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Home My WebLink About20200434.tiffSider Vander Wall, P.C. ATTORNEYS AT LAW. Kim J. SETER BARBARA T. VANDER WALL JEFFREY E. ERB ELIZABETH A. DAUER OLIN B. MIELKE `i RUSSELL iNEWTON (;E W TO N CAMERON Jr RICHARDS March 18.2019 Ms. Angela Snyder Weld County Planning and Building Department 1555 N. 17th Ave. Greeley, CO 80631 Re: Dry Creek East Planning Case No. 17-0066 Service Plan Submittal Submittal or Proposed Special District - District No. 1 Dear Ms. Snyder: RECEIVED NOV 052019 WELD COUNTY COMMISSIONERS Dry Creek Metropolitan The law firm of Seter & Vander Wall, P.C. represents the American Land Fund ("ALF"), the owner of the property to be developed as Dry Creek East, in its desire to organize a Title 32 metropolitan district on the property. We are submitting the enclosed service plan for the proposed Dry Creek Metropolitan District No. 1. Please advise if there are additional application forms or fees that need to he paid in connection with the submittal of the service plan, or if there is an alternative submittal process to be followed. Once you've had a chance to review, I would appreciate an opportunity to talk to you and/or the appropriate person about the service plan review and comment process, and anticipated timeline. Thank you for your assistance and please feel free to call or e-mail me jerb(& sys pc.eom or Barbara Vander Wall at hvandem alligsvwpc.com with any questions or to discuss further. Sincerely, SETER VANDER WALL, P.C. Jeffrey E. Erb Cc: Bob Choate, Esq.; Asst. Weld County Attorney Barbara T. Vander Wall, Esq. Enclosures (Service Plan and Exhibits A - G) ‘00393947) 7400 E. ORCHARD ROAD • SUITE 3300 • GREENWOOD VILLAGE, Co 80111 • 303-770-2700 • FM: 303-770-2701 www.svwpc.com • e-mail: s I svwpc.com Peter Martz From: Sent To: Cc: Subject Peter, Angela Snyder <asnyder@weldgov.com_z Monday, October 28, 2019 10:33 AM Peter Martz Bob Choate; Esther Gesick; Tom Parko Jr. M ET19-0003 RECEIVED NOV 0 5 2019 WELD COUNTY COMMISSIONERS MET19-0003 is set up for Dry Creek Metropolitan District No. 1 and we may take payment for the review now ($500). I can take a credit card over the phone at the number below or you can send a check to the address below. Best, Angela Angela Snyder, FPM Planner I 1555 N 17th Ave Greeley, Co 80631 asnyder@weIdgov.com PHONE: (970) 400-3525 FAX: (970) 304-6498 0 - co T2 0 C CD O 0 C CO O 0a) 0 2 no RECEIPT DATE Ii5rDI1 RECEIVED FROM 90723 ALF Tau Cr-dc War/ Noe& I GEC' ADDRESS all OD FOR Svunfdt, 7/AA 171J4", gite. (h1F HOW PAID CASH CHECK 45oo --- HONEY ORDER I 9-cc03 u S SOO. _ t S-Ckm ftP 732) 0 • tec BY rL .1J 4 2019 1 SERVICE PLAN F O R DRY CREEK ETROP LITAN DISTRICT NO. 1 WELD COUNTY, COLORADO PREPARED BY: SETER & VANDER WALL, P.C. 7400 EAST ORCHARD ROAD, SUITE 3300 GREENWOOD VILLAGE, CO 80111 SUBMITTED: MARCH 18, 2019 RECEIVED NOV 0 5 2019 WELD COUNTY COMMISSIONERS 00392834 } L INTRODUCTION A. Purpose and Intent. The District is an independent unit of local government, separate and distinct from the County and, except as may otherwise be provided for by state or local law or this Service Plan, its activities are subject to review by the County only insofar as they may deviate in a material matter from the requirements of this Service Plan. It is intended that the District will provide a part or all of the Public Improvements for the use and benefit of all anticipated inhabitants and taxpayers of the District. The primary purpose of the District will be to finance the construction of these Public Improvements. The District is not being created to provide ongoing operations and maintenance services other than as specifically sot forth in this Service Plan. This Service Plan has been prepared in accordance with Article XIV of Chapter 2 of the County Code B. Need for the District. There are currently no other governmental entities, including the County, located in the immediate vicinity of the District that consider it desirable, feasible or practical to undertake the planning, design, acquisition, construction, installation, relocation, redevelopment and financing of the Public improvements needed for the Project. Formation of the District is therefore necessary in order for the Public Improvements required for the Project to be provided in the most economic manner possible. C. Objective of the County Regarding District's Service Plan. The County's objective in approving the Service Plan for the District is to► authorize the District to provide for the planning, design, acquisition, construction, installation, relocation and redevelopment of the Public Improvements from the proceeds of Debt to be issued by the District. All Debt is expected to be repaid by taxes imposed and collected for no longer than the Maximum Debt Mill Levy Imposition Term and at a tax mill levy no higher than the Maximum Debt Mill Levy. Debt which is issued within these parameters (as further described in the Financial Plan) will insulate property owners from excessive tax burdens to support the servicing of the Debt and will result in a timely and reasonable discharge of the Debt. This Service Plan is intended to establish a limited purpose for the District and explicit financial constraints that are not to be violated under any circumstances. The primary purpose is to provide for the Public Improvements associated with the Project and those regional improvements necessitated by the Project. Ongoing operational and maintenance activities are allowed, but only as specifically addressed in this Service Plan, and only to the extent that the District has sufficiently demonstrated that such operations and maintenance functions are in the best interest of the Count- and the existing and future residents and taxpayers of the District. In no case shall the mill levies imposed by the District for debt service and operations and maintenance functions exceed the Aggregate Mill Levy Cap. The District shall be authorized to finance the Public Improvements that can be funded from Debt to be repaid from tax revenues collected from a mill levy which shall not exceed the { 003928341 Maximum Debt Mill Levy and which shall not exceed the Maximum Debt Mill Levy Imposition Term. It is the intent of this Service Plan to assure to the extent possible that no taxable property bear an economic burden that is greater than that associated with the Maximum Debt Mill Levy in amount and that no property bear an economic burden that is greater than that associated with the Maximum Debt Mill Levy Imposition Term in duration, even under bankruptcy or other unusual situations. Generally, the costs of Public Improvements that cannot be funded within these parameters are not costs to be paid by the District. II. DEFINITIONS in this Service Plan, the following terms shall have the meanings indicated below, unless the context hereof clearly requires otherwise: "Aggregate Mill Levy Cap" means the maximum aggregate mill levy the District is permitted to impose for debt service and operations and maintenance, as set forth in Subsection VI.H below. 'Approved Development Plan" means a development plan or other process established by the County (including but not limited to approval of a Planned Unit Development final plan or Subdivision final plat by the BOCC ) for identifying, among other things, Public Improvements necessary for facilitating. development for property within the Service Area as approved by the County pursuant to the County Code and as amended pursuant to the County Code from time to time. "Board" means the Board of Directors of the District. "BOCC" means the Board of County Commissioners of the County of Weld, Colorado. "Bond", "Bonds" or "Debt" means bonds or other obligations for the payment of which the District has promised to impose an ad valorem property tax mill levy and/or pledged revenue received by the District through fees imposed for services, programs or facilities provided by the District. "County" means the County of Weld, Colorado. "County Code" means the Weld County Code, as the same may be amended from time to time. "District" means the Dry Creek Metropolitan District No. is "External Financial Advisor" means a consultant that: (1) advises Colorado governmental entities on matters relating to the issuance of securities by Colorado governmental entities, including matters such as the pricing, sales and marketing of such securities and the procuring of bond ratings, credit enhancement and insurance in respect of such securities; (2) shall be an underwriter, investment banker or individual listed as a public finance advisor in the Bond Buyer's Municipal Market Place; and (3) is not an officer or employee of the District. {00392834} 3 "Financial Plan" means the Financial Plan described in Section VI below which is prepared by an External Financial Advisor in accordance with the requirements of the County Code and describes: (a) how the Public Improvements are to be financed; (b) how the Debt is expected to be incurred; and (c) the estimated operating revenue derived from property taxes for the first budget year. "Inclusion Area Boundaries" means the boundaries of the area described in the inclusion Area Boundary Map, if any. "Inclusion Area Boundary Map" means the map attached hereto as Exhibit C-2, describing the property proposed for inclusion within the District (if any) in the future. "Initial. District Boundaries" means the boundaries of the area described in the Initial District Boundary Map. "Initial District Boundary Map" means the map attached hereto as Exhibit Cal, describing the District's initial boundaries. "Map Depicting Public Improvements" means the map or maps attached hereto as Exhibit E, showing the locations of the Public Improvements listed in the Primary In frastructure Plan. "Maximum Debt Mill Levy" means the maximum mill levy the District is permitted to impose for payment of Debt as set forth in Subsection VI.VI.C below. "Maximum Debt Mill Levy Imposition Term" means the maximum term for imposition of a mill levy as set forth in Subsection VI.D below. "Primary Infrastructure Plan" means the Primary Infrastructure Plan described in Subsection V.B below, which includes: (a) a list of the Public improvements to be developed by the District; and (b) an estimate of the cost of the Public improvements. "Project" means the development or property commonly referred to as Dry Creek. "Public Improvements" means a part or all of the improvements authorized to be planned, designed, acquired, constructed, installed, relocated, redeveloped and financed as generally described in the Special District Act, except as specifically limited in Section V below to serve the future taxpayers and inhabitants of the Service Area as determined by the Board of the District. "Service Area" means the property within the Initial District Boundary Map and the Inclusion Area Boundary Map. "Service Plan" means this service plan for the District approved by the BOCCI "Service Plan Amendment" means an amendment to the Service Plan approved by the B0CC in accordance with applicable state law. ( 00392834 4 "Special District Act" means Sections 32-1-101 et seq., C.R.S., as amended from time to time. "State" means the State ofColorado. "Total Debt Issuance Limitation" means the total Debt the District is authorized to issue, as set forth in Paragraph V.A.6 below and supported by the Financial Plan. III. BOUNDARIES The area of the Initial District Boundaries includes approximately 79 acres, and the total area proposed to be included in the Inclusion Area Boundaries is approximately 451 acres. A legal description of the Initial District Boundaries is attached hereto as Exhibit A. A map of the Initial District Boundaries is attached hereto as Exhibit C-1, and a map and legal description of the Inclusion Area Boundaries is attached hereto as Exhibit C-2. A vicinity map is attached hereto as Exhibit B. It is anticipated that the District's Boundaries may change from time to time as it undergoes inclusions and exclusions pursuant to Sections 32-1-401 et seq., C.I .S.; and Sections 32-1-501 et seq., C.R4S., subject to the limitations set forth in Article V below. The District may include and exclude property within the District's Service Area without further approval of the County. IV. PROPOSED LAND USE AND ASSESSED VALUATION The Service Area consists of approximately 589 acres of land. The current assessed valuation of the Service Area is assumed to be $120,150 (One Hundred Twenty Thousand One Hundred Fifty Dollars) for purposes of this Service Plan and, at build -out, is expected to be sufficient to reasonably discharge the Debt as demonstrated in the Financial Plan. Approval of this Service Plan by the County does not imply approval of the development of a specific area within the District, nor does it imply approval of the number of residential units or the total site/floor area of commercial or industrial buildings which may be identified in this Service Plan or any of the exhibits attached thereto, unless the same is contained within an Approved Development Plan. V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES A. Powers of the District and Service Plan Amendment. The [district shall have the power and authority to provide, operate and maintain within and without the boundaries of the District, the Public Improvements set forth in the Service Plan; as such power and authority are described in the Special District Act and other applicable statutes, common law and the State Constitution, subject to the limitations set forth herein. If, after the Service Plan is approved, the State Legislature includes additional powers or grants new or broader powers for Title 32 districts by amendment of the Special District Act, no such powers shall be available to or exercised by the District unless the District publishes a forty -five- day notice and provides written notice to the BOCC pursuant to Section 3 -1- 07(3)(b),C.R.S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the 100392834) 5 District a written objection to the proposed exercise of such new or broader powers, then the exercise of the same by the District without the prior written consent of the BOCC shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1-207(2), C.R.S. 1. Public Improvements. The District may plan for, design, acquire, construct., install, relocate, redevelop and finance the Public Improvements. The District shall dedicate the Public Improvements to the County or other appropriate jurisdiction or owners' association in a manner consistent with the Approved Development Plan, other rules and regulations of the County and applicable provisions of the County Code. 2. Operations and Maintenance. The District shall be authorized to operate, maintain, repair, and improve the Public Improvements. 3. Construction standards limitation. The District will ensure that the Public Improvements are designed and constructed in accordance with the standards and specifications of the County and of other governmental entities having proper jurisdiction, as applicable. The District will obtain all applicable permits for construction and installation of Public Improvements prior to performing such work. 4. Privately placed debt limitation. Prior to the issuance of any privately placed Debt, the District shall obtain the certification of an External Financial Advisor substantially as follows: We are [1 am] an External Financial Advisor within the meaning of the District's Service Plan. We [I] certify that (1) the net effective interest rate (calculated as defined in Section 32-1-103(12). C.R.S.) to be borne by the District for the [insert the designation of the Debt] does not exceed a reasonable current [tax-exempt] [taxable] interest rate, using criteria deemed appropriate by us [me] and based upon our [my] analysis of comparable high yield securities; and (2) the structure of [insert the designation of the Debt], including maturities and early redemption provisions, is reasonable considering the financial circumstances of the District. 5. Inclusion limitation. The District shall not include within its boundaries any property outside the Service Area without the prior written consent of the BOCC. Inclusions or exclusions not described in this Service Plan shall require a forty -five-day notice publication and written notice to the BOCC pursuant to Section 32-1-207(3)(b), CRS_ S_ It; within forty-five (45) days of the publication of such notice, the I3OCC expresses to the District a written objection to the proposed inclusion or exclusion, then the proposed inclusion or exclusion shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32=1;207(2 , C.R.S. 6. Initial debt limitation. Prior to the effective date of approval of an Approved Development Plan relating to development within all or a part of the Service Area, the District shall not: (a) issue any Debt; (b) impose a mill levy for the payment of Debt by direct (00392834) f imposition or by transfer of funds from the operating fund to the Debt service funds; or (c) impose and collect any fees used for the purpose of repayment of Debt. 7. Total debt issuance limitation. The District shall not issue Debt in excess of $30,000,000 (Thirty -million dollars). To the extent the District seeks to modify the Total Debt Issuance Limitation, it shall proceed in accordance with Subsection 2-14-20.10f the County Code as attached in Appendix 1, where the Total Debt Issuance Limitation is also referred to as the "Maximum Debt Authorization." 8. Consolidation limitation. The District shall not file a request with any court to consolidate with another Title 32 district without the prior written consent of the County. 