED CASH SURPLUS BALANCES AND CASH RECEIPTS AND DISBURSEMENTS I Pe(p 7 DEBT SERVICE AS OF THE DATE OF FORMATION AND FOR THE YEARS ENDING THROUGH DECEMBER 31,2034 Series 2001 Bond Issue Serbs 2004 Bond Issue Issued June 1,2001 85,670,000 Issued June 1.2004 1,580,000 Interest Rate: 8.00% Interest Rate 8.00% Total Debt I Principal f Coupon ']_. Interest Total H f ? P -Cspa! I Interest __I Total I Sent. 2001 8.00% 226,800 226,800 228.800 2002 300,000 8.00% 453,800 753,600 753.800 2003 500,000 8.00% 429,600 929,600 929,800 2004 500,000 8.00% 389,600 889,800 2004 8.00% 63,200 63,200 952,800 2005 500,000 8.00% 349,600 849,800 2005 8.00% 128,400 126,400 976.000 2008 500,000 8.00% 309,600 809,800 2006 50,000 8.00% 126,400 176,400 988.000 2007 500,000 8.00% 289,600 769,600 2007 50.000 8.00% 122,400 172.400 912,000 2008 500,000 8.00% 229,600 729,600 2008 50.000 8.00% 118,400 168.400 898,000 2009 500,000 8.00% 189.800 889,800 2009 50,000 8.00% 114,400 164.400 854,000 2010 500,000 8.00% 149.800 849,600 2010 50,000 8.00% 110,100 160.400 810,000 2011 200,000 8.00% 109,800 309,800 2011 50,000 8.00% 108,400 156,400 488.000 2012 200,000 8.00% 93,600 293,600 2012 50,000 8.00% 102,400 152,400 448.000 2013 70,000 8.00% 77,600 147,800 2013 50,000 8.00% 98,400 148,400 296,000 2014 50,000 8.00% 72,000 122,000 2014 50,000 8.00% 94,400 144,400 268,400 2015 50,000 8.00% 68,000 118,000 2015 50,000 800% 90,400 140,400 258.400 2016 50,000 8.00% 84,000 114,000 2018 50,000 8.00% 86,400 136,400 250,400 2017 50,000 8.00% 80,000 110,000 2017 50,000 8.00% 82,400 132,400 242.400 2018 50,000 8.00% 56,000 108,000 2018 50,000 8.00% 78,400 128,400 231,400 2019 50,000 8.00% 52,000 102,000 2019 50,000 6.06% 74.400 124.400 228.400 2020 50,000 8.00% 48,000 98.000 2020 50.000 8.00% 70,400 120,400 218.400 2021 50,000 8.00% 44,000 94,000 2021 50.000 6.00% 66,400 116,400 210.400 2022 50,000 8.00% 40,000 90,000 2022 50,000 8.00% 82.400 112.400 202.400 2023 50,000 8.00% 36.000 86,000 2023 50.000 8.00% 58,400 108,400 194,400 2024 50,000 8.00% 32.000 82,000 2024 50,000 8.00% 54.400 104,400 188,400 2025 50,000 8.00% 28,000 78,000 2025 50,000 6.00% 50,400 100,400 178.400 2026 50,000 8.00% 24,000 74,000 2026 50,000 8.00% 46,400 98,400 170,400 2027 50.000 8.00% 20.000 70,000 2027 50,000 8.00% 42,400 92,400 162.400 2028 50,000 8.00% 16,000 68,000 2028 50,000 8.00% 38,400 88.400 154,400 2029 50,000 8.00% 12,000 82,000 2029 50,000 8.00% 34,400 84,400 148,400 2030 50,000 8.00% 8,000 58,000 2030 50,000 8.00% 30,400 80,400 138.400 2031 50,000 8.00% 4,000 54,000 2031 50,000 8.00% 28,400 76.400 130,400 2032 75,000 8.00% 22,400 97,400 97,400 __5,870,000 - _ 3,962,000__.. 9,832,000, 2033 100,000 800% 18,400 116.400 116,100 2034 105,000 8.00% 8,400 113.400 113,400 15580 000 _ 2,223200 3 803.200 _ 13,435,200 USE OF PROCEEDS USE OF PROCEEDS i Construction 5,450,000 . Construction 1.520.0001 . 8,970,000 Developer Reimbursement Developer Reimbursement 0 Capitalized Interest Capitalized Interest 0 Issue Costs @ 4.00% 220,000 Issue Costs© 4.00% 60.000, 280,000 5870 000 __ 71000. 7250 000 SEE SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES AND ACCOUNTANTS'REPORT Fvotusrxasnss+saso,.r nrsrwar.ns 10/18/2000 SILVER PEAKS METROPOLITAN DISTRICT No. 1 (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 District No. 1 (the"District"). 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 District, the District's 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 District's expected course of action. The assumptions disclosed herein are those that Management believes are significant to the forecast and are not all-inclusive. In addition,the annexation agreement refers to fees that may be reimbursed to the District from other developments for oversizing of facilities or other recovery. Since these developments are not a part of this forecast, any reimbursement has not been included in this forecast. 