9, Eminent domain limitation. The District shall not exercise its statutory power of err. inent domain, except as may be necessary to construct, install, access, relocate or redevelop the Public Improvements identified in the Primary Infrastructure Plan. Any use of eminent domain shall be undertaken strictly in compliance with state law. Any proposed use of eminent domain for a purpose other than as may be necessary to complete the Public Improvements identified in the Primary Infrastructure Plan shall require a forty -five-day notice publication and written notice to the 8OCC pursuant to Section 32-1-207(3)(1* C.R. S. If, within forty-five (45) days of the publication of such notice, the BOCC expresses to the District a written objection to the proposed use of eminent domain by the District, then the proposed use of eminent domain shall be considered a material modification of the Service Plan and shall be resolved in accordance with Section 32-1-207(2), CRS. 10. Service Plan amendment requirement. This Service Plan is general in nature and does not include specific detail in some instances because development plans have not been finalized. The Service Plan has been designed with sufficient flexibility to enable the District to provide required services and facilities under evolving circumstances without the need for numerous amendments. Modification of the general types of services and facilities making up the Public Improvements. and changes in proposed configurations,, locations or dimensions of the Public Improvements, shall be permitted to accommodate development needs consistent with the then -current Approved Development Plans for the Project. The District is an independent unit of local government, separate and distinct from the County, and its activities are subject to review by the County only insofar as they may deviate in a material manner from the requirements of the Service Plan. Any action of the District which: (1) violates the limitations set forth in Paragraphs V.A.1 10 above; or (2) violates the limitations set forth in Subsections VI.S H below, shall be deemed to be a material modification to this Service Plan, unless otherwise agreed by the County as provided for in Section X of this Service Plan. B. Primary Infrastructure Plan, The District shall have authority to provide for the planning, design, acquisition, construction, installation, relocation, redevelopment, maintenance and financing of the Public Improvements within and without the boundaries of the District. to be more specifically defined in an Approved Development Plan. The Primary Infrastructure Plan, including: (1) a List of the Public improvements to be developed by the District; and (2) an estimate of the cost of the Public Improvements is attached hereto as Exhibit D. The Map Depicting Public Improvements { 00392834 } 7 attached hereto as Exhibit E shall comply with Subsection 2-14-201 of the County Code as attached in Appendix 1, except it may be reduced as necessary to permit filing of the approved Service Plan with the District Court for and in Weld County, Colorado. As shown in the Primary Infrastructure Plan, the estimated cost of the Public improvements which may be planned for, designed, acquired, constructed, installed, relocated, redeveloped} maintained or financed by the District is approximately $27.845,000. The District shall be permitted to allocate costs between such categories of the Public improvements in its discretion. All of the Public Improvements described herein it l be designed in such a way as to assure that the Public Improvements standards will be compatible with those of the County and shall be in accordance with the requirements of the Approved Development Plan, Ail descriptions of the Public Improvements to be constructed, and their related costs, are estimates only and are subject to modification as engineering, development plans, economics, the County's requirements and construction scheduling may require. Upon approval of this Service Plan, the District will continue to develop and refine the Primary Infrastructure Plan and the Map Depicting Public Improvements, as necessary, and prepare for issuance of Debt. All cost estimates will be inflated to then -current dollars at the time of the issuance of Debt and construction. All construction cost estimates contained in Exhibit D assume construction to applicable local, state or federal requirements. VI. FINANCIAL PLAN A. General. The District shall be authorized to provide for the planning, design, acquisition, construction, installation, relocation and/or redevelopment of the Public Improvements from its revenues and by and through the proceeds of Debt to be issued by the District. The Financial Plan for the District shall be to issue such Debt as the District can reasonably pay within the Maximum Debt Mill Levy Imposition Term from revenues derived from the Maximum Debt Mill Levy and other legally available revenues. The total Debt that the District shall be permitted to issue shall not exceed the Total Debt Issuance Limitation and shall be permitted to be issued on a schedule and in such year or years as the District determines shall meet the needs of the Financial Plan referenced above and phased to serve development as it occurs. All Bonds and other Debt issued by the District may be payable from any and all legally available revenues of the District, including general ad valorem taxes to be imposed upon all taxable property within the District. The District will also rely upon various other revenue sources authorized by law. These will include the power to assess fees, rates, tolls, penalties or charges as provided in Section 32-1- 1001O), C.R.S. The Total Debt Issuance Limitation is supported by the Financial Plan prepared by D.A. Davidson attached hereto as Exhibit F and the Engineers Opinion of Probable Construction Costs shown in Exhibit I. The Financial Plan attached to this Service Plan satisfies the requirements of Subsection 2--,140,20.1 of the County Code as attached in Appendix 1. B. Maximum Voted Interest Rate and Maximum Underwriting Discount. {OO392834 8 The interest rate on any Debt is expected to be the market rate at the time the Debt is issued. in the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed fifteen percent (15%). The proposed maximurn underwriting discount will be five percent (5%). Debt, when issued, will comply with all relevant requirements of this Service Plan, state law and federal law as then applicable to the issuance of public securities. C. Maximurn Debt Mill Levy. The Maximum Debt Mill l Levy shall be the maximum mill levy the District is permitted to impose upon the taxable property within the District for payment of Debt, and shall be fifty (50) mills; provided that if, on or after January 1, 2006, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the mill levy limitation applicable to such Debt may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Board in good faith (such determination to be binding and final) so that, to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of suchchanges. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. All Debt issued by the District must be issued in compliance with the requirements of Section 32-1-1101, C.R.S., and all other requirements of state law. D. Maximum Debt Mill Levy Imposition Term. The District shall not impose a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment of Debt) on any property which exceeds forty (40) years after the year of the initial imposition of such mill levy to such property unless a majority of the Board are residents of the District and have voted in favor of a refunding of a pan or all of the Debt and such refunding will result in a net present value savings as set forth in Section 11-56-101 et seq., C.R.S. The District shall be limited to issuing new Debt within a period of fifteen (15) years from the date of the District's first debt authorization election. The District may issue Debt after the fifteen -year period in order to provide the services outlined in this Service Plan if development phasing is of a duration that makes it impracticable to issue all debt within the fifteen -year period._ E. Debt Repayment Sources. The District may impose a mill levy on taxable property within its boundaries as a primary source of revenue for repayment of debt service. The District may also rely upon various other revenue sources authorized by law. At the District's discretion, these may include the power to assess fees, rates, tolls, penalties or charges as provided in the Special District Act. In no event shall the debt service mill levy in the District exceed the Maximum Debt Mill Levy. F. Security for Debt. The District shall not pledge any revenue or property of the County as security for the indebtedness set forth in this Service Plan. Approval of this Service Plan shall not be construed (003928341 9 as a guarantee by the County of payment of any of the District's obligations; nor shall anything in the Service Plan be construed so as to create any responsibility or liability on the part of the County in the event of default by the District in the payment of any such obligation. C. TABOR Compliance. The District NA ill comply with the provisions of TABOR. In the discretion of the Board, the District may set up other qualifying entities to manage, fund, construct and operate facilities, services and programs. To the extent allowed by law, any entity created by the District will remain under the control of the District's Board. H. District's Operating Costs. The estimated cost of acquiring land, engineering services, legal services and administrative services, together with the estimated costs of the District's organization and initial operations, are anticipated to be $200,000 which will be eligible for reimbursement from Debt proceeds. In addition to the capital costs of the Public improvements, the District will require operating funds for administration and to plan and cause the Public Improvements to be operated and maintained. The first year's operating budget is estimated to be $50,000 which is anticipated to be derived from property taxes and other revenues.. The Maximum Debt Mill Levy for the repayment of Debt shall not apply to the District's mill levy necessary for the provision of operation and maintenance functions to its taxpayers and service users. The Aggregate Mill Levy Cap shall be the maximum mill levy the District is permitted to impose upon the taxable property within the District for payment of Debt and operations and maintenance functions, and shall be sixty-five (65) mills; provided that if, on or after January 1, 2006, there are changes in the method of calculating assessed valuation or any constitutionally mandated tax credit, cut or abatement, the Aggregate Mill Levy Cap may be increased or decreased to reflect such changes, such increases or decreases to be determined by the Board in good faith (such determination to be binding and final) so that, to the extent possible, the actual tax revenues generated by the mill levy, as adjusted for changes occurring after January 1, 2006, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual valuation to assessed valuation shall be deemed to be a change in the method of calculating assessed valuation. 1. Elections. Elections of the District, including its organizational election, will be conducted as provided in the Uniform Election Code of 1992, the Colorado Local Government Election Code, the Special District Act, and TABOR, and any other laws related to special district elections. VII. ANNUAL REPORT A. General. 04392834 10 The District shall be responsible for submitting an annual report with the County Clerk nut later than March 1 of each year following the year in which the order and Decree creating the District has been issued by the District Court for and in Weld County, Colorado. B. Reporting of Significant Events. The annual report shall include information as to any of the following: 1. Boundary changes made or proposed to the District's boundary as of December 31 of the prior year. ?. Intergovernmental Agreements with other governmental entities, either entered into or proposed as of December 31 of the prior year. 3 Copies of the District's rules and regulations, if any, as of December 31 of the prior year. 4. A summary of any litigation which involves the District's Public Improvements as of December 31 of the prior year. 5. Status of the District's construction of the Public Improvements as of December 31 of the prior year. 6. A list of all facilities and improvements constructed by the District that have been dedicated to and accepted by the County as of December 31 of the prior year. 7. The estimated assessed valuation of the District for the current year, 8. Current year budget including a description of the Public Improvements to be constructed in such year. 9. Audit of tie District's financial statement, for the year ending December 31 of the previous year, prepared in accordance with generally accepted accounting principles or audit exemption, if applicable. VIII. DISSOLUTION Upon a determination of the BOCC that the purposes for which the District was created have been accomplished, the District agrees to file a petition in the District Court in and for Weld County, Colorado, for dissolution, in accordance with the provisions of the Special District Act. In no event shall dissolution occur until the District has provided for the payment or discharge of all of its outstanding Debt and other financial obligations as required pursuant to state statutes. If the District is responsible for ongoing operations and maintenance functions under this Senfice Plan (Long -Term District Obligations), the District shall not be obligated to dissolve upon any such BOCC determination. However, should the Long -Term District Obligations be undertaken by the County or other governmental entity, or should the District no longer be obligated to perform the Long -Term District Obligations, the District agrees to commence dissolution proceedings as set forth above. {00392834) 11 IX. PROPOSED AND EXISTING INTERGOVERNMENTAL AGREEMENTS AND EXTRATERRITORIAL SERVICE AGREEMENTS All such agreements must be for facilities, services and agreements lawfully authorized to be provided by the District, pursuant to the State Constitution, Article XIV, Section 1 8(2)(a), and Sections 29-1-201 et seq.} C.R.S. To the extent practicable, the District may enter into additional intergovernmental and private agreements to better ensure long-term provision of the Public improvements identified herein. Agreements may also be executed with property owner associations and other service providers. Any agreements which are required, or known at the time of formation of the District to likely be required., to fulfill the purposes of the District, are identified in Exhibit G. X. MATERIAL MODIFICATIONS Material modifications to this Service Plan may, he made only in accordance with Section 32-1- 207,C.R.S. No modification shall be required for an action of the District which does not materially depart from the provisions of this Service Plan. Th.e District may request from the County a determination as to whether the County believes any particular action constitutes a material departure from the Service Plan, and the District may rely on the County's written determination with respect thereto; provided that the District acknowledges that the County's determination will be binding only upon the County, and will not be binding upon any other party entitled to enforce the provisions of the Service Plan as provided in Section 32-1 -20`x, C.R ._ XI. CONCLUSION It is submitted that this Service Plan for the District, as required by Section 32-1-203(2), C.R.S., and Section 32-1-203(3), C.R.S., establishes that: 1. There is sufficient existing and projected need for organized service in the area to he serviced by the District; 2. The existing service in the area to be served by the District is inadequate for present and projected needs; 3. The District is capable of providing economical and sufficient service to the area within its proposed boundaries; 4. 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; 5. Adequate service is not, and will not be, available to the area through the County or other existing municipal or quasi -municipal corporations. including existing special districts, within a reasonable time and on a comparable basis; (00392834} 12 6. The facility and service standards of the District ate compatible with the facility and service standards of the County and each municipality which is an interested party under Section 32-1-204(1), C.R.S.; 7. The proposal is in substantial compliance the County's Master Plan adopted pursuant to Section 30-28-106, C.R.S.; 8. The proposal is in compliance with any duly adopted County, regional or state long-range water quality management plan for the area; 9. The creation of the District is in the best interests of the area proposed to be nerved; and 10. The creation of the District is in the best interests of the residents and future residents of the area proposed to be served. XII. RESOLUTION OF APPROVAL The District agrees to incorporate the BOC 's resolution of approval,including any conditions on any such approval, into the Service Plan presented to the District Court for and in Weld County, Colorado. W0392834) 13 EXHIBIT A - LEGAL DESCRIFFION OF INITIAL DISTRICT BOUNDARY (00392861} LEGAL DESCRIPTION LOT " B" RECORDED EXEMPTION NO. 1469-35-03 RE -4462, AND LOT "B" RECORDED EXEMPTION NO. 1469-35-03 RE -433, BOTH IN THE OFFICIAL RECORDS OF THE CLERK AND RECORDER, COUNTY OF WELD, STATE OF COLORADO, LYING WITHIN THE WEST HALF OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE SIXTH PRINCIPAL MERIDIAN, SAID COUNTY AND STATE MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID SECTION 35 THENCE ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 35 NORTH 08`46'38" WEST, A DISTANCE OF 2,639.81 FEET TO THE WEST QUARTER CORNER OF SAID SECTION 35, SAID POINT ALSO BEING THE NORTHWEST CORNER (jOF SAID LOT 'B RECORDED EXEMPTION NO. 1469-35-03 RE -44622, THENCE ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER, ALONG THE NORTHERLY, WESTERLY, AND EASTERLY BOUNDARY'S OF SAID LAST DESCRIBED LOT "B" THE FOLLOWING FIVE (5) COURSES: 1) NORTH 6$'35'28" EAST, A DISTANCE OF 738.03 FEET; 2'i NORTH 00°24"32" WEST A DISTANCE OF 154.03 FEET; 3) SOUTH 58°48'43" EAST, A DISTANCE OF 450.99 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 5/29.58 FEET; 4) SQUTI IFA TERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 02'17'09". AN ARC LEN'. ; i H OF 228.67 FEET; 6) SOUTH 00`43'19" EAST, A DISTANCE OF 2,440.95 FEET TO THE WEST SIXTEENTH CORNER OF SAID SECTION 35 AND SECTION 2, TOWNSHIP 1 SOUTH, RANGE 67 WEST OF THE SIXTH PRINCIPAL MERIDIAN; THENCE ALONG THE SOUTH LINE OF SAID SOUTHWEST CUARTER, SOUTH 89°33'32" WEST, A DISTANCE OF 1,316.45 FEET TO THE POINT OF BEGINNING. CONTAINING AN AREA OF 79.525 ACRES, (3,464,089 SQUARE FEET), MORE OR LESS_ ILLUSTRATION ATTACHED AND MADE A PAT HEREOF. LOT I :J. JS N 154.03' 4 2 1111 \i 11-I SEt'_ 25. T IN., R.Gri , crass PM. MEfltI aa'` Sit .arY -it, IN89535t °�•.�i ��..ir ladle Mat AI ir i it AS I,-'4 3.1 4? YI ,� eiI ,� CORX571 SAXWON 35 558'4'8'43"E 450.99' _LOT 1! y.li,,', ..ii- • •r• - it _ ?'c t •-.1 ` -. TE, % ks r'' Li 1111 _ a. •i . '1I;'t �'1't1 trir -� �'o9" R- 7 .51 La t5!' p x'l�l' �JC +i✓I i.:• AlI PARCEL cutirmns III `" in . t , 46 4,089 (WIT.) y 79.52.5 ACRES - icar +' _a .. , ;. MORE OR LE55 II ix) I /2 sill IR !g1°:t 1 t. I N RATE Sin' I I 4. LA c3 I =' tip' I lI SEC. 3,: . e:: I . . 3 I I \ . 2.61'111.. SIXTH I' M NT1 KUA.] \ ‘1 -.?t," ji A" . t-ik` O t ' ''k:Di - - ii R �Mt�- ` 11-0 T O r R C4 v`4 TS. fi r1 4I ' Th 40 ' nog- 13. P.' a 4.5) •.' ale sG :s:►:40 • yp�[a�ytilssed :: 4 4 cttlYryt �.nf& it Iii Liar f.4.. f 1 A miry % 4 4. tit_ IIF t., ll r . 6 t 17?!1NAW f 1 - , s f ON 35A'' � 1 _58913'32'W 1316,45' --f..` _ .r a O" [ i fi F 2Z J3 'Ix Er, e -. - T — F`.1 .}�+Q y ( {' try Itt:II �"7. {�� wif C u�L��E • 1ECTI0.V 35 CO LI NTY ROAD 2 .. A . N•1 1 H' OriPI 1 Dors KOI RIF'1J[ ;l'rr di DiKilitidltIr 'ti ci fQ 4 0 Oft) 15 004.7 P .)J�5 j f ._ { . . 1 - . ' WINCED i . II' 1LJ4 ' ..,. I:.:C ' 1'4 I -1T3 DRY CREEK METROPOLITAN DISTRICT NO. 1 LEGAL DESCRIPTION EHISI I A SCALE: 1 '"=5O0' DATE: 01 /30/19 EXHIBIT 1 1 41 IA L DI STRIC 1 BOUNDARY MAP R = 5729.58' L = 228.57' Li=Ti TOG" DRY CREEK MEI F20@C)LITAN DISTRICT NO, 1 INITIAL DISTRICT BOUNDARY MAP EXHIBIT C- FUTURE INCLUSION AREA BOUNDARY MAP AND LEGAL DESCRIPTION {00392841) WELD COUNTY ADAMS COUNTY Ming ire' ion a frt re s ve. Heritage at Todd Creek Note: Phase 1 is not part of the Future Inclusion Area because Phase 1 is part of the initial District Boundary. Remaining property is part of the Future Inclusion Area. Legal Description of Future Inclusion Area (Future inclusion Area legal description includes the property within the Initial District Boundary. Future inclusion Area includes all property except the property described as part of the Initial District Boundary). {0039284I} DRY CREEK EAST LAND DESCRIPTION: PART OF THE SOUTH'I ST QUARTER (SW 1/4) AND THE NORTHWEST QUARTER (NW 1/4) OF SECTION 35, AND PART OF THE SOUTHWEST QUARTER (SW 1/4) AND THE NORTHEAST QUARTER (NE 1/4) OF SECTION , TOWNSHIP ONE NORTH (MIN), RANGE SIXTY-SEVEN WEST (R87W) OF THE SIXTH PRINCIPAL MERIDIAN (6TH P.M.), COUNTY OF WELD, STATE OF COLORADOMORE PARTICULARLY DESCRIBED AS FOLLOWS. THE BASIS OF BEARINGS IS THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 35, TOWNSHIP ONE NORTH (701N), RANGE SIXTY-SEVEN WEST (R6701) OF THE SIXTH PRINCIPAL MERIDIAN (6TH P M.), COUNTY OF WELD, STATE OF COLORADO, BEING MONUIvIENTED AT THE SOUTHWEST QUARTER CORNER AS A 2 -INCH ALUMINUM CAP STAMPED *LS. 2593T AND BEING MONUMENTED AT THE NORTHWEST QUARTER CORNER AS A 3.25 -INCH ALUMINUM CAP STAMPED *L.S, 25937'`. SAID LINE BEARS NOD.48138"W FOR A DISTANCE OF 2539.35 FEET. BEGINNING AT THE SOUTHWEST CORNER OF SOUTHWEST QUARTER OF SECTION 3, THENCE N °46'38W ALONG THE WEST LINE OF SAID SOUTHWEST QUARTER, A DISTANCE OF 2639.85 FEET TO THE NORTHWEST CORNER OF SAID SOUNWEST QUARTER, THENCE NBO'3€'40"E, ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER, SAID NORTH LINE ALSO BEING THE SOUTHERLY LINE OF LOT A RECORDED EXEMPTION NO. 146 5-03 RE -4462 RECEPTION NO. 3450532, FOR A DISTANCE OF 738.93 FEET; THENCE DEPARTING THE NORTH LINE OF SAID SOUS HVVEST QUARTER N00424'20" 1, ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 1543 FEET, THENCE N58"48+4 "W, ALONG THE NORTHERLY LINE OF SAID LOTA FOR A DISTANCE OF 872.46 FEET TO A POINT ON THE WESTERLY LINE OF THE NORTHWEST QUARTER OF SECTION 35; THENCE DEPARTING THE NORTHERLY LINE OF SAID LOT A NDO°48'03"W, ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 356.46 FEET; THENCE DEPARTING THE WESTERLY LINE OF SAID NORTHWEST QUARTER N 4"21'53"E, ALONG THE SOUTHERLY LINE OF LOT A OF RECORDED EXEMPTION NO 1469-35-1 RE -4487 RECEPTION NO. 344 94 FOR A DISTANCE OF 500.21 FEET; THENCE Nootanrwi ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 345.19 FEET; THENCE S09°11'57'x!, ALONG THE NORTHERLY LINE OF SAID LOT A FOR A DISTANCE OF 500.00 FEET TO A POINT ON THE WESTERLY LINE OF SAID NORTHWEST QUARTER; THENCE DEPARTING THE NORTHERLY LINE OF SAID LOT A N °48'03'1 , ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 1273.57 FEET TO TIME NORTHWEST CORNER OF SAID NORTHWEST QUARTER OF SECTION 35; SAID NORTHWEST CORNER ALSO BEING THE SOUTHWEST CORNER OF TIME SOUTHWEST QUARTER OF SECTION 26, THENCE ,N p0°33'08" W, ALONG THE WESTERLY LINE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2640.02 FEET TO THE NORTHWEST CORNER OF SAID SOUTHWEST QUARTER. THENCE NB `'40'23'E, ALONG THE NORTHERLY LINE OF SAID SOUTHWEST QUARTER FOR A DJ STAN CE OF 2645.72 FEET TO THE NORTHEAST CORNER OF SAID SOUTHI'WEST QUARTER; THENCE NOG -°31'18"'', ALONG THE WESTERLY LINE OF THE NORTHEAST QUARTER OF SECTION 25 FOR A DISTANCE OF 2483.67 FEET, THENCE DEPARTING THE WESTERLY LINE OF SAID NORTHEAST QUARTER ALONG THE SOUTHERLY LINE OF LOT A RECORDED EXEMPTION NO. 1469-26-1 RE -1898 RECEPTION NO. 2510+466, THE FOLLOWING SEVEN (7) COURSES AND DISTANCES: 1, 55592'32'E FOR A DISTANCE OF 128.80 FEET, 2, THENCE S41°20'48"E FOR A DISTANCE OF 330.15 FEET; 3. THENCE 364°00x`9"E FOR A DISTANCE OF 296.15 FEET; 4. THENCE S87'1623'E FOR A DISTANCE OF 20(42 FEET, 5, THENCE 86597'31T FOR A DISTANCE OF 188 91 FEET„ +8, THENCE S85°05'`04t FOR A DISTANCE OF 190.61 FEET. 7. THENCE S80cO221 sE FOR A DISTANCE OF 300.48 FEET, i th0J9284 I } THENCE NOMIStrE ALONG THE EASTERLY LINE OF SAID LOT A FOR A DISTANCE OF 764.93 FEET TO A POINT ON THE NORTHERLY UNE OF SAID NORTHEAST QUARTER: THENCE DEPARTING THE EASTERLY LINE OF SAID LOT A N 34'02`E. ALONG THE NORTHERLY LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 84723 FEET; THENCE DEPARTING THE NORTHERLY LINE OF SAID NORTHEAST QUARTER S0LVDS'27 W FOR A DISTANCE OF 287.01 FEET; THENCE N89O34'O2*E FOR A DISTANCE OF 245, 01 FEET TO THE EASTERLY UNE OF SAID NORTHEAST QUARTER; THENCE 300°05'27W ALONG THE EASTERLY LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 445.01 FEET; THENCE DEPARTING THE EASTERLY LINE OF SAID NORTHWEST QUARTER AND CONTINUING ALONG THE NORTHERLY AND WESTERLY LINES OF LOT A RECORDED EXEMPTION NO 1469 26-1 RE -2859 RECEPTION NO. 2949931, THE FOLLOWING THREE (a) COURSES AND DISTANCES - it S P° 9°5721'W FOR A DISTANCE OF 28921 FEET; 2. THENCE S881'57111N FOR A DISTANCE Of 106.78 FEET; 3. THENCE S08133311°W FOR A DISTANCE OF 985.24 FEET; THENCE DEPARTING THE WESTERLY LINE OF SAID LOT A AND CONTINUING ALONG THE WESTERLY, SOUTHERLY AND EASTERLY LINES OF LOT B RECORDED EXEMPTION NO. 1469-25- 1 RE215 RECEPTION NO. 1694272 AND 2147506 THE FOLLOWING FOUR (4) COURSES AND DISTANCES. 1. S28*28'31.W FOR A DISTANCE OF 272.60 FEET. 2THENCE 8O19O1O4t FOR A DISTANCE OF 148 90 FELT; 3. THENCE N8r°p44'04''E FOR A DISTANCE OF 630 60 FEET; 4 THENCE NDr48'48 `d FOR A DISTANCE OF 389,70 FEET, THENCE DEPARTING THE EASTERLY LINE OF SAID LOT B AND CONTINUING ALONG THE EASTERLY LINES OF LOT A RECORDED EXEMPTION NO. 1469-26,1 RE -2889 RECEPTION NO. 2949931, THE FOLLOWING THREE (3) COURSES AND DISTANCES; 1, 9048°448' W FOR A DISTANCE OF 117,XI FEET: 2. THENCE N1141O91.O"E O"E FOR A DISTANCE OF 161.65 FEET, 3. THEN E Nr 29M4132sE FOR A DISTANCE OF 363 58 FEET TO A POINT ON THE EASTERLY LINE OF SAID NORTHEAST QUARTER; THENCE DEPARTING THE EASTERLY LINE OF SAID LOT A S0U°05'27"W, ALONG THE EAST LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 1523.23 FEET TO THE SOUTHEAST CORNER OF SAID NORTHEAST QUARTER; THENCE S89r40'23w ALONG THE SOUTH LINE OF SAID NORTHEAST QUARTER FOR A DISTANCE OF 2618.41 FEET TO Till SOUTHWEST CORNER OF SAID NORTHEAST QUARTER; THENCE S0O°31'18t, ALONG THE EAST LINE OF THE SOUTHWEST QUARTER OF SECTION 26 FOR A DISTANCE OF 2635 43 FEET TO THE SOUTHEAST CORNER OF SAID SOUTHWEST QUARTER; SAID SOUTHEAST CORNER ALSO BEING THE NORTHEAST CORNER OF NORTHWEST QUARTER OF SECTION 35; THENCE SO*39!"48'E, ALONG THE EAST LINE OF SAID NORTHWEST QUARTER FOR A DISTANCE OF 2641.41 FEET TO THE NORTHEAST CORNER OF SOUTHWEST DUARTER OF SECTION 35, THENCE S°40'0O'E, ALONG THE EAST UNE OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 759.77 FEET; THENCE N68° 613.25 -W FOR A DISTANCE OF 755,90 FEET; THENCE NORTHWESTERLY. ALONG A CIRCULAR CURVE TO THE RIGHT HAVE A RADIUS OF 5729/5 FEET. AN ARC LENGTH OF 680.03 AND A CHORD ORD WHICH BEARS 1 85`°35"53"W FOR A DISTANCE OF 680.63 FEET TO A POINT QN THE EASTERLY UNE OF THE WEST HALF OF SAID SOUTHWEST QUARTER; THENCE S0 43'1911E, ALONG THE EASTERLY UNE OF THE WEST HALF OF SAID SOUTHWEST QUARTER FOR A DISTANCE OF 2440.93 FEET TO SOUTHEAST CORNER OF THE WEST HALF OF SAID SOUTHWEST QUARTER. THENCE S 33'Z3W ALONG THE { 00392841 SOUTHERLY UNE OF SAID SOUTHWEST QUARTER FOR A DISTANCE Of 1316.44 FEET TO THE POINT OF BEGINNING: SAID PARCEL CONTAINING A CALCULATED AREA OF 53010 ACRES MORE OR LESS, SAID PARCEL BEING SUBJECT TO COUNTY ROAD RIGHT 'AY AS RECORDED AT THE CLERK AND RECORDERS OFFICE IN BOOK ea AT PAGE M. C 003928411 PARCEL LAND DESCRIPTIONS: TITLE CoMPORMEN pAR10EL ONE (WELD COUNTY ASSESSOR'S PARCEL NO. 1469250 0 : THE S 1,i2 OF THE SW 1/4 OF SECTION 26, TOWNSHIP I NORTH, RANGE 67 WEST OF THE 6TH P. M_ , COUNTY OF WELD, STATE OF COLORADO TITLE COMMITMENT PARMAIND I O COUNTY ASSEQS PAR EL NOS, 46935200011 & P AN OF 4893WOO12): - ALL THAT PART OF THE RIGHT OF WAY OF THE ABANDONED BOULDER BRANCH OF UNION PACIFIC RAILROAD COMPANY IN THE SW 1/4 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE 6TH PM., COUNTY OF WELD, STATE OF COLORADO, EXTENDING SOUTHEASTERLY FROM THE NORTH LINE TO THE EAST LINE OF SAID SW 1/4 AND LYING BETWEEN THE CENTERLINE OF THE >N TRACK OF SAID RAILROAD COMPANY, AS FORMERLY CONSTRUCTED AND OPERATED, AND A LINE PARALLEL WITH AND 50 FEET NORTHEASTERLY. MEASURED AT RIGHT ANGLES AND/OR RADIALLY FROM SAID CENTERLINE OF MAIN TRACK, ALSO ALL THAT PART OF THE RIGHT OF WAY OF THE ABANDONED BOULDER BRANCH OF SAID RAILROAD COMPANY IN THE NW 1/4 OF SAID SECTION 35, EXTENDING SOUTHEASTERLY FROM THE WEST LINE TO THE SOUTH LINE OF SAID NW 114 AND LYING BET EEN THE CENTER LINE OF THE MAIN TRACK OF SAID RAILROAD COMPANY, AS FORMERLY CONSTRUCTED AND OPERATED, AND A LINE PARALLEL WITH AND 200 FEET NORTHEASTERLY, MEASURED AT RIGHT ANGLES AND/OR RADIALLY, FROM SAID CENTER LINE OF MAIN TRACK. TITLE COMMITMENT PARCELA PORT 1469352000101: ON OF WELD COUNTY ASSESSOR'S PARCEL NO, ALL THAT PART OF THE SW1/4 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 57 WEST OF TAE 6TH P.M_, COUNTY OF WELD, STATE or COLORADO., LYING NORTH OF THE RIGHT OF WAY OF THE UNION PACIFIC RAILROAD COMPANY. TITLE COMMITMENT FARCEI. FO 1469352 46 DEL D COUNTY ASSESSOR'S PARCEL NOS. 146935 Q0908 RTICN OF 146935200012): ALL THAT PART OF THE NW 1/4 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 07 WEST OF THE 6TH P.a.,, COUNTY OF WELD, STATE OF COLORADO, LYING NORTH OF THE RIGHT OF WAY OF THE UNION PACIFIC RAILROAD COMPANY; EXCEPTING THEREFROM, LOT A, RECORDED EXEMPTION NO 1469-354 RE 4487, RECORDED 12 8, 2006 AT RECEPTION NO. 3440694, LOCATED IN THE W 1/2 OF SECTION 35, TOWNSHIP �I NORTH, RANGE 67 WEST OF THE 6TH P. M., COUNTY OF WELD, STATE OF COLORADO. TITLE COMMITMENT PARCEL FIVE (WELD COUNTY ASSEaspRes PARCEL NOS. 1# '#1 AND 14251 00©0.3._ ALL THAT PART OF THE NE 1/4 OF SECTION 28, TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE 6TH P.M , COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NE CORNER OF SAID SECTION26 AND CONSIDERING THE NORTH LINE OF THE NE 114 OF SAID SECTION 26 AS SANG S 90* w Oct W, AND WITH ALL OTHER BEARINGS CONTAINED HEREIN RELATIVE THERETO: (003928411 THENCE S 00" 33' sr W, ALONG THE EAST LINE OF THE NE 1./4 OF SAID SECTION 26, A WI OF 2650.67 FEET TO THE E 1/4 CORNER OF SAID SECTION 26; THENCE NBO° 53' 0r T ■ , ALONG THE SOUTH LINE OF THE NE 1.14 OF SAID SECTION 26, A DISTANCE OF 1806.06 FEET; THENCE N P 30' 0 E, 193.51 FEET; THENCE N 2' 15' 24" E, 357.85 FEET THENCE N 2'9' 1 r 40 E, 429.55 FEET; THENCE N 40° 07' 18"E, 349 17 FEET; THENCE Ni 70 53` 14" E, 141.55 FEET; THENCE N 54C 12" 31" E. 68,31 FEET; THENCE N 29° 10 2r E. 312.61 FEET; THENCE N 'I+ 22' "' W, 177.$8 FEET;. THENCE N 32° 17' 22" WI 172.52 FEET; THENCE N r 2O' 00m E, 762.57 FEET TO A POINT ON THE NORTH LINE OF THE NE 114 OF SAID SECTION 26: THENCE N 906 OO' 0O" E ALONG THE NORTH LINE OF THE NE 1/4 OF SAID SECTION 26. A DISTANCE OF 1052.42 FEET TO THE POINT OF AEON INO EXCEPTING THEREFROM A TRACT OF LAND CONVEYED BY DEED RECORDED OCTOBER 8, 1976 AT RECEPTION NO. 1700903 IN BOOK 779 AND EXCEPTING THEREFROM A TRACT OF LAND CONVEYED BY DEED RECORDED JULY 8, 1988 AT RECEPTION NO. 2147403 IN BOOK 1202 AND EXCEPTING THEREFROM LOT A. RECORDED EXEMPTION NO 149$-1 RE 2859, RECORDED MAY 9, 2002 AT RECEP1 ION NO. 2949931, LOCATED IN THE NE 1/4 OF SECTION 26. TOWNSHIP 1 NORTH, RANGE 67 WEST OF THEM PM, COUNTS' OF WELD, STATE OF COLORADO: A PORTION OF SAID PARCEL ALSO SHOW' AS LOT B, RECORDED EXEMPTION NO 1496 -26,1 -RE 2559, RECORDED MAY 9, 2OO2 AT RECEPTION NO, 2949931, LOCATED IN THE NE 1/4 OF SECTION 26, TOWNSHIP 1 NORTH, RANGE 87 WEST OP THE 6TH P.M., COUNTY OF WELD. STATE OF COLOR,. Eli _ LE COMMITMENT PARCEL SIX (WELD COU ASSESSOR'S PARCEL. ( O! 14692610Q036 :. ALL THAT PART OF THE NE 1/4 OF SECTION 26. TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE 6TH P.M., COUNTY OF WELD, STATE OF COLORADO, BEING MORE PARTICULARLY DESCRIBED AS F-OLLOWS, REGINNING AT THE NE CORNER OF SAID SECTION 26 AND CONSIDERING THE NORTH LINE OF THE NC 1/4 OF SAID SECTION 28 AS BERING S 00' 00' NCI AND WITH ALL OTHER BEARINGS CONTAINED HEREIN RELA.TIVE THERETO: THENCE S 90° 0O' 00►" W ALONG THE NORTH LINE OF THE NE 114 1052. 42 FEET TO THE TRUE POINT OF BEGINNING: THENCE CONTINUING ALONG SAID NORTH LINE OF THE NE 1144 8 9O 00" 00' W, 1594.52 FEET TO THE N 114 CORNER OF SAID SECTION ; THENCE S OO° 13' " W, ALONG THE WEST LINE OF THE NE 114 OF SECTION 26, A DISTANCE OF 2645.38 FEET TO THE CENTER CORNER OF SAID SECTION ; THENCE S 89' 63' O" E ALONG TKE SOUTH LINE OF THE NE '1i4 OF SECTION 26, A DISTANCE OF 826.00 FEET TO A POINT WHICH IS 1606,06 FEET FROM THE E 1/4 CORNER OF SAID SECTION , THENCE N 7* 3Y E, 193 51 FEET, THENCE N 2 ° 15' 24" E, 357 85 FEET; THENCE N 2W 13' 40" E, 29,55 FEET: THENCE N 40° O7' 13' E. 349,17 FEET; THENCE N 70'' 53' 14- E, 141.55 FEET; THENCE N 54" 12' 31" E, 68.31 FEET; THENCE N 29° 10' 23"' E, 312.61 FEET; THENCE N 1* 27 OCT W, 177.68 FEET: THENCE N 32° 1? 27' W. 172.52 FEET; THENCE N 3' 20' 0th' E, 762.57 FEET TO A POINT ON THE NORTH LINE OF THE NE 1/4 OF SECTION 26 AND THE TRUE POINT OF BEGINNING. EXCEPTING ANY PORTION THEREOF WITHIN PARCEL CONVEYED IN DEED RECORDED JULY 10, 1997 AT RECEPTION NO. 25,57342 IN BOOK 1616. SAID PARCEL ALSO SHOWN AS LOT Er RECORDED EXEMPTION NO 14821 RE 1898, RECORDED SEPTEMBER 11, 1996 AT RECEPTION NO. 2510458, LOCATED I N THE N€ 114 OF SECTION 26. TOWNSHIP 1 NORTH. RANGE $7 WEST OF THE UTH P.M. , COUY OF WELD, STATE OF COLORADO 100.92841 u TITLE COMMITMENT PARCEL S EN EL COUNTY ASSESSOR'S PARCEL O. 14§93530902Tl: BEGINNING AT THE SW CORNER OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE 6TH P.M., COUNTY OF WELD, STATE OF COLORADO, THENCE NORTH ALONG THE WEST LINE OF SID SECTION 3.5, 3001.7 FEET TO THE INTERSECTION WITH THE SOUTHERLY RIGHT OF WAY LINE OF THE BOULDER BRANCH OF THE UNION PACIFIC RAILROAD. SAID RIGHT OF WAY BEING 200 FEET DISTANCE SOUTHWESTERLY FROM THE CENTER LINE OF SAID RAILROAD WHEN MEASURED AT RIGHT ANGLES THERETO; THENCE SOUTHEASTERLY ALONG SAID RIGHT OF WAY LINE AND PARALLEL WITH SAID CENTERLINE OF SAID RAILROAD. 710 FEET TO THE INTERSECTION OF THE EAST WEST CENTERLINE OF SAID SECTION 3S; THENCE EAST ALONG SAID CENTER LINE OF SAID SECTION 35 ALSO BEING THE RIGHT OF WAY LINE OF SAID RAILROAD, 291.7 FEET TO A POINT ON THE SOUTHERLY RIGHT OF WAY LINE OF SAID RAILROAD WHICH IS 50 FEET DISTANCE SOUTHWESTERLY FROM THE CENTER LINE OF SAID RAILROAD WHEN MEASURED AT RIGHT ANGLES THERETO. THENCE SOUTHEASTERLY ALONG SAID RIGHT OF WAY LINE AND PARALLEL VVITH SAID CENTER LINE OF SAID RAILROAD, 4873 FEET TO THE INTERSECTION WITH THE EAST UNE OF THE W 1 OF THE SW 1/4 OF SAID SECTION 35; THENCE SOUTH ALONG SAID EAST LINE 2391.1 FEET TO THE SOUTH UNE OF SAID SECTION 35; THENCE WEST ALONG SAID SOUTI I LINE 1320 FEET TO THE POINT OF BEGINNING, EXCEPT ANY PORTION THEREOF ''LYE WITHIN LOT A, RECORDED EXEMPTION NO 146945-3 RE 4462, RECORDED JANUARY 24. 2007 AT RECEPTION NO, 3450532, LOCATED IN THE W 1/2 OF THE W 1/2 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE 6TH P.M , COUNTY OF WELD, STATE OF COLORADO AND ALSO EXCEPT THAT PORTION DESCRIBED AS FOLLOWS: THAT PART OF THE W 1 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 87 WEST OF THE 6TH COUNTY OF WLD, STATE OF COLORADO, DEFINED AS: BEGINNING AT THE SW CORNER OF SAID SECTION 35; THENCE N OO' 20 10" W ON AN ASSUMED SING ALONG THE WST LINE OF SAID SECTION 35 A DISTANCE OF 242.46 FEET, THENCE N 904 00' 00" E PARALLEL WITH THE SOUTH LINE OF SAID W 1{2 OF SECTION 35, A DISTANCE OF 215.69 FEET; THENCE S ar� 20t 10` E A DISTANCE OF 242.46 FEET TO A POINT ON THE SOUTH LINE OF SAID W 1/2 OF SECTION 35; THENCE S 90° 00' O0 W, A DISTANCE OF 215.59 FEET TO THE POINT OF BEGINNING; SAID PARCEL BEING A PORTION OF LOT A, RECORDED EXEMPTION NO 1469-364 RE 433, RECORDED DECEMBER 19. 1979 AT RECEPTION NO. 1812435, LOCATED IN THE W 1/2 OF SECTION 35. TOWNSHIP 1 NORTH, RANGE 67 WEST OF THE 6TH P.M., COUNTY OF WELD. STATE OF COLORADO. SAID PARCEL ALSO BEING A PORTION OF LOT B, RECORDED EXEMPTION NO 146945-3 RE 4462, RECORDED JANUARY 24, 2007 AT RECEPTION NO. 3450532, LOCATED IN THE W 1/2 OF THE W 1/2 OF SECTION 35, TOWNSHIP 1 NORTH. RANGE 87 WEST OF THE 6TH P.I., COUNTY OF WELD, STATE OF COLORADO TITLE CO IInTMENT PARCEL EIGHT {WELD COUNTY ASSESSOR'S PARCEL NO. 14693530001a ALL THAT PART OF THE RIGHT OF WAY OF TH.E ABANDONED BOULDER BRANCH OF UNION PACIFIC RAILROAD COMPANY IN THE NW 1/4 OF SECTION 35, TOWNSHIP I NORTH, RANGE 67 WEST OF. THE 6TH P.M., COUNTY OF WELD, STATE OF COLORADO, EXTE iDING SOUTHEASTERLY FROM THE WEST LINE TO THE SOUTH LINE OF SAID AND LYING BETWEEN THE CENTERLINE OF THE MAIN TIRACK OF ID RAILKUINU COMPANY, AS (00392841) FORMERLY CONSTRUCTED AND OPERATED, AND A LINE PARALLEL WITH AND 200 FEET SOUTHVVESTERLY MEASURED AT RIGHT ANGLES FROM SAID CENTERLINE OF MAIN TRACK ALSO ALL THAT PART OF THE RISHT OF WAY OF THE ABANDONED BOULDER BRANCH OF SAID RAILROAD COMPANY 1N THE NW 1/4 OF THE svv 1/4 OF SAID SECTION . EXTENDING SOUTHEASTERLY FROM THE NORTH LINE 'TO THE EAST LINE OF SAID NW 1/4 OF THE SW 1/4 AND LYING BEEN THE CENTERLINE OF THE MAIN TRACK OF SAID RAILROAD COMPANY, AS FORMERLY CONSTRUCTED ADD OPERATED, AND A LINE PARALLEL WITH AND 50 FLET SOUTHWESTERLY, MEASURED AT RIGHT ANGLES ANDIOR RADIALLY, FROM SAID CENTER LINE OF MAIN TRACK EXCEPTING THEREFROM, ANY PORTION THEREOF LYING WITHIN LOT A ON RECORDED EXEMPTION NO 146945-03 RE 4462, RECORDED JANUARY 24, 2007 AT RECEPTION NO. 3450532, LOCATED IN THE 1 OF THE W 1/2 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE 57 WEST OF THE 8TH P.M., COUNTY OF WELD, STATE OF COLORADO TITLE COMMITMENT PARCEL NINWELD COUNTY ASSESSOR'S PARCEL NO.146935 a THAT PART OF THE W 1/2 OF SECTION 35, TOWNSHIP I NORTH, RANGE. 5 ' ','+JEST OF THE 6TH P.M., COUNTY OF WELD., STATE OF COLORADO, DESCRIBED M BEGINNING AT THE SW CORNER OF SAID SECTION 35, THENCE N 00° 20' 10* W ON AN ASSUMED BEARING .ALONG THE WEST LINE OF SAID SECTION 35 A DISTANCE OF 242 46 FEET; THENCE N90* 00' 0q" E PARALLEL WITH THE SOUTH LINE OF SAID W 1/2 OF SECTION 35, A DISTANCE OF 215.59 FEET; THENCE S GOP 20' 1 O E, A DISTANCE OF 242.4E FEET TO A POINT ON THE SOUTH UI" E OF SAID W 112 OF SECTION 35: THENCE S 9° 00' 00" W, A DISTANCE OF 215.59 FEET TO THE POINT OF BEGINNING. THIS IS THE SAME PROPERTY THAT IS SHOWN AS LOT B, RECORDED EXEMPTION NO 1489 RE 433, RECORDED DECEMBER 19, 1979 AT RECEPTION NO. 1812435, LOCATED IN THE W 1/2 OF SECTION 35, TOWNSHIP 1 NORTH, RANGE Br WES" OF THE 6TH P.M_., COUNTY OF WE'.D, STATE OF COLORADO, TITLE COMMITMENT PA CEL_TEN (ff LD CO NTY ASSESSOR'S PARCEL NO. 1469260000081; THE N 1/2 OF THE SW 114 OF SECTION 26, TOWNSHIP 1 NORTH. RANGE 67 WEST OF THE 6TH P.II., COUNTY OF WELD, STATE OF COLORADO jaT@4th5 (00392841 } EXHIBIT D - PRIMARY INFRASTRUCTIME PLAN (00392878) Dry Creek East Metropolitan District Improvements Phase '1 POTABLE "CATER SUMMARY TABLE POTABLE WATER DISTRIBUTION (ON -SITE) $ 1,228,060 POTABLE WATER (OFF -SITE) $ 2,729,200 $ 3,957,260 SUBTOTAL COST: POTABLE WATER DISTRIBUTION (ON-SITEy 8'° AIR RELEASE VALVE EA $ 8,500.00 $ 17,000.00 2 EA $ 400.00 , $ 800.00 4" WATER MAIN 45 DEGREE BEND 8„ 11.25 DEGREE BEND EA $ 600.00 $ 4,200.00 - 8" WATER MAIN 45 DEGREE BEND 11 EA $ 600.00 $ 6,600.00 2 EA $ 2,500.00 $ 5,000.00 4" GATE VALVE & BOX 11 EA $ 3,500.00 $ 38,500.00 8" GATE VALVE & BOX 12" GATE VALVE & BOX 9 EA $ 4,500.00 3 40.500.00 '4" 3 EA $ 1,600.00 $ 4,8.00 PLUG w/ 2" BLOW OFF ASSEMBLY 8" PLUG w/ 2" BLOW OFF ASSEMBLY 1 EA $ 1,800.00 $ 1,800.00 12" PLUG wl 7' BLOWOFF ASSEMBLY 4 EA $ 2,000 00 $ 8,000.00 540 LF $ -- 60.00 r $ 32,400.00 4" PVC WATERMAIN C900 CL -200 8" PVCWATERMAIN C900 CL -200 4860 LF $ 80.00 $ 386,800.00 2965 LF $ 95.00 $ 251,675.00 12" PVC WATERMAIN C900 CL -200 8" x 4" REDUCER I 2 EA $ 750.00 S 6" x 4" REDUCER 1 EA $ 700.00 -1,500,0►0 700.00 12" x 12" x 12" TEE 3 EA $ 1,500,00 $ 4,500.00 12"x 12"xrTEE 2 EA $ 1,200:00 $ 2,400.00 i2"x 1rxr"TEE 4 EA $ 1,000.00 $ 4,000.O0 8" x 8" x 12" TEE 2 EA $ 1,250.00 $ 2,500.00 8" x 8" x 8" TEE. 3 EA $ 1,000.00 $ 3,000.00 8"x 8" x 6" TEE 11 EA $ 1,000.00 i ' $ 11,000.00 TESTING 8365 IF $ 1.00 $ 8,365.00 WVATER SERVICE 166 E4 $ 1,500.00 $ 249,000.00 FIRE HYDRANT ASSEMBLY 15 EA $ 6,500.00 $ 97,500.00 FIRE HYDRANT 6" DIP 169 IF $ 50,00 $ 13,520.00 SUBTOTAL; I $ 19228,060 (CUFF.SITE) - CONNECT TO EXISTING 2 -EA- $ 4,000.00 $ 8,010.00 FIRE HYDRANT 6 -INCH DIP 360 IF $ 42.00 $ 15.120.00 6 EA $ 8,500.00 $ 68,000.00 FIRE HYDRANT ASSEMBLY w1GATE VALVE & BOX - At Bends AIR RELEASE VALVE w/MANHOI O I F 5 EA $ 8,50►0,00 $ 42,500,00 14" DUCTILE IRON PIPE 80 IF $ 150.00 $ 12,000.00 10 .EA $ 1,500.00 $ 15,000.00 14" WATER MAIN 45 DEGREE BEND 14' 11.26 DEGREE BEND 10 EA $ 16600.00 $ 16,000.00 - - 10 EA $ 1,600.00 $ 16,000.00 14" FITTINGS - MIISC 14" GATE VALVE & BOX 25 E►A $ 5,000.00 $ 125, 000.00 14" PLUG rft' 2" BLOWOFF ASSEMBLY 6 EA $ 2,000.00 $ 12,00►0.00 1 EA $ 40,000.00 $ 40,000.00 14' PRESSURE REDUCE VALVE l4"° PIPE \MTH 30' CASING JACK & BORE - Cross WCR2 East Canned 1 EA $ 150,000.00 $ 150,000.00 14'. PIPE WITH 30' CASING JACK & BORE Cross 'u' R2 West Connect 1 EA $ 15►01000.00 $ 150,000.00 11095 IF $ 115.00 $ 1,965,925.00 14" PVC WATERMAIN O9OO CL -2.00 *BEDDING 2 EA $ 3,600.00 $ 7,200.00 14"x14"x1irTEE 14" x 8" x 14" TEE 8 FA $ 3,000..00 $ 24,000.00 14" x 8" x 14" TEE FOR FIRE HYDRANTS - 8 $ 3 000 OO $ 24,000.00 TESTING 17455 LF $ 1.00 $ 17,455.00 ASPHALT R & R 1 LS $ 20.000-00 $ 20,.00 SUBTOTAL: $ 2,729,200 Dry Creek East Metropolitan District improvements Phase I IRRIGATION/NON-POTABLE WATER TOTAL SUMMARY TABLE $ 691,165 IRRIGATION/NON-POTABLE WATER DISTRIBUTION (ON -SITE) $ 614,125 IRRIGATION/NON-POTABLE WATER (OFF -SITE} SUBTOTAL COST: $ 1,305,290 RRI GATION/NON-POTABLE WATER DISTRIBUTION (ON -SITE) " AIR RELEASE VALVE 'E 2 EA $ 8,500.00 17.000.00 CONNECT TO EXISTING ` EA 4,000.00 $ 8,000.00 IRRIGATION MAIN LINE 11.25 DEGREE BEND 8 EA $ 600.00 4,800,00 3 LA 3 600.00 $ 1,800.00 IRRIGATION MAIN LINE 22.5 DEGREE BEND 6 EA $ 600,00 3,600.00 IRRIGATION MAIN LINE 90 DEGREE BEND IRRIGATION SERVICE 166 EA $ 1,000.00 S 166,000.00 1.5" IRRIGATION TAP & METER Pr (COMMON SPACE) 20 EA $ 1,600.00 30,000.00 4" PVC IRRIGATION C900 CL -200 3810 LF $ 60,00 ' $ 228,600.00 e" PVC IRRIGATION MAIN 0900 CL -200 3100 LF $ 70.00 $ 217,000.00 IRRIGATION TEE 10 EA S 600.00 S 6,000.00 TESTING 8365 LF $ 1.00 $ 8,365.00 SUBTOTAL: 691,165 IRRiGATION/NON-POTABLE WATER (OFF -SITE) 8 AIR RELEASE VALVE EA ' yip 8,500.00 $ 17,000.00 8" PVC Pipe Connection at East Connection Point N EA $1,500.00 $ 1,500.00 8" PVC Pipe Connection at West Connection Point 1 EA $1,500.00 $ 1,500.00 $ 135,000.00 " PII E 1'V1Ti--1 '' ATEE TASIN � M FORE 0RO R AT 1 EA 135,000,00 135, 000.00 ' 'IP'E 'I V1 Ti�l 4" STEEL A I NG JA t BOi E RO T E 1 $135,0000.00 " P IC IP I TION IVIA,IN L- V1 EE[ III 3125 LF $80,00 $ 250,000.00 8" FITTINGS 10 EA $600.00 $ 6,000.00 TESTING 3125 r F $1.00 $ 3.125.00 ASPHALT R & R 1 LS $05,000.00 $ 65.000.00 PIPE LINE BUILD BY OTHERS - Later 5385 LF $0.00 FITTINGS - PIPE LINE BUILD BY OTHERS; Later EA $0.00 CONNIEC 1 TO EXISTING - PIPE LINE BUILD BY OTHERS a Later 2 EA $0.00 $ SUBTOTAL 614,1257 Dry Creek East Metropolitan District Improvements Phase al SANITARY SEWER SUMMARY TABL TOTALlik WASTEWATER COLLECTION (ON -SITE) 925,113 WASTEWATER OFF"SITE $ 6,483,785 SUBTOTAL COST: WASTEWATER COLLECTION (ON -SITE 4' DIAMETER MANHOLE 16 EA $ 5,000,00 $ 80.000.00 5' DIAMETER MANHOLE 10 EA $ 6,000.00 $ 60,000.00 8" PVC MAIN w/ PERFORATED UNDERDRAIN 6825 LF $ 75.00 S 511,875.00 $ 0.70 $ 4,777.50 AIR TEST MAIN 6825 LF DEFLECTION TEST MAIN 6825 LF $ 0.80 $ 5,460.00 ,EXTRA DEP 1 H MANHOLE 200 VF $ 30.00 $ 6,000.00 SANITARY SERVICES 166 EA $ 1.500.00 $ 249,000.00 UD CUTOFF WALL 10 EA $ 800.00 $ 8,000.00 SUBTOTAL: $ 925,113 WASTEWATER (OFF -SITE) 15"PVC Gravity Line to Lift Station from Phase 10 from South wlperf drain 1435 LF S 165.00 236,775.00 15"PVC Gravity from Phase 1A Site to Phase 18 Pipe from South wiped drat 1500 $ 165.00 $ 247,500.00 4' DIAMETER MANHOLE - Along 15" Gravity Line 1B to Lift Station - 10 ft 4 $ 6.000.00 $ 24,000.00 4" DIAMETER MANHOLE - Along 15" Gravity Line IA to 1B - 10 ft 5 EA x,000.00 $ 30,000.00 5285 LF $ - $ - 15"PVC Gravity Line to Lift Station from the North wwlperf drain - Later 12 EA - 4' DIAMETER MH - Along 15" Gravity Line to Lift Station from North -Later 10" PVC FORCEMAIN w/BEDDING TO 168TH wiper' drain 4020 LF $ D .00 $ 381,900.00 10" FORCEMAIN CLEAN OUT 1 EA $ 8,500.00 $ 8,500.00 24" PVC wit BEDDING - GRAVITY PIPE DOWN 168TH w&perf drain 10050 IF $ 230.00 , $ 2,311,500.00 34 EA $ 7,000.00 $ 238,000.00 4' DIAMETER MANHOLE - ALONG 24' Gravity Line down 168th 24" INV SIPHON ACROSS DRAIN SWALE WITH 36" CASING JACK/BORE 2 EA $ 160,000.00 S 320,000.00 24" INV SIPHON ACROSS RIVER WITH 36" CASING JACK/BORE 1 EA 280,000.00 $ 280,000.00 CONNECT TO EXISTING 1 EA S 4.000, 00 $ 4,000.00 TIE INTO EXISTING MANHOLE 1 EA s 1.500.00 $ 1,500.00 1 EA I 5 1.500.00 $ 1,500.00 TIE INTO EXISTING UNDERDRAIN TEST GRA 'IT' SEAR - AIR ANDS [AEI=LECTiCN 12985 I LF $ 1.50 $ 19,477.50 4020 LF $ 1.00 $ 4.020.00 TEST FORCEMAl1 - PRESSURE TRAFFIC C JN'TROL 1 LS $ 10,000.00 $ 10,000.00 CRESS UNDER EXISTING UTILITIES 1 LS $ 10,000.00 $ 10,000.00 ROCK CUT (fare inch gravity along 16 th} 7500 CY $ 40.00 S 300,009.00 " PHALT R ' R 1 LS $ 50{x, 0►00.00 $ 500,000,00 Lift Station - Package 450,000.00 $ 450,000.00 Lift Station - Concrete Structure 1 EA $ 75,000.00 $ 7x,000.00 Lift Station - Electrical Control 1 EA $ 651000,00 $ 6&0001m Emergency Power Supply System 1 EA $ 40,000.00 $ 40,000.00 SUBTOTAL: $5,558,673 Dry Creek East Metropolitan District Improvements Phase 1 PUBLIC ROADWAY AND SITE IMPROVEMENTS SUMMARY TABL- _ TOTAL _ .