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 District, a quasi-municipal corporation, are in the process of organization.The District will be governed pursuant to provisions of the Colorado Special District Act (Title 32). The District will operate under a service plan approved by the Town of Lochbuie(Town). The District's service area is located entirely in Weld County on land annexed into the Town. The District is being established to act as the coordinating district for regional street,water,sewer, storm drainage and park and recreation facilities for the Silver Peaks development. Formation of the District is intended to be timed to allow for the proper legislative, judicial and election process to be completed in order for the District electors to be able to vote for the authorization of debt 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 District boundaries. -8- SILVER PEAKS METROPOLITAN DISTRICT No. 1 (In the Formation Stage of Development) SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES October 17,2000 The District intends to enter into an intergovernmental agreement with Silver Peaks Metropolitan Districts No. 2 through 5 (SPMD No.2- 5)whereby SPIvID No.2-5 will serve as the taxing authorities 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. In return, certain revenues generated by the SPMD No. 2 - 5 will be shared with SPMD No.1. NOTE 3) PETITIONERS FOR FORMATION The Petitioners for Formation of the District are landowners or principals of the major developer of the land included within the boundaries of the District. The major landowner and current developer of the majority of the property within the District is S. P. Lochbuie, LLC (the"Developer"). 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 District will prepare its financial statements. -9- SILVER PEAKS METROPOLITAN DISTRICT No. 1 (In the Formation Stage of Development) SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES October 17, 2000 NOTE 5) FACILITY FEES The primary source of revenue or cash receipts will be facility fees imposed by all the Districts (SPMD No. 1 - 5), some of which are anticipated to be forwarded to SPMD No.1. As indicated below, some of the fees remitted from SPMD No. 2 - 5 are forecasted to pass through SPMD No. 1 to other entities for services provided. 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. A sewer tap fee of$2,850 per sfe will pass through SPMD No. 1 to the Town A sewer line fee of$1,140 per sfe will pass through SPMD No. 1 to Bromley Park Metropolitan District No. 1 A water tap fee of$4,000 per sfe will pass through SPMD No.1 to Farmers Reservoir and Irrigation Company or to others; a water fee of$1,500 per sfe up to $3,000,000 will pass through SPMD No. 1 to others with amounts in excess of $3,000,000 remaining with SPMD No. 1; and a water tap fee of$3,150 will pass through to the Town A storm drainage fee of$1,950 per sfe will be remitted to SPMD No. 1 with $1,500 of this fee forwarded to Bromley Park Metropolitan District No. I and $450 forwarded to the Beebe Draw Drainage Co. or others An infrastructure fee of$450 per lot (which is assumed to directly correlate to sfes)with$250 remitted to the Town and$200 to be retained by SPMD No. 1 for interstate improvements But assumed to be spent in the year collected. A streets impact fee of$2,600(which includes a surcharge of$350) which will remain with 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 remitted to SPMD No. 1 These fees and taxes are anticipated to provide for the appropriate general and capital expenditures of the District. -10- SILVER PEAKS METROPOLITAN DISTRICT No. 1 (In the Formation Stage of