- -, - _ _ _ .. $ 1,061,9 10 ARTERIAL COLLECTOR $ 330$15 LOCAL - - $ 1.754870 3,1477695 SUBTOTAL COST: ARTERIAL ACCESSIBLE RAMPS 10 SIDEWALK - 4" THICK SIDEWALK SUBGRADE PREP 6' VERTICAL CURB & GUTTER earl 2' PAN CURB & GUTTER PREP CO RE I E CROSSPAN 9" AGGREGATE BASE COURSE (ABBE) + TAPER 5" ASPHALT PAVING + TAPER STRIPING SIGNAGE RAISE MANHOLE LIDS/VALVE BOXES TRAFFIC CONTROL SUBGRADE PREPARATION (FLY ASH) 10 4000 4800 20300 20300 12 12 1 20300 FA LF LF SY LF EA EA LS SY 1.500.00 44.00 $ 1.85 20.00 1.90 1,500.00 6.80 22.00 $ 0.80 $ 850.00 $ 400.00 $ 30,000.00 5.50 SUBTOTAL: 15.000.00 176,000.00 $ 7.400.00 $ 96,000.00 $ 9, 120.00 7,500,00 $ 138,040.00 $ 448,600.00 $ 9,±600.00 10,200.00 $ 4,800.00 $ 30,000.00 $ 111,65000 1,061,910 ACCESSIBLE RAMPS 6' SIDEWALK - 6" THICK SIDEWALK SUBGRADE PREP 6" VERTICAL CURB & GUTTER CURB & GUTTER PREP CONCRETE CROSSPAN 9" AGGREGATE BASE COURSE (ABC) + TAPER 5" ASPHALT PAVING + TAPER 3 2140 6150 6150 EA LF LF SY SY $ 1,500.00 $ 27.00 $ 1.85 $ 1 , 500.00 6.80 22.00 4,500,00 55,080.00 3,774.00 41800.00 $ 4,066.00 $ 1,500,00 41, 820.00 135, 300.00 STRIPING 1 5000 I LF I $ 0.80 js 4,000.0[} SIGNAGE SUBGRADE PREPARATION (FLY ASH) 5 EA SY 850.00 5.50 SUBTOTAL: 4,250.00 $ 33,825.00 330,915 a 25 EA $ 1,500.00 $ 37, 500.00 • s 13000 LF $ 18.00 $ 234,000.00 SIDEWALK2800 LF $ 27.00 $ 75,600.00 $ 1.85 $ 29,600.00 SIDEWALK SUBGRADE PREP 16000 LE 41' ROLL CURB & GUTTER 13000 LF $ 16.50 $ 214,500.00 vERTICAL CURB & GUTTER 3000 LF $ 20.00 $ 60,00000 CURB & GUTTER PREP_ flfl $ 1090 $ 30,400.00 33500 SY $ 6.50 $ 217, 750.00 6" AGGREGATE BASE COURSE (ABC) 4" ASPHALT PAVING 33500 SY $ 18.50 $ 619,750.00 STRIPIh 11400 LF $ 0.80 $ 9,120.00 S 1 GNAGE 40 EA $ 850.00 $ 34,000.00 UTILITY SLEEVES 21 EA $ 400.00 $ 8,400.00 SUBGRADE PREPARATION (FLY ASH) 33500 SY $ 5.50 $ 184,250.00 SUBTOTAL: $ 1,754,870 Dry Creek East Metropolitan District improvements Phase 1 PUBLIC ROADWAY AY AND SITE IMPROVEMENTS TOTAL UMMARY TABLE _ .. 1,332,350 SITE (GRADING, WALLS, EROSION CONTROL, STORM SEWER, DEMOLITION) 262.300 DETENTION/WATER DUALITY POND COMMON LANDSCAPING - - - $ 1,775,000 SUBTOTAL COST: $ 3,371,756 SITE (GRADING, WALLS, EROSION CONTROL, STORM SEWER, DEMOLITION) EXCAVATION CUT T 53653 C Y 3100 $ 160, 959.00 EXCAVATION FILL 31035 CY $ 5.00 $ 155,170.50 EROSION CONTROL 72.4 AC 1,800.00 $ 130,320.00 DEWATERING OPERATIONS 1 LS $ 100,000.00 $ 100000.00 SVVPP BOOK & MAINTENANCE 5 MO 1,200.00 $ 9,000.00 5' DIAMETER MANHOLE 4 EA S 5,000.00 $ 20,000.00 18" FES 2 EA $ 725.00 1,450.00 24" FES 1 EA $ 850.00 i $ 850.00 18" RCP CL -Ill 1575 II is $ 120.00 $ 189,000.00 24" RCP CL -Ill 175 LF $ 14000 $ 24,500.00 RCB BOX CULVERT 3 I EA p$ 140,000.00 $ 420,000.00 5' TYRE R INLET 2 EA $ 6,500.00 $ 13,000,00 1O' TYRE R INLET 8 EA $ 10,000.00 $ 80,000.00 EXTRA DEPTH 100 LF $ 30.00 $ 3,000.00 DEMOLITION & HAUL OFF 1 LS $ 25,000.00 $ 25,000.00 SUBTOTAL: $ 1,332,856 ETENTIONVIATER QUALITY POND . as 6 DRAINAGE SWAL E .? 45OO L LF $ 35+00 $ 157, 500.00'. OUTLET STRUCTURE 1 LS 45,000.00 $ 45,000.00 RIPRAP 15O CV S 260,00 $ 39, 000.00 TRICKLE CHANNEL - - -- 200 LF $ 9.00 $ 1,800.00 FOREBAY i 1 LS $ 15,000.00 $ 15,000.00 1 EA $ 4.000.00 $ 4,000.00 WATER QUALITY PONDIOUTLE I SUBTOTAL: $ 262,300 COMMON LANDSCAPING JOMMON SPACE LANDSCAPING W!IRRIGATION 522720 SF $ 2.50 $ 1,305,800.00 ENTRY MONLIMENTATION 1 EA $ 30,000.00 $ 30,000.00 OPEN SPACE TRACT TRAIL (8 FEET) 84000 ! SF a. $ 4.45 $ 373,800.00 SPLIT RAIL FENCING 6000 LF $ 11.00 $ 55,000,00 SUBTOTAL: $ 1,776,600 4 TEAR 2017 2018 2019 20210 2001 2oz1 2024 2025 20022,88p 2029 203C 2031 20a2 2033 2034 2035 2035 2O37 Sri. 243+? 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 DRY. CREEK METROPOLITAN DISTRICT al Development Projection at 56.277 (target) District Mills fnr Debt Service -- SERVICE PLAN -- 03004/M9 19 Series 2020, G.U. L3or1t13, 100x, Won -Rated, 30-yr Maturlxy z'isccc{Renldertial_'z.;a}a Total Rest Linda Sin VS* Restaaot'rta Cumulative s.9t+, Marfltei VMS Ailed' Value (611.20,4 of Market 1 rise) PlattildFDavt+lapild Lots IS 'Capri Voisin 31-00',% Gumulaliv■ or Market Market Vakn It yr lag) ee;traa'a;si r ounifygraki iri}}]i}}} Mkt Vaki. Aged Valor llirnnial is 223.40% Taint canon, Stt. Ft. Raisies"na e 1.0% Cumulative Manta! Van or Marital 1. •,,, 1 Total Assotsod Value Pnt AV Raba I� i 1?t; 1414.i1‘ District U�alArr Le'$ Mill Levy N a's Mill Levy mete Targall cellachin, um (55.2T7 Cap] st . pmutct S.C Tset (:1 Elie rind Total Available Rsvvnue 0 D C 0 45 0 26,094,040 00 56,924 160 171 3,415,450 100,856 531 54 1176616162 O r , u5ti3; 3110 124,666 072 n 1,4 565.0t2 0 ?,473954 132,040.735 [I 132.040.036 0 7,922.402 139.962,4y388 O 139.962.438 0 8.367.746 145.3&7.164 U 148,3,' Bed 0 8,901,615 157,2'61 796 O 157261,798 O 9,435,708 166,6317,5163 U 166697,503 0 10, 001,850 176.694, 353 a 176 699,353 111,23601,9161 187,301,315 11.239.4+'9 11,913,384 12.527.105 13,384,732 14,187,816 15, 039.066 300 151,5'90.782 167 301,315 14 1, S:15t,:t514 198.839.364 210,451,757 210451,767 223 0115,863 223 o78,853 238 463.594 7330sth.l,±59d 250 651.410 250,651..410 765 smarms u 0 0 1,446, 786 4,0.540 7,281,670 8,481, r.192 13.9r.14,151 15; 8.968.767 9.506683 9.505,8 83 1 1,077.295 10,077,296 10,681,933 10,681,933 11,322,8 49 11,322,849 12.002,220 1,0❑2.710 12,722.363 12,722.353 43.488.E 14.299 14.294836 15, 152,527 15.1502,527? 16.051.878 18051.1379 17 025.379 17.025.379 18.046,902 0 1,970 000 3,540 000 3.818,000 1,689000 225,000 0 0 n 0 0 0 0 ❑ 0 0 0 O 0 O 0 ti n 0 u O 0 ❑ C O 0 0 0 571.300 1,026,600 1,1137,2.24 9.810 65 250 fI 0 0 0 0 0 0 0 0 0 0 b n 0 l3 1) 0 0 0 0 0 0 0 0 0 0 0 0 12,UOC1 114,0(X1 0 11 4 0 0 0 0 C 0 0 0 0 U 0 0 0 0 0 0 0 1,2,6 8 7t13 240 4205.249 251,.315 4,467,664 67,4 19 357.914 4,e4b7,MS4 7,Lyr! 4,725,018 4.725.418 2133,501 5,008,519 5.008.519 300,511 5,309.030 5,309,030 318,542 5,7,5x2 5,627,572 337,654 5.965.226 5,965,228 n 223,140 6,7x:4,140 379.388 5,702.528 6,702428 and 152 7,104$80 7,104,680 426281 7,530.980 7.530.980 451,858 ',9#12,816 7.982,818 478 909 8,461,787 [9,481, 787 5107.707 131B9494 30,000 4,861 664 3r4r?0IP .d DC00011 Fin Flail le NR SP Fin Plan 0 0 0 0 0 0 470.8503 1,219,62'2 1,219422 1?g2,694 1,292.694 1,370255 1170.256 1,452.476 1,452,470 1,539,619 1,'x,619 1,631,996 1.631.996 1 729 918 1,/29,901 1,533,710 1,RL]l3.7110 1,43,732 1,943,733 2,0010,'.1.57 2.060.357 2.183,879 2.183179 2,315,017 2,315.017 2,463,11a so 0 571,300 2,473.368 6206,760 7,751,480 El 997.2M 10 188.279 10.1$8,279 10 799.576 10, 799.575 11 447,551 11 447.551 12 134.404 12.134.404 12,862,466 12 85? 4M 13,534216 13.6216 14 452.21 14.4.51,7titi 10.31 {6.405 15,;419.i1O1 18:238559 18,238,'.x89 17 ,?12.884 17,2'12.33$4 18,245.657 18, 245.067 19,34.0,39E 19.340, 396 20 500,820 G0 Ni 5% 1.5 7% $� 7% ✓88 0% 88 OF 88 88.096 880% 88 88 0% 88.09E 880% 88 0% 88'.0% 880% 88.0% 080% 5T Ct! , nn 17% 88 09ii 88.0% 880% 88 0% 88 0% 880% 88.09 88.0' 88.0% 50.000 50.000 53.087 54 Ian 54944 54WO 4 545 54 6455 54.645 64.645 54.1645 54 645 54.645 54.646 54.845 54 845 56.645 54 845 '4.545 54.645 54.53+49 ,S4 545 54.646 54.0x25 54.843 54.645 54 545 54.645 54.645 54.645 54 645 Sc C C 27.994 120,677 271{,77$ 417.370 484,619 545,60/1 34'.,13217 578.344 5703,344 813,044 613,044 649,827 849,827 688.817 888,817 730,146 730,148 77:14924 773.964 820,392 820,302 4,015 869,615 921.792 921,792 077,100 277,100 1,035,725 1,035,725 1.0517 ,889 so 0 0 1 681 7.72- 5./I 2,5,043 2,5,04 4 29 DT7' 32, 7:59 12.736 34.701 34 701 36.783 36,783 38,0 38,90 41322 41,329 43,8119 43,509 46,437 49,3 40,223 42.177 57,177 56,308 55,308 58,826 54,925 82,144 62,144 85,872 $0 0 0 75..57 3 136,398 X511 654 44t.415i 813.698 576.344 678,4 613,0+44 813.044 849.827 649,627 888.817 688,817 730,146 730.146 773.954 773.954 fLf'7,:15iP' 820.392 03{319,6'1 r 889.616 10021.792 921,792 977.100 977,100 1.035,725 1,0:3`5,725 1 097,869 1,097,869 1 153,741 45.214.229 2 712,854 47.927,082 n Man 1'argutitip. 4844684 int Flirel' 44V Rnk.4fr4t.r Ptapased by 0 A.Davidson & Co Draft Fen atavae+on purposes only 1 CIM YEAR DRY CREEK METROPOLITAN DISTRICT #1 Development ProJedlan et 86 277 (target) Clstrict Mills for Debt Service - SERVICE PLAN - £3/0412019 ;gals 2428, an. Bonds. 1 CD; Non Rated,, 30-yr.. Maturity Nit Available ko Dail svc h61. Zu4Q pt t,R91Y,IN1rr Mir Net 54 161 11111) Nei Debt Son ',CO Annual Surplus 1.Iplus Radian In 11.'.09 n00 Cumulative Surplus {1,109,000 Target cm. 4W Not Qf• D*Mf 0.141 it Tat4M Assailed /loll Vaau. Ratio Ratio 2017 2018 33 n/a Ns 0% 2019 0 11la 8118 0% 2020 0 10 0 0 1941% 16% 0% 202- 29.673 0 29,673 0 29 673 AA 8% 11% 0% 2027 136.398 0 136,398 0 166,0/1 213% 9% 0% 2023 292.854 271250 15,604 17 1'1,676 143% 9% 10!b% 21724 442.419 68,4„600 012,041) 0 89,594 123% 9% t1t:t S 20V5 513 SOS 55,503 140.804) la 28,7 1 109%, 8% $3% 220 :'1lt1,:144 574.500 3,844 0 32,834 1 ay% 8% 101% 2027 578.344 573,E 4,1144 U 37,477 10;7% a% 101% 2028 013,044 612,500 544 0 38,022 102% 8% 100% 202S 613,044 609300 3,544 0 t1, 566 95% 7% 101% 203C 6494827 646,500 3,327 0 44,893 9'590 7% 101% 2031 649,527 648,.500 3,327 0 49,220 88% 7% 15195 2032 686,917 61250 2,567 0 50,796 87% 7% 100% 2033 688.817 6883.750 5,067 0 55,853 V% 5% 1a-% 2034 730,148 726, COO 4,`.46 0 59,999 79% 6% ' D1% 2035 133,146 725,750 4.. 6 0 64,394 73% 5% ' D I % 2036 7 T3,954 770,000 3,954 C 68,346 71% 5% D , % 7037 773,954 77`.500 2,454 0 70$03 55% 5% 1D 2036 820.702 (117.2.'50 3,142 0 73.944 7.1°$ ►% 100% 2030 820.392 82{1.000 3W"7 0 74,338 57% 4% 10 71140 585.615 866,760 2.scie c 71,301 54% 4% 100% 2041I 562.515 Sti5,X5U 4,365 C 11.5203 48q. 4% 101% 204: 921,192 911,!MI 4,042 C 86.606 45`7r 3% 100% 2043 921.792 921.500 292 0 65,900 39% 3% 100% 2041, 977/100 973,750 3,350 0 89,2SC 36% 3% 100% 2045 977,104 972.000 5.100 0 94,349 30% 2% 101% 2616 1,035.725 1,03,3/60 1,975 0 9$325 28% 2% 100% a/P.4 1,035.725 1 030 750 4.975 0 101,300 20% 2% 101% 2046 1,097.069 1,0'96,CCbC 1,8e9 o 1©3,189 le% 1% 100% 1C49 1 ,U97.1359 1,096.,000 1,869 0 105,038 1C% 1% 100% 2050 1,163,741 1,162,573 1,168 106,206 4 C°!{ir 0% 1009 47,92'7,082 302019 8 DGa 0It Fin Ptart la 21.985.823 a '1510 2tratM1 25.941259 24.8 32,259 IT w 11 ti� II11St)\ Prepared ty 0 ADawdem a 4:0 NR SP Fin Plan trail at ei J6&Oft purpc,n cit 2 DRY CREEK METROPOLITAN DISTRICT #1 15 +, Iy I .,I • _.• 'YEAR Development Projection -- 6uildout Plan (updated 3t4;19 Resident' al Oeveloprnerli *Lots Devoid Incr1IDecr1 lre Fin', lice! Lot Value) i t a% SFD 40' d Units Completed 118 target Price inflated 2% Market Value IncrtiDecn n Irrtaltied Lot a t.ntr, Vatue V Deverd 10% SEQ 00' X Units Completed 481arget Price Inflated tg Matlket M Lots 2% Value Deward Incr((Deer: I n Finished Lot Value MF M Units Com plate d 134 target Pr we Inflatod g 2% Man+rt Value Rtat.it eiflial 5umrart Total flan idontsal !Aortic? Voltz Total Rttbl Units 2U" 7 2016 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2M2 2033 2034 2033 2036 2037 0 0 25 130 a C 0 0 0 0 0 0 C C 0 0 4a C 11$ 0 C 1.1X0 000 i ,000.000 faaODO) (1,720.x) 0 C 0 0 0 0 0 0 0 0 0 a 0 0 0 3/4/2'019 B DCM©#1 Fin Plan 19 zb 50 43 0 0 0 0 0 0 0 0 0 0 0 0 0 U 0 118 940D.000 400,000 400,000 41 5,1 50 424.453 4x2.973 441.532 460,465 455,474 468,664 478.037 487.598 497.350 507.297 517.443 527,792 538.347 549,114 560,097 571,298 0 0 10,200,E 20, 808,040 1b.262:778 0 0 0 0 a 0 0 0 0 a a 0 0 3 21 ..1 6 0 a a C C a a C 0 0 a 0 0 49.260.778 I 46 0 1470 (Xl 0 (602.000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 r©; 20 20 B 0 a a 0 0 a 4 a a a a 0 0 0 413 5000 485„G00 494.7((1 SO4„514 514,685 524,980 535,479 546,189 557,113 568.255 579.620 591.212 603,037 615.097 827,299 639,947 652.7413 1665;801 679.117 692,699 Abs 0 a 0 8,h0#,000 10,091,800 4,117.4G7 a 0 a C 0 0 0 0 0 0 0 0 a 0 0 0 v 20 GO 54 a a 0 0 a 0 0 0 0 4i 0 a U 0 24,103,357 134 0 0 0 570,000 1.140.000 (171,0001 (1.1 0 0 0 0 b 0 0 0 0 0 0 0 0 0 0 S285,OCC 285,000 286,00 290.1047 20 208 514 60 302,444 54 308.493 0 314.863 0 320,95 0 327,375 O 333,923 0 340.601 O 347.413 O 354,362 0 361,449 O 360,070 O r.a51 O 3a3.072 O 331,244 o 399.009 0 407.050 0 0 0 4) 6930,280 18,149,€18 16.658.631 0 0 0 0 0 0 0 0 0 a 0 0 a 0 40735.568 so 0 a 20,094,000 30,5 3 0,160 40.510,921 16.658.831 0 0 0 0 0 0 U a 0 C 0 0 0 0 "14,099,712 Prepared by DA Davidson & Cc 3 0 a 0 d6 111 54 0 0 0 a 0 0 a a a a 4 a a 300 DRY CREEK METROPOLITAN DISTRICT #1 Ia k 11114 i11S1)\ YEAR Development Projection -- Buildout Plan Cupolated 314119) Uommorclal Development Commercial Summary SF 181 Acres Commit (WO incrltDecrl in FinishedLci Square Fi per Sq Ft, value i cinmplahea mtiateo € Man+ee Dever d 111% 30 COO 2% Value Total Total Commercial Commercial Market Value Sq Ft Valve of Platted B ©ewtvpi cJ Lc.'t Adjustment Adlustoad V4Iaid 2017 D 0 $125 00 5U 2018 0 0 125.00 0 2019 0 0 125.00 0 2020 0 0 177 5o 0 2021 0 0 130.05 n 2022 12,000 450 000 1:32. 0 2023 18.000 75.000 12,001) 135.30 1.623,108 2024 0 (225 DCOI 18,000 133 01 2,484,182 2026 D 0 0 140 77 0 2026 0 0 0 143 59 0 2027 D 0 0 145.46 0 2025 0 0 0 149.39 0 2022 0 0 0 152.37 0 2030 0 0 0 155.42 0 2031 0 0 0 15833 0 2032 0 I) 0 16110 0 2033 0 0 0 164.93 0 2034 0 0 0 108.23 0 203S 0 0 0 17160 0 2636 0 0 0 175.03 0 2037 0 0 179.53 0 30,000 0 30,000 4,107,830 31412019 8 DCIUMD1111 Fin Plan 19 Abs 0 0 C C C) I t7 1,623.&dal 12,000 2,484 182 18.00C 0 G 4 0 0 Ga o ca o o n 0 E r 0 c o 4 0 0 a 0 4,107,830 30,000 D 0 ✓ 1,070,000 0 1.570.000 el 778,000 O (2,120,000) 0 (1,464,000) 1225.00301 0 0 O 0 O 0 O 0 O 0 O 0 O 0 9 0 t� 0 0 0 17 0 t7 0 Q n t7 Cl Prepared by () A flaviisnn & On 4 I) 1 DAVIDSON SOURCES AND USES OF FUNDS DRY CREEK Mb I HOPOLITAN DISTRICT #1 GENERAL OBLIGATION BONDS, SERIES 2020 55.277 (target) Mills [1] Non -Rated, 100x, 30-yr. Maturity (SERVICE PLAN: Full Growth 4. 6.00% Bi-Reassessment Projections) [ Preliminary -- for discsussion only ] Dated Date Delivery Date Sources: 12/01/2020 12/01/2020 Bond Proceeds: Par Amount 11,000,000.00 11,090,00(.00 Dads: Project Fund Deposits: Project Fund Other Fund Deposits: Capitalized Interest Fund Debt Service Reserve Fund Cost of Issuance: Other Cost of Issuance Delivery Date Expenses: Underwriter's Discount S,185,772.92 1,380,250.00 1,016,177 08 2,402,427.08 300,000.40 221,800 00 11,090,000.00 [1] Max. Target/Cap:; Modified per Residential AV Ratio (est.) Mar 4, 2019 10:13 am Prepared by D.A. Davidson & Co Quantitative Group -PM (Dry Creek MD -#1 MD 18 (fica To...:BMARO419-20NRSPB) 5 I) A DAVIDSON, BOND SUMMARY STATISTICS DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION BONDS, SERIES 2020 55.277 (target) Mills [1] Non -Rated, 10►Ox, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% ft -Reassessment Projections) [ Preliminary -- for discsussion only Dated Date Delivery Date First Coupon Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All -In TIC Average Coupon Average Life (years) weighted Average Maturity (years) uretien of Issue (years) Par Alnourrt Bond Proceeds Total Interest Net Interest Bond Years from Dated Date Bond Years from Delivery Date Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Underwriters Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Bond Component Par Value Price 1210//2020 12/01/2020 06/01/2021 12/0112050 5.000000% 5.148959% 5.0)0000% 5.357604% 5.000000% 23.982 23.982 13.849 11,090,000.00 11,090}000.00 13,298,250.00 13, 520,050.00 265, 965,000.00 285,965,000.00 24,388.250.00 2.178350.00 812,941.57 20.000000 Average Coupon 20.000000 98 000000 Average Life Average Matu rity Date PV oft bp change I errs Bond due 2U50 11,090,000 00 10U UU0 5.000% 23.982 11/24/2044 17,189.50 11,090,000.00 23 982 17,189.50 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield TIC 11.090 000 00 771 .800 no 10,868,200.00 12/01/2020 5.148959% All -In TIC 11,090,000.00 -2'71,#100 00 -300,000.00 10,558,200.00 12/01/2020 5.357604% Arbitrage Yield 11,090„000 00 11,090,000 00 12/01/2020 5.000000% Mar 4, 2019 10:13 am Prepared by D.A, Davidson & Co Quantitative Groin --PM (Dry Creek MD#1 MD 18 (fka To...:BMAR0419-20NRSPB) 6 ;pi D . DAVIDSON .wn .:Vet uR yL Vain', BOND DEBT SERVICE DRY CREEK METROPOLITAN DISTRICT 41 GENERAL OBLIGATION BONDS.. SERIES 2020 55.277 (target) Mills [1] Non -Rated, 100x, 30-yr. Maturity (SERVICE PLAN: FullGrowth + 6.00% BI -Reassessment Projections) Preliminary- !- for discsussion only j Period Ending Annual Debt Debt Principal Coupon interest Service Service 06/0112021 12/01/2021 06/01/2022 12/01/2022 06/01/2023 12/01/2023 06/01/2024 12/01/2024 06/01/2025 12/01/2025 06/01/2026 1210112026 06/01/2027 12/01/2027 06/01/2028 12/01/2028 06/01/2029 12/01/2029 06/01/2030 12/0112030 06/01/20 31 12/01/2031 06/01/2032 12/01/2032 06/01/2033 12/01/2033 OG/O1 /204 12/01/2034 06/01/2035 12/01/2035 06/01/2036 12/01/2036 06/01/2037 12/01/2037 06/01/2038 12/01/2038 06/01/2039 12/01 /2039 06/01/2040 12/01/2040 06/01/2041 12/01/2041 06/01/2042 12/01/2042 06101/2043 12/01/2043 06/01/2044 12/01/2044 06/01/2045 12/01/2045 06/01/2046 12/01/2046 OR/01/2047 12/01/2047 06/01/2048 12/01/2048 D6/01/2049 12/0112049 06/01/2050 12/01/2050 277,250 277,250 277250 277,250 554.500 2771250 277,250 277,250 277,250 554,500 277,250 277,250 277,250 277,250 554,500 277.250 277,250 277,250 277,250 554.500 277,250 277.250 277,250 277,250 554 .500 277,250 277,250 243,E 6.000% 277,250 297,250 574,500 276,760 276,750 20,000 5,000% 276,750 798,750 573,500 276,250 276,250 60000 5.000% 276,250 336.250 612,500 274,750 274,750 60,000 5.000% 274,750 334,750 609,500 273,250 273,250 100,000 5.000% 273,250 373,250 646,500 270,750 270,750 105,000 5.000% 270,750 375,750 646,500 268,125 268,.125 150,000 5.000% 268,125 418.125 686.250 264,375 264,376 166,000 5.000% 264,376 419,375 683. 750 260,500 260,500 205,000 5.000% 260,500 465,500 726 000 255,375 255,375 215,000 5.000% 255,375 470,375 725750 250,000 250,000 270.000 5.000% 250,000 520,000 770,000 243,250 243,250 285,000 5.000% 243,250 528,250 771,500 236,125 236,125 345,000 5.000% 236,125 581,125 817,250 227,500 227,500 365,000 5.000% 227,500 592,500 820,000 218,375 216,375 430,000 6.000% 218,375 648,375 866150 207,625 207,625 450,000 5.000% 207.625 657,625 865.250 196,375 196,375 525,000 5.000% 196,375 721,375 917,750 183,250 183,250 555,000 5,000% 183,250 738,250 921,500 169,375 169,375 635,000 5.000% 169,375 804375 973,750 153,500 153,500 665.000 5.000% 153,500 8183500 972,E 136,875 136,876 /60,000 5.000% 136,875 898,875 1,033.750 117,875 117,875 795,000 5.000% 117,875 912,875 1,030,750 98,000 98,000 900,000 5.000% 98,000 998,000 1.096,000 75,500 75.500 945,000 5.000% 75,500 1,020,500 1.096.00 0 51,875 51,875 2,075,000 5000% 51,875 2,126,875 2,178,750 11,090,000 13,296,250 24,388250 24,388,250 Mar 4, 2019 10:13 am Prepared by D.A, Davidson & Co Quantitative Group --FPM (Dry Creek MD#1 MD 18 (fka To...: MAR0419-20NRSPB) 7 • , NET DEBT SERVICE UKY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION BONDS, SERIES 2020 55.2777 (target) Mills 00] Non -Rated, 100x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6„00% Bi-Reassess rent Projections) [ Preliminary -- for discsussion only ] Period Ending Principal Interest Total Debt Service Debt Service Reserve Fund Capitalized Interest Fund Nat Debt Service 12/01/2021 12/01/2022 12/01/2023 12/01/2024 12/01/2025 12/01/2026 12/01/2027 12/01/2028 1.2/01/2029 12/01/2030 12/01/2031 12/01/2032 12/01/2033 12/01/2034 12/01/2035 12/01/2036 12/01/2037 12/01/2038 12/01/2039 12/01/2040 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 12/01/2047 12/01/2048 12/01/2049 12/01/2050 20,000 20,000 60,000 60,000 100,000 105,000 150,000 155,000 205,000 215,000 270,000 285,000 345,000 365,000 430,0.00 450,000 525,000 555,000 635,000 665,000 760,000 795,000 900,000 945,000 2,075,000 554,500 554,500 554,500 554,500 554,500 554„500 553.500 552.500 549.E}00 546.500 541,500 536250 528,750 521,000 510,750 500,000 486,500 472,250 455,000 436,750 415,250 392,750 366.500 338,750 307,000 273,750 235,750 196,000 151,000 103,750 554,500 554,500 554,500 554,500 554,500 574,500 573,500 612,500 609.500 646,500 646,500 686,250 683,750 726,000 725,750 770,000 771,500 817,250 820,000 866,750 865,250 917,750 921.500 973,750 972,000 1,033,750 1,030,750 1,096}000 1,096,000 2,178,750 1,016,177.08 554,500 554,500 277,250 277,250.00 554,500.D0 554,500.00 574.500 00 573,500.00 612,500.00 609, 500.00 546.500.00 646,500.00 686,250.00 683,750.00 726,000.00 725,750.00 770,000.00 771.500 00 817,250 00 820,000.00 066, 7 50.00 865,250.00 917,750.00 921.500.00 973,750.00 972, 000.00 1,033,750.00 1,030,750.00 1,096,000.00 1,096,000,00 1,162,572.92 11,090,000 13.298,250 24,388,250 1,016,177,08 1.386,250 21,985,822-92 Mar 4, 2019 10:13 am Prepared by O.A, Davidson & Co Quantitative Group -PM (Dry Creek MD#1 MD 18 (aka Tc...:BMAR0419-20NRSPB) 8 spol li DAVIDSON i. a - Y' .1 V.L BOND SOLUTION DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION BONDS, SERIES 2020 55,277 (target) Mills [1] Non -Rated, 100x, 30-yr. Maturity (SERVICE PLAN: Full Growth 4- 6,00% Bi-Reassessrnent Projections) [ Preliminary — for discsuss ion only ] Period Ending Proposed Principal Proposed Debt Service Debt Sei'ice Total Adj Adjustments Debt Service Revenue Constraints Unused Debt Sery Revenues Coverage 12/01/2021 12/01/2022 12/01/2023 12/01/2024 12/01/2025 12/01/2026 12/0112027 12/01/2028 12/01/2029 12/01/2030 12101/2031 12/01/2032 12/01/2033 12/01/2034 12/01/2035 12/01/2036 12/01/2037 12/01/2038 12/01/2039 12/01/2040 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 12/01/2047 12/0112048 12/01/2049 12/01/2050 20,000 20.000 60.000 60,000 100,000 105,000 150,000 155,000 205,000 215.000 270,000 285,000 345,000 365.000 430,000 450,000 525.000 555,000 635,000 665.000 760,000 795,000 900,000 945,000 2,075,000 554,500 554,500 554,500 554,500 554,500 574,500 573,500 612,500 609,500 646,500 646,500 686,250 683,750 726,000 725,750 770,000 771.500 817,250 820,000 866,750 865,250 917350 921,500 973,750 972,000 1.033.750 1.030,750 1,096,000 1,096,000 2,178,750 -554,500 -554,500 -277,250 -1,016,177 277.250 554,500 554,500 574,500 573,500 612,500 809,500 646,500 646,500 686,250 683,150 726,000 72.5,750 770,000 771,500 817,250 820,000 866,750 865,250 917,750 921,500 973,750 972,000 1,033,750 1,030,750 1,096,000 1,096,000 1.162,573 29, 673 136,398 292,854 442,419 513,696 578,344 578,344 613,044 613,044 649,827 649,827 688,817 688.811 730,146 730,146 773.954 773,954 820,392 820,392 86'9,615 869,615 921,792 921,792 977.100 977,100 1,035,725 1,035,725 1,097,869 1,097,869 1,163,741 29,673 136,398 15,604 -112,081 -40,804 3,844 4,844 544 3,544 3,327 3,327 2,567 5,067 4,146 4,396 3,954 2,454 3,142 392 2,865 4,365 4,042 292 34350 5,100 1,975 4,975 1,869 1,869 1,168 105.62825% 79.78693% 92,64132% 100 56905% 100 84458% 100.08887% 100.58151% 10(151461% 10(151461% 100.37400% 100.74100% 100.57102% 100.60566% 100.51355% 100.31812% 100.38441% 100.04775% 100.33055% 100.50449% 100.44042% 100.03169% 10034398% 100.52464% 100,19110°% 100.48270% 100.17053% 100.17053% 100.10049% 11, 090, 000 24,388►250 -2,402.427 21.985,823 22,092.029 106,206 Mar 4, 2019 10:13 am Prepared by DA, Davidson & Co Quantitative Group -PM (Dry Creek MD#1 MD 18 (fka To BMAR0419-20N�RSPB) 9 Il 1, 11'ttiif}is111 DR Y CREEK METROPOLITAN DISTRICT #11 Development Projection it 55.2770.4MMM) Maid :Milts for Debi Service .. SEPV10E PLAN - 03434120119 Series 2030. G.O. Banda. Pay & Cartel Refg of (proposed] Series 2020 • "Jew, 103x, Assumes Investment Made, 31 yr_ Martini)? 2017 2018 2019 2020 2021 23322 2023 2024 202:5 7027 2028 2030 2031 2032 2033 2034 035 2036 2037 2038 2039 2040 2041 2042 2044 204n 2'C146 2047 2046 2048 met 2051 2052 2053 2054 2055 2056 2057 2009 2059 2080 ccr.cctv,tRtatden#tel a 2 a a a a. iota! Real lirrls Mkt Value Worms sr Raasaai nr1 clip' 0 C C 46 G 90 1 1 1 3,415,450 54 [9 7.050 919 U C� 7,4739(14 U C 7,972447 U O 6,39/,148 0 O 8,901,511 C 0 9,435,708 0 C 10,001,850 10,501,951 11 ,079 11.212 364 12.$27.106 13.384.731 14,167,416 15.039.085 15,941 430 16,897 915 17 911.790 141 Sr4%,44d 20 125 868 3476 241,454 1Q3 3M, er"�*9 B Miaa1 i h Par 10 Cumulative Markel Value 0 0 0 20.094,000 56924,160 100.558 531 117,515,182 124,566 072 124.500 072 *32,04063e 2,/044063e 32.040,030 :39.252 436 139.982 438 148,380 184 148360 184 157,281 7% 157251 798 185591,503 10097,503 178,599:2353 178,899,353 167,301, 315 187,331,315 19043$,394 198,539, 394 210451.757 310 451,757 229.a78.903 223,x}78843 238.483.594 :*38,483,594 250,551 410 250,551,41D 205,690,495 205.090,495 281.831.924 281,831,924 298$29.11 298 229,8 40 318,441,830 314.641.1127'1. 335,425,1211 396428.128 355.553.516 r Ailed 4alus TION. al' Market el!19) 0 0 0 1,446,784 4,098,540 7281,870 SAO I,€2 8,1766, 757 9.9 3.757 9:508: 553 9.6(40.83 10,077,2'96 10,077298 101681,933 10,681933 11,322.649 11.322849 12,,002,220 12,002220 12/22353 12 722353 13.485.09.6 1:,4856'35 14.254+9ln 14.294133' 18,.152'527 15 152627 16, 051678 16061678 17,025'379 17 42'5379 18,048902 10,0ao 902 19.129.710 19,129.716 20277,499 24, 277,499 21,494,148 21,00146 22, /83,1 S) 22.703 797 24.150825 * Platte WOwt+wItipeti Lets •, Cumulative Mates Waits a a 1,9712.001: 3.540 0CC 3818 00C 6827 Oth7 1 25 0CC 1 0 n U a 0 0 0 O a 0 C 0 C C C U C Q C C C C C C C C C, C 0 I) U n U 0 0 571.300 ,026 6100 101 220 489810 05,2+" 0 0 Q 0 C 0 0 0 a 0 0 a 0 0 (1 0 0 0 0 a U 0 0 D 0 0 a 0 (1 0 0 Ladcccccc ComrM*!lal }}n51,s *i`E Toni Cemrn"I Sq. at. 0 0 0 3 0 0 12,000 18,0(X1 0 D 0 0 0 0 0 0 0 0 a 0 0 NM Ouse elerweal 0ntriees'ad Cu uisttaa or Markel ® 6.017 16.x$, Mahn_ (21/22:taut 0 0 67.419 202,315 207;404 283,501 300,611 318,542 03/054 357,914 379,30. 4412,1,51 425;281 451,$58 478.969 5(x7,707 538,170 570450 604;887 6ifD,pM 6791727 30,000 7,69'.9,377 0 0 0 0 0 0 1.023.444 42062249 4ICJS 2411 41,a 57 554 4,457.584 4.775 018 4,225,016 5.008, 519 5.008119 5,309 030 5,309,030 5,827.572 5,027,57? 5,965,226 5.965,220 5,323,140 0.323.140 5,702,628 64,7612,65211 t,1(1411.8(2 7191;4,6550 f.S,ct4*.tu 7,530,9513 7.982818 7,982,818 0.461.787 8 481.787 6,069.4911 flalagcalgal 9,5074 9.507.4 10,078,124 10,078.124 10,682 *11 10.002611 1,323 ,7110 11.228.780 12,003,207 NR SF FP*20331G R&g Ica apt Yeha 20 OCr% Tett Assessed Volts' Sal /111r RI& fislr[id Marla pra Mlll Levy n bra M711 Lea, [64.777 Target] Ccllsctian■ [se norm 01!!4. Ulatta 2,0. T;urra Caller ed e% Total £ralHalta Belau* 410 84 SO O t0 0 0 0 1) 0 50.000 0 C 0 0 571300 0(1% GC OM) 27,E 1080 29,873 O 2,473368 58 5% 53.087 128,677 7 721 138,398 o 5,,205,780 78 7% 54 155 270,278 16,577 292.654 0 7 751,480 93 7% 54.944 417,370 '1 14.7 442.41 ) 447.0.858 8.997100 94.0% 84 903 4134,819 28,1;/ 7 518,000 1,219,522 10185.27'9 840% 64.645 545.007 3213$ 378,344 1219,622 1 RiA8,77€l 89 0% 114.1!46 543,687 32.736 579,344 1,7'177',8 1117,NO 5111 a& U% 64.645 578,344 34,701 813,044 1282,0E+4 10799,575 211016 54545 578,344 3701 619,044 1,370,255 11,447,551 880% 54,645 613,064 36,703 640,127 1.370.255 11,447,551 88 0%54.645 613,044 38,763 549.82'7 1 452.470 12,134 413E 880% 54 045 649.827 38,990 688,817 1452,47p ?2.134,404 860% 54645 549,827 39,'990 688,817 1 539 819 12.882.488 880% 54 6455 690,817 41,329 730,146 1.539 619 12;862,468 88 0% 54 845 888.817 41.329 730,140 1,831.996 13,634,219 880% 54 645 73,3,148 43,809 773,954 1,431.996 13,834,216 88 0% 54 645 730,148 43.809 773.954 1729,5110 1i ,452269 8$ 54 645 773,954 48,437 820,382 ,739.915 14,452,289 88.0% 54.645 773,954 46,437 820,392 1839,714 15.319105 &80% 54645 6620,392 49220 869,$14 ,533.110 15,319,4985 880% 54.645 921392 49.223 x.615 1 Qr,7≥33 16.238,1 88.0N 34048 559,615 52,1/1 172'.192 1,643,7.33 15736,549 d8' 0% 64.646 900.449 42.1.777 9?' 792 2.0K8457 17,."x•12#19-4 At 0% 54645 921,702 55.308 977. 0n0 2,060;357 1 r,,r2,194si 84r CAL Fa AAA 921 ?MO 55,308 97714x7 2."83,979 1B,245,557 880% 54845 977,100 58.826 1.035.722 2,183;979 18,245,557 880% 54645 977,100 56,628 1,035,725 2,3'15.017 19.340,396 813.0% 54645 1,035,726 82.144 ',0$7,889 2,315,017 19.340.398 88.0% 54645 1,035,725 52,148 1,097,819 2,453918 20,500020 68!0% 54945 1.097.559 95.812 1,183,741 2,451,918 20,604,920 81i0% 54,,843 1.097.889 55.872 1,183,741 2,801 153 21, 730869 880% 54.0 45 1,163,741 59,624 1,233,566 2.801.153 21/30859 8812% 58455 1,163.741 69.824 1233.566 1757`,.223 23.034,72i 21 880% 5x11545 1733.566 74,014 1,307,560 2.7'57,223 23,034, 721 880% 54846 1,:233.588 74,014 1.307,580 2.922,658 24.410004 8806 54 545 1,3137,580 76,455 1,386,034 2.922.066 24.419.$04 98 n 54,545 1,30/, NE 18,455 10366.0$4 3,4}90, 018 #5,1881813 880% Er4.545 1.580.134 IL1147 1460,198 3,096.014 28.!41.818 88 54.445 1,366,0'34 (!3,157 1 AA8.1* 3,26L'4,t49D 27.434,,7 21 881;#1,0 04945 1,489,1194 fIQ,1$3 1,55 7,3448 33,390,444 2,01.5.427 3563776,13176` ri Ma: Target/Cap; Modified per Reel AV Rlttio$sk.1 Premed op13.A Dirreson d Co Dreg co, diw (span purposes miry 1 (3 111'4?►til'ti1P14 DRY CREEK METROPOLITAN DISTRICT 4,1 Dawtop ert Project on at 55.277Etatgut) 01ticl Mills for Debt Service -- 55ER1110E PLAN — D300412019 Sodas 2030, 6.0. Sands. Pay & Caren Raft at (proposed) Series 2020+ New. 100x, Assumes Investment C; -ade, 30-yr. Maturity 201 201 201 202 202 202 20.2 2154 202 202 202 702 2133 203 20? 233 2D2 2123 213 2D 2133 2D 20L r2DD' 20 2Eisl 244 20'! 24x1 201 201 264 20` 20` 20' 2L! 205 a-0: .204 Wel4,a'Able 1v, Debt ax S r. 202D 111.074,1 244 PIO stillSMN Si Debi Service Sir, 2030 ;1i?I MAX! Pat Ni11fa_tldMMJ DMA DM Service �.. Toth Na4'Dabl Service Fwd. ehHaa' wort asMuni IUAr_lii :•u,wiva A.111'411%psi 1ep1PrraLF 14 11.416,500 it: mewl alive S.,-;;i,m i1.444.SaoTargvl 7 e sc :d G C $0 1'10 a 0 1 29.673 0 0 29,873 0 29.87.3 2 136.398 0 0 138'398 0 1166.071 3 202,1156 277250 277257 15,604 0 181,675 4 442,410 554,500 VA .500 (112081) 0 $9.606 5 613.4#% 6114,501 554,500 440450d1 0 28,7180 t 578,344 574,300 674,W' 3,044 0 32,634 •7 67R ad swan 5)'3.51}0 4 :Mid 0 37,471 ii 513,1144 612,600 612.500 544 0 39,022 V 61:11,0s4 808f1110 600 500 3:59 0 41,555 11 1149,1127 848,500 SO 646.500 $40,000 436,6731 0 4,4#1#3 ,1 549.827 pure by $at IN 603.717 603 717 46,110 0 51,003 .2 668,817 888,800 688.600 217 0 51,2 . .3 66111.917 587,400 687.400 1,417 0 52,636 4 730,146 726200 728.200 3946 0 50,582 •5 730,145 720000 728,400 1 7 e 3 58,32'7 773.954 770,400 770A00 3.554 D 61,882 ii 773.854 770.800 770100 I 3 354 D 85.230 43 820,392 815,800 615100 4,792 0 70,028 6 820,392 818,800 618.800 1 792 0 7',419 0 Pf1A,f9111 0t4200 00200 &419 0 76,24 .1 7 d5,015 ammo 856.500 3.015 0 74249 i2 921.797 9121,&JU 112'1.8011 162 0 78,441 .3 8214/92 *1 9101 11 12.0011 2 11'02 0 41.3'#$ i4 977,100 97'41,000 '675.000 1,100 0 02333 15 ' e 1,1 uu 97' )00 57542110 1 00? 0 44,222 le 1.035.725 1P33,1300 1.033B00 1 92:8 D 08.158 17 1035,725 1.034,4400 1034.,400 1.325 0 9?,4133 l8 1 Of7„6811 lam 2^00 1 09420[3 5 Kt59 0 91,152 le 1 0 7 O61s 1,)0'9'5,600 1.095.500 2.069 D 93,°.2' 0 1163,741 1,181.400 1161400 1'541 0 95,5152 ii 1183,441 1,183,400 1 163 400 3.41 0 96.904 0 ' 233.566 1,229,200 1229200 4,386 0 10028& ,.. 1233.568 1231,200 1,231200 2,3651 0 102635 i4 ' 307.580 1,303,800 1,306800 780 0 103,414 15 ' 3307,580 1,303,000 1,303.000 4,583 0 107.994 in 1 3868 034 1.;1@2,$00 1.3$283 .,23t 0 111226 i 1.366 03* 1,362,1500 1,392500 3,2:3& 0 114,453. II 14439.1%5 1.464.000 1,074. 115) 3,19911 0 117.659 i4i 1.41918.1619 1,r4e9;01313 1,4{31!81 '90 0 1145 147 1,53,,348 1.554.8+615 4 ,',!.h,04, 1 2,5313 12041 0 35.605,870 4.402.750 31 042 717 35,445,887, 40,000 12'11403 120.003 1444uni1vXsP-.Fln1 {Wad 041 3 2wal maims P t9CM tW1 Fir Pian 19 NR SP FP*2004014 Rvfa sr NCI (}R. tr:ebtl Debte 0lama► 1195 ntsesI Set Valua Ratio Ratio We It's 0 O% n.ra Ws 0 0% 1941% 15% 0.0% 448% 11% 0 0% 213% 9% 0.0% 143% 9% 105se% 121% 119E 79 8% 109% 8% 92 6% 1:191x, 1114 100 7% 192% 8% 1008% 102'1% fi% 104.1% 95'16 i % 100.16 144`%, 11% 100.5% 131% 10% 1075% 13'5% i D41r 10011% 128% '0% 1002% 127% 9% 1005% 119% 9% 1002% 118% 9% 100 5% 111% 8% 1004% 110% 8% 100 6% 102% 8% 1002% +01% 9% 1004% 9394 1'211 100 5' % 7% 145111']'5+ 04% 514, 114}.396 62% 0% 1601% I S% 5% 1002% 73% 5% 1002% 511% 5% 1001% 63% 5% 1003% 58% 4% 1002% 53% 4% 1002% 47% 3% 100.0% 43% 3% 1004% 37% 3% 113029E 32% 2% 10019E 28% 2% 1004% 22% 2% 1002% 14f% 1% 1002% 11% 1% 1002% 5% 1004'1+ f% 0% 100 2% Never*: G A DcMdsnn I Ca Po aft tut! ducat's" purposes oI/y 2 DRY CREEK METROPOLITAN DISTRICT #1 1 ' 0-'411 E DSO1 " Develaprnunt Prajcctican -- Buikiout Plan (uptiuttd 3/4i 19) Residentia I Development A Lc: Devel d Incn1Decfl in Finished tai vow., 10% 5 Flo 40' * Units Completed 11 • targa4 Price Inflated e 2% M ir'kel Value IC Lots Deverd Incrlrpecri in Finished Lot Value fill 10% SFD 64?T ti units Cen rj le to J 48 tarciet Market Value IF Marls De.1erd MP IncrW,crprn Finished tat I Units Value Q Cernpieled 1 In 134 target Price IsitlaLe'J I 2% Mauket Value RRIJidcntIa[ Summar/ Total R,nixh intial Market Vake Total Res, Units 2017 2018 2019 2020 2021 2032 2023 2024 2025 2026 2027 2026 2022 2030 2031 2032 21351 20'3 2035 2036 2037 a 29 FIR) 43 0 0 a U 4 U 0 0 U 0 a rj a 118 a a 1,0,E 1.OG.000 (260,000) (1,720,000) a 0 a 4 0 a C) a a 11 U 0� 0 25 5D 43 a D 0 0 0 0 0 0 a a 4 a 0 a 118 31412019 B DC1413#1 Fin Plan 19 $400000 400,000 400,000 4+8.'00 416,160 424,483 432,973 441.632 450,465 459,474 488.664 478.037 487,598 497.350 507.297 511,443 527,712 438,34.1 5449,114 560.09 ir 571,298 0 0 0 11.200.000 20,808,000 18,282,778 0 J a 0 0 0 0 4 0 0! a 0 0 0 0 0 a 20 20 6 0 a 0 0 0 a 0 0 0 0 970,0x0 I (562,000) (388,0001 0 0 0 0 0 0 0 13 a D 0 a C O o 0 U O 0 O 0 ❑ 49,260,778 48 (0) 20 0 C7 U 0 0 0 a 0 a A O O 0 48 3485,000 466,000 485,000 494.100 , 594 614,E 524,980 535,479 446,189 557,113 568,255 879,620 591212 603,037 615,097 527,399 0:0.947 652,M6 665,601 579.117 692,699 Abs 0 0 0 9,8g4.(xi) 10,091,880 4,117, 487 0 0 0 0 0 0 U a 0 a a 0 t3 a a 24.103.:167 0 G 0 0 O C 0 ic,I i itx i 60 1.140 DX 54 4171.000p O (1 539 00❑) 0 0 4 U O C " o c) 0 n Cl U C ;a 1 U ri v D 0 0 0 0 IJ 0 0 20 60 54 a C C C t7 fa 0 a V. fI a 0 a 0 1344 $285 ,00C 285,000 285,000 29U. 296,514 302,4414 308,493 314.663 320,956 327,375 333,923 340,601 347.413 354,362 361,449 366,673 .378,051 341,244 399.069 407,050 0 a a C 5,93 4280 18,146,657 16,658,631 0 0 U 0 0 0 0 0 0 (1 a U 0 0 40,725,56S 80 0 0 20.094.000 36830,180 40.516,921 16.658,831 0 4 0 a 4 0 0 0 0 0 a 0 0 b 114.099,712 Prepared by D A Davidson S C.c 3 0 0 a 45 90 111 54 0 0 0 0 0 a 0 a a 0 V. 0 0 300 ch‘ DRY CREEK METROPOLITAN DISTRICT #1 l] \ Ll %h 11)4i1‘ YEAR Development Projection Build out Plan (updated 314'19) c rnrner-dal Development Cummerulal Summary 3.81 Acres Commit (OM Incr./ft-atoll in Finished Lot Square Ft per Sq Ft, 1 Value i ' Completed Inflated ig Markel Deverd 10% 30,000 2% Value Total Total Commercial Cornminute Markel Value $q Fl Vn I us of Platted & De relived Lots Adjustment Adjusted Value 2017 0 0 $125 00 5C 2018 0 0 125.00 C 2010 n 0 125.00 n 2020 ca 0 127 rill 0 2021 0 0 130.0 i a 2022 12,000 160.000 132.85 n 2023 18,000 75,000 12,000 135.30 1.623.E 2024 0 (225 (00) 18,000 138,01 2,484,182 2025 0 0 0 140.77 0 2028 0 0 U 143.59 0 2027 0 0 0 146.48 0 2028 D 0 0 149,39 0 2029 0 0 ll 152 37 0 2030 D 0 0 155.42 0 2031 0 0 0 158.53 0 2/41320{ 0V 131 CJ{r�` �0} 0 0 82.033 0 0 0 164 9 3 2034 [l 0 el 168 2.i 0 2035 0 0 0 171.60 0 203# U 0 0 175,03 u 2037 0 0 1:78.53 0 30.000 31412019 8 DCMD#1 Fan Plan 19 4 30,000 4.107.830 0 0 0 0 o C 0 0 o r 0 (,97'4,0041 O o 0 1,570.E o C 0 276,000 ri n 0 (2,129,000) 1 62;5,845 12.000 0 (1,4184,000) 22 484,182 18,OX 0 (225,0 o a U 0 o a 0 0 O 0 0 0 o (1 a 0 O 0 fJ 0 o a o 0 Ci 0 0 0 O 0 0 0 C 0 0 0 o 1 9 0 O 0 O 0 0 u 0 U O 0 a 0 .4 ' 07.E 30,000 0 C Predated by D A Davidson 8 Co 4 I) A DAVIDSON SOURCES AND USES OF FUNDS DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 66.277 (target) Mills Ill Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% BI -Reassessment Projections) I Preliminary -- for discsussion only j Dated Date Delivery Date Sources: 1.2/01/2030 12/01/2030 Bond Proceeds: Par Amount 18,465,000.00 Other Sources of Funds: Funds on Rand" Series 2020 - D RF 40,000.00 1,015,177.00 1,056,177.00 17,521,177.00 Uses: Project Fund Deposits: Project Fund Refunding Escrow Deposits: Cash Deposit* Other rurid Deposits. Capitalized Interest Fund Cost of Issuance Other Cost of Issuance Delivery Date Expenses Underwriter's Discount 6,353,96 8.67 10,830.000 00 54,883 33 200,000 00 82,325.00 174521,177.00 11] Max. Target/Cap, Modified per Residential AV Ratio (est.) fl Estimated balances (tbd) Mar 4, 2019 10:21 am Prepared by DA, Davidson & Co Quantitative Group -PM (Dry Creek MD#1 M...:BMAR0419-30IG20N8,30IG20NB) 5 :kDAVIDS0N ...16 ..t c'$I ;a"+"11.. VNLYI BOND SUMMARY STATISTICS DRY CREEK METROPOLITAN DISTRICT ICT in GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 55.277 (target) Mills [1] Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% Ei-Reassessment Projections) [ Preliminary We for discs ussion only ] Dated Date Delivery Date First Coupon Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All -In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Bond Years from Dated Date Bond Years from Delivery Date Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Limit;iwdtei's Fees (per $1OOO) Average Takedown Other Fee Total Underwriter's Discount Bid Price Bond Component Par Value Price 12/01/2030 12/0112030 06/01/2031 12101/2060 4.000000% 4.035170% 4.000000% 4.121650°f° 4.000000°i° 22.218 22.218 14.525 16,465,000.00 16,465,000.00 14,632,600.00 14,714,925.00 365, 815, 000.00 365,815,000.00 31,097,600.00 1,554,800.00 1,035,586.67 5.000000 Average coupon 5.000000 99.500000 Average Life Average Maturity Date PVof1 bp change Term Bond due 2060 16,465,000.00 100 000 4 000% 22.218 02/18/2053 28,649 10 16.465,000 00 22.218 28.649 10 Par Value • Accrued interest + Premium (Discount) - Underwriters Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield TIC 16,465,000 00 -82,325.00 16,382,675.00 12/01/2030 4.035170% All -In TIC 16,465,000.00 -82,325.00 -200,000.00 16,182,675.00 12/01/2030 4,121650% Arbitrage Yield 16,465,000.00 16,465,000.00 12/01/2030 4.000000% Mar 4, 2019 10:21 am Prepared by D.A. Davidson & Co Quantitative GroupaPM (Dry Creek MD#1 M...:BMA►R0419-301G20NB,301G20NB) 6 ickt \ 111/4\ l l]Mt)\ BOND DEBT SERVICE DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION REFUNDING BONDS., SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 ± New Money 65.277 (target) Mills [1] Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% Si -Reassessment Projections) Preliminary -- for discsussion only ] Period Ending Principal Coupon Interest Debt Service Annual Debt Service 06/01/2031 12/01/2031 06/01/2032 12/01/2032 06/01/2033 12101/2033 06/01/2034 12/01/2034 06/0112035 12/01/2035 06/01/2036 12/01/2036 06101/2037 12/01/2037 06/01/2038 12/01/2038 06/01/2039 12/01/2039 06/01/2040 12/01/2040 06/01/2041 12/01/2041 06/01/2042 12/01/2042 06101/2043 12/01/2043 06/01/2044 12101/2044 06/01/2045 12/01/2045 06/01/2046 12/01/2046 06/01/2047 12/01/2047 06/01/2048 12/01/2048 06/01/2049 12/01/2049 06/01/2050 12/01/2050 06/01/2051 12/01/2051 06/01/2062 12/01/2052 06/01/2053 12/01/2053 06/01/2054 12/01/2054 06/01/2055 12/01/2055 06/01/2056 12/01/2056 06/01/2057 12/01/2057 06/01/2058 12/01/2058 06/01/2059 12/01/2059 06/01/2060 12/01/2060 30.000 30,000 70,000 15,000 120,000 125,000 175,000 185.000 240,000 250,000 315,000 325,E 395,000 410,000 485,000 505,000 585,000 610,000 700.000 730.000 825.000 860,000 970.000 1,005.000 1,125,000 1,170,000 1,300,000 1.355,000 1,495.000 4;000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4 000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000% 4.000 4,00O% 4.000''% 4.000% 4.000% 4,000% 4.000% 4,000% 4,000% 4.000% 4.000% 4,000% 329.300 329,300 329,300 329,300 328,700 328,700 328,100 328,100 326,700 326,700 325,200 325,200 322,800 322,800 320300 320,300 316,800 316,800 313.100 313,100 308,300 308,300 303,300 303,300 297,000 297,000 290,500 290,500 282,600 282,600 274,400 274,400 264,700 264,700 254,600 254,600 242.900 242,900 230,700 230,700 216,700 216.700 202,100 202,100 185,600 185,600 168.400 168,400 149,000 149,000 128,900 128,900 106 ,400 106,400 83.000 83,000 57,000 57,.000 29,900 29.900 329.300 329,300 329,300 359,300 328,700 358,700 328,100 398,100 326,700 401,100 325,200 445,200 322,800 447,800 320,300 495,300 316,800 501,800 