Development) SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES October 17,2000 NOTE 6) STORM DRAINAGE MAINTENANCE FEES SPMD No. 2 - 5 anticipate imposing a storm drainage maintenance fee of$115 annually per sfe to provide for operational costs. These fees will be forwarded to SPMD No. 1 with $48 of each annual fee in turn forwarded to Bromley Park Metropolitan District No. 1. NOTE 7) DEVELOPER ADVANCE It is anticipated that the Developer will advance funds to the District and be reimbursed as shown on the Summary page. NOTE 8) INTERGOVERNMENTAL AGREEMENT-TRANSFER FROM SPMD No. 2 -5 It is assumed that an intergovernmental agreement will be entered into with SPMD No.2-5 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, operations and maintenance, with a lesser amount forecasted to be needed for such purposes. NOTE 9) INTEREST INCOME The forecast has included interest on monies that are forecasted to be on deposit or invested by the District at the prior year's end at an interest rate of 4%. NOTE 10) OPERATIONS AND MAINTENANCE DISBURSEMENTS Operational and maintenance disbursements include amounts required to administer the District and to maintain monuments, landscaping and storm drainage. These disbursements have been included in the forecast at $50,000 per year from 2000 through 2003 and at an amount equal to a net property tax mill levy of 5 mills imposed upon the assessed valuations in SPMD No.2-5 from 2004 through the term of the forecast. -11- SILVER PEAKS METROPOLITAN DISTRICT No. 1 (In the Formation Stage of Development) SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS AND ACCOUNTING POLICIES October 17,2000 NOTE 11) INFRASTRUCTURE IMPROVEMENTS The estimated cost of the capital infrastructure improvements to be funded under the Plan approximate the engineering estimate of$6,970,000 as detailed in the Service Plan. Management expects that the District will allow the Developer or other related parties to either advance funds to the District or to actually construct the improvements under the District's supervision for reimbursement by the District upon completion to the extent bondable. NOTE 12) DEBT SERVICE The District anticipates issuing general obligation bonds on June 1,2001 and on June 1, 2004 in the respective amounts of$5,670,000 and $1,580,000. The proceeds of such debt will be used for capital infrastructure, 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 payments December 1, 2031 and December 31, 2034, respectively. -12- EXHIBIT F Resolution of Approval RESOLUTION OF THE BOARD OF TRUSTEES, TOWN OF LOCHBUIE, COLORADO, APPROVING THE ORGANIZATION OF SILVER PEAKS METROPOLITAN DISTRICT NO. 1 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. 1 (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 BOARD OF TRUSTEES OF THE TOWN OF LOCHBUIE, COLORADO: Section 1. Findings. 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 sewed. Section 2. Approval. The Service Plan for the Silver Peaks Metropolitan District No. 1 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. 1. RESOLVED this day of ,2000. BOARD OF TRUSTEES OF THE TOWN OF LOCHBUIE, COLORADO By: Mayor ATTEST: By: Clerk RESOLUTION OF THE BOARD OF TRUSTEES, TOWN OF LOCHBUIE, COLORADO, APPROVING THE ORGANIZATION OF SILVER PEAKS METROPOLITAN DISTRICT NO. 1 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. 1 (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 BOARD OF TRUSTEES OF THE TOWN OF LOCHBUIE,COLORADO: Section 1. Findings. 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. Approval. The Service Plan for the Silver Peaks Metropolitan District No. 1 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. 1. RESOLVED this L4 day of Ox ;/6-k, 2000. BOARD OF TRUSTEES OF THE TOWN OF LOCHBUIE, COLORADO By: /0aU{ � hi Mayor ATTEST: By: (4/u.1Q') Clerk S Hello