313,100 553,100 308,3000 558,300 303,300 618,300 297,000 622,000 290,500 685,500 282,600 6926600 274,400 759,400 264,700 769,700 254,E 839,600 242.900 852, 900 230,700 930,700 216,700 946,700 202,100 1,027,100 185,600 1,045,600 168,400 1,138,400 149,000 1,154.000 128:900 1,253,900 106 400 1,276,4x 83.000 1,383,000 57,000 1,412,000 29,900 1,524,900 16,466,000 14,632,600 31,097,600 658 600 688,600 687400 726,200 728,400 770,400 770,600 815,600 818,600 866,200 #x6,600 921,600 919 000 976000 975,200 1,033,800 1,034,400 1.094,200 1,095,800 1,161,400 1,163,400 1,229,200 1,231,.200 1,306 1.303.000 1,382,800 1,382,800 1 466,000 1 469,000 1 554,800 31,097.600 Mar 4, 2019 10:21 am Prepared by Q.A. Davidson & Co Quantitative Group -PM (Dry Creek MD#1 M..:BMAR0419-301G20NB,30IG20NB) 7 ich I) ` NET DEBT SERVICE DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBUGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 55.277 (target) Mills [1] Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections) [ Preliminary -+ for dlscaussion only ) Period Ending Principal Total Capitalized Net Interest Debt Service Interest Fund Debt Service 12/01/2031 12/01/2032 12/01/2033 12/01/2034 12/01/2035 12/01/2036 12/0112037 12/01/2038 12/01/2039 12/01/2040 12/01/2041 12/0112042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 12/01/2047 12/01/2048 12/01/2049 12/01/2050 12/01/2051 12/01/2052 1210//2053 12/01/2054 12/01/2055 12/01/2056 12/01/2057 12/01/2058 12/01/2059 12/01/2060 30.000 30,000 70,000 75,000 120,000 125,000 175,000 185,000 240,000 250,000 315,E 325,000 395,000 410,000 485,000 505,000 585,000 610,000 700,000 730,000 825.000 860,000 970.000 1,005,000 1,125,000 1,170.000 1,300.000 1,355.000 1,495.000 658,600 658,600 657,400 656.200 653,400 650,400 645,600 640.600 633,600 626,200 616,600 606,600 594,000 581,000 565,200 548,800 529,400 509,200 485,800 461,400 433,400 404,200 371,200 336,800 298,000 257,800 212,800 166,000 114,000 59,800 658,600 688,600 687,400 726,200 728,400 770,400 770,600 815,600 818,600 866,200 866,600 921,600 919,000 976,000 975.200 1,033,800 1,034,400 1,094,200 1,095,800 1,161,400 1,163,400 1229200 1,231,200 1,306,800 1,303,000 1,382,800 1,382,800 1,466,000 1,469, 000 1,554,800 54,883.33 603716.67 688,600 00 687,400.00 726,200.00 728,400.00 770,400.00 770,600.00 815,600.00 618,6]0.00 866,200.00 855,600.00 921,600.00 919,000.00 976,000.00 975,200.00 1,033,800.00 1,034,400.00 1,094,200.00 1,005,800.00 1,101,400.00 1,163,400.00 1,229,200.00 1,231,200.00 1,306,800.00 1,303,000.00 1,382,800.00 1,382,800.00 1,466,000.00 1,469,000.00 1,554,800.00 16,465.000 14.632,600 31,097,600 54,883.33 31,042,71 6.67 Mar 4, 2019 10:21 am Prepared by D.A, Davidson S Co Quantitative Group -PM (Dry Creek MD#1 IAA...:BMAR0419-30IG20N8,301G20'NB) 8 eiN I) 1 1)SIliSOIS E• 1 • P!' SUMMARY OF BONDS REFUNDED DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 55.27 (target) Mills [1] Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% Bi-Reassessment Projections) [ Preliminary -- for discsussion only ] Bond Maturity Date Interest Rate Par Call Amount Date Call Price 3/4/19: Ser 20 NR SP, 5_00%0100x, TERM5D 12/01/2031 12/01/2032 12101/2033 12/01/2034 12/O1/2O35 12/01/2036 12/01/2037 12/0112038 12/01/2039 12/01/2040 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 12/01/2047 12/01/2048 12/01/2049 12/01/2050 55.277rnls (MOD), 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% FG+6% BiRe: 105,000.00 150,000 00 155,000+00 205,000.00 215,000.00 270, 000.00 285, 000.00 345, 000.00 365,000.0D 430, 000.00 450, 000..00 525,000.00 555,000.00 635,000.00 665, 00.00 760,000.00 795,.000.00 900,000.00 945,000.00 2,075,000.00 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 12/01/2030 100.000 100.000 100,000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 10,830,000.00 Mar 4, 2O19 10:21 am Prepared by D.A. Davidson & Co Quantitative Group -PM (Dry Creek MD#1 M...:BMAR0419-30IG20NB,30IG20NB) 9 I) A DAVIDSON ...+; ..:tW la"?'& ficafef ESCROW REQUIREMENTS DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 55.277 (target) Mills [1] Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% BI Reassessment Projections) I Preliminary -- for discsussion only Dated Date 12/01/203O Delivery Date 12/01/203O 3/4/19: Ser 20 NR SP, 6►.00%1 100x155.27r7mIs (MOD), FG+6% BIRe Period Principal Ending Redeemed Total 12/01/2030 13,830.0 00,00 10 , 830 0001 00 10;030,000.00 10.030,000 00 Mar 4, 2019 10:21 am Prepared by D.A. Davidson & Co Quantitative Groups -PM (Dry Creek MDItl M....:BMAR0419►-30IG20N8►,30IG20NB) 10 I) 1 Il tS'I I)SOIN •r. .. YIlt PRIOR BOND DEBT SERVICE DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 55.277 (target) Mills [1] Assumes Investment Grade, 130x, 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% 61 -Reassessment Projections) [ Preliminary -- for discsussion only] Period Ending Principal Coupon Intcrest Debt Service Annual Debt Service 06/01/2031 12/01/2031 06/01/2032 12/01/2032 06/01/2033 12/01/2033 06/01/2034 12/01/2034 06/01/2035 12/01/2035 06/01/2036 12/01/2036 06/01/2037 12/01/2037 06/01/2038 12/01/2038 06/01/2039 12/01/2039 06/01/2040 12/01/2040 06/01/2041 12/01/2041 06/01/2042 1210112042 06/01/2043 12/01/2043 06/01/2044 12/01/2044 06/01/2045 12/01/2045 06/01/2046 12/01/2046 06/01/2047 12/01/2047 06/01/2048 12/01/2048 06/01/2049 12/01/2049 06/01/2050 12101 /2050 105,000 150,000 155,000 205,000 215,000 270,000 285,000 345,000 365.400 430,000 450,000 525,000 555,000 635,000 665,000 760.000 795,000 9O0,000 945,000 2,075,000 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5,000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 270,750 270350 268,125 268,125 264,375 264,375 260,500 260,500 255,375 255,375 250,000 250,000 243,250 243250 236,125 236,125 227,500 227,500 218,375 218,375 207,625► 207,625 196,375 196,375 183,250 183,250 169,375 169,375 153,500 153.500 138,875 136,875 117,875 117,875 98,000 98,000 75,500 75,500 51.875 51.875 270,750 375,750 268,125 418,125 264,375 419,375 260,500 465,500 255,375 470,375 250,000 520,000 243,250 528,250 236,125 581,125 227,500 592,500 218,375 648,375 207,625 657,025 196,375 721,375 183,250 738,250 169,375 804,375 153,500 818,500 136,875 898 875 117,875 912,875 98,000 998,000 75,500 1,020,500 51,875 2,126,875 646.500 686,250 683,750 772}000 725,750 770,000 771,.500 817,250 820,000 866,750 805,250 917,750 921,500 973,750 972,000 1,033,750 1,030,750 1,096,000 1,096,000 2,178,750 10,830,000 7,789.250 18,599,250 18,599,250 Mar 4. 2019 10:21 am Prepared by D A, Davidson & Co Quantitative Group --PM (Dry Creek MD#1 M...:BMARO419-30IG20NB.301G20NB) 11 �) D•t 'IDSf\ BOND SOLUTION DRY CREEK METROPOLITAN DISTRICT #1 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2030 Pay & Cancel Refunding of (proposed) Series 2020 + New Money 55.277 (target) Mills [1] Assumes investment Grade, 130; 30-yr. Maturity (SERVICE PLAN: Full Growth + 6.00% Bi=Reassessment Projections) [ Preliminary -- for disesussion only I Period Ending Proposed Principal Proposed Debt Service Debt Service Adjustments Total Mdj Debt Service Revenue Constraints Unused Revenues Debt Son' Coverage 12/01/2031 12/01/2032 12/01/2033 12101/2034 12/01/2035 12/01/2036 12/01/2037 12/01/2038 /2/0112039 12/01/2040 12/01/2041 12/01/2042 12/01/2043 12/01/2044 12/01/2045 12/01/2046 12/01/2047 12/01/2048 12/01/2049 12/01/2050 12101/2051 12/01/2052 12/01 /20.53 12/01/2054 12/01/2055 12/01/2056 12/01/2057 12/01/2058 12/01/2059 12/01/2060 30,000 30,000 70,0000 75,000 120,000 125,000 175,000 185,000 240,000 250,000 315,000 325,000 395,000 410,000 485,000 505,000 585,000 610,000 700,000 730,000 825,000 860,000 970,000 1,005,000 1,125,000 1,170,000 1,300,000 1,355,000 1,495,000 658.600 688,600 687,400 726,200 728,400 770,400 770,600 815600 818,600 866,200 866,600 921,600 919,000 976,000 975,200 1,033,800 1,034.,400 1,094,200 1,095,800 1,161,400 1,163,400 1,229,200 1,231,200 1,306,800 1,303,000 1,382,800 1,382,800 1,466,000 1,469.000 1,554,800 -54,883 603,717 688.600 687,400 728,200 728,400 770,400 770,600 815,600 818,600 866,200 866,600 921,600 919,000 976,000 975,200 1,033,800 1.034 ,400 1,094,200 1,095,800 1,161,400 1+163,400 1,229,200 1,231.200 1,306,800 1,303,000 1,382,800 1,382,800 1,466,000 1,469,000 1,554,800 649 827 688.817 688,817 730,146 730,146 773,954 773,954 820.392 820,392 869,615 869,615 921,792 921,792 977,100 977,100 1,035,725 1,035,725 1,097,869 1,0'97,869 1,163,741 1,163,741 1,233,566 1.233.56 1,307,580 1.307, 580 1,386,034 1,386,034 1,469,196 1,469,196 1,557,348 46,110 217 1,417 3,946 1,746 3,.554 3,354 4,792 1,792 3,415 3,015 192 2,792 1,100 1,900 1,925 1,325 3,669 2,069 2,341 341 4,366 2,366 780 4,580 3,234 3,234 3,196 196 2,548 107. 100. 100. 100. 100. 100. 100. 100 1 p. 10. 100 1010 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 63774% 03145% 20608% 54332% 23965% 46136% 43529% .58749% 21885% 39425% . 34792% . 020.183% . 30381% . 11265% . 19478% .18625% 12814% 33531% .18881% .20158% .02932% .35516% 19214% .05965% .35146% .23390% .23390% .21803% .01337% .16389% 16.465, 000 31,097,600 -54,883 31,042,717 31,158,227 115,511 Mar 4, 2019 10:21 am Prepared by D . Davidson & Co Quantitative Group --PM (Dry Creek MD#1 M...:BMAR0419-301G2ONB,301G20N8) 12 EXHIBIT G — AN F i( i I ATED OR EXISTING INTERGOVERNMENTAL AGREEMENTS 1. Intergovernmental Agreement with Todd Creek Village Metropolitan District for the provision of water and wastewater services (assignment of Water and Sewer Service Agreement from ALF Todd Creek Village North, LLC to the Dry Creek Metropolitan District No. 1). Original agreement entered into between Todd Creek Village Metropolitan District and ALF Todd Creek Village North, LLC on September 17, 2008 (attached). 2. Intergovernmental Agreement with the Special District Association Property and Liability Pool for the provision of insurance to the district. (00392890) WATER AND SEWER SERVICE AGREEMENT (ALF Equinox) THIS AGREEMENT, made and entered into, effective the day of 2008, by and between the TODD CREEK VILLAGE METROPOLITAN DISTRICT, a quasi -municipal corporation of the State of Colorado, hereinafter referred to as the district, and, MS EQUINOX TODD CREEK VILLAGE NORTH, LLC, a Colorado limited liability company, hereinafter referred to as the "Applicant'; both parties are sometimes referred to herein as a "Party" or the "Parties." RECITALS WHEREAS, District has the authority to provide water and sewer services to certain properties within Weld County, Colorado (the "County"); and WHEREAS, Applicant is the owner of certain real properties in the County, a legal description of which is attached hereto as Exhibit "A" and incorporated herein by this reference (the "Property") ; and WHEREAS, services are not now provided to the Property; and WHEREAS, Applicant recognizes that the provision of "Services" to the Property by the District, consisting of potable water, none -potable irrigation water and sanitary sewer supply, treatment and disposal services, will benefit the Property; and WHEREAS, Applicant has agreed to certain terms and conditions imposed by the District in order to obtain needed Services; and WHEREAS, Applicant is interested In having the Property served by the District, the provision of Services being subject to the rules and regulations of the District now or hereafter existing, and subject further to the terms and conditions of this Agreement; and WHEREAS, the statutes of the State of Colorado permit District and Applicant to enter into this Agreement for the provision of Services to the Property, and said statutes further provide that such Agreement is binding upon the District and Applicant, and their successors, transferees and assigns; NOW THEREFORE, in consideration of the mutual covenants and stipulations herein expressed, District and Applicant agree as follows: 1, PRELIMINARY COVENNTS. 2enerall►. A. This Agreement is intended to outline the terms and conditions under which the District will extend Services to Applicants Property, as it lies, without 1081:257092_8 the boundaries of the District but within the District Service Area as defined below, . In all cases District and Applicant agree that, except as expressly set forth in this Agreement, there shall be no differentiation in the availability, extent, quality, use, or cost of service between the Property and properties within the District Service Area. The District acknowledges and agrees that the uses anticipated for the Property are provided for within the District's Rules and Regulations, and the Property is eligible for the Services in accordance with the terms of this Agreement. B. Applicant acknowledges and agrees that the services provided hereunder include only potable water, non -potable irrigation water and sanitary sewer supply, treatment and disposal services. To the extent Applicant desires, Applicant shall be responsible for the construction and provision of all other services, facilities and related improvements for the Property which are not within the scope of this Agreement, and in the absence of its specific agreement set forth in writing, the District shall have no obligation to contribute to any such effort outside the scope of this Agreement. 2. Timing and Fees. A. District Fees. Applicant and District have negotiated this Agreement in good faith in the interest of extending Services to the Property and thereby enhancing the value thereof. In consideration therefor, Applicant hereby agrees to follow all statutory requirements applicable to the Applicant's obligations hereunder, and to pay all of its own legal, engineering, or other fees paid or costs incurred, with respect to or arising out of the proceedings and negotiations culminating in the execution of this Agreement As a condition to the connection of and initiation of water and sewer service to any particular building improvement or separate irrigation facility ("Tap"), Applicant agrees to pay the District's Tap and Inspection Fees ("Tap Fee" in accordance with the District's applicable tap fee schedule, as the same may be amended from time to time, provided the same is uniformly applied by service category to the District's service areas both within and without its boundaries, including the Property (collectively the "District Service Area") and subject to the Parties entering into an agreement addressing the price and timing for payment of Tap Fees ("Tap Purchase Agreement") . The existing applicable tap lees are set forth on Exhibit "B" hereto but are subject to amendment as provided herein, and the Parties acknowledge and agree that the tap fees are reasonably calculated to reimburse the District for the impact of the costs of the proposed extension of services in question on the District's service capacity, recognizing that the extension of Services may require that the District allocate portions of or expand thecapacity of its service systems, presently or in the future, as a result of the extension of Services to the Property. B. Fort Lupton Agreement. The Parties acknowledge and agree that the provision of sanitary sewer collection, transmission and treatment services to the Property is dependent upon the operation of that certain Intergovernmental Agreement by and between the City of Fort Lupton and the District, attached hereto as Exhibit "D" ("IGA") and the Parties entering into the Tap Purchase Agreement. Unless otherwise agreed by the Parties in advance and in writing, the Applicant shall have no obligation to fund the construction of the capital items described in the IA as the responsibility of 1081:257092 6 the District, including without limitation the "District Main" and the °Treatment Expansion." 3. Service Affected by Organization of Special District. A. Assignment to Successor District. The parties hereto acknowledge and agree that the District is committing, subject to the terms hereof, to provide Services to the Property in perpetuity, which commitment contemplates that there will be put in place a perpetually existing entity to cooperate and coordinate with the District in the provision of Services and the payment of the costs thereof Consistent with that understanding, the provision of Services to the Property is expressly assignable by Applicant to a Title 32 Special District ("Successor District") organized for the purpose of providing, at a minimum, potable water, non potable irrigation water, and sanitary sewer services, facilities and improvements to the Property. The District shall have the right to review and comment on the water and sewer aspects of any service plan for the Successor District prior to its submission to Weld County (or any other agency having jurisdiction), and any reasonable comments shall be considered and applied by the proponents of the Successor District. The proponents of the Successor District agree to include a provision in the Successor District's service plan which requires that an IGA between the District and the Successor District be signed prior to the construction or financing of any water or sewer Facilities. Upon the organization thereof, with powers and abilities reasonably acceptable to the District for purposes of effectuating this Agreement, the Parties acknowledge and agree that this Agreement may be assigned by Applicant to the Successor District in order to complete the Facilities (as defined below) and to cooperate and coordinate with the District in the District's provision of services and facilities contemplated hereby. Where ever the word "Applicant" appears hereafter, the terms, conditions, covenants and agreements hiereof shall apply with equal force to the Successor District which shall stand in the stead of the Applicant once organized and subject to this Agreement. The District's obligations under this Agreement will inure and be owing to: (1) the Successor District on the same terms as are set forth herein for the Applicant (subject to specific provisions herein pertaining to the Successor District); (2) the Applicant; or (3) any successor in interest to the Property, or any portion thereof, undertaking development of any Facilities. Except for Applicant and the Successor District, each such described successor is herein after referred to as a "Qualified Successor". Applicant and each Qualified Successor shall remain a third party beneficiary of the District's obligations hereunder following the assignment to and succession by the Successor District. 11. CONDITIONS OF WATER AND SEWER SERVICE 1 Extent of Service. A. Initial Water. Applicant shall, prior to the commencement of the Services, convey to the District marketable title to all rights water associated with, appurtenant to or underlying the Property, including but not limited to any decreed rights. (collectively, the "Initial Water"), together with such well sites and suitable easements for such wells, to be determined by the parties within one year of the present 1081:257092 6 date. The Parties agree that the Initial Water shall be assumed to provide actual production of 502 acre feet of water per year which may be used to fulfill the Districts obligation to provide the water service. The Initial Water, and any other water dedications hereunder, shall be conveyed by special warranty deed, provided that in the case of any dedications, including the Initial Water, the Applicant will be required to furnish the District with reasonable evidence of marketable title (e.gs, a customary opinion of water counsel). The foregoing described water rights, and any other water underlying the Proper&, may be pumped through wells located within or without the District or the Property. The Applicant shall execute such further documents as may be required by law to transfer the right to use Applicanfs right, title and interest in any other water that may underlie the Property in order to allow the District to decree, permit, withdraw and use such water including, but not limited to deeds and consents to withdraw. B. District Water. The District has at its disposal 4,279 acre feet of water rights either perfected or in the process of the same. The District hereby recognizes its obligation to provide the Services hereunder and shall make service available to 3,600 single family equivalent units within the Property. C. Additional Water. Services to development in excess of that capable of being served with the Initial Water and the District Water shall be contingent upon the District's acquisition of additional water rights over and above the Initial Water and the District Water. The District agrees to use Its best efforts to acquire and put such water rights to use in providing the Services to the Property, provided that Applicant agrees to enter into tap purchase agreements or other mutually agreeable funding arrangements to enable the District to fund such acquisitions. D. Allocation of Taps, Applicant shall have the right to allocate Taps within the Property as Applicant deems appropriate; prodded that as Applicant applies to the District for specific Services within specific phases of development within the Property it shall also allocate Taps adequate, in the reasonable determination of the District, to serve the development within the proposed phase. Applicant shallhave the absolute right to sell or otherwise transfer portions of the Property with or without an accompanying allocation of Taps, and may retain said allocation rights notwithstanding the safe or the assignment of this Agreement to a Successor District. Taps may not be transferred to land outside the Property. E. Service Facilities. Services to development on the Property shall be contingent upon Applicant providing, at its sole expense and in accordance with the design standards and specifications adopted by the District, as the same may be amended from time to time, for all service facilities in such time frames and phases as are necessary to extend Services within the Property as development occurs. Service facilities shall mean rawwater supply lines and facilities, treated water distribution lines, sewage collection lines and/or lift stations, irrigation tines, effluent storage and/or effluent application areas, and also any meters and telecommunications systems necessary for teleamonitoring of the Services furnished to the Property from time to time (collectively, the "Facllitiesb). Facilities necessary to extend Services to the boundary of 1081:257092_6 the Property, water wells or well equipment, water treatment or storage or sewage treatment shall be furnished by the District at Its sole cost, and are not part of the Facilities that Applicant must provide. I r addition, notwithstanding any implications herein to the contrary, in the event the District shall determine to change locations for any Facilities after the same have been initially approved and installed by the Applicant or its Qualified Successors, then the undertaking and cost of changing the locations, and correspondingly modifying the Facilities, will be borne and paid solely by the District. 2. Designation and Utilization of Well Sites. A. Transfer of sites. Prior to the provision of Services to development on the Property as it occurs, District shall have the right, withApplicant's concurrence as set forth below, to designate well sites within or without the District, or to change and relocate points of diversion of existing well sites. Such designation shall be made by mutual agreement of the parties, acting reasonably and in good faith, in such numbers and at such sites as will result in adequate production for a supply of water to the Property through the District's system. If such sites are on Applicant's property, Applicant agrees, upon the designation of such well site location or locations, to grant the District a permanent, non-exclusive easement for utilization for such sites for a water supply well, together with a permanent, non-exclusive easement for the purpose of extending any necessary and appurtenant pipelines and facilities to such well sites and as necessary to provide access to same, and a temporary access easement for the purpose of constructing the wells) and appurtenant pipelines and facilities in question Such easements shall be granted by legally sufficient instruments at no cost to District B. Joint Sites. In the event the District deems it appropriate, in the interest of efficiency and cost savings, the District may designate one or more sites as joint well sites for the purpose of serving both the Property and other District -system users. Such sites may be either on or off the Property, and shall be located in accordance with Section IL . 2 A. , above. C. Existing Wells. The Parties acknowledge and agree that the Property has located upon it permitted well sites, as more specifically shown on Exhibit E, attached hereto and incorporated herein by this reference, and that the provision of Services is contingent upon the subject wells and attendant easements (configured as shown on Exhibit D) being made available for use by the District prior to the provision of Services to the Property; provided that the District shall cooperate with Applicant and any Qualified Successor in the selection of alternative locations for the wells and easements as the same are made productive or as development takes place; but provided further that in making any such adjustments the wells shall be located and made productive in a manner which will preserve their legal production capabilities under Colorado law. Applicant agrees to cooperate with the District to amend the decrees for any existing wells to allow the District to put them to beneficial use. To that end the Applicant agrees to execute such further documents as may be required to amend such decrees_ 1081:257092_6 D. Off Site Acquisitions. In any case where a well site is to be located off the Property pursuant to the foregoing, Applicant shall have no obligation to contribute to the cost of the District acquiring the site or any requisite interest therein. 3. Commencement of Construction. With respect to the construction of the Facilities serving the Property Applicant agrees as follows. A. To obtain the District's approval of the plans and specifications .r the proposed Facilities, which approval shall be consistent with the prevailing standards and practices of the District, and may not be unreasonably withheld, denied or delayed; B. To construct all Facilities in compliance with the approved plans and specifications of the District, and to hold harmless and indemnify the District for any and all losses or damages it may suffer or may be called upon to pay as a result of said construction to the extent such losses or damages arise from the Applicant's failure to construct in material conformity with the approved plans and specifications, or from any negligence or willful misconduct of the Applicant; C. To cause all Facilities, whether within or without the Property, to be placed either in District -approved easements which shall be conveyed to the District, or in public rights of way, in either event granting to District rights at least equal to rights it would enjoy in a dedicated street; D. To permit. District or its designee to observe and inspect any and all of the construction operations and permit the District to order cessation or appropriate modification of improper construction; E. To give District reasonable notification (in any event not less than 24 hours) of the time proposed to make connections to the District's then -existing lines or to place any meters; F. To abide by all Rules and Regulations of the District, now or hereafter existing; and 4. Transfer of Facilities. Within thirty (30) days after the date of completion of the construction of Facilities for each phase of Applicants project on the Property, and subject to the District's contemporaneous acceptance of those Facilities pursuant to Section ll.5 below, Applicant shall: A. Deliver to District (I) a certificate from a registered professional engineer (which may be the engineer that provided the engineering services attendant to the construction of the Facilities) certifying that all Facilities have been built, and where appropriate are operating, in accordance with the governing plans and specifications, and (ii) an assignment of any and all applicable contractor, supplier or manufacturers warranties for the Facilities. lf, within one (1) year from the date of such certification, any approved portion of such Facilities appears to be defective or ceases to operate as intended then, to the extent the applicable warranties do not remedy the 1081:257092_6 condition in question, the District may demand that Applicant replace the defective or improperly operating portion or portions of such facilities and remedy said defective work and Applicant shall promptly do so at its cost and expense. B. Execute and deliver to District a good and sufficient bill of sate describing all of the components of the Facilities and all personal property of Applicant, of whatever character, relating to such Facilities, which bill of sale shall wart out that conveyance of the property described therein to District is made free from any claim or demand whatever (but subject to real property interests of record affecting the pertinent e asement areas). C. Execute and deliver to District good and sufficient instruments of transfer conveying all of Applicant's interest in any easements which may be required to give District the right to control the Facilities constructed including the right to ingress and egress necessary to operate and maintain them. In the case of the streets constructed by Applicant under which Facilities may lie, the District or the Applicant may require that their transfer be made directly to the County or such other governmental e ntity as may have the authority to accept and maintain streets, and in that event the transfer and warranty requirements of the County or such other entity shall control and be compiled with by Applicant. D. Provide District one reproducible mylar of "as -built" drawings of the Facilities, certified by a registered, professional engineer. 5. Completion of Facilities. In no event shall the District be required to provide Services to each completed phase on the Property until such time as it, in the e xercise of its reasonable discretion, determines that the Facilities required to serve said phase have been completed in accordance with the approved plans and specifications and transferred in accordance with Section 11.4 of this Agreement. G. Cost Recovery and District Participation. A. No Peven Lie Sharing. Except as specifically set forth in this Agreement, no revenue received by the District from the assessment of service charges and/or tap fees against the Property, as permitted hereunder and as permitted by the District's rules and regulations as the same may be amended, shall afford Applicant any right of offset, rebate or refund for or against any obligation created by this Agreement. a Cost Recovery. In the event Applicant is required to oversize the f=acilities, or a portion thereof for the purpose of allowing the District to provide water and/or sewer service to other properties, or to extend the Facilities from outside the boundaries of the Property for the purpose of serving the Property, then this shall be accomplished pursuant to a cost -recovery agreement to be entered into at the time of construction of the oversized and/or extended Facilities in question which shall provide for the reimbursement of costs of oversizing or extension as development occurs on the Property or other benefitted properties on mutually acceptable terms. 1081:257092_6 7. Limitations on Use and Enjoyment. Any easements granted to the District pursuant to the provisions of this Agreement will be nonexclusive, and will be located so that the same will not cause any obstruction of or material interference with existing or prospective development within the Propel or any portion thereof from time to time, or the use and enjoyment thereof, and the locations for well sites and related facilities shall be determined accordingly. B. Other Governmental Approvals. The District and the Applicant will be obligated to make all reasonable, diligent, and good faith efforts to obtain any requisite permits or approvals for the Facilities that each will respectively construct from other governmental authorities having Jurisdiction, including, without limitation, the North Front Range Water Quality Authority and the Colorado Department of Public Health and Environment. III. OWNERSHIP AND OPERAT1 N or WATER AND SEWER FACILITIES 1. Facilities. The Parties acknowledge and agree that the ownership of all Facilities shall be in the District when accepted by and conveyed to the District in accordance with Section 11.5 above. The District shall be responsible for the operation and maintenance of all Facilities subject to Section 2.1 below. 2. District 0)eration and Maintenance of the Water and Sewer Facilities. For purposes of this Agreement and to clarify the continuing obligation of the District to provide Services to Applicant (and the Successor District and its inhabitants,) the Property, as the same may be enlarged from time to time as permitted under Section 111.2.1., is hereinafter referred to as the "Contract Service Area." A. Subject to the execution of a Tap Purchase Agreement, the District agrees to furnish the Services within the Contract Service Area for all uses and purposes to which it is lawfully authorized, of a quality, and in quantities so as to provide adequate Services to all users, except as otherwise specifically provided under the terms of this Agreement. The Services so rendered by the District shall be pursuant to the same rules, regulations, policies and standards as the rest of the District Service Area. Nothing herein, however, shall prohibit the District from amending such rules, regulations, policies and standards in a fair, reasonable, and nondiscriminatory manner. E. Applicant grants to the District the right to construct, own, use, connect, disconnect, modify, renew, extend, enlarge, replace, convey, abandon or otherwise dispose of any and all of the Facilities for providing services within the Contract Service Area and to enable the District to perform its obligations as set forth in subsection 2. A., above. To Implement the purposes of this Agreement Applicant agrees to exercise such authority, to do such acts, and to grant such easements as may reasonably be requested by the District and are consistent with Applicant's rights hereunder. C. The District agrees to maintain Facilities it owns or which come under its dominion hereunder by acceptance or otherwise, with reasonable and normal 1081:257092 6 care to the extent that such maintenance is necessary to the furnishing of the Services provided for hereunder and to construct, operate, maintain and keep acomplete inventory of such additional physical facilities as are necessary or desirable to accomplish the obligations it has undertaken for Applicant as set forth herein. D. The District may establish, revise, impose and collect charges for the Scivices it provides users in the Contract Service Area hereunder, which charges shalM be referred to as "service charges." In addition, the District may at any time impose tap fees as described above in this Agreement. Service use charges and tap fees are separate charges and one does not include the other or any part thereof. AM such fees and charges shall be uniform among members of each class of users within the District Service Areas. Methods of collection of fees and charges shall be applied uniformly among similarly situated users within the District Service Area. Tap fees will be a one-time charge for each discrete development of a parcel or building, payable prior to the commencement of construction and subsequent provision of water service to each parcel or building. There will be no "inclusion fees", however denominated, for the District's general undertaking to furnish Services under this Agreement. Subject to the foregoing, the District shall have sole authority to Impose and collect all fees and charges; provided, however, that Applicant may request that the District impose for Applicant's benefit surcharges to the District's service charges and tap fees, in such amounts as may be reasonably required for the purpose of payment of any Indebtedness incurred in the construction of the Faculties or for the provision of capital reserves, and the District in its sole discretion may agree to impose and collect such surcharges in the same manner and alongwith its own charges. If the District, in its sole discretion agrees to surcharge the lines, it shall remit the same to Applicant as and when collected. E. It is mutually agreed that the duration of this Agreement is such that the passage of time will require changes in the charges to he made for the Services to be rendered hereunder in the Contract Service Area, and that the most feasible way to insure fairness will be to keep charges for the rendering of Services within the Contract Service Area uniformly related to charges for the rendering of Services inside other areas of the District Service Area for similar service. It is therefore agreed that the District may modify the schedule of charges for Services provided hereunder, from time to time, in its discretion, provided: (1) Such modification will become effective not earlier than ten (10) days after any changed schedule of charges shall be duly adopted by the District for Services provided within the District. (2) The District will lake reasonable steps to notify Applicant and each user in the Contract Service Area of such change within a reasonable time after such change shall have been adopted. (3) The District shall at all times have reasonable discretion to establish and apply criteria for determining, as to Services provided to both the Property and the District Service Area, rate structure, necessary plant, plant value, and 1081;257092 6 operation, maintenance and depreciation expenses, provided that the application of such criteria shall be made upon the same basis with respect to the provision of services to the Property and within the District. F. All the general rules and regulations and amendments thereto placed in force by the District from time to time concerning the operation of the District's service systems and conditions of service from those systems shall be as fully enforceable in the contract Service Area as rest of the District Service Area. Applicant shall have the right to make and enforce rules not inconsistent with the District rules to govern uses in the Contract Service Area, subject to the Districts prior review and approval of such rules and regulations. Applicant agrees for itself and the Successor District to exercise any rule making or police power it may have to assist the District in enforcing the District's rules and regulations including those made to protect purity and safety of the water supply and to prevent waste of water in the Contract Service Area. G All water furnished by the District in providing Services hereunder is on a leasehold basis only for a single use by the users within the Contract Service Area for the purposes for which the water rights have been decreed. Such right to use the leased water does not include any right to recapture, reuse or make a succession of uses of such water and the District retains dominion and control of, and all rights to, return flows, wastewater and any other water whatsoever remaining after the first use of the leased water. The District shall be entitled to enter the Property in the future to install, maintain and inspect necessary measuring devices and equipment to quantify such return flows, and Applicant hereby grants the District an easement for those purposes, provided, however, that the exercise of that easement shall not unreasonably interfere with Applicant's development plans or existing use of the Property. Except as otherwise provided herein, all property rights to the water being furnished by the District hereunder are reserved in the District. Nevertheless, it is mutually agreed that there is no obligation on Applicant or on the users within the Property with respect to creating any particular volume of return flow from water delivered hereunder. H. All facilities installed or replaced by the District in the Contract Service Area shall be installed pursuant to its rules, regulations and standards. Said facilities shall be the property of the District. I. No enlargement of the Contract Service Area by Applicant, or any other amendment of this Agreement, may be made except by mutual agreement entered into with the same formality as that employed in the execution of this Agrocrnent. J. Applicant agrees that it will neither directly nor indirectly furnish, nor authorize the furnishing, of any Services within the Contract Service Area through the Facilities so long as the District is in material compliance with its obligations hereunder. (For purposes of this Section J., if there arises any breach of the District's obligation hereunder, the District will continue to be in material compliance so tong as the District promptly commences and exercises all reasonable and good faith efforts to cure the breach upon being given notice thereof and completes the cure within sixty (60) days 1081:257092_6 after receipt of same or, if sixty days is an inadequate time frame under the circumstances, within such reasonable additional time frame as may actually be necessary.) K. In the event, after the assignment hereof to a Successor District as contemplated herein, the Successor District seeks to dissolve pursuant to C.R.S, -1- 701 et seg, as amended, the plan for dissolution required by C.R.S. 32"1 -702 shall specifically provide that Services are to continue to be provided to the Property by the District. IV. MISCELLANEOUS 1. indemnification by Applicant, To the extent permitted by law, Applicant hereby agrees to defend, indemnify and hold harmless the District from and against any and all liens, claims, demands, injuries, damages, costs, expenses (including without limitation reasonable attorneys' and legal assistants' fees) or liability incurred by or asserted against the District ("Claims") through actions by persons or entities not party to this Agreement, as a result of or in any way arising out of the Applicant's installation and construction of the Facilities, except to the extent of the negligence or willful misconduct of or material breach of this Agreement by the District or its agents, contractors, independent contractors or employees. Said indemnification shall include, but not be limited to, court costs, damages, and reasonable attorneys' fees. In the event of an occurrence or loss out of which a claim arises or could arise, District agrees to transmit in writing, promptly upon its receipt, any notice or information received or learned by District concerning such claim. Except at its own cost, or except as reasonably undertaken with the intent of mitigating its losses, District agrees not to voluntarily make any payment, assume any obligation or incur any expense in connection with the subject matter of this subsection. No claim for indemnity under this paragraph shall lie against the Applicant hereunder unless as a condition precedent thereto, Districthas fully complied with the provisions of this Agreement nor until the amount of District's obligation to pay shall have been fully determined (except again for sums reasonably incurred by District with the intent of mitigating its losses) and no claim for indemnity whatsoever shall lie against the Applicant for any Claim made following the expiration of the one year remedial period for the Facilities dedicated to the District as described in II.4.A., above except to the extent of negligence or willful misconduct of or material breach of this Agreement by the Applicant or its agents, contractors, independent contractors or employees. 2. indemnification by District. To the extent permitted by law, the District agrees to save Applicant harmless from and against any and all liens, claims, demands, injuries, damages, costs, expenses (including without limitation reasonable attorneys' and legal assistants' fees) or liability incurred by or asserted against the Applicant through actions by persons or entities not party to this Agreement, arising out of the District's provision of services under color of this Agreement, except to the extent of the negligence or willful misconduct of or material breach of this Agreement by the Applicant or its agents, contractors, independent contractors or employees. Said indemnification shall include, but not be limited to, court costs, damages, and 1081:257002_6 reasonable attorneys' fees. In the event of an occurrence or toss out of which a claim arises or could arise, Applicant agrees to transmit in writing, promptly upon itsreceipt, any notice or information received or learned by Applicantconcerning such claim. Except at its own cost, or except as reasonably undertaken with the intent of mitigating its losses, Applicant agrees not to voluntarily make any payment, assume any obligation or incur any expense in connection with the subject matter of this subsection, No claim shall lie against the District hereunder unless as a condition precedent thereto, Applicant has fully complied with the provisions of this Agreement nor until the amount of Applicant's obligation to pay shall have been fully determined (except again for sums reasonably incurred by Applicant with the intent of mitigating its losses). 3. Enforcement,Appiicant and District acknowledge and agree that this Agreement may be enforced in law or in equity by decree of specific performance, damages, or other legal and equitable relief as may be available to either Party subject to the provisions of the laws of the State of Colorado; provided that punitive damages are not recoverable. The Parties specifically acknowledge that the timely performance of the obligations set forth in this Agreement is essential and that a failure to perform the obligations in breach of this Agreement may cause the other Party irreparable harm for which damages or other remedies available at law will not be adequate, and which may be adequately redressed only by specific performance or other appropriate equitable relief. The parties agree that in any action to enforce any provision of this Agreement the prevailing Party shall be entitled to recover from the other Party all of the prevailing Party's costs and expenses incurred in connection therewith, including reasonable attorneys' fees. 4. Successors and Assigns; Intergovernmental Agreement. A. All successors in interest to the Applicant in the ownership of the Property, or portions thereof, will acquire their interests subject to the conditions, requirements and limitations placed upon the provision of Services hereunder, and the authorizations and other rights (Including Hen rights) in favor of the District, and as such this Agreement shall constitute covenants running with the Property and shall be binding upon Applicant and its successors and transferees of the Property, to the extent of the portions of the Property that each of them owns; provided, however, that when a successor or transferee becomes entitled to receive Services hereunder, such services shall not be conditioned upon or limited or terminated because of any failure, on the part of some other successor or transferee and with respect to another portion of the Property to satisfy any conditions, requirements or limitations placed thereon pursuant to this Agreement. Notwithstanding the foregoing provisions or any other provisions of this Agreement that may indicate to the contrary, and except to the extent specifically assumed by any such successor in writing, any such successor will not have any personal liability for the Applicants remedial undertakings in relation to the construction of Facilities, or any other obligations of the Applicant hereunder, except that (0 any such successor, in its capacity as a recipient of Services, will have the same obligations and liabilities to the District as are applicable to recipients of services within the District, and (ii) any successor will be liable for remedial (under Section 1I.4.A, above) and any other obligations applicable to any Facilities that the successor may construct and dedicate to 1081:257092_6 the District. The foregoing exculpation from personal liability in favor of successors will not preclude the District from enforcement by equitable remedies in the nature of specific performance or prohbitory injunctive relief that do not entail the recovery of damages or other sums or the incurrence of expenditures in order to comply. In order that notice of the District's authority hereunder may be given to all applicable property owners, Applicant agrees that this Agreement shall be recorded against the Property and Applicant agrees that it will not sell and convey any portion of the Property to which it has allocated Taps prior to the recording of this Agreement against the Property, and in addition the Applicant shall exercise reasonable and good faith efforts to secure the requisite consents of the Property's mortgage lender to the terms of this Agreement and to it being made of record against the Property, and upon the occurrence of the latter event the Applicant and District shall record this Agreement against the Property B. Upon the formation of the Successor District, and the assignment of this Agreement to the Successor District pursuant to the provisions hereof, this Agreement shall then constitute an intergovernmental agreement authorized pursuant to C.R.S. ' 29-1-201, et see. The Applicant will have no obligation or liability under this Agreement from and after the completion of that assignment. Without diminishing the rights of enforcement and other interests of the Successor District hereunder, the District acknowledges that following such assignment the Applicant and Its Qualified Successors will continue to be third par=ty beneficiaries of the District's obligations hereunder, with rights of direct enforcement. 5. Assignment. Prior to the transfer of the Initial Water as required hereby, this Agreement may be assigned by Applicant only with the written consent of the District, which consent may be given or not in the sole discretion of the District notwithstanding the provisions of Section Iv.7., below. Any such attempted assignment without such consent shall be deemed void and of no force and effect 6. Survival of Obligations. Notwithstanding the prohibition against unauthorized assignment set forth in Section IV. 5., above, the provisions of this Agreement shall be deemed to survive any transfer of the Property and shall be binding upon the successors to, and/or transferees, and assigns of the Applicant's interest in the Property. 7. Fair Dealing. In all cases where the consent or approval of one Party is required before the other may act, or where the agreement or cooperation of either or both parties is separately or mutually required as a legal or practical matter, then in that event the parties agree that each will act In a fair and reasonable manner with a view to carrying out the intents and goals of this Agreement as the same are set forth herein, subject to the terms hereof. in the performance of this Agreement, each Party shall be bound in accordance with the general rules and principles of the Colorado law of contracts, and the District, in the exercise of its governmental powers, may not contravene any of the rights and interests of the Applicant (and its successors) under this Agreement in violation of the law of contracts; provided, however, that subject to the other provisions herein, this Agreement shall not be construed as imposing on either Party any greater duty or obligation to the 'other than that which already exists as a 10817257092_6 matter of Colorado law, including but not limited to any fiduciary duty or other responsibility greater than that of reasonable parties contracting at arms length. The Property will not be bound by or subject to any rules or regulations of the District that are not also applicable and enforced in the same manner against similarly situated properties and users of Services within District Service Area. All references in this Agreement to the District's standards, policies, rules or regulations, or similar references, shall mean the same as adopted and applied by the District within the District Service Area, but as the same may be amended from time to time. Furthermore, notwithstanding any provisions in this Agreement to the contrary, in furnishing Services to the recipients thereof within the Property, the District will be bound by the same duties and standards of care as are applicable to and benefit recipients of Services within the District. B. Supersedes Prior Agreements. This Agreement supersedes all p prior agreements between the Parties with respect to the Property and shall constitute the entire agreement of the Parties. 9. Severability. To the extent that this Agreement may be executed and performance of the obligations of the Parties may be accomplished within the intent of this Agreement, the terms of this Agreement are severable, and should any term or prevision hereof be declared invalid or become inoperative for any reason, such invalidity or failure shall not affect the validity of any other term or provision hereof, provided that neither Party is materially deprived of the benefitof the intended bargain hereunder. The waiver of any breach of a term hereof shall not be construed as a waiver of any other term, or the same term upon subsequent breach. 10. Third Parties. It is expressly understood and agreed that enforcement of the terms and conditions of this Agreement, and all rights of action relating to such enforcement, shall be strictly reserved to the Parties hereto, and nothing contained in this Agreement shall give or allow any such claim or right of action by any other or third person on such Agreement. It is the express intention of the Parties hereto that any person other than Applicant and the District receiving Services or benefits under this Agreement shall be deemed to be an incieental beneficiary only. However, the District specifically acknowledges and agrees that its obligations and undertakings hereunder will inure to the benefit of and may be enforced by Applicant, the Successor District and Qualified Successors. 11. Authority and Term. Each Party hereto represents and warrants that all actions have been taken that are necessary or that arc required by its procedures, bylaws, or applicable law, to legally authorize the undersigned signatory to execute this Agreement on behalf of such Party and to bind such Party to its provisions, and that such Party otherwise has all requisite legal authority to bind itself to the provisions hereof, for the full term of this Agreement, and without any further action on the part of such Party or any third party or authority. 12. Termination for Breach and Waive'. 1081:257092_6 A. It is essential to the interests of each Party that this Agreement be maintained in effect, in accordance with its terms, and therefore neither Party shall have the contract remedy, generally afforded by law, to terminate this Agreement for a breach of the other Party's obligations hereunder; provided, however, that the foregoing shall not impair the nonadefauiting Party's rights to pursue appropriate equitable relief as otherwise provided herein, or any express right of termination set forth under the other provisions of the Agreement. B. No waiver by any of the Parties of any covenant, term, condition, or agreement contained herein shall be deemed or construed as a waiver of any other covenant, term, condition, or agreement, nor shall a waiver of any breach hereof be deemed to constitute a waiver of any subsequent breach, whether of the same or of a different provision of this Agreement. 13. Notices. Any and all notices required to be given by this Agreement are deemed to have been received and to be effective: (1) upon hand delivery, or (2) upon 3 days after the same shall have been mailed by certified mail, return receipt requested; to the address of the Parties as set forth below or to such other Party or addresses as may hereafter be designated in writing. To Applicant: TCVN, LLC c/a Equinox Land Group, Inc. 9055 East Mineral Circle, Suite 100 Centennial, Colorado 80112 Attn.: Gene A. Osborne To District: Todd Creek Village Metropolitan District 21 North a St Avenue, suite 190 Brighton, Colorado 80601 Attention: James Worley, Manager 14. incorporation of Exhibits. All Exhibits attached hereto and referenced herein are incorporated into this Agreement by this reference. 15. Governing Law, Venue. This Contract shall be construed in accordance with the laws of the State of Colorado. Venue shall be in the District Court in and for the County of Weld, State of Colorado. 16. Estoppel Certificates. With fifteen (15) business days after request therefor from time to time by notice, the Party which is the recipient of the request shall 1081:257092_5 execute and deliver an estoppel certificate confirming that this Agreement remains in full force and effect in accordance with its stated provisions (subject to any appropriate qualifications that the request may disclose). Additionally the request may ask that the response set forth any outstanding sums that the requested Party claims are then due and owing to the requested Party under this Agreement, and any claims by the requested Party of any outstanding breaches or defaults of this Agreement by any other Party bound hereby, and the status of such other matters related to the terms of this Agreement as may be reasonably set forth by the requesting Party in its notice of request. Any estoppel certificate so tendered may be relied upon by the requesting Party and its designees. IN WITNESS WHEREOF, the parties hereto have caused their names and seals to be affixed the date and year first above written. TODD CREEK VILLAGE METROPOLITAN DISTRICT a quasi -municipal corporation and political subdivision of the State of Colorado. By; President ALE EQUINOX TODD CREEK VILLAGE NORTH, LLC By: TCVN, lie, its operating manager By: Its: Manager STATE OF �nfor' •40 COUNTY OF Ik'CA ) ss, 4 The gregoing instrument was acknowledged before me this I M day of, - _ s 2008, by Gene Osborne, as Manager of TCVN, LLC, operating manager of ALE EQUINOX TODD CREEK VILLAGE NORTH, LLC a Colorado limited liability company. Witness my hand and official seal. My commission expires: / Z� � O/; n EMUS VINZ NOTARY PUBLIC STATE OF COLORADO no-enip4p-46-4weie-isk #-e e' .r My Commission Expires 10/30/2010 Notary Public K STATE OF COLORADO COUNTY OF )ss. �--The f reg4ing instrument wa acknawled ed before me this 14+k)day of D(i�` :�'Y'^ , 2008, by it.no Obomei� President of TODDCREEK VILLAGE METROPOLITAN DISTRICT, a quasi -municipal corporation of the State of Colorado. Witness my hand and official seal My commission expires: EMILY V1NZ NOTARY PUBLIC STATE OF COLORADO My Commission ExpIras inrewi1 AD/ n APPENDIX 1 - PORTIONS of WELD COUNTY CODE ( 017) REFERRED TO IN THE SERVICE PLAN is§ 2-14-20.1 The Service Plan shall include financial projections prepared by an investment banking firm or financial advisor qualified to make such projections. Said firm shall be listed in the Bond Buyers Marketplace as a provider of financial projections. The financial projections shall include calculations establishing the District's projected maximum debt capacity based on assumptions of(i) the projected interest rate on the debt to be issued b the District; (ii) the projected assessed valuation of the property within the District; and (iii) the projected rate of absorption of the assessed valuation within the District. These calculations must use market -based, market -comparable valuation and absorption data and shall not use an annual inflation rate greater than three percent (3%). The Maximum Debt Authorization in the Service Plan shall not be increased unless one (l) or a combination of the factors described in (1), (ii) or (iii) above change or the rate of inflation is demonstrated to be in excess of three percent (3%), leading to increased debt capacity for the District as determined by an investment banking firm or financial advisor as described above, in which case the Maximum Debt Authorization may increase up to one hundred fifty percent (150%) of the original projected maximum debt capacity. The Service Plan shall provide that any increase in the Maximum Debt Authorization by the District above the limits described above shall require forty -five-day notice publication and written notice to the County pursuant to Section 32-1-207(3)(b), C.R.S., along with a report from the financial advisor described above, documenting the basis for the increase in the Maximum Debt Authorization. IC within forty-five (45) days of the publication of such notice, the County expresses to the District a written objection to the proposed action, then the proposed action shall be considered a material modification of the Service Plan and shall be resolved only in accordance with Section 31-1-207(2), '.R. . The vote by the Board of Directors to increase the Maximum Debt Authorization above the limits described above which precedes the notice to the County must occur at a public meeting of the District for which the District has sent written notification via U.S. mail at least fourteen (14) days and not more than thirty (30) days in advance of such a meeting to all electors, residents and landowners ("District Meeting"). Such notification must include the time, date and location of the meeting, as well as a general description of the modification to be discussed. 2-14-20.L Every Service Plan shall include, in addition to all materials, plans and reports required by the Act, a Primary Infrastructure Plan ("PIP") as defined in the Model Service Plan. This PIP shall include, at a minimum, a map or maps (24" x 36") providing an illustration of public improvements proposed to be built, acquired or financed by the District, along with a written narrative and description of those items and a general description of the District's proposed role w\ ith regard to the same. (00392834) Hello